the GREEN sheet TALEGA’S REAL ESTATE MARKET S E P T / O C T 2 0 2 2
THE
Additionally, interest rates have stabilized and even improved over the past 3 weeks.
As I write this article, there are only 19 active properties in Talega, 13 in escrow and just 5 that had closed escrow in the last 30 days.
We are in the midst of a very unique real estate market in Orange County generally and Talega in particular. Our pricing peak for homes going under contract was in March of this year, right before interest rates began a steep climb over the next 90 days and priced a lot of buyers out of the market.
Nineteen active listings is very low for Talega, which typically sees 45 to 60 active listings in a balanced market. Considering there were only 5 closed sales in the past 30 days, it is easy to see how much the market pace has slowed. Buyers are sitting on the fence waiting for prices to go lower or interest rates to improve. Sellers are still holding on to the dream of achieving March’s lofty prices but slowly learning the reality of a shifted market. Hence, we are in a waiting game. I would expect Talega’s new adjusted price point will tend to hold at this level rather than falling further if inventory remains low. We are heading towards the holidays when active listing levels drop. Demand will also slow as school begins and buyers become more anchored in their locations. Sales will continue to happen for those that need to buy or sell, but for a large portion of our market, it will remain a waiting game as there are no strong indications that this market is tanking or setting up to go through the roof again. We are, simply, back to normal.
Earlier this year, the overall economy was shifting, and buyers started pulling back from their real estate purchases. Overbidding all but stopped and the flow of buyers moving from the Bay Area and LA dramatically slowed. Most felt that these conditions were setting the real estate market up for a major correction. The market has made a price adjustment of approximately 5% to 12% lower than comparable March sales, depending on the area. However, many prospective buyers feel prices will fall further. What seems to be preventing this from happening is that inventory is low, and homes are not coming on the market as people expected.
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. WAITING GAME
2 | www.Echelberger.com
www.38ViaAlcamo.com Sunset
38 Via Alcamo 6 bed | 6.5 bath | 5,356 sq ft | 10,628 sq ft lot Ocean, Island &
Views
This stunning residence offers a rare combination of 180-degree panoramic ocean views, privacy and authentically detailed architecture. One of the best view lots located on a cul-de-sac street at the top of Talega, the luxurious residence boasts a homesite of nearly 10,628 square feet. A gated courtyard with fireplace and fountain greets guests as they approach the entry, and the backyard is carefully designed with several destinations to maximize views in a quiet, peaceful setting. Enjoy a saltwater spool inspired by the Montage Resort, a covered entertainment patio, two more open-air fireplaces, a fire pit for entertaining, manicured gardens and a built-in BBQ and refrigerator. Approximately 5,356 square feet, the generously sized home is light and open, with numerous sets of French doors and an abundance of windows enhancing the indoor and outdoor living. A wrought iron and wood staircase is presented in a two-story foyer that leads to a formal living room with fireplace, a formal dining room with patio and fountain, and a wine cellar with wrought iron gate. Six bedrooms, each with its own ensuite bath designed with marble or stone, include a large main-level suite perfect for guests or in-laws, a detached casita with an ensuite bath, and a sophisticated primary suite with ocean-view deck. Featuring more builder-installed upgrades than other homes on the street, the opulent residence is enhanced with whole-house audio, security, multi zone HVAC, plantation shutters, crown molding, and a two-car garage with built-ins and epoxy flooring.
