Quarterly Real Estate Report June 2020 2021 Santiago, Newport Beach | $4,495,000
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A REBOUNDING MARKET From our families to yours, we hope you are staying healthy as we near the end of these challenging times. Our hearts go out to all those that have been impacted and are forever grateful to the everyday heroes that constantly remind us of all the good in mankind. Despite all the negative news, the OC Real Estate market is a bright spot of positive news with demand surging 78% in the last 4 weeks. Fueled by record low interest rates and 48% less inventory than the same time last year, the OC real estate market has proven resilience. A “V� shaped recovery is underway and encourage you to read our OC Real Estate market report on pages 28 to 31. We have persevered during these challenging times to deliver outstanding results for our clients. In the last 90 days, we have successfully closed more than $32 Million in transaction volume and opened more than $35 Million in new escrows. In addition, we have new listings that total over $31 Million with a heightened rebound in showings and offer activity. We have stepped up our marketing and modern technology to handle transactions with limited person to person contact. The market fundamentals are strong and we remain optimistic about an expedient recovery fueled by a pent up surge in buyer demand, alltime low inventory, record low mortgage rates ensuring that real estate is more affordable than ever and a safe haven for investments. The health and safety of everyone is our first and foremost concern and we are here to help whether it is about real estate or other needs. Please reach out to any of us with questions or concerns.
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With your help, we achieved our goal in just 14 days and provided 3,600 lbs of food equating to 3,000 meals.
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REAL ESTATE IS STILL MOVING... ARE YOU?
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Delivering Unsurpassed Results For Our Clients During COVID-19. Last 90 days
$31M+ New Listings
$32M+ New Escrows
$35M+ Homes Sold
$87M+
YTD Sold & Open Escrows Page 5
MEET THE TEAM Art Heckman is a passionate and highly motivated real estate professional with extensive experience working with a multitude of different clients from first time home buyers to accomplished CEO’s and seasoned Investors. Art began his career in the East Bay Area in Northern California in 2007 just as the Housing Market was beginning to crash. Through tenacity and hard work, Art built a strong reputation and business during one of the most difficult real estate markets in history. He has seen the market shift and change and has been able to adapt every step along the way to ensure his clients’ success in any market. Focusing on helping you achieve your real estate dreams and goals is what matters to Art most. Through his experience, he has learned that real success is achieved through a strong reputation, integrity, and taking care of people. His honest and sincere approach serves his clients to make clear and informed decisions educating them along the way. He couples traditional sales and marketing techniques with modern technology, offering his clients value and quality service with result driven strategies. Moreover, Art brings his exceptional negotiating skills and charisma to every transaction. Art moved to Newport Beach to start his Southern California career in 2012 without any local connections or networks and proved himself again as a force to be reckoned with. He has negotiated numerous record-breaking sales for his clients, from selling homes for an all-time high and beating out multiple offers on many occasions while still negotiating great value for his clients. You can count on Art to get the job done with the highest integrity, finesse and skill.
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A native of Ireland, Stephen relocated to Orange County in 2004. A strong negotiator, Stephen prides himself on delivering the highest standards. His skillsets have been crafted through his work with extremely creative and successful individuals. In 2014 Stephen was appointed President of a private investment fund focused on property development in Central America. Stephen negotiated the purchase of several properties which he later developed as luxury Villas. The skillsets of managing a successful development company deliver him a strong ability to represent real estate sellers and buyers in achieving their desired goal. Stephen still plays an active role in the development and management of projects in Costa Rica but with a growing family he has focused his services on his home of Coastal Orange County. Prior to his career in real estate Stephen held a position as an executive assistant working on several major motion pictures with studios such as Marvel, Universal, Warner Brothers and Disney. This experience forged his abilities to work in highly detailed and time sensitive projects and delivered results to professionals at the very highest level of the motion picture industry. His belief that a deal can always be achieved makes him a superb candidate as your agent.
www.pcgroupoc.com Page 7
Success Stories during COVID-19 Delivering results in a challenging market
2015 Leeward, Newport Beach Sold for $4,726,500 Highest priced non-view home ever sold in Dover Shores. Out of state buyer viewed by live virtual walk through tour.
