Tuesday, November 17, 2009

Price Drop La Loma

Rancho Margarita - A rare find in Somis! This 4BR/3BTH home sits on 11.66 acres with spectacular ocean and valley views from nearly every room. Open floorplan with common areas upstairs and three of four bedrooms downstairs. Numerous balconies, large windows and sliding doors bring the outside in. Large master suite with private patio and ocean/island views from the bathtub. Pool, spa and BBQ area are set to the ultimate backdrop. Four car extra-deep garage with additional work area. Large downstairs laundry room could be second kitchen to create potential inlaw unit. The hilltop home is surrounded by stately pine and sycamore trees, providing ultimate privacy from the few neighbors. A paved private road winds through the orchard, giving direct access to La Loma Ave; stop at the 2-stall barn with separate tack room and outside pen area - ideal for your farm animals. Nine shares of Del Norte ag water and private reservoir irrigate approx 800 avocado trees.
Nov 10, 2009 Price Changed $1,449,000 -- SoCalMLS #F1804770
Oct 13, 2009 Listed $1,550,000 -- VCRDS #90016961
Aug 13, 2009 Price Changed $1,550,000 -- SoCalMLS #F1804770
Apr 12, 2009 Listed $1,750,000 -- SoCalMLS #F1804770
Fifty thousand dollars off. $301,000 off original price. Sorry but 3% doesn't freshen the listing. Hat tip to "Effective Demand" who noticed the price drop. Maybe 20% more and I can afford it and it makes sense.

Backing out the taxable basis ($2100/yr) it looks like a 1989/1990 sale for approximately $160k. Nice.


getyourselfconnected said...

Many people forget there was a big hpusing bubble in the late 80's as well. When I was looking into buying a home I used Zillow for historical price charts and found many homes here (Massachusetts) sold at a high in 1988-1989 and did not return to that price for about a decade! Bubbles that are popped take a long time to get back even. Extend and pretend is built on a fast recovery premise. What could go wrong?

wagga said...

Here's a really big house. $583,000 for 127 acres with building included. That's around 10 cents/sq.ft. Close to downtown. Former home of the National Foodball (sic) League's Detroit Lions.

tj and the bear said...

I know you've run down this data before, but remind me what those water shares & avocado trees are worth?

s said...

How's this for a crazy seller (that very much looks like it will only work on my login, same place (but without the change data)):

Price Reduced: 01/21/09 -- $389,900 to $374,900
Price Reduced: 04/05/09 -- $374,900 to $349,900
Price Increased: 04/06/09 -- $349,900 to $369,900
Price Reduced: 04/08/09 -- $369,900 to $369,895
Price Reduced: 08/31/09 -- $369,895 to $369,500
Price Reduced: 09/14/09 -- $369,500 to $359,900
Price Reduced: 09/29/09 -- $359,900 to $349,900
Price Reduced: 10/17/09 -- $349,900 to $349,899

I particularly like last one, $1 - that's really going to bring in those buyers - a massive 0.0003% drop :)