Ron Buck, Realtor®, knows that Laguna Niguel home buyers have been as active as ever in the month of December.
While the average family was celebrating, partying and visiting family, Ron Buck, Laguna Niguel Realtor, reveals that home buyers have managed to close escrow on 84 homes. Considering that there are only 90 homes for sale as of 12/29 this is quite a feat.
Home buyers tell Ron Buck, Realtor, that they still want to take advantage of the low interest rates and get a property before the prices rebound even more. It is still true that 33% of all home sales in Orange County are ALL CASH. These folks could be investors, retirees or first time buyers that are being financed by parents. Ron Buck, Realtor, got a call today from a frustrated Realtor who said that she has made 15 offers on properties for her 20%-down home buyer and has not been able to secure a property due to multiple offers and cash buyers. Right before Christmas Ron Buck, Realtor, put a small detached home on the market for $475K and in three days got two written cash offers and another verbal.
Currently 24 active and only 3 of these are distressed properties. There are a total of 84 properties in backup or pending status and 34 have closed so far this month. No wonder it is so difficult to get into escrow on a condo. Also considering that some of the properties are overpriced, Ron Buck, Realtor, says there is only about two weeks supply.
Currently there are 66 active detached properties available from $400K to $20 million in Laguna Niguel.
There are 69 properties in back up or pending status and 50 have closed so far this month. The least expensive sold detached property was $400K and the most expensive sold property was just under $3 million. Of these 69 are in escrow, 34 are standard sales, and 35 are short sales.
Just for laughs, one of the cheapest detached homes to sell this month sold on Friday for $383,000. It was on the market as a short sale for 522 days and needed a contribution of about $25 thousand dollars to pay off back HOA dues. Actually it took longer than two years, was in escrow several times, had about six listing agents, back HOAs, and a bankruptcy. I know because one of my clients was in escrow on that home back in 2009.
Ron Buck, Realtor, will be glad when the short sales go away.