From the monthly archives:

February 2007

Bank Owned Condo for Sale in Rancho Santa Margarita

by Vincent Bindi on February 27, 2007

This Bank Owned REO property was just listed for sale for $276,000 and is a 1 bedroom, 1 bath with a 1 car detached garage.  It is located in the very desirable Tijeras Creek Villas which is adjacent to the Golf Course.  It have a spacious living room with a fireplace and includes a stackable washer and dryer.  Kitchen appliances are newer and the counter tops ore tiled, but needs some painting.  Located close to the intersection Antonio and Banderas.

The association dues are about $170 per month and the city of Rancho Santa margarita has a small due of about $46 per month.  The Mello-Roos is low for the area and the association includes a swimming pool.   You will also have access to the Rancho Santa Margarita Lake. 

This bank repossesed home was listed for sale on Feb 26, 2007.  This condominium would qualify for the CalCHFA loan program for  First time home buyers.  This little known government subsidized loan program, allows one to purchase a home with Zero Down with today’s 5.65% fixed interest rate amortized over 30 years with no negative amortization.  Click on the following link to view all Condos for sale in Ranch Santa Margarita.  If you would like a complete list of foreclosed homes for sale in Orange County, visit www.OCBaargainHomes.com

South Orange County Real Estate Market looking better and better !

by Vincent Bindi on February 26, 2007

As we stated in a previous article several weeks ago ( Orange County market is Alive Again ), it is our opinion that the downward pricing is coming to an end here in south Orange County.  If we haven’t already reached the bottom of the downward pricing cycle, then we are very close to the bottom.  How can I be so confident you may ask ?  Well as they say, it’s all in the numbers.  The internal market statistics that best reveals the constant tug of war between buyers ans sellers is called the Months of Inventory.  The Months of Inventory is basically a ratio of the Inventory of homes for sale by the number of homes that have sold over a period of time.  The higher the months of Inventory, the slower the market and visa versa.  Traditionally, major banks and Title companies (and others) will quote this statistic on a quarterly basis, based upon long term averages of actual homes sold.  The problem with this method of calculating this Stat is, it is ‘old news’ if you are working in the industry on a daily basis like we are. So we derived our own proprietary indicator back in July of 2002′ based upon Inventory of homes for sale, and the number of Homes sold in Escrow, which gives us a much more timely measurement of market conditions.  And our proprietary Months of Inventory calculation has been very accurate as well.

Above is the graph of the Months of Inventory, and below is the graph of simply the Number of homes for sale as compared to the number of homes in escrow.  As can be seen above, the Months of Inventory has dropped dramatically from a high of around 8.5 months down to the current 5.2 months today.  Another way of looking at the same facts, is to look at the below graph which shows the Inventory of homes for sale has dropped from a high of 4,500 homes in August of last year, down to about 3,300 homes today, while of the rate of sales has increased by 100% in the past 5 weeks, for south Orange County real estate.  At these numbers, price reductions will stop, for more and more buyers are snapping up the lowest priced homes for sale in most neighborhoods. 


Certainly, if makes a more exciting news story to dwell on the negative., but for smart consumers it is definitely more economically advantageous to seize opportunities as they present themselves.  And this market currently does indeed offer some great opportunities.  Mortgage interest rates are still hovering around all time 40 year lows, prices have now stabilized and are about 10% less then they were 14 months ago, and employment is still strong here in the OC. 

If you are first time buyer who has been patiently sitting on the sidelines for the past 1 to 2 years, this may be the best time we have seen in years to get into the game and buy a property.  Because the pendulum has swung in favor of the buyers in the past 12 months, we’re seeing many sellers offer generous concessions to buyers that we haven’t seen in many years.  But if the above trends continue, some of these concessions may dry up as well.

For move up home buyers the picture is even a bit better.  The higher priced home market is a bit softer then the lower priced home/condo market.  So even though sellers today may get a little less then they were hoping for in this market, but the good news is that they can More then make up for in on the move-up home purchase.  

