Archive for August, 2008
August 24, 2008
As I wrote last week, the OC Register reported that all but 1 ZIP code in the OC faced over half the homes that sold in the month of July selling for less than the homes were purchased for. And Mission Viejo, unfortunately, was not that 1 ZIP code (coastal Newport Beach was). In fact today I was doing a little research on the homes that went on the market and noticed that same exact trend. Nearly every single home that went on the market in Mission Viejo this weekend had an asking price that was less than what originally paid for.
Below are some of the new listings and their data:
26 Brindisi
4 beds / 3 baths / 1,936 Sq Ft
Listed For: $450,000
Last Sold: 6.15.05 (8.11.05)
22722 Sandalwood
4 beds / 4 baths / 3,443 Sq Ft
Listed For: $999,900
Last Sold: $1,140,000 (1.17.06)
26972 Escondido Ln
3 beds / 3 baths / 2,742 Sq Ft
Listed For: $,1050,000
Last Sold: $1,025,000 (8.9.07)
(I added this since the prices are so close and this seems very overpriced compared to the homes nearby)
22511 Facinas
4 beds / 2.5 baths / 2,166 Sq Ft
Listed For: $570,000
Last Sold: $685,000 (12.8.2004)
What’s shocking about this one is it indicates that prices have fallen back to 2003 prices (actually this one’s closer to 2002).
August 23, 2008
Note: The stats for detached homes provide a good overview of market trends in each city. However, condos also play a significant role in the Orange County housing market, so taking a look at these numbers is also helpful. That is what we will do with the following housing numbers.
As with tomorrow’s post (which is a overview of the statistics for the detached homes market in Costa Mesa), I am switching over to the Redfin’s inventory and pricing tools to help with determining the status of the housing market. So unless otherwise noted, the following numbers are from Redfin’s Costa Mesa “Overview of Homes for Sale” webpage. This page includes the Costa Mesa inventory and pricing numbers as well as the associated charts and graphs. So if you would like to see the charts and graphs, click on the link for the above mentioned overview page. Also, note that the numbers with an asterisk (*) are based on homes sold or taken off the market in last 90 days.
For more information on the August Costa Mesa housing numbers, see tomorrow’s post “The Costa Mesa Market Report: Detached Home Stats, August 2008.” For a review of the January 2008 to July 2008 Costa Mesa housing numbers, see “The Costa Mesa Market Report: Detached Homes Stats, July 2008” and “Reality Check: Costa Mesa Market : Detached & Condo Homes Stats, July 2008.”
Following are the Costa Mesa condo housing numbers for August 2008. I will let you draw your own conclusions concerning the difference between the overall list price and overall selling price as well as the difference between the list price per square foot and the sold price per square foot.
- Median List Price:
- Median Sold Price for*:
- Median List Price/SF:
- Median Sold Price/SF*:
- Median Days on Redfin*:
- Total Number of Homes on the Market:
- 189 (13 are bank- and MLS-listed foreclosures)
- % Homes with Price Reductions/Median Number of Reductions/Median Total % Reduction*:
- August 21,2008: 46.1%/2/10.5%
*Based on homes sold or taken off market in the last 90 days.
August 22, 2008
Taking a quick look at this data courtesty of Altos Research, it’s clear that Mission Viejo home values have matched local market conditions in their steady decline. Above is the $/Sq Ft. It’s hard to imagine that back just a year ago we were looking at an average of just over $400. Now the average $/Sq Ft for single family residences in all Zip codes of Mission Viejo sit right around $324.
And of course when looking at the $/Sq Ft we always have to have the BFYB. These are the leaders in single family homes for Mission Viejo right now as far as the best BFYB.
