by vbindi on July 1, 2009
The real estate market has been severely affected by the 3 effects of the national mortgage crisis, local recession and the California real estate correction. Prices in Santa Ana, on average have dropped about 40% since the peak in pricing in the Spring of 2006′.
Many Santa Ana homeowners who bought their home from 2004′ until 2007′, using leveraged loan financing, now find themselves with mortgage debts more then the home is worth (ie: upside house). Mortgage Banks today do not want to foreclose, and would much rather conduct a short sale instead. Some lenders are now offering cash for cooperation to homeowners as an incentive to cooperate with short sale, versus letting the home go to foreclosure.
This major market correction can be seen in the large number of Short Sale listings. Here are some of the statistics. Currently, there are 161 attached condos that are Active Short Sales listed for sale, ranging in price from $57,000 on up to $599,000. There are 117 Short Sale condos that are Pending in escrow. In the past 90 days, there have been 46 Short Sale condominiums that have sold and closed escrow. As comparison, one year ago at this time, there were only 21 Short Sale condos that closed escrow during the same 3 month period. One more interesting statistic, is that for the 46 condo units that closed in the past 90 days, there were 84 failed Short Sale closings during the same period of time in Santa Ana. This represents a failure rate of 65% on average. As a comparison, our team of experts (ShortSalesASAP Group) closed more then 94% of our Short Sale listings.
For detached homes, there are currently 166 Short Sales Active for sale in Santa Ana. There are 173 detached homes that are pending in escrow that are Short Sales. And in the past 3 months, there have been 77 single family homes that have sold and closed as a Short Sale. Unfortunately, there were also 161 homes that failed to close the Short Sale, which represents a success rate of just 32%. Conversely, our Team of specialists has a Short Sale success rate of over 94%.
If you are a home owner whose mortgage debts are more than your home is worth, or if you are having difficulty keeping up with your mortgage payments, feel free to contact one of our experts to learn about the advantages and disadvantages of a Short Sale. We can be reached at: (949) 388-3396, or email us at: Info@ShortSalesASAP.com
by vbindi on June 24, 2009
There are currently 193 detached homes listed for sale in Laguna Niguel - Orange County, Ca. There prices range from $449,900 for a 3 bedroom, 2 bath, 1,303 SqFt home up to $8,995,000 for a 6 bedroom, 8 bath, 10,000 square foot 8 car garage estate in Monarch Point. The Median price is $989,000, and the average price is $1,432,688. Average price per square foot is $404/SqFt and average days on market is 106 days.
For detached homes, there are 82 properties currently under contract in escrow in Laguna Niguel. These properties range in price from $435,800 for a 3 bedroom, 2 bath, 1,446 square foot home, on up to $2,990,000 for a 5 bedroom, 7 bath, 6,000 square foot, 6 car garage estate in the Coronado Pointe community. The median price of homes currently in escrow is $695,000.
In the past 60 days, there have been 67 detached homes that have sold and closed in Laguna Niguel. These homes range from $340,000 for a 3 bedroom, 2 bath, 1,341 square foot home, on up to $5,040,000 for a 5 bedroom, 6 bath, 6,300 square foot estate in the Bear Brand Ranch tract. The median price home is $750,000 and the average price home that sold in the past 2 months was $1,037,332. The average price per square foot was $345/SqFt and average days on market was 108 days.
One year ago at this same 60 day time period, there were 95 homes that have sold and closed escrow in Laguna Niguel. These homes ranged in price from $480,000 for a 4 bedroom, 2 bath, 1,450 square foot home, on up to $4,400,000 for a 5 bedroom, 6 bath, 7,600 square foot estate in the South Peak subdivision. The median sold home price was $799,500 and the average price was $998,803. The average price per square foot was $367/SqFt and average days on market was 79 days, just one year ago.
