HOME SALES UP, PRICES REMAIN LOW
THE ECONOMY: Has expanded at an annual rate of 3.5% in the third quarter marking the end of the worst recession since World War II.
THE MARKET: Home sales have risen 2.1% in September in California compared with the same period a year ago, while the median price of an existing home declined 7.3%. Even though the current growth forecasts for the next 5-6 years are for a robust economy, it is not expected to see rapidly rising home prices but slow upward movement in prices as sales increase and inventory declines.
For local market statistics the price decreases for September 2007 are lessening. See the "Median Sales By Zip Code" at the end of this article. For the first time some cities are showing increases in sale price compared to the same period last year.
BUYERS: Important News For Buyers - The Federal First-Time Buyer's Tax Credit for up to $8,000 has been extended. Repeat buyers who have owned their homes for at least 5 years are offered a reduced credit of up to $6,500.
SELLERS: Foreclosures no longer constitute most sales, they do however continue to define the market because all sellers need to compete with those low-priced properties. 40% of Southern California homes sold were foreclosures down from a previous high of 57% in February.
INTEREST RATES: Are at their lowest in years as a result of the Federal Reserve campaign to keep credit flowing.*CAR, 10/28/09, LATImes 10/30/09
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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 = 2,342, w/Bank Conditions = 373
In Escrow Listings = 981, w/Bank Conditions = 555
Sold from 01/01/09 = 3123, w/Bank Conditions = 1025
*MLS 10/28/2009
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2008 COMPARED TO SEPTEMBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 3 - $2,754,000 - 67%
Capo Beach - 92624 - 3 - $619,000 - minus 54.0%
Corona del Mar - 92625 - 13- $1,972,000 - 27%
Costa Mesa - 92626 - 25- $565,000 - 1%
Costa Mesa - 92627 - 36 - $458,000 - minus 6%
Dana Point - 92629 - 20 - $691,000 - minus 3.8%
Laguna Beach - 92651 - 29 - $1,355,000 - minus 3%
Laguna Niguel - 92677 - 54 - $680,000 - 5%
Newport Beach - 92660 - 27 - $1,130,000 - minus 31%
Newport Beach - 92661- 8 - $1,695,000 - minus 81%
Newport Beach - 92663 - 15 - $1,285,000 - minus 1%
Newport Coast - 92657 - 14 - $1,800,000 - minus 46%
San Clemente - 92672 - 27 - $720,000 - minus 8%
San Clemente - 92673 - 34 - $715,000 - minus 11%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 10/25/09
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!
Saturday, October 31, 2009
Monday, September 28, 2009
OCTOBER 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
AUGUST HOME SALES INCREASED
THE MARKET: While homes sales increased the medium home price declined by 6.9%. This may seem like bad news, it is not. As with any recovering market first sales must increase for inventory to decrease. When there is a demand for inventory (less inventory) then prices will begin to increase. For example, In 1997 the home sales began to increase over the decline of the 90's with sales prices increasing steadily through July 2007.
BUYERS: First-time buyers continue to be the driving force in home sales throughout the state," said C.A.R. President James Liptak. "The federal tax credit, which has helped more than 1.4 million people become first-time homeowners nationally, is set to expire Nov. 30. It is expected that the tax credit, which is a proven economic stimulus that clearly is working, should be extended through 2010 and expanded to include all home buyers."
SALES: "Sales have exceeded 500,000 homes for 12 consecutive months, and now are 38% higher on a year-to-date basis compared with 2008," said Appleton-Young. "Sales continue to be boosted by the large number of distressed properties on the market, along with favorable interest rates."
*CAR, 9/28/09
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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 = 2,435, w/Bank Conditions = 374
In Escrow Listings = 921, w/Bank Conditions = 511
Sold from 01/01/09 = 2,751, w/Bank Conditions = 911
*MLS 09/28/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JULY 2008 COMPARED TO JULY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 0 - N/A - N/A - N/A
Capo Beach - 92624 - 3 - $530,000 - minus 15.9%
Corona del Mar - 92625 - 12- $1,843,000 - minus 10.0%
Costa Mesa - 92626 - 30- $495,000 - minus 10%
Costa Mesa - 92627 - 30 - $595,000 - 17.2%
Dana Point - 92629 - 12 - $745,000 - minus 3.8%
Laguna Beach - 92651 - 26 - $1,145,000 - minus 33.8%
Laguna Niguel - 92677 - 45 - $695,000 - 8.2%
Newport Beach - 92660 - 21 - $1,253,000 - minus 20.1%
Newport Beach - 92661- 2 - $4,300,000 - 106.2%
Newport Beach - 92663 - 12 - $1,130,000 - minus 51.1%
Newport Coast - 92657 - 14 - $1,575,000 - minus 7.9%
San Clemente - 92672 - 30 - $595,000 - minus 36.5%
San Clemente - 92673 - 28 - $740,000 - minus 10.2%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 09/28/09
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 Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
THE MARKET: While homes sales increased the medium home price declined by 6.9%. This may seem like bad news, it is not. As with any recovering market first sales must increase for inventory to decrease. When there is a demand for inventory (less inventory) then prices will begin to increase. For example, In 1997 the home sales began to increase over the decline of the 90's with sales prices increasing steadily through July 2007.
