ON THE HORIZON...SOME GOOD REAL ESTATE NEWS
SALES INFORMATION: In the sales comparables at the end of this article for May 2008 compared to May 2009, for some cities there is a noticeably smaller negative percent of sale prices. This would indicate that sellers are being more realistic in their pricing and acceptance of a sale price at today's market value and not for what they "hope to sell the house for!"
APPRAISAL PROBLEMS: Short sales and foreclosures although still quite strong, are not increasing as rapidly as they were. The primary problem NOW with the distress sale prices is that these sales affect every home's value when it comes to appraisal purposes. In some areas, and most areas in general, appraisal values are lower due to comparable sales of low priced foreclosure and short sale properties. Appraisers often compare as "like for like" a home in good condition to a property that was in very poor condition if the square footage, beds and baths are similar.
The Federal government has mandated that lenders and real estate brokers cannot talk to appraisers directly. In the past, an appraiser could discuss with the listing agent the benefits of one home compared to another. Today that is not allowed and appraisals are coming in with a low price.
LISTING PRICES: It is more important than ever for a seller to accept a reasonable sale price, as there is a chance the appraisal will not confirm the sale price.
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,689, w/Bank Conditions = 415
In Escrow Listings = 829, w/Bank Conditions = 418
Sold from 01/01/09 = 1600, w/Bank Conditions = 590
*MLS 06/29/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2008 COMPARED TO MAY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - N/A - N/A - N/A
Capo Beach - 92624 - 12 - $530,000 - N/A
Corona del Mar - 92625 - 4- $2,061,000 - minus 10.6%
Costa Mesa - 92626 - 24- $540,000 - minus 0.5%
Costa Mesa - 92627 - 26 - $550,000 - minus 0.7%
Dana Point - 92629 - 20 - $687,000 - minus 33.9%
Laguna Beach - 92651 - 24 - $1,810,000 - minus 32.9%
Laguna Niguel - 92677 - 42 - $668,000 - minus 10.4%
Newport Beach - 92660 - 19 - $1,203,000 - minus 28.1%
Newport Beach - 92661- 4 - $1,375,000 - minus 22.0%
Newport Beach - 92663 - 3 - $1,160,000 - n/a
Newport Coast - 92657 - 6 - $1,734,000 - 2.4%
San Clemente - 92672 - 22 - $580,000 - minus 31.8%
San Clemente - 92673 - 20 - $691,000 - minus 14.7%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 06/29/09
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
Approximate Location Boundaries: Coastal Communities of South Orange County Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente.
From "Castles to Cottages" there is a home here for everyone. Pamela Horton and her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
Monday, June 29, 2009
Wednesday, June 3, 2009
JUNE 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE
SOUTHLAND HOME SALES HOT INLAND, COOL ON COAST
Among the reasons high-end sales remain so sluggish: The "jumbo" mortgages needed to buy such homes have been more expensive and much harder to obtain since August 2007, when the credit crunch hit. Before then, nearly 40% of Southland sales were financed with jumbo loans, then defined as over $417,000.
Last month 10.9% of sales were financed with jumbo loans. The current jumbo loans limits in Orange County are $729,750. The Federal guidelines increase the loan jumbo amount for higher end area.
HOPE FOR DEFAULT BORROWERS: The Obama administration approved new details under its Foreclosure Alternatives Program (FAP) enabling homeowners in default to pursue short sales in cases where the homeowner does not qualify for a loan modification. The program, effective through 2012, requires that prior to proceeding with a foreclosure, lenders must determine if a short sale is appropriate.
FORECLOSURES: Foreclosure resales - homes sold in April that had been foreclosed on in the prior 12 months - accounted for 53.6% of all Southland resales last month. In the South County Coastal Area these sales these sales make up for 36% of sales last month.
WHAT ELSE: Financing with adjustable-rate mortgages is near the all-time low, as is financing with multiple mortgages. Down payment sizes are larger and loan rates are stable. Non-owner occupied buying has risen and is above-average in lower end markets.
