Come take a look at 3 beautiful homes in the Oceana tract in Crystal Cove, CA. These following listings are located in a very luxurious area of Newport Coast.
The first property is located at 80 Archipelago. Relish in breathtaking coastal and island views from this 4 bedroom, 5 bath Santa Barbara style home. It features a covered porch, built-in BBQ, a court yard fireplace, bonus room, 3 car garage, as well as a central audio system. The current list price is $3,795,000 and is 3,940 SqFt.
The second property is a 5 bedroom, 5 bath home located at 36 Archipelago. This estate is Santa Barbara inspired with a splash of 1920’s Hollywood. Features include grand rooms, outside grounds with a fireplace, a pool and spa, and a built-in BBQ. Also included is a large kitchen opening to the family room, a large upstairs bonus room with a deck and a detached guest casita. It is a private lot, elevated for perfect ocean and sunset views. Currently, the list price is $4,680,000 and is 4,270 SqFt.
The third property is down the street at 16 Rockshore Bluff. Known as “Casa De Rosselet”, this home will truly take your breath away. This estate has Spanish villa details and architecture reminiscent of George Washington Smith. Features include antique lighting, floors made from handmade Spanish terra cotta and hardwood and incredible custom floor to ceiling glass doors revealing ocean views. It also includes a marble shower and many modern amenities such as a gourmet kitchen with granite countertops. It is has 3 bedrooms and 4 baths and is listed at $4,495,000.
Currently, the average list price on these Oceana Crystal Cove homes is $4,323,333 and $1,012.49/SqFt. The average sold price is $3,895,000 and $1,015.12/SqFt. Average DOM is 151 days.
So what does that mean? Let’s hear from Conrad: “The high-end luxury market has is undoubtably sluggish right now. However, we have been seeing many positive signs in the under $2M market, that the above $2M should follow suit shortly. Price per square foot for this market has remained fairly stable for over a year now. So I have no doubt we are currently skimming along the bottom, and should begin a rebound soon.
If you are a buyer, now is an incredible time! Prices are low and stable, and interest rates are extremely low. Now is the time to capitalize on this perfect storm. Many of my clients want to instinctively time the market. I run through a scenario with all of them to demonstrate what a great time today is to buy.
Assume you want to buy a $2M property but believe prices are still going down (which they are not, but just play along with me). You think prices will drop another 10% (barring some drastic blow to our economy, this is highly unlikely). So you think you can buy your $2M house for $1.8M in 6 months.
If purchased today for $2M at current rates of 4.875%, monthly payments including property taxes and PMI would be about $10,417. Total payments over the life of the 30 year loan would be $3,750,239.
Now, today’s rates are something to get excited about. However, they have been kept low artificially in order to help stimulate the economy. Whenever I ask someone “where do you think rates are going in the near future?”, they all say “up”. I agree with them, and so do a lot of people much smarter than I.
So, let’s say you wait 6 months and incredibly, you can purchase that $2M dream home for $1.8M. But, these low rates everyone said wouldn’t last…didn’t. But they didn’t go up that much, only 1%. You put 20% down on a 30 year fixed loan at 5.875% (which still is not bad at all). Your monthly payments with property tax and PMI will be approximately $11,219. You will have paid a total of $4,039,057 over the life of the loan. That is a difference of $288,817!
This is an extreme example, assuming a 10% drop in prices. If you are thinking of buying and think prices are still going down, run the numbers to see for yourself. Just don’t get so focused on price because that is not the issue for you today. It’s payments! And today gives you great payments on low prices!”
So what does that mean to me? At the most recent rate quotes, you can receive a jumbo 30 year fixed loan up to $2,000,000 at 4.875%. So, if you purchase an Oceana home at $3,895,000 with 20% down ($779,000), your monthly payments would be estimated at $16,000.
For more information on these properties give Conrad Metz a call @ 949.735.9014 to set up a time to discuss how to get your future dream home!
Also, visit our website @ http://www.newportbeachmetzproperties.com and check us out on facebook @ https://www.facebook.com/MetzRealtyGroup