For those who follow new listings that come up in the Niguel Beach Terrace community will know that listings have rarely come on the market in the last 6 months. We often get requests for any listings that we know about that are coming on the market in Niguel Beach Terrace. For those not familiar with this complex then a little explanation will help. The community sits directly across the street from the Strand Beach which you can easily walk within a quick 5 minute walk. It's one of the closest condo communities to the beach in Dana Point for prices under $600,000. This is a huge appeal to a lot of buyers looking for second vacation homes or seasonal rental properties.
A new listing at 34142 Selva Rd #211 in Dana Point just came on the market in Niguel Beach Terrace that features 2 bedrooms, 2 baths with 1,010 square feet and is on the market for sale at $565,000. It has peek views of the ocean and comes with 2 assigned parking spaces. The community recreational area is very nice and comes with an association pool and spa area. Dues are relatively low for the area and run $224.00 a month. These condos are great seasonal rentals for those looking to live their in the winter months and rent it out during the high season summer months. The homeowners association dues have rules though that they require a minimum of a 30 day rental in Niguel Beach Terrace. Therefore, no weekly rentals are allowed according to the CC & R's.
One important thing to keep in mind when buying in Niguel Beach Terrace is roughly 68% to 70% of the owners are non-owner occupied. When qualifying on a loan to buy a condo in this complex you may run into problems with these percentages. Most buyers who are buying as a primary or secondary home typically have no problems with these percentages. Also keep in mind that if you plan to put 20% down on a loan and the loan amount is higher than $417,000 you may need to put down an additional 15% since lenders will consider it a super conforming product. Buyers can also make up the difference between the loan amount and the $417,000 number.
Buyers who buy in this community often buy for the prime location. An ocean front home on the Strand Beach just sold for $22 million which makes these $500,000 condos seem cheap in comparison. We have listed a link for this property below. Contact me with questions and for a quick showing.