February 20, 2012
- Sales were Down to 7 and Inventory Jumped to 16
In spite of the increase in average price, Dana Point was hard hit in January. Condos were flying off the shelf in December after a very slow year. Then suddenly we are back where we were and few have sold. There is usually not a lot of inventory in Dana Point, but with 17 new listings, there is now. In December 19 condos sold and there were only 4 new listings. Inventory really shrunk. By the end of January, 17 new listings were on the market and only 8 had sold.
The good news is buyers who were frustrated with the lack of inventory can come back out and look. There is plenty to choose from. Renters especially should stop throwing away their money and invest in their own home.
- Average Price Skyrockets to $551,562!
Just when the lack of sales and the burst of inventory depress our sellers, the average price jumps $100,000. There were only 7 sales, so you might think there was one million dollar condo that affected the results, but no. The most expensive condo sold for $650,000. Beach-close condos are usually expensive and can easily cost the same as a single family home inland.
- Median Price Up $40,000 from December
More good news for sellers! Half of the buyers paid more than $390,000 for a condo in Dana Point. There were only two other months in the last 12 that exceeded this number. If you have ever been to Dana Point, you are aware of the multitude of condos with awesome ocean and marina views. Dana Point Harbor is truly beautiful.
Designed by Tim Sainburg from Brambling Design
Categories: California, Coastal Condominiums, Dana Point, Residential Real Estate.
February 19, 2012
- January Sales Drop by 50% and New Inventory Triples
Condo sellers in Laguna Niguel are not happy about January 2012. Since September, 2011, sales have outpaced new listing inventory and shrunk the available supply for our buyers. Normally, 25 new listings hit the market every month, December was the lowest number of new condo listings for the year. Only 11 new condos entered the market. In January, 30 new condos arrived for the buyers to choose from. This is still much less than last year at this time when 40 or more condos every month flooded the market. Sales could not keep up. We can only hope the low sales in January is just the result of low inventory in December. Most condo sales take 30-45 days to close escrow when financing is involved. So February sales should be much higher and soak up some of the new inventory. We want prices to continue to stabilize and even inch upward.
- Average Price Declines to $226,037
The average price dropped to $226,037 from $289,611 just the month before. There were a few one bedrooms that really affected the average. One sold for $110,000 after being on the market for 350 days. There are bad locations and those sell last and for deeply discounted prices. Overall the sellers only gave 2% of the final price away to the buyers to get the unit sold. The days on market continued its decline and now is 134. Most condos sold and closed escrow in less than 3 months but a couple last month were on the market for 610 days and 350 days which pushed the figure higher. There was one really happy seller. The condo was priced at $325,000 and sold for $335,000. There was competition for that one!
- Median Price for Laguna Niguel Condos Way Down at $207,000
This is the statistic most influenced by low prices when there are a significant number of them. Half of the condos sold for less than $207,000. Most of the year the median price was over $250,000. The buyers really got great prices. For investors, they can rent these condos out and make a profit from the very beginning. Rents will only increase.
Categories: California, Coastal Condominiums, Laguna Niguel, Residential Real Estate.
February 11, 2012
This is an awful start to the year for Laguna Beach Condo Sellers. Seven new properties hit the market in a burst of enthusiasm after sales climbed in December but no one came to the party. Average days on market climbed to 172 which had not been seen since last September. You can’t really take too much stock in that number because it only represents one sale. Still, that property was on the market almost 6 months before it sold and the seller gave the buyer a whopping 10% discount.
The Only Condo Sold was for $480,000
This was not the worst monthly sales result but it was one of two. This condo was near a busy street and that probably explains the low price. There are so few condo sales in any one month in Laguna Beach you cannot really draw a conclusion about the market. Also, some condos have killer ocean views and ravine views. Others watch traffic go by all day and see the ocean from afar or not at all. There is wide variety. If you love the beach, this is still the place to live. When you are home, you don’t spend your time looking out a window either you are watching television, reading or getting dressed to go to the beach. It is only minutes away!
- Median Price is the Same $480,000
No much to say when there was only one sale except that we expect this to pick up quickly. Seven new listings are good news for buyers who want to live at the beach this Spring or Summer. Get your tan and a tax deduction for your monthly payment.
