Camarillo, CA

Real Estate Activity for Camarillo

As of 7/13/09

Breakdown of Active Listings:

*does not include properties under contract

45 attached (condos, townhomes, duplexes)

115 detached

Statistical information used to create this report was obtained from VCRDS. Information Deemed Reliable but not Guaranteed.

Camarillo Market Update

There are likely more months ahead of gradually falling home prices & stricter loan requirements. However, for qualified home buyers, the low interest rates, large home selection and considerably reduced home prices are providing some remarkable opportunities.

In Ventura County over the last 12 months, home prices have fallen 38%! Homes are selling at an average of 97% of list price, when they are priced near market average. This is a strong sign of the beginnings of market recovery.

There are some rather compelling indicators from a variety of sources that indicate continued positive pressures on our markets since the start of the year.

Anything being offered for sale for less than $500,000 and especially in the $350,000 and below range is being snapped up by investors and first time home buyers.

It is not unusual for me to call a listing agent for my clients and be told there are 20 to 25 offers!

This is like the market 3 years ago but in reverse. Prices have fallen so far that first time buyers are jumping at the opportunity to realize their home ownership dream. Visit Ventura County Real Estate and Market Insights and click on "Find a Home" to start your own home search on our local Multiple Listing Service.

At the same time, investors are snapping up homes with all cash offers making it very difficult for many first time buyers to compete. Their frustration is that list prices are in their price range, but competition from investors and austere bank terms drive the actual sale prices much higher.

There are still a number of banks that have not figured out that a short sale is an opportunity for them to cut their losses. Some of these banks take 8 to 10 months to approve these short sales and consequently they loose numerous deals from frustrated and impatient buyers.

Often a buyer waits months for bank approval of short sale, only to have the bank foreclose on the property and auction it off for many thousands less than their offer! It makes no sense and can't be predicted.

First time home buyers need to take a hard look at their needs and be realistic about the cost of home ownership. You simply cannot low ball a listing with a reasonable expectation of success now. The market is much more competitive than a year ago. The days of offering $50,000 less than market average for a home are coming to an end.

Your realtor should be doing a Comparative Market Analysis on any home you want to make an offer on. Once you know the market value of the home, make an offer based on the market price. If you have taken the time to be pre-approved with a lender, you'll know already if this home makes financial sense.

Be prepared to negotiate and expect competition! If you cannot be flexible in price and terms, this market will be extremely difficult for you. A take it or leave it attitude will not serve a buyer well either, and many folks have lost wonderful opportunities for home ownership for the sake of a few dollars.

One rule of thumb to keep in mind is: for every $1,000 you borrow for a home, it increases your mortgage cost by about $7 to $8 dollars. Listen to additional market information on my free 24 hour HomeFinder Service at (866) 345-7028.

Develop your buying strategy, negotiate price and terms based on market price, be pre-approved with your lender, and beware of short sales. Be flexible and have a backup plan.

Let your real estate professional guide you through the 30 pages of the offer process and handle all the followup escrow details. Expect them to schedule and track all the inspection, termite, and home repair and home warranty details for you and to provide you with experience based guidance for a successful transaction.

You can buy a home for a lower price than we have seen in many years.

Call or email me and I'll be happy to help you get started.

You are invited to explore the latest in Video Real Estate News and Information at Realty Times Video Newsletter. Produced and updated daily, it provides comprehensive upbeat information on the latest developments in our fast changing market.

Mild Mediterranean Climate year round. Excellent schools and 20 minutes from the beach. No smog, great shopping and friendly small town feel.

Camarillo is a showpiece for Ventura County. A very upscale town of 63,000 people, with summer "Concerts in the Park", Frequent community events and celebrations, this town has an abundance of attractions.

LA is an hour South and separated by a mountain range. Beach and harbor activities are available within a few minutes drive for boaters, swimmers, divers or a romantic dining experience at one of our many premium restaurants.

Camarillo has it's own premium outlet mall for upscale shopping at discount prices. Hiking, horseback riding, off-road biking, ATV exploring and fishing are all within an hours drive at scores of State Parks and National Recreation Areas.

Take a boat trip out to the Channel Islands for a unique camping or hiking experience, or observe the twice a year dolphin and whale migration back and forth to Mexico.

More questions? Email them to me at mark@markthorngren.com or call me office direct at (805) 504-0228.

