Sold! $1.35 million for a ‘great starter home’

April 27th, 2009, 3:00 am · 11 Comments · posted by Marilyn Kalfus, real estate reporter

Every now and then we’ll stop writing about what’s on the market to look at what’s off the market — and what recent sales can show us about what’s going on with buying and selling. Or at times, buying, foreclosing and selling.

A SPA for 15

Location: 6711 Pimlico Circle

Asking price: $1,699,000, down to $1,350,000

Sale price: $1,350,000.

Previous sale: $1,290,000, Dec. 2002.

Average recent price for homes sold nearby: $1,330,000.

This 4-bedroom, 4-bath, foreclosed house on Edwards Hill with an asking price of $1,350,000 was referred to on one real estate Web site as a “great starter home!” The house has a master suite retreat, large walk-in pantry, and a resort-inspired pool with a slide, bridge and spa seating 15.

Many of those commenting on the house in this blog said they would pay far less.

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READERS: ‘GET REAL’

Location: 7002 Ford Drive

Asking price: $529,000, down to $508,000

Sale price: $460,000

Previous sale: $642,500, Jan. 2007

Average recent price for homes sold nearby: $533,956

This was another foreclosed house, 1,287 square feet, with 3 bedrooms, 2 baths, on the corner of Goldenwest Street, where from the backyard I listened to the non-stop “whooshing” of passing cars; I later asked readers if it was a ‘Steal, deal or ‘get real?’ The overwhelming response: ‘Get real.’

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A STROLL TO THE SAND

Location: 601 17th St.

Asking price: $677,210

Sale price: $600,000

Previous sale: $825,000, Jan. 2005

Average recent price for homes sold nearby: $615,833

Another foreclosed house, 1,795 square feet, 3 bedrooms, 2.5 baths, this one on a downtown corner. The house has an upper deck and is 5 blocks from the beach. I bet the new owners have decided to replace the — inside and out — pale moss green paint job. Just a hunch!

Prices source: Trulia.com

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Surf City home "mood ring"

For the 22 business days ending January 8 -- DataQuick's freshest stats -- we tap into Surf City's homebuying mood with how local ZIPs fare vs. a year ago! ZIPs with GAINING median prices and sales are GREEN while MIXED trends are YELLOW and FALLING prices and sales are RED!

ZIP	Price	Ch.	Sold	Ch.
92646	$610,000	+6%	38	+9%
92647	$493,500	-1%	28	+8%
92648	$678,500	-16%	34	+17%
92649	$935,000	+8%	20	-17%

Overall O.C. home trends are HERE!

shockg says:

April 27, 2009 at 12:04 pm

“Many of those commenting on the house in this blog said they would pay far less.”

Thats because the posters here are angry renters and are out of touch with reality.

BeyondTheMargin.net says:

April 29, 2009 at 5:57 am

The reality is that many of these prices are still absurd. People in my condo complex still expect to get premium prices despite the dated and worn nature of the development. The low subsidized mortgage rates are distorting prices once again.

http://www.beyondthemargin.net/2009/04/green-chutes.html

snarf says:

April 27, 2009 at 12:25 pm

Well, the best thing I can say about these properties are that none are a “Tuscan” style anything.

My humble opinion…the million dollar starter…first thing that comes to mind is “Knots Landing”. Where’s Valene? The whooshing house…incredible. The green house is probably best of the bunch, but appears to lack privacy. Seems it would be more economical to rent these types of homes instead of purchase them, but what do I know?

Gman says:

April 27, 2009 at 3:37 pm

POLL: Is 1,287-sq. ft. house on busy street worth $508k ?
(or $394.72 / ft2).

Versus: $26.38 / ft2 for the “real steal of the week” last week in Kissimmee, FL. 5bds, 3.5 baths, 2840 ft2 and a 2 car garage shown in the pictures of the home. Realtor indicated approximate annual property taxes of $3800.

