Archive for May, 2008
May 31, 2008
What to believe and what not to believe. It is difficult to be a grasp on exactly what is going on in the real estate industry. Between television news, newspapers, the internet and even some blogs, it can be hard to decipher which information is correct. Thanks to your nifty bloggers at Redfin you don’t have to guess. We give you factual information on the market and its current movement. For today’s helping of info we take a look at past sales in the past three months in the city of Huntington Beach.
19351 Seahorse Ln: sold for $489,000, 2 Beds, 2 Baths, 1,084 SQ. FT.
7351 COHo Dr: sold for $540,000, 2 Beds, 2 Baths, 1,164 SQ. FT.
8301 Polk Dr: sold for $534,500, 3 Beds, 1.5 Baths, 1,010 SQ. FT.
19815 Maritime Ln: sold for $707,500, 4 Beds, 3 Baths, 2,260 SQ. FT.
20172 Astor Ln: sold for $795,000, 5 Beds, 3 Baths, 1,891 SQ. FT.
2010 California St: sold for $900,000, Beds and Baths not listed, 3,078 SQ. FT.
1726 Shirley St: sold for 1,015,000, 4 Beds, 2.5 Baths, 2,532 SQ. FT.
6681 Counrty Cr: sold for $1,325,000, 4 Beds, 3 Baths, 2,612 SQ. FT.
May 31, 2008
Why live in Southern California? That is a question that I get a lot from people outside the state. Statements like, the cost of living is so high, traffic is so heavy and my all-time favorite, everyone works or wants to work in the entertainment industry. There is certainly an element of truth to some of these statements, but I always have the perfect answer. I begin my argument with PCH. The option of getting up on a beautiful Saturday morning and taking a drive on PCH either north bound or south bound is simply difficult to beat. The famed Pacific Coast Highway, that lines all of the beachfront cities here in Southern Cali, makes it a staple for this high cost of living region. This highway alone almost balances out all the other not so good parts. The lovely and scenic route can rival any other places in the world and for those who can appreciate all that it has to offer, that is one good reason to live in this state.
One great city that lies in the path of PCH is Huntington Beach, with several houses listed as bang for your buck, you can grab an abode that is a stone’s trough away from this world renowned thoroughfare. Happy House Hunting
18951 Breezy Ln: $431,321, 3 Beds, 3 Baths, price per square foot $319
322 Goldenwest St: $1,100,000, 3 Beds, 5 Baths, price per square foot $367
19712 Shorecliff Ln: $679,000, 3 Beds, 2.5 Baths, price per square foot $393
18930 Breezy Ln: $464,296, 4 Beds, 3 Baths, price per square foot $260
8201 Racepoint Dr: $335,760, 2 Beds, 2 Baths, price per square foot $304
409 E. Utica: $385,000, 2 Beds, 2 Baths, price per square foot $385
6055 Greenbrier Dr: $1,185,000, 3 Beds, 3 Baths, price pers square foot $370
18859 Kithira: $645,000, 2 Beds, 3 Baths, price per square foot $349
May 30, 2008
So they say we are in a recession and while there is certainly a decline in economic activity, the housing market has not come to a dead halt. We see it all over the news, federal government cutting interest rates, hike in gas prices and a weak dollar. These factors have contributed to many people being able to get great deal on some sweet digs. In areas like Newport Beach, a steal can be hard to come by, but have no fear, Redfin Mavens are here. We find them and you search ‘em. Classified by the ration of price per square foot, these deals are becoming more and more prominent as we go deeper and deeper into a recession.
522 Clubhouse Dr: $989,000, Beds not listed, 2 Baths, price per square foot $366
1256 Rutland Rd: $399,900, 2 Beds, 2 Baths, price per square foot $368
33 Chanel Rd: $539,000, 2 Beds, 3 Baths, price per square foot $385
876 Halyard: $525,000, 2 Beds, 4.5 Baths (this may be incorrect) price per square foot $364
21 Baruna Ct: $525,000, 2 Beds, 3 Baths, price per square foot $334
6 Wild Goose Ct: $633,000, 3 Beds, 3 Baths, price per square foot $386
20 Kamali Ct: $795,000, 4 Beds, 3 Baths, price per square foot $404
3 Goodwill: $650,000, 3 Beds, 3 Baths, price per square foot $382
May 30, 2008
Photo Courtesy of CBS News
Did you know that the world’s shortest person is 20 inches long? Amazing! According to CBS news he’s only 20 inches (ironically both of my children were born at 20 inches) and is 14 years old.