If the facts and charts above aren’t convincing enough, then consider this… Since 1968, only five years has the median price of a single family home dropped in California, according the California Association of Realtors.  That’s only five out of 38 years, and the average annual price appreciation during those 38 years has been 9 percent. So while much of the news coverage in the past 12 months has been dark and gloomy, there are actually a lot of bright spots now for opportunistic buyers. The real estate market will always go in cycles. But by understanding the big picture, smart consumers can capitalize on this rare window of opportunity to realize their real estate dreams.

If you would like more information about the real estate market here in south Orange County, please fell free to visit our website at:  Orange County Real Estate, or drop us an email at:  Info@SearchOCHomes.com

Bank Repossessed Condo for Sale – Mission Viejo

by Vincent Bindi on February 18, 2007

This Bank owned Condominium was listed on the market for sale on February 17, 2007.  The asking price is $488,500 and this REO property is being sold in it’s present “As Is” condition. This 2 story, 3 bedroom, 2.5 bath end unit townhome includes a spacious 2 car attached garage with direct access to the home. It has a double door entry with flooring and neutral carpet.  Many windows made possible by the end unit location, allow for a lots of natural light.  This home also has mirrored wardrobe doors, ceiling fans, and a fenced backyard brick patio to barbecue and entertain.

This REO property was built in 1986 and is located in the Ridgemont tract of Mission Viejo. This fine community is located close to the intersection of Los Alisos and Vallejo street.   The Ridgemont community has an association pool and spa. 

The dues are $230 per month plus an additional $19 per month which includes this property in the Lake Mission Viejo association.  The dues also include trash service, fire insurance, as well as landscape and exterior property maintenance  There is no Mello-Roos tax levied on this condominium.  The grade school for this condo is Cordillera, the intermediate school is Los Alisos middle school and the upper classes are conducted at Mission Viejo High School.

There are two other 3 bedroom, 2.5 bath condos currently listed for sale in the Ridgemont tract that are priced at $537,000 and $545,000.  If you would like more information regarding Bank Owned homes for sale in Mission Viejo or to view this property in Ridgemont, please call us at: 949-388-3396 or send us an email at:  Info@SearchOCHomes.com

 

Aliso Viejo Bank Owned Foreclosure Home for Sale

by Vincent Bindi on February 15, 2007

This 3 bedroom, 2.5 bath detached home with 1,698 square feet of living area and a 2 car attached garage. This home is located in the Cape Series in Aliso Viejo close the intersection of  Oak Grove and Wood Canyon.  This Cape Code styled home was foreclosed upon and is now bank owned. It was listed for sale for $559,900. 

This home needs some fix-up and the bank is in the process of doing some repairs and cleaning.  This REO home will be sold in it’s ‘As Is’ condition.  The association dues are about $87 and the Mello-Roos tax rate is average for the area.  

Currently, this is the only home for sale in the Cape Series tract of Aliso Viejo and there have only been 3 sales in the past 6 months which attest to this communities desirability.  These three homes that were sold were: 

  • 3 bedroom, 2.5 bath, 1,520 SqFt on Spring Harbor — $594,900.
  • 3 bedroom, 2.5 bath, 1,660 SqFt on Ocean Mist — $640,000.
  • 3 bedroom, 2.5 bath, 1,900 SqFt on Water Mill — $720,000.

If you would like to see the inside of this home or receive a list of other Foreclosure or Bank Owned homes for sale, please visit our website at:  www.Search-OCHomes.com  or give us a call at:  949-388-3396

 

Alicante Homes by Tijeras Creek Golf – Rancho Santa Margarita.

by Vincent Bindi on February 15, 2007

Golf anyone ?  Nestled in the rolling terrain of south Ranch Santa Margarita you’ll find the  beautiful community of Alicante which is surrounded by the gorgeous Tijeras Creek public golf course. This community offers resort style living offering many home sites with golf course views, association pool and spa, and hiking and biking trails close by.  Alicante homeowners also have Rancho Santa Margarita lake privileges as well. 

