Last week’s real estate news didn’t rate front page headlines, but I spotted three items of interest—two of which have implications for Costa Mesa real estate values. Both fall in line with upbeat news about the economy that permeated the airwaves. Holiday shopping (online and otherwise) was strong as consumer optimism peaked—probably related to expectations for a tax break.
The two stories that related to Costa Mesa real estate values stemmed from the periodic HPI report. That’s the “Home Price Index” put out by researchers at CoreLogic. Last week’s announcement showed national single-family residential sales and prices rising in October. That made it the fourth month in a row for 6%+ price rises—the longest such winning streak since June of 2014!
For those Costa Mesa real estate watchers who fret whenever price rises look like they might create an over-inflated market situation, the HPI forecast carried some reassuring news. Its forecast called for more price rises in the coming year, but at a more moderate and sustainable 4.2% rate. They based both findings—October rise and the 2018 forecast—to the tight supply of homes on the market combined with a strengthening economy.
The third, less weighty item was a feature in the Wall Street Journal’s real estate section. It didn’t have anything to do with Costa Mesa real estate values, but as the first winter storms swept the upper Midwest and Northeast this past weekend, it was definitely season-appropriate.
The story featured an $8.3 million home for sale in Dedham, Massachusetts. The “classic shingle-decked three-story” house was said to preside over 22 acres. It boasted seven bedrooms and baths and one other special feature: an ice hockey rink. Although the 2007 home does have a wine cellar and billiards room, the owners might be accused of being dangerously tight-fisted, because the Zamboni garage apparently is offered sans the requisite Zamboni.
But perhaps that can be negotiated.
Back to our own rising real estate values, ice hockey rinks aside, there are currently some eminently affordable offerings on the market. I’ll be here to offer my expertise and a helping hand to Costa Mesa buyers and sellers. Do give me a call!