SoCal Coast Update
This week in Real Estate along PCH in SoCal offered some interesting new listings and a change that I will be following closely. At the north end of OC, the Seal Beach super home for $12 Million was taken off the market. At the same time at the south end in Corona Del Mar, not one but two Cameo Shores tear downs hit the market empty and running.
This week a ocean front home sitting on a stunning lot is going to auction. With a starting price of $5.5MM that price is a smoking bargain. The house is also currenlty listed closer to the real lot value of $9.9MM after being listed for quite some time at $14MM. The house is really a livable house that someone could easily live in and ride out the market.
I think the lot at $5.5MM is a deal beacuse you could knock down the house or live in it. There aren't many lots for sale at a price like this that include a livable house. Just up the street off the water is a another original house with some great ocean views for $2.5MM.
Having two homes in Cameo Shores at lot pricing isn't something that happens every day and both of them will likely sell this week unless the ocean front home has a high reserve at auction.
Both of the properties have a great opportunity to build some great subteranean space and build a stunning finished property. For the short term the property might not be a huge profit move for an investor, but givin the current market changes, I'd bet my commission that by the time the new houses are finished they will be money makers.
Some time ago on my blog at liveoncoast.com I said the sub $1MM bottom had hit Orange County, and the numbers are backing that. Above $1MM there is still a lot of concern and homes are all over the board.
In between Seal Beach and CDM there are a couple of nice new waterfront listings in the Huntington Harbor. More than once I have heard the Huntington Harbor called the "half price Newport Harbor". This might be true, a nice waterfront home with Viking Appliances and a 50 foot boat dock came on the market this week for $1.975MM. Less than the price of the knockdown with a view in Newport.
For buyers in the $1MM-$5MM market there are some deals to be had, digging for deals below $1MM is getting tougher every day. Word on the street is the auctions have dried up at the courthouse and the banks are holding out.
If you are thinking of buying or selling along the coast in OC give me a call. If you see something else happening, drop a line here or on my blog.