FEATURED RESIDENCE
TALEGA RESIDENCES Doug Echelberger has a PROVEN track record in Talega Real Estate 3 | www.Echelberger.com 10 AVENIDA CRISTAL SOLD IN 13 DAYS 16 CALLE FRUTAS JUST LISTED 23 CALLEACTIVECANELA 32 VIA ARMILLA JUST LISTED 38 VIA ALCAMO JUST LISTED 24 PASEO VERDE SOLD IN 14 DAYS 1 2 205 CALLE CAMPANERO JUST SOLD IN 5 DAYS 3 4 36 VIA BELLEZA SOLD IN 4 DAYS
4 | www.Echelberger.com * Represented Seller ** Represented Buyer *** Represented Seller and Buyer ADDRESS TRACT PRICE BED BATH SQFT 2022 closingsYTD TALEGA RESIDENCES Represented by Doug Echelberger call us today, for a COMPLIMENTARY home evaluation from talega's most experienced real estate agent DOUG ECHELBERGER 949.498.7711 | doug@echelberger.com 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 visit us online or call 949 . 498 . 7711 . 26 Calle Gaulteria Mirador $3,250,000 6 6.5 5,025 * 12 Corte Vizcaya Vizcaya $3,000,000 5 5.5 5,539 * 12 Calle Gaulteria Mirador $2,815,000 5 5.5 4,631 ** 36 Via Belleza Miraleste $1,905,000 5 3 2,992 * 9 Calle Pacifica Pacifica Summit $1,825,000 5 3.5 3,601 * 13 Via Jacobea Catania $1,723,500 4 3 2,941 * 308 Via Los Tilos San Rafael $1,635,000 5 4.5 3,536 * 306 Plaza Cabana Terra Linda $1,600,000 6 3 2,867 *** 10 Avenida Cristal Carmel $1,079,700 3 2 2,066 * 22 Corte Loarre Verano $1,015,000 3 2.5 1,840 * 1 Camino Platino Carmel $970,000 3 2 2,050 *** 24 Paseo Verde Santalana $885,000 3 2.5 1,634 *** 26 Paseo Luna Alassio $785,000 3 2.5 1,668 * 300 Calle Campanero Alassio $743,000 3 3.5 1,484 * 205 Calle Campanero Alassio $710,000 2 2.5 1,468 * 4 Paseo Del Rey Alassio $704,000 2 2.5 1,232 *** active 1 | 38 Via Alcamo Alta $3,795,000 6 6.5 5,356 2 | 23 Calle Canela Mirador $2,795,000 5 5.5 4,706 3 | 32 Via Armilla Vittoria $1,685,900 4 2.5 2,857 4 | 16 Calle Frutas Escala $1,400,000 3 2.5 2,342 26 CALLE GAULTERIA SOLD IN 3 DAYS 22 CORTE LOARRE SOLD IN 6 DAYS
YOUR
TOWNHOMES TALEGA MARKET REPORT FOR HOME VALUES IN AUGUST the process of selling our home, Doug and his team were excellent! They constantly kept us informed about what was happening, always answered any questions we had, and were very supportive. We are very pleased with the outcome of our sale and we know Doug and his team are the reason for this.” M. = Berkshire Hathaway HomeService (B) = California Coastal Realty (C) = Keller Williams Realty (D) = Hughes Realty Group (E) = Pacific Sotheby's Int'l Realty (F) = Opendoor Brokerage Inc. (G) Coastal Homes
the sheet (A)
75
- Martha
TRACT/STREET
= RE/MAX
"During
STATUS PRICE PRICE/SQ FT SQ FT* BED/BATH GARAGE LOT SIZE* COE Alassio 8 Paseo Rosa Active $795,000 $542 1,468 3/3 2 -- (A) 302 Calle Campanero Active $790,800 $539 1,468 3/3 2 (B) 106 Calle Campanero Pending $839,000 $503 1,668 3/3 2 (C) 22 Paseo Rosa SOLD $799,000 $483 1,654 3/4 2 7/13/22 6 Paseo Del Rey SOLD $799,000 $483 1,654 3/4 2 6/30/22 3 Paseo Luna SOLD $780,000 $531 1,468 3/3 2 7/11/22 46 Paseo Del Rey SOLD $775,000 $465 1,668 3/3 2 7/21/22 204 Calle Campanero SOLD $730,000 $497 1,468 2/3 2 7/20/22 205 Calle Campanero SOLD $710,000 $484 1,468 2/3 2 -- 7/11/22 34 Paseo Rosa SOLD $655,000 $402 1,631 3/3 2 7/25/22 Carmel 10 Avenida Cristal SOLD $1,079,700 $523 2,066 3/2 2 6/28/22 Santalana 24 Paseo Verde SOLD $885,000 $542 1,634 3/3 2 -- 6/27/22 90 Paseo Vista SOLD $850,000 $486 1,748 3/3 2 8/15/22 Trinidad 18 Calle Viveza Active $949,000 $591 1,606 3/3 2 (D) 27 Avenida Brio Active $729,000 $525 1,388 2/2 2 (E) 3 Calle Viveza SOLD $750,000 $540 1,388 2/2 2 7/7/22 Verano 25 Corte Javier Active $945,000 $514 1,840 3/3 2 (F) 21 Corte Garrucha Pending $895,000 $476 1,881 3/3 2 (G) 22 Corte Loarre SOLD $1,015,000 $552 1,840 3/3 2 6/23/22 Via Cartaya SOLD $920,000 $489 1,881 3/3 2 8/16/22 16 Corte Garrucha SOLD $915,000 $486 1,881 4/3 2 -- 6/21/22
