I have been hearing some real estate agents lately hyping the market (again). Don't believe it, at least in Newport Coast and Laguna Beach.
The latest housing numbers for sales during July 2012 have just been released and have been published by Dataquick, a reliable source. Guess what? The median price numbers show a continued plunge in Laguna Beach and Newport Coast. The takeaway? Buyers in Laguna Beach need to be careful that they are not paying too much for a home that is declining in value every month. Corona Del Mar is showing a resurgence - up a lot from the dog days of last summer.
July is the height of the summer buying season, when things are strongest. It will be downhill to December in these markets. In my opinion, the buyers of this summer could lose more on their home values as we get closer to December. More buyers remorse on the horizon.....
Here are the numbers:
The highlights:
Laguna Beach:
Only 40 homes sold, median price down 5.7% to $1,375,000.
Coronal Del Mar:
only 19 homes sold, median price UP 49.2% to $1,750,000.
Newport Coast:
only 13 homes sold, median price down 8.1% to $1,590,000
Showing posts with label newport coast home prices. Show all posts
Showing posts with label newport coast home prices. Show all posts
Monday, September 3, 2012
Wednesday, December 29, 2010
Dataquick November Stats Show Double Dip - Home Market Sinking
According to reputable real estate statistics company Dataquick, Southern California home sales fell in November to the second-lowest level for that month in 18 years, reflecting the weak economic recovery, a dormant new-home market and tight credit conditions. High end home sales are especially weak, but the median price paid for a home rose above a year earlier for the 12th consecutive month, though November’s gain was the tiniest yet. Buyers be careful out there - factor future home value declines into your offering prices!
Friday, December 17, 2010
OC Home Prices Falling - Double Dip Confirmed
More evidence that Orange County home values are on the decline once again! This year’s price rally has faded, according to the OC Register. If you are a home buyer, keep in mind that you are buying a declining asset and you will lose value every month, on top of your mortgage payment. Renting is far superior at this point in time.
This data comes from CoreLogic, whose Orange County slice of its nationwide home price indexes shows local values falling at a 2.56% annual rate in October.
It was the second month of year-over-year declines following eight consecutive increases. Before that upswing, the CoreLogic index for Orange County had fallen 37 straight months on a year-over-year basis.
This data comes from CoreLogic, whose Orange County slice of its nationwide home price indexes shows local values falling at a 2.56% annual rate in October.
It was the second month of year-over-year declines following eight consecutive increases. Before that upswing, the CoreLogic index for Orange County had fallen 37 straight months on a year-over-year basis.
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
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
Thursday, October 21, 2010
Huge Monthly Losses for 2009 Buyers in Corona Del Mar, Laguna Beach and Newport Coast
The housing numbers for September have just been released and have been published by the LA Times.
The numbers show a sinking market in Laguna Beach, Newport Beach, Newport Coast and Corona Del Mar. This runs contrary to what I have been hearing from most agents that the market has bottomed out or is increasing.
The highlights:
Laguna Beach:
only 28 homes sold, median price down 13.9% to $1,150,000.
Coronal Del Mar:
only 11 homes sold, median price down a whopping 25% to $1,500,000.
Newport Coast:
only 15 homes sold, median price down 8.3% to $1,650,000
Newport Beach is more or less flat, with some zips up a little and some down.
What does this mean to unfortunate buyers who purchased a median priced home about a year ago?
Losses. Big time.
Laguna Beach:
$186,000 loss in the last 12 months, which is about a $15,500 loss PER MONTH.
Corona Del Mar:
$500,000 loss in the last 12 months, which is about a $41,700 loss PER MONTH.
Newport Coast:
$159,300 loss in the last 12 months, which is about a $12,450 loss PER MONTH
When a real estate agent tells you that it is a good time to buy, don't take their word for it - do your own research and be careful. You could buy a property that will decline fast and put you underwater in no time at all. Of course, if and when that happens, your agent will not be around to help you share in the pain. They will be busy trying to sell houses to someone else and collect the commissions.
The numbers show a sinking market in Laguna Beach, Newport Beach, Newport Coast and Corona Del Mar. This runs contrary to what I have been hearing from most agents that the market has bottomed out or is increasing.
The highlights:
Laguna Beach:
only 28 homes sold, median price down 13.9% to $1,150,000.
Coronal Del Mar:
only 11 homes sold, median price down a whopping 25% to $1,500,000.
Newport Coast:
only 15 homes sold, median price down 8.3% to $1,650,000
Newport Beach is more or less flat, with some zips up a little and some down.
What does this mean to unfortunate buyers who purchased a median priced home about a year ago?
Losses. Big time.
Laguna Beach:
$186,000 loss in the last 12 months, which is about a $15,500 loss PER MONTH.
Corona Del Mar:
$500,000 loss in the last 12 months, which is about a $41,700 loss PER MONTH.
Newport Coast:
$159,300 loss in the last 12 months, which is about a $12,450 loss PER MONTH
When a real estate agent tells you that it is a good time to buy, don't take their word for it - do your own research and be careful. You could buy a property that will decline fast and put you underwater in no time at all. Of course, if and when that happens, your agent will not be around to help you share in the pain. They will be busy trying to sell houses to someone else and collect the commissions.
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