Call Chas, our Chief Appraiser| (949) 574-5534
Thursday, 17 January 2019 22:32

Newport Coast Mansion

The Newport Crest appraisal was very complex as the comparable homes were in excess of 10,000 square feet and of the highest quality. Appraisal was completed Jan. 2019. The general market conditions was as follows: Living areas for sales over the past 2 years range from apx. 3,346 to 17,000 SF, average was apx. 4,838 SF. Lot areas were from 7800 to 543,193 SF, average was apx. 13,135 SF. Days on the market was from 0 to 758 and the average was 84 days.  Sale/List price ratio was 93.04%. Of the 8 comps included in my report, the lowest sales price was: $10,286,000 | highest: $24,100,000 | mean: $16,354,500 and the median was: $16,250,000. After adjusting all 8 comps, the mean became: $17,471,875 | median became $17,400,060. I have been appraising Orange County Real Estate for over 30 years.

Monday, 26 November 2018 20:10

Cameo Shores Corona Del Mar modern

This Cameo Shores neighborhood is made up of good to excellent quality SFRs. Cameo Shores has direct access to adjacent beach via private gated access which is included in Cameo Shores association. Cameo Shores is close to major support facilities including shopping (Fashion Island), schools, hospital (Hoag Memorial Hospital Presbyterian), airport (John Wayne) and employment (Newport Center, Irvine/Newport business district). The neighborhood is adjacent to Newport Harbor which houses the largest number of pleasure boats in the world and includes four yacht clubs and the Balboa Bay Club (Social). Some homes have good to excellent ocean views which can be a major value contributor depending on the quality of the water view.  Location is primary in this market and it is common that the purchase of a "typical of the neighborhood" SFR will be torn down in favor of the purchasers exact needs and wants. Living areas for sales over the past 2 years range from apx. 1,000 to 10,168 SF, average was apx. 3,416 SF. Lot areas were from 1,530 to 29,000 SF, average was apx. 7,618 SF. Days on the market was from 0 to 792 and the average was 97 days.  Sale/List price ratio was 93.50%

Living areas for attached sales over the past 2 years range from apx. 600 to 2,872 SF, average was apx. 1,256 SF. Days on the market was from 1 to 153 and the average was 31 days.  Sale/List price ratio was 96.29%.

The neighborhood is basically the entire city of Avalon as it is a small island community and specifically the subject neighborhood of the flat area near the downtown shopping. The subject is located on Santa Catalina Island which is 25 miles South/West of the city of Long Beach and is primarily a destination resort town. The area has owner occupied properties, vacation homes, second homes, year round rentals, and more recently short term daily rentals. Daily tourism is the foundation of the local economy and provides the primary source of jobs on the island. Periodically large cruise liners harbor off the coast and bring passengers to the island. Most local transportation is gas powered golf carts owned by occupants or rented to tourist.

The number of second homes and vacation rentals is high and market accepted. All primary services are available in Avalon. Large or unique purchases and new construction materials require shipping supplies to the island which somewhat suppresses improvement and expansion and development in the area. Avalon is approx. 1 mile square and sits adjacent to Avalon Bay. There are 4 areas of housing on the island, a flat area near the city with SFRs on small lots and some condominiums where the subject is located, another area to the South is an area of hillside homes with typically good view properties and condominiums called Canyon Terrace and Sol Vista, another area to the West of the subject flat area are attached PUDs on Cabrillo Dr, lastly to the North is another hillside area and Hamilton Cove condominiums which are past the casino and Descanso Beach. There are four shuttle services to and from the mainland. San Pedro and Long Beach are daily shuttles, Newport Beach and Dana Point are seasonal or weekend service only. During the winter months tourism is slow as in most coastal communities. The high non-owner occupancy is typical and was not considered detrimental to value.

The subject neighborhood known as Peninsula Point is located at the end of the Balboa Peninsula and made up of mostly good to excellent quality SFRs. Newport Harbor houses the largest number of pleasure boats in the world and includes four yacht clubs and the Balboa Bay Club (Social).  Many homes have harbor views which can be a major value contributor depending on the quality and distance of the water view. The majority of the water front properties include boat docks, generally in the 30-60 ft. range.  Location is primary in this market and it is common that the purchase of a "typical of the neighborhood SFR or duplex" will be torn down in favor of the purchasers exact needs and wants. Living areas for sales over the past 2 years range from apx. 589 to 8,081 SF, average was apx. 2,859 SF. Lot areas were from 880 to 15,820 SF, average was apx. 3,711 SF. Days on the market was from 0 to 748 and the average was 88 days.  Sale/List price ratio was 94.36%. The subject is close to major support facilities including shopping (Fashion Island), schools (Newport Harbor HS, Corona Del Mar HS), hospital (Hoag Memorial Hospital Presbyterian), airport (John Wayne)  and employment (Newport Center, Irvine/Newport business district). The neighborhood is close to local beaches and recreation.

The Bear Creek neighborhood was made up of mostly good to excellent quality SFRs. The neighborhood was located in the guard gated community of Bear Creek which is situated around the Jack Nicholas golf course. Association amenities include guard gate entry; pool; spa; tennis; gym; meeting room. Living areas for sales over the past 2 years range from apx. 1,500 to 11,255 SF, average was apx. 4,391 SF. Lot areas were from 3,049 to 1,165,230 SF, average was apx. 220,176 SF. Days on the market was from 0 to 1364 and the average was 160 days. Sale/List price ratio was 95%.

There were 27 active listings in the Bear Creek development at the time of the appraisal and only 2 of those were pending sales. This represents an over supply of inventory in this market, however, values appear to be mostly stable and marketing times are reasonable to long. The current market conditions has adversely affected new building as the cost to build is greater than market value (Economic obsolescence). Of the 90 sales, listings, expired's and canceled listings over the past 2 years, the most recent year built was one house built in 2013 with the balance built prior to 2008. It appears that this market has not recovered from the recession of 2008.

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