5 | lberger.comwww.Eche
TRACT/STREET STATUS PRICE PRICE/SQ FT SQ FT* BED/BATH GARAGE LOT SIZE* COE Alora No Activity Alta 12 Via Alcamo Active $3,650,000 $688 5,303 5/6 3 11,690 (A) 38 Via Alcamo Pending $3,795,000 $709 5,356 6/7 2 10,628 (A) Amalfi No Activity Bella Vista 22 Calle Altea SOLD $2,228,000 $593 3,757 4/3 2 6,526 6/7/22 Cantabria No Activity Caprizi 12 Via Balcon Pending $1,645,000 $666 2,469 4/3 2 6,754 (B) Careyes No Activity Carillon 19 Via Lucena Active $1,999,899 $565 3,538 4/4 3 6,007 (C) Catania 30 Via Jacobea Pending $2,288,000 $609 3,756 5/5 2 8,800 (D) Cazadero 41 Calle Loyola Active $2,049,000 $532 3,849 5/5 3 6,086 (E) Escala 16 Calle Frutas Active $1,400,000 $598 2,342 3/3 2 3,964 (A) Farralon Ridge 103 Corte Tierra Bella SOLD $1,299,000 $635 2,046 3/3 2 4,611 7/11/22 6 | lberger.comwww.Eche SINGLE-FAMILY HOMES YOUR TALEGA MARKET REPORT FOR HOME VALUES IN AUGUST SIGN UP TO RECEIVE THE GREEN SHEET VIA EMAIL EVERY MONTH www.TalegaGreenSheet.com | Your Source for Everything Real Estate the sheet (A) = Pacific Sotheby's Int'l Realty (B) = Re/Max Property Connection (C) = Movoto Inc. (D) = Berkshire Hathaway HomeService (E) = Capri Realty
TRACT/STREET STATUS PRICE PRICE/SQ FT SQ FT* BED/BATH GARAGE LOT SIZE* COE Lucia 25 Via Conocido SOLD $4,550,000 $736 6,181 6/7 4 15,801 7/15/22 Mirador 23 Calle Canela Active $2,795,000 $594 4,706 5/6 4 9,632 (A) 15 Calle Gaulteria SOLD $2,400,000 $620 3,870 5/4 3 9,428 6/15/22 Miraleste No Activity Montellano No Activity Monterey No Activity Pacifica Summit 16 Calle Anacapa Active $1,999,000 $745 2,685 3/3 3 13,129 (B) 17 Calle Pacifica Pending $2,375,000 $548 4,333 5/5 3 9,316 (C) Pacifica Talega No Activity Portofino No Activity Portomarin 65 Via Regalo Pending $1,725,000 $565 3,054 5/3 2 5,915 (D) 65 Via Regalo SOLD $1,749,000 $573 3,054 5/3 2 6,967 6/29/22 Ravenna No Activity "Doug and his whole team are AMAZING! Absolutely attentive and helpful in every step of the way. We moved to Nashville...wish they lived here- I'd have all my friends using The Echelberger Group!" - Tish M. SINGLE-FAMILY HOMES 7 | lberger.comwww.Eche YOUR TALEGA MARKET REPORT FOR HOME VALUES IN AUGUST the sheet (A) = Dawn M. Piscopo, Broker (B) = GreenTree Properties (C) = Re/Max Premier Realty (D) = Keller Williams OC Coastal Realty
TRACT/STREET
SINGLE-FAMILY HOMES SIGN UP TO RECEIVE THE GREEN SHEET VIA EMAIL EVERY MONTH www.TalegaGreenSheet.com | Your Source for Everything Real Estate 8 | lberger.comwww.Eche YOUR TALEGA MARKET REPORT FOR HOME VALUES IN AUGUST the sheet (A) = Partners Real Estate Group (B) = Redfin (C) = Trans United R.E. & Loans (D) = Pacific Sotheby's Int'l Realty (E) = SoCal Real Estate Group (F) = Distinctive Coast Properties (G) = Bershire Hathaway HomeServices (H) = Conrad Realtors Inc. (I) = Marshall Reddick Real Estate (J) = RE/MAX ONE
