My 2 Cents for Fall

I am not sure where the summer went. In my head it feels like June. If you are not from this area....we have had June gloom all summer. The marine layer comes in during the night and doesn't burn off until noon. We haven't had any hot days. My family in Minnesota has had so much rain and hot weather. I am going back this next week. I am hoping it will be hot and one storm would be kind of cool....since it very rarely rains or storms in CA.

Anyway, the housing market has been very interesting and actually predictable this summer. I have been busy showing homes all over Dana Point, San Clemente, San Juan, CdM, Newport Beach, and Newport Coast the last couple of months. The price range is from $500,000 to $7 million in Pelican Point. What I am seeing is that prices are continuing to come down. What is surprising to me is that some houses are priced about the latest selling comparisons. In this market, homes need to appraise for a bank to fund the sale. Unless someone comes in with cash....the bank isn't going to pay you what you think your house is worth. The bank is going to look at the latest sold comparisons. If there are no other homes like yours......they will use the price per sq ft. No matter how much money you put in your house......that is a fraction of what the bank is looking at for funding. If you want to sell right away.......be competitive with your price per square foot that others in your tract have sold for. You are wasting your time to be over the comparisons.....and the market is going to continue to go down over this next year. The market will tell you the value of your house. Your real estate agent can tell you more about comparisons if you need more info.....or give me a call or send me an email. I can send you comparisons in your area and tell you where you need to be.

High end properties. This is going to be an interesting "fall" for them. I think we are going to see more high end properties in trouble this fall. The areas of Shady Canyon and Crystal Cove are going to get hit. There aren't as many buyers in the high end market.

To sum up this post. We are going to see more decreases in home prices. I don't think in the homes under $1 million range we are going to see dramatic price decreases.....if they are priced right. In the $2 million + range.......more than 10% decreases.

Finally, if you are looking for a home in the $6-$7 mil range....I know of an absolutely awesome house. I also know of many homes in south county under $1 mil.

Lisa@PropertiesInTheOC.com
http://www.propertiesintheoc.com/
949-887-8303

Broker Preview in Laguna Beach, Emerald Bay and Irvine Cove

Irvine Cove, $20,500,000. The back side of this home completely opens up to a beautiful view of the ocean. 5 bedrooms with 7 baths, 3 car garage and 10,300 sq ft.

Picture of Irvine Cove, beach is below the ledge.

Tunnel connecting Emerald Bay. This is a one lane tunnel. Traffic must stop on each side before entering....to make sure there is not another car on the other side.



Private volleyball courts at Emerald Bay.

Sitting on the patio of a $7,995,000 house in Emerald Bay. Beautiful view.....terrible parking. This home has 4 bedrooms and 5.5 baths.....and is about 4800 sq ft. An interesting point I want to make about this house.....the man converted one of the bedrooms to be his closet.....usually it is the female. The female has a large closet in the master bedroom. I still think the man's "closet" may be bigger.

Emerald Bay and Irvine Cove

Today I toured homes in Laguna Beach. I am currently working with a client in this area so I want to make sure I know as many houses close to the beach as I can. The two main areas I went to were Emerald Bay and Irvine Cove. As you drive south on PCH from Newport Beach, you will pass Crystal Cove and then your first tract is Irvine Cove and then Emerald Bay. Both areas are guard gated. This is a very desirable area in Laguna Beach since they are north of the village and the traffic isn't as hectic. Irvine Cove has around 110 homes on both sides of PCH. There are currently 5 homes for sale ranging from $6 mil to $31.5 mil. There hasn't much for sales in this area.....very exclusive. Emerald Bay has about 524 homes on both sides of PCH. The picture above is of the small tunnel that connects both sides of PCH. A very unique fact about Emerald Bay is that it has it's own fire department within the community. Emerald Bay also has volleyball and tennis courts, park and beach. A much bigger community than Irvine Cove, it is also very prestigious and private.

I also would like to mention another two homes that I visited that are not in gated communities. There is a lovely 4 bedroom/3.5 bath home on Crescent Bay. This area is also north of the village. This home is definitely one meant to entertain in. It is listed at $5,600,000. The last one I visited is on Sunset Ridge. This is the home that has the master bedroom on the top level and the bedroom that was converted to a closet. There are two small rooms next to the master bedroom so it makes for a great family house. This home is priced at $4,495,000. This home is very nice, but didn't have the "wow factor" that I look for in homes this price.


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Broker Preview Feb 25

This weeks preview had a great variety of homes open. One of the houses I previewed was a back home in Corona del Mar. The address is 705.5 Poppy. I was very impressed with this home. It has been recently remodeled and has great views from the rooftop deck.

Another house I previewed was very close to the beach in Corona del Mar. This home is around $4.2 million.....$4.5 million furnished. The pictures of the house above are interior pictures. I thought the rooftop gazebo was a great touch.

There were two other homes priced around $1.9 million. One was in Spyglass.....beautiful home with ocean view......4 bedrooms, 4 baths.....and a one story. I thought this home was well priced. For the same price there is a condo on 208 Carnation.....which has amazing views of the harbor, Catalina Island, the wedge and city lights. This home is a condo and needs quite a bit of remodeling. The location is great....very close to public beach and park.

I also viewed a back home in CdM on Orchid.......it is a very rare 4 bedroom. I didn't think there was much sunlight...but if you want a 4 bedroom and want to be in the village, the price of $795,000 is something to think about. The rooftop deck was actually ok.....little bit of an ocean view. I think it would be a great rental.

I want to also bring attention to a home I have been holding open for the last couple of weeks. The home is in Big Canyon Villas.....this tract is right on Big Canyon on the east side. The home is right on the golf course on the 14th and 16th fairway. Priced at $879,000, this home has an attached garage and great views of the golf course. It is really hard to find a condo in Newport Beach with an attached garage and golf course view under a million dollars. This home has 2 bedrooms and 2.5 bathrooms.

I will start posting more of the homes I preview every week. We should start to see more homes enter the market in the next couple of months. Well priced homes continue to sell well.

www.PropertiesInTheOC.com

2010

I didn't realize how long it had been since I have last updated my blog. My apologies. It has been a really busy couple of months. I went back to Minnesota for Christmas, turned 40 in January, and watched the Vikings lose in the playoffs. I don't blame Favre for the loss...he gave us an incredible season to watch.

It is time to focus on the real estate market. I have been showing homes lately and have noticed that homes that are well priced.....sell really quickly. In Newport Coast there are quite a few homes in escrow. My point to this is....if you are looking for a really good deal......so are others. Make sure to make your offer more attractive....with more cash down if possible, shorter escrow and you need to be near asking price. Also, make sure you are qualified with a bank ahead of time. The selling agent will be asking for proof of funds and financing with the offer. To be honest, to get a good deal.....you need to act very quickly and be qualified. I want to also mention the best time to buy a home and get a deal will be between now and May. Once school is out for summer, we are going to see many families moving around. Prices may go up a bit. If you are in the market to buy.....do it soon. If you are in the market to sell......put your house on the market just before school is out. The trick to selling is going to be the right price. Don't overprice or you may lose your window of opportunity to sell. If you are not in escrow by early August.......drop your price.

To summarize. I think there are good deals out there.....maybe not great deals. I don't see prices going down significantly in the Newport Beach area. We may go down a little....but will go up a little as we get closer to summer.

If you want recent sales for your area.....send me an email and I will send you out a list.

www.PropertiesInTheOC.com