Among life’s problems most people wish they could have is a challenge faced by sellers of Costa Mesa’s luxury properties: the task of developing an asking price that attracts the sophisticated, value-conscious buyers who qualify as legitimate prospects while still taking advantage of the “favorable market currents” reported in this month’s North American Luxury Review. As described, this is now a U.S. market that has “resulted in a consistent increase in the demand for luxury properties during the first five months of 2023.”
Taking advantage of any market often depends on developing a market-conscious asking price. In that connection, here are three widely agreed-upon pointers:
For starters, if the nature of the property includes substantial
The good feeling you might have gotten after reading the lead story in last Thursday’s yahoo!finance was a lot like hearing welcome news at the doctor’s. If he tells you you’re in good health at the end of your annual checkup, it feels great—even if you hadn’t suspected anything was wrong. So when the yahoo!finance headline announced that “the housing market recession is over,” it was momentarily uplifting—even if you hadn’t worried about any true Costa Mesa housing “recession.”
The article in question did make a reasonable case that for much of the U.S., a ‘buyer affordability shock’ stemming from ‘spiked mortgage rates’ had sent markets into a housing recession—but one that was pronounced only in some western housing markets “like Reno and
It does seem that around this time of year Costa Mesa’s weather gets a proportionately larger share of attention from the news media. This would stand to reason when it breaks records or registers one extreme or another, but it seems as if Costa Mesa’s weather doesn’t even have to misbehave to gain extra attention. Come this time of year (right around graduations, Juneteenth, and Father’s Day), weather always hogs more of the spotlight.
The reasons could be because right now is when heat waves or tornados usually start to break out somewhere, and since that makes for interesting pictures, news providers grab it. Also, this is when media workers start to take vacations, so short-staffed editors can’t depend on being able to fill news columns or
If you’ve been checking into the Costa Mesa listings from time to time, you might be puzzled by the number of experts who refer to a ‘housing market downturn’ or ‘real estate recession.’ The Costa Mesa listings regularly show new properties coming onto the market—just as they record those that go under contract and, later, join the ‘SOLD’ group. With asking prices that aren’t exactly in buyers’ market territory, the ‘downturn’ characterization could be confusing.
Last Thursday, when Realtor.com’s chief economist Danielle Hale appeared on CNBC’s Squawk Box program to discuss the latest housing market news, the discussion provided some clarity on what today’s ‘downturn’ means for homeowners and prospective buyers. A large part of the ambiguity stems
CNN’s Business web pages published an analysis that would interest the Costa Mesa real estate watchers who track the national press’s interpretation of the latest housing activity—it is they, after all, who establish the public perception of “how real estate is doing.” If the emphasis is on falling prices and activity, most would-be homebuyers expect that deals are there to be made. If the press describes a seller’s market atmosphere, emphasizing examples where multiple offers are the rule, homebuyers can often become discouraged before even taking a look at the actual Costa Mesa real estate market returns.
That was why, last Thursday, CNN Business writer Anna Bahney’s article rated a close second look. “Middle-income buyers face the most severe
As U.S. middle-income households find it harder to find or afford suitable properties, denizens of the ultra-high-end of the income scale are, as usual, facing different issues. From the West Coast to the East, the top end of the U.S. housing market’s wealthy clientele has had hit-or-miss sales results over the past couple of decades. But as Broadway’s Evita once advised, “Don’t cry for them, Argentina” (or anywhere else on the planet) because the mega-wealthy usually do eventually manage to weather even wild market gyrations.
The Wall Street Journal explored the current situation for the group of Manhattan’s super-tall condominium towers. Known collectively as “Billionaire’s Row,” these Central Park neighborhood structures are often more than
If there is even a sliver of a chance you will add your home to the Costa Mesa listings any time within the foreseeable future, there is one key feature that’s all but impossible to improve quickly when it comes time to sell: the lawn. Even though it can be key to framing your offering in a positive light, when your attention is focused elsewhere on your home’s myriad décor and mechanical features, the lawn is easy to overlook until you’re ready to stage the hero shot: the curb appeal photo. It frames the presentation. If it conveys neglect, it can spoil the show.
This month began with Realtor.com recognizing a lawn’s importance with a short video with the accusatory title, “Here Are All the Ways You’re Sabotaging Your Lawn.” It’s aimed at
When you thumb through this year’s comprehensive housing report on the identities and motivations of U.S. home buyers and sellers, you are reminded anew of how wide-ranging the results turn out to be. It’s a truism among Costa Mesa housing industry professionals that you can’t predict just who the ultimate buyer of any property will be—young, old, in-between? It is wisest to create a marketing campaign that appeals to as broad a swath of the public as possible.
The National Association of Realtors® 2023 edition of their Home Buyers and Sellers Generational Trends Report provides the latest word on the subject. It is short on surprises.
For instance, Millenials (ages 24-42) were having trouble becoming first-time homebuyers, while a greater
Last week, Elon Musk was in the news again—this time for a housing prognostication that immediately prompted sharp counters from industry experts. Twitter’s new owner tweeted that he expected the hard times currently being experienced in the commercial real estate sector would be followed by the same result in the residential sector. If his crystal ball is clearer than it was when he paid twice its true value for Twitter, Costa Mesa real estate could get the fallout along with the rest of the industry.
Musk reasoned that banks now face mounting risks due to commercial real estate’s failure to repopulate office buildings following the pandemic—and that risk-averse bankers might raise mortgage rates to homebuyer-repelling levels. Certainly, that’s