Alicante was developed by JM Peters and construction began in 1989 and the final homes were completed in 1993.  This fine development consists of duplex homes which are attached on one side to only one other home, and comprises of 4 distinct and spacious floor plans as follows:   

  • Plan 1 – 1 Story, 2 bedrooms, 2 baths, 1,443 SqFt
  • Plan 2 – 1 Story, 2 bedrooms, 2 baths, 1,757 SqFt
  • Plan 3 – 2 Story, 2 bedrooms, 2.5 baths, 1,936 SqFt
  • Plan 4 – 2 Story, 3 bedrooms, 2.5 baths, 2,168 SqFt

Each home includes a fireplace, 2 car attached garage, interior laundry room, skylights, vaulted ceilings, walk-in closets and landscaped front and backyards.  Prices range from the mid $550K’s up to the mid $750K’s.  The association includes a swimming pool, tennis courts, and incorporates community landscaping maintenance and property insurance.  The association dues are about $225 per month at the time of the writing of this article. Alicante comprises of the following streets:  Calle Del Norte, Calle Del Sur, Vista Sabana, Via Empanada and Vista Frondosa.

Alicante is located in the award winning Capistrano Unified School District.  the grade school is Arroya Vista Elementary, the intermediate school is Arroya Vista middles school, and the upper classes are conducted at Tesoro High School.  The blue ribbon and award winning Santa Margarita Catholic High School is also located in this city.  Rancho Santa Margarita was incorporated in 2000′ and has a population of about 47,000. 

To view all homes listed for sale in Rancho Santa Margarita or if you want to view any homes for sale in Alicante, please visit our website at:  Rancho Santa Margarita Real Estate.

Canyon Villas Condos, Aliso Viejo

by Vincent Bindi on February 12, 2007

Canyon Villas is a new Condominium community in Aliso Viejo, CA. developed by the Ares Regis Group based in Irvine, CA.  This fine community consists of 344 - 1 and 2 bedroom condominiums. Each unit includes a 1 car garage, nine foot high and vaulted ceilings, interior laundry area, wood burning fireplaces, spacious walk-in closets, and most floor plans have a large private balcony or patio.  Listed below are the 6 distinct Canyon Villas floor plans: 

  • Plan A  1 Bedroom, 1 Bath, 543 SqFt
  • Plan B  1 Bedroom, 1 Bath, 759 SqFt
  • Plan C  2 Bedroom2, 2 Bath2, 947 SqFt
  • Plan D  2 Bedrooms, 2 Baths, 1.100 SqFt
  • Plan D2  2 Bedrooms, 2 Baths, 1.127 SqFt
  • Plan E  2 Bedrooms, 2 Baths, 1.089 SqFt

Canyon Villas were originally built in 1992 as condominiums, but were leased out instead of being sold, back in the early 1990’s.  The builder recently renovated the community and placed these Condominium units on the market for sale.  Some of the renovations include; new paint, new carpets, new cabinets, new granite counter tops, new appliances including Microwave, Washer and Dryer. 

The association includes a sparkling pool, spa and landscape and interior maintenance along with basic property insurance.  The association dues are $220 per month (at the time of the writing) and the Mello-Roos is average for the area.

Canyon Villas is conveniently located close to the intersections of Pacific Park and Aliso Creek in the heart of Aliso Viejo, California.  Aliso Viejo has a population of approximately 45,000 people and development began in this city in the late 1980’s and early 1990’s.  Aliso Viejo incorporates the 3,400 Acre Wood Canyon Regional Park with hiking and biking trails, Aliso viejo Town Center with 20 theater Ciniplex, restaurants, shopping and more.  Also close by is a challenging 27 hole golf course, Soka University, award winning public schools, picturesque beaches and much more.

To view the inside of the Condos at Canyon Villas, please contact us at:  949-388-3396 or email us at:  Info@SearchOCHomes.com   To view all Condominiums and Townhomes listed for sale in Aliso Viejo, visit:  Aliso Viejo Condos for Sale

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Foothill Ranch CA Home just Listed for Sale in Foreclosure

by Vincent Bindi on February 9, 2007

This detached 3 bedroom, 2.5 bath 2 story  home in the Avegnon tract of Foothill Ranch is listed for sale with range pricing from $559,000 to $579,000.   It was listed for sale on Feb 8th, 2007′ and is a pending foreclosure with a Short Sale. It was built in 1991 and has a 2 car garage with full length driveway. 

