Even some expensive South OC areas like Laguna Beach are finally seeing declines in selling activity and median price (though it may be a better indicator to compare the price of individual houses over time). Here's an example of one neighborhood with a few sellers who refuse to think the real estate party might be over.
Hillcrest Estates in Laguna Niguel is a gated community of 2-5 bedroom homes located near the intersection of Highlands Ave. and Niguel Rd. Since this development is only a few years old, many of the current owners either bought just as the market began to take off, or at the peak. There are currently 10 properties in this neighborhood that are active on the MLS, ranging in asking price from $1,175,000 to $1,975,000. Here are the properties for sale with past sale history available on Redfin:
Asking price: $1,550,000
Asking price/sq ft: $403
Previous sales price: $1,248,500
Previous sales date: 10/15/2004
Potential profit before selling costs: $301,500
Asking $/sq ft: $493
Previous sales price: $1,210,000
Previous sales date: 5/17/2004
Potential profit: $689,000
Previous sales price: $1,210,000
Previous sales date: 5/17/2004
Potential profit: $689,000
3 beds, 2.5 baths
Asking price: $1,100,000
Asking $/sq ft: $452
Previous sales price: $544,500
Previous sales date: 7/6/2000
Potential profit: $555,500
28751 Riki Ct
Asking price: $1,100,000
Asking $/sq ft: $452
Previous sales price: $544,500
Previous sales date: 7/6/2000
Potential profit: $555,500
28751 Riki Ct 5 beds, 4.5 baths
Asking price: $1,725,000
Asking price: $1,725,000
Asking $/sq ft: $475
Previous sales price: $1,650,000
Previous sales date: 12/5/2005
Potential profit: $75,000
28702 Point Loma
3 beds, 2.5 baths
Asking price: $1,199,000
Previous sales price: $1,650,000
Previous sales date: 12/5/2005
Potential profit: $75,000
28702 Point Loma3 beds, 2.5 baths
Asking price: $1,199,000
Asking $/sq ft: $521
Previous sales price: $1,050,000
Previous sales date: 5/16/2005
Potential profit: $149,000
28631 Sea Pt.
5 beds, 4.5 baths
Asking price: $1,799,500
Previous sales price: $1,050,000
Previous sales date: 5/16/2005
Potential profit: $149,000
28631 Sea Pt.5 beds, 4.5 baths
Asking price: $1,799,500
Asking $/sq ft: $493
Previous sales price: $1,700,000
Previous sales date: 1/18/2005
Potential profit: $99,500
Previous sales price: $1,700,000
Previous sales date: 1/18/2005
Potential profit: $99,500
3 beds, 3 baths
Asking price: $1,200,000
Asking $/sq ft: $377
Previous sales price: $1,267,000
Previous sales date: 10/4/2004
Potential profit before selling costs: $-67,000
Mean price/sq ft (of all 10 actives): $405; Average days on market: 69.3
23632 Marin Way and 28891 Westport Way are the best values in terms of square feet for the price. 28702 Point Loma wins the not-so-coveted "most outrageous price for what you get" award. No surprise it's been on Redfin for 145 days.
28891 Westport Way is the only property we see that has an asking price that would equal an outright loss (though 28751 Riki Ct and 28631 Sea Pt are also looking at losses if you factor in 6% for selling costs). However, other sellers are hoping to see big-time appreciation after holding their properties for similar amounts of time.
Let's take a look at the recent sales over the past six months.:
28852 Drakes Way
5 beds, 4.5 baths
Sales price: $1,540,000
Sales date: 8/24/2007
$/sq ft: $424
Original asking price: $1,800,000
Percent of asking price received: 86%
Profit (before sales costs): N/A
22842 Westport Way
5 beds, 4.5 baths
Sales price: $1,675,000
Sales date: 6/21/2007
$/sq ft: $461
Original asking price: $1,899,900
Percent of asking price received: 88%
Profit: $682,000
28811 Westport Way
3 beds, 2.5 baths
Sales price: $1,200,000
Sales date: 6/4/2007
$/sq ft: $494
Original asking price: $1,350,876
Percent of asking price received: 89%
Profit: $640,500
28832 Drakes Bay
4 beds, 3.5 baths
Sales price: $1,430,000
Sales date: 4/17/2007
$/ sq ft: $431
Original asking price: $1,655,000
Percent of asking price received: 86%
Profit: N/A
Average $/sq ft of sold properties: $453
The average $/sq ft of properties on the market has declined by $48, and the properties we profiled at the top are all still sitting unsold despite the reduction. This would seem to indicate this neighborhood might be slipping just a bit in value. It's also worth noting that sellers who were able to unload their properties have been getting nowhere near their original asking prices. The average sale is 87.25% of the original asking price.
Once some more of these properties sell, we can better determine just how fast things are changing.
Asking price: $1,200,000
Asking $/sq ft: $377
Previous sales price: $1,267,000
Previous sales date: 10/4/2004
Potential profit before selling costs: $-67,000
Mean price/sq ft (of all 10 actives): $405; Average days on market: 69.3
23632 Marin Way and 28891 Westport Way are the best values in terms of square feet for the price. 28702 Point Loma wins the not-so-coveted "most outrageous price for what you get" award. No surprise it's been on Redfin for 145 days.
28891 Westport Way is the only property we see that has an asking price that would equal an outright loss (though 28751 Riki Ct and 28631 Sea Pt are also looking at losses if you factor in 6% for selling costs). However, other sellers are hoping to see big-time appreciation after holding their properties for similar amounts of time.
Let's take a look at the recent sales over the past six months.:
28852 Drakes Way5 beds, 4.5 baths
Sales price: $1,540,000
Sales date: 8/24/2007
$/sq ft: $424
Original asking price: $1,800,000
Percent of asking price received: 86%
Profit (before sales costs): N/A
22842 Westport Way5 beds, 4.5 baths
Sales price: $1,675,000
Sales date: 6/21/2007
$/sq ft: $461
Original asking price: $1,899,900
Percent of asking price received: 88%
Profit: $682,000
28811 Westport Way3 beds, 2.5 baths
Sales price: $1,200,000
Sales date: 6/4/2007
$/sq ft: $494
Original asking price: $1,350,876
Percent of asking price received: 89%
Profit: $640,500
28832 Drakes Bay4 beds, 3.5 baths
Sales price: $1,430,000
Sales date: 4/17/2007
$/ sq ft: $431
Original asking price: $1,655,000
Percent of asking price received: 86%
Profit: N/A
Average $/sq ft of sold properties: $453
The average $/sq ft of properties on the market has declined by $48, and the properties we profiled at the top are all still sitting unsold despite the reduction. This would seem to indicate this neighborhood might be slipping just a bit in value. It's also worth noting that sellers who were able to unload their properties have been getting nowhere near their original asking prices. The average sale is 87.25% of the original asking price.
Once some more of these properties sell, we can better determine just how fast things are changing.
5 comments:
Keep up the good work!!!
this is a good place to live, but a little too expensive for what it is. ill say it drops by 30%
thanks dude,
for those prices you can buy asame size home (built in 1990) with greater view and closer to beach
I remember when these places were built. They have always been expensive, since for some of these prices you would expect them to be closer to the beach
SO what do you think that Riki Ct home will be worth a year from now...
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