9522 James Circle, Villa Park Sold for $2,150,000 98% of list price in 30 days with multiple offers using Compass Concierge funds for improvements. Previously listed at $1,999,000 for 397 days with no offers.
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424 Vista Parada, Newport Beach Sold for $1,725,000 Represented Buyer and Seller. Highest priced attached home in East Bluff in the last 18 Months.
218 W Avenida Alessandro, San Clemente - Sold for $1,795,000
PCG found an off-market, expired listing to meet the needs of our Buyers in an area of tight inventory. Creative financing provided with only 15% down and interest-only payments to preserve liquidity and keep payments low during COVID-19 uncertainty.
33740 Paseo Del Puerto, San Juan Capistrano Sold for $1,210,000 Sold in 5 days with multiple offers. Represented both Buyer and Seller.
71 Marseille, Laguna Niguel Sold for $1,888,000 Fell out of escrow because the Buyer lost their job due to COVID-19. Re-sold to a new buyer at 97% of list price. Highest selling price on record in Laguna Sur.Page 9
Sales during COVID-19
2015 Leeward | SOLD Newport Beach | $4,726,500 Page 10
1015 Mariners | SOLD Newport Beach | $2,800,000
523 W. Balboa | In Escrow Newport Beach | $2,399,000
34887 Doheny Place Dana Point | In Escrow in 7 days
21 Harbor Ridge | SOLD Newport Beach | $2,433,000
509 Poppy | In Escrow in 12 days
112 S La Senda | In Escrow Laguna Beach | $7,995,000
Corona del Mar
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Featured Listing
2021 Santiago, Newport Beach | Dover Shores 5 BD | 5.5 BA | 5,057 SF | Offered at $4,495,000
This coveted Modern Tropical Getaway was “The Shores Living Magazine: Home of the Month.” Located in prestigious Dover Shores Area, this new construction luxury residence boasts heavenly views of the Bay, City & Mountains. It encompasses the perfect blend of modern-smart home features with the radiant warmth & beauty of nature. As you pass tranquil water features surrounded by natural stone walls - enter through your distinctive 11’ reclaimed wood front door as it opens to a grand 21’ ceiling with captivating chandeliers accented by natural redwood everywhere! Quality finishes include: wolf/sub-zero appliances & espresso machine, Graff shower kit & waterfall, RH, solid granite bath tub, steam shower, rainfall showers w body sprays & an outdoor shower. SMART technology for: speakers in every bed & bath, lighting, thermostats (3 zones), security cameras x 5, Pentair heated pool & spa, 120” in-ceiling theater screen & projector, towel warmer and more. For the EXQUISITE homeowner.
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Before Advancing funds for home improvements to maximize the value of your home.
Case Study - 9522 James Circle How did we help our clients achieve 200% return on investment?
• Previously listed for 397 days at $1,995,000 with no offers. • Compass Concierge advanced $45,000 for remodel / staging costs and PCG managed the process. • Sold for $2,150,000 in less than 30 days with multiple offers. Page 14
After With Compass Concierge, we can help you sell your home faster and for a higher price. From painting to flooring, Concierge helps transform your home with zero upfront costs and no interest.
