Up to Date Real Estate News from the Experts in Urban Living, September 2011

Up to Date Real Estate News from the Experts in Urban Living September, 2011

Orange County Sales Data Shows Million Dollar Homes Harder to Sell

OC Register, September 6th, 2011, by Jon Lansner

The “market time” benchmark tracking how many months it theoretically takes to sell all the inventory in the local MLS for-sale listings at the current pace of pending deals being made. By this logic, as of last Thursday, it would take:

  • 3.53 months for buyers to gobble up all homes for sale at the current pace vs. 3.46 months two weeks ago vs. 4.05 months a year ago vs. 2.46 months two years ago.
  • Of the 8 pricing slices, 3 had faster market time vs. 2 weeks ago; and 7 improved over a year ago.
  • Homes listed for under a million bucks have a market time of 3.06 months vs. 10.96 months for homes listed for more than $1 million.
  • So, basically, it is 3.6 times harder to sell a million-dollar-plus residence!
  • And just so you know, the million-dollar market represents 18% of all homes listed and 6% of all homes that entered into escrow in the past 30 days.

September ENews Table, The Sousse Group

JUST LISTED – The Plaza, 8059 Scholarship, $888,000

8059 Scholarship, The Sousse Group, Luxury Irvine Condos

8059 Scholarship, 2 bedroom, 2.5 bath, 1,790 sq ft, $888,000

Views of twinkling city lights, mountains, Fashion Island, golf course and nature habitat preserve that bring the outside in from this ‘big sky’ wrap-a-round terrace. This 2 bedroom plus foyer/gallery, 2.5 bath corner unit on the 5th floor offers gorgeous travertine floors that guide you through the luxury of light cherry wood kitchen cabinetry, granite counter tops, floor to ceiling windows with upgraded window shades, custom paint, custom light fixtures, crown molding, three Plasma TV’s and fireplace with custom built-in entertainment in living room. Experience extraordinary amenities and recreational oasis on nearly one acre of land…The Plaza-Irvine.

Financial Update by Maurice

The rates are super low this week. The 10 year treasury closed today at 1.91% which is the lowest it has been in about 60 years. Great time to purchase real estate wouldn’t you think?

I know I sound like a broken record, but, this is one of the greatest times in history to purchase a home. With rates this low and prices where they are, this is where true equity and wealth is built. We will look back to this year sometime in the future and recognize this was the time to buy properties.

For 24 years I have been closing mortgages and I don’t ever think we have seen rates this low…ever.

Concerns over European Debt, a weaker than expected US economy and a possible new round of quantitative easing (QE3) is sending investors to purchase treasury bills. Traders think they could see the 10 year treasury dip as low at 1.75% in anticipation of the FED’s announcement, but, feel that there should be an immediate bounce up once revealed.

Underwriting times on purchases are still quick at about 5-7 business days, which, in this market is super!

I really like the quote from Norman Vincent Peale who said “It’s always too early to quit”.

Based in Orange County, California, The Soussé Group is ranked number one in total sales in Irvine, California, 92612. Topped $96 million is sales in 2010, 2009, 2008, 2007 along with 260 completed transactions and have successfully risen to the top 50 among 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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