The Most Expensive Home For Sale in Orange County - What You Get For a Paltry $37mil

What is the most expensive home for sale in Orange County? At this moment, it is this one: Villa del Lago, at an asking price of ONLY $37,000,000. :)

Villa del Lago has been a development project that started back in 2003 when the land was purchased from the Irvine Company. The property has been the subject of much controversy as the developer is allegedly in default with the bank who offered the construction loan of roughly $20,000,000 (which developer claims was never lent in full). The property has come down from the previous asking price of $57,000,000 and is considered to be at risk of foreclosure.

All that stuff aside, the property itself is amazing. 3 levels, 8 bedrooms, 11 bathrooms, parking for 17 cars, and over 18,258 sqft of living space. Sitting on nearly 12.5 acres of land in Newport Coast, the grounds include private lake with fountain, equestrian ring, tennis courts, private wine vineyard, pool pavilion. wine cave, and guest house.

 But what about the price and is it right?  I'm guessing if you're like me and have to ask, it probably doesn't matter for you either. But just for fun, we did some research and the results are interesting. We looked at the most recent sales in the area and found that the most expensive home sold in the past year was right around $18,000,0000. This was a cliff side home in Corona Del Mar with dramatic ocean views, 7,000sqft of living space, and under a half acre lot. If we go back to 2009, we can find one of the highest sales to ever take place when a Harbor Island Estate in Newport Beach sold for $26,000,000 giving the buyers about 11,000 sqft of living space.

How much per month? Don't worry, you (or anybody else) can't get a home loan for this kind of money but if you could finance the entire thing, the monthly payment would be a very reasonable (wait for it...) $219,000!

While the price of this home is certainly out of scale for most of Orange County, an asking price like this is nothing out of the ordinary in places like Beverly Hills or Malibu. Do I think its a little high. Yes I do, especially given the fact that its twice the price of the last most recent comparable and we're not in Malibu. Still, it is definitely more home and a much larger lot in an area where land is insanely valuable. So to be fair, it really is hard for anybody to judge the value on this home given that nothing similar may have ever sold on the market. But if I were pressed, I'll bet they get about $28 million in the end for this one.  

   

Property listed by McMonigle Group, Inc

18520 Sandolo Rd Yorba Linda, CA - Our Pick of the Week 3/19/11

18520 Sandolo Rd Yorba Linda, CA
Price $1,300,000

5 Bedroom 6 Bath view home with over 4,000 square feet of living space. This home is only one year old, built by Toll Brothers in the Vista Del Verde Community of Yorba Linda. Vista Del Verde is still a new community but has been maturing very well the last few years. We really like this floorplan, one of the largest available in the area, and think the owners and builders did a good job with just the right amount of upgrades. Recent comps show that the price is close to the market value for a view home of this size so we think this could be a real good deal for somebody. The home is located walking distance to the clubhouse at Black Gold Golf Course and the views are southwest facing.

Property listed with Prudential CA Realty

2120 Yucca Ave Fullerton, CA 92835 - Our Pick of the Week! 2/17/11

2120 Yucca Ave Fullerton CA 92835

Most know that we love Sunny Hills Estates homes and wouldn't you know, this buyers market has some real nice deals popping up. This weeks pick comes from Sunny Hills Estates and is a HUGE home priced right for this market.

The house appears to probably need a little bit of updating but as far as square footage and location are concerned, its a great deal.

Sunny Hills Estates is one of Fullertons nicest upscale communities known for its executive ranch style homes and large lot sizes. We have a great review of the neighborhood with a ton of local tips on our Sunny Hills Estates Neighborhood Review.

5 Bedrooms
4 Baths
4,189 Sqft of Living Space

Over a half acre lot
3 Car Garage
Currenlty Listed at $1,285,000

2120 Yucca Ave Fullerton, CA 92835

 

 Listed by Prudential California Realty 

Housing Market Report 2010 - Long Beach, CA

The Long Beach home sales numbers are in for 2010 and they give us a pretty good idea where we're headed in 2011. Overall the market rebounded well in the beginning of the year but came upon a slowdown by years end. We expect to see the slow trend continue, and with it, a resurgence of the competitive pricing buyers have come to love. Luxury homes have not been excluded from this trend. This Long Beach Boat Dock Home on the Naples Canals of Alamitos Bay is currently listed for $4,850,000 and a great example of a home that would have sold for much more just a few short years ago. If you want to see what $5 million gets you in LB, just click here to take the tour. Across the board, Long Beach home buyers eyes are lighting up seeing the kinds of deals that are out there for them today.

Inventory vs. Days on the Market

The number of homes on the market (inventory) in Long Beach was actually pretty low to start the year, but as it progressed, the number actually rose by nearly 50%!. Why the increase? Average Days on the Market was down which means houses were selling. When things are selling, especially in the midst of a market low point, people who need to sell take notice and list them up. By years end, things have absolutely reversed. Their is now less homes being listed and a growing increase in the number of days on the market as you'll see in the graph below.





Number of Sales

The Long Beach real estate sales data always trails 3 months behind so the numbers you see for the June will actually be sales that happened in April and likewise with other months. The number of homes sold in 2010 was actually up over the 2009 numbers. Sales were pretty solid with about 1,400 homes sold each month of the Spring and early Summer. By fall and early winter, the number of monthly sales dipped below 1,000 homes in the entire city. As we move on to 2011, we are seeing the sales stay low and drop even more over the holidays.

