"IT REQUIRES A GREAT DEAL OF BOLDNESS AND A GREAT DEAL OF CAUTION TO MAKE A GREAT FORTUNE." Ralph Waldo Emerson
Last week's headlines contained a mix of items to inspire both boldness and caution.
And...there's room for cautious optimism on the economy, as good news was noted on several fronts last week. The housing market received good news when Existing Home Sales came in stronger than expected.
Sales of previously owned U.S. homes rose 5.1% in February, the largest gain since July 2003. About 45% of these sales were foreclosure or short-sale transactions. With the peak of the market having been April 2007, it is also noted that home prices are now at 2003 levels.
Additionally, Durable Goods Orders for February came in better than expected, showing the first increase in six months, and the Core Personal Consumption Expenditure Index (Core PCE) showed inflation is presently at tolerable levels. Plus, the US Dollar received a boost when China said it will continue to purchase US Treasuries.
*03/30/09 Sandstone Financial, Prospect Mortgage, CAR
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,758, w/Bank Conditions = 449
In Escrow Listings = 579, w/Bank Conditions = 234
Sold from 01/01/09 = 588, w/Bank Conditions = 249
*MLS 03/31/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2008 COMPARED TO FEBRUARY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 2 - $603,000 - minus 65%
Corona del Mar - 92625 - 7- $2,100,000 - minus 12%
Costa Mesa - 92626 - 13- $500,000 - minus 10%
Costa Mesa - 92627 - 20 - $600,000 - 5%
Dana Point - 92629 - 8 - $745,000 - minus 1%
Laguna Beach - 92651 - 5 - $1,275,000 - minus 41%
Laguna Niguel - 92677 - 33 - $673,000 - minus 14%
Newport Beach - 92660 - 10 - $850,000 - minus 39%
Newport Beach - 92661- 3 - $1,200,000 - minus 52%
Newport Beach - 92663 - 5 - $800,000 - minus 60%
Newport Coast - 92657 - 9 - $1,400,000 - minus 23%
San Clemente - 92672 - 15 - $725,000 - minus 60%
San Clemente - 92673 - 18 - $763,000 - minus 4%
**Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 03/31/09
Tuesday, March 31, 2009
Saturday, February 28, 2009
MARCH 2009 SOUTH ORANGE COUNTY, CA COASTAL REAL ESTATE
STATE HOME SALES DOUBLE AS PRICES FALL
Sales of existing, single-family homes soared 100.8% in January in California, and the median price declined 40.5%. Just look at the statistics for the area home sales below, as most areas have had minus increases for a least 2 years.
STATE TAX CREDIT: Beginning March 1, 2009, home buyers who purchase a new, unoccupied home could receive a $10,000 state tax credit. The credit is available to anyone who closes escrow by March 1, 2010 and agrees to occupy the home for at least two years.
THE ECONOMY: The Commerce Dept. on 2/27/09 reported that the economy shrank at a pace of 6.2% in the fourth quarter of 2008, the country's worst performance since 1982.
WHAT DOES THIS MEAN TO YOU?
SELLERS: Try not to let your desire to sell be clouded by what you paid or how much money you've put into your property. Price according to comparable sales in your area, and you should be on your way in a reasonable amount of time. If you want to start at a somewhat higher price that's ok, just be willing to reduce your list price, if necessary. Remember: Market Value is determined by the price you and the buyer agree upon. Your professional Realtor's evaluation is an estimate of future market value.
BUYERS: I have been advising this for quite a while now...this is your market! Take advantage of reduced prices. Don't insult a seller, be reasonable but expect to get a great deal. Investor buyers...this is your market, too!