BUYERS: First-time buyers continue to be the driving force in home sales throughout the state," said C.A.R. President James Liptak. "The federal tax credit, which has helped more than 1.4 million people become first-time homeowners nationally, is set to expire Nov. 30. It is expected that the tax credit, which is a proven economic stimulus that clearly is working, should be extended through 2010 and expanded to include all home buyers."
SALES: "Sales have exceeded 500,000 homes for 12 consecutive months, and now are 38% higher on a year-to-date basis compared with 2008," said Appleton-Young. "Sales continue to be boosted by the large number of distressed properties on the market, along with favorable interest rates."
*CAR, 9/28/09
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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 = 2,435, w/Bank Conditions = 374
In Escrow Listings = 921, w/Bank Conditions = 511
Sold from 01/01/09 = 2,751, w/Bank Conditions = 911
*MLS 09/28/2009
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JULY 2008 COMPARED TO JULY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 0 - N/A - N/A - N/A
Capo Beach - 92624 - 3 - $530,000 - minus 15.9%
Corona del Mar - 92625 - 12- $1,843,000 - minus 10.0%
Costa Mesa - 92626 - 30- $495,000 - minus 10%
Costa Mesa - 92627 - 30 - $595,000 - 17.2%
Dana Point - 92629 - 12 - $745,000 - minus 3.8%
Laguna Beach - 92651 - 26 - $1,145,000 - minus 33.8%
Laguna Niguel - 92677 - 45 - $695,000 - 8.2%
Newport Beach - 92660 - 21 - $1,253,000 - minus 20.1%
Newport Beach - 92661- 2 - $4,300,000 - 106.2%
Newport Beach - 92663 - 12 - $1,130,000 - minus 51.1%
Newport Coast - 92657 - 14 - $1,575,000 - minus 7.9%
San Clemente - 92672 - 30 - $595,000 - minus 36.5%
San Clemente - 92673 - 28 - $740,000 - minus 10.2%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 09/28/09
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 Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
Monday, August 31, 2009
SEPTEMBER 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
JULY 2009 SALES UP OVER JULY 2008 BY 12%THE MARKET:
Home sales are up compared to the same period a year ago. Whereas, the median price of an existing home declined 19.6%. "The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers," said C.A.R. President James Liptak. "Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered."
LOAN INFO: Buyers are you thinking that your lender is asking for a lot of information? You are right. Here are the many items that lenders look at these days, even for A++ buyers...Loan size, Loan to Value, Combined Loan to Value, Credit Score, Credit History, Points paid/received, Loan/Program Type, Property Type, Occupancy Type, Residency/Citizenship, Available Assets, Seasoning of Assets, Co-Borrower(s), Debt Ratio, Housing Ratio, Employment Type, Employment History, Documentation Type, Gift Funds, Cash Out, How much Cash Out, Improvements Needed, Length of the Lock.
SELLERS: Please be patient and understanding as your buyers go through what is a very arduous process to obtain a loan.
*C.A.R./Sandstone Financial 8/31/09
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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 = 2,529, w/Bank Conditions = 374
In Escrow Listings = 934, w/Bank Conditions = 493
Sold from 01/01/09 = 2,371, w/Bank Conditions = 807
*MLS 08/31/2009
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2008 COMPARED TO JUNE 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 2 - $1,675,000 - minus 77.2%
Capo Beach - 92624 - 6 - $788,000 - 38.8%
Corona del Mar - 92625 - 12- $1,800,000 - 11.8%
Costa Mesa - 92626 - 27- $526,000 - minus 3.6%
Costa Mesa - 92627 - 29 - $556,000 - minus 0.5%
Dana Point - 92629 - 17 - $783,000 - minus 13.2%
Laguna Beach - 92651 - 30 - $1,175,000 - minus 41.3%
Laguna Niguel - 92677 - 56 - $640,000 - minus 11.2%
Newport Beach - 92660 - 29 - $1,308,000 - 3%
Newport Beach - 92661- N/A - Na/A - N/A
Newport Beach - 92663 - 16 - $1,656,000 - minus 1.1%
Newport Coast - 92657 - 11 - $1,800,000 - minus 28.7%
San Clemente - 92672 - 23 - $672,000 - minus 20.0%
San Clemente - 92673 - 40 - $768,000 - minus 7.0%
*Percentage change is compared to the same month of the prior year. DQNews/LATimes, 08/31/09
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673Approximate 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!
