BELIEVE STRONG IN THE VALUE OF HOMEOWNERSHIP!
An unexpected 81% of adults say buying a home is the best long-term investment. People may have the feeling that the worst is behind us.
Delinquencies: 7% of Orange County mortgages are delinquent, down 10% from a year ago.
Distress Sales: Will be an issue for a good while longer. New well-crafted loan programs are needed to boost lackluster sales.
Foreclosure Sales: Made up 36% of sales last month and short sales an estimated 18.5%.
Absentee Buyers: Mostly investors and some second-home purchasers accounted for 26% of the sales.
Cash Purchasers: Accounted for 30.5% of home sales.
*Information sources: DataQuick/SoCalMLS/OCRegister 5/01/11
----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS FOR 2011 FROM 01/01/11:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,440, w/Bank Conditions = 490
In Escrow Listings = 611, w/Bank Conditions = 532
Sold from 01/01/11 = 1241, w/Bank Conditions = 439
*SoCalMLS 05/01/11
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MARCH 2010 COMPARED TO MARCH 2011:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,500,000 - minus 6.3%
Capo Beach - 92624 - 12- $545,000 - minus 7.0%
Corona del Mar - 92625 - 11 - $1,600,000- 14.3%
Costa Mesa - 92626 - 8 - $520,000 - minus 8.9%
Costa Mesa - 92627 -19 - $505,000 - minus 8.9%
Dana Point - 92629 - 11 - $950,000 - 52%
Laguna Beach - 92651 - 24 - $1,120,000 - minus 0.4%
Laguna Niguel - 92677 -57 - $610,000 - minus 13.8%
Newport Beach - 92660 - 24 - $1,410,000 - 1.1%
Newport Beach - 92661- 2 - $1,385,000 - minus 47.7%
Newport Beach - 92663 - 15 - $2,070,000 - 76.6%
Newport Coast - 92657 - 15-- $2,663,000 - minus 8.5%
San Clemente - 92672 - 23- $650,000 - minus 3.8%
San Clemente - 92673 - 37 - $715,000 - 0.7%
*DataQuickNews/LATimes, 05/01/2011
-----------------------------------------------------------------
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!
Sunday, May 1, 2011
Friday, December 31, 2010
JANUARY 2011 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
TODAY'S MARKET: DISTRESS-SELLING, BARGAIN-HUNTING AND ENTRY-LEVEL BUYING
Today's market can be characterized as much by activity that's not happening, as by the activity that is happening. We're seeing distress-selling, bargain-hunting and entry-level buying, while the rest of the market is still largely on hold.
THE MARKET: Southland home sales dropped for the third month in a row amid renewed doubts about a market that is recovering in fits and starts.
THE GOOD NEWS: The median price moved up on a year-over-year basis for the tenth month in a row and has regained about one-fifth of its loss. The effects on the market of the latest chapter in the foreclosure crisis are unclear.
2010 SALES FOR LAGUNA BEACH: For 2010 a total of 332 homes were reported sold. Up from 282 of 2009 and 206 of 2008. The last highest sale year was 2005 with 420 sold properties. The reason for this difference between 2005 and 2010 is the amount of unsold inventory. The end of 2005 had 169 properties of unsold homes for sale whereas 2010 ended with 287, which is the lowest amount of all months in 2010.
BUYERS: With inventory lowering and median prices increasing you may want to consider that this is the low point of the market. Interest rates are at an all time low. Don't miss the market and end up saying, "I should have bought in 2011."
SELLERS: This doesn't mean it is your market...yet. With inventory high and distress, bargain and entry level sales going on you need to continue to be realistic in pricing and ready to negotiate your sale price.
DQNews, Pamela Horton 12/31/2010
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,135, w/Bank Conditions = 534
In Escrow Listings = 707, w/Bank Conditions = 408
Sold from 01/01/10 = 4,160, w/Bank Conditions = 1,355
*SOCALMLS 12/31/2010
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2009 COMPARED TO NOVEMBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,100,000 - 27.3%
Capo Beach - 92624 - 4- $459,000 - minus 38.6%
Cororna del Mar - 92625 - 10 - $2,013,000 - minus 32.1%
Costa Mesa - 92626 - 20 - $530,000 - 2.7%
Costa Mesa - 92627 - 20 - $549,000 - minus 5.4%
Dana Point - 92629 - 23 - $640,000 - minus 2%
Laguna Beach - 92651 - 28 - $1,225,000 - 22.5%
Laguna Niguel - 92677 -42 - $637,000 - minus 4.2%
Newport Beach - 92660 - 31 - $1,205,000 - minus 8%
Newport Beach - 92661- 2 - $2,635,000 - 35.1%
Newport Beach - 92663 - 9 - $1,525,000 - 27.1%
Newport Coast - 92657 - 14 - $2,500,000 - 47.1%
San Clemente - 92672 - 19 - $625,000 - minus 15%
San Clemente - 92673 - 22 - $751,000 - 14.7%
*DQNews/LATimes, 12/31/2010
------------------------------------------------------------------------
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!
Today's market can be characterized as much by activity that's not happening, as by the activity that is happening. We're seeing distress-selling, bargain-hunting and entry-level buying, while the rest of the market is still largely on hold.
THE MARKET: Southland home sales dropped for the third month in a row amid renewed doubts about a market that is recovering in fits and starts.
THE GOOD NEWS: The median price moved up on a year-over-year basis for the tenth month in a row and has regained about one-fifth of its loss. The effects on the market of the latest chapter in the foreclosure crisis are unclear.
2010 SALES FOR LAGUNA BEACH: For 2010 a total of 332 homes were reported sold. Up from 282 of 2009 and 206 of 2008. The last highest sale year was 2005 with 420 sold properties. The reason for this difference between 2005 and 2010 is the amount of unsold inventory. The end of 2005 had 169 properties of unsold homes for sale whereas 2010 ended with 287, which is the lowest amount of all months in 2010.
BUYERS: With inventory lowering and median prices increasing you may want to consider that this is the low point of the market. Interest rates are at an all time low. Don't miss the market and end up saying, "I should have bought in 2011."
SELLERS: This doesn't mean it is your market...yet. With inventory high and distress, bargain and entry level sales going on you need to continue to be realistic in pricing and ready to negotiate your sale price.
DQNews, Pamela Horton 12/31/2010
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,135, w/Bank Conditions = 534
In Escrow Listings = 707, w/Bank Conditions = 408
Sold from 01/01/10 = 4,160, w/Bank Conditions = 1,355
*SOCALMLS 12/31/2010
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2009 COMPARED TO NOVEMBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $2,100,000 - 27.3%
Capo Beach - 92624 - 4- $459,000 - minus 38.6%
Cororna del Mar - 92625 - 10 - $2,013,000 - minus 32.1%
Costa Mesa - 92626 - 20 - $530,000 - 2.7%
Costa Mesa - 92627 - 20 - $549,000 - minus 5.4%
Dana Point - 92629 - 23 - $640,000 - minus 2%
Laguna Beach - 92651 - 28 - $1,225,000 - 22.5%
Laguna Niguel - 92677 -42 - $637,000 - minus 4.2%
Newport Beach - 92660 - 31 - $1,205,000 - minus 8%
Newport Beach - 92661- 2 - $2,635,000 - 35.1%
Newport Beach - 92663 - 9 - $1,525,000 - 27.1%
Newport Coast - 92657 - 14 - $2,500,000 - 47.1%
San Clemente - 92672 - 19 - $625,000 - minus 15%
San Clemente - 92673 - 22 - $751,000 - 14.7%
*DQNews/LATimes, 12/31/2010
------------------------------------------------------------------------
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, November 29, 2010
DECEMBER 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
OC SALES PREDICTED TO INCREASE IN 2011
Economic activity is increasing in important sectors of Orange County, which is leading to a very slow economic recovery in California. Growth in Orange County manufacturing, professional, scientific, technical and leisure and hospitality services has been more rapid than in other counties as a whole. Although, unemployment still remains low.
It is predicted that residential real estate will see a sluggish housing market for the remainder of this year and into next spring 2011. At that time pent up demand, rising affordability and dissipating fear of a faltering economy should push sales higher.
SALE PRICES INCREASING: In the statistics below of the sale prices compared to 2009 there are only 3 cities with minus sales prices compared to two years ago when most cities had minus amounts. This shows a definite trend of prices picking up.
