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Yes There Are!

It's hard to find an article about Short Sales or Foreclosure that does not mention California.  It seems that California, Florida, Nevada, and a occasionally a few other states are often in the news.  As most know, these states have had the highest distress sale problems.

But California's a Big State...

and the largest problems have not been in the Coastal Cities. Instead they have been in other areas like Sacramento, Riverside County, and certain areas of Central California.

So what's happening along the CA Coast?

Well here in Orange County for example, it is a mixed bag!  Many of our marque cities like Newport Beach & Laguna Beach have maintained high asking prices.  Especially in the luxury ocean front and ocean view segments.  However, the rate of sale for these offerings is very low. It seems that the number of over leveraged home owners in this market segment is low and they are able to hold on, ask a high price, and keep their home and wait for a stronger market if their home does not sell.

So where are the Coastal Short Sales & Foreclosures?

Clearly there are a few everywhere, but by far the highest quanities are in the more recently constructed and newer developments that are generally a little more inland.  There are several neighborhoods within a few miles of the beach that still get coastal breezes and some even have distant ocean views.  These homes were constucted and sold in the early and mid 2000s when high prices and creative financing were the order of the day.  Homes in these areas have been liquidating for several years at very low prices and still are.

You will also find some distressed homes that are along the coastal hills and shore that were built, remodeled, or sold during this same period that are now being Short Sold or are Short Sale or Foreclosure candidates. 

This is the area of the market that I am personally focussed as I am a big believer in Coastal Homes and Land and I think these situations offer great opportunities. 

 If you are a buyer, a seller, or an out of the area agent that needs more information or help to buy or sell a Coastal Orange County CA property.  I would love to speak to you.

Charles Roe

Orange County CA Coastal & Luxury Home Specialist

949-370-1311