YOU DECIDE…….. (It was apparently sold in less than two days………)

$74900 / 5br - Huge 5 bedroom Bank Own Property (Kissimmee)
——————————————————————————–
Date: 2009-04-20, 1:44PM EDT

44XX Spring Blossom Dr, Kissimmee, FL
Awesome 5 Beds 3.5 Bath Single Family Home Near Disney.

5BR/3.5BA Single Family House offered at $74,900
Year Built 2005
Sq Footage 2,840
Bedrooms 5
Bathrooms 3 full, 1 partial
Floors 2
Parking Unspecified
Lot Size 7,840 sqft
HOA/Maint $15 per month

DESCRIPTION
——————————————————————————–
Bank REO Property- 2-Story Home with 5 Beds, 3.5 Bath with loft, family room, living/dining combo, island kitchen. Walk-in closet, garden tub, & sep.shower. Covered lanai. 2 car garage.

see additional photos below

PROPERTY FEATURES
——————————————————————————–
Central A/C Walk-in closet Family room
Living room Dining room Breakfast nook
Laundry area - inside Yard

OTHER SPECIAL FEATURES
——————————————————————————–
Master Bedrm on 1st Floor

Gunner says:

April 27, 2009 at 10:13 pm

Gman–our prices here show the value of living here. It’s all about location, not the actual property on the location.

April 28, 2009 at 5:10 am

You’re right. Location DOES MATTER! Let’s see: NO STATE INCOME TAX in Florida; and less than one-sixth the monthly mortgage payment on a home MORE THAN TWICE as LARGE. with more bedroooms and bathrooms…… And the last time I checked — Disney World put Disney Land to shame no matter how you compare them……..

Jurge says:

April 28, 2009 at 8:06 pm

Gman, hurry up and move to Florida so you can go to Disney World every day. Sounds great.
get a job says:

May 6, 2009 at 3:26 am

how can you compare that gross humity to so cal.its a caddy vs a honda..and you make a lot less money in floradump. go back we ll pitch in 2$ bucks each and have you on the next grey hound.you dont have the class or cash to hang out with the big boys..hope your trailor stands up to one of those 12 huricanes your going to go thru..and your job and disney should pay 7.25 per hour if your the maneger,and if your lucky enough to get that job.thiers 100,000 people trying to get 1000 jobs..the grass is nt always greener.if you have money every where is cool,busted every where sucks..

DJ says:

April 28, 2009 at 6:59 pm

Attention realtors, the party is over!!!!!!!!!!! The jobs are gone, and soon your commissions will be too!!

savinginla says:

April 28, 2009 at 10:59 pm

I saw that home on Pimlico about a year ago. Needs a lot of work inside - pastel colors throughout, white ugly tile bathtub, small backyard.

Was listed for 1.6 million a year ago surprised they found a sucker to take it at this price when could be had for 1.1 million a year from now.

Ginger Grier says:

May 19, 2009 at 7:58 am

Well, I just decided to check in on the good ol’ OC Register and see what was up. I am a native Californian….born in Santa Ana and raised in Huntington Beach. Silly me…..I left California in 1990 when I married my husband (A native Arkansan) and we went to college at U of A. All I can say is the price of these homes on your site make me ill. My parents have retired but lived in HB up until a few years ago…they made the move to Henderson NV, because it was boring in HB. I can tell you that their house (Heil and Edwards cross streets) was purchased back in 1969 or 1970 costed them $35k and they were sweatin’ the $250 mortgage payment…NOW LOOK AT THAT AREA!!!! My reason for responding is two-fold: #1) I can never come home to live in So. Cal…..no way I could ever afford it, and my husband is a Civil Engineer and makes great money!!! I have a BA in Psychology, and could find work too, but it still wouldn’t be enough to afford one of these homes, which when I was growing up were not considered fabulous in the least. #2) Where the heck are all of the people working in order to afford even a modest $800k house in the neighbourhood where I grew up????? This troubles me, and saddens me, because I am still a native Californian and cannot even come home!!

Orange County Register