*DataQuik & CAR, 02/28/09
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,693, w/Bank Conditions = 478
In Escrow Listings = 499, w/Bank Conditions = 276
Sold from 01/01/09 = 360, w/Bank Conditions = 160
*MLS 02/28/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2008 COMPARED TO JANUARY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - $2,285,000 - minus 33.3%
Capo Beach - 92624 - 3 - $899,000 - 24.6%
Corona del Mar - 92625 - 9- $2,125,000 - minus 28.0%
Costa Mesa - 92626 - 16- $543,000 - minus 8.8%
Costa Mesa - 92627 - 21 - $428,000 - minus 18.0%
Dana Point - 92629 - 8 - $727,000 - 10.7%
Laguna Beach - 92651 - 11 - $825,000 - minus 50.7%
Laguna Niguel - 92677 - 24 - $691,000 - minus 7.3%
Newport Beach - 92660 - 9 - $1,528,000 - minus 14.6%
Newport Beach - 92661- 1 - $7,500,000 - 341.2%
Newport Beach - 92663 - 2 - $1,813,000 - minus 11.6%
Newport Coast - 92657 - 9 - $1,865,000 - minus 35.2%
San Clemente - 92672 - 10 - $561,000 - minus 53.3%
San Clemente - 92673 - 16 - $649,000 - minus 31.3%
*DQNews/LATimes, 02/28/09
**% change is compared to the same month of the prior year.
Sales of existing, single-family homes soared 100.8% in January in California, and the median price declined 40.5%. Just look at the statistics for the area home sales below, as most areas have had minus increases for a least 2 years.
STATE TAX CREDIT: Beginning March 1, 2009, home buyers who purchase a new, unoccupied home could receive a $10,000 state tax credit. The credit is available to anyone who closes escrow by March 1, 2010 and agrees to occupy the home for at least two years.
THE ECONOMY: The Commerce Dept. on 2/27/09 reported that the economy shrank at a pace of 6.2% in the fourth quarter of 2008, the country's worst performance since 1982.
WHAT DOES THIS MEAN TO YOU?
SELLERS: Try not to let your desire to sell be clouded by what you paid or how much money you've put into your property. Price according to comparable sales in your area, and you should be on your way in a reasonable amount of time. If you want to start at a somewhat higher price that's ok, just be willing to reduce your list price, if necessary. Remember: Market Value is determined by the price you and the buyer agree upon. Your professional Realtor's evaluation is an estimate of future market value.
BUYERS: I have been advising this for quite a while now...this is your market! Take advantage of reduced prices. Don't insult a seller, be reasonable but expect to get a great deal. Investor buyers...this is your market, too!
*DataQuik & CAR, 02/28/09
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,693, w/Bank Conditions = 478
In Escrow Listings = 499, w/Bank Conditions = 276
Sold from 01/01/09 = 360, w/Bank Conditions = 160
*MLS 02/28/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2008 COMPARED TO JANUARY 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - $2,285,000 - minus 33.3%
Capo Beach - 92624 - 3 - $899,000 - 24.6%
Corona del Mar - 92625 - 9- $2,125,000 - minus 28.0%
Costa Mesa - 92626 - 16- $543,000 - minus 8.8%
Costa Mesa - 92627 - 21 - $428,000 - minus 18.0%
Dana Point - 92629 - 8 - $727,000 - 10.7%
Laguna Beach - 92651 - 11 - $825,000 - minus 50.7%
Laguna Niguel - 92677 - 24 - $691,000 - minus 7.3%
Newport Beach - 92660 - 9 - $1,528,000 - minus 14.6%
Newport Beach - 92661- 1 - $7,500,000 - 341.2%
Newport Beach - 92663 - 2 - $1,813,000 - minus 11.6%
Newport Coast - 92657 - 9 - $1,865,000 - minus 35.2%
San Clemente - 92672 - 10 - $561,000 - minus 53.3%
San Clemente - 92673 - 16 - $649,000 - minus 31.3%
*DQNews/LATimes, 02/28/09
**% change is compared to the same month of the prior year.
Saturday, January 31, 2009
FEBRUARY 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE
SOUTHLAND HOME SALES PICKING UP WITH A CHANGE SEEN IN THE COASTAL REAL ESTATE MARKET
CORE TREND: The core trends of Southern California's 2008 housing market were on prominent display in December: Low-cost inland foreclosures sold briskly, builders had their worst month in decades, expensive markets remained in wait-and-see mode and lenders continued to hold back on making 'jumbo' home loans.
HOME SALES: Outpaced last year for the fifth consecutive month in November, when 55% of buyers in the resale market chose repossessed homes. The abundance of discounted foreclosures helped push the median sale price down a record 35% from a year ago.
LENDERS: The most active lenders to Southland home buyers right now are Countrywide, Bank of America and Wells Fargo.
FICO SCORES: So this is how FICO scores are weighted by lendrs for loan qualification purposes...
