I do work in the local area and Brea home sales are higher than some areas and lower than others. If you are comparing Brea to ALL of O.C. then you really aren't comparing an apple to an apple. Newport Beach and other coastal communities are also in OC, but obviously the prices in Brea would be drastically lower. But if you compare Brea to say "parts" of Fullerton, Anaheim or other cities, you will see that homes in Brea are higher priced and sell for more money than these comparable areas.
I always suggest comparing like with like, that includes structure, neighborhood and geographic location.
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Robert M. van der Goes
I do not work that market, however I can tell a few things that you might want to check out.
Home values are driven by a couple of key things:
1. School test scores. There are even differences within school districts, meaning that you can have a school district, and if a cluster of schools are have higher test scores, home values will reflect that.
2. City services - particularly police. Crime statistics affect home values,
3. City administration - The way a city manages building permits, zoning permits, affects the quality of the housing stock. For example, are set backs (the distance from the street edge to the front of the house), generally the deeper the set back the higher the value. Also, fencing. Some cities prohibit fences in the front yard. Other cities have no code and you can drive along blocks where you have very little set back and chain link fences.
If you are considering purchasing a home I recommend working with a Realtor that is familiar with the area you are considering. Realtors track local market conditions, and know market values. When looking for a home, a good Realtor can save you time, money, and stress.
â€œDuring a similar period in the â€™90s slump, foreclosures rose at a 123 percent annual clip.â€
â€œSanta Ana tops the list of foreclosure concentrations with two ZIP codes â€“ 92707 and 92701. These two areas saw steep price declines in March. Last monthâ€™s median price of $219,000 in 92701 was the lowest in the county and down 37 percent in a year.â€
â€œEach month foreclosures and short sales take up a greater portion of homes on the market, according to Steve Thomas at Re/Max Real Estate Services in Aliso Viejo. In early April there were 5,335 such distressed properties on the market, up 42 percent from Dec. 27 and accounting for 34 percent of all properties for sale at the time.â€
â€œWalter Hahn, a real estate economist in Irvine, said foreclosures either peaked during Januaryâ€™s record high of 802 foreclosures, or they will by June. But itâ€™s not straight down from here, Hahn said.â€
â€œThe end of low introductory teaser rates on mortgages are spurring foreclosures now and will do so again in 2010 and 2011, when studies show many loans will see a jump in payments, he said.â€
â€œâ€˜Itâ€™s not over,â€™ Hahn said. â€˜Itâ€™s not going to be over until 2012.â€™â€