Designed by Tim Sainburg from Brambling Design
Categories: Coastal Condominiums, Laguna Beach Condos, Residential Real Estate.
Tags: Laguna Beach Condo Sales, Laguna Beach Real Estate
January 16, 2012
San Clemente Condo Sales Completely Turn Around
December was one of the hottest months for sales in 2011. Who knew? August was slow, September awful, then October was great, November really good for that month and December finishes the year with 19 sales, one of the best months all year. Inventory is way down now. The past three months sales have swept the new inventory off the market and a number of the old listings. Whew! Now we need our sellers to come back on the market. The average days on market dropped to 133, it had been as high as 193 in June. There are many cash buyers out there who can close quickly and usually decrease the average Days on Market figure but the lenders have also been faster to get the loans out. You certainly need to be completely qualified before you start. This is not the time to get a pre-qualification from a random internet site. Mike Munzing has an excellent site with a complete application form for you to fill out and see what you can qualify for. And there is always your bank. Just bring everything, two years tax returns, three months banking statements, investment statements, and your last two paystubs. Then you avoid nasty surprises in escrow. People have had bad credit experiences in this recession and some have to submit additional paperwork to get their loan approved.
For all the details on the 2011 sales organized by month – Click here to see the report
- The Average Price Drops to $358,618
The average price decreased $23,000 from last month and was one of the lowest for the entire year. Some really inexpensive condos sold but there was one condo priced at $1,280,000 that sold for $1,101,750. It still sold for way over a million dollars but the sellers gave a 14% discount on the price. It was on the market for less than 3 months. The condo on the market for the longest length of time was listed for 303 days. A long year for that seller!
- Median Price Dips to $330,000
There were only two other months with lower median prices. Half of the 19 condos were sold for less than this price and half were sold above this price. It is a good indicator of the real price of the sold condos and is not as easily manipulated as the average. The cheapest condo sold for $128,000. Now that is one great way to get into the housing market in San Clemente and work your way up the real estate ladder. Rentals are in great demand in San Clemente, especially during the summer months and winter vacations. It can pay you to rent out your condo and go vacation or stay with relatives for a few weeks or a month.
Categories: Coastal Condominiums, Residential Real Estate, San Clemente.
January 13, 2012
December Sales Up 10% - All Sales Up for 3 Months in a Row. Average Price One of the Lowest in 2011 $297,720
The buyers are enthusiastic about Aliso Viejo. New listings have decreased each month for the last three months but sales activity has increased significantly at the same time! One of the best sales months all year was in December. Look at that green column. The new inventory (blue column) is decreasing over the last few months of the year compared to the beginning of 2011. This means buyers better get busy if they are waiting for prices to go down. Inventory is disappearing and prices will go up once there are more buyers competing for fewer properties. The average days on market appear to be fairly stable. Most proprties close escrow 4 months from the date the are first put on the market. That usually means the property is on the market for around two months, then put in escrow for the inspections to be done and the appraisal completed, then the loan has to be approved by the Underwriters at the banks and the loan documents ordered and emailed to escrow. Those are signed, sent back, and the loan is funded. Then the County Recorder’s office records the transfer in ownership.
Average Price for December is one of the lowest in 2011
Some very old inventory moved off the books last month. A large number of sales took 7-12 months. Of course, those would be the short sales and a few equity sellers who had priced their units too high for this market. Even short sales can start out too high. Only after stagnating on the market for a few months will the lenders lower their prices. Some of these condos are in very unfortunate locations (near busy intersections, overlooking parking lots or the freeways, etc.). But someone will always buy a property at the right price. Tenants are not as choosy as homeowners and for investors this means they can buy and rent out the unit and make a profit.
- Median Price Drops to $295,000
This is not the lowest median price in 2011 but with the large number of sales involved it is very informative about the current market. Half of the almost 50 condos that sold were above this price and half below this price. If you have $295,000-$300,000 to spend, you can find a very nice condo in Aliso Viejo. This community is very popular with the younger segment of the population. It has a good supply of detached condos which appear to be small homes but they have advantages for some buyers. There are a few communities that even have landscaping services take care of all the front lawns. They are definitely cheaper than the single family homes.