23831 Birch Ln
4 beds / 3 baths / 2,200 Sq Ft
Listed For: $459,900
$/Sq Ft: $205
23702 Brasilia St
4 beds / 3 baths / 2,415 Sq Ft
Listed For: $494,900
$/Sq Ft: $205
28062 Haria
4 beds / 3 baths / 3,322 Sq Ft
Listed For: $695,000
$ / Sq Ft: $209
24381 Regina St
5 beds / 3 baths / 2,594 Sq Ft
Listed For: $550,000
$/Sq Ft: $212
25931 Portafino Dr
5 beds / 3 baths/ 3,000 Sq Ft
Listed For: $649,900
$/Sq Ft: $217
August 21, 2008
The far reaching hand of a scorned real estate market seems to be very far reaching these days. The funniest thing seems to be happening to landlords, they are having a difficult time retaining tenants. You would think that would not be the case with such a shaky economy and lenders making it harder and harder to get loans, but according to the National Multi Housing Council, tenants are taking advantage of the lower home prices. According to the report, this is known as resettling. Over the past year lease renewals have gone down due to renters being able to move to larger and more spacious complexes or they are simply buying. For those in Newport Beach that are renting and wish to step it up a little here are a few homes that are on the market. Admittedly, these homes are a big leap from renting out an apartment, but for those that are ready, it is yours for the taking.
Places like this apartment complex are losing renters left and right due to the reduced prices in the housing market.
454 Vista Trucha: $845,000, 3 Beds, 3 Baths, 2,155 SQ. FT.
407 Vista Flora: $860,000, 3 Beds, 3 Baths, 1,850 SQ. FT.
1106 Hightland: $1,699,000, 4 Beds, 3 Baths, 2,500 SQ. FT.
1242 Somerset Ln: $2,185,000, 4 Beds, 5 Baths, 3,250
5 Monaco: $2,395,000, 3 Beds, 3 Baths, SQ. FT. not listed
806 Harbor Island Dr: $4,995,000, 5 Beds, 4 Baths, 4,300 SQ. FT.
August 21, 2008
I know that a few of my fellow bloggers have done post on staging in the past. But I thought it would be great to post a mini-interview with a successful stager. Cynthia Pastor, of Composition Staging, has taken time out of her hectic schedule to sit down and speak with me about the stagging industry and all that it entails. Cynthia has been staging for five years and is an accredited staging professional. Let’s see what she has to say about her industry and its effect on the real estate market.
A sample of Cynthia’s work
Redfin: Can you define stagging for me? Cynthia Pastor: Staging is both an art and a science. It creates an experience that allows the buyer to really feel what it would be like to live there. Professional staging uses proven concepts where families can see themselves in the home. The professional stager takes the burden off of the realtor by creating a visual that would not have otherwise been there.
Redfin: What are the benefits of having your house staged? Cynthia Pastor: To create a lasting sensory impression that will send buyers back to your home. In our current real estate situation there is a lot of inventory out there and it is a buyer’s market, which allows people more time to make a decision. Staging leaves more of a lasting impression. Also, the buyers are limited by what they first see, staging refines the space the realtor has to work with and makes it more visually appealing.
Redfin: What does it cost to have your house staged? Cynthia Pastor: An average cost for staging is a one dollar per square foot. If the client has their own furniture that is in good shape, that makes the process easier and cheaper.
Redfin: What are the differences you have seen between people that have their houses staged and those that don’t? Cynthia Pastor: The visual appeal and it creates an emotional sense. We also do a lot of de-cluttering, which can make the space seem larger that what it actually is. I go by what I call the three F’s, which are floor plan, functionality and flow. In addition, stagers also address the front of the house as well, exterior work is done because it is the first thing that people see before they walk in.
Redfin: Do you think that staging is something that will continue even when the market rebounds? Cynthia Pastor: Yes absolutely, I think the public’s awareness of staging from channels like Home & Garden Network has increased the visibility of my field. Plus, the overall investment of staging compared to what you actually get out of it makes it all worth it. The good thing about staging is that you can always improve upon the condition of a home. It is an unfixed variable unlike the location of a house. When it comes to staging you can mix it up to fit whatever particular need is necessary.
August 21, 2008
It appears that foreclosure can be hazardous to your health in the O.C.– even if you’re not the one losing your house. Foreclosed families are leaving their swimming pools to stagnate, providing an ideal breeding ground for mosquitoes, particularly those that cause West Nile virus.