Comparing today’s prices to one year ago prices we find the following; The Median price has dropped by 6%. The average home price has actually gone up by 3.8%. The Price per Square Foot has dropped by 6%. For more information about Laguna Niguel Real Estate, please feel free to call us at: 949-388-3396
by vbindi on June 23, 2009
3000 The Plaza and The Plaza Irvine (5000 & 8000) are one of the most exclusive high rise condominium towers in Irvine, CA. These luxurious high rise towers are located at the corner of Scholarship and Jamboree, west of the 405 Frwy.
3000 The Plaza is a 15 story high rise single tower with a rooftop swimming pool, located at the 3000 block of Scholarship Dr. and comprises of 105 stunning condo units. This tower offers 12 elegantly appointed condo floor plans designed by the world-renowned architect McLarand Vasquez & Partners and they are as follows:
- Residence A: 1 bdrm, 2 baths, 1,370 SqFt (floors 1 - 5)
- Residence B: 2 bdrms plus Den, 2 baths, 1,445 SqFt (floors 1 - 5)
- Residence C: 2 bdrms plus Den, 2.5 baths, 1,935 SqFt (floors 1 - 5)
- Residence C-1: 2 bdrms plus Den, 2 baths, 1,865 SqFt (floors 1 - 5)
- Residence D: 2 bdrms plus Den, 2.5 baths, 1,715 SqFt (floors 6 - 11)
- Residence E: 3 bdrms plus Den, 3.5 baths, 2,390 SqFt (floors 6 - 11)
- Residence F: 2 bdrms plus Den, 2.5 baths, 2,390 SqFt (floors 6 - 11)
- Penthouse 1: 2 bdrms plus Den, 2.5 baths, 1,660 SqFt (top floor)
- Penthouse 2: 2 bdrms, 2.5 baths, 2 Story, 2,300 SqFt (top floor)
- Penthouse 3: 2 bdrms, 2.5 baths, 2 Story, 2,330 SqFt (top floor)
- Penthouse 4: 3 bdrms + Den, 3.5 baths, 2 Story, 2,485 SqFt (top flr)
- Penthouse 5: 3 bdrms + Den, 3.5 baths, 2 Story, 3,025 SqFt (top flr)
3000 The Plaza offers resort-like amenities such as: day and nighe lobby attendant, gated underground parking spaces, concierge service, Club Room with full kitchen, wet bar and adjoining outdoor terrace, Flat Screen TV, Lobby Attendant, Business Center, Rooftop Pool, Jacuzzi, high tech fitness center, entertainment area and fire-pit on the rooftop, on-site retail center, service elevator, and most utilities paid. Association dues are approximately $1,000 to $1,300 per month at the time of this article, and there is No Mello-Roos.
Each condo comes with the best fit and finish such as; Hardwood floors, Granite counter tops, Marble flooring, gourmet Kitchens with stainless steel Appliances, high ceilings, top quality fixtures, wine lockers in wine room, and the upper floor units offer spectacular city lights views, and much more.
3000 The Plaza is located in the heart of the Irvine entertainment and business area, and conveniently close to John Wayne OC Airport, Newport Beach, UC Irvine, Fashion Island, dining, theater and South Coast Plaza.
Fore more information about 3000 The Plaza or to view any of the re-sale or new units for sale, please feel free to contact us at: 949-388-3396 or email us at: Info@SearchOCHomes.com
by vbindi on June 22, 2009
The Avenue One condo community was built in 2006′ by by K Hovanian. Avenue One is located by the intersection of Jamboree and Dupont just west of the 405 Freeway at the 1,000 to 2,000 block of Scholarship road. Avenue One is located close to world class shopping, night clubs, museums, theaters, fine dining, UCI and the beach.
