Short Sales in South Orange County Beach Towns

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Home Page > Finance > Real Estate > Short Sales in South Orange County Beach Towns

Short Sales in South Orange County Beach Towns

Posted: May 16, 2011 |Comments: 0
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In studying South Orange County beach cities, I find that the more expensive the homes in the area are, the lower the percentage of short sales.  This seems to be true when looking at the stats for 5 beach cities starting in the south with San Clemente, and then looking in turn at Dana Point, Laguna Beach, Newport Beach and Huntington Beach.

 San Clemente Short Sales

There are 126 homes listed as short sales in San Clemente and 53 condominiums.  Condominiums range in price from $120,000 for a very small 438 square foot unit to a delightful 3-bedroom unit listed for $619,000.  The homes listed as short sales range in price from $418,000 for a 2-bedroom, 3-bath home to $4 million for a 6-bedroom, 6-bath home on the bluff overlooking the Pacific Ocean.  The total market of homes and condos in San Clemente is currently about 450 listings, which indicates that short sales make up about a third of the total market. Currently, the highest priced home on the market today is listed for $8.4 million.

 Dana Point Short Sales

There are currently 42 short sales on the market in Dana Point ranging in price from $300,000 for a 2-bedroom condo to a fabulous ocean view home priced at about $8 million, down from $14 million.  The short sales listed represent a little more than 10 percent of the total number of homes and condominiums that are currently for sale.  The highest priced home on the market today is listed at slightly more than $23 million.

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Laguna Beach Short Sales

Currently there are 41 single-family homes listed as short sales in Laguna Beach.  They range in price from $420,000 for a 3-bedroom, 3-bath home to $8 million for a spectacular, oceanfront home previously offered at $14M.  There are 11 condos listed as short sales ranging in price from $350,000 to $850,000.  There is a total of 363 homes and condos currently on the market and that indicates that the short sales in Laguna Beach total about 15 percent of the total market.  The highest priced home on the market today is listed for $32.5 million.

 Newport Beach Short Sales

In Newport Beach, 36 single-family homes are listed as short sales ranging in price from $260,000 for a manufactured home with 3-bedrooms and 2-baths to $2 million for a 2-story water view home with 3-bedrooms and 4-baths.  There are 53 condos listed as short sales in Newport Beach.  These units range in price from $260,000 to about $2 million for a 1-bedroom unit.  The total number of homes and condos on the market is 518, which indicates that short sales in Newport Beach make up approximately 15 percent of the total market.  The highest priced home on the market today is listed for $28.5 million.

Huntington Beach Short Sales

There are 113 homes listed as short sales in Huntington Beach ranging in price from $350,000 for a 3-bedroom, 1-bath home to about $2 million for a lovely 3-bedroom, 5-bath home.  There are a total of 125 condominiums listed as short sales in Huntington Beach that range in price from $90,000 to $835,000.  With 600 homes and condos currently on the market, about one-third the market is listed as short sales.  The highest priced home currently on the market is listed at $6 million.

 The High Price – Low Short Sale Rate Connection

Do these stats prove that the wealthy are less likely to have over-paid for a home purchased before 2007?  Probably not, but it may indicate that they are less worried about it.  After all, with the California real estate market trend over the years one of minor booms and busts, who has not bought a home only to watch it decline in value.  However, the good news is that the real estate market will pick up and if you stay in the home, the prices are bound to rise again.  And, rising values are even more assured in the extremely desirable coastal towns in southern California.  The three areas with the highest home values have the lowest percentage of short sales.  Both Huntington Beach and San Clemente have less expensive and less desirable inland areas that work to bring their averages down.  They also both have less of that desirable ocean front or ocean view property. 

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Noel Markham -
About the Author:

 

Noel Markham

http://www.sellrealestate.net

 

By the way, for more information on the South Orange County Real Estate market, visit http://www.ochomebuyer.com

 

 

 

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