the GREEN sheet | July-August 2022 by Echelberger Group

J U L Y / A U G U S T 2 0 2 2

t he

GREEN sheet

TA LE GA’S RED-HOT R E A L E STAT E M A RK ET

MARKET SHIFTING TO A BETTER BALANCE I am often asked “what happens when a market shifts?” I have been through three shifting markets in my 27 years of selling real estate and each was slightly different. We just went through the hottest market, in terms of pricing and speed, that we have ever experienced in real estate. As a result, even the slightest fluctuation in showing activity or pricing feels like a dramatic change when it is really just a shift towards a balanced market, which is not a negative at all. It means supply and demand are working together in a healthy way. For the last two years, the scales were tipped 100% to the seller's favor and now they are shifting to a greater balance between sellers and buyers.

I do expect to see some changes over the coming months. Expect more inventory to come on the market but not at a rapid rate in our area. During the pandemic there was a big migration that reshaped where people live and work and it favored Talega. We will not experience an exodus but there should be a slow increase in homes available. San Clemente’s active listings were as low as 22 over the last six months. Today we are averaging about 119, and in past balanced markets our typical active inventory was 275 to 300 homes.

Showings on active properties have and will dramatically decrease from 20 to 30 a week to 1 to 5 per week, which is a normal pace. Active listings will be priced more competitively and some will be priced below previous sales to accelerate the time needed to receive an offer. Sellers will have to entertain contingent offers and be more flexible on their terms to close a deal. Buyers will have to understand that just because a home sits for 14 to 30 days on the market does not mean something is wrong with it. Prepandemic, the average days on market for a home in Talega was around 46 before an offer was received, compared to an average of 11 days for 2022. Expect homes to take longer to sell now, which reflects a normalization of the market.

There will be other emerging trends in the coming months and you can rest assured that I will be following them and explaining them to you.

Echelberger Group provides the expertise and resources necessary to make it easier for its clients. More than 20 years of experience in Talega and 52 years living in San Clemente, Doug and his team have an edge in local knowledge and connections. Echelberger Group provides a comprehensive range of services, from industry-leading technology—backed by its partnership with Pacific Sotheby's International Realty—and custom marketing strategies to regular updates and prompt communication that makes transactions efficient and stress-free. For more information, visit www.echelberger.com or call/text Doug at 949-463-0400.

F E AT U R E D R E S I D E N C E

23 Calle Canela

5 bed | 5.5 bath | 4,706 sq ft | 9,632 sq ft lot

Located at the top of the exclusive Mirador enclave on a single-loaded cul-desac street, the home evokes the appeal of grand estates that enrich the Italian countryside. Every aspect of the residence is lavishly detailed, including a two-story rotunda foyer with a circular staircase that displays patterned wool carpet; a formal living room with towering ceiling, brick accent wall, a fireplace and decorative doors imported from India; and an elegant formal dining room with a tray ceiling and French doors that open to a romantic patio. Hardwood and travertine flooring, custom paint, upgraded lighting, Walker-Zanger tile, built-in speakers, plantation shutters, custom millwork, and custom built-in cabinetry complement varying areas of the two-level design. A handsome fireplace and a built-in entertainment center are featured in a family room that flows directly to a stunning kitchen with custom clerestory windows, an island, granite countertops, a pantry, a large nook with floor-to-ceiling cabinetry, a reverse-osmosis water system, and premium appliances from Bosch and Wolf. A guest suite is located on the first floor, and the second level presents a library with custom built-ins, a loft with a built-in desk and a built-in entertainment center, and spacious secondary bedrooms including one with a Juliet balcony. The primary suite elevates style to new heights with Venetian plaster walls, a fireplace, a west-facing balcony with hill and city-light views, a large walk-in closet with custom built-ins, a multi-head shower, jetted tub, a built-in dresser and limestone surrounds. Every finish and fixture is top-of-the-line, with an array of custom appointments lending appreciated distinction.

