Archives for October 2018
Stadium Lofts Active and Pending Sales will surprise you
Active: 11
Pending: 3
Just like most Octobers of each year, inventory levels have risen in the Orange County and Anaheim markets. Most years tend to peak with inventory levels around the fall time and is at it’s lowest in the spring.
Putting the inventory in perspective, September had 3.3 “months of supply” compared to the highest value of 3.6 back in September of 2013 as the seller’s market was starting to reign with low inventory. “Months of supply” is the measurement used where that is the time needed to sell all properties given the current demand.
3 months or less is commonly referred to as a “seller’s market”. The 3.3 value is still a “par market” where it’s neither a buyer or seller’s market.
What does this mean for Stadium Lofts Residents?
Keep in mind that buyers are buying one home — not the market. This means that a buyer will cross shop homes based on their criteria. For example, a buyer who needs 2 bedrooms or more will not even view a studio or one bedroom. Stadium Lofts buyers are likely to shop similar nearby buildings such as The Domain of Anaheim, Chapman Commons, or Harbor Lofts.
Other factors will include your floorplan, location, and the communities amenities. You can see my comparison of amenities here.
To get a full, detailed report including average days on market, specific addresses, prices per floor, and closed sales from the last 6 months, go to our Stadium Lofts Valuation Page.
3 Reasons why “Price per square foot” is a bad idea as an estimator
“How much is my home worth now? $400 per square foot?”
I’m often asked that question then it will usually be responded with a puzzled look that expresses “don’t go there…” and then I usually bite my lip.
While “price per square foot” is still one of the indicators that are tracked by the local Multiple Listing Service (MLS) and affiliate reports, it’s a horrible tool to use if trying to determine market value or list price. Zillow’s “Zestimate” relies heavily on this number along with a number of other factors to calculate a ballpark value. Those values from Zillow are often at the center of much controversy to both Real Estate professionals and homeowners.
As shown in a recent report that I generated for The Stadium Lofts in Anaheim, you can see that while usually there’s a significant difference with a lower floor vs. a high floor unit, this graphic shows almost the contrary. We’ll discuss why this happened.
Here’s 3 reasons why it’s not a good estimator of value:
- It doesn’t take into account location – obviously, the calculation doesn’t know if the home has an ocean view or backs a noisy freeway. On a high or mid-rise condo, the higher floor can be the difference between a homeowner staring at a parking garage every day vs. seeing the majestic city lights with the sparkling ocean on the horizon.
- Price per square foot doesn’t take into account condition and upgrades – a home with green walls and an outdated kitchen will be worth less than a home with neutral colors and quartz countertops.
- Larger home designs vs. smaller home designs – in the example shown in the graphic above, your first glance might hint that 2nd floor units are more desirable than 3rd floor units. This isn’t the case. In the last 12 months, a higher percentage of 1 bedroom units sold on the 2nd floor. Smaller designs tend to sell more per square foot.
Real Estate appraisers and agents use the “comparison method” that takes into account many other factors. In short, you have a “subject property” being evaluated and you adjust “comparables”, or similar homes with only a few differences. Those adjustments are made by evaluating recent sales.
You can obtain our exclusive market report for your property here.
Tapestry Walk in Anaheim holds Oktoberfest promo for model home tour
One of the perks of being a Real Estate Agent is our invitations to great (and some not-so-great) events. The best events are hosted by local home builders such as Olson Homes, who hosted an Oktoberfest theme last weekend.
I was able to mingle with new homeowners and interested buyers with typical Oktoberfest food: bratwurst, sauerkraut, and beer. All of the models were open for touring and my video above was able to capture their largest floorplan.
What I liked
The community is gated and likely provides an added layer of security as it sits on the edge of the Orange border near UCI Medical Center. The community pool is a good-sized area and there seems to be adequate parking for guests in addition to the direct access garages.
There are plenty of choices of shopping and dining nearby with the Outlets of Orange less than 1 mile away.
A few downsides
The nearby 5 freeway will produce noise to the 3rd floor residences facing Manchester. Floorplans felt a bit crammed similar to Olson’s development next door “Manchester Walk”, which has an Orange address.
