Lifestyle Residences for modern living.
This 3 bedroom, 2-1/2 bath Townhome is ideally located just east of the 55 freeway and is about 5 miles from the 241 freeway which puts you just within minutes of Disneyland, Old Towne Orange, South Coast Plaza, and Newport Beach.
Follow the signs to 157 S. Solana Drive #3, Orange, CA
View full listing information here.
This Townhome is priced at $700,000 – $729,000.
The key indicators for this month are the “Days on Market” for active listings and “Percent of Original List Price Received” for sold listings. These both show the significant slow down in the buildings Chapman Commons, The Domain, Harbor Lofts, Lewis and Mason, and Stadium Lofts which have led to lower values mostly due to the interest rates climbing about 7%.
While the numbers don’t show it just yet, I’m seeing townhomes having the highest drop in values the last few months. I’ve personally seen builders slash prices almost 10% on nearby communities with some instances of the new construction selling for lower than the comparable resale townhomes nearby. While I initially thought this was more of a product of trying to meet internal corporate goals or to free up cash, I’m seeing the consequences of townhomes and condos sitting on the market when they try to price at the last comparable sale from as recent as May or June.
In 2018, Real Estate supply peaked in Anaheim at over 20 months of supply. Watch my video to see where we are today for the Chapman Commons, Harbor Lofts, The Domain, Lewis and Mason, and Stadium Lofts. I highlight the effect of interest rates, the inventory comparison vs. the 2008 crash, new construction in the area, rental values, and other key metrics for your building.
While the graphs shown above show a very optimistic outlook for sellers, the smaller details are much more drastic when comparing the market to February. During those months when rates were around 3%, it was common to have every showing slot taken and long lines to enter open houses. Today, a busy day might be 2-3 showings. Far less, but any showing is better than zero showings.
For the first time since April, condo and townhome inventory actually fell compared to prior months in Anaheim. Nearby cities such as Garden Grove are experiencing the same tapering off after supply levels skyrocketed back to more normal levels. Compared to the prior year, supply is up significantly, but still not enough to swing things to a buyer’s market.
In this month’s update, I give the most important metrics to give condo owners an idea how the market is and where it’s headed. Active listing count, pending sales, highest closed sale year-to-date, and average days on market are discussed for each building along with a year-over-year comparison for the overall market. The following buildings in the Anaheim area are covered: Chapman Commons, The Domain, Harbor Lofts, Lewis and Mason, and Stadium Lofts.
Seasonal cycles usually have inventory peaking every fall and we’re likely to see that trend continue.
