Corona del Mar Real Estate

Market Information for the Newport Beach Area…

I prepared this yesterday.  Feel free to give me a call or shoot me an email at SandraCarlisle@FirstTeam.com with any questions or if there is information that you cannot find.  More than one post has started with your questions!  

price per square foot history for corona del mar.pdf

Buying or Selling in Corona del Mar? Newport Coast?  Contact us at (949) 500-0482!

We have the solutions to meet your goals.

OPEN HOUSE TODAY!!!

320 Seaward

Corona del Mar, CA 92625

Sunday 1-4

Stop by and see us!!!

Home is available for lease

4bd/3ba

Approximately 4,000 square feet

Single Level Home

Shorecliffs Neighborhood

Private Access to Beach!!!

Call Team Kiwi at (949) 751-9600 for more information or to schedule a private showing!  Super exclusive neighborhood.  This one WILL NOT last!!!  Call NOW!  (949) 751-9600

Cameo Highlands Market Activity…

Homes Currently Available in Cameo Highlands: 

• 4507 Dorchester - Enjoy ocean views in this single level 4bd home w/private access to the beach. 
• 4600 Wayne Road - Remodeled Mediterranean 4bd home w/spacious floorplan opening up to a private, tropical yard and patios. 
• 512 Rockford Place - Catalina Island, Ocean & City Lights Views! Updated kitchen w/sunny breakfast nook, private courtyard w/pool & another, separate backyard.  4-car garage plus access to parks, beaches & Crystal Cove trails.

Recent Closed Sales:

• 4500 Dorchester Road - $1,600,000
• 4518 Wayne Road - $2,040,000
• 4606 Cortland Drive - $2,175,000
• 4615 Wayne Road - $2,185,000

For more information (including photos) about these available homes and recent sales in Cameo Highlands or other neighborhoods in Corona del Mar, contact Sandra Carlisle at (949) 500-0482 or by email at SandraCarlisle@firstteam.com.

Cameo Shores Market Activity Update

Irvine Terrace Market Activity Update

Rumor has it that we are near the bottom of the market here in Corona del Mar…  Can it be??  Let’s look at the facts based on history over the past 4 years for those homes priced up to $1,000,000. 

 The Absorption Rate and how has it changed over the past 4 years…

Market Activity Index - Corona del Mar 2004

Market Activity Index - Corona del Mar 2005

Market Activity Index - Corona del Mar 2006

Market Activity Index - Corona del Mar 2007

Market Activity Index - Corona del Mar 2008

The absorption rate is calculated based on the average rate of sales for a particular year and the current level of inventory.  The number represents how many months it would take to deplete the inventory based on this rate of sales.

• 2004 - 9.2 months (Sellers were super-excited about the market)

• 2005 - 20.3 months (Everyone was wondering what would happen…)

• 2006 - 51.5 months (Now we know what’s happening…)

• 2007 - 60.0 months (The year from H E Double Hockey Sticks (if you are selling)!)

• 2008 - 22.2 months  - We are only halfway through the year and the “Summer Selling Season” has just begun.  Inventory has dropped to 2005 levels and sales are beginning to surge.

Active/Pending/Sold History - Corona del Mar - 2004 to Present

Inventory is more than 50% lower than at the same time last year.  Sales Volume has been steady since October of 2007.  That’s eight months of stabilization.

Price Per Square Foot History - Corona del Mar - 2004/2008

Pricing has been stable since September of 2007.

As a buyer, who wants to anticipate the bottom of the market, there are a few questions you need to ask yourself…

1. How low will inventory have to go before it is again a sellers market?
2. Do I have more or less properties to choose from now vs. a year ago? 
3. Is the risk of the interest rate rising more than the risk of prices moving down?
4. Is Corona del Mar going to hold it’s value?