35% by Payment History
30% by Balances Owed
15% by Length of Credit History
10% by New Credit
10% by Types of Credit in Use
How calculated FICO scores effect loan rates:
720 - 850 Excellent, A-paper credit, the "good-guy" rates available;
680 - 719 Good, not much of a compromise on rates;
620 - 679 OK or Fair, clearly in range for FHA consideration;
580 - 619 Low, bottom of the range for FHA consideration, "alternate credit" comes heavily into play;
500 - 579 Poor, truly nothing can be done without credit rehabilitation.
*DataQuik 01/27/09, NLB Financial 01/27/09
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS AS OF 01/31/09 FOR:
Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,185, w/Bank Conditions = 477
In Escrow Listings = 385, w/Bank Conditions = 235
Sold from 01/01/08 = 3,061, w/Bank Conditions = 1,172
*MLS 01/31/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2007 COMPARED TO DECEMBER 2008:
% Change is from the same month last year.
City - # Sold - Median Sale Price - % change from 2007:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 3 - $840,000 minus 25.3%
Corona del Mar - 92625 - 8- $2,240,000 - minus 27.4%
Costa Mesa - 92626 - 22- $473,000 - minus 16.4%
Costa Mesa - 92627 - 32 - $433,000 - minus 20.6%
Dana Point - 92629 - 18 - $920,000 - minus 23.3%
Laguna Beach - 92651 - 23 - $1,275,000 - minus 14.4%
Laguna Niguel - 92677 - 34 - $700,000 - minus 3.4%
Newport Beach - 92660 - 9 - $1,528,000 - minus 58.9%
Newport Beach - 92661- 3 - $910,000 - minus 68.3%
Newport Beach - 92663 - 5 - $1,608,000 - minus 6.4%
Newport Coast - 92657 - 8 - $3,600,000 - minus 10.6%
San Clemente - 92672 - 18 - $653,000 - minus 8.7%
San Clemente - 92673 - 26 - $769,000 - minus 21.4%
*DQNews/LATimes, 01/29/09
-----------------------------------------------------------------------
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Commonly called the "California Riviera" for its beautiful beaches and mild climate!
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
CORE TREND: The core trends of Southern California's 2008 housing market were on prominent display in December: Low-cost inland foreclosures sold briskly, builders had their worst month in decades, expensive markets remained in wait-and-see mode and lenders continued to hold back on making 'jumbo' home loans.
HOME SALES: Outpaced last year for the fifth consecutive month in November, when 55% of buyers in the resale market chose repossessed homes. The abundance of discounted foreclosures helped push the median sale price down a record 35% from a year ago.
LENDERS: The most active lenders to Southland home buyers right now are Countrywide, Bank of America and Wells Fargo.
FICO SCORES: So this is how FICO scores are weighted by lendrs for loan qualification purposes...
35% by Payment History
30% by Balances Owed
15% by Length of Credit History
10% by New Credit
10% by Types of Credit in Use
How calculated FICO scores effect loan rates:
720 - 850 Excellent, A-paper credit, the "good-guy" rates available;
680 - 719 Good, not much of a compromise on rates;
620 - 679 OK or Fair, clearly in range for FHA consideration;
580 - 619 Low, bottom of the range for FHA consideration, "alternate credit" comes heavily into play;
500 - 579 Poor, truly nothing can be done without credit rehabilitation.
*DataQuik 01/27/09, NLB Financial 01/27/09
----------------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS AS OF 01/31/09 FOR:
Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,185, w/Bank Conditions = 477
In Escrow Listings = 385, w/Bank Conditions = 235
Sold from 01/01/08 = 3,061, w/Bank Conditions = 1,172
*MLS 01/31/09
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2007 COMPARED TO DECEMBER 2008:
% Change is from the same month last year.
