Luxury Home Sellers at Orange County Reducing Asking Prices to Attract Buyers & Provide Opportunities

• Buyer Opportunities are improving these days at the Orange County luxury home markets.

291 of the Orange County homes now on the market priced at $1 million or higher in Laguna Beach, Newport Beach, San Clemente and Dana Point have had price reductions during the past 30 days.

• Orange County homes for sale priced at $1 million and above received an average price reduction in more than 85 percent of the situations. 

See Orange County Register article ~ Are Luxury Home Prices Collapsing?  (click here).

The current expected market time for Orange County homes priced between $250,000 and $500,000 is about one month, and market time for all of O.C.'s active inventory is less than 3 months.

High end homes take longer to sell.  Orange County Homes priced at $1 million or more will take at least seven months or more to sell.  

• Recent price reductions in luxury coastal neighborhoods appear to be because homeowners are concerned about the economy, high unemployment in California, the Orange County housing market, slow selling of these homes, and that they need to offer better value for buyers. 

The Orange County luxury housing market has distressed situations ... like other markets ...  including short sales and foreclosures.

• Distressed situations at Orange County luxury homes do exist. 

At the high end OC housing market, 9.2 percent of active for sale inventory between $1 million and $1.5 million is distressed.  For homes listed between $1.5 million and $2 million, 5.6 percent is distressed. 

Example:  A distressed home is now listed for sale at Newport Coast ~ check out Shoreridge at Pelican Crest, Newport Coast (click here) ~ REO bank owned and listed at $5,100,000.  ~ located at one of the luxurious neighborhoods in Southern California ~ with six bedrooms and seven baths, 7300 SF interior size. 

• If you are motiviated and qualified to a buy high end luxury home at Orange County ... your opportunity time is now or will be coming soon for you.  

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Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.