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Wilmington NC New Homes & Foreclosures

January 18th, 2011 · Real Estate Markets

We wanted to start comparing other markets and see what is going on on the East Coast.  so we are going to take a look at North Carolina.

Wilmington NC offers homes and condos for everyone.

Always popular, is new construction. There are great communities offering homes for every buyer.

In Carolina Beach we are seeing the reemergence of new construction. For example, you can buy a 3 bedroom 3 bath home within walking distance to the beach for $350,000. This is a new home.

There are currently nine new homes being offered according to WRAR. The average list price is $343,000 and its 1,608 square feet.

With regards to bank owned homes in Carolina Beach NC there are currently 33 homes for sale. They range in price from $89,000 to $564,000. The inventory level for foreclosures has dropped from the same time last year.

In Seawatch,  a Kure Beach community, you can buy a new ocean view home for $600,000 and up.

In new construction, there are currently two new homes being offered, both are in the $1,000,000 range.

With regards to bank owned homes listed in MLS, there are currently five properties, ranging from $50,000 to $500,000. Bank owned inventory has dropped in Kure Beach compared to 2010 at this time.

Wrightsville Beach has several new homes priced near $2,000,000. There are 3 bank owned homes in Wrightsville Beach as of January 2011.

For those on a budget, you can find great homes in Masonboro Country Club for $300,000. These are brick homes with 4 bedrooms, in a golfing community.

There are urban flats available in downtown Wilmington starting at $200,000. This is a great location for those looking for fun, nightlife and social activities.

Condos in central Wilmington have recently been built. This provides easy access to the beach, downtown and UNCW For example, a new condo off 17th St can be purchased for $120,000. It has a nice pool, tennis courts and a clubhouse.

Wilmington North Carolina real estate continues to offer enough variety of properties and homes for sale to satisfy investors, new home buyers and families alike. With the vast number of communities, price ranges and home styles, anyone is sure to find the type of property they are looking for.

Coastwalk Real Estate has been generous enough to provide these recent statistics about the coastal NC market.

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Mission Viejo real estate market

July 7th, 2010 · Real Estate

Official seal of City of Mission Viejo
Image via Wikipedia

The Mission Viejo real estate market, a part of the larger Orange County and Southern California housing markets, showed strong signs of progress despite a substantial distressed sales market. According to a June 15, 2010 report from OC Metro, “Orange County’s median home price and sales numbers got a welcome boost in May, partly due to government tax credits, low mortgage rates and more activity in higher-priced areas, according to a new report from MDA DataQuick.” The article by Kristen Schott continued to say that “The median home price rose to $450,000 in the county, up about 10 percent from the same time last year. It’s the ninth consecutive year-over-year gain, according to the real estate information service. The price also increased from April when it hit $430,000…Sales rose 22 percent in Orange County, compared to the same time last year. Buyers snapped up 3,257 properties, compared to 2,667 in May 2009.”

The same pattern of growing home sales and increased median prices seen among Mission Viejo homes for sale was repeated across the larger Southern California region. According to a June 15, 2010 article from the Orange County Register, “Dwindling foreclosures and higher sales in pricier, coastal neighborhoods have pushed Southern California home prices to their highest levels in almost two years, according to MDA DataQuick. The median price of a SoCal home, or price at the midpoint of all sales, jumped 22.5 percent in May to $305,000.” The report by Jeff Collins went on to note that “It was the first time since October 2008 that the SoCal median price has been at $300,000 or higher. Meanwhile, home sales were up 7.2 percent, juiced in part by the expiring of a federal tax credit of up to $8,000.”

Despite a decrease in the number of foreclosures in the Mission Viejo housing market, there were still a number of distressed sales in the region. According to a June 15, 2010 article from the Orange County Register, “The distressed inventory continued its slow climb this year, adding an additional 89 homes in the prior two weeks and now totaling 3,080, a 3% increase.”

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The Laguna Niguel housing market

July 5th, 2010 · Reviews

Official seal of City of Laguna Niguel
Image via Wikipedia

The Laguna Niguel housing market, part of the larger Southern Orange County real estate market, showed strong signs of improvement compared to a year earlier. According to a June 15, 2010 article from the Orange County Register, “For calendar month May – DataQuick’s latest stats – the 19 ZIPs located in south inland communities showed…947 homes sold, that is +46.1% vs. a year ago. The median selling price of these ZIPs was $520,000 – that is +4.9% vs. a year ago.” The piece continued to state that “The south inland ZIPs comprised 29.9% of the recent home sales in Orange County vs. 24.9% a year ago…36 ZIP codes in beach towns and inland South County communities had 1,515 home sales. That’s up 43.7% vs. a year ago.”

