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Ladera Ranch homes hardest to buy
November 16th, 2009, 9:01 am · 41 Comments · posted by Jon Lansner
Look who’s no. 1, so to speak! The latest Orange County home inventory report from Steve Thomas at Altera Real Estate in Aliso Viejo says that as of November 12 the local real estate market saw …
| Hottest | Supply | Deals | Mon. | Yr. ago | Price |
|---|---|---|---|---|---|
| Ladera Ranch | 80 | 74 | 1.1 | 1.6 | $1.1m |
| Aliso Viejo | 118 | 95 | 1.2 | 1.2 | $460k |
| Rancho Santa Marg. | 100 | 79 | 1.3 | 1.3 | $405k |
| Buena Park | 98 | 75 | 1.3 | 1.7 | $436k |
| Anaheim | 335 | 243 | 1.4 | 1.3 | $357k |
| County | Supply | Deals | Mon. | Yr. ago | Price |
| All of O.C. | 7,719 | 3,241 | 2.4 | 2.5 | $1.2m |
| Coolest | Supply | Deals | Mon. | Yr. ago | Price |
| Corona Del Mar | 182 | 17 | 10.7 | 16.3 | $2.9m |
| Newport Beach | 561 | 64 | 8.8 | 9.4 | $2.4m |
| Laguna Beach | 339 | 41 | 8.3 | 10.3 | $3.9m |
| Coto De Caza | 115 | 17 | 6.8 | 8.7 | $2.4m |
| Newport Coast | 148 | 23 | 6.4 | 6.3 | $4.2m |
- The “hardest” O.C. town to find a home to buy in terms of “market time” (supply of homes for sale vs. new purchase deals inked in past month) is Ladera Ranch at 1.1 months to theoretically sell all for-sale homes at the current buying pace. Average listing price? $1.1 million.
- “Hardest” market to sell a home in, based on the same math, is Corona Del Mar at 10.7 months to theoretically sell all for-sale homes at the current buying pace. Average listing price? $2.9 million.
- Overall O.C. market time? 2.4 months.
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One Ladera Ranch home has been newsy lately. We’ve reported that the family home of Tamra Barney, one of cable TV’s “Real Housewives of Orange County,” is in escrow. The home — pictured at left, click to enlarge — had been listed as a “short sale” for $1.149 million.
Ladera Ranch, a new community built out at the peak of the market, has been a troubled housing market beset by foreclsoures and slumping prices. Barney’s broker Marcos Prolo, a Ladera resident and seller of property there for 6 years says: “It’s probably the worst hit in the South County area.”
Above at right, there’s at look at the 5 hottest and 5 coldest markets in O.C. as of last Thursday (supply for sale; new deals made; market time in months vs. a year ago and average listing price) by Thomas’ market time math! (More stats from Altera Real Estate HERE!)
Other local real estate troubles …
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41 Comments
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Going like Hotcakes. Gobble Gobble!
http://finance.yahoo.com/tech-ticker/article/372877/House-Prices-Still-Have-A-Ways-To-Fall?tickers=xhb,tol,kbh,len,spy,dia&sec=topStories&pos=9&asset=&ccode=
shockg the turkey - put a fork in him
I bet he does.
There is more to this news about Ladera Ranch. Who’s buying and actually holding on to the homes? I bet you it’s the banks, which make it seem that these were true sales.
That’s only because the whole Ladera Ranch area was developed at the peak of the market, so no currents owners can afford to sell at a loss.
Why buy there in the first place? It’s hot, freeway access stinks, ameneties are lacking, there’s even less square footage than Irvine, the houses are tiny and WAY overpriced.
You have to brave miles of Crown Valley Parkway congestion to get to the freeway, or drive all the way to RSM to pay the toll road.
I could go on and on.
It was a developer’s scam, and it worked until the bubble burst.
First off, you’re a dumb-ass. You obviously don’t know what you are talking about, and knows nothing about the neighborhood. Just stay out… better yet, never leave Irvine…
One thing that is annoying about Ladera Ranch is the lack of two garage door garages. It seems many of them are tandem three car garages (one door). Consider the typical homeowner with two cars, two or three kids and the kids’ bikes and scooter, etc. All those bikes get stored in the third stall and they scrape buy mom’s and dad’s car.
The LR HOA is pretty high too, pushing $200/month. Sure there are plenty of amenities: pools, courts, rec rooms, etc but I’d bet the average family doesn’t use too many of those amenities more than once a month other than the pools in summer. That’s a lot of money for not that much use.
Finally, Ladera Ranch is served by two high schools: Tesoro, and San Juan Hills. Quite a polarity there. SJH probably has several years to go to get to the outstanding reputation of Tesoro. Only the approximate northern third of LR is zoned for Tesoro. I wonder if that steams unprepared buyers who purchased in the southern two thirds.
Ladera Ranch is competing with neighborhoods such as Las Flores and Wagon Wheel, both of which have lower HOAs (maybe not all the amenities, but maybe all those amenities are used).
You are in the minority my friend. People are seeing the once in the lifetime deals and jumping on it. Those will be the new wealthy elite!
