Colin Delaney May 27, 2013
News out today via Reuters shows that the National real estate recovery is starting to catch the local real estate boom that we are enjoying here locally in Costa Mesa. The top 20 markets in the Case-Shiller index showed a 1.1% gain in March, beating economists' expectations and providing a 10% boost to prices in those large markets.
Costa Mesa real estate has shown higher gains in the last year, while most of the large run-up in our local market has been fueled by a lack of inventory and continued historically low interest rates. Nationally the 10% gain in prices is the highest since April 2006, which is just before prices fell off the cliff in the summer of 2006. Prices in three markets, San Francisco, Phoenix, and Las Vegas were all up over 20% in the most recent quarter, which is incredible when you look at a pricey market like San Francisco.
To put that in perspective, a 20% gain would be like having the opportunity to buy a Costa Mesa real estate property for $400,000, then be presented 3 months later with that same property for $500,000! Is that happening locally in Costa Mesa real estate? Unfortunately, yes. If you look at small micro markets in Costa Mesa real estate, you can see how quickly prices have changed:
Sold– 3034 Royce Lane, 3 bedroom, 2 bathroom home for $390,000 in October 2012. S714411
Sold – 3084 College Ave, 3 bedroom, 2 bathroom home for $425,000 in July 2012. U12001989
Sold– 1284 Belfast Ave, 3 bedroom, 2 bathroom home for $520,000
Sold– 3028 Warren Lave, 3 bedroom, 2 bathroom home for $550,550 ($25,000 over asking price!)
In a year, the prices in Halecrest have gone up more than 25%! Remarkable considering how slowly prices were recovering only a year ago. Our local Costa Mesa real estate market is almost completely free of short sales and REO listings, which represent less than 10% of the total inventory now.
Colin Delaney | May 29, 2024
Sharing the nuts and bolts of this sale helps illustrate what is going on right now.
Colin Delaney | May 6, 2024
Highest price paid for this model of approx 1814 Square feet.
Colin Delaney | May 5, 2024
Here are the recent Mesa Verde neighborhood sales for 2024Â through the end of April.
Colin Delaney | March 13, 2024
So excited to share our new short film for our listing at 2717 Cardinal Drive!
Colin Delaney | March 10, 2024
This home has lovingly been cared for and has been in the same family for more than 40 years.
Colin Delaney | January 2, 2024
It’s the one where I am forecasting everything that is about to happen in Costa Mesa real estate.
Colin Delaney | April 10, 2023
We typically see listings start to trickle on the market in late February, with an increase in March.
Colin Delaney | January 14, 2023
Mesa Verde Home Inventory for active listings is currently at 5 active listings.
Colin Delaney | January 7, 2021
It’s that time again! New Year, new 2021 Costa Mesa real estate predictions!
Colin’s commitment to getting sellers top dollar and securing the best deals for buyers is backed by a proven track record and extensive local knowledge.