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Keller Williams & the Clark Group’s Weekly Financial and Market Update: 9/26/2013
And off we go! The market has certainly shifted back to a more neutral - and in many areas a buyers - market: in looking at the 19 homes in Irvine, Tustin, Newport Coast, Newport Beach and Orange that experienced a price change on 9/26/2013, 17 were downward, 2 were upward. This is a trend I have seen for the past month or so, and is county wide.
One thing that is contributing to the above is the unrealistic expectations of some sellers: from February - late-June, we saw an amazing amount of demand and price increases: supply was very limited, buyers wanted to close escrow on their new home before the school year began, and foreign cash buyers were out in droves. Homes are now expiring off the market unsold - which we didn't see for most of the first part of 2013. Also, the days on market are increasing for sellers.
Another factor was interest rates: they were approximately 30% lower just a couple of months ago.
Factor #3: new developments coming up soon. The Irvine Company has announced that the huge Orchard Hills development is ready to begin accepting buyer sign-ups in the Spring of 2014. Additionally, the Great Park is ready to begin home development with 10 tracts by 8 builders. It's going to be a very busy few years for builders in Orange County! (And that's just Irvine.)
And lastly, investors have moved on to greener pastures so to speak. With prices moving up so quickly, the return in Orange County (and most of the major areas of California) for investors isn't as attractive as in Florida, Texas and many other states.
As always, these are interesting times!
What we've been up to lately: the Clark Group is proud to announce we have represented many buyers and sellers this year. We recently closed escrow for a record price for a plan 2 single level home on Matisse in The Colony of Irvine. We also closed escrow recently on a beautiful home on Stutsman in the San Miguel tract of Tustin for a record sales prices, a buyer of a wonderful 2,400 sq. ft. home on Abeto in Irvine - and that's in addition to opening 3 new escrows with buyers and sellers, and recent sales records in the Heritage Park tract of Irvine.
We also recently represented a physician in leasing almost 5,000 sq. ft. of medical office space on Tustin Ave. in Santa Ana, which will be the hub for his new practice of clinical drug trials. (And we have an over $6,000,000 escrow on a home in Shady Canyon which we helped the buyer secure for $5,200,000 just last year.)
Another satisfied client! Bill & Carol Dalo, 11 Cheyenne, Irvine: Aug. 2013
I highly recommend Bruce Clark and his team for purchasing or selling a home. He is easy to work with, considerate, diligent, and aggressively promoted our house using "state of the art" internet and web site advertising tools, professionally printed literature and his extensive base of contacts. It was an easy choice when it came time to sell our home, and as expected, he did an excellent job. You do not have to look any further. Bruce is the guy you want!
There simply is no substitute for experience, market knowledge, strong negotiating and trust: for more information on working with a leading Orange County real estate agent, call Bruce at 949-285-1207.