*UCLA Economic Forecast 10/17/10
Pamela Horton 11/29/10
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,331, w/Bank Conditions = 510
In Escrow Listings = 827, w/Bank Conditions = 453
Sold from 01/01/10 =3,823, w/Bank Conditions = 1,250
*SOCALMLS 11/29/10
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2009 COMPARED TO OCTOBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $1,645,000 - n/a
Capo Beach - 92624 - 6- $983,000 - 58.7%
Cororna del Mar - 92625 - 13 - $1,550,000 - 13%
Costa Mesa - 92626 - 11 - $603,000 - 13%
Costa Mesa - 92627 - 18 - $540,000 - minus 9.6%
Dana Point - 92629 - 22 - $675,000 - minus 16%
Laguna Beach - 92651 - 25 - $1,350,000 - 13%
Laguna Niguel - 92677 -45 - $715,000 - 15%
Newport Beach - 92660 - 32 - $1,150,000 - 19%
Newport Beach - 92661- 5 - $2,375,000 - minus 27%
Newport Beach - 92663 - 15 - $1,500,000 - 8%
Newport Coast - 92657 - 7 - $3,000,000 - 36%
San Clemente - 92672 - 28 - $650,000 - 9%
San Clemente - 92673 - 33 - $750,000 - 9%
*DQNews/LATimes, 11/28/2010
Economic activity is increasing in important sectors of Orange County, which is leading to a very slow economic recovery in California. Growth in Orange County manufacturing, professional, scientific, technical and leisure and hospitality services has been more rapid than in other counties as a whole. Although, unemployment still remains low.
It is predicted that residential real estate will see a sluggish housing market for the remainder of this year and into next spring 2011. At that time pent up demand, rising affordability and dissipating fear of a faltering economy should push sales higher.
SALE PRICES INCREASING: In the statistics below of the sale prices compared to 2009 there are only 3 cities with minus sales prices compared to two years ago when most cities had minus amounts. This shows a definite trend of prices picking up.
*UCLA Economic Forecast 10/17/10
Pamela Horton 11/29/10
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,331, w/Bank Conditions = 510
In Escrow Listings = 827, w/Bank Conditions = 453
Sold from 01/01/10 =3,823, w/Bank Conditions = 1,250
*SOCALMLS 11/29/10
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2009 COMPARED TO OCTOBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $1,645,000 - n/a
Capo Beach - 92624 - 6- $983,000 - 58.7%
Cororna del Mar - 92625 - 13 - $1,550,000 - 13%
Costa Mesa - 92626 - 11 - $603,000 - 13%
Costa Mesa - 92627 - 18 - $540,000 - minus 9.6%
Dana Point - 92629 - 22 - $675,000 - minus 16%
Laguna Beach - 92651 - 25 - $1,350,000 - 13%
Laguna Niguel - 92677 -45 - $715,000 - 15%
Newport Beach - 92660 - 32 - $1,150,000 - 19%
Newport Beach - 92661- 5 - $2,375,000 - minus 27%
Newport Beach - 92663 - 15 - $1,500,000 - 8%
Newport Coast - 92657 - 7 - $3,000,000 - 36%
San Clemente - 92672 - 28 - $650,000 - 9%
San Clemente - 92673 - 33 - $750,000 - 9%
*DQNews/LATimes, 11/28/2010
Sunday, October 31, 2010
NOVEMBER SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
SO CAL HOME MEDIAN PRICE EDGES UP, SALES DROP AGAIN
Southland home sales dropped for the third month in a row amid renewed doubts about a market that is recovering in fits and starts. The median price moved up on a year-over-year basis for the tenth month in a row and has regained about one-fifth of its peak loss. ,
BUYERS: I've said this before and I'm still saying it; this is your market take advantage of the low prices and great deals to be had. Don't wait too long as foreclosures and short sales are lessening or you may be caught saying, "I should have bought in 2010." I hope not!
SELLERS: Please listen to your real estate professional with whom you have placed your trust and confidence to sell a very valued possession...your property. If a price reduction is suggested it is warranted. Amount of showings and lack of offers are signs that a price is too high. When you do receive an offer your agent should negotiate the best price possible and you should accept it. Then you will be ready to move on to the next stage of your life!
*DQNews - Pamela Horton 11/01/10
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2494, w/Bank Conditions = 483
In Escrow Listings = 823, w/Bank Conditions = 468
Sold from 01/01/10 = 3558, w/Bank Conditions = 1165
*SOCALMLS 11/01/10
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2009 COMPARED TO SEPTEMBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $4,000,000 - n/a
Capo Beach - 92624 - 6- $983,000 - 58.7%
Cororna del Mar - 92625 - 11 - $1,500,000 - 8%
Costa Mesa - 92626 - 29 - $499,000 - minus 11.8%
Costa Mesa - 92627 - 24 - $575,000 - 25.7%
Dana Point - 92629 - 14 - $820,000 - 18.7%
Laguna Beach - 92651 - 28 - $1,150,000 - minus 13.9%
Laguna Niguel - 92677 - 43 - $575,000 - minus 15.4%
Newport Beach - 92660 - 24 - $1,150,000 - 1.8%
Newport Beach - 92661- 3 - $1,187,000 - minus 30%
Newport Beach - 92663 - 12 - $1,131,000 - 15%
Newport Coast - 92657 - 17 - $629,000 - minus 12.7%
San Clemente - 92672 - 33 - $785,000 - 9.8%
San Clemente - 92673 - 34 - $663,000 - minus 12.3%
*DQNews/LATimes, 11/01/2010
------------------------------------------------------------------------
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!
Southland home sales dropped for the third month in a row amid renewed doubts about a market that is recovering in fits and starts. The median price moved up on a year-over-year basis for the tenth month in a row and has regained about one-fifth of its peak loss. ,
BUYERS: I've said this before and I'm still saying it; this is your market take advantage of the low prices and great deals to be had. Don't wait too long as foreclosures and short sales are lessening or you may be caught saying, "I should have bought in 2010." I hope not!
SELLERS: Please listen to your real estate professional with whom you have placed your trust and confidence to sell a very valued possession...your property. If a price reduction is suggested it is warranted. Amount of showings and lack of offers are signs that a price is too high. When you do receive an offer your agent should negotiate the best price possible and you should accept it. Then you will be ready to move on to the next stage of your life!
*DQNews - Pamela Horton 11/01/10
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2494, w/Bank Conditions = 483
In Escrow Listings = 823, w/Bank Conditions = 468
Sold from 01/01/10 = 3558, w/Bank Conditions = 1165
*SOCALMLS 11/01/10
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2009 COMPARED TO SEPTEMBER 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $4,000,000 - n/a
Capo Beach - 92624 - 6- $983,000 - 58.7%
Cororna del Mar - 92625 - 11 - $1,500,000 - 8%
Costa Mesa - 92626 - 29 - $499,000 - minus 11.8%
Costa Mesa - 92627 - 24 - $575,000 - 25.7%
Dana Point - 92629 - 14 - $820,000 - 18.7%
Laguna Beach - 92651 - 28 - $1,150,000 - minus 13.9%
Laguna Niguel - 92677 - 43 - $575,000 - minus 15.4%
Newport Beach - 92660 - 24 - $1,150,000 - 1.8%
Newport Beach - 92661- 3 - $1,187,000 - minus 30%
Newport Beach - 92663 - 12 - $1,131,000 - 15%
Newport Coast - 92657 - 17 - $629,000 - minus 12.7%
San Clemente - 92672 - 33 - $785,000 - 9.8%
San Clemente - 92673 - 34 - $663,000 - minus 12.3%
*DQNews/LATimes, 11/01/2010
------------------------------------------------------------------------
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!
Friday, October 1, 2010
OCTOBER 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE
SOUTHERN CALIFORNIA HOME SALES DIP
Southland home sales saw their biggest year-over-year drop in more than two years last month as the market lost most of the boost from the federal home buyer tax credits.
SALE PRICES: The median sale price dipped for the second month in a row, the result of a shaky economic recovery, continued uncertainty about jobs, and the expiring tax breaks.
MARKET DISTRESS: Indicators continue to move in different directions. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average
BUYERS BEWARE: Over the next couple of months it will be interesting to see how many home shoppers opt for the sure thing, a spectacularly low mortgage rate, and how many hold off in hopes prices fall significantly. The latter group will have to keep a close eye on rates. If they jump much it could wipe out the advantage of a modest price drop.
SELLERS STAY STRONG: Your property needs to stay on the market to sell; just keep your confidence that the right buyer will find your property to be "their new dream home!"