It is important that you know, that I do have time for you, your family, friends or business associates who could use my help right now.

Mark Thorngren

Camarillo's Montelena 1 Tract

There are many wonderful neighborhoods in Camarillo, but one of the nicer mid-priced tracts is Montelena 1. Built 1990 through 1995, these are very comfortable Mission Oaks homes, with a number of view locations. They are 3 and 4 bedroom homes with 2.5 to 3.5 bathrooms which range from about 1800 sq ft to almost 2800 sq ft. Lots range in size from about 6,000 sq ft to over 9,500 sq ft. The homes are all uniform stucco with red tile roofs, built with many luxury amenities, nicely landscaped and with no HOA!

The homes in Montelena 1 are located in the Mission Oaks area with a hilltop view overlooking the Calleguas Creek. Flynn and Lewis Roads are part of the expansive view to the North and West with mountain and partial ocean views on the horizon. This is a fairly quiet neighborhood with limited access to the busier streets of Creekside Drive and Mission Oaks Boulevard.

The neighborhood itself resembles a flattened loop with 3 streets and a cul-de-sac. Via Pacheco and Paseo Montelena have some amazing view locations, while Via Cupertino runs a block behind the cliffside homes. Chula Vista Court is a small cul-de-sac off of Paseo Montelena with a quiet, friendly feel.

Most of the homes I've seen have generous back yards that often sport large patio decks (especially the cliffside homes) or very private, lushly landscaped gardens. More than a few of these homes have gorgeous inground pools, built-in barbeques and decorator deck furniture.

Most of the kitchens I have seen are expensively upgraded with granite countertops and stainless appliances. They usually face the backyard and often have part of the valley view. Living rooms and family rooms enjoy vaulted ceilings and at least one fireplace. The master bedrooms are usually downstairs with backyard views or patio access. Huge master baths sport upgrades that may include double marble vanities, separate tub and tile shower enclosures, designer light fixtures and cabinetry.

There are usually 2 to 3 upstairs bedrooms which are quite a bit smaller than the downstairs master and a bit tight in my opinion for a home in this price range. That would be my main criticism of these homes. If Mom and Dad are using the downstairs master and the kids are upstairs, it's okay. However, if grandma is living here or one of the kids have moved back in, the upstairs bedrooms are small.

Most homes have a downstairs hallway half bath that opens to the living room and the laundry is usually downstairs as well. Inside access to the two car garage is internal also, and a very few homes even have a 3 car garage. If you are retired or the kids are away at college, you essentially have a single story home with upstairs office and guest room. Pretty darn comfortable and often with the perfect backyard view for a couple to enjoy at sunset with an ice cold beverage or maybe a little barbeque with friends.

Eleven homes have come to market in the last year.

Two properties expired last summer after 6 month listings when they didn't sell at $715,500 and $719,500 respectively.

Five homes have sold for an average of $635,000 with the highest sale price at $687,000 for a 2,400 sq ft home and the lowest sold at $600,000 for a 1,800 sq ft home.

There are four homes actively being marketed in this tract for an average listing price of just over $623,000. The lowest priced home is listed at $539,000 and 1,800 sq ft (it's a short sale), while the highest priced home is listed at $690,000 for 1,800 sq ft and priced at $690,000 though it does have a nice view.

There is one home currently listed for $679,900 with 2,767 sq ft and a large backyard in ground pool that looks very tempting.

By my calculations only one of these eleven homes was a distressed sale, meaning only one home was a short sale or foreclosure. That makes this tract a very stable investment for any home buyer. Just the same, values appear to have eroded about $1,000 to $1,500 a month over the last year. This compares to over $4,000 a month in some Oxnard neighborhoods with even larger, newer homes. (see my blog on Victoria Estates).

Four or five years ago, these homes were selling for the high $600,000's to low $700,000 range, so they really have not come down as much as I would have expected. These homes are very comfortable, built in a premium location, and are a very solid investment for those with the means to take advantage of our current market. 

Warmest Regards,

Mark Thorngren

Ventura County Market Insights Video Report

Ventura County Real Estate 

mark@markthorngren.com

(805) 504-0228   

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As predicted, once the Mark-to-Market Rules were recently revised to a more sensible approach, not only did the stock market begin to first stabilize and now climb, the credit crunch is beginning to loosen. Amazing what the free market self-correction will do without big-brother meddling.