San Clemente Condo Prices On The Rise
Posted by Sam Smith on Thursday, September 29th, 2016 at 3:20pm.
As we head into the 2016 Presidential Elections one thing is for certain, real estate prices in San Clemente are at an all time high. This is especially true to residential condos that currently starts at $405,000 for a non-view two bedroom condo. These prices are very reminiscent of 2007 when prices were at the top of the market right before the housing market crashed. The biggest thing moving the market right now are low interest rates and the consumer feeling positive about the economy. With that being said there is a lot of anxiety of what will happen next year. Many have predicated that we are in a real estate bubble and an adjustment is soon to happen to correct these high real estate prices. This is further backed up by the Feds wanting to increase interest rates which appears will happen at the end of 2016. The elections are another variable that needs to be taken into consideration depending on who wins. The general consensus in California is that if Clinton wins that we will have more of the same which means a more stable real estate economy. The Trump administration would be the wild card in this equation and could bring increased jobs and stability but could also cause the markets to be un-predictable.
For those who are thinking about buying a condo that cheapest place to find a condo is in the Vista Pacifica complex. For nearly a 10 year period no condos had ever sold over the $400,000 until I successfully sold an ocean view condo for $415,000 last year. Getting comps to support that number was really tough but we were able to get the deal closed. Since this record sale there have been many condos listed above the $400,000 price point, mainly those that had some kind of view. Now in late 2016, non-view condo owners are asking over $400,000 which would be impossible if we were talking just one year ago. The market does appear to be a little greedy and I do think a small correction is in order to bring property into more affordable price points. If interest rates do go up later this year that will surely start to slow down the market and cause real estate prices to either be stagnent or to become lower. I'm not sure if that's what the Feds will want to do but It seems like an interest rate increase is almost certainly on the horizon. For those who have further questions about the real estate market here in San Clemente, California feel free to reach out to me at 949-204-5110.
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San Clemente 1046 Calle Del Cerro # 421
PRICE REDUCTION! SELLER MOTIVATED. Best price for quality in San Clemente for this light & bright condo cutie! Welcome home to Rancho San Clemente at Vista Pacifica. This one bedroom/one bath condo has a superior location within the community, overlooking the pool, jacuzzi and waterfall. This is a ground level unit with no stairs and it comes with a one-car, detached garage. There is a newer refrigerator, dishwasher, microwave and oven. A newer stackable washer and dryer are inside the condo....$459,000