About Newport Coast's Crystal Cove

Real estate news released by DataQuick on December 16, 2008, reflected a 34.4% decrease of the average single family home sales price in Orange County.

With the interest in Crystal Cove Real Estate market trends, learning how Crystal Cove realty compares for the same time period, November 2007 to November 2008, is important for buyers and sellers of real estate.

Take a look at the charts below for Crystal Cove real estate. All of the charts reflect activity for single family detached homes in Crystal Cove, CA.

The first chart shows a Median Sold Price decrease of 100%. The reason for the sharp drop is due to the fact that zero homes were sold in the Month of November 2008.

The chart below shows the number of homes for sale has increased by 119%.

The chart below shows the supply of single family detached homes for sale has increased by 119%. The demand has decreased by 50%.

The next chart indicates the number of New Properties listed by month is up 50%.

And finally, the last chart shows the number of under contract properties is down by 100%. The reason for the sharp drop is due to the fact that zero homes went into contract in the Month of November 2008.

I have more charts available. Would you like to see more? All of them?

Armed with the information contained in these charts, what is your opinion of today's Crystal Cove real estate market?

Get the conversation started. Please leave a Comment.

I found an intriguing article for first-time home buyers. In truth, this article applies to all considering buying or selling real estate in today's market. Finally, someone who is not a real estate agent is agreeing with me - now is the time to start thinking about buying!

As a Newport Beach Realtor, when I start talking about buying now, some folks accuse me of just being another crazy Newport Beach real estate agent screaming, "Buy, Buy, Buy!" I'm not. I'll leave the screaming to Mr. Mad Money, Jim Kramer. I just know when the dust settles, down the road, some folks are going to look back and say, "Why didn't I get something back then?" It's especially true with Newport Beach real estate.

Let's hear from Ron Lieber of the New York Times and learn why, "It May Be Time to Think About Buying a House..."

Read more...

What's up with the street named Coral Cay in Crystal Cove? There are seven homes for sale on this street. One of them is going to be a deal for someone. At least by today's standards. Check out the listing information for 3 Coral Cay. This is an ocean view property in like-new condition on a large lot. Currently the price shows $3.995M. That's not a deal. But, wait, I received an e-mail this week stating the price is coming down to $3.250M. Whoa! That's a good price reduction! A good negotiator might even get it for less.

I can't find my crystal ball so, I can't tell you what's going to happen in the next year. But, for now, 3 Coral Cay is shaping up to be a deal in today's market.

Maybe seller resistance to realistic pricing in Crystal Cove real estate is finally starting to give way.

What’s up with the street named Coral Cay in Crystal Cove? There are seven homes for sale on this street. But, before you diss this street, take note, one of them is going to be a deal for someone. Check out the listing information for 3 Coral Cay. This is an ocean view property in like-new condition. Currently the price shows $3.995M. That’s not a deal. But, wait, I received an e-mail this week stating the price is coming down to $3.250M. Whoa! That’s a good price reduction! A good negotiator might even get it for less.

Finally, maybe the resistance to realistic pricing in Crystal Cove real estate is starting to give way.

Just a few days ago I was asked by someone about current values and my opinions about Crystal Cove real estate.

Aside from the anomaly of one recently sold property, selling prices have held slightly above $1,000 per square foot for Crystal Cove homes.

In a nutshell, I think between now and the first of the New Year is an excellent time to buy. The new Obama administration has stated the economy is the top priority. What is the foundation of the economy? The housing market. They will be doing their best to shore up the sagging housing market. As this happens, people will begin to feel more confident about purchasing a home. I think if these things happen, the window of opportunity will begin to close for our local market. By window of opportunity, I mean what Buyers are looking for now - a deal.

In Crystal Cove, we have seen the inventory grow, with sellers not reducing their prices. Crystal Cove real estate is one of the last to be battered and will be one of the first to stand back up. Sellers, who have been stubborn to begin with, will become rigid with their prices as the available number of properties dwindles.

A couple of months ago, 51% of the homes offered for sale were also for lease. To me, this is telling. Sellers who are well heeled, who don't have to sell are saying, "If I can't sell it, I'll lease. I have watched this happen to several Crystal Cove homes. They were leased. The sellers will wait for a better day to sell their Crystal Cove real estate.

Today, I am advising people not look at the sticker price, but to find the home that works for them, and then, see if the seller will come close to a price the buyer is willing to pay. There are properties that do not look like a "Deal" based on the asking price, but when I talk to listing agents, I hear a different story. Many, if not most, sellers in Crystal Cove say, "If they don't like the price, why don't they make an offer?" Many sellers just do not want to lower the price. Right or wrong, this is the prevalent thinking in the Crystal Cove real estate market.

What to do? With the current historic low interest rates and a large inventory of available homes in Crystal Cove - WoW! Find your dream home in Crystal Cove. Contact your Crystal Cove Realtor and make an offer. You never know, you just might end up with a deal.

My definition of a deal is any home you purchase today five years from now in Crystal Cove real estate.

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