House of the Week Results: How Much is that Condo in the Window?
This property is one of the many, many, many small condos for sale in Orange County. Santa Ana is centrally located next to what used to be the center of mortgage lending in this country, which has quickly turned into the center of a whole bunch of unoccupied commercial space.
All kidding aside, condos like this one are starting to make a lot of sense to buyers considering whether they should make the jump from renting to owning. This unit is nothing to write home about in terms of amenities, is not near the beach and the nearest Starbucks is more than a mile. That’s an eternity for Southern California.
But — at around $1000 per month after mortgage payments, insurance, taxes and HOA dues, it’s not a bad deal. The trouble, of course, is whether your $130,000 investment could quickly become a $100,000 investment, or worse. Sure, you may be paying less to own rather than rent — a market characteristic many cite as bottom-inducing — but if you’re losing $10,000 per year in equity, who cares?
This property is a short sale, and thus more complicated to buy than a foreclosure, and there’s a ton of similar supply nearby. That being said, activity is picking up as buyers are dipping their toes back into the market at new, lower prices.
Address: 2511 West Sunflower Ave, T15, Santa Ana, CA 92704
Status: ACTIVE
List Date: 3/14/2009
List Price: $139,000
Cirios Value: $130,000
List Price vs. Cirios Value: +6.9%
For a complete Cirios Valuation, click here for our CLEAR report, or on the image to the right.
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Tags: condo, House of the week, REO, Santa Ana, short sale