Something wicked this way comes

And by wicked I mean real estate losses. I work in Anaheim and many of the people I work with are under the impression that this crash is limited only to the IE and other "undesirable" areas. Of course, the sad truth is that this will eventually creep into the so called "different" areas like the OC. Anaheim hills has one of the highest median incomes of any city in Southern California. So how's the market there? You would think with so many rich folks homes would be selling at top dollar and flying off the shelf. Let's take a look at a few of these, shall we.

8780 FOXHOLLOW DR, Anaheim Hills, CA 92808, this is a nice looking 4 bed, 3 bath 2400 sq/ft home. It was purchased in August 2005 for $840k. Today just over 2 years later you can pick this home up for $699K. A loss of $141K plus 6% fees and holding costs. 135 days on market and no buyers....maybe the price is still too high!



Not too far away we have 1220 South Wildview TER, This is a 5 bed, 3 bath, 2000 sq/ft detached condo. It was purchased in April for $750. Today you can buy it for $650. $100k loss in 6 months! This price is close to what is sold for in March 2005. Boy is this an ugly home!



Technically this next home is in Orange but it's up on the hill in the same area. 7123 East Crown PKWY, This is a 4 bed, 3 bath, 2358 sq/ft home. This one looks like it was purchased new in Aug 2005 for $855k. Today you can have it for $770, a loss of $85k in two years. Hey isn't real estate only supposed to go up? This home has been for sale for 122 days and still no takers.


I saved the best for last. Moving over to Yorba Linda we have 5142 Fairway View DR, this is a 3 bed, 2 bath, 2000 sq/ft home on the 14th fairway of Yorba Linda country club. This home was flipped in 2005. It was purchased in May 05 for $875k and sold in August 05 for $990k. Unfortunately our current seller did not do as well as the last one. This poor fella is looking at a loss of $225K plus fees if he gets his $765k asking price. This home is listed $225k LESS than is sold for 2 years ago! If you think this is the only one you are sadly mistaken. Most of the homes I found that were sold in 2005 are now listed for FAR less. 640 South Andover DR is another example lised $120k less than it's 2005 selling price.



It looks like the OC isn't so different after all.....