OC luxury market is showing signs of life

A trend is growing and heating market in Orange County Real Estate, and this is not a byproduct of the summer season, for a change. The luxury market is seeing sales close much faster than average. Of course, we usually have a cyclical upturn in home sales see the spring - sales tend to perform better in the months that are not consumed with the holidays, for one thing. The industry is usually on seeing more activity in the spring and summer include. Except this particular trend has not surfaced this time last year. Still suffers from bursts the bubble, were high-end homes sit and sit and sit on the market. It is true that homes priced $ 3,000,000 and up to a higher average of days on the market - the target group is small - but to some properties sit without work even longer. A sale of real estate analyst Steven Thomas compiled to determine how long it will (theoretically) take to sell inventory offers, discounts and new escrows shows the acceleration of July 2011 saw a market of 102 months to sell inventory the county at a cost of $ 4,000,000 and more. It is time for the market in July this year, 15.59 months. The housing bubble was inflated over time, prices of 30 to 40 percent higher, and even luxury buyers were not biting. The prices began their dissent, even in luxury homes and began to move. John Stanaland, a broker with CDM Sotheby's International Realty sold a house on the beach in Laguna Beach gated community of Lagunita $ 5.75 million in March. It sells for $ 10.5 million at the peak in 2007, he said. "I think the activity is to corrections in the low-end luxury market," he said. "We are now selling properties at between $ 6,000,000 and $ 7,000,000 were 10,000,000 and $ 11,000,000 at the top. I believe that buyers see the property values ​​adjusted." Powers of sand Teles Properties has seen this trend first-hand when she and colleague John McMonigle Teles closed a villa on the beach in Corona del Mar, for $ 7.2 million. The four bedrooms, bathroom living room instead of seven in Bayside from the list in order to close within 73 days. "I can really start moving the luxury market now," said Powers. "I think we see a slight increase in total and high-end after the last. I think the real buyers have learned to recognize a huge decline in the luxury market and they are getting a good buy." Of course, this revival of activity in cities with more luxury county inventories will be seen - many of them are coastal. To cities with median home price $ 1 million or more have seen an increase in the next year in revenue from year to year, from the real estate market analyst MDA DataQuick: Corona del Mar has seen an increase of 94, 7 percent, Laguna Beach has a 92.6 percent boost, Newport Beach 92 660 92 663 ZIP seen and jumped 56.3 percent and 50 percent, and Newport Coast moved 37.5 percent. To save all these cities for Newport Postal Code 92 660 were in the red this time last year with sales, according to DataQuick numbers. Powers said she began to notice the delay of about 60 days - which is in line with broker when Michael Caruso, a low-end luxury in Laguna Niguel, presented in a few days. Posted on 17th April at Marsh Creek Ranch property on the ocean 21st Filed and 31 april May closed it is 45 days to close the list. 2999000: The house sold for full asking price. "I think we can look back on 2011 as the market bottom," Caruso said in an e-mail. "The challenge now, and it is quite common in a market in a turning point is that many buyers willing to pay more for a house that a bank will have to pay for the assessment. The next few months and will create an environment , lenders feel more comfortable with the pace of sales and property values ​​will help accordingly. Accordingly, we will see housing market with real attention in the future on economic factors and interest rates, rather than stabilize the sagging real estate environment. It is n 't is not easy for a loan get, and many lenders are run for a business environment of 45 days to seek a transaction, "he said. Even at the end of the spectrum is much higher luxury moves the needle - at sea, almost one hectare in the cliffs Corona del Mar for 15 million dollars in 46 days sold this spring. Although the sale of high-capped heads turning in its own respect, Stanaland said the main activity in the luxury market with the mark on the $ 7.5 million is. This can be attributed to what Powers calls a discount of 40 to 50 percent on the price of luxury real estate after the crash. "I think people feel less shy about it," said Powers. "You buy, they are committed. This is a very positive upward trend."