Home sales are up compared to the same period a year ago. Whereas, the median price of an existing home declined 19.6%. "The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers," said C.A.R. President James Liptak. "Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered."
LOAN INFO: Buyers are you thinking that your lender is asking for a lot of information? You are right. Here are the many items that lenders look at these days, even for A++ buyers...Loan size, Loan to Value, Combined Loan to Value, Credit Score, Credit History, Points paid/received, Loan/Program Type, Property Type, Occupancy Type, Residency/Citizenship, Available Assets, Seasoning of Assets, Co-Borrower(s), Debt Ratio, Housing Ratio, Employment Type, Employment History, Documentation Type, Gift Funds, Cash Out, How much Cash Out, Improvements Needed, Length of the Lock.
SELLERS: Please be patient and understanding as your buyers go through what is a very arduous process to obtain a loan.
*C.A.R./Sandstone Financial 8/31/09
------------------------------------------------------------------------
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 = 2,529, w/Bank Conditions = 374
In Escrow Listings = 934, w/Bank Conditions = 493
Sold from 01/01/09 = 2,371, w/Bank Conditions = 807
*MLS 08/31/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2008 COMPARED TO JUNE 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 2 - $1,675,000 - minus 77.2%
Capo Beach - 92624 - 6 - $788,000 - 38.8%
Corona del Mar - 92625 - 12- $1,800,000 - 11.8%
Costa Mesa - 92626 - 27- $526,000 - minus 3.6%
Costa Mesa - 92627 - 29 - $556,000 - minus 0.5%
Dana Point - 92629 - 17 - $783,000 - minus 13.2%
Laguna Beach - 92651 - 30 - $1,175,000 - minus 41.3%
Laguna Niguel - 92677 - 56 - $640,000 - minus 11.2%
Newport Beach - 92660 - 29 - $1,308,000 - 3%
Newport Beach - 92661- N/A - Na/A - N/A
Newport Beach - 92663 - 16 - $1,656,000 - minus 1.1%
Newport Coast - 92657 - 11 - $1,800,000 - minus 28.7%
San Clemente - 92672 - 23 - $672,000 - minus 20.0%
San Clemente - 92673 - 40 - $768,000 - minus 7.0%
*Percentage change is compared to the same month of the prior year. DQNews/LATimes, 08/31/09
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673Approximate 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!
Wednesday, July 29, 2009
AUGUST 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
WHAT'S AHEAD?
THE MARKET: The pace of descent in home price values appears to be slowing due to four consecutive months of improved rates of return, after the steep decline that began in the fall of 2005.While many indicators are showing signs of life in the housing market, we should remember that on a year-over-year basis home prices are still down about 17% on average, so we likely do have a way to go before we see sustained home price appreciation.
FOR THE BUYER:
1. 71% fewer mortgages are available than a year ago.
2. Tight credit standards are in place at 85% of our banks.
3. Buyers with less than 20% need a FICO score of 720.
4. All assets and income will be re-verified at closing.
5. Conforming residential loan amount for OC is $625,500.
6. 2.9% of buyers get an adjustable rate mortgage vs.85% in 2005.