Designed by Tim Sainburg from Brambling Design
Designed by Tim Sainburg from Brambling Design
Categories: Aliso Viejo, Coastal Condominiums, Residential Real Estate.
January 10, 2012
- Dana Point Condo Sales Surge at Year End
After a very lackluster year, suddenly everyone got moving and condo sales doubled. December was the strongest sales month all year by far. Look at that green column. It was double each of the previous four months. One remarkable event was the sale of a condo that had been listed for 1,284 days. Unbelievable. That threw the statistics for average days on market out the window. Without that one sale, the average would have been closer to 4 months.
- Beautiful Dana Point Harbor
Visit Dana Point! It is a beautiful place to live and work.
- Average Price fluctuated widely in 2011
Most of the year had 10 sales or less in every month and that makes the average price move up and down based on just a few sales. Some of these condos are million dollar residences with breathtaking views. Others are one bedroom, view of the parking lot, next to a noisy street residences. Either of those extremes cause an average price to jump around. The individual monthly sales are interesting. If you click on the link and any particular month, you can review the residences that influenced the average price statistic and see what sold. That would be the better approach to this information.
- 2011 Ended with a Fairly Stable Median Price Graph
After an amazing April and a disappointing drop in May, the rest of the year muddled along. If you had $400,000 to spend on an ocean-close condo, you could choose from over half of the inventory. There are numerous condominium complexes on the hillsides and bluffs in Dana Point. The views of the ocean and Catalina Island are incredible. It is much more a a slow-moving beach resort than Newport Beach just up the coast about 20 minutes.
Categories: Coastal Condominiums, Dana Point, Residential Real Estate.
January 9, 2012
- Sales are Getting Hotter and New Inventory Dwindling.
Is the housing market recovering or what? Look at the Laguna Niguel condominium sales for encouragement. New inventory is at the lowest for the year, very significantly. We are down to 19 new units on the market and 35 sales for the month of December. Wow! The pendulum has swung. At this rate, prices will start rising. Old inventory finally moved too! The grandaddy of the listings was on the market for 822 days. Well over 2 years! There were several near that one year mark or a little over, but most were quickly sold. It is not easy to close escrow in less than 45 days if you are getting financing, but several people did it. My recommendation is to go with a direct lender but not a big bank. If the lender has underwriters on site, then your loan will move through quickly.
- Average Price Up for December to $280,342
The average price of $280,342 was within the ball park of the average prices all year. Certainly down from the first 6 months but we could now see an upward trend to $300,000 and above. Right now an investor can purchase a condominum at these record low interest rates and find a tenant who will pay enough rent to offset the monthly costs and return a profit.
- Median Sales Price Climbs to $250,000
This is the midpoint of all the sales for the month. Half of the homes sold for more and half for less. This is the amount of money you should have to spend when you go out to look. Preferably, you should have 10% than the median to have the better selection and money to pay for escrow and tranfer fees.
Designed by Tim Sainburg from Brambling Design
Categories: Coastal Condominiums, Laguna Niguel, Residential Real Estate.
December 27, 2011
- New Inventory Plummets to 7
New inventory in the San Clemente Condo market almost dropped off the cliff. Just seven new condo listings came on the market in November and fifteen condos were sold. We were a little worried in September when the new inventory was 27 and the sales were just a meager 11 units. But the situation reversed itself immediately and October sales were almost double the new inventory. Now the November sales are in and we can see the inventory is further reduced. Hopefully our sellers are paying attention and will bring more condos on the market in January.
The Average Days On Market has increased to 149 from 123 the month prior, but well within the range for 2011. Most condos were on the market for approximately 140-150 days from the beginning of the listing all the way through to the close of escrow. In fact, one of the condos was on the market for 493 days which pushed up the average. Many of the condos sold in less than 3 months. The old one was on a busy street and that is undesirable.
