Up to Date Real Estate News from the Experts in Urban Living, November 2012

Up to Date Real Estate News from the Experts in Urban Living November, 2012

OC Home-buying Surges 22%

Source: OC Register

Orange County’s real estate market saw total Orange County sales of 3,113 residences closed in the latest period ­ that is up 21.8% vs. a year ago. Median selling price for all residences of $455,000 ­ that is up 7.6% vs. a year ago.

  • $455,000 median selling price is 29% below June 2007’s peak of $645,000.
  • Current price is 14% above end of 2011$B!l(Js median ($400,000)
  • Re-sales of single family homes were up 20.2% versus last year; condo sales rose 27.1% vs. year ago.
  • Builder new homes sales were 17.0% higher in the same period.
  • The most recent median is 23% above the cyclical low hit in January 2009 at $370,000 ­ so the median has recouped 31% of the $275,000 price drop from the peak.
  • Compared to cyclical low, single-family house median is 22% higher ($418,250 in January 2009); condo median is 21% higher ($252,000 in March 2009.) Builder prices for new homes are 63% above June 2009 $424,000 bottom.
  • The median selling price of a single-family home is 31% less than their peak pricing (June $B!G(J07). Condos sell 35% below their peak in March 2006. Builder prices for new homes are 20% below their February $B!G(J05 top.
  • Single-family homes were 67% more expensive than condos in this period vs. 85% a year ago. From 1988-2011, the average house/condo gap was 58%.
  • Builder new homes sales were 6% of all residences sold in the period vs. 6% a year ago. From 1988-2011, builders did 14% of the Orange County home-selling.
  • 43 of 83 Orange County ZIPs had both rising sales and prices in the period.

58 Soho .Just Listed $628,000

58 Soho, The Sousse Group, Luxury Irvine Condos

Highly upgraded Contemporary Granville Town Home Residence ( 4 ) featuring approximately 1,878 square feet of living space, three bedrooms, three bathrooms, loft and private 2 bay-style garage with direct access. Interior finishes are inclusive of near $60,000 of upgrades- hardwood floor throughout, Travertine floors at bathrooms, textured carpet in bedrooms, custom shades, custom paint & custom ceiling fans. Homes includes European cabinetry and stylish slab granite-counter tops in kitchen and bathrooms, stainless steel GE appliances with slab granite-counter tops with full back splash in kitchen, recessed lights and vaulted ceilings and convenient ground-level entry. The 8,000 square-foot Clubhouse / Recreation Center provides you with a bounty of amenities. Live in Orange County’s newest , resort-style & recreational Oasis master planned community….. The Central Park West.

Financial Update by Maurice

The weekend is here and the great news is rates are great for those weekend borrowers. The 10 year yield closed at 1.75 for the week with rates closing at 3% on 30 year fixed rates. Yeow is that low!!

Consumers must feel better about the economy as Apple and Microsoft unveil the new I pad Mini and Windows 8 this week driving flocks of consumers to the retail stores to purchase new electronics. In fact US new home sales have soared this year. The median price for a home rose 11.7% in August over the previous year. Shades of 2006??? Brace yourself…..buyers will be priced out of the market again if they don’t act quickly on these interest rates.

The housing market is on the mend after the 2006 crash that dragged the economy through its worst recession since the Great Depression. Home sales are increasing and giving a model lift to housing prices and encouraging new home builders to break ground on new homes in the highest numbers since 2005.

How about the talk of shadow inventory? I keep looking around every corner and they are no shadows right now. The housing market couldn’t look brighter and ask any of your colleagues about inventory. We can all commiserate about lack of homes for sale. I can’t tell you how many client we have pre-approved and fighting to get their offers accepted. We just don’t see the any shadow inventory.

I really like the quote from Dennis S Brown who said, “The only difference between a good day and a bad day is your attitude.”

Based in Orange County, California, The Soussé Group is ranked number one in total sales in Irvine, California, 92612. Topped $120 million in sales in 2011, 2010, 2009, 2008, 2007 alone with 320 completed transactions and have successfully risen to the top 50 along the 25,000 agents in Orange County.
Kerry and Maurice Soussé
Realtor / Broker
The Soussé Group
HÔM Real Estate Group
1200 Newport Center Drive, Suite 100
Newport Beach, CA 92660
Direct Line: (714) 412-9014
Direct Line: (714) 412-8512
Direct Fax : (949) 640-7606
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