Reduced Yet Desirable Condos in Orange
Condos can be a great buy for buyers that can’t quite afford the dream house. We own a condo in San Diego and rent someone’s up here, so I know the benefits (and drawbacks) of condo living. The key is to find end units or townhomes that limit exposure to neighbors. Also, be sure to look at monthly HOA fees before you even go look at a place. The last thing you want to do is to sit down with your loan officer after your offer has been accepted and realize you can afford a $2,000 payment, but not the extra $500 in HOA fees. Also some HOA fees include basic cable, water, trash, etc. Get this information so you can compare apples to apples. Below are condos that have recently been reduced and yet I find to be very desirable.
19052 E Country Holw #4, Orange 92869
3 bed/3 bath townhouse; 1,842 sq ft; built in 1980
Current list price: $334,000
Price History:
Listed on May 6, 2008 for $425,000
Reduced on May 12, 2008 to $418,000
Reduced on May 16, 2008 to $400,000
Reduced on May 30, 2008 to $385,000
Reduced on Jun 6, 2008 to $379,000
Reduced on Jul 7, 2008 to $334,000 (down 21% from original)
Details: Short sale. Last sale on Jun 21, 2004 for $400,000. Upgraded. In Country Hollow tract. 2 car garage with direct access. $220 HOA dues.
5722 E Stillwater Ave #40, Orange 92869
2 bed/2 bath condo; 824 sq ft; built in 1985
Current list price: $270,000
Price History:
Listed on Feb 9, 2008 for $325,000
Reduced on Jul 5, 2008 to $270,000 (down 17% from original)
Details: Short sale. Last sale on Jul 15, 2004 for $335,000. 1 car garage. Top-level unit with vaulted ceilings. $299 ($269 plus $30) HOA dues.
8215 E White Oak Rdg #28, Orange 92869
1 bed/1 bath condo; 881 sq ft; built in 1989
Current list price: $315,000
Price History:
Listed on Jun 2, 2008 for $374,900
Reduced on Jun 6, 2008 to $369,900
Reduced on Jun 9, 2008 to $359,000
Reduced on Jun 16, 2008 to $349,000
Reduced on Jun 19, 2008 to $329,000
Reduced on Jun 20, 2008 to $315,000
Reduced on Jun 24, 2008 to $295,000
Increased on Jul 5, 2008 to $315,000 (down 16% from original)
Details: Large for a 1 bedroom condo. End-unit, no one above or below. 1 car garage with direct access. $280 HOA dues.
Talyssa said:
that 1br condo exibits an owner with a SERIOUS case of denail. Look at all of those tiny price drops — but the price is still BARELY lower than what he paid for it in 07. A 10% drop when all the other condos in OC have dropped like 30%?
The watermarke condos in irvine (smaller and not as nice but on that oh-so-desirable irvine/newport border) have dropped over 100,000k since 2006. This one looks much nicer than those (IMO) but still. Delusional. Its higher than the zestimate even, and those seem run on the high side for condos.
July 9, 2008 10:30 AM
Julie Lance said:
Talyssa,
I have to tend to agree. I debated putting it on my list since, at first, I thought the price was a hair high. However, the square footage, location, and garage made me think otherwise. Regardless of what I think, it’s what will sell… and this one ain’t sellin’!
July 9, 2008 10:37 AM
Dancing on the Graves of Mortgage Lenders | Redfin Orange County Sweet Digs said:
[...] Redfin posts: Reduced Yet Desirable Condos in Orange Tustin: Buy New with Builder Incentives, or Buy Old for Cheap? Mission Viejo Trabuco Hills Throws [...]
July 10, 2008 9:46 AM
Talyssa said:
Julie, I do agree with you that everything about it looks really great, way more desirable than a regular 1br but I expect that pricing trends are trending across ALL levels. So if 1br 1ba condos with attached garages are in general taking a 20% (making up numbers here) hit, I would expect this one to take a 20% hit too — evne if the final price is still higher than those others.
Its actually a great find though, and i’m glad you posted it, because the 1 and 2 br condo market is absolutely FLOODED right now, and most of what’s out there is chaff. Cheap apartment conversions and such. Its hard to figure out a way to filter out all that and find the condos that are also homes.
July 10, 2008 1:41 PM
Julie Lance said:
Good points… we’ll see what it sells at. Maybe your expectations are in line with the market, maybe not… however, I do also expect to see a couple more price reductions on this one.
July 10, 2008 2:23 PM