I like going back and searching the history of what homes have sold for in the past. I am going to highlight a couple of different properties in Mission Viejo. The first one is a home built about 1982, is about 3100sf with 4 bedrooms and 3 baths, a bonus room, a 3-car garage and located on a 6000sf lot in a nice neighborhood with no HOA except for the Lake fees. It was originally purchased for $223,000, then sold in 1989 (at about the height of the market then) for $395,000. It was next sold in 1997 (at about the last low point in our local market) for $340,000. Then in 2007 it was purchased for $950,000. It has probably gone down in value since then by about 15%.
Next I want to look at a very different home that was built in 1968, is about 1430sf, 3 bedrooms and 2 baths all on one level and located on a large 9800sf lot in a more established area with no HOA fees except for the Lake. I am pretty sure these homes originally sold for around $30,000 to $35,000 back then. I see it was sold in 1987 for $145,000, then sold again in 1995 (again at a low point in the local market) for $245,000 then last in 2002 for $419,000. It has probably gone up in value by about 10% since then if it is in good shape.
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