Up to Date Real Estate News from the Experts in Urban Living, September 2013

Up to Date Real Estate News from the Experts in Urban Living September, 2013

Current Condo Market in Orange County

Below is a great article to share with your clients in regards to the current condo market in Orange County. Lots of compelling data to support the purchase of an OC condo, see below:

Period Resale Houses Resale Condos
Change from July 1988 +214% +199%
Change from 2000 +109% +117%
Change from 2005 -9% -13%
Change from Peak -17% -18.7%
Change from Bottom +46.1% +52.0%

House prices peaked in June 2007, then hit bottom in January 2009. Condo prices peaked in May 2006, then hit bottom in February 2012. Condos are turning out to be a good decision for other Orange County home shoppers as well. For more than a year, the Orange County housing market has been hot. The condo market, however, is hotter. See below:

  • Condo prices have increased 27% in the year ending in July versus 19% for houses
  • July’s median condo price was $380,000. The medium house was $611,000
  • Condo prices jumped 52% since the housing crash versus 46% for houses.
  • Condos made up 36% of homes for sale last month but 42% of the homes going into escrow.
  • The average amount of time it took to sell a condo was 66 days in July, versus 75 days for houses, multiple listing service figures show.

“Prices have increased significantly from two years ago, and there has been a surge in demand for this type living, leaving little available for sale,” said Newport Beach broker Veronica Hicks of Condos Etc. Demand is higher because condos are cheaper, local agents say. They’re also popular with investors and foreign buyers because they’re easier to rent out and often have security gates. “There’s just more buyers in that price range,” said Grant Doelp of Red Fox Properties in San Juan Capistrano, who represents investors, many of whom have bought condos. “There are more people who can afford to buy that $150,000 to $250,000 home.”

History shows that Orange County condos have bigger price swings than houses. But over the long haul, Orange County condo prices tended to rise and fall in tandem with houses over the past 24 years, Data-Quick figures show. Both condo and house prices have tripled since 1988, with house prices up 214% and condo prices up 199%.

21 Gramercy 302 Just Listed $628,000

21 Gramercy #302, The Sousse Group, Luxury Irvine Condos, Luxury Newport Beach Homes for Sale

Bright & Private Sophisticated Flat at “The Belvedere” Residence B1-B located on the third floor with courtyard views and steps to the clubhouse. Featuring approximately 1,552 square feet of living space, 2 bedrooms, 2 bathrooms, 1 deck and 2 car underground parking with private storage. Interior finishes are inclusive of near $60,000 of upgrades-beautiful custom tile flooring throughout , custom chandelier in dining area, custom paint, custom drapes & shades throughout, custom carpeting in bedrooms, custom wall paper in bathrooms. European cabinetry and slab granite-counter tops in kitchen and bathrooms, stainless steel GE appliances with stylish slab granite-counter tops in Venetian Gold with full back splash in kitchen, recessed ceiling lights and Leviton dimmer light switches throughout the home with 10 feet high ceilings. 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

Rolaids are out of my drawer and back on the desk. We have seen some huge movements on the 10 year T-Bill this week. For the first time in several years we surpassed the 3.00% mark. Luckily we dropped backed below that before closing bell. This morning the unemployment numbers came out and were weaker than expected. This pushed the rates back down and ended the week at 2.94%. Rates are up about an .125% over last Friday. The roller coaster ride sure made it exciting.

Since it is the first week of the NFL 2013-14 season, our quote this week comes from Drew Bledsoe who said “That’s the only reason I’m here. I don’t need to play the game for any other reason than to win the championship.” Every time you put a new client in a home, you are clenching a championship for them. Congratulations.

Based in Orange County, California, The Soussé Group is ranked number one in total sales in Irvine, California, 92612. Topped $140 million in sales in 2012, 2011, 2010, 2009, 2008, 2007 alone with 438 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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