*05/26/09 CAR
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09
FOR: Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,716, w/Bank Conditions = 421
In Escrow Listings = 794, w/Bank Conditions = 388
Sold from 01/01/09 = 1183, w/Bank Conditions = 468
*MLS 05/26/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR APRIL 2008 COMPARED TO APRIL 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 5 - $2,200,000 - minus 60.0%
Capo Beach - 92624 - 3 - $1,050,000 - 72.1%
Corona del Mar - 92625 - 4- $2,061,000 - minus 10.6%
Costa Mesa - 92626 - 26- $505,000 - minus 8.2%
Costa Mesa - 92627 - 23 - $488,000 - minus 26.6%
Dana Point - 92629 - 20 - $687,000 - minus 33.9%
Laguna Beach - 92651 - 19 - $1,160,000 - minus 31.2%
Laguna Niguel - 92677 - 30 - $650,000 - minus 13.5%
Newport Beach - 92660 - 18 - $1,054,000 - minus 28.1%
Newport Beach - 92661- 2 - $1,036,000 - minus 78.9%
Newport Beach - 92663 - 6 - $1,075,000 - minus 14%
Newport Coast - 92657 - 7 - $1,799,000 - minus 47.5%
San Clemente - 92672 - 21 - $685,000 - minus 12.2%
San Clemente - 92673 - 27 - $675,000 - minus 16.6%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 05/26/09
Among the reasons high-end sales remain so sluggish: The "jumbo" mortgages needed to buy such homes have been more expensive and much harder to obtain since August 2007, when the credit crunch hit. Before then, nearly 40% of Southland sales were financed with jumbo loans, then defined as over $417,000.
Last month 10.9% of sales were financed with jumbo loans. The current jumbo loans limits in Orange County are $729,750. The Federal guidelines increase the loan jumbo amount for higher end area.
HOPE FOR DEFAULT BORROWERS: The Obama administration approved new details under its Foreclosure Alternatives Program (FAP) enabling homeowners in default to pursue short sales in cases where the homeowner does not qualify for a loan modification. The program, effective through 2012, requires that prior to proceeding with a foreclosure, lenders must determine if a short sale is appropriate.
FORECLOSURES: Foreclosure resales - homes sold in April that had been foreclosed on in the prior 12 months - accounted for 53.6% of all Southland resales last month. In the South County Coastal Area these sales these sales make up for 36% of sales last month.
WHAT ELSE: Financing with adjustable-rate mortgages is near the all-time low, as is financing with multiple mortgages. Down payment sizes are larger and loan rates are stable. Non-owner occupied buying has risen and is above-average in lower end markets.
*05/26/09 CAR
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09
FOR: Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,716, w/Bank Conditions = 421
In Escrow Listings = 794, w/Bank Conditions = 388
Sold from 01/01/09 = 1183, w/Bank Conditions = 468
*MLS 05/26/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR APRIL 2008 COMPARED TO APRIL 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 5 - $2,200,000 - minus 60.0%
Capo Beach - 92624 - 3 - $1,050,000 - 72.1%
Corona del Mar - 92625 - 4- $2,061,000 - minus 10.6%
Costa Mesa - 92626 - 26- $505,000 - minus 8.2%
Costa Mesa - 92627 - 23 - $488,000 - minus 26.6%
Dana Point - 92629 - 20 - $687,000 - minus 33.9%
Laguna Beach - 92651 - 19 - $1,160,000 - minus 31.2%
Laguna Niguel - 92677 - 30 - $650,000 - minus 13.5%
Newport Beach - 92660 - 18 - $1,054,000 - minus 28.1%
Newport Beach - 92661- 2 - $1,036,000 - minus 78.9%
Newport Beach - 92663 - 6 - $1,075,000 - minus 14%
Newport Coast - 92657 - 7 - $1,799,000 - minus 47.5%
San Clemente - 92672 - 21 - $685,000 - minus 12.2%
San Clemente - 92673 - 27 - $675,000 - minus 16.6%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 05/26/09
Monday, April 27, 2009
MAY 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE
"AN OPTIMIST WILL TELL YOU THE GLASS IS HALF FULL; THE PESSIMIST, HALF EMPTY; AND THE ANALYST WILL TELL YOU THE GLASS IS TWICE THE SIZE IT NEEDS TO BE." Anonymous
Indeed - Last week certainly contained news that could cause you to view the economy in an optimistic or pessimistic light.