City - # Sold - Median Sale Price - % change from 2007:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 3 - $840,000 minus 25.3%
Corona del Mar - 92625 - 8- $2,240,000 - minus 27.4%
Costa Mesa - 92626 - 22- $473,000 - minus 16.4%
Costa Mesa - 92627 - 32 - $433,000 - minus 20.6%
Dana Point - 92629 - 18 - $920,000 - minus 23.3%
Laguna Beach - 92651 - 23 - $1,275,000 - minus 14.4%
Laguna Niguel - 92677 - 34 - $700,000 - minus 3.4%
Newport Beach - 92660 - 9 - $1,528,000 - minus 58.9%
Newport Beach - 92661- 3 - $910,000 - minus 68.3%
Newport Beach - 92663 - 5 - $1,608,000 - minus 6.4%
Newport Coast - 92657 - 8 - $3,600,000 - minus 10.6%
San Clemente - 92672 - 18 - $653,000 - minus 8.7%
San Clemente - 92673 - 26 - $769,000 - minus 21.4%
*DQNews/LATimes, 01/29/09
-----------------------------------------------------------------------
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Commonly called the "California Riviera" for its beautiful beaches and mild climate!
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673
Sunday, December 28, 2008
SOUTHLAND HOME SALES EASE, STILL BEATING '07
THE MARKET: SoCal home sales outpaced last year for the fifth consecutive month in November, when 55% of buyers in the resale market chose repossessed homes. The abundance of discounted foreclosures helped push the median sale price down a record 35% from a year ago.
MORTGAGE DEFAULTS: The number of mortgage default notices filed against CA homeowners fell last quarter for the first time in three years as a change in the state's formal foreclosure process took effect. If that change hadn't kicked in during early September, indications are that third-quarter default filings would have been about the same as the record number filed in this year's second quarter.
THE FUTURE: A lot of the market's distress is working its way through the system and the spectacular jumps in activity may be behind us.
IRS TO SUBORDINATE FEDERAL TAX LIENS:The Internal Revenue Service (IRS) last week announced it is "subordinating" federal tax liens and allowing primary mortgage holders to take precedence when a mortgage is refinanced or the home is sold. The new IRS program allows homeowners to refinance or sell a home without first having to pay any federal tax liens. However, the IRS is not forgiving the debt and homeowners must pay any back taxes owed.
*Sources MLS 12/28/08, CAR 11/26/08
----------------------------------------------------------------------------------
COASTAL AREAS SALES DATA AND DISTRESS SALES STATISTICS AS OF 12/29/08 FOR:
Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,119, w/Bank Conditions = 511
In Escrow Listings = 386, w/Bank Conditions = 247
Sold from 01/01/08 = 2,851, w/Bank Conditions = 1,067
*MLS 11/28/08
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2007 COMPARED TO NOVEMBER 2008:
% Change is from the same month last year.
City - # Sold - Median Sale Price - % change from 2007:
Balboa Island - 92662 - 1 - $1,760,000 - N/A
Capo Beach - 92624 - 2 - $543,000 minus 82.5%
Corona del Mar - 92625 - 9- $3,000,000 - 40.4%
Costa Mesa - 92626 - 24- $449,000 - minus 27.3%
Costa Mesa - 92627 - 15 - $570,000 - minus 28.3%
Dana Point - 92629 - 9 - $800,000 - minus 24.3%
Laguna Beach - 92651 - 11 - $1,266,000 - minus 29.7%
Laguna Niguel - 92677 - 22 - $718,000 - minus 13.4%
Newport Beach - 92660 - 8 - $1,225,000 - minus 25.8%
Newport Beach - 92661- 2 - $2,350,000 - minus 28.1%
Newport Beach - 92663 - 3 - $2,175,000 - minus 16.3%
Newport Coast - 92657 - 1 - $2,350,000 - minus 18.9%
San Clemente - 92672 - 10 - $650,000 - 26.8%
San Clemente - 92673 - 15 - $653,000 - minus 25.9%
*Sales information provided by DQNews/LATimes, 11/29/08
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Commonly called the "California Riviera" for its beautiful beaches and mild climate.
MORTGAGE DEFAULTS: The number of mortgage default notices filed against CA homeowners fell last quarter for the first time in three years as a change in the state's formal foreclosure process took effect. If that change hadn't kicked in during early September, indications are that third-quarter default filings would have been about the same as the record number filed in this year's second quarter.
THE FUTURE: A lot of the market's distress is working its way through the system and the spectacular jumps in activity may be behind us.