Call us today to learn more about if Compass Concierge should be part of your “go-to-market� strategy. Page 15
FEATURED LISTINGS
19375 COUNTRYWOOD DRIVE YORBA LINDA | $3,500,000
18930 SUNNY SLOPE YORBA LINDA | $2,748,800
1827 MARINERS DRIVE NEWPORT BEACH | $2,690,000
1615 ANITA NEWPORT BEACH | $3,595,000 IN ESCROW
112 VIA YELLA NEWPORT BEACH | $3,195,000
523 W. BALBOA NEWPORT BEACH | $2,499,000 IN ESCROW
320 HELIOTROPE CORONA DEL MAR | $4,175,000 Page 16
509 POPPY AVENUE CORONA DEL MAR | 3,295,000
Find all of our listings at pcgroupoc.com. IN ESCROW
32091 POINT PLACE LAGUNA BEACH | $6,100,000
112 S LA SENDA LAGUNA BEACH | $7,995,000
IN ESCROW
34887 DOHENY PLACE DANA POINT | $3,299,000
1515 PRISCILLA (COMING SOON) NEWPORT BEACH | $1,900,000
124 CALLE REDONDEL SAN CLEMENTE | $1,499,000
30521 SHELTER CANYON RD. TRABUCO CANYON | $2,895,000
19892 SUMMIT TRAIL ROAD TRABUCO CANYON | $2,995,000
38280 VIA MAJORCA MURIETTA | $6,995,000 Page 17
Coming Soon
1615 Anita, Newport Beach 4 Bed | 3.5 Bath | Approx. 3,700 SF | $3,595,000 | New Construction This coveted Modern Tropical Getaway was “The Shores Living Magazine: Home of the Month.� Located in prestigious Dover Shores Area, this new construction luxury residence boasts heavenly views of the Bay, City & Mountains. It encompasses the perfect blend of modern-smart home features with the radiant warmth & beauty of nature. As you pass tranquil water features surrounded by natural stone walls - enter through your distinctive 11’ reclaimed wood front door as it opens to a grand 21’ ceiling with captivating chandeliers accented by natural redwood everywhere! Quality finishes include: wolf/sub-zero appliances & espresso machine, Graff shower kit & waterfall, RH, solid granite bath tub, steam shower, rainfall showers w body sprays & an outdoor shower. SMART technology for: speakers in every bed & bath, lighting, thermostats (3 zones), security cameras x 5, Pentair heated pool & spa, 120� inceiling theater screen & projector, towel warmer and more. For the EXQUISITE homeowner. REVISIONS
BUILDING, PLANNING, PUBLIG WORKS
01/14/2019
BUILDING, PLANNING, GRADING
BUILDING, PLANNING, PUBLIG WORKS 04/15/2019 RELLION
4
6
5
RELLION
1/4" = 1'.0"
DEC 14, 2018
DATE:
CHECKED:
DRAWN:
DESIGNED:
RELLION
(E) SETBACK
SCALE:
7 PROPOSED HOUSE BOUNDARY
RELLION
EXISTING HOUSE BOUNDARY
(N) SETBACK
MASTER BATH
NO.
(N) SETBACK
EXISTING HOUSE BOUNDARY
PROPOSED HOUSE BOUNDARY
WIC
RELLION
UP
LINEN CLOSET
DATE
(N) SETBACK
PROPOSED HOUSE BOUNDARY (E) SETBACK
ALL POCKET DOORS ARE SUPPORTED ON FLOOR
SCALE N.T.S
02/07/2019
(N) SETBACK
UP
MASTER BEDROOM 1
WINDOW FLASHING
2
LOCATION MAP
WIC
1
1615 ANITA LN NEWPORT BEACH, CA 92660
3
NEW HOUSE OVER PARTIALLY EXISTING FOUNDATION
VICINITY MAP
ISLAND PROPOSED AND EXISTING BOUNDARY OVERLAP
GREAT ROOM
&2175$&725 6+$// ),(/' 9(5,)< $// ',0(16,216 ,1 ),(/' 35,25 &216758&7,21 127,)< $5&+,7(&7 2) $1< ',6&5(3$1&,(6 21 '5$:,1*6
$// *<3680 %2$5' :25. 6+$// %( '21( ,1 $&&25'$1&( :,7+ 7+( '5<:$// &21675,&7,21 +$1'%22. /$7(67 (',7,21 35(3$5(' %< 81,7(' 67$7(6 *<3680 $// -2,176 $1' 6($06 6+$// %( 7$3(' $1' ),1,6+(' ,1 $&&25'$1&( :,7+ 0$18)$&785(5 6 ,167$//$7,21 5(&200(1'$7,216
BEDROOM 3
BEDROOM 4
SKYLIGHT ABOVE
TRASH
20' INTERIOR CLEAR
HALLWAY CLOSET
WH
F.A.U.