*DQNews - 9/27/10
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2713, w/Bank Conditions = 503
In Escrow Listings = 839, w/Bank Conditions = 459
Sold from 01/01/10 = 3166, w/Bank Conditions = 1,042
*SOCALMLS 09/28/10
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR AUGUST 2009 COMPARED TO AUGUST 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $1,150,000 - n/a
Capo Beach - 92624 - 7- $485,000 - minus 6.5%
Corona del Mar - 92625 - 11 - $2,125,000 - 8.4%
Costa Mesa - 92626 - 15 - $533,000 - 0.9%
Costa Mesa - 92627 - 20 - $522,000 - minus 15.1%
Dana Point - 92629 - 21 - $850,000 - 13.9%
Laguna Beach - 92651 - 27 - $1,350,000 - 12.4%
Laguna Niguel - 92677 - 47 - $663,000 - minus 1.9%
Newport Beach - 92660 - 20 - $1,288,000 - minus 49.1%
Newport Beach - 92661- 3 - $2,189,000 - n/a
Newport Beach - 92663 - 11 - $1,600,000 - 41.6%
Newport Coast - 92657 - 15 - $1,705,000 - 4.1%
San Clemente - 92672 - 15 - $576,000 - minus 2.0%
San Clemente - 92673 - 34 - $663,000 - minus 12.3%
*DQNews/LATimes, 09/27/2010
------------------------------------------------------------------------
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!
Questions: Contact Pamela@PamelaHorton.com
Southland home sales saw their biggest year-over-year drop in more than two years last month as the market lost most of the boost from the federal home buyer tax credits.
SALE PRICES: The median sale price dipped for the second month in a row, the result of a shaky economic recovery, continued uncertainty about jobs, and the expiring tax breaks.
MARKET DISTRESS: Indicators continue to move in different directions. Foreclosure activity remains high by historical standards but is lower than peak levels reached over the last two years. Financing with multiple mortgages is low, down payment sizes are stable, and non-owner occupied buying is above-average
BUYERS BEWARE: Over the next couple of months it will be interesting to see how many home shoppers opt for the sure thing, a spectacularly low mortgage rate, and how many hold off in hopes prices fall significantly. The latter group will have to keep a close eye on rates. If they jump much it could wipe out the advantage of a modest price drop.
SELLERS STAY STRONG: Your property needs to stay on the market to sell; just keep your confidence that the right buyer will find your property to be "their new dream home!"
*DQNews - 9/27/10
-----------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2713, w/Bank Conditions = 503
In Escrow Listings = 839, w/Bank Conditions = 459
Sold from 01/01/10 = 3166, w/Bank Conditions = 1,042
*SOCALMLS 09/28/10
-----------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR AUGUST 2009 COMPARED TO AUGUST 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 1 - $1,150,000 - n/a
Capo Beach - 92624 - 7- $485,000 - minus 6.5%
Corona del Mar - 92625 - 11 - $2,125,000 - 8.4%
Costa Mesa - 92626 - 15 - $533,000 - 0.9%
Costa Mesa - 92627 - 20 - $522,000 - minus 15.1%
Dana Point - 92629 - 21 - $850,000 - 13.9%
Laguna Beach - 92651 - 27 - $1,350,000 - 12.4%
Laguna Niguel - 92677 - 47 - $663,000 - minus 1.9%
Newport Beach - 92660 - 20 - $1,288,000 - minus 49.1%
Newport Beach - 92661- 3 - $2,189,000 - n/a
Newport Beach - 92663 - 11 - $1,600,000 - 41.6%
Newport Coast - 92657 - 15 - $1,705,000 - 4.1%
San Clemente - 92672 - 15 - $576,000 - minus 2.0%
San Clemente - 92673 - 34 - $663,000 - minus 12.3%
*DQNews/LATimes, 09/27/2010
------------------------------------------------------------------------
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!
Questions: Contact Pamela@PamelaHorton.com
Monday, August 30, 2010
SEPTEMBER 2010 COASTAL ORANGE COUNTY CALIFORNIA REAL ESTATE NEWS
SOUTHERN CALIFORNIA HOME SALES DIP
Southland home sales saw their biggest year-over-year drop in more than two years last month as the market lost most of the boost from the federal home buyer tax credits. The median sale price dipped for the second month in a row, the result of a shaky economic recovery, continued uncertainty about jobs, and the expiring tax breaks.
LAGUNA BEACH MARKET: In August 2010 there were 28 closed sales with inventory of 404 properties which is higher than sales for July 2010 with 20 closed sales and inventory of 399 homes. Sales picking up is a very good sign. But with rising inventory competition is even greater than it has been in a long time. Sellers need to price realistically; listen to their chosen real estate professional as to list price and not your "wish" price!
SELLERS: It is expected some "sideways" buying and selling will kick in, especially among homeowners who have owned for more than seven years and didn't take out equity during the frenzy. You may have to "discount" your self-perceived home value, but if the person you're buying from has to do the same thing, it doesn't matter. And you may get a spectacularly low mortgage rate.
BUYERS: The "flipping" of homes has trended higher over the past year. Last month the percentage of Southland homes flipped - bought and re-sold - within a six-month period was 3.7% while in June it was 3.4% and a year ago it was 2%. Last month flipping varied from as little as 2.8 percent in Orange County to as much as 4.4 percent in Los Angeles County.
CASH BUYERS: Accounted for 26.7% of July sales.
*PH - 9/01/10
------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2806, w/Bank Conditions = 505
In Escrow Listings = 832, w/Bank Conditions = 466
Sold from 01/01/10 = 2837, w/Bank Conditions = 947
*SOCALMLS 09/01/10
-------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2009 COMPARED TO JUNE 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $2,300,000 - 37.3%
Capo Beach - 92624 - 4 - $833,000 - 5.7%
Cororna del Mar - 92625 - 15 - $1,575,000 - minus 8.7%
Costa Mesa - 92626 - 25- $530,000 - 0.9%
Costa Mesa - 92627 - 19 - $500,000 - minus 10.1%
Dana Point - 92629 - 15 - $755,000 - minus 1%
Laguna Beach - 92651 - 24 - $1,375,000 - 17%
Laguna Niguel - 92677 - 40 - $617,000 - 0.3%
Newport Beach - 92660 - 30 - $1,558,000 - 21.3%
Newport Beach - 92661- 3 - $1,465,000 - n/a
Newport Beach - 92663 - 15 - $1,213,000 - minus 26.8%
Newport Coast - 92657 - 15 - $1,640,000 - minus 17%
San Clemente - 92672 - 16 - $648,000 - minus 3.6%
San Clemente - 92673 - 34 - $818,000 - 6.6%
*DQNews/LATimes, 09/01/2010
-------------------------------------------------------
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!
Southland home sales saw their biggest year-over-year drop in more than two years last month as the market lost most of the boost from the federal home buyer tax credits. The median sale price dipped for the second month in a row, the result of a shaky economic recovery, continued uncertainty about jobs, and the expiring tax breaks.
LAGUNA BEACH MARKET: In August 2010 there were 28 closed sales with inventory of 404 properties which is higher than sales for July 2010 with 20 closed sales and inventory of 399 homes. Sales picking up is a very good sign. But with rising inventory competition is even greater than it has been in a long time. Sellers need to price realistically; listen to their chosen real estate professional as to list price and not your "wish" price!
SELLERS: It is expected some "sideways" buying and selling will kick in, especially among homeowners who have owned for more than seven years and didn't take out equity during the frenzy. You may have to "discount" your self-perceived home value, but if the person you're buying from has to do the same thing, it doesn't matter. And you may get a spectacularly low mortgage rate.
BUYERS: The "flipping" of homes has trended higher over the past year. Last month the percentage of Southland homes flipped - bought and re-sold - within a six-month period was 3.7% while in June it was 3.4% and a year ago it was 2%. Last month flipping varied from as little as 2.8 percent in Orange County to as much as 4.4 percent in Los Angeles County.
CASH BUYERS: Accounted for 26.7% of July sales.
*PH - 9/01/10
------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2806, w/Bank Conditions = 505
In Escrow Listings = 832, w/Bank Conditions = 466
Sold from 01/01/10 = 2837, w/Bank Conditions = 947
*SOCALMLS 09/01/10
-------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2009 COMPARED TO JUNE 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $2,300,000 - 37.3%
Capo Beach - 92624 - 4 - $833,000 - 5.7%
Cororna del Mar - 92625 - 15 - $1,575,000 - minus 8.7%
Costa Mesa - 92626 - 25- $530,000 - 0.9%
Costa Mesa - 92627 - 19 - $500,000 - minus 10.1%
Dana Point - 92629 - 15 - $755,000 - minus 1%
Laguna Beach - 92651 - 24 - $1,375,000 - 17%
Laguna Niguel - 92677 - 40 - $617,000 - 0.3%
Newport Beach - 92660 - 30 - $1,558,000 - 21.3%
Newport Beach - 92661- 3 - $1,465,000 - n/a
Newport Beach - 92663 - 15 - $1,213,000 - minus 26.8%
Newport Coast - 92657 - 15 - $1,640,000 - minus 17%
San Clemente - 92672 - 16 - $648,000 - minus 3.6%
San Clemente - 92673 - 34 - $818,000 - 6.6%
*DQNews/LATimes, 09/01/2010
-------------------------------------------------------
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!