The Orange County Register reported in this story that there have been 10 human cases of West Nile virus this season, compared to 29 statewide.
“We’ve got more positive mosquitoes than we’ve ever had, and a higher infection rate (in mosquitoes) than we’ve ever had,” said Orange County Vector Control District spokesman Michael Hearst.
Similar levels are being detected in Riverside, San Bernardino, Los Angeles, as well as the Antelope Valley, according to Hearst and other animal disease specialists.
As of early August, when the story was written, 556 dead birds in Southern California had tested positive for the virus. West Nile affects mainly birds, although the elderly and those with compromised immune system are susceptible.
Orange County’s vector control agency, as well as others, say an explosion of “green pools” – swimming pools that have been abandoned, many because of foreclosures – are likely helping to drive up infection rates in animal populations as well.
To protect yourself, use insect repellent, wear long sleeves, and make sure your window screens are in good shape. (Click here for more tips.) If you know of an abandoned swimming pool, click here to report it to the Orange County Vector Control District. For more information on the virus, including how to report a possibly infected dead bird, click here.
Meanwhile, Orange County was one of five Southern California counties whose July sales of existing homes increased year-over-year, according to this news release from DataQuick. Sales volume rose 17% over last July’s, which most experts attribute to bargain-hunters snapping up foreclosure properties. The median price for an O.C. home dropped to $461,000, down 28% from a year ago. We’ll need to see several straight months of this to determine whether we have a trend, but it’s a hopeful sign.
Recent Redfin posts:
It’s New. It’s Improved. It’s Redfin’s New Housing Pricing and Inventory Tools. And More…..
Inventory for Huntington Beach
Halt! Mission Viejo New Development Canned
Tustin: Real Estate Market Report–Median is Up!
August 20, 2008
Inventory for home sales dropped in Orange County to the lowest level of the year in August. According to Steve Thomas of Re/Max Real Estate Services, 398 homes came off of the market causing inventory to drop 14,348. Currently there are 2,940 deals pending in the Orange County area. For those looking to buy in Huntington Beach, we see the contrast with a median home price of $810,482. With a market action index as of August 17, at 17.66 H.B. is certainly a buyer’s market, this according to Altosresearch.com. Currently there are 584 homes on the market in Huntington Beach with each house staying for sale an average of 112 days. The median price per square foot in Huntington Beach is $426. These numbers and the graphs below show that H.B. is experiencing moderately healthy movement in an otherwise unhealthy market.
Home Sales and Demand Trends
Homes for Sale
Housing Market Conditions
Price per Square Foot
Real Estate Price Trends
August 20, 2008
Well here we are once again for numbers crunching. Yes, it is that time to take a nice hard look at stats, graphs and all things numerical. The best part about it all, is that numbers don’t lie. Nothing like statistics to help determine your purchasing or selling decisions. As cited in Dqnew.com, a total of 39,507 homes were sold in the state of California last month. A total 20,329 homes were sold in the Southern California region, which is a 16.7% increase from last month. The median price in the Southland is $348,000 down 2% from last month. The median home price in Orange County is $461,000 a 28% drop from this same time last year. Of course, once we leap over to Newport Beach we see a drastic change, according to altosresearch.com, the median home price in Newport Beach is $2,086,197. In addition, properties in Newport Beach have been on the market for an average of 144 days. As of August 17 the median price per square foot in Newport Beach is $729 and there are a total of 433 properties available for purchase. These graphs below can provide you with additional information on market activity in Newport Beach.
Real Estate Price Trends
Homes for Sale
Housing Market Conditions
Price Per Square Foot
Real Estate Price Trends
August 19, 2008
Photo Courtesy of castadelsol.com
It’s well known that Mission Viejo and Laguna Hills each offer a good-sized Senior community for those 55+. Back when home prices peaked elsewhere, these senior community prices have typically been lower than anywhere else and were a bargain for anyone looking to live the “Leisure World” lifestyle.
