Going Coastal – Price, Value Holding Strong Even Now

Despite market conditions overall and the depreciating mood of real estate globally, sales and asking prices on the Orange County coastline are holding their own.  In each of the recent sales below, sellers actualized an appreciation and two of the homes sold above their current market valuations.  In terms of new listings, two of these are priced above market and all have appreciated substantially.   The allure of waterfront living is an anomaly in the marketplace and the desire for a coastal lifestyle is so strong that it permeates the market, keeping prices high and competitive; some say overpriced.  But then again, overpriced just means higher than inland living and the two really aren’t comparable.  Sand and shore will always be considered something worth a premium and despite market trends, homes on the water will most likely continue to hold their heads high. 

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SOLD!  3314 W. Oceanfront – 2 bedroom, 1 bath home sold for $3,250,000 on 11/30/07.  This is a significant appreciation from its immediate past sale of $725,000 in February, 1994 and above the current Zillow valuation of $3,069,500.

SOLD!  2227 Cliff Drive – 3 bedroom, 2.5 bath home sold for $4,996,000 on 11/30/07, up from its immediate past sale of $4,150,000 on May 27, 2005 and more than $200,000 above its current market valuation of $4,765,000.

SOLD!  704 W. Oceanfront – 3 bedroom, 2 bath home sold for $3,250,000 on 11/16/07.  This is up from its immediate past sale of $975,000 on May 28, 1998 but below its current Zillow valuation of $3,521,000.

NEW!  1314 W. Bay Avenue – 5 bedroom, 3 bath home priced at $2,120 per square foot.  The asking price is $5,000,000, up from its immediate past sale of $1,600,000 in October, 1994.  Its current Zestimate is $4,674,500 and it has been on Redfin for just 3 days.

NEW!  2781 Bayshore Drive – Newer home built in 2004 and asking $3,795,000.  It has 4 bedrooms and 5 baths and is priced at $883 per square foot.  It’s current Zestimate is $3,059,500 and it has been on Redfin for 19 days.

ACTIVE!  1123 W. Bay Avenue – 5 bedroom, 4 bath home asking $2,749,000 ($687 per square foot).  Last sold for $490,000 on March 6, 1990, this home’s current Zestimate is $3,210,000.  It has been on Redfin for 539 days.

Recent Orange County Sweet Digs Posts:

Costa Mesa Market Report:  February 2008

The Year of the Rat:  Lunar New Year Festivities in Irvine and LA

Is Real Estate Dead?