Saturday, July 31, 2010
Pamela Horton's August 2010 South Orange County California Real Estate Update
HOME SALES AND SALE PRICES UPDATE
In CA home sales decreased 4.2% in June in California compared with the same period a year ago, while the median price of an existing home rose 13.6%.
LAGUNA BEACH MARKET: For the month of July 2010 there were 34 homes sold with 398 properties currently on the market for sale and 56 in escrow. With an increase in inventory price increases are not expected soon. Many sellers are making systematic price reductions to induce buyers to make an offer.
At the height of the market in June 2005 there were 36 closed sales in July and 171 properties for sale and 56 properties in escrow. The highest amount of sales for June 2010 was in the $1 million to $1.5 million dollar range. A move upward in sale prices. This is most like due to the quality of inventory under $1 million; buyers are moving up to the next affordable price range.
LOANS: There has been an increase in home sales at the higher-end of the market, a reflection of the slight thaw in jumbo financing. Although there still is a long way to go before jumbo loans are readily available to qualified buyers.
SELLERS: Need to listen to your realtor and price your home aggressively with prices reductions at critical intervals. When an offer is presented on a property, I negotiate the best price possible and if this amount allows a seller to move on to the next step of their lives, then this price should be accepted for the property.
BUYERS: Now continues to be your market; now is the time to buy a home if you haven't already. Homes are priced competitively and you will definitely find your dream home at a discounted price.
*CAR & PH - 7/31/10
----------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2753, w/Bank Conditions = 474
In Escrow Listings = 872, w/Bank Conditions = 498
Sold from 01/01/10 = 2473, w/Bank Conditions = 833
*SOCALMLS 07/31/10
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2009 COMPARED TO JUNE 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $5,515,000 - n/a
Capo Beach - 92624 - 7 - $589,000 - 2.4%
Cororna del Mar - 92625 - 16 - $1,700,000 - 0.3%
Costa Mesa - 92626 - 32- $533,000 - 6.5%
Costa Mesa - 92627 - 32 - $569,000 - 12.6%
Dana Point - 92629 - 26 - $765,000 - minus 2.5%
Laguna Beach - 92651 - 33 - $1,288,000 - 1.8%
Laguna Niguel - 92677 - 69 - $662,000 - 0.3%
Newport Beach - 92660 - 31 - $1,100,000 - 38.9%
Newport Beach - 92661- 5 - $2,850,000 - 301.4%
Newport Beach - 92663 - 13 - $1,300,000 - minus 97%
Newport Coast - 92657 - 15 - $1,516,000 - minus 20%
San Clemente - 92672 - 32 - $581,000 - minus 10.1%
San Clemente - 92673 - 43 - $761,000 - minus .5%
*DQNews/LATimes, 07/31/2010
------------------------------------------------------------------------
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!
In CA home sales decreased 4.2% in June in California compared with the same period a year ago, while the median price of an existing home rose 13.6%.
LAGUNA BEACH MARKET: For the month of July 2010 there were 34 homes sold with 398 properties currently on the market for sale and 56 in escrow. With an increase in inventory price increases are not expected soon. Many sellers are making systematic price reductions to induce buyers to make an offer.
At the height of the market in June 2005 there were 36 closed sales in July and 171 properties for sale and 56 properties in escrow. The highest amount of sales for June 2010 was in the $1 million to $1.5 million dollar range. A move upward in sale prices. This is most like due to the quality of inventory under $1 million; buyers are moving up to the next affordable price range.
LOANS: There has been an increase in home sales at the higher-end of the market, a reflection of the slight thaw in jumbo financing. Although there still is a long way to go before jumbo loans are readily available to qualified buyers.
SELLERS: Need to listen to your realtor and price your home aggressively with prices reductions at critical intervals. When an offer is presented on a property, I negotiate the best price possible and if this amount allows a seller to move on to the next step of their lives, then this price should be accepted for the property.
BUYERS: Now continues to be your market; now is the time to buy a home if you haven't already. Homes are priced competitively and you will definitely find your dream home at a discounted price.
*CAR & PH - 7/31/10
----------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2753, w/Bank Conditions = 474
In Escrow Listings = 872, w/Bank Conditions = 498
Sold from 01/01/10 = 2473, w/Bank Conditions = 833
*SOCALMLS 07/31/10
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2009 COMPARED TO JUNE 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 2 - $5,515,000 - n/a
Capo Beach - 92624 - 7 - $589,000 - 2.4%
Cororna del Mar - 92625 - 16 - $1,700,000 - 0.3%
Costa Mesa - 92626 - 32- $533,000 - 6.5%
Costa Mesa - 92627 - 32 - $569,000 - 12.6%
Dana Point - 92629 - 26 - $765,000 - minus 2.5%
Laguna Beach - 92651 - 33 - $1,288,000 - 1.8%
Laguna Niguel - 92677 - 69 - $662,000 - 0.3%
Newport Beach - 92660 - 31 - $1,100,000 - 38.9%
Newport Beach - 92661- 5 - $2,850,000 - 301.4%
Newport Beach - 92663 - 13 - $1,300,000 - minus 97%
Newport Coast - 92657 - 15 - $1,516,000 - minus 20%
San Clemente - 92672 - 32 - $581,000 - minus 10.1%
San Clemente - 92673 - 43 - $761,000 - minus .5%
*DQNews/LATimes, 07/31/2010
------------------------------------------------------------------------
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!
Wednesday, June 30, 2010
Pamela Horton's South Orange County California Real Estate Update
CALIFORNIA MEDIUM HOME PRICES AND HOME SALES RISE IN MAY
Home prices increased 1.2% in May in California compared with the same period a year ago, while the median price, the average price of all sales, rose 23%.
Home sales posted their third largest increase on record for May, due in part to first-time home buyers who opened and closed escrows to capitalize on both the federal and state tax credits,
May 2010 also marked the 5th month of double-digit gains in the median price, indicative of strong buyer demand relative to the supply of homes for sale. With a 4.6-month supply of homes for sale, unsold inventory continues to be well below the long-run average of seven months, and will continue to drive price appreciation over the next several months.
THE LAGUNA MARKET: In Laguna Beach May 2010 had 37 closed sales compared to May 2005, the peak year of the market, with 41 closed sales. Inventory at the end of May 2010 was 375 properties for sale compared to May 2005 with only 139 for sale. This dIsparIty in inventory is the reason that prices are not increasing. Until existing inventory lowers there will still be a lot of competition among sellers for a property to be sold.
*CAR & PH - 6/25/10
-------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2628, w/Bank Conditions = 470
In Escrow Listings = 936, w/Bank Conditions = 508
Sold from 01/01/09 = 2110, w/Bank Conditions = 730
*SOCALMLS 06/30/10
-------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2009 COMPARED TO MAY 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,750,000 - minus 20%
Capo Beach - 92624 - 5 - $574,000 - 1%
Cororna del Mar - 92625 - 12 - $1,323,000 - 31%
Costa Mesa - 92626 - 18- $525,000 - minus 2%
Costa Mesa - 92627 - 25 - $465,000 - minus 14%
Dana Point - 92629 - 27 - $715,000 - minus 8%
Laguna Beach - 92651 - 38 - $985,000 - minus 6%
Laguna Niguel - 92677 - 55 - $635,000 - minus 2%
Newport Beach - 92660 - 31 - $1,010,000 - minus 5%
Newport Beach - 92661- 92 - $1,620,000 - 18%
Newport Beach - 92663 - 9 - $1,633,000 - 41%
Newport Coast - 92657 - 19 - $2,550,000 - 40%
San Clemente - 92672 - 23 - $602,000 - 5%
San Clemente - 92673 - 38 - $655,000 - minus 6%
*DQNews/LATimes, 06/30/2010
-------------------------------------------------------------
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!
Home prices increased 1.2% in May in California compared with the same period a year ago, while the median price, the average price of all sales, rose 23%.
Home sales posted their third largest increase on record for May, due in part to first-time home buyers who opened and closed escrows to capitalize on both the federal and state tax credits,
May 2010 also marked the 5th month of double-digit gains in the median price, indicative of strong buyer demand relative to the supply of homes for sale. With a 4.6-month supply of homes for sale, unsold inventory continues to be well below the long-run average of seven months, and will continue to drive price appreciation over the next several months.
