From the monthly archives:

December 2009

Mission Viejo Homes are Selling Fast

by vbindi on December 17, 2009

The local real estate market here in Mission Viejo and Orange County has gone through a major price correction that began in the Spring of 2006′.  In the Spring of 2006′ the Median sales price for a detached home (SFR) in Mission Viejo was $735,000, and for attached condos the median price was $485,000 at that time.  Today, the median sales price for SFR homes is $515,000, and $315,000 for Condominiums.  This represents a price decline of 30% for detached homes and 35% for attached Condos in Mission Viejo.

Due to this severe decline in prices, and historically low interest rates, well priced homes and condos are selling very rapidly in Mission Viejo.  The most accurate measure of the strength or weakness of any local real estate market is the measure of Months of Inventory.  Months of Inventory is a standardized statistic of the calculation of how many months it would require to sell the current existing inventory of homes for sale.  This is basically a calculation of the ratio of the number of homes active for sell, compared to the rate at which homes are currently selling.  The larger the inventory of homes, and the slower rate of sales produces a large calculation of Months of Inventory.  Correspondingly, and small Months of Inventory represents a strong Sellers market.

Currently the months of inventory for attahced Condos in Mission Viejo is a very low 0.6, and the months of inventory for detached homes is a low 0.9.    That is to say iw would only take 2.5 weeks to sell out the entire inventory of  condos  currently for sale, if no other condos were added on the market for sale in Mission Viejo.  Tht is a supre red hot sellers market.  And likewise for detached homes.  Traditionally, a Months of Inventory of greater than 6 months is a soft Buyers market.  A figure of 4 to 6 months is considerd a Neutral market, and 2 to 4 months is a Selelrs market.  And anything below 2 Months is a hot Sellers market.   So unlike the reports in the press of a depressed real estate market, the fact is, prices are selling fast at tody’s low prices.  For more information about Mission Viejo or Orange County real estate, please feel free to contact us at:  (949) 388-3396 or email us at:  Info@eVantageRE.com.  Also, if you would like to view all Mission Viejo Condos or single family Homes for sale online, without having to speak with a Realtor at this time,  just visit our website at:  eVantageRE.com

3141 Michelson #1506, Irvine – Marquee Park Place New Listing

by vbindi on December 7, 2009

eVantage Real Estate Just Listed a fine High-Rise Condo at Marquee Park Place, Irvine.   This fine property is priced to sell, and comprises of the following features:

  • Asking Price: $374,900 – $449,000 Range Priced
  • 2 bedrooms plus Den, 2 baths
  • 1,347 square feet
  • Parking:  2 Cars
  • Year Built 2006′
  • Subdivision: Marquee Park Place
  • Other:  15th Floor boasting of sweeping Panoramic City Lights views.
  • Brief Description: Fabulous city lights & hill views from the 15th floor of prestigious Marquee at Park Place. Highly upgraded southwest facing unit with granite counter tops, stainless steel appliances and dark wood cabinets. Hardwood, carpet and marble flooring. Two bedrooms, plus a office / den. Guard gated, 24-hour concierge, fitness center, billiard and media rooms, pool & spa, business & conference center. Walk to restaurants and shops. Fwy close and convenient to all of OC!

If you would like more information about this fine home, or for a private showing, please feel free to contact the team at eVantage Real Estate at:  (949) 388-3396, or Info@eVantageRE.com Click Here for more information about Marquee Park Place, Irvine, CA.

Aliso Viejo Home and Condo Sales

by vbindi on December 3, 2009

Currently there are 41 detached single family homes listed for sale in Aliso Viejo.  The properties range in price from a low of $399,000 for a 3 bedroom, 3 bath, 1,400 square foot home in the Hamptons tract, on up to $1,145,000 for a 5 bedroom, 5 bath, 3,722 square foot estate  located in the Kensington subdivision near Soka University.   Off these 41 active homes for sale, 19 of these properties are financially distressed sales of either Bank Owner REO foreclosures or Short Sales.

In the past 90 days, there have been 64 detached homes that have sold in Aliso Viejo ranging in price from $370,000 for a 3 bedroom, 2 bath, 1,300 square foot home in the California Reflections tract.  And the highest priced home was sold hoe was $1,098,000 for a 5 bedroom, 5bath, 3,885 square foot estate in the Vista Vallarta tract.  Of these 64 sales, 15 sales were distressed property sales, representing 23% of the total.

For attached Condominiums, there are now 64 condos active for sale in Aliso Viejo, CA.   This properties range in price from a low of $189,000 for a 1 bedroom, 1bath, 759 square foot unit in the Canyon Villas tract, up to $599,000 for a 3 bedroom, 3 bath, 2,200 square foot townhome in the Eagle Pointe subdivision.  Of these 64 active properties, 64%, or 41 condos are currently for sale that are either Bank Owned REO or Short Sales in Aliso Viejo.

In the past 3 months, there have been 133 Condos that have sold and closed escrow in Also Viejo.  These sold condo units range in price from $149,500 for a 1 bedroom, 1 bath, 636 square foot unit in the Seagate Colony tract.  Up to $635,00 fora 3 bedroom, 4 bath, 2,635 square foot, 3 level townhome in the City Walk subdivision of Aliso Viejo.  80 of these sales, representing 60% of the total, were financially distressed sales in the past 90 days in Alio Viejo.

Also, we have just added some new and useful webpages for various subdivisions to our website.  These webpages show the Subdivision details, along with posting every property currently active for sale in the Tract, as follows:  Hillcrest Homes,  Laguna Vista, Seacrest Heights, Seascape Villas, Applause Condos and Seacove Place Condos.

33% of Orange County Homeowners Upside Down on Mortgage

by vbindi on December 1, 2009

According to a recent report as seen on CNBC,  33% of all Homeowners nationwide have more mortgage debt than their home is worth… otherwise known as being upside down on their mortgage.  Other local reports have estimated that more than 33% of Orange County homeowners are upside down on their homes as well.  Below is a table showing home sales in Orange County for the past 5 years.  This tabulation below shows all home sales, as compared to financially distressed homes sales for each calendar year, and the ratio of distressed sales to all sales.

ORANGE COUNTY HOMES SALES AND DISTRESSED HOME SALES

Year All Home Sales Distressed Home Sales Ratio of Distressed to All
2009 27,789 13,180 47%
2008 23,650 8,902 37%
2007 21,388 617 2.8%
2006 29,227 114 0.30%
2005 42,253 89 0.20%

As can be seen, distressed sales have grown exponentially since 2005′, and now represent almost 50% of all home sales in Orange County.  The question most people ask is when will it end?…  No one knows for sure, but based upon my experience and survey of the market, I expect distressed sales to possibly rise a bit further in 2010, and then slowly decline in volume in the following 3 years after 2010.