Orange County Register

This short sale in Dana Point just saw a price reduction that took it south of $1 million.

Located at 27532 Gable Street, the home has 4 bedrooms, 3.5 baths, 3,093-square-feet and ocean views for $999,900. That comes out to $323/square-foot.

The home was originally listed at $1,590,000.

It’s also just a few blocks from the beach but has been sitting on the market for 252 days…because it’s a short sale. And short sales aren’t getting any easier.

In his latest biweekly report, Steven Thomas of Altera Real Estate says the following about short sales:

“There are 2,132 pending sales that are have been pending for more than two months. A stunning 91% are short sales, 1% are foreclosures and 8% are homeowners with equity. Almost a third of the total pending sales count has been pending for more than two months and most are short sales.”

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