HOUSING: Existing Home Sales came in slightly below market estimates - and while the report showed that Existing Home inventory in March fell by a modest 1.6%, at the current sales pace it would take an estimated 9.8 months to sell that inventory of properties, slightly longer than February's 9.7 month reading.
NEW HOME SALES: Builder confidence in the market for newly built, single-family homes rose five points in April to the highest level since October 2008. It was the largest one-month increase recorded since May of 2003.
FORECLOSURE FILINGS: Increased 9% in the first quarter of 2009. default notices, auction sale notices and bank repossessions. One in every 159 U.S. housing units received a foreclosure filing during this quarter a 46% increase compared with March 2008.
WHAT'S NEXT: The path back to economic recovery will go through housing, so these reports will be important to watch in the months ahead.
*04/27/09 Sandstone Financial, CAR
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,768, w/Bank Conditions = 424
In Escrow Listings = 715, w/Bank Conditions = 367
Sold from 01/01/09 = 861, w/Bank Conditions = 354
*In Escrow Status Up 256 Units over April. SOCALMLS 04/30/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MARCH 2008 COMPARED TO MARCH 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 10 - $1,700,000 - minus 44.5%
Capo Beach - 92624 - 9 - $482,000 - minus 84%
Corona del Mar - 92625 - 5- $2,905,000 - 33%
Costa Mesa - 92626 - 29- $498,000 - minus 6.3%
Costa Mesa - 92627 - 23 - $420,000 - minus 32.8%
Dana Point - 92629 - 10 - $575,000 - minus 24.9%
Laguna Beach - 92651 - 14 - $1,143,000 - minus 30.8%
Laguna Niguel - 92677 - 36 - $711,000 - minus 24%
Newport Beach - 92660 - 11 - $850,000 - minus 29%
Newport Beach - 92661- 3 - $1,327,000 - minus 16%
Newport Beach - 92663 - 6 - $1,520,000 - minus 60%
Newport Coast - 92657 - 5 - $2,784,000 - minus 18.3%
San Clemente - 92672 - 16 - $631,000 - minus 23.5%
San Clemente - 92673 - 18 - $750,000 - minus 5.9%
**Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 04/30/09
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
Approximate Location Boundaries: Coastal Communities of South Orange County Location
Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera."
The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente.
From "Castles to Cottages" there is a home here for everyone. Pamela Horton and her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
949.633.6667 - Pamela@PamelaHorton.com - www.PamelaHorton.com
Indeed - Last week certainly contained news that could cause you to view the economy in an optimistic or pessimistic light.
HOUSING: Existing Home Sales came in slightly below market estimates - and while the report showed that Existing Home inventory in March fell by a modest 1.6%, at the current sales pace it would take an estimated 9.8 months to sell that inventory of properties, slightly longer than February's 9.7 month reading.
NEW HOME SALES: Builder confidence in the market for newly built, single-family homes rose five points in April to the highest level since October 2008. It was the largest one-month increase recorded since May of 2003.
FORECLOSURE FILINGS: Increased 9% in the first quarter of 2009. default notices, auction sale notices and bank repossessions. One in every 159 U.S. housing units received a foreclosure filing during this quarter a 46% increase compared with March 2008.
WHAT'S NEXT: The path back to economic recovery will go through housing, so these reports will be important to watch in the months ahead.
