Today's Microscope on the Market focuses on Coto de Caza.
If you aren't from Orange County - yes this is the home of the infamous Real Housewives of Orange County, although I can't say that the friends that I have living in Coto are anything like the woman as depicted on that show. It's really a beautiful gated community with homes in a wide variety of prices ranges. But I won't kid you - some of the highest priced homes in Orange County are behind these gates.
I toyed with varying the breakdown that I usually do (Under $500k, $500 to $750, and over $750), but I've decided for a number of reasons to leave them. More later....
Homes Under $500,000
Although clearly, there is not a lot in Coto in the under $500 market, the buying behavior is similar to other parts of the county - all 5 that are in escrow and the 1 closed sale are all either bank owned properties or short sales.
Homes $500,001 to $750,000
This was one of the rare instances where current equity sellers in escrow actually exceeded the active listings that were equity sellers. I'm not ready to ready too much into it - we are only talking about 6 sellers.
Homes Over $750,001
Given the wide range of values in the upper end of the market in Coto, I think it's important to take note of just a few things in the over $750,000 segment:
- The highest priced home currently in escrow is $1,099,000.
- The highest sale in the last 30 days is $1.6 million.
- The highest sale in the last 6 months per SocalMLS was $2.9 million.
- The only sale over $2.9 in the last 12 months was the record sale on Violeta for $19.5 million. There have been no sales other sales over $2.9.
- In the preceding 12 months there were 7 sales over $2.9 million ranging from $3.2 million to as high as $6,643,750. (Where did that buyer profile go?)
- Currently, there are 24 homes over $2.9 in Coto de Caza - 16% of the active inventory.
While the residents of Coto de Caza may be used to having a longer time on the market given the price point, there is no question that they are certainly feeling the shift in the market at the higher end as well.
We have seen the high end somewhat insulated until recently, but when you seen see such a significant drop in purchases at the highest end, you know that no one (not even the 'Real OC Housewives') is protected.*Closed Sales are properties that have closed within the last 30 days from the time of this writing. **All information and statistics are from SoCalMLS and are deemed reliable but not guaranteed. If you have any questions about market conditions for Coto de Caza, feel free to get in touch with me. I'm happy to help try to make sense of it all.
Originally posted on OC Real Estate Voice.