Many interior upgrades have been completed including new wood flooring in the living room and dining area, new lighting, new plumbing fixtures throughout, recessed lighting, custom lighting and custom interior paint. Due to the pending Foreclosure and Short Sale status, the subject property is sold in ‘as-is’ condition. 

The community association dues are only $70 per month, and the Mello-Roos Tax in this community is low to moderate.  The grade school is Foothill elementary, the middle  school is Rancho Santa Margarita Intermediate school and the high school is Trabcao Hills High. The Avegnon community is locate at the end of Back Parkway just past the 241 Tool Road in Foothill Ranch, CA.

If you would like more information about this home or Foreclosure or Bank Owned properties in general, give us a call at:  949-388-3396 or email us at:  Info@SearchOCHomes.com    

3 Bedroom Bank REO in Davenport tract of Ladera Ranch, CA.

by Vincent Bindi on February 7, 2007

This newer Ladera Ranch 3 bedroom, 3 bath home was just listed for sale for $515,000 on Feb 6, 2007′, and is owned by the Bank.  This 2 story Townhome was built in 2003′ and has a 2 car direct access garage with full length driveway, and 1,636 square feet of living area.  It has upgraded hard wood and slate flooring, granite counter tops and back splash. There is 1 bedroom and full bath downstairs. 

It’s located in the Davenport community in the Wycliffe Village of Ladera Ranch, and is within easy walking distance to parks, schools, water parks, clubhouse, community pool, spa, tennis courts and library.  The association dues are $170 plus $155 and there is Mello-Roos. The elementary school is Oso Grande, the Jr High school is Ladera Ranch and the high school is Tesoro.

The Bank is selling this property in it’s ‘As-Is’ Condition.  If you would like more information about this home or Bank Owner properties in general, give us a call at:  949-388-3396 or email us at:  Info@SearchOCHomes.com    

South Orange County CA current Pricing Trends…

by Vincent Bindi on February 6, 2007

Our previous blog article ( The Orange County Real Estate Market is Alive Again ! ) caused a bit of controversy, so I thought I would further clarify and elaborate on the previous report…  Someone commented on that previous blog post that I’m calling for a ‘Recovery’ in the local Orange County real estate market… I never used the word Recovery for in my mind a recovery is a return to last summers peak in pricing and I do not see that occurring this year or next year…  What I did say, is that I see an end to price reductions, which in other words, I’m estimating that we have reached the bottom of the market with regard to price reductions (or very close to the bottom)…

Let’s dive into the details of home pricing… but some background first.  The home price figures that many of the newspapers and large banks quote are based upon Quarterly, 6 month or Yearly data of either the Average home price or the Median Home price.  They then usually compare this to the same time period of last year.  The problem with this approach is two fold… One, there is an inherent lag due to the long averaging period of 3, 6 or 12 months coupled with the fact of comparing those averages to 1 year ago.. Two Average home prices can be skewed by a few high price sales, and both Median and Average home prices can be skewed by home owners opting for larger or smaller homes as demographics change. 

As an example, if one compares a 6 month Median price of today’s prices for detached homes in Laguna Niguel (currently $915,000) to the same 6 month period a year ago, which was $899,000, one would conclude that prices are still rising…  But the fact is, prices have dropped by 8% to 9% in the city of Laguna Niguel compared to the peak in pricing last summer.   

Below is our graph of home prices for south Orange County represented by Price per Square Foot for the cities of Laguna Niguel, Aliso Viejo and Mission Viejo.  This graph is based on a 3 Month average, moving average of detached (SFR) homes in the above  cities, in the size range of 1,900 square feet up to 2,500 square feet, and then the average Price per Square Foot is calculated and graphed.  In this way, we have a much more time sensitive graph, that delivers a smooth chart, and is not subject to the changes in buyer habits (such as buying larger move-up homes, or smaller empty-nester homes).  One can note on the graph that prices have dropped from a high of about $385 per SqrFt down to $351 per SqrFt today, or about 9%.  And since there is a small lag time in our calculations due to the 3 month average, and an additional delay from Months of Inventory to Actual Sold home Prices, I predict that home prices will level out at about the $340 per Square Foot range (for mid sized detached homes in those 3 cities).  This is where some homes are priced at today (the ones that are selling in 30 days or less) and represents about a 11% to 12% drop from the pricing highs of last summer.