But alas, things have changed. Things aren’t moving as fast as they were and the OC Register reported today that plans to build a new building in Casta del Sol have been cancelled.
Wayne Sant, of Sunrise Senior Living, told the city last Friday the company is no longer interested in the land.
Sant, senior vice-president of development, told city officials the withdrawal is mostly due to a stale development industry and the uncertainty of receiving city approvals for any of their concepts, according to a report given to the City Council Monday by Chuck Wilson, the city’s director of community development.
And it’s becoming clear to see why the market is so stale. What was once a great bargain, is now way overpriced.
For example, 27862 Via Prados. It’s a 2 bedroom, 2 bathroom, 1,347 Sq Ft single family home. The interior is not in bad shape, but is definitely dated. The home is listed for $495,000. When just a short jaunt down the street is 26839 Calle Alcala where you can get 3 bedrooms, 3 bathrooms, and 1,200 Sq Ft for $430,000. Sure it’s a short sale, but the price difference is huge. One drawback is the lack of “community” atmosphere, but with the events from local senior centers and groups, the money one can save is virtually priceless. Not to mention the Casta del Sol home has a $301 HOA/membership fee each month, whereas the other has none.
In Casta del Sol, one can get 28292 Zarza that sports 2 beds, 2 baths and 1,495 Sq Ft for $528,000. This certainly does sport a lot of upgrades – especially as far as Casta del Sol homes go. It has new counters and upgraded hardware in the kitchen and the appliances look fairly recently upgraded as well (at least in the last 5-10 years). But for nearly $100k less (certainly far, far less than it would cost to upgrade the home to exceed the Casta del Sol property) you can get a comparable home just down the street. 26521 Via Gorrion is available with 3 beds, 2 baths, and 1,099 Sq Ft. This home is listed for $429,000. While there aren’t any pictures and I haven’t been on a tour, it supposedly has a new kitchen with new appliances. And the HOA fees – Zarza’s comes in at $319 and Via Gorrion $19. Not to mention Via Gorrion is not too far from the YMCA which has a great Silver Sneakers program for seniors as well.
It’s easy to see why the market is “going stale” as the developer of the new Casta del Sol property noted. What was once a bargain faces stiff competition from the standard residential market for single family homes.
August 19, 2008
Wow, time flies when the market is doing crazy things. It’s already been three months since I last checked the stats of the market in Tustin. Let’s check out the numbers, you won’t believe what you’ll see.
Thanks to Altos Research, we see that the median Tustin single family home price is… drum roll please, dummm da dumm dumm, $648, 407! What’s so crazy about this number? It is actually UP from three months ago. Ok, ok, so it’s up only $3,350 (0.5%), but come on… it’s up! It’s still down from late February, but what’s surprising is that it’s not down again. Is it the beginning signs of a market recover or the tranditional seasonal sales hike we see in the summer? Only time will tell.
There are slightly more homes on the market now (238 homes versus 225 homes in May). The number of days the average Tustin home has been on the market is relatively the same, at 124 days (up from 118).
(Data and graphs courtesy Altos Research)
Properties that are “Bakery Fresh”… Yum!
13292 Fairmont Way, North Tustin 92705; 4 bed/2 bath; 2,224 sq ft; $569,000
14782 Foxcroft Rd, Tustin 92780; 4 bed/3 bath; 2,229 sq ft house; $599,900
12582 Ranchwood Rd, North Tustin 92705; 3 bed/2 bath; 1,820 sq ft house; $749,000
Properties that Should be on the Day-Old Discount Shelf in the Back
1182 Mear Lane, Tustin 92780; 3 bed/2 bath house; 1,427 sq ft; $499,900 (originally $629,900); 552 days on the market
1472 Lance Dr, Tustin 92780; 4 bed/2 bath house; 1,606 sq ft; $625,500 (originally $749,900); 508 days on the market
1447 Charleston, Tustin 92710; 5 bed/5 bath house; 4,191 sq ft; $1,579,000 (originally $1,695,000); 423 days on the market
