by Vincent Bindi on March 24, 2007
Today, there are 230 detached homes available for sale in Laguna Niguel, CA. These homes range in price from $619,000 for a 3 bedroom, 2.5 bath, 1,700 square foot home in the Del Prado Villas tract. Up to $7,695,000 for a 6 bedroom, 9.5 bath, 7,615 square foot ocean view estate located on Monarch Crest street in the Monarch Point Custom homes. For these 230 homes, the Median priced home is $1,74,675 and the average price is $1,388,584. The average days on market is 70 and the average price per square foot is $473.
There are currently 52 detached homes under contract in escrow in Laguna Niguel. These home range in price from $549,900 for a 2 bedroom, 2 bath, 1,589 square foot home on Via Miramar in the Villa Pacifica. The highest priced home sold in escrow in Laguna Niguel is $2,495,000 for a 5 bedroom, 4 bath, 4,200 square foot ocean view estate on Little Pond street in the Ocean Ranch tract. The median priced home in escrow is $925,000.
In the past 90 days, there were 95 homes that have sold and closed escrow in Laguna Niguel. The lowest priced home sold in this time period was $565,000 for a 2 bedroom, 2 bath with 2 car garage house on Paseo Del Sol street in the Villa Pacifica tract. The highest price home sold in Laguna Niguel in the past 90 days was $6,750,000 for a 5 bedroom, 7.5 bath, 8,300 square foot estate with an ocean view on Searidge street in the Bear Brand Ranch subdivision. The median price home sold was $865,000 and the average priced home sold was $1,083,293. The average price per square foot was $408 and the average days on market was 91 days. The average home sold in the last 90 days in Laguna Niguel was a 3 bedroom, 3 bath 2,453 square foot house.
We’ll compare today’s Laguna Niguel real estate prices, with those from one year ago. During the same 90 day period of time one year ago, there were 97 homes that sold and closed escrow. The median priced home that sold one year ago was $899,999 and the average priced home was $1,155,688. The average days on market was 59 days and the average price per square foot was $424. The median and average prices have dropped a small amount of around 5% and the average price per square foot has decrease about 5% as well, compared to last year.
If you would like to see all home listed for sale in Laguna Niguel, visit our website at: Laguna Niguel Real Estate. If you would like to see the inside of any home or condo currently listed for sale, please feel to contact us anytime at: 949-388-3396 or Info@SearchOCHomes.com
by Vincent Bindi on March 24, 2007
Many senior citizens are talking about Reverse Mortgages here in Orange County, CA. There is a lot of misunderstanding regarding Reverse Mortgages, so this article we will explain some of the basics and compare it to a more commonly understood conventional mortgage. A Reverse Mortgage is a Tax Free way for a Senior citizen to unlock the equity in their home without having to sell the home. With Reverse Mortgage you do not have to go through the difficulties of trying to qualify for a conventional loan for you do not need any income. And you do not have a risk of losing your home in foreclosure.
Reverse Mortgages have been around since 1989, but have only recently become popular. As the name suggests, a Reverse Mortgage is the opposite of a conventional mortgage. In a Reverse Mortgage the bank pays you a monthly stipend, while in a conventional mortgage, you pay the bank a monthly mortgage payment. For as long as you live in your home, you never have to pay the loan back, while in a conventional mortgage, you have to pay the loan back within a pre-determined period of time (ie: 15 years, 30 years). There are limits place on a Reverse Mortgage to protect senior citizens, so that you will never owe more then you home is worth.
There are three types of reverse mortgage products available in the USA, but by far the most popular one is the federally insured FHA Home Equity Conversion Mortgage (HECM). Over 90% of all Reverse Mortgages are the HECM type, and this FHA insured loan offers the largest loan balance and the most flexible terms. You can receive the money on a monthly basis, or in a lump some. You can pay-off a conventional mortgage that you are monthly making payments on, with a Reverse Mortgage which has no payments and is only due when you sell the home or move out of the home. Unlike a conventional mortgage, in which the lender can foreclose and take back the home if the borrower stops making monthly mortgage payments, a reverse mortgage lender rarely, if ever, takes title to the property.