352326(' (;7(5,25 :$// ; )5$0(' :$// :,7+ 5 ,168/$7,21
352326(' ,17(5,25 :$// ; )5$0(' :$//
3-CAR GARAGE :$// 72 %( 5(029('
CLOSET
CLOSET
8/ 5$7(' 602.( '(7(&725
GARAGE INTERIOR CLEAR DIMENSION ATLEAST 20'X20' TO REMAIN CLEAR OF OBSTRUCTION SUCH AS CABINETS OR MECHANICAL EQUIPMENT
UP
1615 ANITA LN NEWPORT BEACH, CA 92660
5(3257 $1< ',6&5(3$1&,(6 %(7:((1 7+( '5$:,1*6 $1' $&78$/ ),(/' &21',7,216 72 7+( $5&+,7(&7 %()25( &216758&7,21 %(*,16
SKYLIGHT ABOVE
FENESTRATION MUST HAVE TEMPORARY AND PERMANENT LABELS
8/ 5$7(' &$5%21 0212;,'( $/$50
20' INTERIOR CLEAR
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SHALINI
+$5%25 %/9' 68,7 +
)2817$,1 9$//(< &$
3+
ARCHITECT:
(;,67,1* &21&($/(' &21',7,216 $1' &211(&7,216 $5( %$6(' 8321 ,1)250$7,21 7$.(1 )520 /,0,7(' ),(/' ,19(67,*$7,216 &2175$&725 6+$// 0$.( 5(48,5(' $'-8670(176 72 6<67(0 &20321(176 $6 1(&(66,7$7(' %< $&78$/ ),(/' &21',7,216 $7 12 $'',7,21$/ &267 72 2:1(5 25 $5&+,7(&7
81/(66 27+(5:,6( ,1',&$7(' $// ,17(5,25 ),1,6+(6 6+$// %( $6 ',5(&7(' %< 7+( 2:1(5 &2175$&725 72 2%7$,1 $1' 3529,'( 2:1(5 :,7+ &2/25 6$03/(6 )25 3523(5 &2/25 6(/(&7,21 $1' ),1$/ $33529$/ 2) $// ),1,6+(6 35,25 72 ,167$//$7,21
ALL PLUMBING FIXTURES SHALL BE COMPLYING WITH MAXIMUM FLOW RATES IN SECTION 4.303 CALGREEN BUILDING STANDARD CODE
PLANS PREPARED BY:
9,6,7 7+( 6,7( 72 9(5,)< (;,67,1* &21',7,216
PANTRY
LAUNDRY
RELLION
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POWDER
SKYLIGHT ABOVE
WH MECH ROOM
OWNER:
SKYLIGHT ABOVE
SKYLIGHT ABOVE
WIC
WALL COVERING OF SHOWERS OR TUBS WITH SHOWERS SHALL BE OF CEMENT PLASTER, TILE, OR APPROVED EQUAL, TO A HEIGHT OF NOT LESS THAN 72 INCHES ABOVE THE DRAIN INLET. BACKING FOR TILE SHALL BE CEMENT BOARD OR CEMENT PLASTER.
