February 21, 2008
Starting To Smell Like An Old Shoe ? …
Question: What’s older than that fast-food meal you had a few weeks ago and whose wrappings you discarded in the back of your car? Or even older than the Chinese take-out that’s still in your fridge from New Year’s Eve?
Answer: A number of homes on the market in Dana Point, that’s what.
Some humble abodes have been listed on the Redfin Web site for more than a year! Maybe it’s their over-inflated prices that have something to do with it. In fact, they’ve been on the market for so long, it’s almost funny. Three of them are on the same street!
34264 Camino Capistrano #102 Condo, 2/br/2 baths, 900 sq. feet, built in 1989, one level. $292,000 on Redfin for 535 days.
34301 Amber Lantern St. Single-family residence, 5 br/5 baths, 4,300 sq. feet, built in 1977, three+ levels. $1.8 Million on Redfin 415 days.
35055 Beach Rd. Single-family residence, 6 br/4 baths, 2,600+ sq. feet, built in 1958, two-levels. $3.25 Million on Redfin for 454 days.
35461 Beach Rd. Single-family residence, 3 br/2 baths, 1,500+ sq. feet, built in 1958, one-level. $4.7 Million on Redfin for 473 days.
35481 Beach Rd. Single-family residence, 5 br/ 2 baths, 3,700 sq. feet, built in 1948, one level. $9.8 Million on Redfin for 351 days.
scott said:
Great and interesting blog … glad to see that some of these overpriced homes are suffering in the selling dept .. more than 500 days! wow
February 21, 2008 6:25 PM
Brian said:
Yes 500 days is quite a long time to be on the market, hmmm, a sign of things to come maybe???
February 22, 2008 9:42 AM
Debbie Sklar said:
Brian and Scott:
One would think that home sellers might take a clue after their house has been sitting on the market for that extended period of time and at least take it off the market for a bit … Like I said … starting to smell like an old shoe…
Debbie
February 22, 2008 3:21 PM
Dominic said:
I have been watching the Dana Point market too and have noticed the same thing, lots of resistance to dropping prices to the level of the current market. After talking to some people I have come to a conclusion that there is some snobbish attitude that Dana Point shouldn’t be affected by the downturn because it is a beach community. But reality seems to be that the downturn is based more on where the riskier loans were made, which is homes under about $1.2M during that last 3 years. Looking at Dana Point, many homes fit that category so those homes probably will be affected. Even if they do not have as many defaults, Dana Point is still competing with other nearby cities for buyers and many of those buyers will decide to avoid DP if sellers refuse to lower their prices. Less buyers (demand) should ultimately result in even more downward pressure on prices there. Eventually they will need to either face reality or decide not to sell until the market turns around, in my opinion.
February 23, 2008 12:52 AM
debbie said:
Dominic:
I couldn’t agree with yore more. However, I think the majority of the beach communities — even the one where I live, Laguna Niguel, also suffer from the snobbish, we-can-do-no-wrong attitude. At some point, I think if sellers want to actually sell their homes, they are going to have to dump the nose-in-the-air attitude and drop the price or continue to watch the numbers rise on Redfin in terms of how many days they have been listed on the market. Either that, or we’re going to have a lot of old shoes stinking out there.
February 24, 2008 9:46 AM