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
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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
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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!
