Commentary: A Realtor’s examination of the local housing market
The landscape of Costa Mesa’s real estate market is changing, especially in Westside Costa Mesa.
Driving down Harbor Boulevard, Victoria Street, Placentia Avenue and West 17th Street, you can see new homes emerging right and left. Once an area of mostly older, single-family dwellings, apartments and commercial spaces, the Westside is evolving and high-density housing is rapidly filling in.
New construction homes are a very real part of the current real estate inventory in Costa Mesa today. In fact, there are more than 30 homes active in the Multiple Listing Service, making up about a quarter of the houses on the market. House hunters who are seeking new, modern homes have many options to consider.
*
Is it a sign of the times?
Homes have always evolved to meet the needs of the time in which we live. For instance when we look back 200 years ago, many homes did not have indoor plumbing. In the early 20th century floor plans were more separated with divided spaces. One-car garages, once the norm, are now deemed obsolete. Today’s homes have bathrooms, open floor plans, two- to three-car garages, etc.
With the housing boom in Costa Mesa, we are seeing more planned unit development (PUD) style housing and multilevel town homes/condos. The PUD style homes differ from the traditional single-family home by having smaller private yards or patios. They generally have limited parking, due to small driveways, and rules for the parking within the community.
There is often an association with monthly or quarterly dues too. The town homes and condos differ from existing ones by utilizing trendy design elements and vertical living. Many of the units are three stories tall, plus a rooftop deck for outdoor space. Some are even incorporating work spaces so that home can also function as an office. With more people working from home, and so many entrepreneurs in the work force, this type of setup responds to the needs of the world we live in today.
*
If you build It, will they come?
Eastside Costa Mesa had a similar housing conversion back in the 1990s, and it continues today, just not to the extent that we are seeing on Westside Costa Mesa right now. So far in 2015, more than 35 new homes in Costa Mesa have been sold, according to the Multiple Listing Service. While the new projects may not appeal to everyone (or be in their price range — the new homes in Costa Mesa currently start at $579,000), it does seem likely that they will find new owners. The location being less than a few miles to the beach is a huge asset.
*
Pros and cons
There are pros and cons to the housing revolution taking place in Costa Mesa. On the plus side, Costa Mesa has a high level of renters to homeowners, so by replacing some apartments with homes, the new construction should help level out the playing field. The modern-concept living spaces present new opportunities for people (i.e. the live/work spaces). Maintenance for many of the properties is quite low, as they are brand new and don’t have deferred maintenance issues. The small yards require less upkeep as well. Some of the cons include monthly association dues, lack of parking, more traffic congestion and less traditional yard space to name a few.
HOLLY SCHWARTZ is a Realtor with Villa Real Estate who lives in Costa Mesa and has been featured on HGTV’s “House Hunters.”