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)


Anonymous said...

Now if only the $750 per month association fee was 50% off it may be a deal!
For $750/mo you could have a (nice) car payment.

CD Rates said...

This is the real reality of real estate. Prices dropped to the maximum extend and now i think there will be no more decrease in the prices.This is best time to invest in properties.

Anonymous said...

Not sure this is bad news..look at the house that sold for 500 sq. ft. No view...lower part of CC....You think the new ones are worth at least 900-1000..STILL..

Wishful thinking that you can touch CC at 500 sq ft....maybe a condo...maybe.

Anonymous said...

24 tasmen sea closed at 2.9 with an awesome ocean view and large lot. Thats 725sqft. BUYERS beware if you paying more than 700sqft in crystall cove or newport coast. There are over 67 pre forclosures newport coast and crystall cove. You will see these prices drastically come down the 3rd quarter of 2010.

Anonymous said...

How about an update. I see a few new sales and the prices appear higher than in this post. I think you owe it to you readers to see if these dire predictions are coming true.....

Anonymous said...

Crystall Cove's market has held up a lot better than the rest of newport coast. Properties with excellent views are still selling for $1000 sqft. (38 Surfspray just closed 3.75. Thats 986 sqft. 31 Offshore had a great view and that closed for 6.5. Thats $955 sqft. Although properties that only have decent views are selling around 800sqft. 20 Tideline just closed for 965sqft. A lot of buyers seem to increasing there prices in crystal cove due to the summer buying season approaching, If your looking to buy in this area I wouldn't wait much longer. There are currently on 5 short-sales in Crystal cove