The real estate market picked up during the summer, not really in price appreciation, but in the number of sales. That doesn't mean that buyers don't need to be careful. Some buyers lost big time.
Take for example 22 Sidney Bay in Crystal Cove, which sold for $2.249 million at the end of June. Although the listing made a big deal of the "ocean," the dining room and living room at what would be the ocean-facing end of this home have huge sit down views of .....
a brick wall.
That's right. Practically speaking 22 Sidney Bay has no ocean view because of the house located behind it. The inside is very nice, though, and i suppose that is what sucked the buyers in.
All this is not so bad until you come to know that 27 Atlantis Cove then sold for about the same price -- $2.350 million. Not so bad? No, it is bad. 27 Atlantis Cove is a bigger home with a HUGE ocean view. No brick wall view. A big ocean view from the kitchen and living room in a Crystal Cove home is worth about $500,000.
Did the buyers of 22 Sidney Bay overpay by $500,000? Probably. Especially when you consider 11 Secret Cove, which is the same size with practically the same no-ocean view. It sold for $1.892 million. 11 Secret Cove closed about a week before 22 Sidney Bay - did the Sidney Bay buyers know about this comp that was priced more than $350,000 less? I doubt it!!
Buyers need to be careful out there - do your own research and don't assume your real estate agent is keeping you informed.