March 3, 2008

Tustin Kicking It Up (or Maybe Down) a Notch

emeril bam Tustin Kicking It Up (or Maybe Down) a Notch (Emeril Live)

In Tustin, where price reductions are usually few and far between, I could only think of Emeril’s excitement when seeing all of these reductions in Tustin. Maybe “BAM!” shouldn’t only be used to describe something going up on the spice scale.

I track all price reductions in Orange, Santa Ana, and Tustin and I must say it’s rare to see a lot of price reductions in Tustin. In a given week, there’s usually only a handful of reductions. What I found from just two days of reductions is actually quite disturbing. What’s prompting these desperate sellers in Tustin to slash their prices? You be the judge…

14802 Newport Ave #20c, Tustin 92780

2 bed/2 bath; 1,369 sq ft condo; $325,000 reduced to $279,900 (down 14%)

14241 Cherrywood Lane, Tustin 92780

3 bed/2 bath; 1,261 sq ft patio home; $519,900 reduced to $449,000 (down 14%)

14311 Shadybrook Drive Tustin, CA 92780

5 bed/2 bath; 2,325 sq ft house; $649,900 reduced to $599,000 (down 8%)

13292 Fairmont Way, North Tustin 92705

4 bed/2 bath; 2,224 sq ft house; $709,900 reduced to $649,900 (down 8%)

13125 Arborwalk Lane, Tustin 92782

3 bed/3 bath; 1,715 sq ft house;$764,500 reduced to $699,000 (down 9%)

13682 Dall Lane, North Tustin 92705

6 bed/3 bath; 4,079 sq ft house; $1,050,000 reduced to $990,000 (down 6%)


  • Good points to both of you. The issue seems to be people hanging on to the higher prices because of the lack of equity. Tustin Ranch is a good example. Tustin Ranch has had higher prices historically. They are coming down, but with those that bought so high, it's a slow process.

    What I find interesting is the recent increase in the quantity of reductions. No doubt all home prices in the OC (in CA, in US...) are falling... but why in two days, did we see a spike in the frequency in Tustin?
  • Munki's Unkel
    I'd say Tustin has a few more notches to kick down. It is truly sad to see these delusional prices. If these owners have the equity in their homes to play with, they could sell in a couple of weeks if they would only price them to what the comp prices will be in 6 months to a year. Go ahead and knock off a sizable percentage.
  • Jack Daniels
    Is the real estate market not reflective of what is happening. Tustin is no exception - its an area in my view that has few advantages. If in Irvine prices are going down, why would anyone pay a higher price. Folks in Tustin should compare comparable homes in Irvine and then put a price tag on selling value. Most buyers are doing this comparision now also! One area thats extremly overvalued seems to be Tustin-Ranch. Its a good area but is it worth what folks there are asking if 1/2 mile ahead Irvine homes are selling cheaper.
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