We received a call last night from a client looking in the Colony Cove community in San Clemente. There budget was around $675,000 which is a good amount of money which easily could have bought a property last year in Colony Cove when looking at the comparble sales from 2020. They were shocked at the current real estate prices this year which are ranging from $734,000 to $815,000 which is a far cry from sales from last year that ranged from $574,000 to $650,000. A lot has changed in the real estate market in the last 9 months for a variety of reasons.
First, having low mortgage rates has really been a game changer for the real estate market in Southern California and other places as well. What that means is that buyers are able to afford more expensive homes for the same amount of monthly mortgage payments that were getting just a couple years ago. Owners of properties realize that there are a lot of buyers now in the marketplace due to this and know it's really a sellers market which has driven up the pricing of homes.
Second, in the last 5 years or so in Southern California the amount of homes on the market at any given time has been low. This is a far cry to how the market was around 2010 to 2013 when we saw a lot of short sale and foreclosure homes flooding the marketplace. Real Estate has always been about supply and demand so when you have limited supply with increase demands due to low mortgage rates it's not uncommon to see multiple buyers bidding on the same property. If you own a home this is a great time to sell, however if you are looking to buy it can be a little frustrating. We recommend getting on a waitlist for any given neighborhood and act quickly when a new property comes up for sale. Below are the sales for Colony Cove for the last several years according to our multiple listing service and below the map the current homes listed for sale. Please contact our local San Clemente real estate agents at 949-204-5110 for information if you are looking to sell or buy in Colony Cove.
San Clemente 153 Camino San Clemente
This Beautiful single level beach cottage has lots of charm and lots of fabulous upgrades. Located on the bluff above the ocean. This home is Bright & Open with lots of doors and windows allowing the outside in. Upgrades include: New Electrical panel, New Pex plumbing, New Ducting, Attic Storage w/pull down ladder, Custom Wood Work through out, Dutch Front Door, and more. Beautiful upgraded flooring, spacious living room with granite fireplace. Two large bedrooms. One Master with Private Mast...$975,000
San Clemente 370 Camino San Clemente
Welcome home to this lovely single story two bedroom two bath gem located in the 55+ community of Colony Cove. Truly only a few minutes to Poche Beach and awesome walking and bike trails. The residence has been tastefully remodeled with new stainless steel kitchen appliances, quartz counters, painted cabinetry and lighting. The floors have new luxury vinyl planks throughout the home. The primary bedroom has plenty of storage, ceiling fan and ensuite bathroom that looks out to a tranquil atri...$3,600