The Girling Team has secured a lease listing for 222 Grand Canal. It is a lovely home on Little Island, 4BR/3BA, just under 2400 SF, beautifully remodeled with a dock (Click here for Listing Info). The rent is $6500 per month for an annual lease. Call Bing @ 949-887-7733 or Dave @ 949-280-1212 to see the property. The Girling Team
According to the Balboa Island Price Index (BIPI)™, Balboa Island interior lot values for Q4 2011 increased by 6.2% to $1,268,250 when compared to the previous quarter. For the past three quarters values have moved in a range of +/- 6% and the BIPI has closely tracked the slope of the 4% appreciation rate trend line (see chart below). Both developments may be a signal that property values are starting to level off. When compared to late 2006 and early 2007 when average lot values peaked, the current average value of a lot has decreased by 34.6%. Year over year, values are up 3.5%.
The Girling REIG Team is excited to announce that through our affiliation with HÔM Real Estate Group, we are now part of the Sotheby’s International Realty network. In today’s complex real estate market, it is important to capture every opportunity to better serve our clientele. The Sotheby’s network will enable Girling REIG to do just that.
For the past six years, HÔM Real Estate Group has been committed to providing quality service and extraordinary marketing in representing its clients and their properties. An alliance with a company like HÔM Sotheby’s that specializes in the exposure of the finest properties worldwide, enables Girling REIG to market our clients’ properties with the added benefit of a global network, accessing a broad, qualified client base including those associated with the Sotheby’s Auction House. HÔM Real Estate Group in association with Sotheby’s will continue to be one of the strongest companies in the area providing superlative resources for Girling REIG and for the exposure of our clients’ properties.
If you would like to learn more about the Sotheby’s International Realty network. please see the following website: http://www.sothebysrealty.com/eng.
The Girling Team recently completed the sale of 211 Crystal, representing both buyer and seller. The sales price was $1,343,434 and the close of escrow date was 1/3/2012. The new owners will be doing some renovations to the property before moving in to the cute, little 1930′s “Crystal Cottage”!
211 Crystal
According to the Girling REIG Balboa Island Price Index (BIPI)™, Balboa Island interior lot values for Q3 2011 were valued at $1,194,638, down 2.68% when compared to the previous quarter. Compared to late 2006 & 2007 when average lot values peaked, the current average value of a lot has decreased by 40.7%, reaching levels we saw in early 2003. Year over year, lot values are down 3.3%. Since Q1 2011, values have been fairly flat. In addition, they have been tracking values that would have been expected if prices in 2000 has appreciated at a 4% annual rate (see chart below).
For Q3 2011, 11 properties sold on Balboa Island compared to 12 in Q2 and 11 in Q1. Currently there are 27 properties for sale on both Islands: 5 Bayfronts ranging in price from $3,695,000 to $5,975,000, 1 Grand Canal property for $2,595,000, 4 Little Island properties ranging from $925,000 to $3,295,000 and 17 Big Island properties ranging from $1,200,000 to $2,950,000. On average, the properties that sold in Q3 sold for 92.9% of the list price.
The Girling Team has just listed 2300 Arbutus, a charming home in the Newport Beach neighborhood of Eastbluff. Asking price is $1,495,000. The property is a 4BR/3BA home plus den/office located on a very desirable street. Call Dave @ 949-280-1212 or Bing @ 949-887-7733 for additional information or if you would like to see the property.
The Girling Team has listed 211 Crystal, a classic Balboa Island cottage. Asking price is $1,495,000. The front unit is a 3BR/2BA home and there is a 1 BR apartment over the garage. Property is a desirable location on Little Balboa Island which has underground utilities. Call Dave @ 949-280-1212 or Bing @ 949-887-7733 for additional information, or if you would like to see the property.
Bing & Dave
The Girling REIG Team (affiliated with HÔM Real Estate Group)
Bing Girling: 949-887-7733, girling@sbcglobal.net, DRE License
#00843565
Dave Girling: 949-280-1212, dave@girlingreig.com, DRE License
#01852613
According to the Balboa Island Price Index (BIPI)™ (1/1/2000 through 06/30/2011), Balboa Island interior lot values for Q2 2011 were valued at $1,227,581, up 5.7% when compared to the previous quarter. Compared to late 2006 & 2007 when average lot values peaked, the current average value of a lot has decreased by 38.6%, reaching levels we saw in early 2003. Year over year lot values are down 9.0% (see chart below).
A few weeks ago, the Girling Team was featured in an article in the Business section of the LA Times. Click here to view article. The article focused on Realtors and their use of social media in real estate. At Girling REIG, we use social media to disseminate information efficiently and effectively, especially via our blog which can be viewed at www.girlingreig.com/blog.
Commencing in Q3, the Girling Team will release the Newport Beach Price Index (“NBPI”) which will incorporate area neighborhoods into a more comprehensive study of local values. Look for the study in October.
Luxury home values fell 0.5% in Los Angeles
There has been a great deal of discussion about the number of real estate transactions recently that are all cash or that have been purchased with very low LTV’s. I thought you might find this recent LA Times article (link below) to be of some interest. The article indicates that all-cash buyers in January represented 30.9% of California house and condo transactions. The article specifically references Balboa Island where we saw the highest percentage of sales (66.7%) last year that were all cash buyers of any of the $1-million-plus Southland communities. This compares to 29.2% for all Southland communities last year. Here’s the link: http://articles.latimes.com/2011/mar/01/business/la-fi-cash-only-20110301
Dave
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