CITY OF NEWPORT BEACH
FORMAL LIVING
BEDROOM 2
SCALE N.T.S
:,1'2: 127(6 $// */$=,1* 6+$// %( /2: ( '8$/ 3$1( */$66 $// */$=,1* 6+$// +$9( 8 )$&725 0$; $1' 6+*& )$&725 0$; )(1(675$7,216 6+$// +$9( 7(0325$5< $1' 3(50$1(17 /$%(/6 )25 9(5,),&$7,21 2) 7+( %8,/',1* ,163(&725 6(( * )25 6(&85,7< 25',1$1&( :+(1 $33/,&$%/( 3(5 &,7< 25',1$1&(
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PLAN CHECK : ())(&7,9( -8/ 6% 5(48,5(6 5(3/$&(0(17 2) $// 121&203/,$17 3/80%,1* ),;785(6 ,1 3523(57,(6 %8,/7 21 25 %()25( -$1 :,7+ :$7(5 &216(59,1* 3/80%,1* ),;785(6
PROPOSED FIRST FLOOR PLAN SCALE
1
4"
= 1'-0"
:$7(5 &/26(76 6+$// 127 (;&((' *$//216 3(5 )/86+ 6+2:(5+($'6 6+$// +$9( $ 0$;,080 )/2: 5$7( 2) *$//216 3(5 0,187( $7 36, $// )$8&(76 6+$// 127 (;&((' *$//216 3(5 0,187( $7 36, (;&(37,21 .,7&+(1 )$8&(76 6+$// 127 (;&((' *$//216 3(5 0,187( $7 36,
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PERMIT :
A1.7 SHEET 7 13 OF
COMMUNITY DEVELOPMENT DEPARTMENT
ELECTRICAL CLOSET
EGRESS
'225 127(6 $// */$=,1* ,1 '2256 6+$// %( 7(03(5(' '225 3$1(/ '(6,*1 72 %( '(7(50,1(' %< '(6,*1(5 25 2:1(5 62/,' 25 +2//2: &25( 72 %( '(7(50,1(' %< '(6,*1(5 25 2:1(5 8 1 2 , ( ),5( 5$7(' '2256
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3+
HALLWAY CLOSET
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ISLAND
)2817$,1 9$//(< &$
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$// :25. ,6 72 %( &225',1$7(' :,7+ 7+( 2:1(5 7+( &2175$&725 ,6 72 0((7 :,7+ 7+( 2:1(5 35,25 72 67$57,1* &216758&7,21 7+( &2175$&725 :,// 35(6(17 7+( %8,/',1* 3(50,7 $1' ,1685$1&( &(57,),&$7(6 72 7+( 2:1(5 35,25 72 67$57,1* &216758&7,21 &2175$&725 6+$// 3529,'( $1< 1(&(66$5< 0($685(6 72 3527(&7 7+( :25.(56 $1' 27+(5 3(56216 '85,1* &216758&7,21
SKYLIGHT ABOVE
+$5%25 %/9' 68,7 +
&2175$&725 6+$// ,1685( $// :25. ,6 ,1 &21)250$1&( :,7+ $// $33/,&$%/( %8,/',1* &2'(6
SCALE N.T.S
DEVELOPER:
FP
TYPICAL SHOWER
Featured Listing
1515 Priscilla, Newport Beach - Dover Shores 4 Bed | 3 Bath | Approx. 2,050 SF | $1,900,000 Stunning single level home in the the heart of Newport Beach located in one of the most sought after neighborhoods in Orange County. The layout is second to none, with spaces for entertaining and thoughtful design for every convenience from bedroom placement to seamless indoor/outdoor living for those fun gatherings, soaking in the Newport Beach sunshine with family and friends or the peaceful night home relaxing under the stars. Find your way to the the master retreat featuring vaulted ceilings with easy access through the sliding doors that lead out to a poolside lounge, a walk in closet and a master bathroom, tastefully design with upgraded flooring, shower and storage. In addition to the amenities offered by this fantastic property, you will also enjoy, interior laundry room, dual pane windows, epoxy floor in the garage and new A/C. Conveniently located near award winning schools and walking distance restaurants, stunning beaches, shopping, parks, freeways, airport and walking and riding trails around beautiful Back Bay.
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PCG Virtual Agent Services An exclusive suite of marketing services now available to our clients. • • • • • •
Virtual Open Houses Interactive Video Showings Virtual Neighborhood Walks Dynamic Digital Brochures Live Postcards Compass Digital Ads for Facebook & Instagram
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Sell your home and keep your Privacy with Compass Private Exclusive Listing your home as a Private Exclusive allows you to control what information is shared about you and your most personal asset - your home - while still getting exposure to top agents at Compass. What to expect: Discretion, Flexibility, Quality, and Value.
