Coto de Caza Real Estate - Market Update for May 2010
Posted by Leslie Eskildsen on Thursday, June 3rd, 2010 at 12:10pm.What's happening in the Coto de Caza Real Estate market? Check out this video and then read on....
The story remains the same as the April update - there are three markets in Coto. Again, there are an equal number of homes for sale across all three markets - homes priced under $1 million, homes for sale in Coto priced between $1 and $2 million, and the homes that are on the market for over $2 million.
Price Range | Active Listings | Total In Escrow | New Escrows in May | Sold in May | Sold DOM |
| Under $1Million | 38 | 31 | 22 | 7 | 123 |
| $1 - $2 Million | 38 | 22 | 11 | 4 | 124 |
| Over $2 Million | 36 | 7 | 4 | 0 | ---- |
Of the homes under $1 million, just about half are distressed - predominantly Short Sales with a Notice of Default filed. There's one REO or Bank Owned listing (a new listing in Courante - the fixer in Oakmont is in escrow!!!) and one subject to Relocation Company approval - the rest are equity sellers. There were a total of 31 open escrows in the low end, 22 new conracts - this is great news as it is a more rapid pace that April. As expected - this segment of the Coto home market continues to be the fastest moving. Although the average Days on Market for the homes sold in May for under $1 million is 123 - that is skewed by one that took over 400 days - the others typically sold in about two months or 60 days.
In the $1 million to $2 million range, there were 4 new opened escrows and 4 closed - a little off from April. This market is taking about twice as long to sell as the under $1 million market - but they are selling. Remember - price, condition, and emotinoal appeal are the biggest factors in getting your home sold in today's market. That same awesome REO pool home in Glenmere is still on the market from last month - bet the bank is anxious to get an offer and get it moved - could be a great deal for someone willing to do a little work. And a new REO in Terra Vida - very clean and looks like a super deal!
And in the high end market in Coto - homes priced over $2 million, no closed escrows BUT four new open escrows - Fabulous news! There are currently 13 homes for sale in Los Ranchos Estates - a great opportunity to own the best that Coto has to offer!
Low low low interest rates are helping drive all three parts of the Coto de Caza Real Estate market. So, whether you're buying, selling, investing, or leasing - give me a call if you want more detail about what's going on NOW in the Coto de Caza home market!
Finally - a huge thank you to all who participated in the inagural National Charity League Canyon Chapter Coto Home Tour - it was a huge success! And a shout out of extra large thanks to Elizabeth Tierney who generously and graciously opened up her home in Los Ranchos Estates at the last minute - you rock!
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[...]Luxury at half price! And homes priced under $1 million in Coto are moving quickly. So you can compare, here's a similar sized home, in Glenmere, with a pool, but in much[...]
Posted on Monday, June 7th, 2010 at 7:50 PM.