Just a few days ago I was asked by someone about current values and my opinions about Crystal Cove real estate.
Aside from the anomaly of one recently sold property, selling prices have held slightly above $1,000 per square foot for Crystal Cove homes.
In a nutshell, I think between now and the first of the New Year is an excellent time to buy. The new Obama administration has stated the economy is the top priority. What is the foundation of the economy? The housing market. They will be doing their best to shore up the sagging housing market. As this happens, people will begin to feel more confident about purchasing a home. I think if these things happen, the window of opportunity will begin to close for our local market. By window of opportunity, I mean what Buyers are looking for now – a deal.
In Crystal Cove, we have seen the inventory grow, with sellers not reducing their prices. Crystal Cove real estate is one of the last to be battered and will be one of the first to stand back up. Sellers, who have been stubborn to begin with, will become rigid with their prices as the available number of properties dwindles.
A couple of months ago, 51% of the homes offered for sale were also for lease. To me, this is telling. Sellers who are well heeled, who don’t have to sell are saying, “If I can’t sell it, I’ll lease. I have watched this happen to several Crystal Cove homes. They were leased. The sellers will wait for a better day to sell their Crystal Cove real estate.
Today, I am advising people not to look at the sticker price, but to find the home that works for them, and then, see if the seller will come close to a price the buyer is willing to pay. There are properties that do not look like a “Deal” based on the asking price, but when I talk to listing agents, I hear a different story. Many, if not most, sellers in Crystal Cove say, “If they don’t like the price, why don’t they make an offer?” Many sellers just do not want to lower the price. Right or wrong, this is the prevalent thinking in the Crystal Cove real estate market.
What to do? With the current historic low interest rates and a large inventory of available homes in Crystal Cove – WoW! Find your dream home in Crystal Cove. Contact your Crystal Cove Realtor and make an offer. You never know, you just might end up with a deal.
My definition of a deal is any home you purchase today five years from now in Crystal Cove real estate.
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Crystal cove is a disaster waiting to happen. It is just starting a nose dive and paying $4,000,000 for a house now could easily result in a million dollar loss by 2010. You can see from http://www.bluemove.blogspot.com that Laguna Beach homes are down big time. CC will follow this trend. It is late to the party because the home owners have ignored valuations by renting and just continuing to list at overvalued prices. No one can fight the market long term, so CC will slide downward – no matter what.
Hey Mr. Blue: Thanks for stopping by! Good timing. I just posted a piece about a good price reduction for 3 Coral Cay in CC. Maybe it’s the beginning of getting real.