Average Price Per Sqft

The Average Price Per Sqft of a Long Beach home has actually remained pretty constant. We saw a quick increase in the statistic at the end of the year but we have come back to around $250 per sqft. You need to remember though that Long Beach is a huge city and the average price will vary greatly depending on where you're at. For example, a small house in Belmont Shore will still command a very high price per sqft when compared to a 2,000 sqft tract home in North Long Beach. 

2010 proved to be tumultuous year with the end of the tax credit era. While Long Beach, CA real estate had great sales statistics over the year, the end of 2010 seemed to point to another market downswing. The number of sales coming down is a self explanatory statistic, but more to the point, the average days on market vs. inventory is really telling. Anytime we see the average days on the market go up while the number of homes for sale is going down, its a safe bet that there is a real slowdown in buyer interest.

The good news is that sellers that need to sell are responding with very competitive prices and the buyers that are out there are loving it. The sellers and homeowners are a different story. One had better be very motivated and very detached from the prices of 2006 in order to sell today. Luckily, there are buyers out there (and a lot of them are really good buyers), we just have to be extra diligent in giving them product of great value for their money. If you have questions on how to do this or how to find a great Long Beach, CA home in 2011, just let us know.

1100 Kenwood Place Fullerton CA - Home For Sale

Our pick this week for best priced view homes listed in Fullerton.  



Stunning 5 Bedroom Raymond Hills Home in Fullerton

Over 3,000 Sqft of Living Space

Listed now for $968,890

  

  



1100 Kenwood Place
Fullerton CA 92831

2/2//11

All info deemed reliable but not guaranteed

listed with ERA North OC

624 W. West Ave Fullerton 92832 - Leased!

Leased!  Avail again 4/1/12. 3 bedroom 2 bath home with open floor plan and vaulted ceilings. House is on quiet tree lined street in city of Fullerton. Fullerton is near the cities of Anaheim, Brea, Placentia, La Habra, Orange, and Garden Grove. Home features nearly 1300 sqft of living space, 2 car garage, private laundry, vaulted ceilings, wood burning fireplace, large yard with new sod, some new appliances, new paint, and an enclosed patio. Owner will consider some pets, tenant pays utilities, $30 screening fee for all applicants (18+), security deposit will be equal to one months rent.

Mid Century Fullerton Home with Large Yard

3 Bedrooms

2 Bathrooms
2 Car Garage
1279 sqft Living Space
Vaulted Ceilings
Quiet Street
Wood Burning Fireplace

Large Yard

Enclosed Patio


$1,895/mo


Security Deposit = 1 Months rent
Will Consider Pets
Tenant Pays Utilities



624 W. West Ave
Fullerton CA 92832

Housing Market Report 2011 - Irvine, CA

If you need 13,000 sqft in Irvine, only $18 million separates you :)
This thing is crazy, click here to take the tour

 Irvine is a unique real estate market in that it has a very large amount of mid-level homes, quite a few upscale areas, and another very large amount of entry-level townhomes and condos. We can tell you first hand that these entry level units in areas like Woodbridge, North Park, Woodbury, etc were very popular with the first time buyers in 2010. Because of the number of sales in this lower price points (where the avg price per sq ft is normally higher) the stats might be a little higher per square foot than what actually happened.


Overall, it was a very volatile year for Irvine real estate but one that actually ended up very close to where it started. The coming 2011 we expect to be a continuation of the late 2010 market and what most would term as a buyers market.


Inventory vs Average Days on the Market

The end of the tax credit era (tax credits to home buyers) came to an end early summer of 2010. Leading up the this, the city of Irvine, along with many other areas of Orange County saw a market revival out of the 2008 and 2009 doldrums. Inventories increased while time on the market decreased; meaning that houses were selling and homeowners were listing them in order to take advantage. With the end of the era, the inventory levels have been decreasing while the average days on the market continues to climb. To us, this means that the market has taken a turn back towards a very buyer friendly state.




Sales Volume

The graph below will also show the dramatic affect of the tax credits on home buyers. The most Irvine home sales were made in late spring as the deadline approached, ultimately climaxing in 800 homes sold in May. Since this time, the sales numbers for homes in Irvine have come down to about under 500 by years end. In essence, the number of home sales dropped, increased, and then decreased by about 38% all within the same year. 


Average Price Per Sqft

The average cost per square foot for a home in Irvine has also come down a bit in 2010.  During the peak season of the year we averaged $351 per square foot and are now down around $330; meaning your average 1800 sqft home in Irvine has been selling for just under $600,000. 
 


One unique component of Irvine's real estate market has to do with the overall affluence level. While Irvine has definitely seen its share of foreclosures and short sales, the average homeowner would still not be deemed as "distressed". Because of this, when the market slows, the majority choose not to sell and are not in the category we'd call "have to sells." This is evidenced by inventories coming down (people taking homes off market/choosing not to sell) while time on the markets simultaneously goes up (fewer buyers).

What all this tells us is much like the rest of the County, Irvine experienced a slower market in '08-09, had a nice bump in 2010, and has again leveled off to a buyers market. We expect to see more of this in 2011, making it a great year for buyers to get some good deals (although they may not have as many options as they are accustomed to) and sellers had better be real motivated in order to sell their Irvine homes.