This week, we had 72 properties on the South Area preview sheet. If I talked about a huge inventory last week, it is continuing to grow rapidly. I am very dismayed to see so many properties that are coming on the market remain overpriced, often by hundreds of thousands of dollars. I previewed one property in San Clemente yesterday that in all honesty was $500,000 to $600,000 overpriced! Nice property if you don't mind listening to school age children on the playground all day long, but not for almost $1.9 million!
Short sales are increasing and the foreclosures are going to continue to grow if you can't sell quickly. One option for a fast sale is always an auction. Here in Southern California our real estate market is not very familiar with the concept of auctions, but in other parts of the country auctions are a primary method of selling real estate. Types of auctions vary, but they are growing in popularity for distressed sellers. Usually once the auction is advertised the entire process takes less than 30 days. The seller can set the minimum bid price, and yes, commissions must still be paid; but often with a well trained auctioneer, and the right publicity, you can end up with more money than through a traditional sale. If an auctions sounds like something that would work for you, please give me a call and I can help.
Dana Point had 17 properties on the preview sheet this week, 16 SFRs and one condo. Of these 6 properties have been on the market for over 30 days. Prices range from 4795,000 for a 3 bedroom, 2 bath home with 1527 square feet in Dana Knolls to $3,700,876 for a 4405 square foot home with 4 bedrooms, 5.5 baths on the 12th green of the Monarch Beach Links. There are also a couple of interesting properties on the market on Beach Road, that could be great income property - or its an awesome location to re-build your dream home with sand right outside your back door.
San Juan Capistrano had 18 properties on the preview sheet this week including 13 SFRs and 5 condos. Nine of which have been on the market for over 30 days. The lowest priced condo is $331,900 for 2 bedrooms, 1 bath, 834 square feet. The most expensive property this week is a 5 bedroom, 5 bath SFR in Marbella Country Club with 5514 square feet.
San Clemente had 34 properties this week on the preview sheet, including 5 condos and 29 SFRs, 13 of which have been on the market for over 30 days including one SFR that has been on the market for 538 days! There are 10 listings on preview this week in Talega. From the lowest to the highest, this weeks feature includes a 2 bedroom, 2 bath condo with 1100 square feet for $569,000 and the most expensive is a 1928 Ole Hansen with 3 bedrooms, 2 baths and 2415 square feet value range priced at $2,199,000 to $2,379,000. This is a fabulous piece of property - great lot but the Ole Hansen needs a ton of work. If you have a vision for owning one of these unique properties you probably won't find a better lot - the price is high for the work the property needs but there is unbelievable potential.
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