Corona in the Wall Street Journal

Interesting article but nothing new...

Let's see what's currently on the market on Calle Canon Road...
The home above is located at 8656 Calle Canon Road


Here's the MLS description...


SHORT SALE!!! HUGE HOME in the great location of the Cabrillo By W. Lyons community! This home is Plan #1 with many amenities such as a spiral stair case and cathedral ceilings. HAS ONE SUITE AND BATHROOM DOWNSTAIRS and a laundry room upstairs. Also has a large master bedroom with a huge oversized deck and beautiful upgraded French doors. All rooms have ceiling fans. Gourmet Kitchen with granite counter tops and huge center island. Corner lot with a view of the forest. Backyard with two patios. Close to golf & park with baseball, walking trails & tot lot. 3 car garage!


This home is currently priced at $599,000. It has 4 Bedrooms, 4 Baths and is 3,671 Sq feet.

This home is located at 8677 Calle Canon Road.

Here is the MLS description...

Beautiful William Lyon Home! Grand Entry with Soaring Ceiling. Cozy fireplaces in Living room, Dining, Family, Master and Retreat. Large Master Suite w/His and Her Closets and Jacuzzi Tub. Bedroom Downstairs with full bath. Gourmet kitchen w/island. Walk In Pantry,Dbl Cooktop, Rich Maple Cabinets and Eat-In Area. Separate Laundry Room and 3 Car Garage. Large Private Yard.

This home has 4 Bedrooms, 4 Baths and is 4075 Square Feet. This home is not a foreclosure, it's a corporate owned home, which means that the owner has been job transferred and the home is now owned by the company. This home is currently listed for $629,900.

A dear friend of mine lives in this neighborhood and has a gorgeous home. The area is beautiful and is surrounded by the Cleveland National Forest. Might not be a bad thing to check out if you're a buyer.

Price per Square Feet

92883

92882

92881

92880

92879

Here are the November numbers for price per square feet. These figures help establish market price for the average home in each of these zip codes. It also helps determine changes in property changes in values over the past 15 months. It also helps measure depreciation in each of the separate markets.

In almost every market Buyers and Sellers read a story in the newspaper or talk to a friend and get the wrong information because it is not specific to their price range or area of interest.

When I use these charts with clients I like to explain the pricing trends that are relevant to their home buying or selling decision. As I mentioned in yesterdays post when I work with clients I also like to drill it down to price range and square footage. When working with Buyers it insures that they are paying current fair market value when putting in an offer.

I'll use the 92883 zip code to show you how to determine fair market value. The formula is very simple. Just multiply the square footage by the average price per square foot in the last month. In a declining market it is very important to do this with the most current figures.

For example, lets say the home is 1700 square feet. We take 1700 x 185. This puts us at an average price of $314,500. Keep in mind this is an average for this zip code. Other factors you always need to figure in are property condition, location, special amenities and other factors.

As we can see by looking back to November 2006. The average price per square foot was 236. We take the $185 /$235= 78%. We can see that the market in the 92883 zip code on average has decreased by 22% in value the last 12 months.

Tomorrow we'll talk about average price sold by zip code.

The November Data is Out

Below I have posted for you statistical data on the market activity for November.
This is the Supply and Demand Chart. I have broken them down for each Corona zip code.

There are 3 pieces of information in the Supply & Demand chart. The first is the supply of homes for sale over a fifteen-month period. This is shown with light green bars. The second is the number of homes sold in dark green bars. The third is the number of pended sales, shown as a red line. These charts allow you to compare the most recent 3-months activity with the same period one-year ago.

You can see we are in a buyers market. Buyers at this time have a lot of inventory to choose from and sellers need to be priced very competitively to capture those buyers.

When I use this data for my listing clients I break it down first by zip code, then narrow it to 50 square feet above and below he subject property. That drills down to the specifics. I also like to use this as a tool to watch where the market is headed. When I'm working with buyers in addition to using comps I can use this to see where the buyers trends are going.

Stay turned, tomorrow we'll talk about average price per square foot in each of the zip codes.

November 92883

November 92882

November 92881

Novemeber 92880