To qualify for a Reverse Mortgage, you do not need a job, nor do you have to have good credit , or any credit at all for that matter. The amount you can borrow is solely based on your homes value, current interest rates, the number and age of the home owner(s) (you must be 62 years or older), and the county in which you live in. Here in Orange County, CA. the HECM FHA lending limit is just over $312,000.
A Reverse Mortgage is not for everyone. Here are some of the limitations and disadvantages are as follows: 1- You need to 62 year or older. 2- Your home needs to have a good amount of equity. 3- As the Senior citizen ages, there is less and less equity in the home to pass onto the children as inheritance. 4- There are upfront costs associated with a Reverse Mortgage so it would not be appropriate for short term use or to supply needed small sums of money.
AARP has a Reverse Mortgage Calculator to give one a rough idea how much one can borrow on their home. There are many more details to discuss regarding Reverse Mortgages, which we will do in subsequent articles. If you have any questions, or would like to find out if a Reverse Mortgage would be right for you, please call us at: 949-388-3396 or email us at: Info@SearchOCHomes.com
by Vincent Bindi on March 21, 2007
Today, most Orange County mortgage lenders and banks place a lot of weight on what type of a loan you can obtain, and what interest rate you will pay, based primarily on your credit rating. Your credit rating is boiled down to a simple number called your FICO score which is a complicated numerical analysis of your credit developed by a company called Fair Isaac & Company (FICO). The higher the number the better, and this score can range from 300 (F minus) to 850 (A++ perfect). Above 800 is considered to be excellent credit, 650 to 750 is fair to good credit, and below 650 is poor credit. The median credit rating nationwide is about 720. There are three major credit reporting agencies that most all lenders use and they are: Trans Union, Equifax and Experian.
In planning a road trip, the first thing in figuring out where you want to be, is to know where you are at. Likewise, the first step to improving your FICO score is to take a close and detailed look at your current credit report(s). You can get a copy of your credit from a lender who may have just run your credit, or obtain one free online at www.AnnualCreditReport.com First of all, make sure the basic information is accurate such as the spelling of your name, work address etc. Also make sure that your financial information is up-to-date. If you paid off a debt in full, make sure that is reflected in your credit report. Credit Bureaus also allow you to add an explanation to your credit report in order to explain what caused the financial misstep. This won’t change your FICO score, but it may help a lender make a judgment call in your favor.
About 35% of your credit FICO score is based upon the timeliness of your payments. If you have some late payments that you feel are incorrect or there was some justifiable mitigating circumstances, you can dispute these items with the reporting agency or the lender/debtor who reported them. Sometimes you can get these items removed. This takes patience and diligence but is well worth the effort. There are a few legitimate credit repair agencies (and many scoundrels) that can help you with this process. Just be very careful who you pick to work with you on this.
Approximately 30% of your FICO score is based upon the ratio of your outstanding debt to total available debt. The disciplined and brute force way to improve this is to create a tough and realistic budget of your personal finances. This budget needs to include a sum of money each week allocated to paying down your credit cards and other such consumer debt. Some credit repair agencies also have techniques of re-distributing some of your revolving debt, in order to balance your credit card debt which can make a rapid and small improvement to your FICO score.
Roughly 15% of your credit rating is based simply upon your credit history. The longer you have been borrowing money and paying it back on time, the better. No tricks or gimmicks here, just make sure you always pay on time and don’t allow a 60 day late payment to show up in your credit report.
10% is based upon the type of credit you have. Too much consumer finance credit (credit cards) can be a negative. That’s why a equity line of credit on ones home (if you own one) which is solely used to pay off credit cards, can improve our credit in two ways. One, it will lower your total monthly debt payments with lower interest rates, and two, this type of debt is considered better then credit card debt.
