24 May 2007

Brea Real Estate Market Update…That depends on where your mail is delivered.

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building-house.jpgThe Brea real estate market is divided statistically between two different zip codes.

Meaning specifically between the majority of the homes in Brea and the “newer section” in Olinda Ranch. In the past “good old Brea” as we old-timers like to call it, had only one zip code, the good ole’ 92821. However with newer constuction on the east side of our community the new zip code of 92833 was added. Now this isn’t exactly like Beverly Hills 90210, however you will see there is a difference in the median prices, namley:

  • $700,000 for 92821
  • $925,000 for 92823

Now before you get too excited about one zip code or another, keep these factors in mind:

  • Newer construction normally sells for more per square foot because it’s new. It should have a greater economic life, right?
  • The average home in the 92823 zip code is larger thah the majority of older homes in Brea. Builders typically build larger homes today, and most often they are on normal size lots. The builder’s cost of a lot usually remains the same whether he/she builds a 2,500 square foot home or a 3,500 square foot home. So if the price is normally the same for the lot, you can see the developer/builder (roi) return on investment is greater by building a larger home.

* Statistics as of 5/2007. Source SoCalMLS.

Need help with Brea real estate? Contact me Lynda@preferredhomebrokers.com

Watch for upcoming updates on the local SoCal Market.

About the Author

I maintains an active residential re-sale brokerage in Brea, CA, located in Orange County, about 20 minutes north of Disneyland. Contact Lynda directly at (714) 595-1494, or Lynda@PreferredHomeBrokers.com – CA License #00402040

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