I quess-timate that in 3 to 6 months, the local papers will be ranting about how local homes prices have dropped by 8% to 10% compared to last year, and they may even say this is the beginning of the bubble bursting… The fact is, prices have already fallen by about 10%, and by the time the papers report this, I expect prices to stabilize at these current levels or move slightly lower to about $340 per Square Foot, which were the pricing levels in late 2004′ and early 2005′ . 

How or Why do I say this you may ask ?…  There have been way to many buyers sitting on the fence in the past 14 months waiting for prices to drop (which they have) — When  many of the doomsday bloggers move away to Kansas City, then I would worry about a bubble bursting, but not now  ( In the stock market, they have saying that the market ‘climbs a wall of worry’ which also applies to real estate )  In addtion, home builders are not building fast enough to keep up with population growth…  I was just involved in two seperate transactions in the past 2 weeks in which there were multiple offers on homes for sale.  Yes, multiple offers, and they were NOT fire sale foreclosure properties, but just homes that were price very well (priced 11% less then similar homes that sold 9 months ago).  Yes, I’m going out on a limb and saying that we are at the bottom (or very close to the bottom) of price reductions, and I see prices holding more or less stable at these levels for the remainder of the year (barring a dramatic rise in interest rates)..   What about the rest of Orange County ?… well as John Kennedy said ‘a rising tide raises all ships’ which holds true in our local real estate market.. I expect all of Orange County and the greater LA basin to more or less follow these pricing trends…

If you are a Buyer who has been sitting on the fence for the past 14 months, this may be your time to jump.  If you would like more information about the south Orange County CA real estate market, please feel free to visit our website at:  Orange County CA Real Estate

The Orange County Real Estate market is Alive Again !

by Vincent Bindi on February 5, 2007

News Flash… Sound the Trumpets… Ring the Bells…. After 14 months of  “sitting on the fence”, local Orange County CA home Buyers are now starting to jump off that fence and preview homes for sale, make purchase offers and place homes under contract (in escrow).   This has been our personal experience and the experience of many other Realtors we have talked with in recent weeks.  As additional evidence, traffic from our websites has increased dramatically in the past 3 weeks, and our Months of Inventory  Market Statistics graph has shown a marked decrease in the months of inventory. 

We have collected the data for the below graph every week since July of 2002′.  As can bee seen on the far right side of the graph, the months of inventory has decreased rapidly, which is a result of a dropping inventory of homes for sale and a corresponding increase in the number of homes recently sold.  The months of inventory has been hovering around 8 months since July of last year and has just recently dropped down to 6 months. 

Another graph we use is a chart showing the number of homes currently for sale in south Orange County California, as compared to the number of homes sold In Escrow.  As cyou will note, the inventory of homes for sale has dropped about 30% from a high of 4,500 homes this past summer, to about 3,200 homes today. 

What does this all mean you may ask?  Well, for one, sales prices will stop decreasing and hold steady.  Since about November of 2005′, sales prices have gradually dropped and are currently about 7% to 10% lower throughout much of Orange County.  These dropping levels of inventory, increased sales and lower asking prices, I predict will put an end to this.  We foresee prices holding steady throughout much of the year, and if interest rates hold, we may even see a slight increase in pricing towards the end of this year.  If your are a Buyer who has been sitting on the fence waiting for prices to drop or see prices stabilize, this is your window of opportunity to jump in.  If you are a Seller, and your home is priced correctly in today’s market, you should see an offer soon enough.

If would like more information about the local real estate market, please feel free to contact us at:  949-388-3396 or drop us an email at:  Info@SearchOCHomes.com

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