I get the appeal of LR. The schools are solid…the homes are new…the area is planned…the commercial space is well kept and not unsightly…sure, Crown Valley sux…we all know this in South County. But, go price those homes in the cooler temp areas on a comparable ppsf basis as well as age.
Something is wrong: the headline says Ladera is “hardest to buy” yet is is listed in the “Hottest” section of your table. That doesn’t make sense. But then again, we talking about residential real estate, so is anything supposed to make sense?
Maybe part of the problem in real estate today is the frustrated baseball statisticians have decided to take on real estate “numbers” and we’re now being snowed by all the resulting gibberish.
Oh wait, now I get it… the hardest town to “find a house” versus the hardest town to “sell a house”. Senior moment, coupled with cold coffee.
They hard to buy, Or hard to sell??= same
And is Because the high Mello-Roos (Subdivision-taxes)
All owners underwater now soon. Would be deeper in. (cnbc) today
I SURE LIKE TO LIVE NEXT TO A BIMBO!
my wife likes living next door to you too
only listen to the wise ones who predicted the meltdown
like meredith whitney
ignore the fools who didnt see it coming
like shockg
http://www.cnbc.com/id/33972133
Oh yes and she is right 100%. But as you can read. At this point nobody knows what’s going on. Because nothing make sense any more.
I bet she regrets shorting the market all year as it ran up, up, up. Glad she’s not managing my money. She’s right about not knowing what is going on.
Do you?
That sounds like a cut and paste from the 2005 bubble.
You better check your facts again.
The dollar has lost so much of it’s value, our market hasn’t gained a thing.
I see CdM made the coolest list. But, I am seeing two different markets. Lower end properties not in a bad location usually sell fairly quickly. Expensive properties sell only after a long listing, sometimes more than a year. What suprises me is how small the price cuts are for stale inventory. So far, many CdM sellers have benefited by waiting it out for a buyer. It seems as the run for hard assets includes certain CdM homes … like a gold substitute.
I have a buyer who we have been writing offers for in ladera. single family mostly. Hot is not the word. Red Hot is more like it.
Open house’s are very busy. Equity sellers are king and calling the shots. If you have the right home with equity, priced at market, you are guaranteed to sell.
I love Ladera,
Quite, Nice, insane taxes… wait…
Okay, well… that is a drawback. We looked here, we didn’t buy here. It was nice, but someone earlier said it right. For the price you pay, WAY to far from the freeway & Ocean. I believe you should have one or the other. You might as well live in the 909.
Yeah, they’re the same…Riverside called, they want their tax money back.
Hey Joe,
I’m also a realtor. “Equity sellers are king”? Only equity sellers in Ladera are people that put 40% plus down when they bought and are now walking away with maybe 10%. Now that’s a “king”. Way to go Mensa!
Yup, people have rised up in mass to realize these are smoking deals in Ladera and the lines are longgggg. Don’t you regret not buying in Jan 09 when everyone was saying the world was going to end?! Now you don’t have much of a chance as the prices are bidding up, up, up!
Gotta agree Ladera Ranch is hot, too far from anything cool in Orange County, freeway access sucks, have to agree, Ladera Ranch is the 909 of the OC.
$1.1 million dollar averaged priced homes are not 909 homes.
Yawn! Gunner ..do yourself a favor.. and change your name
7Mil,
Gunner has changed names so often it — in fact “Gunner” posts under several names already.
Pathetic.
Awwww, you are just bitter you are getting left behind while many are getting ahead by getting rich on RE!
To those that say Ladera is hot, they are wrong. We have lived in Ladera for 8 years now and in the summer it is not that hot, maybe a couple of days when it is hot even at the beach. The weather is great here. This past summer we may have use our air twice.
We moved to Ladera Ranch from Dana Point and actually we enjoy the weather here a lot more, since we do not get months of fog when you don’t even see the sun. If I wanted to have that type of weather I would move to Northern Cal.
Several of my neighbors listed their homes and they sold within a week and closed escrows within 30 days. They are buying larger homes again in Ladera.
Lived there for two years.
It’s hot.
The trip to and from the 5 is beyond tolerable if one has to do so during peak commute times.
Other than that it’s a nice area with a surprising number of empty homes that are not on the market - which is an ominous sign.
To get to the 5 Fwy is closer and less time than Dana Point or San Clemente. I know since I work in San Clemente and lived in Dana Point.
The traffic going into or getting out of San Clemente or Dana Point is especially bad on a Friday evening or Saturday. Add 20 to 30 minutes to just get to Crown Valley from the 5.
Ladera has quick access to Mission Hospital, many resturants and shopping at the Shops of Mission Viejo. If we want to go to the beach we can get to any south beach within 15 to 20 minutes.
I enjoyed your post, I need to do something like this on my blog.
Why not spend the extra money and buy in IRVINE?
Left Ladera for San Clemente and could not be happier!
I feel some of you people are alittle hateful to the Inland empire, if you have ever been to the Temecula Valley you would see very beautiful and great living in the Valley. Yes our home values have dropped and we are not as expensive as Orange County, but as a former OC resident I’ve been quite happy living the beautiful country life of our valley.
Go in peace and God Bless.
simple reason Ladera is difficult to buy is because most people are under water and cannot sell.