Many of the condos we preview with customers and buyer clients here in Orange County are nice and priced well according to market. So these well priced homes get lots of investor and buyer interest with competing offers.
- The median sold price of OC condo was down to $263,500 in May 2009, which is down 44% from peak of $470,000 in 2006.
But this doesn't alone mean you will can get the good condo deal.
- Most of the condos sold in OC during May 2009 were distressed homes and not regular equity situations.
Times have changed, and it's challenging for buyers to find a home that's nice, with attractive price, where you can have a fair chance to buy without sellers getting swamped with offers.
- Most of the condos sold in OC during May 2009 were distressed homes (REOs and short listings) where sellers got multiple offers.
So homebuyers need to be creative and aggressive with their offering plans to get that good condo deal in Orange County, including possible removal of contingencies and pre-approval for home loans.
See article ~ Condos a steal for homebuyers seeking deal (click here) ~ Jon Lansner, OCRegister.com, June 28, 2009, who says by his math that condos should outperform single-family homes in the future on a pricing basis.
____________________
Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.
www.ExploreTheOC.com
;)
;)
