Most of the people at Ladera who bought homes there between 2004 and 2006 paid 20% or less down for these new homes. Those folks have lost most or all of their equity.
The market at Ladera is now started to move in a positive way, with most sales of entry level, or bank owned and distressed homes, leading the way.
However, because of large number of distressed properties at Ladera and those with no equity, and the large number of homes for sale, we expect that area to be down for two to four years before the market has absorbed what's necessary for a truly healthy start.
Harrison K. Long, Explore Group properties, Coldwell Banker Previews, Irvine, CA.
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While we are in a serious buyers market, prices are slumping and inventory is abundant, waterfront properties are scarce by comparison. Prices for these types of properties which include bayfront and oceanfront Newport Beach homes for sale have fallen but not as much as properties not on the waterfont.
Many of the sellers are in "Cash" positions and are not in a bind to sell. The market for these properties remains strong. The problem with selling waterfront homes today lies with both buyer and sellers - buyers are convinced the prices will continue to fall and sellers are, in many cases, unrealistic about the asking price.
Newport Beach waterfront homes will be the first to recover because they are, by comparison, harder to come by. Suppy and demand. Buyers come to Newport Beach from all over the world looking to own property here. When the economic dark skies begin to clear Newport Beach waterfront homes will be among the first to see the sun.
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