- Average Price Drops to $381,860
Condos sold with prices starting at $170,000 all the way up to $865,000. There is a wide selection of properties in San Clemente, some are beach front, others can be back in the hills with no view. Still, all are beach close. This is a beautiful community with great shopping, schools, freeway access but still retains its relaxed, beachy ambiance. These condos are perfect get-aways. You can feel like you have been on vacation for a week after just a weekend in San Clemente.
Median Price Dips to $345,000
This is about average for 2011. Half of the condos sold for less than $345,000 and half sold for more. Location, location, location as they say. If you are curious about the specifics of each condo that sold, click on the link to the Market Report, click on any month and review the list. You can click on a specific address and you will see a picture and access to the MLS number. If you use my link to the right of this blog, you can access the MLS data for that sold listing. All of the pictures are available as well as the homeowners association dues (this can vary widely) and there is an airplane icon in the upper right quadrant of the MLS. If you click on the airplane, you will see a map with access to pictures of the block, the street view and of course, the location with respect to the freeways and the beach. Have fun!
Categories: Coastal Condominiums, Residential Real Estate, San Clemente.
December 19, 2011
- Laguna Beach Condominium Sales Stabilize – Few are available
There are so few condominium sales in Laguna Beach. Three condos sold last month and there was one for over $1 million. At most sales topped out at 5 condos for the month. In fact there are not that many condos in this relatively small city, most residences are homes. And some of the homes are very, very small – just beach cottages. The sales included one for $365,000 and one for $470,500. This is a beautiful area and the per capita income is one of the highest if not the highest in the USA.
New inventory was completely absorbed by the sales. Our Laguna Beach sellers are happy with the market trend over the last three months.
- The Average Price for November 2011 was $636,833.
These condos are not cheap but they usually are recently remodeled from single family residences or recently built. You can expect views and good locations. Beach cities tend to be noisy so think about purchasing dual paned windows if your condo does not have them.
- The one in the middle was priced at $470,500
There we are. If there are only three sales, then the one in the middle becomes the median price. This is not an average price. Prices above or below it do not affect it and that is why it differs so much from the average price. This price jumps all over the place during the year depending on the few that sell.
Designed by Tim Sainburg from Brambling Design
Designed by Tim Sainburg from Brambling Design
Categories: Coastal Condominiums, Laguna Beach Condos, Residential Real Estate.
December 12, 2011
- November Sales Identical to October at 32
This is 40% higher than sales were last year at this time. And last year sales then leapt upward in December. Let’s hope for a repeat this year except that at 32 sales, we are already above December of 2010. The sky is the limit. Laguna Niguel is a very popular area to live, work or play in. The amazing statistic is the number of days on market for some of these properties. One was almost 2 years. There is one development on Clubhouse with about a hundred units that can only be sold to cash buyers. That severely limits the marketability of those properties.Most properties moved to close in less than 4 months which is very good. Condominiums were very hard hit in this recession. Those owners tend to move more often and cannot tolerate extremely slow markets.
- Laguna Niguel Condo Average Price for November $263,771
We had not seen an average price this low since August. The sellers only gave an average of 3% off the last listed price so the buyers will come close to the listed price if they agree with it. There were a number of short sales and foreclosures included and that tends to lower the average prices. Many times these units need renovation.
- Laguna Niguel Condo Median Price for November $232,500
This is very low and means that lots of cheaper condos were moved off the market. Foreclosures and short sales cause this to happen. Once a foreclosure sits on the market for 60-90 days without an offer, the lender will systematically start dropping the price. You could see a price drop $10,000 every three weeks on a property until it sells.
If you would like a list of the active foreclosures, short sales and distressed properties in Laguna Niguel, email me!
cathleen@cathleenpryor.com
Categories: Coastal Condominiums, Laguna Niguel, Residential Real Estate.
