Brea Real Estate

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TTTrojan4life_IHB

New member
Hello everyone,



I am new to the board. I read it occasionally and find that so many of your are quite knowledgable about the housing market. I am looking for a SFH in Brea. What are the prospects of this market? It seems like prices have not fallen as quickly as they should.



Thoughts?
 
I live half a mile from Brea Olinda HS and at the peak in 2006 my house was worth 600,000 + for a 1300 sqft single family house. It is now worth about 420,000. That's a 42% drop. So if you look at peak to trough pricing, brea has dropped a lot.
 
[quote author="zubs" date=1230087491]I live half a mile from Brea Olinda HS and at the peak in 2006 my house was worth 600,000 + for a 1300 sqft single family house. It is now worth about 420,000. That's a 42% drop. So if you look at peak to trough pricing, brea has dropped a lot.</blockquote>


That is quite a drop. It seems, though that many sellers are somewhat reluctant to drop prices. The area south of the HS is a nice area.
 
[quote author="zubs" date=1230087491]I live half a mile from Brea Olinda HS and at the peak in 2006 my house was worth 600,000 + for a 1300 sqft single family house. It is now worth about 420,000. That's a 42% drop. So if you look at peak to trough pricing, brea has dropped a lot.</blockquote>


heh, I'll play santa for you. its only a 30% drop!
 
It's amazing how you can live in the county yet rarely see parts of it. I had to go to Brea for a meeting yesterday and driving down Imperial Hwy I had that impression I get when driving through lots of suburbs around the country where it all looks the same. I was stuck by all the strip malls, either new or refaced, yet filled all the same stores and restaurants. I didn't see much in the way of neighborhoods other than going back and forth to Cedar Creek and mostly what I saw were condos.



What really struck me as I approached though is how poor the air quality seemed. The smog was hanging there against the hillsides and the sky was dingey. Also, it was significantly warmer out there.
 
[quote author="stepping_up" date=1243068112]It's amazing how you can live in the county yet rarely see parts of it. I had to go to Brea for a meeting yesterday and driving down Imperial Hwy I had that impression I get when driving through lots of suburbs around the country where it all looks the same. I was stuck by all the strip malls, either new or refaced, yet filled all the same stores and restaurants. I didn't see much in the way of neighborhoods other than going back and forth to Cedar Creek and mostly what I saw were condos.



What really struck me as I approached though is how poor the air quality seemed. The smog was hanging there against the hillsides and the sky was dingey. Also, it was significantly warmer out there.</blockquote>


I guess it's not just me. I also notice that the heat is alittle more intense in that area of the county.
 
<blockquote>

Hello everyone,



I am new to the board. I read it occasionally and find that so many of your are quite knowledgable about the housing market. I am looking for a SFH in Brea. What are the prospects of this market? It seems like prices have not fallen as quickly as they should.



Thoughts?

</blockquote>


Hey Trojan,



I work near that area, so I keep half an eye on the market there. Prices have held up better than I expected. In particular, I expected a smoking crater in the Olinda Ranch area, but it hasn't really happened to the degree that I thought it would. There was a wave of foreclosures that moved through the west side of that neighborhood over the last 6 months or so, but I haven't seen round 2 kick in. There is some distress on the higher-end homes on the east side, but the prices have held up better than I expected.



For my money and my situation, Brea homes tend to fall into 2 categories:



1. Homes that are newer, but are too big/costly (3000+ sqft.) for me to justify (east side of Olinda Ranch)

2. Homes that are in older areas (Country Hills), but are still hugely overpriced versus comparable homes in other cities in a similar age/size range



I no longer think that I'm going to get the value I need in order to justify living in Brea - even though it would be an awesome situation for my work commute. I still monitor it lightly (along with Vista Del Verde and older parts of Yorba Linda) to see if either area might cough up a deal.
 
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