THE LAGUNA MARKET: In Laguna Beach May 2010 had 37 closed sales compared to May 2005, the peak year of the market, with 41 closed sales. Inventory at the end of May 2010 was 375 properties for sale compared to May 2005 with only 139 for sale. This dIsparIty in inventory is the reason that prices are not increasing. Until existing inventory lowers there will still be a lot of competition among sellers for a property to be sold.
*CAR & PH - 6/25/10
-------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2628, w/Bank Conditions = 470
In Escrow Listings = 936, w/Bank Conditions = 508
Sold from 01/01/09 = 2110, w/Bank Conditions = 730
*SOCALMLS 06/30/10
-------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2009 COMPARED TO MAY 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,750,000 - minus 20%
Capo Beach - 92624 - 5 - $574,000 - 1%
Cororna del Mar - 92625 - 12 - $1,323,000 - 31%
Costa Mesa - 92626 - 18- $525,000 - minus 2%
Costa Mesa - 92627 - 25 - $465,000 - minus 14%
Dana Point - 92629 - 27 - $715,000 - minus 8%
Laguna Beach - 92651 - 38 - $985,000 - minus 6%
Laguna Niguel - 92677 - 55 - $635,000 - minus 2%
Newport Beach - 92660 - 31 - $1,010,000 - minus 5%
Newport Beach - 92661- 92 - $1,620,000 - 18%
Newport Beach - 92663 - 9 - $1,633,000 - 41%
Newport Coast - 92657 - 19 - $2,550,000 - 40%
San Clemente - 92672 - 23 - $602,000 - 5%
San Clemente - 92673 - 38 - $655,000 - minus 6%
*DQNews/LATimes, 06/30/2010
-------------------------------------------------------------
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!
Sunday, May 30, 2010
JUNE 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
HOUSING MARKET LEVELS OFF, SALES HIGHER THAN APRIL 2009
COASTAL INCREASE IN SALES: Southern California's housing market leveled off last month as sales activity migrated ever-so-slightly from inland bargain areas toward entry and mid-market neighborhoods closer to the coast. The overall median price was unchanged from the month before, but it jumped compared with April 2009's low point.
FORECLOSURES: The demand for attractive foreclosed properties well exceeds the number of properties on the market. Sales statistics in some areas have declined due to this buyer demand.
INTEREST RATES: At the same time, mortgage interest rates continue to hover near their historic lows, and many buyers are out in force to take advantage of the combination of low interest rates and affordably priced homes.
BUYERS: It's an ideal time for many families to purchase their first home even though they may face stiff competition with multiple offers.
SELLERS: Sales in April 2010 decreased 6.4% compared with the March 2010, so it is still a time to price properties realistically. Sellers need to be willing to negotiate for the best price obtainable - no holding out for a higher price - this is a time to be realistic!
*CAR-5/30/10
--------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2496, w/Bank Conditions = 459
In Escrow Listings = 1016, w/Bank Conditions = 537
Sold from 01/01/09 = 1690, w/Bank Conditions = 599
*SOCALMLS 05/30/10
--------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2009 COMPARED TO FEBRUARY 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,750,000 - minus 20%
Capo Beach - 92624 - 5 - $574,000 - 1%
Cororna del Mar - 92625 - 12 - $1,323,000 - 31%
Costa Mesa - 92626 - 22- $519,000 - 3%
Costa Mesa - 92627 - 23 - $556,000 - 14%
Dana Point - 92629 - 15 - $870,000 - 15%
Laguna Beach - 92651 - 31 - $1,175,000 - 3%
Laguna Niguel - 92677 - 45 - $610,000 - minus 6%
Newport Beach - 92660 - 24 - $1,550,000 - 0
Newport Beach - 92661- 2 - $3,590,000 - 247%
Newport Beach - 92663 - 12 - $1,850,000 - 72%
Newport Coast - 92657 - 17 - $2,058,000 - 14%
San Clemente - 92672 - 19 - $592,000 - minus 14%
San Clemente - 92673 - 27 - $695,000 - minus 2%
*Note all price averages are higher over 2009 except for 4 out of 14 zip codes with 1 at zero. This sign of a changing market!
*DQNews/LATimes, 05/30/2010
--------------------------------------------------------------------
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!
COASTAL INCREASE IN SALES: Southern California's housing market leveled off last month as sales activity migrated ever-so-slightly from inland bargain areas toward entry and mid-market neighborhoods closer to the coast. The overall median price was unchanged from the month before, but it jumped compared with April 2009's low point.
FORECLOSURES: The demand for attractive foreclosed properties well exceeds the number of properties on the market. Sales statistics in some areas have declined due to this buyer demand.
INTEREST RATES: At the same time, mortgage interest rates continue to hover near their historic lows, and many buyers are out in force to take advantage of the combination of low interest rates and affordably priced homes.
BUYERS: It's an ideal time for many families to purchase their first home even though they may face stiff competition with multiple offers.
SELLERS: Sales in April 2010 decreased 6.4% compared with the March 2010, so it is still a time to price properties realistically. Sellers need to be willing to negotiate for the best price obtainable - no holding out for a higher price - this is a time to be realistic!
*CAR-5/30/10
--------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2496, w/Bank Conditions = 459
In Escrow Listings = 1016, w/Bank Conditions = 537
Sold from 01/01/09 = 1690, w/Bank Conditions = 599
*SOCALMLS 05/30/10
--------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2009 COMPARED TO FEBRUARY 2010:
City - # Sold - Median Sale Price - % of price change:
Balboa Island - 92662 - 3 - $1,750,000 - minus 20%
Capo Beach - 92624 - 5 - $574,000 - 1%
Cororna del Mar - 92625 - 12 - $1,323,000 - 31%
Costa Mesa - 92626 - 22- $519,000 - 3%
Costa Mesa - 92627 - 23 - $556,000 - 14%
Dana Point - 92629 - 15 - $870,000 - 15%
Laguna Beach - 92651 - 31 - $1,175,000 - 3%
Laguna Niguel - 92677 - 45 - $610,000 - minus 6%
Newport Beach - 92660 - 24 - $1,550,000 - 0
Newport Beach - 92661- 2 - $3,590,000 - 247%
Newport Beach - 92663 - 12 - $1,850,000 - 72%
Newport Coast - 92657 - 17 - $2,058,000 - 14%
San Clemente - 92672 - 19 - $592,000 - minus 14%
San Clemente - 92673 - 27 - $695,000 - minus 2%
*Note all price averages are higher over 2009 except for 4 out of 14 zip codes with 1 at zero. This sign of a changing market!
*DQNews/LATimes, 05/30/2010
--------------------------------------------------------------------
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!
Wednesday, March 31, 2010
APRIL 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
SOUTHERN CALIFORNIA MEDIAM SALES AND PRICES
Southern California home sales in February were above year-ago levels for the 20th month in a row as buyers continued to snap up bargain properties with government-backed mortgages and tax incentives. The median price paid for a home rose on a year-over-year basis for the third consecutive month.
BUYERS: With prices and mortgage interest rates low, the cost of ownership is about as low as we've seen it in decades. With the current loan rates and reduced prices, it's possible the stars won't line up this way again for many years for home buyers.
Absentee buyers bought 18.9% of the homes sold in February. Buyers who paid all cash accounted for 29.3% of February sales. In January it was a revised 29.7% - an all-time high. The 22-year monthly average for Southland homes purchased with cash is 13.8%.
LOANS: The loan market is lopsided with most financing being with fixed rate loans. Before a real rebalancing of the market can occur adjustable-rate and jumbo mortgages need to come back.
THE MARKET: Foreclosure resales accounted for 42.3% of the resale market last month, up from 42.1% in January, and down from 56.57% percent a year ago, which was the all-time high.
THE ECONOMY: Don't bank on much more of an economic recovery in 2011: Unemployment is unlikely drop below the 9.7% jobless rate achieved in February. The Federal Reserve, meanwhile, will keep the benchmark loan rates near zero and that they will stay low for an "extended period" while the economy recovers.