Avenue One comprises of two condo buildings, 2 parking structures and the common area facilities. Avenue One offers 8 well designed floor plans as follows:
- One A - 1 bedroom, 1 bath, 725 square feet
- One AL- 1 bedroom and 2nd story loft, 1 bath, 846 square feet
- One B - 1 bedroom, 1 bath, 602 square feet
- One C - 1 bedroom, 1 bath, 738 square feet
- One CL - 1 bedroom and 2nd story loft, 1 bath, 923 square feet
- One D - 1 bedroom, 1 bath, 738 square feet
- Two A - 2 bedrooms, 2 baths, 1,037 square feet
- Two AL - 2 bedrooms and 2nd story loft, 2 baths, 1,213 square feet
- Two B - 2 bedrooms, 2 baths, 1,318 square feet
- Two BL - 2 bedrooms and 2nd story loft, 2 baths, 1,538 square feet
- Two C - 2 bedrooms, 2 baths, 1,044 square feet
- Two CL - 2 bedrooms and 2nd story loft, 2 baths, 1,207 square feet
- Three A - 3 bedrooms, 2 baths, 1,340 square feet
- Three AL - 3 bedrooms and 2nd story loft, 2 baths, 1,525 square feet
These fine condo units boast of natural granite kitchen and bathroom counter tops, modern two panel interior doors, dual glazed energy efficient windows, and much more.
The association offers resort like amenities such as: Gated entrance, elegant Clubhouse w/plasma TV, Olympic sized pool, spa, high tech fitness center, indoor half basketball court, Bar-B-Que area and more. Avenue One is serviced by the Santa Ana Unified School district. The grade school classes are conducted at Monroe elementary school and the Junior high school is McFadden middle school. The upper grades are serviced by Century High School.
If you would like to view all condos listed for sale in Irvine, visit our website at: Irvine Real Estate. If you would like a private showing of any of the condos for sale in Avenue One, please feel free to call us at: 949-388-3396 or email us at: Info@SearchOCHomes.com
by vbindi on June 20, 2009
Quail Hill Irvine is a popular community within the city of Irvine, Ca. located is the southwest section of Hwy 405 and Laguna Frwy. This beautiful community comprises a wide variety of options from stately detached homes to garden courtyard condos. Construction of homes started in 2002 in this popular community and continues to this day. Quail Hill comprises if 14 distinctive single family home and attached condominium tracts which are listed below:
| Tract Name |
Type |
Builder |
| Ambridge |
Condos |
Wm Lyon |
| Casalon |
Condos |
John Laing Homes |
| Chantilly |
Detached Homes |
Warmington |
| Ivy Wreath |
Condos |
D.R. Horton |
| Jasmine |
Condos |
Shea Homes |
| Laurel Quail Hill |
Detached Homes |
Wm Lyon Homes |
| Linden |
Detached Homes |
Wm Lyon Homes |
| Olivos |
Detached Homes |
California Pacific Homes |
| Sage |
Detached Homes |
California Pacific |
| Sandalwood |
Condos |
Standard Pacific |
| Sienna |
Detached Homes |
Standard Pacific |
| Soltice |
Detached Homes |
Pulte Homes |
| Tapestry |
Detached Homes |
Fieldstone |
| Vicara |
Detached Homes |
Richmond American |
There are currently 14 Condos Active for sale in Quail Hill ranging in price from $399,900 for a 2 bedroom, 2 bath unit with 1,099 square feet, on up to a 4 bedroom, 3 bath, 1,900 Square Foot Condo for $750,000. The median price is $540,000 and the average days on market is 154 days.
There are 18 detached homes currently for sale in Quail Hill, Irvine. These homes range in price from $503,000 for a 2 bedroom, 2.5 bath, 1,030 Square Foot detached home, to a maximum of $2,695,000 for a 4 bedroom, 6 bath, 4,820 Square foot estate. The median price is $1,275,000 and the average days on market is 82 days, and the average price per square foot is $472/SqFt.
In the past 90 days, there were 9 condos that sold and closed escrow in Quail Hill. The minimum priced condominium sold was $430,000 for a 2 bedroom, 2.5 bath, 1,387 square foot condo, on up to $705,000 for a 4 bedroom, 3 bath, 2,014 square foot condominium. The average days on market was 62 days, and the average price per square foot was $345/SqFt.