So what does this have to do with real estate you wonder? Remember a few weeks ago I told you that many were crying bottom. But I thought it was only the end of the first wave of price reductions. This is because there are still a lot of homes the banks are holding onto that are ready for short sale or foreclosure? (See Waves for reference). Well, as indicated by the recent flurry of new listings that are all either self-proclaimed or show significant evidence of being bank owned or a short sale (or even a frenzied owner on the brink of foreclosure), you can see we’re continuing to see the onslaught of untraditional sales at reasonable prices compared to the rest of the market.
What’s on tap today? 3 brand new listings (from the last 48 hours) that show us exactly what shape the market’s in. I still don’t think this is a great time to be buying, but if you have to buy now and aren’t afraid to throw in a little extra effort to clean a place up these are pretty good deals for what’s on the market now
25521 Indian Hills Ln , LH
2 beds / 2 baths / 1,089 Sq Ft
Listed For: $289,900
Self proclaimed bank sell. Online value estimators range from $327-$509k
26312 Eva, LH
4 beds / 3 baths / 2,104 Sq Ft
Listed For: $600,000
Last Sold in ‘04 for $680,000 (so the owner’s ARM may be up…not sure but I have a hankering this one is a short sale), other nearby homes selling for $615-800k
25562 Maximus St
3 beds / 2 baths / 2,225 Sq Ft
Listed For: $550,000
Last Sold in 12/05 for $740k. Online estimates range from $577-772k.
May 30, 2008
Interested in checking out what it’s really like in Tustin? While your cruising some open houses (see below), stop by the Tustin Street Fair and Chili Cookoff:
“The Tustin Street Fair and Chili Cookoff will take to the streets of Old Town Tustin on June 1, 2008 - 11 a.m. to 5 p.m. This 24th annual event features the Chili Cookoff, craft booths, non-profit food vendors, entertainment, kids carnival, music and much more. Admission is free.”
Tustin Open Houses
18121 Beneta Way, Tustin 92780; 4 bed/3 bath house; 2,037 sq ft; $639,000; Open Saturday and Sunday 1pm - 7pm
13312 Tiburon Way, Tustin Ranch 92782; 4 bed/3 bath house; 2,850 sq ft; $848,000; Open Saturday and Sunday 12pm - 4pm
1511 Bluff Pl, North Tustin 92705; 5 bed/5 bath house; 4,045 sq ft; $1,495,000; Open Sunday 10am - 5pm
1531 Bluff Pl, North Tustin 92705; 5 bed/5 bath house; 4,211 sq ft; $1,595,000; Open Sunday 10am - 5pm
May 29, 2008
The last market report I did on Santa Ana’s real estate market was two months ago on March 25th. So, is there good news to report? Uh, kind of but not really.
The median home price continues to fall. The current median single family home price is $443,171, down 11% from two months ago. Inventory levels are up slightly to 1,222 properties sitting on the market. However, here’s where there might be good news. While prices are down and inventory is up, the number of days on the market is down to 98 days (down from 107 two months ago). This might be the light at the end of the tunnel we’re all looking for. Once we get more confidence back in the market and get buyers buying again, we’ll be headed for recovery. However, we still may be in for some hurt until we make it to the end.
Data and graphs courtesy Altos Research.
Properties Just Listed
2521 W Sunflower Ave #K4, Santa Ana 92704; 3 bed/2 bath condo; 1,088 sq ft; $179,900
406 E Bishop St, Santa Ana 92701; 4 bed/2.5 bath house; 1,978 sq ft; $299,900
2015 Kilson Dr, Santa Ana 92707; 5 bed/2 bath house; 1,752 sq ft; $369,900
Properties Listed “Awhile”
600 W 3rd St #A218, Santa Ana 92701; 1 bed/2 bath condo; 754 sq ft; $149,000; 326 days on the market
821 S Garnsey St, Santa Ana 92701; 3 bed/1 bath house; 1,130 sq ft; $319,900; 504 days on the market
1224 W 2nd, St Santa Ana 92703; 2 bed/2 bath house; 1,066 sq ft; $539,900; 421 days on the market
May 29, 2008
Baseball season’s in full swing. Players are stepping up to bat and taking their swings daily - some hit, some miss. But when all is said and done the same is going on in our real estate market.
Batters are stepping up and some are hitting and some are missing. John Lanser posted on the S&P numbers out and it looks like the OC/LA area is sitting at just over 24 percent below peak prices. The numbers also indicate that the OC is the 22nd worst housing market in the country. Not too surprising.