FOR THE SELLER:
1. Foreclosures and short-sales will continue to dominate.
2. Orange County filed 8,427 notices of default in the 1st quarter of 2009. This is up 19% from the 1st quarter of 2008.
3. Listing prices must be competitive for a successful sale.
4. Regardless of sellers' expectations, their house will be appraised conservatively.5. The buyers are still in control of pricing:
FOR THE INVESTOR:
1. If investor puts down less than 20%, it introduces: PMI; higher rates; added approval by insurance companies.
2. Loan rates are usually 0.75% to 1.0% higher than owner-occupied financing.
3. Investor loans are more difficult to get because 40% of foreclosures are investment properties.
4. Investors have to be prepared for rent reductions on their properties.
*CAR, Watts Report 7/29/09
------------------------------------------------------------------------
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 = 2,633, w/Bank Conditions = 400
In Escrow Listings = 835, w/Bank Conditions = 437
Sold from 01/01/09 = 1,971, w/Bank Conditions = 693
*MLS 07/29/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2008 COMPARED TO JUNE 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - N/A - N/A - N/A
Capo Beach - 92624 - 3 - $575,000 - minus 21.8%
Corona del Mar - 92625 - 12- $1,180,000 - minus 39.6%
Costa Mesa - 92626 - 32- $500,000 - minus 12.7%
Costa Mesa - 92627 - 33 - $505,000 - minus 8.2%
Dana Point - 92629 - 36 - $785,000 - minus 4.3%
Laguna Beach - 92651 - 32 - $1,265,000 - minus 20.9%
Laguna Niguel - 92677 - 49 - $660,000 - minus 10.8%
Newport Beach - 92660 - 18 - $830,000 - minus 29.8%
Newport Beach - 92661- 1 - $710,000 - minus 71.3%
Newport Beach - 92663 - 6 - $1,775,000 - minus 6.6%
Newport Coast - 92657 - 11 - $1,900,000 - miunus 46.9%
San Clemente - 92672 - 25 - $646,000 - minus 22.9%
San Clemente - 92673 - 39 - $765,000 - minus 17.1%
Percentage change is compared to the same month of the prior year. *DQNews/LATimes, 07/29/09ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672,
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THE MARKET: The pace of descent in home price values appears to be slowing due to four consecutive months of improved rates of return, after the steep decline that began in the fall of 2005.While many indicators are showing signs of life in the housing market, we should remember that on a year-over-year basis home prices are still down about 17% on average, so we likely do have a way to go before we see sustained home price appreciation.
FOR THE BUYER:
1. 71% fewer mortgages are available than a year ago.
2. Tight credit standards are in place at 85% of our banks.
3. Buyers with less than 20% need a FICO score of 720.
4. All assets and income will be re-verified at closing.
5. Conforming residential loan amount for OC is $625,500.
6. 2.9% of buyers get an adjustable rate mortgage vs.85% in 2005.
FOR THE SELLER:
1. Foreclosures and short-sales will continue to dominate.
2. Orange County filed 8,427 notices of default in the 1st quarter of 2009. This is up 19% from the 1st quarter of 2008.
3. Listing prices must be competitive for a successful sale.
4. Regardless of sellers' expectations, their house will be appraised conservatively.5. The buyers are still in control of pricing:
FOR THE INVESTOR:
1. If investor puts down less than 20%, it introduces: PMI; higher rates; added approval by insurance companies.
2. Loan rates are usually 0.75% to 1.0% higher than owner-occupied financing.
3. Investor loans are more difficult to get because 40% of foreclosures are investment properties.
4. Investors have to be prepared for rent reductions on their properties.
*CAR, Watts Report 7/29/09
------------------------------------------------------------------------
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 = 2,633, w/Bank Conditions = 400
In Escrow Listings = 835, w/Bank Conditions = 437
Sold from 01/01/09 = 1,971, w/Bank Conditions = 693
*MLS 07/29/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2008 COMPARED TO JUNE 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - N/A - N/A - N/A
Capo Beach - 92624 - 3 - $575,000 - minus 21.8%
Corona del Mar - 92625 - 12- $1,180,000 - minus 39.6%
Costa Mesa - 92626 - 32- $500,000 - minus 12.7%
Costa Mesa - 92627 - 33 - $505,000 - minus 8.2%
Dana Point - 92629 - 36 - $785,000 - minus 4.3%
Laguna Beach - 92651 - 32 - $1,265,000 - minus 20.9%
Laguna Niguel - 92677 - 49 - $660,000 - minus 10.8%
Newport Beach - 92660 - 18 - $830,000 - minus 29.8%
Newport Beach - 92661- 1 - $710,000 - minus 71.3%
Newport Beach - 92663 - 6 - $1,775,000 - minus 6.6%
Newport Coast - 92657 - 11 - $1,900,000 - miunus 46.9%
San Clemente - 92672 - 25 - $646,000 - minus 22.9%
San Clemente - 92673 - 39 - $765,000 - minus 17.1%
Percentage change is compared to the same month of the prior year. *DQNews/LATimes, 07/29/09ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672,
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Monday, June 29, 2009
JULY 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
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!
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!
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
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