The recovery of the overall Orange County economy, which partially determines the number of Laguna Niguel homes for sale, is not as rapid as some analysts had expected. According to a June 3, 2010 article from the OC Metro, “Attendees got what they came for with news that an uptick in new jobs, consumer confidence and median home prices all point to a ‘weak but sustained recovery through 2011.’ The lagging construction industry, however, is expected to stall a more robust rebound.” The piece, composed by Kimberly A. Porrazzo, went on to say that “Typically, GDP growth is in the 6 percent range following a recession. Chapman’s forecast last December called for a mild recovery – around 3 percent…The report underscored the fact that the recession’s impact on Orange County was greater than previously though. Revised statistics from the Employment Development Department show that the county lost 110,200 payroll jobs during 2009, instead of the previously reported 64,800.”

The jobless rate will likely not reach pre-recession levels until next year, which might stall the recovery of the Laguna Niguel housing market. According to a June 3, 2010 article from the Orange County Business Journal, “Orange County isn’t expected to start adding jobs until 2011, according to a midyear economic forecast update released by Chapman University Thursday. Economists at the university in Orange now expect a 1.2% drop in employment for nearly 18,000 jobs lost in 2010, a sharp pullback from the 1,000 job gain it predicted in December.”

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Buena Park real estate market

July 3rd, 2010 · Real Estate

Buena Park Sign, Orange County, California, USA
Image via Wikipedia

The Buena Park real estate market, part of the northern Orange County housing market, showed strong signs of improvement in the most recent tracking period. According to a June 15, 2010 article in the OC Metro, “Orange County’s median home price and sales numbers got a welcome boost in May, partly due to government tax credits, low mortgage rates and more activity in higher-priced areas, according to a new report from MDA DataQuick.” The piece, composed by Kristen Schott, went on to state that “The median home price rose to $450,000 in the county, up about 10 percent from the same time last year. It’s the ninth consecutive year-over-year gain, according to the real estate information service. The price also increased from April when it hit $430,000…The regional uptick in the median could be attributed to a shift to higher-priced home sales in coastal areas such as Orange County, according to MDA DataQuick.”

Buena Park homes for sale, and the northern Orange County properties in general, sold more quickly and in greater volume in the most recent tracking period. According to a June 12, 2010 article from the Orange County Register, “For the 22 business days ending May 25 – DataQuick’s latest stats – the 22 ZIPs located in north inland communities showed…725 homes sold, that is +7.9% vs. a year ago. The median selling price of these ZIPs was $452,500 – that is +2.1% vs. a year ago.” The article went on to note that “The north inland ZIPs comprised 22.8% of the recent home sales in Orange county vs. a 24.3% a year ago…36 ZIP codes in beach towns and inland South County communities had 1,657 home sales. That’s down 0.4% vs. a year ago. Thus, the share of Orange County homes sold in mid-county and inland North County neighborhoods was 52% vs. 60% a year ago.”

The number of distressed homes for sale in the Buena Park housing market as well as the rest of the Orange County real estate market was slightly elevated. According to a June 15, 2010 article in the OC Metro, “The distressed inventory continued its slow climb this year, adding an additional 89 homes in the prior two weeks and now totaling 3,080, a 3% increase.”

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Saratoga Real Estate

June 3rd, 2010 · Real Estate

San Mateo house, San Francisco bay area, Calif...
Image by Wonderlane via Flickr

Saratoga, California, is a city in Santa Clara County in the northern part of the state in the San Francisco Bay area. It is just west of San Jose in the Silicon Valley area and is home to a population of just over 30,000. Saratoga is a wealthy suburb home to many successful residents who work in the high-tech companies of Silicon Valley. The city’s 2007 estimated median annual household income was over $137,000, and Saratoga real estate is accordingly quite expensive, currently averaging more than $1 million.

So far in 2010, the Saratoga market for residential real estate has shown positive signs and seems to be improving overall. According to the Santa Clara County Association of Realtors, the first quarter of 2010, which consists of the year’s first three months, saw 135 new listings of Saratoga homes for sale on top of current inventory of 122 homes, both of which were down from numbers from the first quarter of 2009, when both figures were over 170. Sales showed improvement as well, with 38 single-family homes sold in the first quarter versus only 21 homes sold last year. The average number of days homes spent on the market before closing improved slightly as well, standing at 95 days in the first three months of this year versus 103 at the same time last year. Even home prices showed improvement in Saratoga, a positive indicator for the real estate market’s health. Average prices were at $1.8 million, up from $1.4 million last year while the median price improved to $1.6 million from $1.2 million.

The condo market in Saratoga showed similar mostly positive trends to kick off 2010. There were 19 new condos listed in addition to an inventory of 15 condos already up for sale, down slightly from last year’s inventory of 22. Sales improved significantly, with eight sales this year in the first quarter versus just a single sale in the first quarter of 2009, and the number of days condos spent on the market before selling fell drastically as well, at just 27 days from 239 last year. The average price of a condo sold in Saratoga in the first quarter of this year was $675,375 while the median price was $633,500. Not many conclusions can be drawn against last year’s figure of $618,000, however, since it was based on the sale of only a single condo.

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