How to look for the perfect condo in Costa, a city that has seen a steady stream of construction in recent years.
Here are five things to know about Costa Mesa condos and the market’s appetite for new housing.1.
How many condos are there?
According to the Costa Mesa Realtors Association, there are roughly 1,300 condo units in the area, which is roughly 3.8 percent of the area’s housing stock.
Two-bedroom units make up 1.5 percent of all units, and two- and three-bedroom condos account for 1.2 percent of units.
Two and three bedroom units are on average 3 percent of condos in Costa.
The numbers may not add up, as condo sales have been in steady decline for years, but they are still on the rise.
A recent report by the Real Estate Board of Greater Los Angeles showed condo sales in the region declined 0.7 percent in the first quarter of this year.2.
Where are they located?
There are five condominium buildings in Costa and two in neighboring Lakewood, with each building serving as a mix of apartments and townhouses.
The majority of units in each building are two-bedroom, with about half the units available for two bedrooms or more.
The condominiums are grouped in two main parts: condominium units that are townhouses, or townhouses with a shared living area, and condo units that have a shared kitchen or bathroom.
Condominium units in Costa are grouped into three different types: townhouses or townhouse apartments, two-bedrooms, and three and four-bedroom units.3.
What is the density?
In a city like Costa Mesa, the density of condos is typically between 1,000 and 1,600 square feet.4.
Are they priced at market rates?
Costa Mesa condo buyers are able to save up to 60 percent off the typical monthly rent in some condominium markets, according to Realtor.com.5.
Are there condo sales going on right now?
Costa residents are often excited about the condo market, but it’s difficult to gauge just how many are going on in the market.
The condo market is relatively new to the region, and many condominium developers have not had the resources to build the same level of inventory as others.
In recent years, some local and national condo chains have gone out of business or announced closures due to financial pressures.
One thing that is certain is that the demand for new condo units is growing.
The number of condos being built in Costa is on pace to triple over the next five years.