The Orange County Coastal Real Estate Update – City by City From Newport Beach to San Clemente, 11/20/09

  • 0

The Orange County Coastal Real Estate Update – City by City From Newport Beach to San Clemente, 11/20/09

Buy and Sell along the Orange County Coast with each city’s up to date local information:

Along the OC Coast,  real estate is more local then ever.

Each city is going through its own phases.  Some are affected deeply by distressed properties, and others haven’t figured out how to price their homes yet and are going through major price drops over a long period of time.

To make a buy or sell decision, it is more important then ever to be on top of the local buying trends in each OC coastal city on almost a weekly basis.

You want to be at the front of the market and use it to your benefit.

Also, it’s very, very important that the different price ranges are followed: less than $500k, $500k to $1m and over $1m.  Each has a different buyer – first time buyers, second home buyer, investors and people relocating to the coast.

I have to say, from the many interfaces I have with people looking along the coast, most people are coming with money and are seeing this as a chance of a generation to finally move to the coast. But at the right price. It’s as simple as that.

They feel that while this may not be the absolute bottom, it’s close enough.  The mortgage rates, inventory and today’s negotiation capability outweigh waiting longer.

In many cases they know the markets better then the people who live here.

Let me share with you the data for the last 3 and a half months activity in Newport Beach, Corona Del Mar (CDM), Newport Coast, Laguna Beach, Dana Point, Laguna Niguel and San Clemente.

San Clemente:

http://idx.diversesolutions.com/link/367

Summary from August through today:

  • Sales activity remains steady at around 70 sales a month
  • Sales activity bumped up by 10 sales in Sept and has stayed at that level
  • Distressed properties (shorts and foreclosures)  are about 40% of sales
  • Currently there are 99 distressed properties on the market
  • Almost everything sold below $500k is a condo. It bumped up to 29 from 17 on Oct.
  • The bulk of the sales are between $500k to $1m and the cost per sqft for a sale is around $290 a sqft and holding steady
  • The average house on the market is on the market for 189 days
  • The price per sqft of properties for sale have come down this year from $380sqft to $335 per sqft
  • Inventory has gone down this year from 450 to 410

Dana Point:

http://idx.diversesolutions.com/link/363

Summary from August throu  gh today:

  • Sales activity remains steady at around 33 or so sales a month
  • Sales activity bumped up from 26 to 30+ in Sept and remains steady
  • Distressed properties are about 25% of sales
  • Currently there are 58 distressed properties on the market
  • 80% of sales are below $1m – price per sq.ft. for sfr is around $440 and has actually gone up the last few months
  • Properties over $1m that sold (averaging 5 homes) had major discounts – 30% price reduction from the original list price and then another 12% off the list price
  • Houses for sale are averaging 190 days on the market and going up
  • Median price per sq.ft. for properties for sale have gone down $540 to $480 per sqft over this last year.
  • There are 161 houses for sale and trending a down a little

Laguna Niguel:

http://idx.diversesolutions.com/link/365

Summary from August to date:

  • Sales activity for the last couple of months is in the high 80s. It bumped up from 66 in Aug. This month looks like it will be a little lower
  • Distressed properties are around 30% of sales
  • There a lot of condos selling below $500k (40 to 50 condos) making half of the sales
  • There are about 35 sales per month in the $500k to $1m averaging around $300k a sq.ft.
  • The are about 8 sales a month for homes over $1m at an average of $420 a sqft
  • The average days on the market for houses for sale is 160 days and trending up from 150 days a month
  • The price per sq.ft. for house for sale have trended down from $365 to $335 over the year

Laguna Beach:

http://idx.diversesolutions.com/link/10262

Summary from August to date:

  • Sales activity for the last few months having been averaging around 30 sales and might be a little lower this month but there is a lot in escrow.
  • Distressed properties represent about 10% of sales. There are 28 active distressed properties for sale.
  • Most of sales between $1m to $2m ranges around $800 sq.ft. give or take $100 a sq.ft.
  • Sales between $500k and $1m are about $500k a sq.ft.
  • The houses that sold came down 20% off the original price and then sold for another 10% less
  • The average day on the market for house that are for sale is 244 days and trending up. This is due to the large amount of homes for sale over $2m. There was not one house sold over $2m in Oct.
  • The median price per sq.ft. for properties for sale is around $910 a sq.ft.

Newport Coast:

http://idx.diversesolutions.com/link/665

Summary from August to date:

  • Newport Coast is averaging about 20 home sales a month and staying on course this month
  • In Sept. there were 6 distressed property sales out of 23 but mostly the distressed sales were minimal. There are 7 distressed sales on the market.
  • 90% of the sales were over $1m and about $610 a sqft.
  • Houses that sold had big, big discounts with 17% reductions from the original sales price and a 10% reduction in price from the last listing price
  • The houses for sale have been averaging 240 days – up from 150 at the beginning of the year
  • The median price per sq.ft. for home for sale is $721 from $825 from the beginning of the year
  • Homes for sale have come down from a summer peak of 185 homes to 160 homes

Corona del Mar:

http://idx.diversesolutions.com/link/666

Summary from August to date:

  • Sales went up from 17 in Aug. to the mid 20s in Sept. and Oct. but only has 4 sales this month
  • Distressed sales are limited to about 3 sales a month. There are 6 active distressed properties for sale
  • The homes that sold had a big price reduction of 15% off the original price and were negotiated down another 10%
  • Homes over $1m were averaging about $800 sqft and then went down to $650 in Oct.
  • There was a big increase in condo sales in Oct. with 10 sales between $500k to $1m. They were sold at a big, big discount off the original price and averaged $515 a sq.ft.
  • The days on the market for homes for sale has gone up from 160 days to 195 days since the beginning of the year
  • The median prices per sqft for houses for sale have come down $1,000 to $900 a sq.ft.
  • There are 140 properties for sale, up from 110 over the year.

Newport Beach:

http://idx.diversesolutions.com/link/667

Summary from August to date:

  • Sales were 47 in Aug., 72 in Sept.,64 in Oct. and looks like it will be about 60 in Nov.
  • Distressed sales were about 15% of the sales. There are 60 active distressed properties.
  • Half the sales between $500k to $1m were condos and are averaging about $440 a sq.ft
  • Sales over a $1m are averaging around 30 sales a month and the median price per sqft is $650 to  $800k.  They had big discounts through price reductions and negotiations.
  • Days for sale for active listings have increased from 160 days to 240 days
  • Median price per sqft for homes for sale have come down $750 per sqft to $670 per sqft
  • There are 500 homes for sale, up from 400 at the beginning of the year



About Author

Sean McCracken

As the OC Realtor I’ll help you find your special OC Coastal home at that special price. With my hand holding, I’ll take you through the buying process for the minimal amount of pain - Call Me @ 949-290-5317

Leave a Reply