June 17, 2008
Neighborhood Spotlight: Castille
Nestled up off of the corner of La Paz just west of Olympiad Rd is a cute little neighborhood called Castille. Most of the homes are split levels or ranches and many have been recently updated. The neighborhood is quiet (that might be because it’s tough to find and navigate since the roads all run in semi-circles) and offers spectacular views of the mountains and valley.
What impressed me the most about this neighborhood is how the prices are faring. While many Mission Viejo homes have felt a 30% percent drop since prices peaked back in 2005, the “bubble” in this neighborhood appears to have more of a slow leak rather than have popped outright. Many of the homes sold for a peak price ranging around $775k (from the numbers I searched) and the current homes are listed in the mid-$6k. So just what has been going on in Castille?
Currently On Market
28132 Amable
3 beds / 2 baths / 1,594 Sq Ft
Listed at: $687,500
DOM: 38
27751 RUISENOR
4 beds / 3 baths / 1,909 Sq Ft
Listed at: $669,000
DOM: 47 (Originally Listed $689,000)
28374 Lanuza (Foreclosure)
4 beds / 2 baths / 1,472 Sq Ft
Listed at: $499,900
DOM: 75 (Originally Listed $504,900)
Past Sales
28116 Amable
4 beds / 2 baths / 1,744 Sq Ft
Sold For: $710,000 (10.25.06)
27821 Ruisenor
3 beds / 2 baths / 1,470 Sq Ft
Sold For: $637,000 (8.21.07)
28022 Festivo
3 beds / 2 baths / 2,036 Sq Ft
Sold For: $720,000 (8.31.2007)
27762 Golondrina
3 beds / 2 baths / 1,548 Sq Ft
Sold For: $551,998 (2.7.08)
28011 Lucero
3 beds / 2.5 baths / 2,036 Sq Ft
Sold For: $632,000 (3.21.08)
southoctracker said:
Interesting - so the REO is about 25% lower than the one priced at $669,000. Perfect example of what a foreclosure can do to the neighborhood comps.
Of course, I’m sure the other owners would argue their homes are in better condition and are a bit larger. They are right, to an extent, but 25% better? Doubtful.
And, you would have to wonder if a lender would even give you the loan for those more expensive properties.
June 17, 2008 9:41 AM
Sheila said:
You read my mind South! I was surprised in the disparity between the prices. There is definitely a difference between the upgrades in the REO and the other two homes, but it does beg the question as to whether or not the current home vales in South OC are still overpriced!
June 17, 2008 1:11 PM
Will Stadium Lofts ‘Event’ Be a Sellout? | Redfin Orange County Sweet Digs said:
[…] Redfin posts: Neighborhood Spotlight: Castille But We Want More! Give Us More Tax […]
June 19, 2008 8:42 AM
sean said:
These are intresting statistics. I am familiar with the area, and although it is fairly nice neighborhood I wonder why these homes have faired better than others in comparable neighborhoods.
July 2, 2008 10:46 AM