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SUCCESS STORY: 509 Poppy Avenue Corona Del Mar | $3,295,000
WE MAKE YOUR HOME COME TO LIFE IN ESCROW - NEW CONSTRUCTION IN FRAMING STAGE SOLD AT 97% of list price in just 12 days. PCG generated professional renderings to help the Buyers visualize the home at completion.
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RECORD LOW RATES – IMPROVED AFFORDABILITY OUR PREFERRED LENDERS ARE CLOSING PURCHASE MONEY LOANS IN 30 DAYS OR LESS. CHECK OUT THESE AMAZING RATES AND FIND OUT HOW EASY IT IS TO QUALIFY:
Union Bank •
Interest Only loans up to $5,000,000
•
Rates from 2.5%* to 3.25% - fixed for 10 years
•
Improves liquidity and manages payment stress in challenging times
•
*Bank relationship required/minimum bank deposits apply
Nathan Lindsey Union Bank Private Mortgage Consultant 714.394.0506 nathan.lindsey@unionbank.com NMLS ID #665133
Wells Fargo •
30 Year Fixed Rate Jumbo Loans up to $20,000
•
Rates from 2.625%* to 3.125%
•
Bank relationship required/minimum bank deposits apply
Ryan Cushman Wells Fargo Home Mortgage Consultant 949.910.9885 ryan.cushman@wellsfargo.com NMLS ID #84590 Rates and terms listed on this page are subject to change. Call us today! Page 23
OUR QUARANTINE BOOK & TV PICKS The good, bad, and the binge-worthy.
Sapiens A brief history of humankind by Yuval Noah Harari.“This was the most surprising and thought-provoking book I read this year.” (Atlantic.com)
The Alchemist The Alchemist by Paulo Coelho continues to change the lives of its readers forever. With more than two million copies sold around the world, The Alchemist has established itself as a modern classic, universally admired.
12 Rules for Life #1 NATIONAL BESTSELLER #1 INTERNATIONAL BESTSELLER What does everyone in the modern world need to know? Renowned psychologist Jordan B. Peterson’s answer to this most difficult of questions
The Woman in the Window #1 New York Times Bestseller – Soon to be a Major Motion Picture starring Amy Adams, Julianne Moore, and Gary Oldman. “Astounding. Thrilling. Amazing.” —Gillian Flynn
Never Split the Difference By Chris Voss. A former international hostage negotiator for the FBI offers a new, field-tested approach to high-stakes negotiations—whether in the boardroom or at home.
How to Win Friends and Influence People Dale Carnegie’s rock-solid, time-tested advice has carried countless people up the ladder of success in their business and personal lives. One of the most groundbreaking and timeless bestsellers of all time.
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The Inbetweeners Those who remember the awkward years of adolescence can relive those painful days in this British comedy series, where the cringe-inducing humor arises from the ill-fated antics of its four protagonists.
Billions Wealth, influence and corruption collide in this drama set in New York. Shrewd U.S. Attorney Chuck Rhoades is embroiled in a high-stakes game of predator vs. prey with Bobby Axelrod, an ambitious hedge-fund king.
Silicon Valley Partially inspired by co-creator Mike Judge’s experiences as a Silicon Valley engineer, this comedy series follows the misadventures of introverted computer programmer Richard and his brainy friends as they attempt to strike it rich.
Ozark Created by Bill Dubuque (“The Accountant,” “The Judge”), this drama series stars Jason Bateman as Marty Byrde, a financial planner who relocates his family from Chicago to a summer resort community in the Ozarks.
Sopranos Tony Soprano juggles the problems of his fractious family with those of a “Family” of a different sort - the mob. He sees a therapist to deal with his professional and personal problems, which bring on panic attacks.
Stranger Things In 1980s Indiana, a group of young friends witness supernatural forces and secret government exploits. As they search for answers, the children unravel a series of extraordinary mysteries.