In the past 3 months, there were 19 detached homes that have sold and closed escrow in Quail Hill, Irvine. These sold homes ranged in price from $450,000 for a 2 bedroom, 2.5 bath 1,145 Square Foot home, on up to $1,500,000 for a 4 bedroom, 3.5 bath, 4,150 square foot estate. The average days on market was 64 days, and the average price per square foot was $394/SqFt.
Quail Hill in Irvine is serviced by the respected Irvine Unified School district. The local elementary schools servicing the area are Alderwood at Quail Hill and Oak Creek. The middle school is Rancho San Joaquin, and the upper grades are serviced by University High School. Quail Hill has Mello Roos tax that ranges from about $1,400 to $3,100 per year dependent upon the home type and location.
If you would like to view all Condos or detached Homes listed for sale in Irvine, please visit our website at: Irvine Real Estate
by vbindi on June 20, 2009
The gated community of the Canyon Villas condos were built in 1992 and are located on Pacific Park, close to the intersection of Aliso Creek. This condo tract includes a community pool, clubhouse and spa. There are 3 floor plans and each comes with a 1 car garage.
Currently there are 2 condos for sale. One is a 1 bedroom, 1 bath unit with an askingprice of $249,000, and the other is a 2 bedroom, 2 bath condo for $285,000.
There are 3 Canyon Villas condos currently under contract in escrow. They range in price from $205,000 up to $286,000.
In the past 3 months, there have been 3 closed sales in Canyon Villas in Aliso Viejo. all of the 3 sales were the 1 bedroom, 1 bath plan, ranging in price from $205,000 to $240,000.
To read about more details of Canyon Villas, visit our previous post. To view all the details of all Canyon Villas currently listed for sale, visit Canyon Villas - Aliso Viejo. For a private viewing of the condos listed for sale, email us or call: 949-388-3396.
by vbindi on June 20, 2009
Mello-Roos is a special tax that is imposed on Aliso Viejo real estate within a designated community. These Mello-Roos districts are created to raise public financing through the sale of bonds, for the purpose of paying for public improvements and services for that community. The services may include water lines, sewer treatment, drainage, streets, schools, electricity, parks, etc. The Mello Roos tax is used to pay for the bonds used to pay for these improvements.
The passage in 1978 of Proposition 13 restricted local governments ability to pay for capital facilities and services by increasing property taxes. In 1982, Senator Henry Mello and Assemblyman Mike Roos enacted the Community Facilities District (now called Mello-Roos) to provide local governments with an additional way to raise needed funds. Below are common questions and answers regarding Mello-Roos…
How much is Mello-Roos for Aliso Viejo Real Estate? It can vary from about $400 per year on up to about $2,500 per year dependent upon the community and the lot. A few home communities in Aliso Viejo have no Mello-Roos at all.
How do I estimate the Mello-Roos when buying a Home? During the Escrow process, the Seller will deliver a disclosure which will state in writing the exact amount of the Mello-Roos fee. You can also estimate the Mello-Roos prior to making an offer on a home. You take the quoted Tax Assessor yearly Tax amount, and subtract the Prop 13 portion of the tax from this amount. The Prop 13 Tax can be estimated by multiplying 1.15% times the previous sale price stated in the tax rolls. The remainder is a reasonable estimate of your yearly Mello-Roos payment.
How is the Mello-Roos Tax paid? The Mello-Roos is included in your normal tax bill which is billed to you twice per year.
Does the Mello-Roos tax go up when I sell my Home? No, unlike the Prop 13 portion of your property tax, the Mello-Roos portion of your property tax does not change when you sell your Aliso Viejo home. The MelloRoos tax can increase dependent upon the community facilities agreement by about 1% to 2% per year, but it does not have anything to do with the sale price of your home.