*Realty Times, 3/22/10, CAR 3/17/10
-----------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2359, w/Bank Conditions = 408
In Escrow Listings = 1006, w/Bank Conditions = 604
Sold from 01/01/09 = 882, w/Bank Conditions = 321
*MLS 03/31/10
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2009 COMPARED TO JANUARY 2010:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - n/a - n/a - n/a
Capo Beach - 92624 - 6 - $748,000 - 48.8%
Corona del Mar - 92625 - 10 - $1,698,000 - 10.9%
Costa Mesa - 92626 - 19- $570,000 - 8.6%
Costa Mesa - 92627 - 15 - $495,000 - minus 17.5%
Dana Point - 92629 - 5 - $625,000 - 11.8%
Laguna Beach - 92651 - 13 - $710,000 - 32.2%
Laguna Niguel - 92677 - 42 - $710,000 - 11.8%
Newport Beach - 92660 - 19 - $1,013,000 - 19.1%
Newport Beach - 92661- 2 - $4,046,000 - 255.6%
Newport Beach - 92663 - 5 - $1,000,000 - 25%
Newport Coast - 92657 - 17 - $2,298,000 - +64.1%
San Clemente - 92672 - 13 - $600,000 - minus 17/2%
San Clemente - 92673 - 31 - $785,000 - 3.0%
*Note all prices averages are higher over 2009 except for two zip codes, the sign of a changing market?!
DQNews/LATimes, 03/22/2010
----------------------------------------------------------------------
ZIP Codes Analyzed: 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!
Southern California home sales in February were above year-ago levels for the 20th month in a row as buyers continued to snap up bargain properties with government-backed mortgages and tax incentives. The median price paid for a home rose on a year-over-year basis for the third consecutive month.
BUYERS: With prices and mortgage interest rates low, the cost of ownership is about as low as we've seen it in decades. With the current loan rates and reduced prices, it's possible the stars won't line up this way again for many years for home buyers.
Absentee buyers bought 18.9% of the homes sold in February. Buyers who paid all cash accounted for 29.3% of February sales. In January it was a revised 29.7% - an all-time high. The 22-year monthly average for Southland homes purchased with cash is 13.8%.
LOANS: The loan market is lopsided with most financing being with fixed rate loans. Before a real rebalancing of the market can occur adjustable-rate and jumbo mortgages need to come back.
THE MARKET: Foreclosure resales accounted for 42.3% of the resale market last month, up from 42.1% in January, and down from 56.57% percent a year ago, which was the all-time high.
THE ECONOMY: Don't bank on much more of an economic recovery in 2011: Unemployment is unlikely drop below the 9.7% jobless rate achieved in February. The Federal Reserve, meanwhile, will keep the benchmark loan rates near zero and that they will stay low for an "extended period" while the economy recovers.
*Realty Times, 3/22/10, CAR 3/17/10
-----------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2359, w/Bank Conditions = 408
In Escrow Listings = 1006, w/Bank Conditions = 604
Sold from 01/01/09 = 882, w/Bank Conditions = 321
*MLS 03/31/10
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2009 COMPARED TO JANUARY 2010:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - n/a - n/a - n/a
Capo Beach - 92624 - 6 - $748,000 - 48.8%
Corona del Mar - 92625 - 10 - $1,698,000 - 10.9%
Costa Mesa - 92626 - 19- $570,000 - 8.6%
Costa Mesa - 92627 - 15 - $495,000 - minus 17.5%
Dana Point - 92629 - 5 - $625,000 - 11.8%
Laguna Beach - 92651 - 13 - $710,000 - 32.2%
Laguna Niguel - 92677 - 42 - $710,000 - 11.8%
Newport Beach - 92660 - 19 - $1,013,000 - 19.1%
Newport Beach - 92661- 2 - $4,046,000 - 255.6%
Newport Beach - 92663 - 5 - $1,000,000 - 25%
Newport Coast - 92657 - 17 - $2,298,000 - +64.1%
San Clemente - 92672 - 13 - $600,000 - minus 17/2%
San Clemente - 92673 - 31 - $785,000 - 3.0%
*Note all prices averages are higher over 2009 except for two zip codes, the sign of a changing market?!
DQNews/LATimes, 03/22/2010
----------------------------------------------------------------------
ZIP Codes Analyzed: 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!
Sunday, February 28, 2010
MARCH 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
SOUTHLAND HOME SALES, MEDIUM PRICE EDGE UP FOR 2ND MONTH IN 2010
A total of 15,361 new and resale homes closed escrow in February 2009 in the southland. This is a 0.9% increase over the 15,227 sales in January 2009. FYI: There are 8.5 million homes and condos in California. In the MLS stats below 4 of the 14 cities had median price increases.
LUXURY MARKET: Prestige home sales are a unique sub-category of the real estate market. The buyers and sellers respond to a different set of motivations. In the multi-million-dollar price ranges, decisions are largely discretionary and aren't as dependent upon jobs, prices and interest rates the way they are for most buyers and sellers.
The most expensive confirmed purchase last year was a 22,721-square-foot, 9-bedroom, 10-bathroom Bel Air house built in 2008 which went for $26,500,000 in July. It was also the largest million-dollar home sold last year.
DISTRESS SALES: The number of California homes entering the foreclosure process declined again during fourth quarter 2009 amid signs that the worst may be over.
MIXED SIGNELS FOR 2010: It's unclear how much of the drop in mortgage defaults is due to shifting market conditions, and how much is the result of changing foreclosure policies among lenders and loan servicers.
Clearly, many lenders and servicers have concluded that the traditional foreclosure process isn't necessarily the best way to process market distress and that losses may be mitigated with short sales and when loan terms are renegotiated with homeowners.
LOANS: The Feds have once again left rates unchanged for March with the intent that this will contribute to more home sales. Lending guidelines are still very involved with a lot of paperwork. But most loans are on time with escrows closing on the contract date.
*DQNews 2/28/10
-----------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2191, w/Bank Conditions = 410
In Escrow Listings = 1005, w/Bank Conditions = 613
Sold from 01/01/09 = 489, w/Bank Conditions = 118
*MLS 02/28/2010
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2008 COMPARED TO DECEMBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 1 - $1,541,000 - minus 32.4%
Capo Beach - 92624 - 4 - $535,000 - minus 40.5%
Corona del Mar - 92625 - 5 - $1,795,000 - minus 15%
Costa Mesa - 92626 - 14- $509,000 - minus 5.6%
Costa Mesa - 92627 - 8 - $373,000 - minus 5.4%
Dana Point - 92629 - 11 - $650,000 - minus 10.6%
Laguna Beach - 92651 - 19 - $1,469,000 - +2.7
Laguna Niguel - 92677 - 31 - $695,000 - minus 35.5%Newport Beach - 92660 - 19 - $1,469,000 - +2.7%
Newport Beach - 92661- 2 - $4,875,000 - minus 35%
Newport Beach - 92663 - 9 - $1,238,000 - minus 32%
Newport Coast - 92657 - 6 - $2,700,000 - +44.8%
San Clemente - 92672 - 22 - $670,000 - +19.5%
San Clemente - 92673 - 14 - $635,000 - minus .7%
DQNews/LATimes, 02/28/2010
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!
A total of 15,361 new and resale homes closed escrow in February 2009 in the southland. This is a 0.9% increase over the 15,227 sales in January 2009. FYI: There are 8.5 million homes and condos in California. In the MLS stats below 4 of the 14 cities had median price increases.
LUXURY MARKET: Prestige home sales are a unique sub-category of the real estate market. The buyers and sellers respond to a different set of motivations. In the multi-million-dollar price ranges, decisions are largely discretionary and aren't as dependent upon jobs, prices and interest rates the way they are for most buyers and sellers.
The most expensive confirmed purchase last year was a 22,721-square-foot, 9-bedroom, 10-bathroom Bel Air house built in 2008 which went for $26,500,000 in July. It was also the largest million-dollar home sold last year.
DISTRESS SALES: The number of California homes entering the foreclosure process declined again during fourth quarter 2009 amid signs that the worst may be over.
MIXED SIGNELS FOR 2010: It's unclear how much of the drop in mortgage defaults is due to shifting market conditions, and how much is the result of changing foreclosure policies among lenders and loan servicers.
Clearly, many lenders and servicers have concluded that the traditional foreclosure process isn't necessarily the best way to process market distress and that losses may be mitigated with short sales and when loan terms are renegotiated with homeowners.
LOANS: The Feds have once again left rates unchanged for March with the intent that this will contribute to more home sales. Lending guidelines are still very involved with a lot of paperwork. But most loans are on time with escrows closing on the contract date.