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SEE WHY OUR CLIENTS
LOVE US
“Art is an amazing agent! He really knows the area and was determined to find us a great house and neighborhood for my family! He was very responsive and even found us properties to look at before they came on the market. Once we found the perfect house he worked late into the night negotiating and securing us the property against multiple offers. My husband and I have and will continue to recommend Art to our family and friends!” Phil and Becky Bethell Newport Beach | $1,780,000
“We previously had our home listed for almost a year until we met Art, who brought a fresh and innovative approach to the marketing strategy, ultimately leading to multiple offers and selling our home in a very short period of time. Art was professional and efficient from beginning to end and we would most certainly work with him again in the future.” Tom Gioia Newport Coast | $1,280,0000
“Art Heckman is an honest, professional, well informed, creative and hardworking real estate agent. You want a polished professional to represent you and Art answered our challenges and those of the market with aplomb. He is (appropriately) constantly studying the industry/local listings and looking to evolve on the frontend of the bell curve with his marketing, home positioning, negotiations and purchasing suggestions. Art came to us upon referral with a creative approach to selling our home that integrated high end, well executed video, still, print and both paid and organic social media networking. Unique to most others, Art also tries to do tours himself such that he can read and react to potential buyers in real time. He demonstrated time and time again that he thinks through decisions and does the “right thing” that earns him long term respect as a highly credible professional. Though skilled at understanding and positioning his listings as high end and well branded, he never over sells or overtly pushes. His sales techniques are genuine and therefore trustworthy to parties on both sides of a negotiation. The reality is most agents in Southern California don’t live up to our expectations. I’m a type A personally and my spouse and I are business professionals with executive corporate roots. We look to hire intelligent, self-starting people who display the utmost integrity. Art exceeded our expectations on all accounts and we are admittedly “tough to please”. Chrisden Ferrari and Phil Myers Dana Point | $965,000 Page 26
“Stephen’s strengths in marketing and negotiation allowed him to present multiple offers in just 35 days. In the luxury market where homes can be on the market, in our area, for over 200 days this was a great result for my family. We were able to move onto the next chapter without the stress of wondering when our home would sell. Stephen negotiated an all cash, noncontingent offer with a fifteen-day escrow. I highly recommend Stephen as a real estate advisor that will think outside the box to achieve amazing results.” Aida Wasilewski Newport Beach | $3,550,000
“Steve, as I call him, was very professional and helpful throughout the whole process of getting my house listed and SOLD. My house was on the market for 1 year, with 3 different Listing Agents. On Feb 5th, 2019 I re-listed with Steve and within a couple of weeks I got multiple offers. We accepted the best offer and opened escrow immediately. I highly recommend Steve Walsh to anyone.... You will not be disappointed.” Angie Ton Costa Mesa | $1,165,000
“Steve was relentless in his approach to selling our property. We had previously been on the market for over 300 days with only one, extremely low offer. Steve brought us multiple offers within the first few weeks of listing the property and was able to close the deal in under 90 days. His professional and intelligent approach to sales helped us achieve our goals and move forward with other investment opportunities.” Tom Clements Newport Beach | $1,195,000
“Art is an amazing agent! He really knows the area and was determined to find us a great house and neighborhood for my family! He was very responsive and even found us properties to look at before they came on the market. Once we found the perfect house he worked late into the night negotiating and securing us the property against multiple offers. My husband and I have and will continue to recommend Art to our family and friends!” Phil and Becky Bethell Newport Beach | $1,780,000 Page 27
OC Real Estate Market Report. V-Shaped Recovery Underway. By Steven Thomas Quantitative Economics and Decision Sciences, BA Demand Spikes: Demand surged in the past 4 weeks with a 73% rise. The economic data prior to the Coronavirus was pumping on all cylinders. Consumer confidence, consumption, unemployment, housing, stocks, leading economic indicators, everything was pointing to a
phenomenal 2020. After the virus broke, every chart was impacted severely and housing was no exception. Housing is proving that it is an exception and is currently experiencing a â&#x20AC;&#x153;V-Shapedâ&#x20AC;? recovery with demand soaring 73% in the past four weeks. The sleeping giant has awakened. Record low interest rates coupled with low inventory is instigating demand and market recovery. Dawning masks and gloves, buyers are viewing homes again and making offers. In Mid April, the expected market time was at 121 days. Since then, the market time has dropped by 39% to 74 days, a slight Sellers Page 28
market which was completely unexpected. Last year, the expected market time was 85 days, slower than today. Last year there were 23% more pending sales year to date but at the low point of the pandemic, demand was off 60% year over year. The year over year gaps is narrowing as the market conditions improve.
