Sweet Orange

Up next on our Costa Mesa then-and-now tour is 157 Del Mar Avenue 92627:, which is a 3 bed/2.75 bath, single-family home in Eastside Costa Mesa.

Asking price in November 2009: On November 2, 2009, the asking price was $599,000 or $408 per SF; however, on November 18, 2009, the price was reduced to $579,900 or $394/SF.

Current status: This home sold on the fourteenth of this month for $571,000 or $388 per SF.

HOA and Mellos Roos: none listed

Of note: This Eastside home was on the market in December 2008 but did not sell until June 2010.

Up next on our then-and-now tour of the Costa Mesa housing market is 2189 Tustin Avenue 92627, a 3 bed/2.5 baths, single-family home in Eastside Costa Mesa.

Asking price in November 2009: $1,249,000 or $416 per SF

Current status: This Eastside home sold in December 2009 for $985,000 or $328 per SF.

HOA and Mellos Roos: none listed

Of note: The first listing for this home shows up in June 2009; at this time the asking price was the same as the November 2009 asking price, $1,249,000. The asking price was reduced in December 2009 to $1,095,000. Current estimates for this home range from $950,000 to $1,008,000.

This week will be a little then and now for housing prices in Costa Mesa. I will be comparing the market status for Costa Mesa homes that were on the market in November 2009 to the current market status of the same homes.

Up first: 178 Flower Street, 92627: single-family, 5 bed/5.5 baths, Eastside Costa Mesa

Asking price in November 2009: $1,399,000 or $399 per SF

Current status: This home is still on the market. In fact, this home has been on the market for almost a year (currently over 325 days). In spite of this, the asking price remains the same as its November 2009 price, $1,399,000.

HOA and Mellos Roos: none listed

Of note: This Eastside home sold in May 2006 for $1,525,000. In March 2004, this home sold for $684,000. John Burns states in a recent newsletter that a general rule is that housing prices should be at 2003 levels. So is this home overpriced?

The listing information states that this is a custom-built home with many upgrades. This might justify some increase in price over the 2004 sales price, but since this home has been on the market for over 325 day, the market is saying “no” to the current asking price.

411 Emerson, Eastside Costa Mesa

Here is what has happened with some income property in Eastside Costa Mesa:

411 Emerson Street is a 3-bedroom detach home with a 2 bedroom apartment over the garage and is near the Back Bay.  This property sold for $700,000 ($301/SF) on October 20, 2009.

2344 Elden Avenue #3 consists of a duplex in front and a  three-bedroom, detached home with a pool in the back. In October 2009, the asking price for this Eastside Costa Mesa home was $899,000 ($237/SF); in January 2010, the asking price was $799,000. This property is currently off the market.

2378 Norse Way has a two-bedroom detached home with 900 square feet in front and a one-bedroom with 1000 square feet in back. In October 2009, the asking price was $625,000 ($339/SF). This home was taken off the market in November 2009.

178 Flower

According to Redfin, the median price per square foot that a single-family home in Costa Mesa sold for in September was $403/SF. Here are some Costa Mesa homes that are currently on the market that have list prices that are near this median price per square foot.

458 Swarthmore Lane

The square footage for these detached houses range from 1470 square feet (458 Swarthmore Lane) to 3504 square feet  (178 Flower Street). The house on La Playa has a $90 monthly homeowner association (HOA) fee listed; the other houses have no HOA fee listed. None of these houses are listed as a short sale; however, the Swarthmore Lane house is listed as corporate owned.

178 Flower Street: 5 bed/5.5 baths in Eastside Costa Mesa 92627
Asking price–$1,399,000 or $399 per SF

2189 Tustin Avenue: 3 bed/2.5 baths in Eastside Costa Mesa 92627
Asking price–$1,249,000 or $416 per SF

157 Del  Mar Avenue: 3 bed/2.75 bath in Eastside Costa Mesa 92627
Asking price–$599,000 or $408 per SF (update: changed November 2 to $579,900 or $394/SF)

2296 La Playa Drive: 2 bed/2 bath in Eastside Costa Mesa 92627
Asking price–$574,900 or $396 per SF (update: changed November 2 to $549,900 or $379/SF)

458 Swarthmore Lane: 3 bed/1.75 bath in Central Costa Mesa 92626
Asking price–$539,000 or $393 per SF

Note: According to DQNews, in September, Costa Mesa’s overall median selling price for condos and houses combined was $485,000. According to Redfn, the overall medain selling price in August for Costa Mesa houses was $551,000, and the overall medain selling price for Costa Mesa condos was $300,000.