Here are some answers to consider based on these questions…

1. The current inventory level is 12 homes that are priced up to $1,000,000 in CdM.  We have averaged 1 sale per month since the beginning of January.  This month’s absorption rate, based on the 12 homes available, would be 12.  Sales only have to pick up by 3 homes per month to make this price point a sellers market.  Is it possible that 4 homes, priced under a million dollars might sell during June, July & August?  3 sold per month in March, April & June…  (See the Active/Pending/Sold History link above.)
2. This month you have 12 to choose from.  The same month in 2007 there were 28, in 2006 you had 21, in 2005 you had 11 and in 2004 you had 6 to choose from. 
3. Inflation is currently the greatest risk to the economy.  The Fed fights inflation by raising the interest rate.  Prices generally do not go down when inventory tightens.  Prices will generally go up.  (See the price per square foot graph.)
4. Again, see the price per square foot graph.

What do you think?  Has Corona del Mar hit the bottom or do you feel it’s close???

For more information on buying or selling a home in Corona del Mar or Newport Beach, contact Sandra Carlisle at (949) 500-0482.  To find out what the market is doing where you are, or in your price range, feel free to call me at the number above or send an email to SandraCarlisle@firstteam.com.   

Market Report for Corona del Mar, CA

03/01/2007 - 06/09/2008

Active vs. Pending vs. Sold - Corona del Mar - Inventory has remained steady over the past 4 months and is approximately 20% higher than 2007.

Days on Market - Corona del Mar - So far, for June, average days on market is 45.  February was the high point over the past year with an average days on market of 159.

Average List Price vs. Average Sell Price (Closed Sales) - Corona del Mar - The difference in Average List Price and the final sales price has varied between -1.65% and -9.22% over the past year.

Price Per Square Foot - Closed Sales - Corona del Mar - Closed price per square foot averages have hit a low of $681 and high of $1,196 for the past year.

Market Activity Index - Absorption Rate - Corona del Mar - The current absorption rate is 13.8 months.  An average of 15 properties have closed escrow every month over the past year.

Thinking about buying or selling?  Get the market information you need to help price your home or next purchase by calling Sandra Carlisle at (949) 500-0482.  This information can be tailored to your neighborhood and is the most up-to- date information available in the market today!

Hot Buys

Foreclosure Seminars - Buyers/Sellers

Corona del Mar

Market Activity for Corona del Mar

- April 2008

New or Re-Listed Homes (39)

489 Morning Canyon Road     501 Larkspur Avenue     417 Iris Avenue     706 Avocado Avenue     2720 Bayside Drive
705 Avocado Avenue     612 Avocado Avenue     621 Poppy Avenue     710 Marguerite Avenue     4089 Columbus Circle
1 Canyon Crest Drive     2332 2nd Avenue     508 Larkspur Avenue     432 Avocado Avenue     12 Point Loma Drive
401 Seaward Road #6     4600 Wayne Road     4507 Dorchester Road     512 Rockford Place     720 Fernleaf Avenue
401 Seaward Road #8     1006 Sandcastle Drive     3907 Park Green Drive     221 Driftwood Road
506.5 Acacia Avenue     320 Poinsettia Avenue     225 Poinsettia Avenue     318 Drifwood Road     308 Evening Canyon Road
618 B Marguerite Avenue     513.5 Orchid Avenue     2720 Bayview Drive     706 Fernleaf Avenue B
924 Gardenia Way     602 Heliotrope Avenue     405 Columbus Circle     407 Columbus Circle

Homes in Escrow (Pending & Back-up) (17)

743 Avocado Avenue     330 Marguerite Avenue B     327.5 Marguerite Avenue     329 Marguerite Avenue
713 Larkspur Avenue     506 Jasmine Avenue     505 Orchid Avenue     316 Hazel Avenue
317 Goldenrod Avenue     4615 Tremont Lane     9 Curl Drive     517.5 Begonia Avenue     514.5 Narcissus Avenue
430 Poppy Avenue     17 Carmel Bay     4518 Wayne Road     339 Cameo Shores Road

Sold Homes (21)

