13% Appreciation in Just Over One Year – 17 Cherry Hills Drive
17 Cherry Hills
The last sale of 17 Cherry Hills Drive was in October of 2009 for $1,612,500, and it was recently listed for sale for $1,825,000. The 3 month price per square foot moving average for homes sold in Coto de Caza in October, 2009 was $281 and the 3 month price per square foot moving average in January, 2011 was $262, a decline of 6.7%. The OC single family residence median price was $489,000 in October, 2009, and the OC single family residence median price was $470,000 in January, 2011, a decline of 3.8%. These measurements would indicate that homes have depreciated since October, 2009. So, why do some folks think their home has appreciated in the last year? I have heard it is because their home is special.
Update: The asking price has been lowered to $1,725,000 which would reflect a 7% appreciation in one year instead of 13% and a 6% lowering of the asking price in 5 days. If you use the above statistics to estimate the last year’s rate of depreciation, (5%), the selling price for 17 Cherry Hills Drive would be $1,531,875 which at the current rate of repricing on this listing will only take just under 10 more days to achieve.
Wanna Build? – Opening Bid – 31956 Via Faisan -
31956 Via Faisan
The dirt, (dirt is not derogatory from me, that is just how I refer to unimproved lots), known as 31956 Via Faisan sold for $195,000 in November of 2000, for $227,500 in June of 2001, and for $258,500 in July 2002. Coto dirt appreciated nicely, for awhile. There is an opening bid of $161,055 posted on 31956 Via Faisan for the foreclosure auction today.
If ya got a hankerin’ to build a home, have a few cashier’s checks ready at 9:00am at 300 East Chapman in Orange to bid on 6,000 square feet, (square footage according to Redfin). Do your own due diligence.
Update: See Comments for the results and disposition of the auction.
Updated Foreclosure Maps
This is the latest map of most of the properties with recorded foreclosure notices in Coto de Caza. Most, rather than all, because some of the properties with recorded foreclosure notices have addresses recorded as Trabuco Canyon rather than Coto de Caza and to include those, we would have had to include all properties with a Trabuco Canyon address, even those not in Coto de Caza.
The above is the map of all the properties in Ladera Ranch with recorded foreclosure notices.
Latest 4 Weeks of Closed Sales Chart
The above seems self-explanatory. If not, please let me know and I will explain.
The above is the number of current NODs and NTSes on the listed dates.