Can I deduct Mello-Roos payments from my Income Tax? Most Tax accountants are of the opinion that the Mello-Roos tax is not legitimate income tax deduction. Please consult with your Tax Advisor for final determination.
How long does the Mello-Roos tax stay in effect on my Home? Typically, the Mello-Roos assessment is written for about 15 to 25 years dependent on the community facilities district. Although, many of the districts have the right to renew the Mello-Roos tax if needed.
How do I compare the value of a Home with Mello-Roos against a Home without? Prior to making a decision to buy a home, here is a simple way to compare the total monthly cost of the home with Mello-Roos versus a home with no Mello-Roos. Say you are considering buying either a home in Aliso Viejo with yearly Mello-Roos payment of about $1,200, or possibly buying a home in say Mission Viejo with no Mello-Roos. To compare the prices of these homes, I take that $1,200 yearly Mell-Roos payment, divide by 12 for the monthly payment of $100. A $100 per month payment is approximately equal to a $20,000 mortgage in today’s interest rates. Therefore the home in Aliso Viejo is actually costing you about $20,000 more as compared to the home you’re considering in Mission Viejo. If the home in Aliso Viejo is still a bit more desirable at a comparative price $20,000 higher than the home in Mission Viejo, then buy it, if not, buy the home in Mission Viejo.
If you would like to view all homes listed for sale in the Aliso Viejo MLS, please visit our website: Aliso Viejo Real Estate
by vbindi on June 20, 2009
The homes in the West Park area of Irvine have been been popular since this community began. With easy freeway access to both Highway 5 and the 405 Freeway, excellant public schools, close proximity to University of California Irvine (UCI), numerous public parks and beautiful home and condo subdivisions, make this a very desirable community. Home construction began on 1969 and has continued for the past 3 decades with the last home being built in 1997.
There are currently 31 homes for sale in Westpark in Irvine. They range in price from $225,000 for a 1 bedroom, 1 bath, 639 square foot condo built in 1989, on up to $1,185,000 for a 5 bedroom, 4 bath, 3,450 square foot home. The median price is $489,000, with the average price per square foot is $369/SqFt and the average days on marker is 96 days.
Currently, there are 27 homes and condos Pending in escrow in the West Park area of Irvine. These homes range in price from $239,000 for a 1 bedroom, 1 bath 850 square foot condo in the Tiempo tract, on up to $725,000 for a 4 bedroom, 3 bath , 2,130 square foot detached home built in 1997 in the Promenade tract.
In the past 30 days, there were 14 homes and condos that sold and closed escrow in West park in Irvine. These homes ranged in price from $373,000 for a 2 bedroom, 2 bath, 1,186 square foot condo built in 1996 in the Brio tract. The highest price was $917,000 for a 5 bedroom, 3.5 baths 2,801 square foot home built in 1989 in the Sorrento tract.
West Park is located in the prestigious Irvine Unified School District. The homes in this community are serviced by three Elementary schools which are Plaza Vista elementary, Culverdale elementary and Westpark elementary. The Intermediary school is Southlake Middle school and the High School is Woodbridge. West Park is located in central Irvine, and is bordered by the 405 Freeway, Jamboree, Culver and Irvine Center Dr.
To view all home for sale in Irvine, visit our website at Irvine Real Estate.
by vbindi on June 14, 2009
This is another case study of a successful short sale closing in Yorba Linda, CA. Recent studies have reported that only about 20% of all short sales in California actually sell and close escrow. The average closing rate for Orange County is around 30%. Our team of short sale experts closes over 94% of our short sale listings. This article will outline some of the reasons why.
This Yorba Linda home was purchased by an investor back in 2005′ for $550,0oo, and was a smaller detached home. They owner put down 20% and had a small negative cash flow, but was experiencing attractive appreciation for the years of 2005′ and 2006′. In 2006′, they had a new appraisal completed and acquired a HELOC loan, and used the cash to purchase another rental property with better cash flow.
