Depending on location, San Clemente's home prices have fallen over 1% per month for the last three years. Distressed properties (Bank owned and short sales) - while less than most inland California communities - are currently about 30% of new listings and about 20% of closed sales. But the inventory of homes for sale continues to decline steadily, especially "immediately buyable" (non-short sale) homes. So called first-time buyer homes are especially in short supply. We are virtually at market equilibrium on inventory, so market prices should begin to firm.
ZIP Codes: 92672, 92673 Location Characteristics: Half way between Los Angeles and San Diego, San Clemente was envisioned by Founder Ole Hanson in 1925 as a "Spanish Village by the Sea." Over 200 original Spanish structures survive to this day, and San Clemente has grown into a highly desirable beach town of 67,000 citizens, with nine main residential areas including the most recent, Talega. The New York Times recently called San Clemente "A Renaissance of Charm in a Hub of the Surfing World."
About Mike Cotter:
A real estate broker since 1981, Mike has bought, managed, operated and sold single family homes, condominiums, vacant land, income units, commercial buildings and business opportunities. He has built homes, refurbished buildings, put together groups to buy real estate and taught real estate courses. Mike is currently President of the San Clemente Historical Society and a Director of the San Clemente Downtown Business Association. Mike is also a regular real estate columnist for the San Clemente newspaper, the Sun Post News, and is frequently quoted in real estate news articles, including the New York Times.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