www. 23Ca lle Ca n e la .c o m

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P innacle of Luxury Living

TALEGA RESIDENCES Dou g E ch e l b er ger h a s a PR O VEN track reco rd in T alega Real E sta te 2 3 CA LLE CA NELA JUST LISTED

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205 CALLE CAM PANE RO IN E SCROW IN 5 DAYS

2 2 4 PASEO V ERDE J U ST SOLD IN 1 4 DAYS

26 CALLE GAULT E RIA JU ST SOLD IN 3 DAYS

1 0 AV EN IDA C R ISTA L J U ST SOLD IN 1 3 DAYS

22 CORT E LOARRE JU ST SOLD IN 6 DAYS

3 6 V IA BELLEZA J U ST SOLD IN 4 DAYS

13 VIA JACOBE A JU ST SOLD IN 13 DAYS

TALEGA RESIDENCES Rep r es e n t ed by D o ug Echelberger 4 PASEO DEL R EY J U ST SOLD IN 1 DAY

ADDRESS

12 CALLE GAULT E RIA SOLD IN 12 DAYS

TRACT

PRICE

1 | 23 Calle Canela

Mirador

pending

2 | 205 Calle Campanero

2 0 2 2 Y TD

26 Calle Gaulteria 12 Corte Vizcaya 12 Calle Gaulteria 36 Via Belleza 9 Calle Pacifica 13 Via Jacobea 308 Via Los Tilos 306 Plaza Cabana 10 Avenida Cristal 22 Corte Loarre 1 Camino Platino 24 Paseo Verde 26 Paseo Luna 300 Calle Campanero 4 Paseo Del Rey

act i ve

closi n gs

* Represented Seller

BED

BATH

SQFT

$2,950,000

5.5

4,706

Alassio

$749,900

2.5

1,468

Mirador Vizcaya Mirador Miraleste Pacifica Summit Catania San Rafael Terra Linda Carmel Verano Carmel Santalana Alassio Alassio Alassio

$3,250,000 $3,000,000 $2,815,000 $1,905,000 $1,825,000 $1,723,500 $1,635,000 $1,600,000 $1,079,700 $1,015,000 $970,000 $885,000 $785,000 $743,000 $704,000

6 5 5 5 5 4 5 6 3 3 3 3 3 3 2

6.5 5.5 5.5 3 3.5 3 4.5 3 2 2.5 2 2.5 2.5 3.5 2.5

5,025 * 5,539 * 4,631 ** 2,992 * 3,601 * 2,941 * 3,536 * 2,867 *** 2,066 * 1,840 * 2,050 *** 1,634 *** 1,668 * 1,484 * 1,232 ***

** Represented Buyer

*** Represented Seller and Buyer

call us today, for a COMPLIMENTARY home evaluation from talega's most experienced real estate agent

We respect your time, and value your business. We know you could go anywhere for your real estate needs, and appreciate having the opportunity to serve you the best way we can. For more information, or to be the first to learn about pocket listings, open houses, market reports, and local events vi si t us onl i ne or c al l 949.498.7711 .

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DOUG ECHELBERGER 949.498.7711 | doug@echelberger.com

the

sheet

YO U R TA L EG A M A R K E T R EP O R T F O R H O M E VA LU E S I N J U N E

TOWNHOMES TRACT/STREET

STATUS

PRICE

PRICE/SQ FT

SQ FT*

BED/BATH

GARAGE

LOT SIZE*

COE

46 Paseo Del Rey

Active

$789,000

$473

1,668

3/3

(A)

34 Paseo Rosa

Active

$725,000

$445

1,631

3/3

(B)

22 Paseo Rosa

Pending

$799,000

$483

1,654

3/4

(C)

6 Paseo Del Rey

Pending

$799,000

$483

1,654

3/4

(D)

3 Paseo Luna

Pending

$795,500

$542

1,468

3/3

(E)

205 Calle Campanero

Pending

$749,900

$511

1,468

2/3

(F)

204 Calle Campanero

Pending

$749,000

$510

1,468

2/3

(G)

