My Address is 401(k)
There’s lots of sprawling banter about the desperation of certain segments of the real estate market. But there are plenty of properties that were purchased (relatively) long ago, that have appreciated significantly over time and are rearing their lofty heads by surfacing as new listings. Consider the fact that these sellers bought low and are sitting pretty even now. Really, the toughest transactions are the ones that involve distressed properties. The stable ones are so much easier. Sellers with equity can survive a downturn in values because they don’t have to take huge losses from the recent crash and can actualize gains despite depreciations in the overall market. Similarly, buyers can hold strong on price for the same reasons. Here are some current listings with past purchase to present asking price spreads of at least $100,000.
Aliso Viejo – 7 Dusk Way. A single family home built in 1999 and purchased on July 1 of the same year for $361,500. Now asking $799,900; priced at $348 per square foot. eppraisal values this property at $817,544 and its Zestimate is $912,000. On Redfin 18 days.
Dana Point – 33721 Flying Jib Drive. Single family home built in 1972 and most recently purchased on August 15, 1997 for $245,000. Now asking $995,000; $623 per square foot. eppraisal values this property at $667,101 and its Zestimate is $809,500. On Redfin 95 days.
Laguna Niguel – 30766 La Brise. Single family home built in 1987 and most recently purchased on September 27, 1999 for $692,000. Now asking $1,495,000; $481 per square foot. It is valued by Zillow at $1,321,000. On Redfin 270 days.
Costa Mesa – 3128 Pierce Avenue. 1964 single family ranch style home with 5 beds and 2 baths. Purchased on July 30 of that same year for $6,000. Now asking $599,000; $307 per square foot. Its Zestimate is $636,500. On Redfin 184 days.
Irvine – 3 Lavender. Built in 2000, this 4 bed, 3 bath condo sold on August 14 of that year for $359,500. Now asking $799,000; $390 per square foot. Its Zestimate is $712,500. On Redfin 19 days.
Huntington Beach – 8791 Derek Circle. 1971 single family home with 4 beds, 2 baths. Last sold for $175,000 on January 11, 1988. Now asking $530,000; priced at $348 per square foot. Its Zestimate is $588,000 and it has been on Redfin for 80 days.
This is a two part series dealing with property listings in this segment of the market. Check back Wednesday for six more Orange County neighborhoods.
Recent Orange County Sweet Digs Posts:
Ogling Ogle: Eastside Costa Mesa Townhomes
Orange: Real Estate Market Report
The Story of Pitcairn Drive, or the Necessity of Price Reductions
Starting to Smell Like an Old Shoe? …
Tustin: Foreclosures Go Large Scale
Bonus link: “Live Life. Love Shoes.“
