Columbus Grove Tustin Home Sales Take A Drop

I've been watching the values of homes in Columbus Grove, particularly on the Tustin side, for the past 3 years.  Homes that sold for almost $1.2M upon build-out had sold last year in the $900K's.  Other homes that sold for $1M upon build-out had sold last year in the high $800K's.  Today, homes for sale seem to be listed for even less now.

Our office had listed and sold a few homes in the neighborhood over the past year, and we tried our best to not let the prices plummet too much, disputing low appraisals and really doing our best to help our sellers out.

While there are many more homes for sale in Tustin Field (both I & II) and Columbus Square, Columbus Grove on the Tustin side still has its fair share.  The latest one to hit the market is already in pending sale status after simply one afternoon of showings this past Saturday.  We don't know yet what the final sales price will be, as it is a short sale and requires approval from the seller's lender (which I believe is Bank of America).  Given that Bank of America may be involved, I'm guessing that it won't close escrow for a few months, if not several.

I'm really hoping that this one sells for above the list price of $749,999.  It has to.  I would think that it would appraise for somewhere in the high $800K's at the minimum.  This home has 5 bedrooms, 4 full bathrooms, a sizable loft, a gourmet kitchen, all within just under 2,900 square feet of living space.  It also has a 3-car attached garage (tandem on one side) and a driveway that can fit two standard sized cars.  The one thing that may be holding this home back from being worth even more is that these original owners never did their landscaping in the backyard.  The lot size is a whopping 11,499 square feet, and the backyard comprises most of it.  It does back up to Harvard at an angle, but the yard is large enough to buffer much of the noise (and would be even quieter if trees were planted back there).  The noise isn't too bad off Harvard except probably for the morning traffic, which is not as bad as somewhere off, say, Culver or Main.  As for the train, you can hear it every so often, but it's pretty faint, in my opinion.  Then again, I grew up in a neighborhood near some train tracks in the L.A. area, so I may not be as sensitive to such noise as others may be.

Regardless of the price drop, this neighborhood still is a nice one to live in for families.  Everyday you'll see neighbors walking their dogs or taking their kids to the neighborhood parks.  Once it gets warmer and more kids are out of school, the community pool will be a gathering place for the neighborhood kids and families to convene.  The Grove House (clubhouse) is relatively inexpensive to rent and is perfect for birthday parties, bridal showers, baby showers, and other events (one of the neighbors even had a funeral reception there last summer).

To me, Columbus Grove on the Tustin side is more than just a newer community.  It's a real neighborhood where neighbors are settling in and planning to raise their families there for years to come.

With that said, I sure hope that those who have to sell their homes in the meantime can work it out with their agents to sell at a price that will sustain the neighborhood, not one that would undermine it.  Whether it's a short sale or foreclosure, there still are potential income tax consequences for the homeowner which makes it in his/her best interest to sell for as much as possible, as fast as possible.

Anyhow, that's my two cents on a good neighborhood that I really hope will not lose much more value.