December 4, 2011
- Sales Increase to 40 – New Listings Arrive
The sellers in Aliso Viejo have jumped back into the market. Just when new inventory was dropping down to levels unseen in more than a year, we have a surge of interest by our sellers! Until October and September, 42 new listings was our low point. The market was surging with new inventory for most of this year and buyers were scooping up the bargains and the over-improved properties that were offered as short sales. Many condominium owners borrowed money to put in new kitchens and bathrooms, travertine and granite everywhere. Then the market crashed. Condominum owners move more often than other homeowners and many were caught off guard by the market’s swift decline. (Don’t you hate the unethical loan brokers who falsified loan applications and got people into loans they could not afford for more than 3 years?) Anyway, there are some absolutely beautiful condominiums selling for prices that do not include all of the money spent for upgrades. Most of the upgrades were made using second or equity loans on the properties and in a foreclosure or short sale situation, those loans are removed for the buyer for pennies on the dollar. In a HAFA sale, an equity or second loan on the house could settle for as little as $3000 to remove their lien for the buyer. Most of these loans exceed $100,000. Buyers can capture their first home at bargain prices and enjoy the upgrades without paying more for them. The Days on Market number dropped to 117, the lowest this year. One unit closed in 2 weeks!
For information on current listings including foreclosures, short sales, bank-owned property – email me at
cathleen@cathleenpryor.com
Average Price in November 2011 $311,912
The average price was up from October but well within the range for the last year. On the average sellers gave buyers a 3% discount on their last listed price to get the unit sold. This was also within the range all year long. Once the price is lowered to where the market is, the buyers will offer maybe 5% less and the agreement will be between 2% and 3% of the listed price. Everyone wants to negotiate, but sellers do not accept ridiculously low offers. Condominium prices are the lowest prices you can pay for owning your own residence in Aliso Viejo. Inventory is good, come and take a look. If you are an investor, there is a good market for great tenants. This community is centrally located and has easy access to numerous freeways, toll roads and parkways.
- Median Price Drops to $302,500
The median price for November was one of the lowest in the last year. It illustrates how motivated the Sellers were and many of these sellers were banks or banks that approved short sales. When you can purchase a condominium in a community that has developed since 1990, you can expect a fairly recently built structure and good facilities. Also, this community has the Mello-Roos payment through the tax collector but those bonds are close to being paid in full. Then the Mello-Roos component of the tax bill will disappear.
Designed by Tim Sainburg from Brambling Design
Categories: Aliso Viejo, Coastal Condominiums, Residential Real Estate.
December 4, 2011
YTD Dec 2011 Dana Point Condominium Inventory and Sales Stabilize
Sales for Condominiums in Dana Point have hovered in the 7-10 range for most of the year. Finally inventory is slowing so sales can catch up. In November, eight properties were newly listed and eight properties sold. The days on market overall was by far the highest of the last 12 months and for several of these units was staggering. 30 Corniche #A was on the market for 609 days. It finally sold for $189,000. Some of the condominum projects have expired FHA approvals and that throws all of the financed sales into a tizzy. (Cash buyers have no problem.) A few big lenders will do spot approvals but no guarantees. If over 15% of the condo owners are behind in their dues, there will be no approval. You can get financing through a smaller lender though. I have recommendations on who to contact if this is a problem for you.
Interested in the current condominium inventory in Dana Point? Foreclosures? Short Sales? Email me for a list. cathleen@cathleenpryor.com
Want all the details on the above sales? – Click here to see the report
Community information? http://www.titleadvantage.com/mdocs/DanaPoint.pdf
November 2011 Average Price For a Dana Point Condo $334,250
As you might expect, this has dropped from the monthly results for the last 5 months. It will go back up now that those old units are finally sold. Sharp investors are buying up the less desirable units for drastically low prices and planning to paint, carpet and rent them out until the market gets red hot again. In the meantime, the units pay for themselves at these low prices.
- Median Price Drops to $332,750
The highest price paid was $510,000. All of the condominiums were sold for very close to the median price. There was not a wide range. Some months we have seen million dollar condos sold, but not in November.
Categories: Coastal Condominiums, Dana Point, Residential Real Estate.
November 13, 2011
Beautiful San Clemente Beach
Take a minute and read about the wonderful community of San Clemente and its history. California Title Company’s Community Information link -http://www.titleadvantage.com/mdocs/SanClemente.pdf
Categories: Coastal Condominiums, Coastal Single Family Homes, Residential Real Estate, San Clemente.
