Orange County CA Real Estate

An Associated Press article was just published about a tiny 77 Square Foot (That’s not a Typo… it’s only 77 SqFt) apartment for sale in the exclusive neighborhood of Knightsbridge in London, England for an asking price of $335,000 !!! That works out to be a whopping $4,350 per Square Foot. And get this, this tiny apartment does not have any heating nor electricity… The Buyer has to add that for an additional estimated cost of $59,000…. Ouch! The kitchen is two hot plates and a small sink... The shower is the size of a coffin. The real estate agent for this property says “If you thought of this as the cabin on a boat, you’d say ‘It’s pretty spacious’ “.

Evidently they say Knightsbridge is one of the wealthiest neighborhoods in the world. Prices have risen 22.4% in London last year, while prices have dropped here in south Orange County about 8% in the past year. The article goes on to say that prices can reach $5,900 per square feet in some parts of London, $5,300 per Square Feet in parts of New York and $3,950 in Hong Kong.

Let's compare this to south Orange County CA real estate.  One can buy a 1 bedroom, 1 bath, 700 Square Foot Condo in Dana Point with a 2 car Garage (not included in the square footage) for $330,000… That works out to be $471 per Square Foot… Heck it even comes with a Forced Air heater and Electricity ! Not only that, it’s just a 1/2 mile walk to the Pacific Ocean. You can even buy a 2 bedroom, 2 bath, 864 square foot Condo with 1 Car Garage and a Panoramic Ocean View in San Clemente for $500,000. That works out to be $578 per Square Foot. I’ve never been to Knightsbridge, but it’s hard for me to image how life in Knightsbridge could be 10 times more valuable then living in south Orange County. I don’t think Knightsbridge apartment offers an Ocean View being that it’s about 15 miles from the English channel.

Here in south Orange County you’re adjacent to some of the most beautiful beaches in the country, with arguably some of the best weather in the World with moderate temperatures year round and low humidity. The south OC has high paying jobs with low unemployment, and some of the lowest crime rates in the Nation. I can drive 2.5 hours and go skiing, or skip to the beach for some wave boarding (sorry I don’t Surf), and a bounty of other outdoor activities in the Mountains, Deserts, Parks and elsewhere. One can find a wide variety of recreation and entertainment options within a 1.5 hour drive, such as Disneyland, Knott’s Berry Farm, Sea World, Wild Animal Park, Hollywood, Universal Studios, world renowned San Diego Zoo, world class golf courses and so much more. We’ve got one of the nation’s best state Universities in UCI, and an excellent Public school system…. and I can go on.

I know I’m probably sounding a bit snobbish and un-worldly, but I’ll take the 1 bedroom Condo in Dana Point at $471 per Square Foot over the $4,350 per Square Foot apartment in London hands down…  

If you would like more information about these bargain basement priced Condos for sale in Dana Point or San Clemente, just give us a call at:  949-388-3396, or drop us an email at Info@SearchOCHomes.com , or visit our website... www.Search-OCHomes.com  

Based upon our analysis of the local south Orange County real estate market, and our day to day work in this market, it appears that the real estate market has stabilized here in Tustin Ranch and south Orange County, CA. 

Lets look at some of the numbers for homes sold recently as compared to last year.  In the past 90 days, there have been 31 detached homes that have sold and closed escrow in Tustin Ranch, CA.  These homes range in price from a low of $570,000 for a 3 bedroom, 3 bath, 1,300 square foot house on Kearney Ct in the Travilla subdivision.  To a high price of  $2,875,000 for a 5 bedroom, 5.5 bath, 5,000 square foot estate on Amberdale Dr. in Tustin Ranch Estate.  The median sold price is $780,000 and the average price is $986,464.  The average price per square foot is $408 and the average days on market is 95 days.

During this same 90 day period last year, there were 37 detached homes that sold and closed escrow in story Ranch, CA.  These homes ranged in price from $589,000 for a 2 bedroom, 2 bath, 950 square foot single story house on Cook Ct in the Travilla tract.   On up to $3,500,000 for a 5 bedroom, 6.5 bath, 7,355 square foot estate on Portrait Way in median Ranch Estates.    The median price of these sold homes one year ago was $840,000 and the average price was $1,030,115.  The average price per square foot was $434 and the average days on market was 35 days.   Comparing these figures to the current days yields the following:   The Median price of detached homes has decreased 7% in the past year, the Average price decreased by 4% and the average price per square foot decreased by 5%.  This is a relative small correction , despite the overblown negative press about the local real estate market.   And, based upon our analysis of the months of inventory which has stabilized in the past several months, and the decreasing inventory of homes for sale, we expect the home prices to hold firm at these levels.  