STATUS PRICE PRICE/SQ FT SQ FT* BED/BATH GARAGE LOT SIZE* COE Sabella 22 Via Cuenta Nueva SOLD $1,749,000 $648 2,701 4/3 3 12,178 7/14/22 San Lucar 19 Via Destino Active $1,599,000 $508 3,147 4/4 3 6,520 (A) 14 Via Abajar SOLD $1,375,000 $547 2,513 4/3 2 6,463 7/22/22 San Rafael 511 Via El Risco Active $1,895,000 $538 3,524 4/4 3 5,916 (B) 517 Via El Risco SOLD $1,870,000 $550 3,398 5/4 3 6,155 6/17/22 Sansol 31 Calle Saltamontes Active $1,999,999 $556 3,594 4/3 3 6,822 (C) 55 Corte Vidriosa SOLD $1,900,000 $569 3,340 4/3 2 8,087 6/22/22 Seaside 26 Calle Almeja Pending $1,599,000 $542 2,950 5/4 2 5,229 (D) Solana 7 Corte Estante SOLD $1,525,000 $663 2,300 4/3 2 5,320 6/9/22 24 Calle Boveda SOLD $1,430,000 $640 2,234 4/4 2 3,467 6/29/22 Stella Mare 40 Via Timon Active $1,790,000 $518 3,453 4/4 2 7,154 (E) 29 Via Jubilar Pending $2,299,999 $617 3,729 5/5 3 8,610 (F) 19 Via Jubilar Pending $1,880,000 $544 3,453 4/4 2 5,692 (G) Terra Linda 100 Plaza Via Sol Pending $1,925,000 $650 2,963 6/3 2 5,898 (H) 203 Calle Botanico SOLD $1,675,000 $580 2,888 5/3 3 5,249 6/3/22 Vittoria 32 Via Armilla Active $1,685,900 $590 2,857 4/3 3 6,164 (D) 12 Via Gador Active $1,600,000 $498 3,211 5/4 2 7,040 (I) 12 Via Armilla Pending $1,549,000 $542 2,857 4/3 3 6,459 (J) $578 2,857 4/3 6,693 6/6/22 $758 5,539 5/6 10,410 6/15/22
3
Vizcaya 8 Corte Vizcaya SOLD $4,200,000
3
12 Via Elda SOLD $1,650,000
Talega Averages TRACT/STREET STATUS PRICE PRICE/SQ FT SQ FT* BED/BATH GARAGE LOT SIZE* COE Sandbridge 31 Camino Lienzo Pending $1,950,000 $686 2,841 2/2 2 6,411 (A) Seagarden 37 Corte Pinturas SOLD $1,040,000 $507 2,053 2/3 2 6/30/22 Waterleaf 2 Camino Botero Active $1,548,800 $606 2,554 3/2 2 7,716 (B) 1 Camino Alenza Active $1,400,000 $681 2,055 2/2 2 5,199 (C) 1 Corte Pinturas Active $999,999 $655 1,526 2/2 2 5,200 (D) Wavecrest No activity Single Family List Price SqFt DOM List $ PSF Sold Price Sold $ PSF COMING SOON (0) - - -ACTIVE (15) $1,894,106 3,223 47 $592 PENDING SALE (11) $2,075,900 3,413 34 $606 SOLD (14) $2,067,500 3,334 13 $620 $2,114,286 $634 Condo/Townhouse List Price SqFt DOM List $ PSF Sold Price Sold $ PSF COMING SOON (0) - - -ACTIVE (5) $941,760 1,554 36 $542 PENDING SALE (2) $867,000 1,775 32 $489 SOLD (15) $863,827 1,700 14 $508 $846,847 $498 *Approximate SENIOR 55 & OLDER The Green Sheet is based on information from the Association of REALTORS®/Multiple Listing Service as of 8.17.22 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 6.1.2022 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. 9 | lberger.comwww.Eche YOUR TALEGA MARKET REPORT FOR HOME VALUES IN AUGUST the sheet EXPERIENCE and KNOWLEDGE makes a significant difference when it comes to SELLING and BUYING a home in TALEGA call us today, for a COMPLIMENTARY home evaluation from talega's most experienced real estate agent DOUG ECHELBERGER 949.498.7711 | doug@echelberger.com (A) = Distinctive Coast Properties (B) = Pacific Sotheby's Int'l Realty (C) = First Team Real Estate (D) = Century 21 Award
• The luxury end, all homes above $2 million, accounts for 21% of the inventory and 12% of demand.
• For homes priced below $750,000, the market is a Hot Seller’s Market (less than 60 days) with an Expected Market Time of 47 days. This range represents 20% of the active inventory and 28% of demand.
• For homes priced between $750,000 and $1 million, the Expected Market Time is 62 days, a Slight Seller’s Market. This range represents 25% of the active inventory and 26% of demand.
