Saturday, March 21, 2009

A Little Condo Price Battle

There may be a friendly neighborhood price battle brewing for 2 similar condos on Calle de Paseo in Lake Forest, CA.

21093 Calle de Paseo
3 bedroom, 3 bath Condo, 1606 sq feet, purchased just over 4 years ago for $480,000.
Asking Price: $399,000 ($248/sq foot)
Days on Redfin: 304

21143 Calle de Paseo
Another 3 bedroom, 3 bath condo, 1623 sq feet, purchased March 2007 only a few months from OC market peak at a breathtaking $530,000.
Asking Price: $379,000 ($234/sq foot)
Days on Redfin: 8

According to Redfin, both are short sales.

There remains yet a third condo for sale on the same street:

21123 Calle de Paseo
2 bed, 3 bath, 1441 sq feet priced quite differently.
Asking price: $429,900 ($298)
Days on Redfin: 491

21143 must have seen the writing on the wall and gone for the jugular with the $20K under comp (21093) asking price.

Even if a potential buyer were to come on the scene for any of these condos located in the same lovely area, short sales can take an awful long time to shake out.

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