*04/27/09 Sandstone Financial, CAR
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,768, w/Bank Conditions = 424
In Escrow Listings = 715, w/Bank Conditions = 367
Sold from 01/01/09 = 861, w/Bank Conditions = 354
*In Escrow Status Up 256 Units over April. SOCALMLS 04/30/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MARCH 2008 COMPARED TO MARCH 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 10 - $1,700,000 - minus 44.5%
Capo Beach - 92624 - 9 - $482,000 - minus 84%
Corona del Mar - 92625 - 5- $2,905,000 - 33%
Costa Mesa - 92626 - 29- $498,000 - minus 6.3%
Costa Mesa - 92627 - 23 - $420,000 - minus 32.8%
Dana Point - 92629 - 10 - $575,000 - minus 24.9%
Laguna Beach - 92651 - 14 - $1,143,000 - minus 30.8%
Laguna Niguel - 92677 - 36 - $711,000 - minus 24%
Newport Beach - 92660 - 11 - $850,000 - minus 29%
Newport Beach - 92661- 3 - $1,327,000 - minus 16%
Newport Beach - 92663 - 6 - $1,520,000 - minus 60%
Newport Coast - 92657 - 5 - $2,784,000 - minus 18.3%
San Clemente - 92672 - 16 - $631,000 - minus 23.5%
San Clemente - 92673 - 18 - $750,000 - minus 5.9%
**Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 04/30/09
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
Approximate Location Boundaries: Coastal Communities of South Orange County Location
Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera."
The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente.
From "Castles to Cottages" there is a home here for everyone. Pamela Horton and her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
949.633.6667 - Pamela@PamelaHorton.com - www.PamelaHorton.com
Tuesday, March 31, 2009
APRIL 2009 SOUTH ORANGE COUNTY, CA COASTAL REAL ESTATE
"IT REQUIRES A GREAT DEAL OF BOLDNESS AND A GREAT DEAL OF CAUTION TO MAKE A GREAT FORTUNE." Ralph Waldo Emerson
Last week's headlines contained a mix of items to inspire both boldness and caution.
And...there's room for cautious optimism on the economy, as good news was noted on several fronts last week. The housing market received good news when Existing Home Sales came in stronger than expected.
Sales of previously owned U.S. homes rose 5.1% in February, the largest gain since July 2003. About 45% of these sales were foreclosure or short-sale transactions. With the peak of the market having been April 2007, it is also noted that home prices are now at 2003 levels.
Additionally, Durable Goods Orders for February came in better than expected, showing the first increase in six months, and the Core Personal Consumption Expenditure Index (Core PCE) showed inflation is presently at tolerable levels. Plus, the US Dollar received a boost when China said it will continue to purchase US Treasuries.
*03/30/09 Sandstone Financial, Prospect Mortgage, CAR
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,758, w/Bank Conditions = 449
In Escrow Listings = 579, w/Bank Conditions = 234
Sold from 01/01/09 = 588, w/Bank Conditions = 249
*MLS 03/31/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2008 COMPARED TO FEBRUARY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 2 - $603,000 - minus 65%
Corona del Mar - 92625 - 7- $2,100,000 - minus 12%
Costa Mesa - 92626 - 13- $500,000 - minus 10%
Costa Mesa - 92627 - 20 - $600,000 - 5%
Dana Point - 92629 - 8 - $745,000 - minus 1%
Laguna Beach - 92651 - 5 - $1,275,000 - minus 41%
Laguna Niguel - 92677 - 33 - $673,000 - minus 14%
Newport Beach - 92660 - 10 - $850,000 - minus 39%
Newport Beach - 92661- 3 - $1,200,000 - minus 52%
Newport Beach - 92663 - 5 - $800,000 - minus 60%
Newport Coast - 92657 - 9 - $1,400,000 - minus 23%
San Clemente - 92672 - 15 - $725,000 - minus 60%
San Clemente - 92673 - 18 - $763,000 - minus 4%
**Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 03/31/09
Last week's headlines contained a mix of items to inspire both boldness and caution.
And...there's room for cautious optimism on the economy, as good news was noted on several fronts last week. The housing market received good news when Existing Home Sales came in stronger than expected.
Sales of previously owned U.S. homes rose 5.1% in February, the largest gain since July 2003. About 45% of these sales were foreclosure or short-sale transactions. With the peak of the market having been April 2007, it is also noted that home prices are now at 2003 levels.
Additionally, Durable Goods Orders for February came in better than expected, showing the first increase in six months, and the Core Personal Consumption Expenditure Index (Core PCE) showed inflation is presently at tolerable levels. Plus, the US Dollar received a boost when China said it will continue to purchase US Treasuries.
