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South OC dropping like a rock

nosuchreality

Well-known member
USCTrojanCPA said:
OCtoSV said:
Wow - single level flat lot with privacy and grass in Niguel Hills for $1.25M - blood is in the water and I?m very pleased to see my target market cratering. I want to be 10 minutes or less from Salt Creek.https://www.zillow.com/homedetails/25222-Calle-Sombre-Laguna-Niguel-CA-92677/25553440_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

$1.25m for 1400sf?  That's nuts.

Does it have a view, because the comp a mile away does.
https://www.redfin.com/CA/Laguna-Niguel/24942-Monte-Verde-Dr-92677/home/4878557
 

irviniteeee

Active member
USCTrojanCPA said:
OCtoSV said:
Wow - single level flat lot with privacy and grass in Niguel Hills for $1.25M - blood is in the water and I?m very pleased to see my target market cratering. I want to be 10 minutes or less from Salt Creek.https://www.zillow.com/homedetails/25222-Calle-Sombre-Laguna-Niguel-CA-92677/25553440_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

$1.25m for 1400sf?  That's nuts.

Yeah I'm getting tired of these prices haha. I say hold out a little bit. It's especially funny because South County was always cheaper than Irvine, but now everyone is getting greedy. I would NOT pay 1.25M for 1400 sq ft. unless it was in Laguna Beach or something. Nope!
 

irviniteeee

Active member
nosuchreality said:
USCTrojanCPA said:
OCtoSV said:
Wow - single level flat lot with privacy and grass in Niguel Hills for $1.25M - blood is in the water and I?m very pleased to see my target market cratering. I want to be 10 minutes or less from Salt Creek.https://www.zillow.com/homedetails/25222-Calle-Sombre-Laguna-Niguel-CA-92677/25553440_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

$1.25m for 1400sf?  That's nuts.

Does it have a view, because the comp a mile away does.
https://www.redfin.com/CA/Laguna-Niguel/24942-Monte-Verde-Dr-92677/home/4878557

Listed at 1.2M, sold for 1.5M. Bought in the summer of 2019 for 795k LOL...
 

OCtoSV

Active member
USCTrojanCPA said:
OCtoSV said:
Wow - single level flat lot with privacy and grass in Niguel Hills for $1.25M - blood is in the water and I?m very pleased to see my target market cratering. I want to be 10 minutes or less from Salt Creek.https://www.zillow.com/homedetails/25222-Calle-Sombre-Laguna-Niguel-CA-92677/25553440_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

$1.25m for 1400sf?  That's nuts.

I'm fascinated by your feedback. Is there a cheaper single level house wat the end of a cul de sac, 5.1 miles from the best beach in OC yet close to the 5, flat and private big usable lot with lots of grass, for sale in South OC? Maybe the typical Irvine buyer isn't in to the beach, which means even lower prices for my unicorn. To be clear I'd prefer single level 2K sq ft behind the gates in Monarch Bay but I'd imagine that will remain somewhat exclusive.
 

irviniteeee

Active member
OCtoSV said:
USCTrojanCPA said:
OCtoSV said:
Wow - single level flat lot with privacy and grass in Niguel Hills for $1.25M - blood is in the water and I?m very pleased to see my target market cratering. I want to be 10 minutes or less from Salt Creek.https://www.zillow.com/homedetails/25222-Calle-Sombre-Laguna-Niguel-CA-92677/25553440_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

$1.25m for 1400sf?  That's nuts.

I'm fascinated by your feedback. Is there a cheaper single level house wat the end of a cul de sac, 5.1 miles from the best beach in OC yet close to the 5, flat and private big usable lot with lots of grass, for sale in South OC? Maybe the typical Irvine buyer isn't in to the beach, which means even lower prices for my unicorn. To be clear I'd prefer single level 2K sq ft behind the gates in Monarch Bay but I'd imagine that will remain somewhat exclusive.

I think it?s just simply because that area was never that pricy before. I know it?s a weird time right now, but it?s just not worth it.
 

OCtoSV

Active member
$70K price cut in DP with views - can you imagine the panic when rates hit 7%? Grab the popcorn in South OC - no Irvine buyers here.
 

usctrojancpa

Well-known member
OCtoSV said:
USCTrojanCPA said:
OCtoSV said:
Wow - single level flat lot with privacy and grass in Niguel Hills for $1.25M - blood is in the water and I?m very pleased to see my target market cratering. I want to be 10 minutes or less from Salt Creek.https://www.zillow.com/homedetails/25222-Calle-Sombre-Laguna-Niguel-CA-92677/25553440_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

$1.25m for 1400sf?  That's nuts.

I'm fascinated by your feedback. Is there a cheaper single level house wat the end of a cul de sac, 5.1 miles from the best beach in OC yet close to the 5, flat and private big usable lot with lots of grass, for sale in South OC? Maybe the typical Irvine buyer isn't in to the beach, which means even lower prices for my unicorn. To be clear I'd prefer single level 2K sq ft behind the gates in Monarch Bay but I'd imagine that will remain somewhat exclusive.

As inventory dried up everywhere, home prices had a melt up even in areas where you wouldn't have expected them to.  So with the correction those areas will get hammered the most.  It'll be interest to see how things play out.
 

irvinehomeowner

Well-known member
So now we are entering winter season... seasonal drops plus high interest rates and LL crystal ball... how are the prices doing in South OC?
 

sgip

Well-known member
Here's a "Port Street Adjacent" - Nearly a $900k "price improvement" since original July list date. Close to 20% off the original redonkulus wannabe price.


It's possible to get pretty close to the beach if using Irvine prices as a baseline to compare. Most are older homes but the $1m you save could turn into a pretty sweet remodel costing $500k. A few examples:


https://www.redfin.com/CA/San-Clemente/2833-Campo-Raso-92673/home/4976133

Many South OC Agents have got their Sellers to see what the market is really doing and priced new listings closer to reality. Anything over 60 days on the market is either a dud to begin with or something that the seller is unwilling to part with at a market price.
 

usctrojancpa

Well-known member
Here's a "Port Street Adjacent" - Nearly a $900k "price improvement" since original July list date. Close to 20% off the original redonkulus wannabe price.


It's possible to get pretty close to the beach if using Irvine prices as a baseline to compare. Most are older homes but the $1m you save could turn into a pretty sweet remodel costing $500k. A few examples:


https://www.redfin.com/CA/San-Clemente/2833-Campo-Raso-92673/home/4976133

Many South OC Agents have got their Sellers to see what the market is really doing and priced new listings closer to reality. Anything over 60 days on the market is either a dud to begin with or something that the seller is unwilling to part with at a market price.

Any Tim Smith listing is typically priced very unrealistically so nothing to see there. That Port home will close for under $3m. There are still many dreamers/holdouts/stubborn sellers out there and not just in Irvine. The best medicine for those sellers is to let their homes sit on the market to bring some reality to them.
 
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