46 Picazo, Rancho Santa Margarita, California 92688, Rancho Santa Margarita, 92688 - 2 bed, 1 bath
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Rancho Santa Margarita, California 92688
This Turnkey Condominium is a Strong Value Opportunity, listed at $489,900—positioned slightly above the $481,275 Fair Market Value. Despite the minor premium, the property boasts an Excellent Condition Rating with 2025/2026 mechanical upgrades and modern finishes, ensuring a maintenance-free lifestyle. Residents enjoy premium SAMLARC community amenities, including a beach club and pools, alongside proximity to top-rated schools and RSM Lake. With its single-story, end-unit layout and assigned parking, this home is an ideal sanctuary for first-time buyers or downsizing professionals seeking a polished, move-in ready residence.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 46 Picazo Subject | $489,900* List Price | 2 | 1 | 618 | $779 | - |
A 59 Gaviota 158 Sold | $530,000 | 2 | 1 | 648 | $818 | 0.1 mi |
B 42 Picazo 29 Sold | $515,000 | 2 | 2 | 773 | $666 | 0.0 mi |
C 73 Gaviota Sold | $505,000 | 2 | 1 | 618 | $817 | 0.1 mi |
D 27 Castano Sold | $430,000 | 1 | 1 | 692 | $621 | 0.3 mi |
E 4 Pica Flor Sold | $405,000 | 1 | 1 | 510 | $794 | 0.1 mi |
F 55 Via Cresta Sold | $380,000 | 1 | 1 | 547 | $695 | 0.4 mi |
G 54 Gavilan Active | $495,000 List Price | 2 | 1 | 618 | $801 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
Although built in 1988, the property underwent a full renovation in 2019 and features extremely recent upgrades including a new HVAC system (2025), new flooring (2026), and new appliances (2026). The modern kitchen, updated bath, and brand-new systems place it in mint, maintenance-free condition.
Extensively renovated in 2019 with brand-new 2025/2026 mechanicals and appliances, including A/C, heater, and flooring, offering a move-in ready experience with minimal immediate maintenance costs.
Residents benefit from the premium SAMLARC lifestyle, featuring access to a Beach Club, lagoon, and multiple sports courts, all while being within walking distance to RSM Lake and top-rated schools.
As a single-story downstairs end-unit with no stairs and an assigned parking spot located directly next to the entrance, this property offers rare ease of access and FHA-approved financing options.
At only 618 square feet for a two-bedroom configuration, the interior living area is exceptionally compact, which may feel restrictive for families or those with significant furniture needs.
The floor plan includes only one bathroom to serve both bedrooms, which can be a logistical drawback for multi-person households or when hosting guests.
Welcome Home to Your Happy Place! Imagine stepping into a bright, beautifully renovated single-story condo where every detail feels warm, fresh, and thoughtfully cared for. This charming downstairs end-unit is more than just a home — it’s where memories are made and life feels easier and brighter. With low HOA dues of only $399 and an FHA-approved complex, this home opens the door to so many beautiful possibilities. Completely renovated in 2019 this home has been lovingly updated even more recently for ultimate comfort: New refrigerator, wide-plank Dusk Cherry flooring (extreme scratch-resistant), and fresh paint in 2026. New A/C, heater, washer, and dryer in 2025 You’ll love the modern kitchen and updated bathroom that make everyday living feel like a pleasure. Best of all, there are no stairs to climb, and your assigned parking spot (#28) is right next to the unit — making coming home something you truly look forward to. Live the Rancho Santa Margarita Dream. Just steps away, enjoy three community spas and a pool. A gentle half-mile walk (under 10 minutes) brings you to the sparkling RSM Lake, charming shops, cozy cafés, restaurants, and an even shorter walk to playgrounds, basketball court, tennis court, and park. Cielo Vista Elementary and RSM Middle School are literally across the street — perfect for growing families. This is a neighborhood where kids ride bikes, neighbors wave hello, and you feel a true sense of belonging. As part of the coveted SAMLARC community, you’ll have access to an incredible resort-style lifestyle: 4 pools (2 heated year round), a Beach Club & Lagoon, 8 pickleball courts, 12 tennis courts, sand volleyball, clubhouses, parks, trails, and so much more — all designed to bring joy and connection into your daily life. If you’re ready to stop searching and start living somewhere that feels like you — warm, welcoming, and full of life — come see 46 Picazo. This isn’t just a condo. It’s where your next chapter begins. Be sure to click on the 3D Virtual Tour!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 2.0 | 50% |
| Baths | 1.0 | 2.0 | 25% |
| Square foot | 618 | 1,027 | 9% |
| Lot Size | 21,835 | 25,172 | 46% |
| Price | $489.9K | $685.0K | 17% |
| Price per sq ft | $793 | $653 | 87% |
| Built year | 1988 | 1990 | 25% |
| HOA | $399.0 | $422 | 36% |
| Days on market | 11 | 144 | 3% |
May 26, 2026
$489,900
Initial Listing
Mar 21, 2011
$142,000
Public Record
Nov 13, 2003
$235,000
Public Record