There have been several new properties come on the market since you posted this question, If you are still considering this area Please take a look at some of them on a search site.

Pam ... sounds like you have made up your mind to buy a home at the beautiful Nellie Gail area of Laguna Hills. Congratulations on that decision.

If you are using the services of a qualified Realtor, that's great. Please remember to always use a Realtor, who is a member of the National Assoc. of Realtors, and must abide by the Realtor Code of Ethics and pursue the truth for all and support your concept to buy a home and real estate.

Best wishes to you.
Harrison K. Long, Explore Group Properties, Coldwell Banker Previews. http://www.ExploreTheOC.com

Nelli gail has more properties on the market with large lots that are below the price you are looking at. There are several properties available with 40,000 sqft. lots. Association and taxes are lower there also. Keep in mind how much closer you are to the ocean which makes it cooler in the summer. I have been in properties lately that have been upgrated with everything new.
Good luck with your search!

Hi again, Pam,

While it is unlikely that you could "steal" a house listed at $2,2mm, with an offer of $1,5mm, there are MANY properties available on the market today, throughout up-scale areas of Orange County, that are now priced close to $1,5mm, but were once priced well over $2,2mm.

The market itself has drifted downward - some sellers have tried to follow it, over the course of a year or two on the market. Most NEW listings, however, are priced more competitively. You can conduct your own search for properties anywhere in South Orange County with your own website, that you can establish, and tweak to your heart's content. Here is a link to follow: http://coto.listingbook.com/?node=3

Good luck in your search.

Properties that are listed for 2.2 M won't drop that much any more. Pricing a house now is better than it had been. Agents are getting closer to the sell price because seller understand that they have to price it right or it won't sell. The seller sets the price, not the agent. Sellers took a while to except the lower selling prices, now they get it!

Hi Pam
It is a buyer's market out there, but homes that are properly priced at 2.2m will probably not turn over for 1.5m . I could see a home that is listed for 1.8 or a little lower might go in your price range if the owner was very anxious. The prices have come down a lot in Nellie Gail, and there are great homes available in your price range that were untouchable a couple of years ago.
I am a local agent and I would be happy to schedule some showings so that we can go in and see what is available. Looking at homes on the computer is great fun, but the way to really understand what you can get for your money is by walking the properties.
Best Wishes, you are in a great position to get a wonderful home in this market.
Ellen Bosworth

I used to live and work in Nellie Gail - 25 years ago, when it was new - but would more highly recommend Coto de Caza, for a house in that price range. Coto is a bit further inland, so consequently a bit warmer, but there are few other negatives that you typically find in Nellie Gail. ( Freeway noise, power line proximity, older homes, not typically updated, not gated, etc.)
In Coto right now there are 25 houses priced between $1,4mm and $2,2mm - some on the golf course, some on half acre plus lots, most with a serene view. As someone else suggested, many of these houses have been on the market for a long time and have come down hundreds of thousands of dollars in price, to a much more attractive level.
Go to my website below for Coto info, and to do a search for homes available. Contact me if I can be of any further assistance. Good luck in your search.

The last two sales in Nellie Gale were 25772 Pecos Rd, sold 12/12/2008, originally listed at $1,295,000 and sold for $1,150,000. 26521 Broken Bit Ln, sold 12/1/2008, originally listed at $1,595,000 and sold for $1,600,000...this one was only on the market for 4 days!

You are definitely looking at the right time to get a great deal in Nellie Gail and, if you position yourself correctly when you make your offer, you could maximize this opportunity.

If you are looking for a project...there is a short sale, original priced at $2.9m, that you could probably get for $1.8m. The home is under construction so some of the work still needs to be finished, but work left is mostly interior selections and landscaping.

Hi Pam,

Most likely you will not be able to buy a house that is listed at $2.2 for $1.5 as sellers have not been negotiating that big a difference in price. What you may get for your $1.5, is a house that was once listed at $2.2 but is now listed for $1.75. A seller like this that has already seen their equity go down by half a million dollars is not likely to take another big hit on their current asking price. You can get some great bargins out there, it just takes an understanding of the current market psychology of sellers to know how to find them. Choosing an educated Real Estate professional to help you evaluate the market should be your first step.

Regards,

Bill M Godwin

First Team Real Estate
949-606-5669
Bill@BillMGodwin.com

A quick search of TheOCmls.com shows 15 homes in that price range in Laguna Hills and Nellie including this lovely one already priced at $1.5:

http://idxpro.cisdata.net/AR181359/Search/details/?controlle…

You can find it at http://www.TheOCmls.com. If you would like to see it or find out what else is for sale in NG, let me know. It wouldn't surprise me if you were able to get a higher priced house in your price range.