*03/30/09 Sandstone Financial, Prospect Mortgage, CAR
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,758, w/Bank Conditions = 449
In Escrow Listings = 579, w/Bank Conditions = 234
Sold from 01/01/09 = 588, w/Bank Conditions = 249
*MLS 03/31/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2008 COMPARED TO FEBRUARY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 2 - $603,000 - minus 65%
Corona del Mar - 92625 - 7- $2,100,000 - minus 12%
Costa Mesa - 92626 - 13- $500,000 - minus 10%
Costa Mesa - 92627 - 20 - $600,000 - 5%
Dana Point - 92629 - 8 - $745,000 - minus 1%
Laguna Beach - 92651 - 5 - $1,275,000 - minus 41%
Laguna Niguel - 92677 - 33 - $673,000 - minus 14%
Newport Beach - 92660 - 10 - $850,000 - minus 39%
Newport Beach - 92661- 3 - $1,200,000 - minus 52%
Newport Beach - 92663 - 5 - $800,000 - minus 60%
Newport Coast - 92657 - 9 - $1,400,000 - minus 23%
San Clemente - 92672 - 15 - $725,000 - minus 60%
San Clemente - 92673 - 18 - $763,000 - minus 4%
**Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 03/31/09
Saturday, February 28, 2009
MARCH 2009 SOUTH ORANGE COUNTY, CA COASTAL REAL ESTATE
STATE HOME SALES DOUBLE AS PRICES FALL
Sales of existing, single-family homes soared 100.8% in January in California, and the median price declined 40.5%. Just look at the statistics for the area home sales below, as most areas have had minus increases for a least 2 years.
STATE TAX CREDIT: Beginning March 1, 2009, home buyers who purchase a new, unoccupied home could receive a $10,000 state tax credit. The credit is available to anyone who closes escrow by March 1, 2010 and agrees to occupy the home for at least two years.
THE ECONOMY: The Commerce Dept. on 2/27/09 reported that the economy shrank at a pace of 6.2% in the fourth quarter of 2008, the country's worst performance since 1982.
WHAT DOES THIS MEAN TO YOU?
SELLERS: Try not to let your desire to sell be clouded by what you paid or how much money you've put into your property. Price according to comparable sales in your area, and you should be on your way in a reasonable amount of time. If you want to start at a somewhat higher price that's ok, just be willing to reduce your list price, if necessary. Remember: Market Value is determined by the price you and the buyer agree upon. Your professional Realtor's evaluation is an estimate of future market value.
BUYERS: I have been advising this for quite a while now...this is your market! Take advantage of reduced prices. Don't insult a seller, be reasonable but expect to get a great deal. Investor buyers...this is your market, too!
*DataQuik & CAR, 02/28/09
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,693, w/Bank Conditions = 478
In Escrow Listings = 499, w/Bank Conditions = 276
Sold from 01/01/09 = 360, w/Bank Conditions = 160
*MLS 02/28/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2008 COMPARED TO JANUARY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - $2,285,000 - minus 33.3%
Capo Beach - 92624 - 3 - $899,000 - 24.6%
Corona del Mar - 92625 - 9- $2,125,000 - minus 28.0%
Costa Mesa - 92626 - 16- $543,000 - minus 8.8%
Costa Mesa - 92627 - 21 - $428,000 - minus 18.0%
Dana Point - 92629 - 8 - $727,000 - 10.7%
Laguna Beach - 92651 - 11 - $825,000 - minus 50.7%
Laguna Niguel - 92677 - 24 - $691,000 - minus 7.3%
Newport Beach - 92660 - 9 - $1,528,000 - minus 14.6%
Newport Beach - 92661- 1 - $7,500,000 - 341.2%
Newport Beach - 92663 - 2 - $1,813,000 - minus 11.6%
Newport Coast - 92657 - 9 - $1,865,000 - minus 35.2%
San Clemente - 92672 - 10 - $561,000 - minus 53.3%
San Clemente - 92673 - 16 - $649,000 - minus 31.3%
*DQNews/LATimes, 02/28/09
**% change is compared to the same month of the prior year.
Sales of existing, single-family homes soared 100.8% in January in California, and the median price declined 40.5%. Just look at the statistics for the area home sales below, as most areas have had minus increases for a least 2 years.
