• Asking price: $190,000 ($342/SF)
• What: 1992 condo with 1bed/1bath
• Size: 556 SF
• HOA fee: $271 per month

This condo, a short sale, was listed in July for $159,000. Earlier this month, the asking price was increased by $31,000. This brings the current list price to $190,000 or $342 per square foot.

There could be a couple of reasons for this increase: The bank didn’t agree to this Tustin Ranch homeowner’s original list price for this short sale. Or the homeowner read some reports that housing prices have gone up recently, and thought that they could get a higher price. I am guessing the former.

Is this a reasonable price in the current market and considering that nearby listings are asking less? Maybe, the current listing states that backup offers are being accepted. We’ll see if the owners got the full asking price or something less. I’ll keep an eye on the public records to see what the final sales price is.

Nearby listings that also are one bedroom/one bath and have 556 square feet. (And are also short sales.)

• 2960 Champion Way #1504: Asking price–$169,900 ($306/SF)
• 2960 Champion Way #2105: Asking price–$179,900 ($322/SF)

In addition, 2960 Champion Way #2405 sold for $150,000 on March 19, 2009. In May 2008, the asking price was $254,500. This was under a different MLS number.

Listing history for 2960 Champion Way #405 under the current MLS number (CARETS #U9003095):

• October 8, 2009–Price Changed $190,000
• October 8, 2009–Relisted
• July 9, 2009–Listed $159,000
• January 15, 1993–Sold $88,000
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