IRS TO SUBORDINATE FEDERAL TAX LIENS:The Internal Revenue Service (IRS) last week announced it is "subordinating" federal tax liens and allowing primary mortgage holders to take precedence when a mortgage is refinanced or the home is sold. The new IRS program allows homeowners to refinance or sell a home without first having to pay any federal tax liens. However, the IRS is not forgiving the debt and homeowners must pay any back taxes owed.
*Sources MLS 12/28/08, CAR 11/26/08
----------------------------------------------------------------------------------
COASTAL AREAS SALES DATA AND DISTRESS SALES STATISTICS AS OF 12/29/08 FOR:
Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,119, w/Bank Conditions = 511
In Escrow Listings = 386, w/Bank Conditions = 247
Sold from 01/01/08 = 2,851, w/Bank Conditions = 1,067
*MLS 11/28/08
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2007 COMPARED TO NOVEMBER 2008:
% Change is from the same month last year.
City - # Sold - Median Sale Price - % change from 2007:
Balboa Island - 92662 - 1 - $1,760,000 - N/A
Capo Beach - 92624 - 2 - $543,000 minus 82.5%
Corona del Mar - 92625 - 9- $3,000,000 - 40.4%
Costa Mesa - 92626 - 24- $449,000 - minus 27.3%
Costa Mesa - 92627 - 15 - $570,000 - minus 28.3%
Dana Point - 92629 - 9 - $800,000 - minus 24.3%
Laguna Beach - 92651 - 11 - $1,266,000 - minus 29.7%
Laguna Niguel - 92677 - 22 - $718,000 - minus 13.4%
Newport Beach - 92660 - 8 - $1,225,000 - minus 25.8%
Newport Beach - 92661- 2 - $2,350,000 - minus 28.1%
Newport Beach - 92663 - 3 - $2,175,000 - minus 16.3%
Newport Coast - 92657 - 1 - $2,350,000 - minus 18.9%
San Clemente - 92672 - 10 - $650,000 - 26.8%
San Clemente - 92673 - 15 - $653,000 - minus 25.9%
*Sales information provided by DQNews/LATimes, 11/29/08
Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Commonly called the "California Riviera" for its beautiful beaches and mild climate.
Saturday, November 29, 2008
DECEMBER 2008 SOUTH ORANGE COUNTY, CA COASTAL REAL ESTATE
SALES UP 117%, MEDIAN PRICE FELL 39.9%
Statewide sales increased significantly in October 2008 to 552,750 homes, the highest sales level since late 2005. This record gain stemmed primarily from extremely large increases in regions with a high concentration of distress sales (bank owned and foreclosure properties). Prices continued to decline. Actually, these are good signs as sales are picking up and reduced sale prices are a result of distress sales being removed from the inventory.
STABILIZATION OF PRICES: The year-to-year decline in the statewide median home price was smaller in October than the previous months for the first time in 11 months. However, there is still no conclusive indication that prices have begun to stabilize.
COASTAL HIGH-END MARKET: For the year 2008 this market remains stable as usual. Currently, there is 1 active listing and 1 closed distress sale above $4M. The $3M market has 2 active distress listings and 1 closed sale. For the $2M market there are 6 active listings, 1 in escrow and 3 closed sales. The burden of the REO and short sales remain in the coastal entry level of below $2M with most properties having huge price reductions.
FANNIE MAE AND FREDDIE MAC: Will postpone foreclosure sales and evictions on occupied single-family residences that were scheduled to foreclose between 11/26/08 and 1/9/09. They are streamlining mortgage modification programs, starting 12/15/08 to pursue loan modification options.
BUYERS: Loan rates remain good, multiple offers are occurring on more listings; it is definitely your opportunity to purchase a home at a reduced price.
SELLERS: If you are like many sellers who are not in the foreclosure process, stay active with your pricing and make sure your property has the highest of internet exposure. When you receive an offer do all you can to be flexible in your negotiations...take the best price possible so you can move on with your life.
*Sources MLS 11/29/08, CAR 11/26/08
----------------------------------------------------------------------------------
COASTAL AREAS SALES DATA AND DISTRESS SALES STATISTICS AS OF 11/29/08
FOR: Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,283, with Bank Conditions = 511
In Escrow Listings = 427, with Bank Conditions = 271
Sold from 01/01/08 = 2,632, with Bank Conditions = 957
*MLS 11/29/08
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2007 COMPARED TO OCTOBER 2008:
% Change is from the same month last year.
