September 23, 2007

A Tale of Two Houses in Central Costa Mesa

TeWinkle Park in Central Costa Mesa
PHOTO COURTESY THE CITY OF COSTA MESA

It is probably obvious to most that if you bought a house far enough in the past you can still make a decent profit. But how far in the past is far enough? These two houses in Central Costa Mesa seem to say that less than two years is not long enough, but, if you bought almost seven years ago, you might still make a hefty profit.

This is incidental information, but incidental has its place. John Burns of John Burns Consulting provided a more detailed analysis. He thinks that prices will have to go back to first quarter 2003 levels to reach what he sees as the median affordable level (see OC Housing—In the News and By the Numbers).

249 HANOVER DR
Costa Mesa, CA 92626
MLS#: U7003587
Asking Price: $699,900
Sales History
Date/Price/Appreciation:
07-06-07/$700,000/-4.2%/yr
12-09-05/$749,000/20.7%/yr
01-21-03/$435,000/5.9%/yr
09-11-92/$240,000

2340 BUNKER HILL WAY
Costa Mesa, CA 92626
MLS#: U7003590
Asking Price: $449,875
Sales History
Date/Price/Appreciation:
01-30-01/$190,000/15.5%/yr
12-17-98/$140,000/9.9%/yr
03-14-97/$118,500