November 12, 2011
- Sales Pop up 36% and New Inventory Drops by 37%
For sellers this is extremely good news. New listings are declining and the buyers are absorbing the old inventory. The days on market declined, of course, to 129; that was one of the very best months this year. There were three very old listings that finally sold but most were much less than 4 months. The inventory in September really spiked up and caused some worry because sales were declining. However, the buyers must have been waiting for the right deal and were able to close the transaction quickly. There are a number of investors picking up beach condos as investments or weekend get-aways.
San Clemente Average Price Rises to $474,618
This was the highest average price this quarter. There was one condo that sold for $1,300,000, down from the listed price of $1,690,000 (24% discount) and it pushed the average price way up over last month. This was also the one that was on the market the longest – 402 days. The others were much, much less.
If you want a better look at a listing, just click on the link at the bottom of the blog post, the market report will appear, scroll down and click on October, scroll down and click on the first address. The listing information, an icon and a map will appear. If you note the MLS number and then go to the blog and click on my active link to the MLS, you can input the number and find the full listing as well as all the photos.
Median Price $350,000
This is more like it for San Clemente Condos. This price is right in the ballpark of the prices over the last 6 months but it is down from the price levels early in the year.
For more details – Click here to see the report
Categories: Coastal Condominiums, Residential Real Estate, San Clemente.
November 5, 2011
Designed by Tim Sainburg from Brambling Design
Designed by Tim Sainburg from Brambling Design
Categories: Aliso Viejo, Coastal Condominiums, Coastal Single Family Homes, Residential Real Estate.
November 5, 2011
Sales are Down and Inventory is Up
October was a disappointing month for sellers. For the first time in months, new inventory surpassed the sales. And if that was not dismal news, the sales dropped to the lowest point in the last 12 months. The days on market increased as you would expect, from 151 to 163, and resulted in the longest time an average sold home was on the market in the last year. To be sure there were short sales responsible for the days on market figure with several exceeding a year. Overwhelmingly most were less than 6 months. We were hoping for a better October but so were the Yankees.
Average Sales Price Drops to $291,505
There was only one month lower than October’s average price in the last 12 months. August was the low point and then prices recovered immediately. Let’s hope for a repeat. Sellers gave buyers an average discount of 3% to get the units sold and that was the trend for the last three months.
The Median Sales Price Dipped to $290,000
This dropped by $20,000 from last month but was a $20,000 improvement over September. The median prices for condominiums in Aliso Viejo in 2011 were well over $300,000. Many of the smaller condos that investors prefer are being bought now. These almost always have a positive cash flow from the very beginning.
For more details, pictures and maps -Click here to see the report
Categories: Aliso Viejo, Coastal Condominiums, Residential Real Estate.
November 5, 2011
24 New Listings and 28 Sales for October - Excellent Trend
The condominium sales in Laguna Niguel continue to bring good news. Year to date there have been 378 new listings over the past 12 months and 367 sales. When you realize some of these were listed with more than one broker, and would count as “new” twice, sales are great. For buyers wanting their first home or investors looking to start or add to their portfolio, this is a perfect time to buy. The condos were only on the market an average of 114 days, that is less than three months from start to finish and it includes short sales. Some of those took over seven months to sell. One cash buyer closed escrow 13 days after the offer was accepted. The market is brisk. Time to buy!
The average price for a condo in Laguna Niguel rose slightly to $290,114
This is up from $286,222 in September but not by much. Both months show a decline in average prices from the levels set in January through May. Sellers started aggressively pricing their properties during the June slowdown and in August sales reached their peak for the year. Even in October, sellers were giving an average discount of 5% off the listed price, this was the highest discount all year.
- The median price was $282,500 – Up from September
The median price was up significantly which is interesting. Not since March had the midpoint price been this high. It does show how the very low priced condos affected the average but half of the condos sold went for more than $282,000. There is still plenty of inventory especially if you happen to have some cash for paint, carpet and faucets. Some of the cheaper condominiums just need some updating and cleaning to show well to prospective renters.
Categories: Coastal Condominiums, Laguna Niguel, Residential Real Estate.
November 4, 2011
- New Listings Rise to 13 and Sales Increase to 9
Sales of Condominiums in Dana Point have moved slowly this year and there has been excess inventory for the past two months. The average days on market are increasing (178). Only one month of the last 12 had a higher number. Looking at the sales numbers, nine sales is not that bad, it is about average and it is better than last October (7 sales).