*DQNews 2/28/10
-----------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2010 FROM 01/01/10 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2191, w/Bank Conditions = 410
In Escrow Listings = 1005, w/Bank Conditions = 613
Sold from 01/01/09 = 489, w/Bank Conditions = 118
*MLS 02/28/2010
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2008 COMPARED TO DECEMBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 1 - $1,541,000 - minus 32.4%
Capo Beach - 92624 - 4 - $535,000 - minus 40.5%
Corona del Mar - 92625 - 5 - $1,795,000 - minus 15%
Costa Mesa - 92626 - 14- $509,000 - minus 5.6%
Costa Mesa - 92627 - 8 - $373,000 - minus 5.4%
Dana Point - 92629 - 11 - $650,000 - minus 10.6%
Laguna Beach - 92651 - 19 - $1,469,000 - +2.7
Laguna Niguel - 92677 - 31 - $695,000 - minus 35.5%Newport Beach - 92660 - 19 - $1,469,000 - +2.7%
Newport Beach - 92661- 2 - $4,875,000 - minus 35%
Newport Beach - 92663 - 9 - $1,238,000 - minus 32%
Newport Coast - 92657 - 6 - $2,700,000 - +44.8%
San Clemente - 92672 - 22 - $670,000 - +19.5%
San Clemente - 92673 - 14 - $635,000 - minus .7%
DQNews/LATimes, 02/28/2010
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!
Sunday, January 31, 2010
FEBRUARY 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
CALIFORNIA'S HOME INVENTORY SINKS TO A 5-YEAR LOW
UNSOLD INVENTORY: California's unsold inventory is tracked by the Unsold Inventory Index (UII), This index indicates how long it would take to sell all current homes on the market. The index estimates it would take 3.8 months in today's market to sell homes on the marekt. This is the lowest level in five years, as in December 2008 the index was at 5.6 months to sell all existing homes.
FED LEAVES KEY RATE UNCHANGED - The Federal Reserve announced it will maintain the federal funds rate in the 0% to 0.25% range. Economic conditions warrant these exceptionally low levels of the federal funds rate for an extended period of time.
ECONOMIC ACTIVIEY - Continues to strengthen and deterioration in the labor market is abating.
THE MARKET: Buyers this may be the low point of pricing and with interest rates low. Don't miss out on buying your dream home before we see a Sellers' Market.
*CAR 1/29/2010
------------------------------------------------------------------------
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 = 2031, w/Bank Conditions = 396
In Escrow Listings = 904, w/Bank Conditions = 573
Sold from 01/01/09 = 3944, w/Bank Conditions = 1254
*MLS 12/31/2010
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2008 COMPARED TO NOVEMBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 1 - 1,650,000 - minus 6.3%
Capo Beach - 92624 - 8 - $665,000 - + 22.6%%
Corona del Mar - 92625 - 4- $2,925,000 - + 3%
Costa Mesa - 92626 - 23- $516,000 - + 1.2%
Costa Mesa - 92627 - 18 - $556,000 - minus 4.1%
Dana Point - 92629 - 14 - $790,000 - +23.2%
Laguna Beach - 92651 - 34 - $1,293,000 - + 3.8%
Laguna Niguel - 92677 - 415 - $690,000 - + 3.8%
Newport Beach - 92660 - 36 - $1,085,000 - minus 21.7%
Newport Beach - 92661- 2 - $2,163,000 - + 10.9%
Newport Beach - 92663 - 11 - $940,000 - minus 21.7%
Newport Coast - 92657 - 14 - $1,975,000 - +16.2%
San Clemente - 92672 - 21 - $810,000 - 10.2%
San Clemente - 92673 - 30 - $685,000 - + 4.6%
Percentage change is compared to the same month of the prior year. DQNews/LATimes, 01/31/2010
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! For More Information:
Visit My Web Site
View My Newsletter
Ask Me A Question
UNSOLD INVENTORY: California's unsold inventory is tracked by the Unsold Inventory Index (UII), This index indicates how long it would take to sell all current homes on the market. The index estimates it would take 3.8 months in today's market to sell homes on the marekt. This is the lowest level in five years, as in December 2008 the index was at 5.6 months to sell all existing homes.
FED LEAVES KEY RATE UNCHANGED - The Federal Reserve announced it will maintain the federal funds rate in the 0% to 0.25% range. Economic conditions warrant these exceptionally low levels of the federal funds rate for an extended period of time.
ECONOMIC ACTIVIEY - Continues to strengthen and deterioration in the labor market is abating.
THE MARKET: Buyers this may be the low point of pricing and with interest rates low. Don't miss out on buying your dream home before we see a Sellers' Market.
*CAR 1/29/2010
------------------------------------------------------------------------
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 = 2031, w/Bank Conditions = 396
In Escrow Listings = 904, w/Bank Conditions = 573
Sold from 01/01/09 = 3944, w/Bank Conditions = 1254
*MLS 12/31/2010
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2008 COMPARED TO NOVEMBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 1 - 1,650,000 - minus 6.3%
Capo Beach - 92624 - 8 - $665,000 - + 22.6%%
Corona del Mar - 92625 - 4- $2,925,000 - + 3%
Costa Mesa - 92626 - 23- $516,000 - + 1.2%
Costa Mesa - 92627 - 18 - $556,000 - minus 4.1%
Dana Point - 92629 - 14 - $790,000 - +23.2%
Laguna Beach - 92651 - 34 - $1,293,000 - + 3.8%
Laguna Niguel - 92677 - 415 - $690,000 - + 3.8%
Newport Beach - 92660 - 36 - $1,085,000 - minus 21.7%
Newport Beach - 92661- 2 - $2,163,000 - + 10.9%
Newport Beach - 92663 - 11 - $940,000 - minus 21.7%
Newport Coast - 92657 - 14 - $1,975,000 - +16.2%
San Clemente - 92672 - 21 - $810,000 - 10.2%
San Clemente - 92673 - 30 - $685,000 - + 4.6%
Percentage change is compared to the same month of the prior year. DQNews/LATimes, 01/31/2010
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! For More Information:
Visit My Web Site
View My Newsletter
Ask Me A Question
Sunday, December 27, 2009
JANUARY 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
SALES AND PRICES UP IN SO CAL MARKET
Southern California's housing market continued its step-by-step climb up from the January-February bottom as both sales and prices saw gains last month.
Sales have been stoked in recent months by several factors: A federal tax credit for first-time buyers, which had been set to expire last month before it was extended and expanded; robust investor activity, especially inland; super-low mortgage rates; the availability of government-insured, low-down-payment mortgages for first-time buyers; and the allure of a potential "deal" on a distressed property.
"This market is still really lopsided. Foreclosures and short sales are huge factors. There's still not a lot of discretionary buying and selling outside the more affordable markets. Anybody who can sit tight is doing just that. The market won't fully rebalance itself until financing becomes available for the higher price ranges."
JANUARY 2010 MONEY CALENDAR
1 - Parents of college-bound high school seniors: Fill out Free Application for Federal Student Aid (FAFSA).
4 - First trading day of 2010.
7 - Set financial goals, update your budget and resolve to pay off holiday debt.
8 - Convert traditional IRA to a Roth; income limits for conversions are gone.
15 - Estimated federal taxes for the fourth quarter of 2009 are due.
21 - Seniors: If you're over 70.5, talk to your IRA administrators about resuming regular required minimum distribution payments.
26 - Federal Open Market Committee meets to review interest rates.
*John Walsh, MDA DataQuick President, 12/15/09
*Sandstone Financial, 12/28/09
------------------------------------------------------------------------
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 = 2028, w/Bank Conditions = 396
In Escrow Listings = 863, w/Bank Conditions = 551
Sold from 01/01/09 = 3837, w/Bank Conditions = 1229
*MLS 12/27/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2008 COMPARED TO NOVEMBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 1 - 1,650,000 - minus 6.3%
Capo Beach - 92624 - 8 - $665,000 - + 22.6%%
Corona del Mar - 92625 - 4- $2,925,000 - 3%
Costa Mesa - 92626 - 23- $516,000 - +1.2%
Costa Mesa - 92627 - 20 - $580,000 - + 16.3%
Dana Point - 92629 - 12 - $641,000 - minus 19.9%
Laguna Beach - 92651 - 28 - $1,000,000 - minus 21%
Laguna Niguel - 92677 - 45 - $665,000 - minus .9%
Newport Beach - 92660 - 27 - $1,215,000 - minus .8%
Newport Beach - 92661- 4 - $1,950,000 - minus 43.5%
Newport Beach - 92663 - 11 - $1,028,000 - minus 56.3%
Newport Coast - 92657 - 13 - $1,699,000 - 22%
San Clemente - 92672 - 16 - $710,000 - 9.2%
San Clemente - 92673 - 27 - $655,000 - minus 3%
Percentage change is compared to the same month of the prior year.
DQNews/LATimes, 12/27/09
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!
For More Information:
Visit My Web Site
View My Newsletter
Ask Me A Question
Southern California's housing market continued its step-by-step climb up from the January-February bottom as both sales and prices saw gains last month.
