|Those ocean views come at a price for home buyers“|
That breathtaking view of the Pacific comes at a price.California homebuyers spent an average of $210,000 more — $1.66 million compared with $1.45 million — for a home with an ocean view than one that is close to the water, but doesn’t have a view of it, the Orange County Register reported, citing a study of 34 California markets by property manager Casago.While $210,000, which works out to about a 15 percent premium, isn’t anything to sniff at, homebuyers in other states seem willing to pay even more for their ocean views. Florida homebuyers paid over $800,000 — or 41 percent — more for an ocean view, while the premium was $1.26 million, or 26 percent, in Hawaii, the outlet reported.Some communities’ views are more desirable than others, according to the data. Homebuyers in Dana Point, for example, were willing to pay $978,000 more, 57 percent, for an ocean view than a home near the water. Other communities where the ocean-view premiums are high include Oceanside, Long Beach, Oxnard and San Diego, according to the outlet.”
“The median home sale price declined 3.3 percent annually in March, according to the latest housing report from Redfin. The decline was the largest recorded by the brokerage since it began tracking the data in 2012, and only the second year-over-year drop — the previous one coming in February.
The decline is rooted in decisions by the Powell-led Federal Reserve, which has been raising interest rates to tame the inflation that the Fed caused, in part, by super-charging the housing market in the first place.
Home prices post steepest annual decline in 11 yearsMedian sale price fell 3.3%: Redfin
The median sale price last month was $400,528, down more than 3 percent from March 2022. It was a 3.6 percent increase from February, but that figure is not seasonally adjusted. Comparing sale prices from different months can be deceiving because more expensive sales are more likely at certain times of the year.”