STATE TAX CREDIT: Beginning March 1, 2009, home buyers who purchase a new, unoccupied home could receive a $10,000 state tax credit. The credit is available to anyone who closes escrow by March 1, 2010 and agrees to occupy the home for at least two years.
THE ECONOMY: The Commerce Dept. on 2/27/09 reported that the economy shrank at a pace of 6.2% in the fourth quarter of 2008, the country's worst performance since 1982.
WHAT DOES THIS MEAN TO YOU?
SELLERS: Try not to let your desire to sell be clouded by what you paid or how much money you've put into your property. Price according to comparable sales in your area, and you should be on your way in a reasonable amount of time. If you want to start at a somewhat higher price that's ok, just be willing to reduce your list price, if necessary. Remember: Market Value is determined by the price you and the buyer agree upon. Your professional Realtor's evaluation is an estimate of future market value.
BUYERS: I have been advising this for quite a while now...this is your market! Take advantage of reduced prices. Don't insult a seller, be reasonable but expect to get a great deal. Investor buyers...this is your market, too!
*DataQuik & CAR, 02/28/09
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,693, w/Bank Conditions = 478
In Escrow Listings = 499, w/Bank Conditions = 276
Sold from 01/01/09 = 360, w/Bank Conditions = 160
*MLS 02/28/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2008 COMPARED TO JANUARY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - $2,285,000 - minus 33.3%
Capo Beach - 92624 - 3 - $899,000 - 24.6%
Corona del Mar - 92625 - 9- $2,125,000 - minus 28.0%
Costa Mesa - 92626 - 16- $543,000 - minus 8.8%
Costa Mesa - 92627 - 21 - $428,000 - minus 18.0%
Dana Point - 92629 - 8 - $727,000 - 10.7%
Laguna Beach - 92651 - 11 - $825,000 - minus 50.7%
Laguna Niguel - 92677 - 24 - $691,000 - minus 7.3%
Newport Beach - 92660 - 9 - $1,528,000 - minus 14.6%
Newport Beach - 92661- 1 - $7,500,000 - 341.2%
Newport Beach - 92663 - 2 - $1,813,000 - minus 11.6%
Newport Coast - 92657 - 9 - $1,865,000 - minus 35.2%
San Clemente - 92672 - 10 - $561,000 - minus 53.3%
San Clemente - 92673 - 16 - $649,000 - minus 31.3%
*DQNews/LATimes, 02/28/09
**% change is compared to the same month of the prior year.
Saturday, January 31, 2009
FEBRUARY 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE
SOUTHLAND HOME SALES PICKING UP WITH A CHANGE SEEN IN THE COASTAL REAL ESTATE MARKET
CORE TREND: The core trends of Southern California's 2008 housing market were on prominent display in December: Low-cost inland foreclosures sold briskly, builders had their worst month in decades, expensive markets remained in wait-and-see mode and lenders continued to hold back on making 'jumbo' home loans.
HOME SALES: Outpaced last year for the fifth consecutive month in November, when 55% of buyers in the resale market chose repossessed homes. The abundance of discounted foreclosures helped push the median sale price down a record 35% from a year ago.
LENDERS: The most active lenders to Southland home buyers right now are Countrywide, Bank of America and Wells Fargo.
FICO SCORES: So this is how FICO scores are weighted by lendrs for loan qualification purposes...
35% by Payment History
30% by Balances Owed
15% by Length of Credit History
10% by New Credit
10% by Types of Credit in Use
How calculated FICO scores effect loan rates:
720 - 850 Excellent, A-paper credit, the "good-guy" rates available;
680 - 719 Good, not much of a compromise on rates;
620 - 679 OK or Fair, clearly in range for FHA consideration;
580 - 619 Low, bottom of the range for FHA consideration, "alternate credit" comes heavily into play;
500 - 579 Poor, truly nothing can be done without credit rehabilitation.
*DataQuik 01/27/09, NLB Financial 01/27/09
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS AS OF 01/31/09 FOR:
Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,185, w/Bank Conditions = 477
In Escrow Listings = 385, w/Bank Conditions = 235
Sold from 01/01/08 = 3,061, w/Bank Conditions = 1,172
*MLS 01/31/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2007 COMPARED TO DECEMBER 2008:
% Change is from the same month last year.