Several factors have lead to the recovery in housing. First, housing is coming from a position of strength and a strong foundation. Since the Great Recession, credit qualification has been extremely tight and Buyers had to prove they could afford the monthly payment. Homeowners are sitting on a mountain of nested equity as a result of healthy down payments and steady appreciation since 2012. This is not the Great Recession when real estate was a house of cards ready to collapse. Back then it was a bubble fueled by mass speculation, subprime lending, pick-a-payment plans, a wave of cash out refinancing, zero down payments, and fraudulent lending practices. The low mortgage rate environment has enabled homeowners to finance and refinance monthly payments that do not stretch the household budget. These record low rates also increase affordability which drives demand. As a result, eager buyers are jumping back in and ready to take advantage of record low 30 year fixed mortgage rates at 3.125% and ARMâ&#x20AC;&#x2122;s in the low to mid 2%â&#x20AC;&#x2122;s with 20% down. Interest Only loans are back in force under 3% to help manage liquidity and payments. The rates during the Great Recession were at 6.35%. Current demand is now only off by 23% compared to last year Page 29
and that gap is diminishing quickly. Inventory is 33% less than the 5 year average for this time of year and 48% less than last year at the same time. Active inventory is at its lowest level since 2013 which was the hottest year during the 8 year expansion. We have 5044 homes on the market today compared to over 18,000 homes during the Great Recession. The market today looks nothing like what happened in 2007 and is not taking a major hit because of COVID19. Most people are still gainfully employed and the economy is opening back up again which will further fuel the V shaped recovery and hold prices steady. The market is still ramping up and the momentum is palpable. Not only is housing hotter than last year at this time, the market is roaring back and getting stronger, antagonized by record low rates and rising demand that continues to outpace the supply of homes. The expected market time will continue to fall and housing will line up further in favor of Sellers.
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Active Inventory: The current active inventory increased by 4% in the past two-weeks. In the past 4 weeks, there were 33% fewer for sale signs compared to the 5 year average and the inventory sits at 5044. Last year at this time there were 7479 homes on the market which is a difference of 48%, There were a lot more choices for Buyers last year. More Sellers are thawing to the idea of listing their homes.
Luxury End: The luxury market is stronger than it was last year. In the past two-weeks, demand for homes above $1.25 million increased by 90 pending sales, up 40%, and now totals 313, which is an increase from the start of the year. The luxury market has had an astounding rebound and was brought back from a near standstill 6 weeks ago. The luxury home inventory increased by 6%, and now totals 1,763. With a dramatic improvement in demand, which is outpacing the rise in the inventory, the overall Expected Market Time for homes priced above $1.25 million decreased from 322 in mid-April to 169 days in the past couple of weeks.
Year over year, luxury demand is down 20%, and the active luxury listing inventory is down 30%. The Expected Market Time last year was at 193 days and slower than today. Below is a chart of expected market time by price range.
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Consistently delivering the highest prices in the shortest amount of time with white glove service.
341 Bayside Drive, Newport Beach, Ca 92660 pcgroupoc.com
$1B+
#10
Career Sales Volume
Ranked team in OC for Sales Volume
$130M
700+
2019 Closed and Pending Sales
Successfully Closed Transactions
Art Heckman 949.630.5511
Stephen Walsh 949.235.3517
DRE# 01814007 REALTORÂŽ art.heckman@compass.com
DRE# 02075027 REALTORÂŽ steve.walsh@compass.com
Compass is a real estate broker licensed by the state of California and abides by equal housing opportunity laws. License number 01527365. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
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