Dana Point Condominium Average Price Rises to $473,844
This was a good month for sellers. The average price rebounded to a good level looking at the past 12 months. Sellers gave buyers an average of 4% off the listed price to get the home sold. That is a good discount when the average is almost $500,000. Sales could have easily weakened but the number of sales did not respond to the economic news.
Median Price Drops to $360,000
This is the perfect illustration of the difference between the average and the median prices. The average gives all prices equal weight and just averages the total. The median dives into the middle sale number and shows that one. In this case half of the sales were under $360,000. If you want an ocean-close condo in the beautiful city of Dana Point with the gorgeous harbor, you may want to buy here and save money over Laguna Beach right next door.
For more information - Click here to see the report
Categories: Coastal Condominiums, Dana Point, Residential Real Estate.
October 24, 2011
San Clemente Average Price Drops Drastically to $356,050
This is the second lowest average price for the last twelve months. If you could not afford an ocean-close condo before, you can now. The average days on market dropped to the second lowest for the year too. The condos are selling quickly and the sellers are still giving an average of 4% off the last listed price. It is a buyer’s market. Take advantage of the record low interest rates! What is not to like about the bottom of the market for a buyer?
Sales Drop to 12 Month Low
Only ten condos sold in September but almost three times that amount came on the market as new inventory. Over the last four months, sales have surged ahead of new inventory encouraging more sellers obviously. The sellers that were even considering selling are on the market now. Time to step in with this burst of enthusiasm. Condominiums are just the perfect starter or last home! The homeowners association negotiates with the gardners and stays on top of building repairs, pool maintenance, landscaping and gets the best insurance rates. The owners just enjoy life.
San Clemente Median Price Drops to $322,500
The few condos that sold were the cheaper ones but there are more to choose from for the buyers still waiting for the right home or investment. We will see what happened in October when the results come in next week. The ones that sold were not on the market long but buyers have been depleting the inventory so much over the last four months, this is no surprise. Many buyers are people with homes elsewhere even in Orange County that want a little beach pad to escape to. There is one for you too if that is what you would like!
Email or reply to this Blog if you would like a list of current inventory!
For more details – Click here to see the report
Designed by Tim Sainburg from Brambling Design
Categories: Coastal Condominiums, Residential Real Estate, San Clemente.
Tags: San Clemente Condominum Real Estate September 2011
October 9, 2011
Only Two Condos Sold in September 2011
Sales dipped from 5 for August to 2 for September. We have not had a month in the past 12 that was over 5 and only one that was lower than 2. Both condos had been on the market for 4 months. One sold for $497,900 and the other $1,150,000. There was a bidding war for the expensive one, it sold for more than the listed price of $1,021,000. Let’s face it some of these condos have killer views of the beach, ocean and city lights. Laguna Beach is a rustic and eclectic community. Very little pretense here. Great restaurants, entertainment, shopping and schools.
September Average Price dips to $823,950
Well, there were only two sales. The average prices over the last year are skewed by the fact there are so few sales in any given month. Suffice it to say, you will need a half a million dollars to buy a condo in Laguna Beach unless it has problems. But you get to live in Laguna Beach! If you bought a home, then plan on $1 million +.
Median Price for Laguna Beach Condos September 2011 $823,950
When there are only two sales, the median matches the average price.
Categories: Coastal Condominiums, Laguna Beach Condos, Residential Real Estate.
October 6, 2011
Sales for September Slow to 25 for the Month
Sales of condominiums in Laguna Niguel have slowed down from the fast and furious pace of the last five months to a normal pace in the Fall quarter. The huge inventory has dropped way back to just 102 Active Listings. This is just four months of inventory at the present slowed pace. Buyers have been earnestly looking for their first home or investment or adding another great investment to their portfolio. Laguna Niguel is such a safe, beautiful ocean-close community with excellent schools and affordable homes, many with views of the mountains, ocean or both.