Some homes that took a swing and got a miss and now are looking to lose fare more than the average 24%:
27456 Lilac Ave
3 beds / 3 baths / 1,200 Sq Ft
Last Sold: $488,000 (9.13.05)
Asking Price: $325,000
Loss: - 33%
27241 Rosario
3 beds / 2 baths / 1,120 Sq Ft
Last Sold: $595,000 (8.3.06)
Listed For: $400,000
Loss: -32%
25402 Champlain LH
4 beds / 2 baths / 1,653 Sq Ft
Last Sold: $720,000 (5.17.05)
Listed For: $559,000
Loss: -22%
24752 Pallas Way
4 beds /2 baths / 2,389 Sq Ft
Last Sold: $750,000 (6.21.05)
Listed For: $550,000
Loss: -25%
May 27, 2008
Just think, you were thinking about buying a house that has caught your eye for $380,000. But now, the sellers have reduced their price to $360,000! What could this savings of $20,000 get you? Well, you could buy yourself a President’s gold Rolex. Too flashy? How about one semester as an undergraduate student at USC? Been there, done that? How about an annual membership to the Shady Canyon Golf Club? Not a golfer? Well, then why not get married with 200 of your closest friends on the Queen Mary? The possibilities are endless, but one thing is for sure… buying one of these properties is keeping $20,000 in your pocket (until you spend it, of course).
Orange
1231 E Collins Ave, Orange 92867; 3 bed/3 bath house; 1,246 sq ft; $364,900 (down from $384,900)
163 N Pine St, Orange 92866; 3 bed/2 bath house; 1,638 sq ft; $699,900 (down from $719,500)
Santa Ana
1118 S Douglas St, Santa Ana 92704; 4 bed/2 bath house; 1,724 sq ft; $259,000 (down from $279,900)
1338 S Rene Dr, Santa Ana 92704; 3 bed/2 bath house; 1,117 sq ft; $380,000 (down from $399,000)
1605 W Jan Way, Santa Ana 92704; 3 bed/2 bath house; 1,011 sq ft; $430,000 (down from $452,900)
2129 W Borchard Ave, Santa Ana 92704; 7 bed/3 bath house; 3,088 sq ft; $539,900 (down from $560,000)
Tustin
777 Mitchell Ave #6, Tustin 92780; 4 bed/2.5 bath condo; 1,392 sq ft; $360,000 (down from $380,000)
14661 Buckingham Pl, Tustin 92780; 4 bed/3 bath house; 2,246 sq ft; $649,000 (down from $669,000)
13719 Iroquois, Tustin Ranch 92782; 4 bed/3 bath house; 2,100 sq ft; $749,900 (down from $768,000)
May 27, 2008
Last week we took our monthly look at housing numbers for the Costa Mesa market. This week we’ll look at the Irvine housing market numbers.
The Irvine indicator numbers for May, which are provided by Altos Research, show that the number of Irvine homes on the market went up, and the time that it took to sell these homes went down. All other indicators seem to be holding steady with last month’s numbers. These May Altos numbers for detached homes confirm what the May numbers for detached+attached homes are telling us about the Irvine housing market: In short, the Irvine housing market is in a holding pattern.
Since the numbers aren’t declining, some say that this is a sign that the market is about to turn to the positive side for homeowners. Others say another round of foreclosures is about to hit and prices will continue to declline. I say, best to watch the Irvine indicator numbers for the next month or two before deciding which turn the Irvine market is about to take.
Here are the 2008 detached home statistics for Irvine:
- Median Sales Price:
On May 18, 2008: $901,771
On April 20, 2008: $904,096
On March 16, 2008: $922,371
On February 17, 2008: $943,718
On January 13, 2008: $961,225
- Price Per Square Foot:
On May 18, 2008: $411
On April 20, 2008: $413
On March 16, 2008: $416
On February 17, 2008: $421
On January 13, 2008: $426
- Market Action Index:
On May 18, 2008:16.62
On April 20: 16.57
On March 16, 2008: 16.62
On February 17, 2008: 15.86
On January 13, 2008: 16.11
Note: The Market Action Index shows the balance between potential buyers and sellers, in other words, the balance between supply and demand. Above 30 is a sellers’ market; below 30 is a buyers’ market.
- Average Days on Market:
On May 18, 2008: 82
On April 20, 2008: 96
On March 16, 2008:106
On February 17, 2008: 103
On January 13, 2008: 94
- Number of Homes on the Market (Inventory):
On May 18, 2008: 441
On April 20, 2008: 427
On March 16, 2008: 413
On February 17, 2008: 416
On January 13, 2008: 442
For more information on May housing activity in Irvine, see yesterday post “Reality Check: Irvine Condos and Detached Home Stats, May 2008.”
May 26, 2008
Although it is kind of an obvious thing to do, I decided to dedicate this post to the men and women that are and have served our country in times of war. We have men and women deployed across the world so that are rights and liberties can be protected and America can remain sovereign. Regardless of your political views and we all have them, Memorial Day is a time to give thanks and reflect on the sacrifices that our troops, both past and present, have given us. So no fancy tie-ins or witty analogies to bring this full circle as it relates to real estate. Just a simple dedication to our vets that have passed. Thanks guys.
home sales and demand trends
homes for sale
housing market trends
price per square foot
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