Sales have been stoked in recent months by several factors: A federal tax credit for first-time buyers, which had been set to expire last month before it was extended and expanded; robust investor activity, especially inland; super-low mortgage rates; the availability of government-insured, low-down-payment mortgages for first-time buyers; and the allure of a potential "deal" on a distressed property.
"This market is still really lopsided. Foreclosures and short sales are huge factors. There's still not a lot of discretionary buying and selling outside the more affordable markets. Anybody who can sit tight is doing just that. The market won't fully rebalance itself until financing becomes available for the higher price ranges."
JANUARY 2010 MONEY CALENDAR
1 - Parents of college-bound high school seniors: Fill out Free Application for Federal Student Aid (FAFSA).
4 - First trading day of 2010.
7 - Set financial goals, update your budget and resolve to pay off holiday debt.
8 - Convert traditional IRA to a Roth; income limits for conversions are gone.
15 - Estimated federal taxes for the fourth quarter of 2009 are due.
21 - Seniors: If you're over 70.5, talk to your IRA administrators about resuming regular required minimum distribution payments.
26 - Federal Open Market Committee meets to review interest rates.
*John Walsh, MDA DataQuick President, 12/15/09
*Sandstone Financial, 12/28/09
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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 = 2028, w/Bank Conditions = 396
In Escrow Listings = 863, w/Bank Conditions = 551
Sold from 01/01/09 = 3837, w/Bank Conditions = 1229
*MLS 12/27/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2008 COMPARED TO NOVEMBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 1 - 1,650,000 - minus 6.3%
Capo Beach - 92624 - 8 - $665,000 - + 22.6%%
Corona del Mar - 92625 - 4- $2,925,000 - 3%
Costa Mesa - 92626 - 23- $516,000 - +1.2%
Costa Mesa - 92627 - 20 - $580,000 - + 16.3%
Dana Point - 92629 - 12 - $641,000 - minus 19.9%
Laguna Beach - 92651 - 28 - $1,000,000 - minus 21%
Laguna Niguel - 92677 - 45 - $665,000 - minus .9%
Newport Beach - 92660 - 27 - $1,215,000 - minus .8%
Newport Beach - 92661- 4 - $1,950,000 - minus 43.5%
Newport Beach - 92663 - 11 - $1,028,000 - minus 56.3%
Newport Coast - 92657 - 13 - $1,699,000 - 22%
San Clemente - 92672 - 16 - $710,000 - 9.2%
San Clemente - 92673 - 27 - $655,000 - minus 3%
Percentage change is compared to the same month of the prior year.
DQNews/LATimes, 12/27/09
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!
For More Information:
Visit My Web Site
View My Newsletter
Ask Me A Question
Monday, November 30, 2009
DECEMBER 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
OCTOBER 2009 - THREE YEAR GAIN IN SALES
THE ECONOMY: Home prices improved in the third quarter of 2009, posting their second quarter-over-quarter gain in three years, according to the S&P/Case-Shiller U.S. National Home Price Index. Prices have increased by 1% overall.
LENDING: US banks' lending is at 2.8%, this is the lowest amount of loans since 1984. This makes the fifth consecutive quarter in which banks have reduced lending, the Federal Deposit Insurance Corp. reported on 11/25/09.
LOAN MODIFIATION UPDATE: Borrowers who are less than 20% underwater are likely to maintain their mortgage if their loan is modified and the payments reduced," said an official with Citigroup's mortgage unit. "Beyond 120%, the most effective modification is a loan restructuring, including a principal reduction."
LOCALLY: In the coastal cities some increases are seen in sales prices compared to 2008 with 5 cities having reported increases. See the statistics chart below.
WHAT'S TO COME: Locally closed sales are nearing 2005 levels with October '05 having 30 closed sales and October '09 with 27. In Escrow listings passed the '04 amount of 71 at 74. Inventory however is up, October '05 had 209 and '09 was at 351. If you would like a full copy of year-to-year statistics from 2004-2009, please call or send Pamela an email request anytime and we'll be glad to give you this information!
*CAR, LATImes 11/30/09
------------------------------------------------------------------------
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 = 2,172, w/Bank Conditions = 390
In Escrow Listings = 943, w/Bank Conditions = 565
Sold from 01/01/09 = 3,502, w/Bank Conditions = 1125
*MLS 11/28/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2008 COMPARED TO OCTOBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - N/A - N/A - N/A
Capo Beach - 92624 - 5 - $573,000 - + 2%
Corona del Mar - 92625 - 13- $1,378,000 - minus 34.9%
Costa Mesa - 92626 - 36- $534,000 - +11%
Costa Mesa - 92627 - 26 - $630,000 - + 15.6%
Dana Point - 92629 - 15 - $800,000 - +8%
Laguna Beach - 92651 - 27 - $1,195,000 - minus 36.4%
Laguna Niguel - 92677 - 47 - $623,000 - minus 10.2%
Newport Beach - 92660 - 29 - $968,000 - minus 24.2%
Newport Beach - 92661- 3 - $3,250,000 - + 78.1%
Newport Beach - 92663 - 16 - $1,100,000 - minus 34.3%
Newport Coast - 92657 - 17 - $2,200,000 - minus 4.3%
San Clemente - 92672 - 25 - $598,000 - minus 19.7%
San Clemente - 92673 - 23 - $690,000 - minus 6.8%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 11/30/09
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 Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
For More Information:
Visit My Web Site
View My Newsletter
Ask Me A Question
THE ECONOMY: Home prices improved in the third quarter of 2009, posting their second quarter-over-quarter gain in three years, according to the S&P/Case-Shiller U.S. National Home Price Index. Prices have increased by 1% overall.
LENDING: US banks' lending is at 2.8%, this is the lowest amount of loans since 1984. This makes the fifth consecutive quarter in which banks have reduced lending, the Federal Deposit Insurance Corp. reported on 11/25/09.
LOAN MODIFIATION UPDATE: Borrowers who are less than 20% underwater are likely to maintain their mortgage if their loan is modified and the payments reduced," said an official with Citigroup's mortgage unit. "Beyond 120%, the most effective modification is a loan restructuring, including a principal reduction."
LOCALLY: In the coastal cities some increases are seen in sales prices compared to 2008 with 5 cities having reported increases. See the statistics chart below.
WHAT'S TO COME: Locally closed sales are nearing 2005 levels with October '05 having 30 closed sales and October '09 with 27. In Escrow listings passed the '04 amount of 71 at 74. Inventory however is up, October '05 had 209 and '09 was at 351. If you would like a full copy of year-to-year statistics from 2004-2009, please call or send Pamela an email request anytime and we'll be glad to give you this information!
*CAR, LATImes 11/30/09
------------------------------------------------------------------------
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 = 2,172, w/Bank Conditions = 390
In Escrow Listings = 943, w/Bank Conditions = 565
Sold from 01/01/09 = 3,502, w/Bank Conditions = 1125
*MLS 11/28/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2008 COMPARED TO OCTOBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - N/A - N/A - N/A
Capo Beach - 92624 - 5 - $573,000 - + 2%
Corona del Mar - 92625 - 13- $1,378,000 - minus 34.9%
Costa Mesa - 92626 - 36- $534,000 - +11%
Costa Mesa - 92627 - 26 - $630,000 - + 15.6%
Dana Point - 92629 - 15 - $800,000 - +8%
Laguna Beach - 92651 - 27 - $1,195,000 - minus 36.4%
Laguna Niguel - 92677 - 47 - $623,000 - minus 10.2%
Newport Beach - 92660 - 29 - $968,000 - minus 24.2%
Newport Beach - 92661- 3 - $3,250,000 - + 78.1%
Newport Beach - 92663 - 16 - $1,100,000 - minus 34.3%
Newport Coast - 92657 - 17 - $2,200,000 - minus 4.3%
San Clemente - 92672 - 25 - $598,000 - minus 19.7%
San Clemente - 92673 - 23 - $690,000 - minus 6.8%
Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 11/30/09
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 Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
For More Information:
Visit My Web Site
View My Newsletter
Ask Me A Question
Saturday, October 31, 2009
NOVEMBER 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS
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
------------------------------------------------------------------------
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
------------------------------------------------------------------------
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!
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
------------------------------------------------------------------------
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
------------------------------------------------------------------------
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!
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
------------------------------------------------------------------------
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
------------------------------------------------------------------------
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!
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
------------------------------------------------------------------------
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!
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.
----------------------------------------------------------------------------------
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.
----------------------------------------------------------------------------------
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
----------------------------------------------------------------------------------
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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