Email me for a list of the current active listings now – cathleen@cathleenpryor.com
- Average Price Increases to $287,520
Sellers gave the buyers an average discount of 4% and the buyers paid some of the lowest prices all year. Only three other months of the last 12 had lower average prices. Many bargains flew off the shelves. The average days on market were only 96! Three months from start to finish and that includes those long, long short sale escrows.
- Median Price for September Rises Slightly to $265,000
This has bounced all over this past year. This is probably the middle of the median prices set for other months. On the high end Laguna Niguel condos hit the $325,000 mark. On the low end it dropped to $231,000 just this last June.
Designed by Tim Sainburg from Brambling Design
Categories: Coastal Condominiums, Laguna Niguel, Residential Real Estate.
Tags: Laguna Niguel Real Estate
October 5, 2011
- Condo Sales drop to 37 in September
This year has been so much better than last year but we are now experiencing the seasonal slowdown. Thirty-seven sales would have been wonderful news in 2010. We have to appreciate the market recovery in South Orange County. It is slow but appears to have strength. Some of the old inventory has finally moved off the books. The average days on market increased to 156 with several listings over 290 days. Inventory is increasing slightly. Time to go out looking for your first home or first investment. This is a popular area for younger singles and families.
Average Sales Price Increases to $317,472
This was the highest average sales price since April. There are some very large condominiums available in Aliso Viejo and some with spectacular panoramic views of the mountains and city. Those don’t come cheap but the average price is part of a compressed range of prices. The most expensive condos are not a lot more than $317,000.
- Median Price for September $310,000
This supports the above commentary. When the average is very close to the median, prices do not fluctuate widely from either. If you can afford around $300,000, you will be able to buy most of the condos in Aliso Viejo. Seller gave 2% discounts on average, so definitely start the negotiations. You will save a little money.
For more information – Click here to see the report
Categories: Aliso Viejo, Coastal Condominiums, Residential Real Estate.
October 5, 2011
- Inventory Continues to Increase
Inventory continues to increase as sales decrease for our sellers in Dana Point. There were six condos sold and 13 new listings came on the market. One bright spot was the sale of 34300 Lantern Bay #43 for $1,065,000, cash. It has panoramic views and one of the best unobstructed views in the city. Congratulations to the buyers! It was on the market for 223 days prior to the close of escrow and the seller gave the buyer an 8% discount to get it done. Most of the sales were for units on the market for far less time. One sold in 22 days and the average was 115 days.
- Average Price Increases to $494,500
The average price increased slightly due to the million dollar sale but it was in line with the trend set over the last quarter. Each month since May has seen an increase. With inventory on the rise, that may reverse itself for a few months. Sellers will face increased competition at a time when buyers drift out of the market waiting for the new year.
The Median Sales Price Increased to $422,500
The median price also increased. There were only six sold but buyers preferred the more expensive condos.
For all the details in the last 12 months - Click here to see the report
Categories: Coastal Condominiums, Dana Point, Residential Real Estate.
September 18, 2011
- More Condominium Sales than New Inventory
This is good news. Condominium sales had been awful for several months of this year. In May there were no sales. Then the buyers started coming back into the market. There were only five sales in August but that is normal. Fortunately the new inventory was less. And the sellers are particularly happy with the buyer of 31423 Coast Hwy. This condo sold for $3.3 million. It had been on the market almost two years and the listing price was just about $4 million. Obviously the buyer negotiated a great deal and the sellers were ready to accept the offer. Congratulations to everyone. That view from the 11th floor is spectacular.
The Average Price hit a new high for the last year
The sale for $3.3 million pushed the average price up but not spectacularly. There are some awesome condominiums in this beautiful community of Laguna Beach. This is the highest average price for the last year but the average price is usually around one million. If you have the money, these condominiums are a great investment.
- Median Price Drops to $540,000
The median price tells you that of the five sales, most sales were for more modest and very affordable condominiums. There is a good inventory of those for you beach buffs with smaller budgets. If you love Laguna Beach, then this is the time to buy. It doesn’t get better than the bottom of the market. Trust me.
For more details on the properties that sold for the last twelve months – Click here to see the report
Categories: Coastal Condominiums, Laguna Beach, Laguna Beach Condos, Residential Real Estate.
