Saturday, October 15, 2011

Summer Recap - Risky to Buy

Time for a summer recap on the housing market from Newport Beach to Laguna Beach. 
Bottom line is that it was a terrible summer for home values in these areas, especially Newport Coast and Laguna Beach.  Sales fell flat compared to last summer, which was itself less than fabulous.  Sale prices are declining, as are the number of sales.  You can hear a pin drop for the lack of homes selling.
In my opinion, buying a property at this time is very risky.  The main risk being that the property you buy continues to go down in value, losing you 10's of thousands of dollars a month. Of course, you won't hear that from your real estate agent, who is hungry for a commission..........




5 comments:

krz1 said...

abandoning Chicago for the winter. Found a really great deal on an oceanfront rental Nov-Feb Great blog! I'll buy,but not yet.

Anonymous said...

Your right bigtime!!!

Anonymous said...

KRZ1, which are the good Websites to find a winter rental in the Newport Beach/Laguna Beach area?

krz1 said...

i look at the following for rentals in Laguna

pcwnotify@themls.com

http://www.lagunacoastrealestate.com/
http://www.teamlaguna.com/index.htm

i also look at realtor.com rental area for 92651

for trends i follow Blue Move
and i follow
http://www.newportbeachwaterfronthomes.com/
they have section for LB as well

Anonymous said...

So what do you think of the current market Mr. Blue?