8 Paseo Luna

SOLD

$830,000

$509

1,631

3/4

5/19/22

401 Calle Campanero

SOLD

$822,500

$504

1,631

3/3

5/10/22

38 Paseo Luna

SOLD

$755,000

$557

1,356

2/2

4/19/22

4 Paseo Del Rey

SOLD

$704,000

$571

1,232

2/3

5/13/22

10 Avenida Cristal

Pending

$1,095,000

$530

2,066

3/2

(F)

1 Avenida Cristal

SOLD

$1,054,000

$514

2,050

3/2

5/2/22

24 Paseo Verde

Pending

$949,000

$581

1,634

3/3

(F)

18 Paseo Verde

SOLD

$1,040,000

$586

1,776

3/3

5/18/22

62 Paseo Vista

SOLD

$950,000

$487

1,952

3/3

4/22/22

64 Paseo Vista

SOLD

$927,000

$522

1,776

3/3

4/25/22

56 Paseo Vista

SOLD

$850,000

$655

1,298

3/2

4/28/22

Pending

$750,000

$540

1,388

2/2

(H)

SOLD

$705,000

$508

1,388

2/2

4/22/22

22 Corte Loarre

SOLD

$1,015,000

$541

1,840

3/3

6/23/22

16 Corte Garrucha

SOLD

$915,000

$486

1,881

4/3

6/21/22

23 Via Almeria

SOLD

$780,000

$577

1,351

2/2

4/11/22

Alassio

Carmel

Santalana

Trinidad 3 Calle Viveza 4 Calle Centello

5 | w ww.E che l b erg er.c o m

Verano

(A) = Coldwell Banker Realty (B) = Coast Property Management (C) = Berkshire Hathaway HomeServices (D) = First Team Real Estate (E) = Stephen King, Broker (F) = Pacific Sotheby's Int'l Realty (G) = Keller Williams The Lake (H) = RE/MAX Coastal Homes

"Doug and his team went above and beyond our expectations! Not only did they sell our house quickly and above asking price, they extended their efforts to help us secure our new home. Doug personally reached out to our agent in Oregon as well as our lender. Very professional and a pleasure to work with.” - Megan M.

the

sheet

YO U R TA L EG A M A R K E T R EP O R T F O R H O M E VA LU E S I N J U N E

S I N G L E - FA M I LY H O M E S TRACT/STREET

STATUS

PRICE

PRICE/SQ FT

SQ FT*

BED/BATH

GARAGE

LOT SIZE*

COE

12 Via Alcamo

Active

$3,850,000

$726

5,303

5/6

11,690

(A)

22 Via Carina

SOLD

$4,710,000

$883

5,336

5/6

9,793

4/27/22

17 Calle Viviana

SOLD

$4,250,000

$827

5,136

5/6

11,568

4/6/22

SOLD

$2,228,000

$593

3,757

4/3

6,526

6/7/22

SOLD

$1,825,000

$739

2,469

4/3

7,168

5/12/22

Coming Soon $3,600,000

$773

4,656

5/6

10,672

(B) 5/13/22

Alora No Activity

Alta

Amalfi No Activity

Bella Vista 22 Calle Altea

Cantabria No Activity

Caprizi 36 Via Agradar

Careyes 15 Calle Sonador 37 Calle Careyes

SOLD

$3,500,000

$692

5,061

5/6

12,763

19 Via Lucena

Active

$1,999,900

$565

3,538

4/4

6,007

(C)

17 Via Franca

SOLD

$2,750,000

$741

3,709

5/5

7,975

5/10/22

20 Via Fontibre

SOLD

$1,925,000

$550

3,497

4/4

5,489

4/5/22

26 Via Fontibre

SOLD

$1,900,000

$550

3,457

5/4

6,457

5/19/22

13 Via Jacobea

SOLD

$1,723,500

$586

2,941

4/3

9,070

5/31/22

Carillon

Catania

41 Calle Loyola

Active

$2,195,000

$570

3,849

5/5

6,086

(D)