• There were 1,959 closed residential resales in July, 39% less than July 2021’s 3,205 closed sales. July marked a 17% decrease compared to June 2022. The sales to list price ratio was 100.7% for all of Orange County. Foreclosures accounted for 0.05% of all closed sales, and short sales accounted for 0.05%. That means that 99.9% of all sales were good ol’ fashioned sellers with equity. for more information on current oc housing market, visit our market reports at
• With supply falling and demand rising, the Expected Market Time, the number of days to sell all Orange County listings at the current buying pace, decreased from 67 to 65 days in the past couple of weeks, a Slight Seller’s Market (between 60 and 90 days). It was at 28 days last year, much stronger than today.
• The active listing appears to have reached a peak a couple of weeks ago with a 39 home drop, or 1%, and now sits at 4,030 homes. In July, there were 19% fewer homes that came on the market compared to the 3-year average prior to COVID (2017 to 2019), 721 fewer. Last year, there were 2,528 homes on the market, 1,502 fewer homes, or 37% less. The 3-year average prior to COVID (2017 to 2019) was 6,723, or 67% more.
• Demand, the number of pending sales over the prior month, increased by 37 pending sales in the past two weeks, up 2%, and now totals 1,849. It is still the lowest reading for mid-August since 2007. Last year, there were 2,694 pending sales, 46% more than today. The 3-year average prior to COVID (2017 to 2019) was 2,574, or 39% more.
• For homes priced between $1.25 million to $1.5 million, the Expected Market Time is 65 days, a Slight Seller’s Market. This range represents 11% of the active inventory and 11% of demand.
• For homes priced between $1.5 million to $2 million, the Expected Market Time is 75 days, a Slight Seller’s Market (between 60 and 90 days). This range represents 11% of the active inventory and 10% of demand.
• Distressed homes, both short sales and foreclosures combined, made up only 0.2% of all listings and 0.3% of demand. There are only 5 foreclosures and 2 short sales available to purchase today in all of Orange County, 7 total distressed home on the active market, unchanged from two weeks ago. Last year there were 12 total distressed homes on the market, similar to today.
ORANGE COUNTY MARKET SUMMARY SIGN UP TO RECEIVE THE GREEN SHEET VIA EMAIL EVERY MONTH www.TalegaGreenSheet.com | Your Source for Everything Real Estate 10 | lberger.comwww.Eche YOUR TALEGA MARKET REPORT FOR HOME VALUES IN AUGUST the sheet 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 visit us online or call 949 . 498 . 7711 .
• For homes priced between $1 million to $1.25 million, the Expected Market Time is 60 days, a Slight Seller’s Market. This range represents 12% of the active inventory and 14% of demand.
• For homes priced between $2 million and $4 million, the Expected Market Time in the past two weeks decreased from 99 to 98 days. For homes priced between $4 million and $8 million, the Expected Market Time decreased from 179 to 159 days. For homes priced above $8 million, the Expected Market Time decreased from 320 to 225 days.
DOUG ECHELBERGER DRE#01176379 949.498.7711 Doug@Echelberger.com Knowledge | Honesty | Integrity Broker and agent do not guarantee accuracy of all data, including all measurements and calculations of area. Information is obtained from various sources and has not been, and will not be, verified by Broker or Agent of MLS. All information should be independently reviewed and verified for accuracy. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. If your property is listed with a real estate broker, please disregard. Each Office Is Independently Owned And Operated. Broker DRE #01767484 | Doug Echelberger DRE #01176379 presorted standard us postage PAID permit#1007 santa ana, ca302 N. El Camino Real, Suite 214 | San Clemente, CA 92672 OVER 700+ SUCCESSFULLY CLOSED TRANSACTIONS IN TALEGA #KeepingItRealEstate in San Clemente Since 1994 FROM THE BLOG With Capistrano beach directly to its north, San Clemente is in great company. Its epic scenery, legendary surf, rich history and sought-after real estate combine to create a shining example of Southern California’s world-famous lifestyle. WHY WE LOVE CAPO BEACH READ more on the blog Check out our calendar for fun events going on in and around San Clemente for the month of September. Get ready for the Blue Whale Migration, Lobster Fest, SC Annual Car Show and so much more this fall! SEPTEMBER CALENDAR OF EVENTS READ more on the blog From its festive village and pier, miles of golden beaches, restaurants and boutiques, to its full calender of events and top surf destinations, San Clemente blends a whisper of magic with natural beauty and unbeatable weather. SAN CLEMENTE ACTIVITIES READ more on the blog