739 Avocado Avenue #105     731 Avocado Avenue #216     510 Begonia Avenue B     504.5 Fernleaf Avenue
404.5 Dahlia Avenue     142 Jasmine Creek Drive     604 Seaward Road     831 Gardenia Way
607 Narcissus Avenue     20 Atoll Avenue     504 Fernleaf Avenue     402 Jasmine Avenue     4606 Cortland Drive
3901 Sandune Lane     1033 White Sails Way     220 Marguerite Avenue     17 Cambria Drive
4521 Roxbury Road     250 Poppy Avenue     215 Carnation Avenue

Fun Real Estate Facts for Corona del Mar in the  Month of April…

• $918 - The average SOLD price per square foot.
• 103 - The average number of Days on Market for Closed Sales
• 203 - Current number of homes on the market in CdM
• -9.22% - Average price difference between list and closed sale price

For more information or to inquire about buying or selling your home in Corona del Mar, call Sandra Carlisle at (949) 500-0482.

Sandra Carlisle is a Realtor with First Team Estates in Newport Beach and is the author of the Coastal Orange County Real Estate Blog found at sandracarlisle.featuredblog.com      

Market Update for Residential Income Properties in Corona del Mar, California

The Active Vs. Pending Vs. Sold Graph shows the Market Activity from February 2004 through March 2008.  Sales were strong through 2007 and then came to a screaming halt in November through today.  Inventory has climbed back up to the same level from this time last year after substantially declining through most of 2007 from 2006 levels.

Active vs. Pending vs. Sold

The Average List Vs. Average Sell Price covers the Market from February 2004 through March 2008.  You will see the % difference between the average list price and the average price these properties SOLD at.

Average List vs. Average Sell Price - %change

Curious about the Average Days on Market? 

Average Days on Market for Sold Residential Income Property

The Market Activity Index compares the Level of Inventory to the Average Number of Homes SOLD over a year and calculates the Absorption Rate.  The Absorption Rate is how many months it would take for all of the inventory to sell based on the average number of properties sold per month.  That rate for Residential Income Property in Corona del Mar is currently 9.9 months indicating a strong buyers market for this type of property.

Market Activity Index

 Residential Income Properties Currently on the Market in Corona del Mar

For more information on buying or selling Residential Income Property in Corona del Mar, contact Sandra Carlisle at (949) 500-0482. 

DataQuick* reports that the number of default notices (NODs) filed against homeowners in California was at it’s highest level in more than 15 years.  (DataQuick began keeping statistics in 1992.) 

During October - December of 2007, 81,550 NODs were sent to California homeowners by their Lending Institutions.  In Corona del Mar, approximately 12 homes have had a notice of default filed.  In Orange County, there were 4,276 NODs filed in the 4th Quarter of 2007.

Recording a Notice of Default at the County Recorder’s Office is the first step of the foreclosure process. 

Click Here to Read the Full DataQuick Article**

It is estimated that 41% of homeowners in default will emerge from the foreclosure process by selling, refinancing or bringing their payments current.  Just a year ago, that estimate was 71%.  The increase in homes actually foreclosing is attributed to a slower real estate market & the number of homes bought with multiple loan financing.  The more banks involved when a homeowner begins defaulting on a loan, the more difficult it is to work out the loans with those banks.

If you have received a NOD and are considering refinancing or selling your home, give us a call at (949) 500-0482.  Let’s see what steps we can take to put this experience behind you.  We are successfully helping Orange County families every month and have the staffing & experience required to negotiate with the banks.  We are dedicated to helping you stay in the 41% who emerge from your NOD, but we can’t help until you call us.

We look forward to hearing from you. 

Market Activity for Corona del Mar, California - March 2008

Market Activity from 1/1/2008 - 3/31/2008

New, Modified & Re-Listed Homes in Corona del Mar, California (105)

