Orange County Condo Market Insights Presented at the Real Estate Investors Workshop

Condos etc. released the 2004 Orange County Condo Market Insights to Real Estate Investors at the OC Real Estate Forum. Condos etc. spoke about the trends driving the hot condo market and affordable condominium investment options.

Irvine, CA (PRWEB) March 25, 2005 -- Orange County Real Estate Investors got first pass at the release the Condos etc. 2004 Orange County Condo Market Insight Report. Veronica Hicks and Steve Wright spoke to Orange County real estate investors about the continued upward trend in Orange County condo prices and ways to capture opportunities in todays hot condo market.

Condos etc. is Orange Countys full service real estate brokerage specializing in condominiums. In the Market Insight report Hicks noted that Orange County condos have appreciated for 5 consecutive years and have more than doubled in price from 2000 to 2004, with an impressive 110% growth in value". 2004 average condo sales prices increased by an estimated 30% over 2003 to almost $430K in Orange County compared to slightly a more than 20% increase on a single family detached home.

While condominium sales prices have increased, Hicks pointed out that the actual number of condominiums sales in 2004 appear to be flat or down slightly from 2003. The largest gain in condo prices in Orange County occurred in Irvine, Huntington Beach, Newport Beach, Aliso Viejo and Costa Mesa where the increase in prices appeared to be driven by the popularity of the condo re-sales on some of Irvines newer higher priced communities in addition to the popularity of condo conversions, lofts and condotels.

Even with interest rates on the rise, average re-sale condo sale prices are still strong and are currently estimated at $552K with only slightly more than one months inventory on the market, which Hicks believes is driven by the overall affordability of housing in Orange County.

Condominiums remain popular because of their affordability, lower maintenance and convenience. While the primary condominium buyer tends to be first time homebuyers that are generally single professionals and unmarried couples we are seeing baby boomers looking for investment properties with opportunities for appreciation buying condos for second homes and vacation homes. In Orange County, CA Condos etc. saw more than 30,000 condos searched on their website last month alone.

At the Orange County Real Estate Forum, investors were interested in finding opportunities for affordable investments. Condos etc. noted that investors might consider areas that are being repositioned to the newer urban centers, selective condo conversion opportunities and popular 2nd home and vacation spots that can be easily rented.

The team at Condo etc. believes that this spring will be another strong year for condominiums despite the increase in interest rates. Hicks says Even though the consumers buying condos tend to be first time homebuyers I find that todays buyers are trying to stretch themselves just to avoid getting priced out of the market." We keep hearing that sales may cool down later this year, but there are still a lot of people in Orange County with the money to spend" Based on the search activity that we see, there appears to be a strong demand for condominiums". Condos etc. believes that sales may cool down later this year just because of the ability of this consumer group to pay higher prices, but there doesnt appear to be a slow down in sight.

Condos etc. is a small boutique full service real estate brokerage made up of condo sales experts serving sellers with condos for sale and consumers looking to buy a condo. Consumers search thousands of condo listings every day 24 / 7 at http://www.condosetc.com.

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