City - # Sold - Median Sale Price - % change from 2007:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 3 - $840,000 minus 25.3%
Corona del Mar - 92625 - 8- $2,240,000 - minus 27.4%
Costa Mesa - 92626 - 22- $473,000 - minus 16.4%
Costa Mesa - 92627 - 32 - $433,000 - minus 20.6%
Dana Point - 92629 - 18 - $920,000 - minus 23.3%
Laguna Beach - 92651 - 23 - $1,275,000 - minus 14.4%
Laguna Niguel - 92677 - 34 - $700,000 - minus 3.4%
Newport Beach - 92660 - 9 - $1,528,000 - minus 58.9%
Newport Beach - 92661- 3 - $910,000 - minus 68.3%
Newport Beach - 92663 - 5 - $1,608,000 - minus 6.4%
Newport Coast - 92657 - 8 - $3,600,000 - minus 10.6%
San Clemente - 92672 - 18 - $653,000 - minus 8.7%
San Clemente - 92673 - 26 - $769,000 - minus 21.4%
*DQNews/LATimes, 01/29/09
-----------------------------------------------------------------------
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Commonly called the "California Riviera" for its beautiful beaches and mild climate!
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
CORE TREND: The core trends of Southern California's 2008 housing market were on prominent display in December: Low-cost inland foreclosures sold briskly, builders had their worst month in decades, expensive markets remained in wait-and-see mode and lenders continued to hold back on making 'jumbo' home loans.
HOME SALES: Outpaced last year for the fifth consecutive month in November, when 55% of buyers in the resale market chose repossessed homes. The abundance of discounted foreclosures helped push the median sale price down a record 35% from a year ago.
LENDERS: The most active lenders to Southland home buyers right now are Countrywide, Bank of America and Wells Fargo.
FICO SCORES: So this is how FICO scores are weighted by lendrs for loan qualification purposes...
35% by Payment History
30% by Balances Owed
15% by Length of Credit History
10% by New Credit
10% by Types of Credit in Use
How calculated FICO scores effect loan rates:
720 - 850 Excellent, A-paper credit, the "good-guy" rates available;
680 - 719 Good, not much of a compromise on rates;
620 - 679 OK or Fair, clearly in range for FHA consideration;
580 - 619 Low, bottom of the range for FHA consideration, "alternate credit" comes heavily into play;
500 - 579 Poor, truly nothing can be done without credit rehabilitation.
*DataQuik 01/27/09, NLB Financial 01/27/09
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS AS OF 01/31/09 FOR:
Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,185, w/Bank Conditions = 477
In Escrow Listings = 385, w/Bank Conditions = 235
Sold from 01/01/08 = 3,061, w/Bank Conditions = 1,172
*MLS 01/31/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2007 COMPARED TO DECEMBER 2008:
% Change is from the same month last year.
City - # Sold - Median Sale Price - % change from 2007:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 3 - $840,000 minus 25.3%
Corona del Mar - 92625 - 8- $2,240,000 - minus 27.4%
Costa Mesa - 92626 - 22- $473,000 - minus 16.4%
Costa Mesa - 92627 - 32 - $433,000 - minus 20.6%
Dana Point - 92629 - 18 - $920,000 - minus 23.3%
Laguna Beach - 92651 - 23 - $1,275,000 - minus 14.4%
Laguna Niguel - 92677 - 34 - $700,000 - minus 3.4%
Newport Beach - 92660 - 9 - $1,528,000 - minus 58.9%
Newport Beach - 92661- 3 - $910,000 - minus 68.3%
Newport Beach - 92663 - 5 - $1,608,000 - minus 6.4%
Newport Coast - 92657 - 8 - $3,600,000 - minus 10.6%
San Clemente - 92672 - 18 - $653,000 - minus 8.7%
San Clemente - 92673 - 26 - $769,000 - minus 21.4%
*DQNews/LATimes, 01/29/09
-----------------------------------------------------------------------
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Commonly called the "California Riviera" for its beautiful beaches and mild climate!
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
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