31 Calle Loyola

SOLD

$2,049,000

$532

3,849

5/5

7,721

5/5/22

SOLD

$1,525,000

$598

2,550

3/3

4,922

4/13/22

Escala 4 Via Ceramica

(A) = Pacific Sotheby's Int'l Realty (B) = Keller Williams OC Coastal Realty (C) = Movoto Inc. (D) = Capri Realty

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Cazadero

the

sheet

YO U R TA L EG A M A R K E T R EP O R T F O R H O M E VA LU E S I N J U N E

S I N G L E - FA M I LY H O M E S TRACT/STREET

STATUS

PRICE

PRICE/SQ FT

SQ FT*

BED/BATH

GARAGE

LOT SIZE*

COE

Pending

$1,299,000

$635

2,046

3/3

4,611

(A)

Pending

$4,550,000

$736

6,181

6/7

15,801

(B)

23 Calle Canela

Active

$2,950,000

$627

4,706

5/6

9,632

(C)

48 Via Divertirse

Active

$2,575,000

$560

4,599

5/6

8,261

(D)

26 Calle Gaulteria

SOLD

$3,250,000

$647

5,025

6/7

10,022

5/11/22

15 Via Divertirse

SOLD

$3,000,000

$637

4,706

5/6

11,966

5/16/22

15 Calle Gaulteria

SOLD

$2,400,000

$620

3,870

5/4

9,428

6/15/22

36 Via Belleza

SOLD

$1,905,000

$637

2,992

5/3

6,223

5/27/22

4 Via Belleza

SOLD

$1,825,000

$605

3,015

5/3

6,120

5/3/22

7 Via Abrazar

SOLD

$1,765,000

$529

3,338

4/4

5,647

4/19/22

SOLD

$1,825,000

$587

3,111

5/4

5,935

5/17/22

SOLD

$2,100,000

$514

4,085

5/4

8,800

4/11/22

Farralon Ridge 103 Corte Tierra Bella

Lucia 25 Via Conocido

Mirador

Miraleste

Montellano No Activity

Monterey 103 Via Sonoma

Pacifica Summit 32 Calle Pacifica

Pacifica Talega No Activity

7 | w w w.E c he l berger. co m

Portofino No Activity (A) = Dawn M. Piscopo, Broker (B) = Compass (C) = Pacific Sotheby's International Realty (D) = Coldwell Banker Realty

"Doug was incredibly knowledgable, professional and insightful about the market when selling my investment property. He and the Echelberger Team kept me informed throughout the process and made the entire sales transaction seamless from beginning to end. I highly recommend Doug and his team and look forward to working with them again in the future." - Corinne F.

the

sheet

YO U R TA L EG A M A R K E T R EP O R T F O R H O M E VA LU E S I N J U N E

S I N G L E - FA M I LY H O M E S TRACT/STREET

STATUS

PRICE

PRICE/SQ FT

SQ FT*

BED/BATH

GARAGE

LOT SIZE*

COE

Portomarin 65 Via Regalo

Pending

$1,789,000

$586

3,054

5/3

6,967

(A)

13 Via Regalo

SOLD

$1,715,980

$597

2,872

4/3

6,269

4/4/22

SOLD

$2,400,000

$537

4,468

5/6

6,355

5/31/22

Pending SOLD

$1,749,000 $1,520,000

$648 $563

2,701 2,701

4/3 4/3

3 3

12,178 5,386

(B) 4/6/22

Active Pending SOLD

$1,699,000 $1,399,000 $1,650,000

$540 $557 $674

3,147 2,513 2,448

4/4 4/3 4/3

3 2 2

6,520 6,463 5,605

SOLD SOLD

$1,870,000 $1,777,000

$550 $566

3,398 3,140

5/4 4/4

3 3

6,155 6,584

6/17/22 4/20/22

Active Pending SOLD

$2,149,000 $1,749,000 $2,400,000

$598 $524 $644

3,594 3,340 3,725

4/3 4/3 5/3

3 2 2

6,822 8,087 9,414

(E) (B) 4/28/22

Active SOLD

$1,425,000 $1,449,000

$582 $578

2,448 2,507

5/3 5/3

2 2

5,408 4,417

(F) 4/6/22

Pending SOLD SOLD

$1,400,000 $1,525,000 $1,240,000

$627 $663 $729

2,234 2,300 1,700

4/4 4/3 3/3

2 2 2

3,467 5,320 4,897

(G) 6/9/22 4/28/22

Active

$1,930,000

$559

3,453

4/4

5,692

(H)

