This past week there were a total of 59 properties on the South Area Preview sheet between San Clemente, Dana Point, San Juan Capistrano, and Laguna Niguel. I continue to see many properties that remain overpriced considering the current market. Sellers please note, the market has changed. I know that according to a Los Angeles Time/Bloomberg poll earlier in the month, a third of homeowners polled predicted home values in their neighborhood to increase in the next six months, while only 16% anticipated a decrease in values. "Call it foolish faith or bold optimism, the forecast is at odds with the downward trend of home prices." per David Streitfeld, a Times Staff Writer. Although California and more specifically Orange County do not follow the same trends as the rest of the country, we are seeing the market slower than in the past with buyers looking for good deals. The homes that sell are competitively priced for their marketplace.
Dana Point had a total of 14 properties featured with seven of these having been on the market for 30+ days. Featured properties range from a two bedroom, 2.5 bath townhome with 1820 square feet for $645,000 to a beautiful 8200 square foot home in Ritz Cove with fabulous white water views from three floors for $12,999,999.
San Clemente had a total of 36 properties broken out between 29 single family residences (SFR) and 7 condos. Of this total, 13 have been on the market for 30+ days. This week Talega had a total of 8 listings on preview (six of which are new listings) and Sea Pointe Estates also had 8 properties on preview, with only one being a new listing. Prices ranged from a low of $558,621 for a two bedroom, two bath condo with 1409 square feet to $3,300,000 in Cyprus Cove for five bedrooms, 5.5 baths with 5495 square feet with ocean views. I still walk through homes that are priced over a million that are at least $100,000 over priced. Do your improvements prior to placing your home on the market.
San Juan Capistrano had only six listings on the preview sheet this past week, 2 condos and 4 SFRs. Only one has been on the market for longer than 30 days. This week there are two SFRs for under $500,000 and one condo.
Should you be interested in a market evaluation, give me a call.
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