Lets look at attached Condominiums.   In the past 3 months, there were 28 Condos that have sold and closed escrow in Tustin Ranch, CA.  The condominiums range in price from $320,000 for a 1 bedroom, 1 bath, 600 square foot unit.   Up to a maximum of $800,000 for a 2 bedroom, 2 bath, 1,850 square foot Townhome with  Tustin Ranch golf course view on Aquasanta street in the Corte Villa tract. The median price of these condos sold is $492,000 and the avearge sold price is $489,435. The average price per square foot is $394 and the average days on market is 72 days.

Last year during this same 3 month period there were 62 Condos that sold and closed escrow in Tustin Ranch, CA.  The median price of these 62 dols condos was $532,000 and the average sold price was $528,561.  The average price per square foot was $431 and the average days on market was 44 days.   The median price and average price decreased by 7.5% in the past year, while the average price per square foot decreased 8.5 %.  As before, this is a mild correction to a very hot real estate market that lasts 6 years.   The 6% to 8% drop in prices has   occurred in other south Orange County cities as well.    

There are 14 detached homes currently under contract In Escrow in Tustin Ranch, Ca.  These homes range in price from $689,000 for a 3 bedroom, 2.5 bath, 1,638 square foot home on Holderman Court in the Presidio tract, on up to $3,198,000 for a 5 bedroom, 5.5 bath, 5,000 square foot estate on Horizon Way in Tustin Ranch Estates.  The average priced home in escrow is $1,069,000.   For attached condos, there are 17 condominiums currently In Escrow.  These condos range in price from $279,900 for a 1 bedroom, 1 bath, 575 square foot studio unit on Keller Dr. in the Mandevilla tract, on up to $675,900 for a 2 bedroom, 2.5 bath, 1,875 square foot condominium on Tequestra St. in the Corte Villa subdivision. The average price of these condos in escrow is $531,500. 

Currently there are 45 detached homes active for sale in Tustin Ranch.  These homes range in price from $599,900 for a single level 3 bedroom, 2 bath, 1,100 square foot home on Kearney Dr. in the Travilla tract.  On up to  $2,850,000 for a 5 bedroom, 5.5 bath, 5,400 square foot estate on Padias Ln in Tustin Ranch Estates. The median price of the 45 homes is  $975,000 and the average asking price is $1,140,293.  The average price per square foot is $420 and the average days on marekt is 86 days.

Finally, there are 49 attached condos and townhomes currently active for sale in Tustin Ranch, CA.  The condos range in price from $299,999 for a 1 bedroom, 1 bath, 577 square foot unit on Champion Way in the Rancho Veracruz subdivision. To a high of $890,000 for a 4 bedroom, 3 bath, 2,650 square foot condo on Tequestra street in the Corte Villa tract.  The median price is $518,000 and the average price is $526,346.  The average price per square foot is $424 and the average days on market is 66 days.

The real estate market in Tustin Ranch has cooled off substantially from a year ago, but we see several signs that a bottom has been reached at this time.  If you would like view all homes or condos listed for sale, please visit our website at:  Tustin Ranch Real Estate.

The Ladera Ranch real estate market has slowed down considerably in the past 12 months, but on the other hand it is far from a bubble bursting.  In the past 90 days, there have 83 homes that have sold and closed escrow in Ladera Ranch. The median priced home sold was $915,000 and the average price was $1,051,000.  The average price per square foot was $313 and the average days on market was 82 days. 

For attached Condos, there were 36 Condominiums that sold and closed escrow in the past 90 days.  The median sold price was $500,000 and the average sales price was $538,852.  The average price per square foot was $307 and the average days on market was 81. 

During this same 3 month period last year, there were 87 detached homes that have sold and closed escrow in Ladera Ranch.  The median price of these 87 homes was $785,000 and the average price was $916,025.  The average price per square foot is $374 and the average days on market was 58 days.  Comparing today's prices to last year shows that the market has maintained well despite the negative press in the newspapers.  The median price has increased 16% and the average price was up by 14% in the past 12 months.  The average price per square foot has decreased by 21% in the past 12 months, which indicates that larger homes have been purchased recently as compared to 12 months ago.

For attached Condos, there 47 Condominiums that sold and closed escrow in Ladera Ranch last year during the same 3 month period.  The median Condo sales price was $495,000 and the average price was $537,377.  The average price per square foot was $362 and the average days on market was 49.  The median and average price for attached Condos has remained relatively unchanged compared to this same 90 day period 12 months ago.

Currently, there are 33 detached homes under contract In Escrow in Ladera Ranch.  They range in price from $624,900 for a 3 bedroom, 2.5 bath, 1,600 square foot home on Cecil Pasture Rd in the Waistcoat tract, on up to $1.75 Million for a 6 bedroom, 5.5 bath, 5,695 square foot estate on Andromeda Isle in Covenant Hills. The average price of these homes in escrow is $1.16 Million and the average price per square foot is $365. 

