Wednesday, August 19, 2009

Crystal Cove Home Values Continue Downward Plunge

During the bubble, many realtors lured buyers of Crystal Cove homes for $1000 per square foot. That price point was thought to be a rock solid value even well after the market started plunging downward.

Not so anymore. Awash in foreclosures, the asking prices on some Crystal Cove properties are squarely in the $600 per square foot range.

And the sale prices probably will be less than the asking prices.

Hello, $500 per square foot! A 50% decline. And more declines will come after the summer buying season fizzles to a close. Your agent won't tell you that, but I will.

Here are some of the properties:

1. 24 Sidra Cove; asking $665 sq/ft
2. 106 Sidney Bay Drive; Asking $690 sq/ft
3. 11 Secret Cove; Asking $746 sq/ft
4. 100 Sidney Bay Drive; Asking $616 sq/ft
5. 5 Secret Cove; Asking $574 sq/ft

UPDATE: All the above homes either sold in the $400 or $500 per square foot price area or didn't sell at all. (Dec. 2010)