SOLD SOLD

$1,740,000 $1,675,000

$536 $580

3,247 2,888

5/3 5/3

3 3

7,000 5,249

4/28/22 6/3/22

Active Active Active SOLD

$1,799,000 $1,699,000 $1,599,000 $1,650,000

$560 $529 $560 $578

3,211 3,211 2,857 2,857

5/4 4/4 4/3 4/3

2 2 3 3

7,040 4,544 6,459 6,693

(I) (B) (J) 6/6/22

SOLD

$4,200,000

$758

5,539

4/3

10,410

6/15/22

Ravenna

16 Corte Jaime

Sabella 22 Via Cuenta Nueva 12 Paseo Canos

San Lucar 19 Via Destino 14 Via Abajar 17 Calle Verdadero

San Rafael

517 Via El Risco 100 Via Monte Picayo

Sansol 31 Calle Saltamontes 55 Corte Vidriosa 12 Calle Saltamontes

Seaside 27 Calle Guijarro 32 Calle Almeja

Solana 24 Calle Boveda 7 Corte Estante 33 Calle Boveda

Stella Mare 19 Via Jubilar

Terra Linda

112 Via Malaga 203 Calle Botanico

12 Via Gador 57 Via Armilla 12 Via Armilla 12 Via Elda

Vizcaya

8 Corte Vizcaya

(A) = Keller Williams OC Coastal Realty (B) = Coldwell Banker Realty (C) = Partners Real Estate Group (D) = Talega Valley Realty (E) = Trans United R.E. & Loans (F) = ERA Ranch & Sea Realty (G) = Conrad Realtors Inc (H) = Berkshire Hathaway HomeServices (I) = Marshall Reddick Real Estate (J) = RE/MAX ONE

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Vittoria

the

sheet

YO U R TA L EG A M A R K E T R EP O R T F O R H O M E VA LU E S I N J U N E

SENIOR 55 & OLDER TRACT/STREET

STATUS

PRICE

PRICE/SQ FT

SQ FT*

BED/BATH

GARAGE

LOT SIZE*

COE

31 Camino Lienzo

Active

$1,950,000

$686

2,841

2/2

6,411

(A)

5 Corte Tallista

SOLD

$1,440,000

$507

2,841

2/2

6,650

4/29/22

Pending

$1,049,000

$511

2,053

2/3

SOLD

$1,352,000

$658

2,055

2/2

Sandbridge

Seagarden 37 Corte Pinturas

(A)

Waterleaf 1 Camino Alenza

5,199

4/6/22

Wavecrest No activity (A) = Distinctive Coast Properties

Talega Averages

Single Family COMING SOON (1) ACTIVE (13) PENDING SALE (7) SOLD (37)

List Price $3,600,000 $2,139,992 $1,912,625 $2,130,938

SqFt 4,656 3,597 3,042 3,477

DOM 0 24 23 11

List $ PSF $773 $589 $615 $613

Sold Price

Condo/Townhouse COMING SOON (0) ACTIVE (2) PENDING SALE (10) SOLD (13)

List Price - $757,000 $856,425 $823,846

SqFt 1,650 1,644 1,612

DOM 39 16 11

List $ PSF - $459 $522 $511

Sold Price

Sold $ PSF

$852,500

$529

$2,195,662

Sold $ PSF

$631

EXPERIENCE and KNOWLEDGE makes a significant difference when it comes to SELLING and BUYING a home in TALEGA.

