Here is the recent real estate activity showing the Median Price for Newport Coast, CA, 92657.

To see more statistics, better yet, to get them delivered weekly, click on this link and sign up today!

The definition of the Median Price is the price of the house that falls in the middle of the total number of homes for sale in that area.

The Median price of 101 sold homes would be the price which is lower than 50 of the prices and also higher than 50 of them. Do not confuse this term with average.  The difference between average and median can be quite different. For example, if you are looking at a “sold” market analysis and the homes are evenly distributed, the median and average might be similar. But, if the homes sold were more to one end of the price range, then the median and average could be different.

Let me know what you think the local Newport Coast Real Estate market is doing…post a comment and get the conversation started.

Great news for California home buyers!

Governor Schwarzenegger today signed AB 183 providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes.

Eligible taxpayers who close escrow on qualified principal residences between May 1, 2010 and December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit.

This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). Buyers also must be at least 18 years old and be unrelated to the seller. First-time buyers are defined as those who have not owned a home in the past three years.

To learn more about the California Home Buyer Tax Credit, click here.

I just learned about a new and exciting 4.75% Jumbo loan interest rate program today. Do you want a lower rate? Pay one point and the rate falls to 4.25%

I know a few people who are sitting on the fence, because of the Jumbo rates. Maybe it’s time to think about taking action!

With this great interest rate, you can start looking now for your Newport Beach dream home.

But before we get ahead of ourselves, let’s make sure you like the program.

Here are the details:

• $3,000,000 maximum loan amount
• Purchase money only at these rates however refinances are available
• 25% down payment required
• 680 minimum FICO score
• Full documentation required for qualifying
• 3 Year Fixed rate product
  • 4.75% at 0 points loan origination
  • 4.25% at 1 point loan origination
• 12 month prepayment penalty applies
• Interest only option available at .125% higher rate.

Don’t like paying points? With 35% down you can get the rate down to 4.50%  That’s not shabby!

These aggressive rates are difficult to find. First Capital Mortgage, considered a preferred customer, is being offered these rates by the lender.

For more information, you can contact Tim Sibley, First Capital Mortgage, directly by calling 949.718.1511 or by e-mail: tsibley at firstcapitalmtg dot com. Tim is our in-house “go to” guy when it comes to getting the best rates and service. He just can’t be beat!

For a quick look what is happening now in the Newport Beach real estate market, check out my charts for Market Trends. You can also sign up for automatic chart delivery.

What do you think is happening with the Jumbo market? Do you think this is the beginning of lower Jumbo rates…or is this just a momentary low, to be followed by higher rates?

Please make a comment.

Here is recent market activity showing the Median Price for Newport Beach, 92660. To see more market statistics, better yet, to get them delivered weekly, click on this link and sign up today!

The definition of the Median Price is the price of the house that falls in the middle of the total number of homes for sale in that area.

The Median price of 101 sold homes would be the price which is lower than 50 of the prices and also higher than 50 of them. Do not confuse this term with average.  The difference between average and median can be quite different. For example, if you are looking at a “sold” market analysis and the homes are evenly distributed, the median and average might be similar. But, if the homes sold were more to one end of the price range, then the median and average could be different.

Let me know what you think the local Real Estate market is doing…post a comment and get the conversation started.

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.

Is it time to buy?

Today, on the front page of the LA Times, “Southern California home prices edge upward again in October,” would suggest maybe the time is now to pull out the checkbook. Or at least, kick the tires a little harder.

Timing is everything. Combined with the federal tax incentives for first-time and move-up buyers, interest rates near, or at, historic lows,  the holiday season and our infamous buyer’s market – could there be a better time to make the move back into the housing market?

Closer to home – MDA DataQuick reports Orange County number of sales decreased -1.2% from October 2008 to October 2009. Sales prices, for the same time period, increased +3.9%

Check out the real-time market trends report below. You can see things have started to move up.

The questions are: Will it stay that way? Are we in for another downturn? Do you believe sustained real estate housing price appreciation is back?

Please post your comments below. I want to know what you’re thinking.

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.

Real estate news recently released by DataQuick,  reflected a 25.4% decrease of the average single family home sales price in Orange County.

With the interest in Corona Del Mar real estate market trends, learning how Corona Del Mar realty compares for the period December 2007 to December 2008, is important for buyers and sellers of real estate.

Take a look at the charts below for Corona Del Mar real estate.  All of the charts reflect activity for single family homes in Corona Del Mar, CA.

The first chart shows a Median Sold Price increase of 14%. Considering the overall downward pressure on real estate pricing, seeing appreciation from Corona Del Mar homes sold is great!

The chart below, The Number of For Sale Properties By Month, shows the number of homes for sale has increased by 11%.

The chart below, The Number of New Properties Listed by Month, shows the supply of single family  homes for sale increased by 17%.  January is the most popular time of the year to put a home on the market.

The next chart, Supply & Demand by Month, indicates the number of for sale properties is up 11% and the number of sold properties is up 100%.

The chart below, Months Supply of Inventory, indicates the average months supply of inventory is down 17%. With 23 months of available inventory, it is still a strong buyers market.

And finally, The Number of Under Contract Properties by Month, shows the number of under contract properties is up by 33%.

Imagine, 14% appreciation in a buyers market! Corona Del Mar continues to be a bright spot.

I have more charts available. Would you like to see more? All of them?

Armed with the information contained in these charts, what is your opinion of the Corona Del Mar real estate market?

Please leave a Comment. Get the conversation started.

Linda Isle is one magnificent aspect of the Newport Beach housing market. There are 104 bay front homes where “location” plays an important part of pricing homes to sell.  Facing Pacific Coast Highway, facing Bayside Drive, inside the horseshoe, facing towards the turning basin, you get the idea. The location makes a difference. Supply and demand is at work on Linda Isle. During this downward spiral in the selling prices of homes, Linda Isle increased in value despite the challenges in today’s real estate market.

Here are the facts:

• For the period of 12/31/2006 – 12/31/2007, 7 homes were sold for an average selling price of $7,396,446 with the per square foot price of $1,520.96. The average time on market was 43 days.
• For the period of 12/31/2007 – 12/31/2008, 4 homes were sold for an average selling price of $10,449,750 with the per square foot price of $1,845.41. The average time on market was 196 days.
• The average selling priced increased by 30%.
• Currently, there are 9  properties for sale on Linda Isle. The average asking price is $8,071,555. The average per square foot asking price is $1,629.30. The average time on market is 147 days.

There is one property that has caught my eye as a potential good deal in a fabulous location. The address is 76 Linda Isle. Check it out!

To see more homes for sale on the islands of Newport Beach, head over here to search the listings.

What do you think of Linda Isle? What areas of Newport Beach, Corona Del Mar, Newport Coast and Crystal Cove would you like to see highlighted?

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.