2019 Canyon Park Home Sales & My Outlook for 2020
Market value for a standard three bedroom, one bathroom "Freedom Home" with few to no upgrades jumped above $800,000 during 2019. 910 Dogwood was in need of upgrading throughout and sold for a mouth-watering $804,500. Dogwood has become one of the nicest streets in the neighborhood, which certainly played a role in this sale. With interest rates hovering around 4% and inventory incredibly low, I predict this base price will continue to hold strong in 2020. There’s an abundance of first time buyers and move-up condo buyers who love our little secret by the bluffs, and when they compare prices to east side Costa Mesa, or even red-hot College Park, Canyon Park looks like a steal.
I predict that lot value for a home that back to Canyon Park will top $1 million dollars this year. 944 Dogwood sold for $870,000 and is being completely re-built; a trend we will continue to see in 2020.
No matter the location within our neighborhood, buyers are willing to pay a premium price for a premium product. Recently, I’ve seen many builder-quality flips get torn apart and re-built all over again. Now more than ever, a quality-built home with high end designer finishes will command a premium price over its simple white and grey builder quality flip. Many buyers don't have the cash or appetite to do a full remodel, but they are making it abundantly clear they don't want to pay for someone else's remodel unless it's done with high end finishes. For example, compare two similar sized Freedom Homes, 2128 Republic, which was flipped and sold for $754,000, and 919 W. 20th which sold for $835,000 thanks for its pride-of-ownership finishes. The former has subsequently been gutted and expanded!
As growing families flock to the neighborhood, their collective appetite also grows for a home larger than our 1,030 sq. ft. original floor plan. Four expanded homes in Canyon Park topped the $1M mark (or got very close) in 2019. Where else can you get ocean breezes, no airport noise, and a burgeoning food and coffee scene at this price point?
In our neighborhood and beyond, I worked with many owners in 2019 who decided to cash in on their equity and move out of state. Recently, I've helped clients sell in Costa Mesa and move to Texas, Oregon, and Idaho. Are you considering a move out of state? I’d love to hear where you're looking, and I have some tips and recommendations I’d be happy to share before you make the big move. Hint: consider renting out your home here for the first year to be sure you've made the right move, then sell once you're sure you chose the correct state, city, and even neighborhood.
My overall prediction for 2020 is a continued steady increase in buyer demand. This demand, coupled with low interest rates that we previously thought were a thing of the past, and low inventory, will prop up sales through 2020. Buyers waiting for a drop in prices will likely have to wait. Sellers looking to cash out during a peak might be looking at that peak this year? If you would like a market valuation of your home, or are considering any other Real Estate moves, call or email me anytime.
949 677 3618
We had a great experience working with Matthew! We were first-time buyers and Matthew was extremely helpful throughout the entire process. His extensive knowledge made us feel comfortable and at ease, during what could have been a stressful time. We highly recommend Matthew".
Buyers, 2119 Union Ave., Costa Mesa
Posted by Matthew Fletcher on