Hi Chris, great question and I see that it's from February, but it still has a lot of value. At the end of the day it comes down to location, location, location and if there is potential/latent value! As Karen from the previous answer had mentioned, Camino de Estrella is a street with consistent traffic with people heading to and from the freeway going to Capo Beach or to San Clemente (east of the 5) and at there are things that cannot be changed. I've experienced homes from 'equity sellers' sell recently (1/09 to 8/09) with ocean views, single loaded street to street lots in Harbor Estates sell from $400/sq ft to $532/sq ft. The bank owned or short-sale opportunities may go for a touch under these ranges; however, they need some work. A quality property when priced correctly/competitively will encourage several showings per week that will most likely generate more than one offer.