How’s the market in Newport Coast and Crystal Cove?

Here is the data from 1/1/2009 – 1/10/2010:

Newport Coast

• Active Listings: 61
• Average Days on Market: 162
• Average Listing Price: $1,019.60 (Sq. ft.)
• Pending Sales: 11
• Sold: 112
• Average Days on Market: 151
• Average Selling Price: $647.77 (Sq. ft.)
• Check out homes for sale in Newport Coast

Crystal Cove

• Active Listings: 37
• Average Days on Market: 146
• Average Listing Price: $1,087.85 (Sq. ft.)
• Pending Sales: 1
• Sold: 19
• Average Days on Market: 132
• Average Selling Price: $865.79 (Sq. ft.)
• Check out homes for sale in Crystal Cove
  

There is still a disconnect between what sellers are asking and what buyers are will to pay in Crystal Cove. If we would see some realistic pricing, I’m sure the “Sold” numbers would be higher. Just take a look – 112 homes sold in Newport Coast compared to just 19 in Crystal Cove. Sure, there are more homes in Newport Coast, but a spread of 93 homes is pretty wide.

Check out the charts below…

• Median Price: for single family homes started the year just under $3.5M, dipped to a low around $3M, bottomed out, and now has risen back to a hair below $3.45M. This is not a huge swing and to me that shows stability.  Overall: Prices Rising
• Inventory: Started last year at just below 165 units, increasing to a little over 185 and now has dropped to just under 145 single family homes for sale. Overall: Decreasing Inventory
• Days on Market: A steady increase from 170 to just above 240 days on market. Overall: Increasing Time on Market
  

My take…

With the Median Price rising and the inventory decreasing you would think, “Great, the market is turning.” But hold on, with the days on market increasing almost 2.5 months, you have to think the buyers are not on board with the pricing.  If you are looking to sell in less than average time, look at the numbers and price close to market value. If you are looking to purchase, look for a realistic seller and be aggressive on the low side.

If you are thinking about making a move, now is an excellent time to take a look at market value and activity. I’m here to help you estimate the market value of your home, or to help with a purchase strategy.  Feel free to reach out to me. I’m here to help. It’s what I do.

Where do you think Newport Coast and Crystal Cove home prices are headed?

Please post a comment.

A dose of reality is being given to luxury home sellers in Crystal Cove. 39 South Sur is going on the auction block. The minimum bid is $4,950,000. Not too long ago, this former model home, was on the market for $7,475,000. I’m told a couple of offers have come in to purchase it before the auction. This is a turn-key purchase – all furniture included. Bring your toothbrush and, of course, a bottle of wine.

As I’ve noted in this space before, the Crystal Cove sellers are not bringing the asking prices down to a point where buyers are seeing the value. That’s why the inventory is not decreasing. I’ll stay tuned and see if this ends up south of $850 per square foot.

March 14 is the date set for the auction – check out the link to 39 South Sur in Crystal Cove real estate to see the home for sale – er, I mean, up for auction.

What do you think of Crystal Cove home values? What do you think is a fair per square foot price for Crystal Cove?

Please comment. Start the conversation.

Crystal Cove Real Estate continues to baffle. Currently, 62% of the homes for sale are for lease. That’s staggering. This ratio is the highest “For lease” percentage of the local areas which include, Newport Beach, Corona Del Mar and Newport Coast. The last time I reported  the “For Sale/Lease” ratio it was 51%.

I thought it was time to take another look because in the last two weeks I have had several inquires about homes for lease in Crystal Cove. Check out this link to see what is currently available for lease in Crystal Cove.

Happy Hunting!

What do you think about the “For Sale /Lease” ratio? Do you think there is a meaning to this? Start the conversation.

Breaking News: 2/13/2009 – Price Reduction: $2,995,000. The deal is getting sweeter.

What’s up with the street named Coral Cay in  Crystal Cove? There are seven homes for sale on this street. One of them is going to be a deal for someone. At least by today’s standards. Check out the listing information for 3 Coral Cay. This is an ocean view property in like-new condition on a large lot.  Currently the price shows $3.995M. That’s not a deal. But, wait, I received an e-mail this week stating the price is coming down to $3.250M. Whoa! That’s a good price reduction! A good negotiator might even get it for less.

I can’t find my crystal ball so, I can’t tell you what’s going to happen in the next year. But, for now, 3 Coral Cay is shaping up to be a deal in today’s market.

Maybe seller resistance to realistic pricing in Crystal Cove real estate is finally starting to give way.

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.