Costa Mesa Real Estate Sees Highest Priced Home Sale in 8 Months

Costa Mesa, CA, March 09, 2010 --(PR.com)-- Costa Mesa’s premier real estate company, Torelli Realty, is proud to announce the sale of the most expensive Costa Mesa home in the last 8 months. The home located at 2717 Starbird Drive in the Mesa Verde neighborhood sold for $1.25 million. Considering that the median price for all homes in the Costa Mesa real estate market is $649,000, it’s noteworthy that this home sold for nearly double that amount.

Currently, there are 125 homes for sale in Costa Mesa. According to Valerie Torelli, president of Torelli Realty, this house was originally listed for sale in October 2009 because the sellers were looking to downsize. Since they were not in a major rush to sell, they were able to bide their time and wait patiently for an offer. Torelli notes that in the present real estate market, homes over a million dollars don’t typically sell as fast as homes closer to the median price point, which are more affordable to buyers. The buyers were set on this location, proving again that real estate is all about “location, location, location.”

The Mesa Verde section of Costa Mesa is a desirable neighborhood for many reasons – it has wonderful parks, well-kept homes, and a strong sense of community. This home is located in a section that is specifically known as the Upper Bird Streets because the streets are named after birds. It’s a great area near one of Costa Mesa’s best parks, Tanager Park. Mesa Verde homes retain their value well, as the median home price here is $639,000. Homes here are often in high demand and right now there are only 25 homes for sale in Mesa Verde. Buyers who are anxious to get into this prime location do not have that many to choose from.

The sale of such a high-priced home reveals some useful information about the Costa Mesa real estate market. For one, there is a solid demand for homes where the buyers can deliver the title in a timely manner, in this case due to paying in cash. Also, homes in lower price ranges, specifically homes under $500,000, have bottomed out and are difficult to find (unless the home needs major work, is a short sale, or isn’t in a desirable area). Finally, the old axiom that location is key played a huge role in this home sale.

###