• 743 Avocado Avenue - 2bd/2ba

• 330 Marguerite Avenue B - 2bd/2ba

• 204 Harbor Woods Drive - 2bd/2ba

• 758 Avocado Avenue #201 - 1bd/1ba

• 329 Marguerite Avenue #3 - 2bd/1ba

• 489 Morning Canyon Road - 2bd/2.5ba + den

• 329 Marguerite Avenue 5 - 2bd/1ba

• 7 Crest Circle - 3bd/3ba

• 1 Canyon Crest Circle - 2bd/3ba

• 6 Crest Circle - 3bd/2.5ba

• 2705 Fifth Avenue - 2bd/2ba

• 422.5 Marguerite Avenue - 3bd/3ba

• 421 Goldenrod Avenue - 2bd/2ba

• 510.5 Marguerite Avenue - 3bd/2.5ba

• 516.5 Orchid Avenue - 2bd/2ba

• 417 Orchid Avenue Unit B - 3bd/3ba

• 431.5 Iris Avenue - 2bd/2ba

• 712.5 Narcissus Avenue - 2bd/2.5ba

• 412.5 Orchid Avenue - 3bd/2ba

• 705.5 Goldenrod Avenue - 2bd/3ba

• 510.5 Jasmine Avenue - 3bd/2ba

• 618 Iris Avenue Unit B - 3bd/3ba

• 1 Mainsail Drive - 3bd/2ba

• 2620 Point del Mar - 3bd/3ba

• 517.5 Begonia Avenue - 2bd/3ba

• 413.5 Jasmine Avenue - 2bd/2ba

• 433 Iris Avenue - 3bd/3ba

• 705.5 Acacia Avenue - 3bd/3.5ba

• 2682 Bungalow Place - 3bd/3ba

• 715 Heliotrope Avenue - 2bd/1ba

• 2584 Bungalow Place - 3bd/2.5ba

• 420 Orchid Avenue - 3bd/2ba

• 617 Jasmine Avenue - 3bd/3ba

• 716 Larkspur Avenue - 2bd/1ba

• 441 Fernleaf Avenue - 3bd/3ba

• 509 Jasmine Avenue - 2bd/3ba

• 428 Marigold Avenue - 2bd/1ba

• 2532 Bungalow Place - 3bd/3ba

• 2706 Lighthouse Lane - 4bd/2.5ba

• 2749 Bungalow Place - 4bd/3ba

• 720 Fernleaf Avenue - 3bd/3ba

• 502 Larkspur Avenue - 3bd/3ba

• 209 B Dahlia Avenue - 3bd/2ba

• 705 Acacia Avenue - 3bd/3.5ba

• 617 Carnation Avenue - 3bd/2.5ba

• 316 Heliotrope Avenue - 2bd/2ba

• 316 Hazel Avenue - 3bd/2ba

• 430 Poppy Avenue - 3bd/2ba

• 619 Poppy Avenue - 3bd/3ba

• 517 Fernleaf Avenue - 3bd/3ba

• 1401 Santanella Terrace - 3bd/3ba

• 430 Acacia Avenue - 3bd/3ba

• 322 Iris Avenue - 5bd/4ba

• 708 Marigold Avenue - 3bd/3ba

• 413 Jasmine Avenue - 3bd/4ba

• 612 Poinsettia Avenue - 3bd/3ba

• 2820 Lighthouse Lane - 4bd/3ba

• 702 Avocado Avenue - 3bd/2ba

• 518 Marigold Avenue - 4bd/4ba

• 3800 Key Bay - 3bd/2ba

• 508 Larkspur Avenue - 3bd/3ba

• 518 Carnation Avenue - 3bd/3ba

• 402 Dahlia Avenue - 3bd/4ba

• 4606 Cortland Drive - 3bd/3ba

• 4518 Wayne Road - 4bd/2.5ba

• 314.5 Larkspur Avenue - 3bd/4ba

• 3901 Sandune Lane - 3bd/3ba

• 422 Narcissus Avenue - 5bd/3ba

• 1033 White Sails Way - 4bd/2.5ba

• 1424 Santanella Terrace - 3bd/2ba

• 314 Larkspur Avenue - 3bd/4ba

• 4501 Surrey Drive - 4bd/3ba

• 2930 Seaview Avenue - 3bd/2ba

• 1425 Santanella Terrace - 3bd/3ba

• 339 Cameo Shores Road - 4bd/3ba

• 17 Montecito Drive - 3bd/4ba

• 317 Goldenrod Avenue - 4bd/5ba

• 2700 Wavecrest Drive - 4bd/4ba

• 230 Poinsettia Avenue - 2bd/2ba

