Monday, November 1, 2010

Freshest Dataquick Sales Numbers Show Continued Home Value Slide

The latest housing numbers for sales during the 22 day period ending October 8 have just been released and have been published by the OC Register.

The numbers show a continued plunge in Laguna Beach and Newport Coast.  Corona Del Mar is slightly up year over year, but is unchanged from the September data i previously posted. 

The highlights:
Laguna Beach:
only 32 homes sold, median price down 19.2% to $1,050,000.

Coronal Del Mar:
only 20 homes sold, median price up 3% to $1,498,000.

Newport Coast:
only 19 homes sold, median price down 8.1% to $1,540,000


Anonymous said...

I think this is a perfect example of the FOX NEWS type of reporting.....

Read the headline:

Freshest continued home value slide.

But wait....Corona Del Mar is UP.

The numbers that are negative in bold .

The positive number is not.

FOX NEWS would be proud. Keep the spin coming...the salsa tastes better everyday down here.

The real headline "Corona Del Mar bucks the trend" Blue, go figure that one out.

krz said...


i enjoy your blog.

i lived in Laguna in the 70's and 80's.

I and the family come to Laguna often for vacations.
We're ready to move from Chicago to laguna, and have been poised and ready to execute a transaction over the the last year or so. Although prices have come down, the offer prices are still way high in my opinion.

i've bid for a couple of homes, but owners seem willing to go into foreclosure rather than lower the price. What's up with that?

I've decided to rent until prices come off. Asking rent pricing is ridiculous . do you recommend a strategy besides the obvious?

Mr. Blue said...

Anon, I'm making sure buyers see news that counts. The stakes are huge and I do not feel bad about pointing out things that matter.

I wouldn't get too excited about Corona Del Mar. Even though it was up year over year, it was still down from the prior month. The trend is down and there is no "bucking the trend by CDM." But then again, as a real estate professional, you already know that, I would hope.

Mr. Blue said...

Krz, I'm glad you enjoy the blog.

Some sellers are not realistic and hold out for higher offers until the day the Sheriff shows up. Other than that, i can't imagine what would be going on.

For renting, the sweet spot is in the expensive homes - $5k per month and up. Below that, the only thing you can do is rent inland or perhaps in a lesser beach town like Seal Beach.

Above $5k per month, the renter has a lot of choice. And you can rent one of these beauties for a lot less than the cost of ownership over the next 12-24 months. I am not saying "rent forever." But in the next 12-24 months renting makes sense.

As far as finding a rent deal, go out and find 5 houses ABOVE your price range that will suffice. Make a less than asking price offer to rent on ALL of them and tell them you plan on taking the first acceptance. Do this all at the same time.

I did this and it worked very well. My unspent downpayment is earning returns in my brokerage account and is making the real cost of my rent payment even less. And i'm avoiding the monthly equity losses that my landlord is paying for.....

Good hunting - I hope we end up being neighbors in Laguna when we finally buy......

Anonymous said...

More Fox News....

"Some sellers are not realistic and hold out for higher offers until the day the Sheriff shows up."...

Have not seen the Sheriff show up too many times in Newport Coast.

Have You?

Where is your data for this? Or is this just more fabrication?

Tell us about all of the Newport Coast Homes being sold by this way.....

Once again Blue, My BS detector is going off on you.

Mr. Blue said...

Anon, your nitpicking continues unabated. You don't want to talk about the real data in the real market, so that is all you are left with. That is ok with me, it helps readers recognize BS when agents tell them things similar to the things you write.

Real estate agents almost always speak in general terms to customers without any data at all. Now you require me to have data behind every word on general subjects? Don't think so.

The sheriff comment is an obvious colloquialism meaning that some sellers stay in their homes until the foreclosure happens. I think that happens all the time. Also, some owners rent out their homes and pocket the money during the foreclosure process, during which time, they do not pay any mortgage payments.