Friday, June 26, 2009

Buyer's Remorse in Crystal Cove?


More data from Crystal Cove - 18 Rockshore just sold for $4.42 million after being listed for about $5 million. 18 Rockshore is a 3800 square foot, 5 bedroom home. Also, 16 Wharfside (3500 square feet, 6 bedrooms) sold in May for $3.1 million. A similar home at 7 Atlantis Cove sold in January for $3.2 million. All of these sold for hundreds of thousands less (or almost a million less) than the listing prices.

Time will tell and I'll certainly not wish anything bad on anyone, but in my opinion, these homes will take significant value hits as we go toward December, based on present trends. There are already Crystal Cove list prices in the low 3 millions that are poised to drop into the two million range and one home (20 Surfspray) up there by Rockshore is already listed in the mid 2 millions.

If I owned 18 Rockshore, I'd be needing "upside down" therapy right now. Not a good thing to need after just closing escrow. Any opinions about these values out there?

4 comments:

Kommissar said...

Crystal Cove house values are a dubious. They're big, but unceremoniously crammed together, have nose-bleed ocean views, and few can deal with the long schlep to the beach. But the biggest buyer-beware I have is a warning about year-round strong winds. I know someone who lives up there and their house windows are *constantly* shaking from wind. Umbrellas tip over, BBQ napkins fly off tables. A terrible location.

Anonymous said...

Don't like Crystal Cove. Overpriced tract homes. If I had the money for Crystal Cove, which I don't, I'd be looking in Laguna Beach.

Anonymous said...

Why are you speculating on how someone feels? Are you a psychic?

I would gladly pay $5 mil to live in a 3,800 sg ft home in a neighborhood that appeals to me. If it is 4.2 Mil now, it will be 5.5 in 10 years. For someone who claims to understand the high-end market like you do, you certainly do not understand people and you are coming across like a complete idiot.

You customers must love your upbeat attitude.

Anonymous said...

As far as I can tell, homes are being sold in the $900-1000sq ft. which seems to be consistent for the last two years I have been watching.

The metric of listing price vs. actual seems a little out of touch. Focus on the actual sale prices, that will tell you what is really going on.

A nice view home in CC will cost you 1,000 per sq ft., last year, this year and next year.