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
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