Investments were doing well until about the 2nd quarter of 2007′, when the income of the property owner declined. Then several rental properties went vacant for several months, and the owner fell behind on this Yorda Linda rental home. They attempted to re-finance but the property would no longer appraise in order to obtain the needed Loan to Value (LTV). The owners contacted out team in late 2007′ and iquired about a short sale.
We worked with the property owner in gatering the needed documents and hardship letter. Our negotiations team then package the short sale documents and sent them to the loss mitigation of the 1st and 2nd banks. After 4 weeks of document tracking, expediting and negotiations, we obtained preliminary approval to conduct the short sale. Our listing coordinator then placed the property on the narket for sale, and listed in the Orange County MLS.
Within2 weeks, we received an offer to purchase from a qualified buyer and the final negotiated price was within $3,000 of the approved short sale price. We then packed this offer, and re-submitted the short sale package to the loss mitigation management department. Upper level bank management reviewed the new offer for 3 weeks, and gave us final short sale approval. During the course of the final negotiations, we were able to obtained sufficient funds to pay to the HELOC loan in order for them to grant the Yorba Linda property owner a completer release of the unpaid loan balance.
Our high rate of success partially hinges on our knowldege of how bank management looks at short sale proposals. This gives us an advantage in how to package and struture the offers to purchase. We also have upper management contacts within most of the major mortage banks.
We are a licensed broker with the California Department of Real Estate. Our services are free to out clients, for we negotiaton our fee and are paid by the short sale banks. If you have any questions about short sales, please feel free to call us at 949-388-3396. Or to watch our YouTube video, visit our website at www.FREEShortSalePlan.com
by vbindi on May 27, 2009
Yes, you read that correctly, in the price ranges of $650,000 and below, most of Orange County is now in a Hot Sellers Market. In the price range of $450,000 and below, the Months of Inventory is a hot 1.1 Months for south Orange County… 2 to 4 months is considered to be a Sellers market, and below that is a hot Sellers market. In contrast, the Months of Inventory for this price range was at 19 months in October of 2007′. The number of homes now in escrow is at 916 properties in the price range of Below $450,000… this Pending Homes total has not been this high since August of 2003′ . Below is a graph of the Months of Inventory for all of the price ranges we track, since July of 2002′.
In the price range of $450,000 to $650,000, the Months of Inventory is at 1.8 months, which is also a hot sellers market. Albeit, about 60% of these sales are either bank owned REO properties or short sales, but these are real sales with real buyers none-the-less. This is resulting in multiple purchase offers within days of listing properties on the market for sale for well priced Bank Owned REO’s and Short Sales.
Where is all of the demand coming from you may ask? Well, it is a combination of investors and first time homebuyers who have been sitting on the fence for the past 4 to 5 years. Investors with cash are buying for they can now get a decent yield with a down payment of 30%. Many investors feel that most, if not all, of the downside risk in the local real estate market is behind us. And many are leery of the stock market, and CD yields are now very low… First time home buyers are also now buying. Fixed interest rates are now at all time historic low, and there is pent up demand from the low rate of sales in the past 2 years. My hats off to their discipline and timing…
The Months of Inventory is a leading indicator, which has been dropping to today’s lows for many months now. Another one of the proprietary indicators that we gather are moving averages of the Price per Square foot for both Condos and Detached homes. This is a lagging indicator, although much more accurate then the Average or Median prices that are quoted in the press. This Price per Square foot indicator has been holding steady now for the past 5 weeks, which is another indication that we have approached the bottom.
The Million Dollar Question is . . . is this the bottom of the Orange County real estate market ? My sense is, if this is not the bottom, then we are very close to the bottom… but, I believe it will be a long drawn out bottom, with no noticeable price appreciation for several years… The reason being - I believe over heated inflation will return in a year or so, due to the recent government policies of flooding the US economy with billions of dollars cash. When this happens, the Feds will raise interest rates to curb inflation, which will put a damper on real estate price appreciation.