9 | w w w.E c he l berger. co m

call us today, for a COMPLIMENTARY home evaluation from talega's most experienced real estate agent DOUG ECHELBERGER 949.498.7711 | doug@echelberger.com *Approximate The Green Sheet is based on information from the Association of REALTORS®/Multiple Listing Service as of 6.23.22 and/or other sources. The Talega Green Sheet and MLS data is deemed reliable, but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. The properties listed above are not all Pacific Sotheby's International Realty and include listings from other brokers. If you notice any incorrect information or a property that is not listed, please call my office immediately at 949.498.7711. To preserve space, old sales before 4.1.2022 have been eliminated. If you would like the name, address, and phone number of the firm representing a specific property listed above, please email info@echelberger.com.

the

sheet

YO U R TA L EG A M A R K E T R EP O R T F O R H O M E VA LU E S I N J U N E

ORANGE COUNTY MARKET SUMMARY

•

• • • • • •

• •

•

The active listing inventory continued to surge higher posting its largest gain of the year of 432 homes, up 14%, and now totals 3,491 homes, its highest level since November 2020. In May, there were 16% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 654 fewer. Last year, there were 2,388 homes on the market, 1,103 fewer homes, or 32% less. The 3-year average prior to COVID (2017 to 2019) was 6,633, or 90% more. Demand, the number of pending sales over the prior month, decreased by 159 pending sales in the past two weeks, down 8%, and now totals 1,861, its largest drop in 2022. This is the lowest level at this time of year since tracking began in 2004. Last year, there were 2,906 pending sales, 56% more than today. The 3-year average prior to COVID (2017 to 2019) was 2,679, or 44% more. With supply soaring higher and demand falling, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, surged from 45 to 46 days in the past couple of weeks, a Hot Seller’s Market (less than 60 days). Housing is rapidly cooling, and the market time is at its highest level since June of 2020. It was at 25 days last year, much stronger than today. For homes priced below $750,000, the market is a Hot Seller’s Market (less than 60 days) with an Expected Market Time of 35 days. This range represents 17% of the active inventory and 28% of demand. For homes priced between $750,000 and $1 million, the Expected Market Time is 51 days, a Hot Seller’s Market. This range represents 24% of the active inventory and 27% of demand. For homes priced between $1 million to $1.25 million, the Expected Market Time is 53 days, a Hot Seller’s Market. This range represents 13% of the active inventory and 13% of demand. For homes priced between $1.25 million to $1.5 million, the Expected Market Time is 53 days, a Hot Seller’s Market. This range represents 11% of the active inventory and 12% of demand. For homes priced between $1.5 million to $2 million, the Expected Market Time is 78 days, a Slight Seller’s Market (between 60 and 90 days). This range represents 12% of the active inventory and 9% of demand. For homes priced between $2 million and $4 million, the Expected Market Time in the past two weeks increased from 77 to 88 days. For homes priced between $4 million and $8 million, the Expected Market Time decreased from 144 to 143 days. For homes priced above $8 million, the Expected Market Time increased from 327 to 353 days. The luxury end, all homes above $2 million, accounts for 23% of the inventory and 12% of demand. Distressed homes, both short sales and foreclosures combined, made up only 0.1% of all listings and 0.3% of demand. There are only 2 foreclosures and 3 short sales available to purchase today in all of Orange County, 5 total distressed home on the active market, down 1 from two weeks ago. Last year there were 10 total distressed homes on the market, similar to today. There were 2,520 closed residential resales in May, 22% less than May 2021’s 3,237 closed sales. May marked a 2% decrease compared to April 2022. The sales to list price ratio was 105.5% for all of Orange County. Foreclosures accounted for 0.04% of all closed sales, and short sales accounted for 0.16%. That means that 99.8% of all sales were good ol’ fashioned sellers with equity. We respect your time, and value your business. We know you could go anywhere for your real estate needs, and appreciate having the opportunity to serve you the best way we can. For more information, or to be the first to learn about pocket listings, open houses, market reports, and local events vi si t us onl i ne or c al l 949.498.7711 .

for more information on current oc housing market, visit our market reports at

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