22446 Manacor 48, Mission Viejo, California 92692, Mission Viejo, 92692 - 2 bed, 2 bath
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Mission Viejo, California 92692
This Penthouse Condominium represents a High-Potential Investment Opportunity, currently listed at $1,049,000—positioned well above the $880,173 Fair Market Value by -19%. While the property commands a premium for its Panoramic Lake Views and Guard-Gated Security, the Condition Rating of 4 indicates significant dated finishes that require modernization. Located within the Capistrano Unified School District, this residence offers a unique lifestyle for those seeking a renovation project with high-end potential. It is an ideal acquisition for Value-Add Investors or Owner-Occupants looking to customize a premier lakefront asset.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 22446 Manacor 48 Subject | $1,049,000* List Price | 2 | 2 | 1,444 | $610 | - |
A 22422 Porreras 7 Sold | $800,000 | 2 | 2 | 1,477 | $542 | 0.1 mi |
B 27941 Chiclana 81 Sold | $780,000 | 2 | 2 | 1,240 | $629 | 0.8 mi |
C 22522 Petra 19 Pending | $899,000 List Price | 2 | 2 | 1,477 | $609 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1979, this penthouse is well-maintained but significantly dated. The kitchen features older white appliances and raised-panel cabinetry that likely date back 20+ years, and the living area retains 1980s-style floor-to-ceiling mirrored walls and older gold-tone hardware. While functional and move-in ready, the interior finishes and systems do not reflect a recent renovation, necessitating cosmetic and potentially mechanical updates to meet modern luxury standards.
Positioned as a rare penthouse, the residence offers exceptional, unobstructed panoramic views of Lake Mission Viejo, mountains, and city lights, complete with front-row seats to seasonal community events.
Residents enjoy access to the highly desirable Mallorca community features, including 24/7 guard-gated security, private beaches, pools, spas, and exclusive Lake Mission Viejo membership privileges.
The layout maximizes natural light with a spacious wrap-around balcony accessible from the living and dining areas, plus an additional private patio retreat off the kitchen.
The monthly HOA fee is $753, which adds a significant recurring cost to the property's overall carrying expenses.
The two-car garage is detached from the building, which may reduce convenience compared to units featuring direct-access attached parking.
MAJOR PRICE IMPROVEMENT! Exceptional Opportunity to Own One of Mallorca's Premier Lake View Penthouses. Now Offered at an Exceptional Value. One of Mallorca's premier view residences, this upper-level home showcases sweeping lake, Saddleback mountain, city light, and sunset views, along with front-row views of Lake Mission Viejo's summer concerts and Fourth of July fireworks. Thoughtfully designed to embrace natural light and indoor-outdoor living, the spacious two-bedroom, two-bath floor plan features a generous living room with sliding glass doors opening to an expansive balcony—an ideal setting for morning coffee, sunset relaxation, or entertaining while enjoying the breathtaking scenery. A cozy fireplace adds warmth without distracting from the spectacular views, while the adjoining dining area also opens directly to the balcony for seamless indoor-outdoor enjoyment. The kitchen overlooks the surrounding hills and mountains and provides access to a roof-top like private patio, offering another peaceful outdoor retreat. The spacious primary suite enjoys beautiful lake and hillside city light views and includes dual sinks and oversized mirrored wardrobe closets with abundant storage. The secondary bedroom offers flexibility for guests, a home office, fitness room, or creative space. Additional highlights include an interior laundry area, generous storage throughout, a gallery-style hallway ideal for displaying artwork or photography, and a nearby detached two-car garage featuring a recently installed BRAND-NEW garage door motor. Residents of Mallorca enjoy 24-hour guard-gated entry, two pools and spas, private beaches, BBQ and picnic areas, and exclusive Lake Mission Viejo membership with boating, concerts, and year-round recreational activities. Conveniently located near Plaza del Lago, restaurants, shopping, parks, and everyday conveniences. Recently repositioned to provide outstanding value, this is an exceptional opportunity to own one of Mallorca's most desirable penthouse view residences. If you've been waiting for a premier lake-view home, now is the perfect time to experience everything this remarkable property has to offer.
No exterior & parking available.
Grades K-5 • 1.7 mi
Grades 6-8 • 2.6 mi
Grades 6-8 • 4.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 2.0 |
| Baths | 2.0 | 2.0 |
| Square foot | 1,444 | 1,369 |
| Lot Size | 364,487 | 70,876 |
| Price | $1.05M | $736.2K |
| Price per sq ft | $726 | $608 |
| Built year | 1979 | 1983 |
| HOA | $753.0 | $444 |
| Days on market | 74 | 55 |
Jun 25, 2026
$1,049,000
$1,069,000
-2% Price Drop
Initial Listing
Jun 24, 2026
$1,069,000
$1,089,000
-2% Price Drop
Initial Listing
Jun 12, 2026
$1,089,000
$1,100,000
-1% Price Drop
Initial Listing
May 9, 2026
$1,100,000
Initial Listing
Aug 8, 2016
$610,000
Public Record