Brea Real Estate Market
Mar 9th
The Brea real estate market hinges on the success or failure of the larger Southern California region and the Orange County area in particular. The Southern California real estate market faced one particular problem – falling home prices – according to a February 17, 2010 article in the Mercury News. The piece noted that “A boost in the sales of foreclosures and other low-cost homes pushed the median home price in South California down 6 percent last month from December for the first month-to-month dip since May, a tracking firm reported Tuesday.” The piece, composed by Jacob Adelman, continued to state that “January’s median home price in the six-county region of Southern California was $271,500, down from $289,000 in December, as higher-end home sales lost some of the momentum they had gained in recent months, San Diego-based MDA DataQuick said.”
The same trend for Brea homes for sale was noted in a smaller region by a February 16, 2010 article in the Orange County Metro. The article found that “Orange County’s median home price jumped 14.9 percent in January, compared to the same time last year, according to stats just released by San Diego-based MDA DataQuick.” The piece, composed by Kristen Schott, continued to say that “The price for a home or condominium in the region rose to $425,000 in the period, up from $370,000 in January 2009. But the number declined from December’s $435,000 median…Orange County reported the largest uptick in the median – the second highest was San Diego, which saw its price rise 8.9 percent to $305,000 in the period.”
Brea real estate was also affected by a recent increase in Orange County foreclosures, as reported by a February 16, 2010 article in the Orange County Metro. The article, written by Carol Starcevic, found that “Foreclosure notifications in Orange County rose slightly in January from the previous month, but the number still remains significantly lower than January of 2009’s figure.” The piece continued to note that “A report by ForeclosureRadar.com shows 1,629 notices of default were recorded last month, compared to 1,613 from December and 2,282 from the same period the year before.”
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Sarasota Real Estate
Jan 4th
- Image via Wikipedia
The past few months have shown promising signs of an improving real estate market in Sarasota in Southwestern Florida. The Sarasota real estate market has posted significant increases in new and resale house and condo sales as well as a stabilizing median sales price. Many real estate experts hold optimistic views of the future of the Sarasota real estate and believe that the market may have already hit bottom, being poised for a rebound in the coming months. However, there are a handful of real estate experts who are worried that another wave of foreclosures may be coming, reducing the chances of a successful recovery of the Sarasota real estate market in the near future.
According to the Sarasota Herald Tribune, the Sarasota-Bradenton real estate market in Southwestern Florida, just south of Tampa Bay, has posted a stabilized level of home sales. In November, the region posted 784 new and resale home sales, slightly higher than the 738 sold in November of 2008. The median price has also been stable around $160,000, a level that hasn’t changed much since the summer of 2009. Many residents and local real estate experts have interpreted these signs as indicators that the Sarasota real estate market has hit bottom. However, some people believe that the real estate struggles aren’t over yet. The local economy is still plagued by high unemployment rates and distressed properties, suggesting that another wave of foreclosures could come in the coming months. The federal tax credit has offered some support for the Sarasota real estate market though. Many buyers have admitted that the tax credit was a major factor in deciding to invest in real estate in the past few months.
The Sarasota Herald Tribune has also noted that the condo real estate market in Sarasota has also experienced major improvements over the past several months. In November, Sarasota and Bradenton posted a 130 percent increase in condo sales from the same month a year earlier. Some realtors have reported that the federal tax credit has been a major motive for recent real estate investments, with many real estate companies posting more sales in the three weeks prior to the expected deadline of the tax credit at the end of November than in the last three years. However, the median price for condos has declined by 20 percent between November of 2008 and 2009.
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