NEWS Contact:
Russell T. Valone II
619-233-3781 x15
FOR IMMEDIATE RELEASE
Orange County Experiencing an Upswing in Condo Conversion Sales
ORANGE COUNTY, California- Following on the heels of San Diego County, Orange County is now experiencing an upward swing in the number of condo conversions.
“In the last three and a half years, San Diego sold approximately 12,000 condos mostly due to the popularity of condo conversions,” said Russell T. Valone II, president of MarketPointe Realty Advisors, the real estate database and consulting organization that publishes ResidentialTrends. “Orange County is now following its lead.”
Of the new home developers in Orange County, condo converter Montecito Properties, was ranked first this quarter and sold a total of 832 units during the first half of 2006. William Lyon Homes, ranked second, selling only 164 units in the first half of 2006. Montecito Properties’ The Hills at Yorba Linda, a condo conversion, averaged 3.75 sales per week and Tuscany, a condo conversion in Foothill Ranch, averaged 3.33 properties sold per week.
“The success and demand for affordable housing in Orange County enables a condo converter to be in the Top 10,” Valone said, adding that the top sales rankings usually go to detached property developers.
New to the Top 10 list of new home builders this quarter is The Olson Company with Founders Walk in Buena Park, a 100-unit townhome community with units ranging in price between $545,990 and $608,990.
“The Olson Company focuses primarily on infill and infill development is the future of Orange County,” Valone said. “The Olson Company is a leader in the infill market, and their ability to be placed in the Top 10 for new home builders is reflective of the demand and opportunity in the market.”
As the infill market grows, submarkets such as Garden Grove/Santa Ana are also experiencing an increase in sales.
In the first quarter of 2006, Garden Grove claimed only three percent of the total sales in Orange County. In the second quarter of 2006, that number has grown to 17 percent, the third highest selling submarket in Orange County.
“Garden Grove/Santa Ana is a submarket that is hugely supply driven,” Valone said. “The recent development of infill housing has caused its sales to skyrocket.”
In addition to MarketPointe’s quarterly surveys of Orange County, new home sales reports are published for Ventura, Imperial County, Greater Los Angeles, Santa Clarita-Antelope Valleys, West Riverside, East Riverside, San Bernardino and San Diego.
MarketPointe Realty Advisors provides real estate databases and consulting services. The corporate office is located in San Diego, with branches in the Inland Empire, Riverside and Orange Counties. The phone number is 619-233-3781.
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