Costa Mesa Real Estate Values - Distress Sale vs. Standard Sale - How Much Difference in Price?

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Real Estate Agent with Donovan Blatt Realty 01267479

I came across a question from someone wanting to know the median price of all non-distress sales (i.e. not bank-owned, not in foreclosure, not REO's, not trust sales, not in probate) in Costa Mesa last month.  He wanted to gauge what the values might be after the supply of distressed properties dwindled.

The median sales price for all apparently non-distressed sales in May 2008 was $538,250, while the median sales price for all sales, including distressed properties, was $530,000, which is less than a 2.5% difference.  What was interesting was the fact that of the 47 sales, only 22 were non-distress sales. 

Looking at these numbers, I decided to take the question a step further.  The median sales price of the distressed properties only is $495,950.  This is a much larger difference, over 8% difference from the median sales price of the non-distressed properties, or more than $42,000.

So, as expected, the distressed properties are less expensive and are likely to affect the value of the standard sales, particularly in regions, like Costa Mesa where they currently account for the majority of the sales.  However, buyers should be aware that often the distressed properties are not in as good a condition as the non-distressed properties and this may also partially account for the difference in price.

 Click Costa Mesa Property Value to get a current value for your Costa Mesa home.

 

 

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale.

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Rainer
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Josh Beckman
Millennium 3 Real Estate - Buena Park, CA

That is a really great point. Sometimes clients are so focused on "short sales" and "foreclosures" they don't realize that they may be passing up great opportunites that may be actually better deals in the long run-homes that have been cared for by their owners.

Jun 12, 2008 09:00 AM #1
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Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Josh - I try to make my clients aware of all houses that fit their parameters for exactly that reason.

Jun 12, 2008 11:08 AM #2
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Debbie Summers
Charles Rutenberg Realty - New Smyrna Beach, FL

Very interesting...  I'm going to do an analysis in my area and see if the correlation is similar.

Jun 14, 2008 05:02 AM #3
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Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Debbie - I too am glad to have the information. I hope your analysis is useful to you and your clients.

Jun 14, 2008 05:32 PM #4
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Broker/Attorney 714-319-9751 DRE01267479 - Costa M
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