Currently, there 148 detached single family homes listed for sale in Lad era Ranch.  These homes ranch in price from $560,000 for a 3 bedroom, 3.5 bath, 1,700 square foot home on Reinhard Rd in the Carleton tract in Tremor Village.  The highest asking price is $6 Million for a brand new 6 bedroom, 5 bath, 7,716 square foot estate on Franciscan Crt in Covenant Hills.  The median price is $1.1 Million and the average price is $1.39 Million.  The average price per square foot is $411 and the average days on market for 86 days.

For attached townhomes, there are 85 condos currently active for sale in Ladera Ranch.  These condos range in price from $389,900 for a 1 bedroom, 1.5 bath, 1,100 square foot condo on Hinterland Way in the Valmont tract.  On up to $955,000 for a 3 bedroom. 3.5 bath, 2,246 square foot condo on Tuscany in the Castellina tract.

If you would like to view all Condos listed for sale, please visit our website at:  Ladera Ranch Homes and Condos for Sale.   Also visit Avendale Village Condos and Avendale Village Homes for Sale.

Currently there are 72 detached homes for active for sale in Talega, in San Clemente.  These homes range in price from $749,000 for a 3 bedroom, 2.5 bath, 1,700 square foot home on Camino Silla in the Solana tract, up to $2,580,000 for a brand new 5 bedroom, 5.5 bath, 6,055 square foot estate on Via Conocido in the Lucia tract.  The median price of these 72 homes is $1,175,000 and the average price is $1,301,139.  The average price per square foot is $525 and the average days on market is 94 days.

For attached townhomes today, there are 18 Condos listed for sale in Talega.  They range in price from $499,990 for a 2 bedroom, 2 bath, 1,211 square foot condo on Paseo Luna in the Alassia subdivision.  On up to $879,000 for a 3 bedroom, 2 bath, 2043 square foot single townhome with a gold course view on Avenida Cristal in the Carmel tract.  The median price of the these 18 condos is $609,900 and the average price is $640,588.  The average price per square foot is $391 and the average days on market is 61 days.

This article will attempt to quantify the value of an Ocean View for a detached home, as compared to a detached home that does not have an Ocean View.  In order to yield the most accurate results we have selected detached homes in the city of Laguna Niguel located in a regional area defined by page 971 of the area Thomas Guide map.  The reason for this location selection, is that as homes get close to the beach or are beach front, the price of the real estate sky rockets due to the close proximity to the beach.  So analyzing Ocean View homes in Dana Point for instance, would yield less accurate results. The closet that detached homes get to the beach in Laguna Niguel is about 2 miles.  Therefore, we are more or less evaluating the value of just the Ocean View without the added interference of being beach front or bluff front.

In the past 12 months, home prices have not changed very much either up or down, so we will average prices over the past 12 months to yield more accurate results.  In the past 12 months, there have been 43 detached homes that have sold that are located in Thomas Guide page 971 and DO NOT have an Ocean View.  The median price of these non-ocean view homes is $1,195,000 and the average price is $1,266,000.  The average price per square foot is $421 and the average home size is 2,756 square feet.

For detached homes in Laguna Niguel located in Thomas Guide page 971 that have an Ocean View, there were 38 such homes that sold and closed in the past 12 months.  The median price for these Ocean View homes was $1,749,000 and the Average price was $2,190,000.  The average price per square foot was $548 and the average sized homes was 3,903 square feet. 

Using the just the Average price to evaulte the value of an Ocean View would yield less accurate results.  Averages are skewed by a few homes that may be priced very high and don't represent the typical home as well as the Median price does.  Also, the Median Price is not a perfect barometer, for as we can see, Ocean View homes tend to be larger in Laguna Niguel with an average size of 3,903 SqFt as compared to 2,756 SqFt for non-Ocean View homes.   Therefore, we will use the Average Price per Square foot for our analysis. 

Assuming a home in Thomas guide page 971 with 2,900 square feet, with NO Ocean View, the typical home that sold was $421 times 2,900SqFt or $1,220,900, in the past 12 months.  Comparing this to homes with an Ocean view, yields $548 times 2,900 SqFt, or $1,589,200.  The net result is that an Ocean View approximately adds $365,000 on average to the value of a detached home in Laguna Niguel, CA.  We conducted this analysis on other cities and yielded similar results, as long as homes that are beach front or bluff front are excluded from the analysis.   

If you would like to view all homes listed for sale in Laguna Niguel, please visit our website at:  Laguna Niguel Real Estate.  Fell free to call us anytime with questions at:  949-388-3396