laguna niguel ca real estate
Laguna Niguel is a totally planned and laid out city in Orange County, California. Laguna is Spanish for lagoon and Niguel is from the name of an erstwhile local Juaneno village called Nigueli. It was developed as a Corporation with 7,100 acres in 1959 by the Boston firm of Cabot, Cabot and Forbes. The commissioning of the San Diego I 5 Freeway the same year encouraged residents to start moving in.
The first communities were developed along the beach in 1961 and 1962. It had about 6,500 residents by 1969. The major development started around 1973 and 1974 with the opening of the Laguna Niguel Regional Park and the one million square foot building handed over to the United States government. The city grew rapidly after 1980 and the present population is over 60,000. The citys economic sector is very healthy. Almost 10% of the total area is occupied by commercial, industrial and other business activities.
Laguna Niguel Real Estate Trends
Though present real estate conditions for Laguna Niguel appear hopeful, statistics can be misleading when volume of sales for a specific category is very low. Approximate figures are 587 units listed at an average of $670,000, registering an increase of 0.7 %. There were about 467 real estate advertisements at an average of nearly $850,000. The number of foreclosures stood around 130 at an average rate of $ 320,000.
Predictably, variations in mortgage rates are marginal. Current mortgage rates are as follows: 1) 5.826% for 15 year fixed category, up 0.189% 2) 6.199% for 30 year fixed category, up 0.108% 3) 5.388% for 1 year adjustable rate mortgage, up 0.448% 4) 5.217% for 3/1 year adjustable rate mortgage, up 0.290% and 5) 5.359% for 5/1 year adjustable rate mortgage, up 0.251%.
Listing prices for homes are varied for different categories, at an average rate of about $330,000 to $1,150,000. Average rates and weekly variations for different units are approximately $510,000 for one bedroom up about 2%, $510,000 for two bedrooms down 0.8 %, $1,225,000 for three bedrooms up 55%, and $1,160,000 for four bedrooms up 0.7 %. Average for all categories is $1,225,000 up over 10%. The data needs careful study to assess their impact on real estate conditions.
The number of units sold has dropped from 270 this time last year to 151. Average sales prices and change over the year were approximately $200,000 for 1 bed down nearly 45%, $480,000 for 2 bed up about 30 %, $600,000 for 3 beds up nearly 5%, $810,000 for 4 bed down nearly 18 %. The average for all units was about $650,000 down 1.5 %.
The average rate per square foot and weekly variations are about $250 for 1 bed down over 40%, $370 for 2 bed up 10 %, $355 for 3 bed up 6%, and $347 for 4 bed up 0.3%. Average square foot rate for all types is $347 up nearly 2 %.
Conclusion
Prospective buyers should start enquiries now.
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