Like That Bunny

You know the bunny I’m talking about.  The pink one with the drum and batteries?  Well you know how he kept going and going and going?  It seems that the days on the market (DOM) in Laguna Hills and Mission Viejo have been the same exact way.

According to Altos Research you can see the DOM for both these cities had continued to increase. 

The trends have been on the up and up.  Laguna Hills is now sitting at an average 122 DOM and Mission Viejo at around 106.  This means average homes are sitting on the market for 3-4 months.  Granted, some lucky (usually well priced) homes go faster and others far, far longer.  Let’s take a look at the “stories” of some of these homes.

25992 Camino Adelanto
3 beds / 2 baths / 1,400 Sq Ft
Self-proclaimed to “have potential”
Listed On:  12.12.07
Listed For:  $499,900
Currently Listed:  $429,900
Price History: 
12.12.07      $499,900
1.15.08        $459,900
1.27.08        $445,000
2.5.08          $419,900
2.21.08        $429,900
Last Sold:  $600,000 (6.9.05) thus making this a likely short sale with 29% loss.

22521 Wakefield
5 beds / 3 baths / 3,443 Sq Ft
Listed On:  9.9.07
DOM:  182 Days
Price History: 
9.9.07       $1,269,900
9.23.07     $1,249,900
10.24.07   $1,224,999
10.30.07   $1,999,999
1.9.08       $1,599,999
2.21.09     $1,399,999
3.07.08     $1,399,000
Last Sold:  $1,089,000 (11.10.06)  
They’re trying to sell at nearly 5% gain from ’06.  No wonder it’s been on the market so long.  The online estimates of homevalue come in between $921,000-1,086,000 still above what they are asking.  In this case, greedy for too long.  You can tell by the reduction sizes, they are now getting desperate to just keep it in the ‘hot sheets’ and are using miniscule deductions to keep it visible.

And here’s a classic story of what certain media are painting as what will lead to the “rebound” of the market (I think it’s incorrectly but that’s just my thought.  Here sits the patient homeowner.  They purchased at the peak market pricing and are trying to sell…at a substaintial gain.  They will wait, and wait, and wait until someone will purchase at the insanely high price.  Will it ever happen – probably not.  Either they will get waited out of the market after enough time or will have to drop their prices.  We’ll just see who blinks first in this staring contest.   This mighty man has been on the market for nearly a year.

28262 Driza
4 beds / 3 baths / 3,327 Sq Ft
Listed For: $948,000
DOM:  341
Price History:
4.4.07      $1,150,000
6.1.07      $1,100,000
7.4.07      $1,095,000
7.5.07      $1,075,000
8.23.07    $1,030,000
9.4.07      $  999,500
1.8.08      $  968,000
3.9.08      $  948,000
Last Sold:  $800,000 (1.26.05)