Then and Now: Housing Prices in Costa Mesa–178 Flower Street, Eastside Costa Mesa
This week will be a little then and now for housing prices in Costa Mesa. I will be comparing the market status for Costa Mesa homes that were on the market in November 2009 to the current market status of the same homes.
Up first: 178 Flower Street, 92627: single-family, 5 bed/5.5 baths, Eastside Costa Mesa
Asking price in November 2009: $1,399,000 or $399 per SF
Current status: This home is still on the market. In fact, this home has been on the market for almost a year (currently over 325 days). In spite of this, the asking price remains the same as its November 2009 price, $1,399,000.
HOA and Mellos Roos: none listed
Of note: This Eastside home sold in May 2006 for $1,525,000. In March 2004, this home sold for $684,000. John Burns states in a recent newsletter that a general rule is that housing prices should be at 2003 levels. So is this home overpriced?
The listing information states that this is a custom-built home with many upgrades. This might justify some increase in price over the 2004 sales price, but since this home has been on the market for over 325 day, the market is saying “no” to the current asking price.