City - # Sold - Median Sale Price - % change from 2007:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 3 - $510,000 minus 45.6%
Corona del Mar - 92625 - 13 - $2,118,000 - 34.0%
Costa Mesa - 92626 - 26- $480,000 - minus 27.5%
Costa Mesa - 92627 - 15 - $570,000 - minus 28.3%
Dana Point - 92629 - 14 - $748,000 - minus 41.1%
Laguna Beach - 92651 - 18 - $850,000 - 2.7%
Laguna Niguel - 92677 - 17 - $1,878,000 - 41.7%
Newport Beach - 92660 - 22 - $1,350,000 - minus 10.3%
Newport Beach - 92661- 3 - $1,825,000 - minus 47.1%
Newport Beach - 92663 - 3 - $2,175,000 - minus 16.3%
Newport Coast - 92657 - 8 - $2,300,000 - minus 1.1%
San Clemente - 92672 - 13 - $758,000 - 1.8%
San Clemente - 92673 - 30 - $790,000 - minus 18.1%
*DQNews/LATimes, 11/29/08.
Statewide sales increased significantly in October 2008 to 552,750 homes, the highest sales level since late 2005. This record gain stemmed primarily from extremely large increases in regions with a high concentration of distress sales (bank owned and foreclosure properties). Prices continued to decline. Actually, these are good signs as sales are picking up and reduced sale prices are a result of distress sales being removed from the inventory.
STABILIZATION OF PRICES: The year-to-year decline in the statewide median home price was smaller in October than the previous months for the first time in 11 months. However, there is still no conclusive indication that prices have begun to stabilize.
COASTAL HIGH-END MARKET: For the year 2008 this market remains stable as usual. Currently, there is 1 active listing and 1 closed distress sale above $4M. The $3M market has 2 active distress listings and 1 closed sale. For the $2M market there are 6 active listings, 1 in escrow and 3 closed sales. The burden of the REO and short sales remain in the coastal entry level of below $2M with most properties having huge price reductions.
FANNIE MAE AND FREDDIE MAC: Will postpone foreclosure sales and evictions on occupied single-family residences that were scheduled to foreclose between 11/26/08 and 1/9/09. They are streamlining mortgage modification programs, starting 12/15/08 to pursue loan modification options.
BUYERS: Loan rates remain good, multiple offers are occurring on more listings; it is definitely your opportunity to purchase a home at a reduced price.
SELLERS: If you are like many sellers who are not in the foreclosure process, stay active with your pricing and make sure your property has the highest of internet exposure. When you receive an offer do all you can to be flexible in your negotiations...take the best price possible so you can move on with your life.
*Sources MLS 11/29/08, CAR 11/26/08
----------------------------------------------------------------------------------
COASTAL AREAS SALES DATA AND DISTRESS SALES STATISTICS AS OF 11/29/08
FOR: Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,283, with Bank Conditions = 511
In Escrow Listings = 427, with Bank Conditions = 271
Sold from 01/01/08 = 2,632, with Bank Conditions = 957
*MLS 11/29/08
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2007 COMPARED TO OCTOBER 2008:
% Change is from the same month last year.
City - # Sold - Median Sale Price - % change from 2007:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 3 - $510,000 minus 45.6%
Corona del Mar - 92625 - 13 - $2,118,000 - 34.0%
Costa Mesa - 92626 - 26- $480,000 - minus 27.5%
Costa Mesa - 92627 - 15 - $570,000 - minus 28.3%
Dana Point - 92629 - 14 - $748,000 - minus 41.1%
Laguna Beach - 92651 - 18 - $850,000 - 2.7%
Laguna Niguel - 92677 - 17 - $1,878,000 - 41.7%
Newport Beach - 92660 - 22 - $1,350,000 - minus 10.3%
Newport Beach - 92661- 3 - $1,825,000 - minus 47.1%
Newport Beach - 92663 - 3 - $2,175,000 - minus 16.3%
Newport Coast - 92657 - 8 - $2,300,000 - minus 1.1%
San Clemente - 92672 - 13 - $758,000 - 1.8%
San Clemente - 92673 - 30 - $790,000 - minus 18.1%
*DQNews/LATimes, 11/29/08.
Subscribe to:
Posts (Atom)