• 220 Marguerite Avenue - 4bd/5ba

• 310 Jasmine Avenue - 6bd/6ba

• 214 Marguerite Avenue - 3bd/2ba

• 317 Jasmine Avenue - 6bd/5ba

• 1932 Altura - 4bd/4ba

• 1133 Goldenrod Avenue - 3bd/3ba

• 1452 Key View - 5bd/4ba

• 2316 Pacific Drive - 3bd/3ba

• 2223 Pacific Drive - 1bd/1ba

• 4521 Hampden Road - 3bd/4ba

• 512 Hazel Drive - 4bd/4ba

• 310 Poinsettia Avenue - 5bd/4ba

• 312 Carnation Avenue - 3bd/4ba

• 2733 Shell Street - 4bd/3ba

• 306 Carnation Avenue - 3bd/4ba

• 1611 Bayside Drive - 3bd/4ba

• 1807 Galatea Terrace - 4bd/3ba

• 4645 Gorham Drive - 3bd/3ba

• 220 Narcissus Avenue - 4bd/5ba

• 234 Poppy Avenue - 4bd/5ba

• 2828 Ocean Boulevard - 5bd

• 247 Morning Canyon Road - 5bd/6ba

• 153 Shorecliff Road - 6bd/6ba

• 227 Carnation Avenue - 6bd/4ba

• 3401 Ocean Boulevard - 2bd/4ba

Properties in Escrow in Corona del Mar, California (18)

• 731 Avocado Avenue
• 506.5 Acacia Avenue
• 504.5 Fernleaf Avenue
• 402.5 Dahlia Avenue
• 404.5 Dahlia Avenue
• 142 Jasmine Creek Drive
• 607 Narcissus Avenue
• 4521 Roxbury Road
• 215 Carnation Avenue
• 739 Avocado Avenue Unit 105
• 330 Marguerite Avenue Unit A
• 510 Begonia Avenue Unit B
• 604 Seaward Road
• 831 Gardenia Way
• 504 Fernleaf Avenue
• 402 Jasmine Avenue
• 17 Cambria Drive

Homes reported as SOLD (37)

• 329 Marguerite Avenue Unit 1
• 504.5 Avocado Avenue
• 5 Canyon Crest Drive
• 325.5 Marguerite Avenue
• 612 Poinsettia Avenue Unit B
• 402.5 Jasmine Avenue
• 433 Iris Avenue
• 2733 Windover Drive
• 3511 Geranium Avenue
• 617.5 Marigold Avenue
• 327 Marguerite Avenue
• 1 Sandbar Drive
• 419.5 Iris Avenue
• 3601 3rd Street
• 513.5 Orchid Avenue
• 2750 Bayside Drive
• 2561 Bungalow Place
• 2729 Bungalow Place
• 243 Poppy Avenue
• 241 Poppy Avenue
• 2525 Ocean Boulevard B-4
• 3201 4th Avenue
• 1831 Seadrift Drive
• 2615 Way Lane
• 4615 Wayne Road
• 2801 Blue Water Drive
• 700 Heliotrope Avenue
• 305 Poinsettia Avenue
• 510 Acacia Avenue
• 208 Dahlia Avenue
• 206 Dahlia Avenue
• 21 San Mateo Way
• 636 Ramona Drive
• 55 Montecito Drive
• 223 Poinsettia Avenue
• 221 Poinsettia Avenue
• 157 Shorecliff Road

The average list price per square foot is currently $1057.46.

The average “pending” list price per square foot is $1206.69.

The average SOLD price per square foot was $806.09.

The “absorption rate” for homes in Corona del Mar is currently 11.7.

There are 164 homes on the market.

Current prices for homes available in Corona del Mar range from $574,900 & $75,000,000.

For more information about the Corona del Mar Real Estate Market, contact Sandra Carlisle at (949) 500-0482 or by email at SandraCarlisle@firstteam.com.