The final 10% of your FICO score is based upon miscellaneous items, and one of the most common are recent searches of your credit score. This is why you may have heard rumors about being very careful who runs your credit report. This is true. If you have multiple credit checks and no loan was granted (ie; shopping around for a mortgage loan), this could negatively effect your FICO score. So, if you want to shop for a home or car loan, have your credit report checked one time, and then get a copy and give this copy to other lenders you are considering. Tell them not to run your credit report until you have decided who is going to get your loan business.
If you don’t have any credit history at all, that’s not bad, but it’s not good either. It’s the old Catch 22… In order to demonstrate that you are credit worthy to borrow money, you have to show that you have successfully borrowed money in the past and paid it off on time. so, you can first apply to gas company credit cards or department store credit cards, which are easy to obtain. Use them for several months and pay them off on time. Then step up to a credit card such as Visa or MasterCard and use them and pay them off on time. Next get an auto loan or other secured installment debt. The final goal is to be able to obtain a great fixed interest rate loan to buy a house or condo, and then you’ve made it to credit worthy Nirvana.
There is a new web based company at www.BrightScore.com that is the first of it’s kind that we know of. For a nominal fee of around $20, you can run your credit report and get a detailed customized analysis on things to do to improve your FICO score. We have never personally tried this service, but have heard good things about it and the cost seems fair enough. There are many more details and tips to consider so be sure to consult with a knowledgeable and trusted financial/credit adviser before you make any decisions regarding your finances.
If you have any questions regarding your FICO score, or if you would like to get a referral to a great credti repair agency, contact us at: 949-388-3396 or email us at: Info@SearchOCHomes.com
by Vincent Bindi on March 18, 2007
Covenant Hills is one of Orange Counties newest and most luxurious home developments, and is one of the 8 villages that comprises Ladera Ranch. Home construction began in Covenant Hills in 2004’ and the first homes were completed in 2005’. Covenant Hills comprises of over 700 Acres of hill top property which enables many home sites to offer dramitc vies of the vallies, mountains and distant ocean views. This luxurious gate guarded community incorporates 15 unique subdivisions, with the estate homes ranging is size from 2,250 square feet, up to 8,500 square feet, from 3 bedroom to 6 bedrooms, and 3 to 6 car garages. The fine homes of Covenant Hills are constructed by 8 of some of the nations finest builders which are: K. Hovnanian Homes, Centex Homes, Shea Homes, The Warmington Group, John Laing Homes, Pardee Homes, Standard Pacific Homes, and William Lyon Homes. These distinct subdivisions are listed as follows:
| Alisal |
Detached |
| Amarante |
Detached |
| Arboledo |
Detached |
| Bellataire |
Detached |
| Capistrano |
Detached |
| Castillina |
Condos |
| Covenant Hills Custom Homes |
Detached |
| Encantada |
Detached |
| Las Piedras |
Detached |
| Meriden |
Detached |
| Montanez |
Detached |
| San Donato |
Detached |
| Segovia |
Detached |
| Sherborne |
Detached |
| Skye Isle |
Detached |
The premiere development is Covenant Hills Custom Homes comprising of approximately 230 lots with lot sizes ranging from 1/4 Acre to 1/2 Acre. Here one can find most any architectural style to suit ones taste such as: French Revival, French Country, Early 1900’s Custom Craftsman, Classic Colonial, Spanish Mediterranean, European Old World Classic, Spanish Colonial, Tuscan, Italian Revival, Spanish Revival and more.
Covenant Hills homes includes interior floor plan options only available in the areas finest subdivisions such as: Home theater rooms, Wine tasting rooms, Libraries, Game rooms, Guest or maid quarters, exercise room, Artists retreats, Saline pools, outdoor kitchen with pizza oven and more. Also, one will find luxurious interior appointments such as: High end kitchen appliances such as stainless steel Viking, Bosch or Sub-Zero, Distressed antique cabinetry, Granite counter tops, Italian Travertine flooring, extensive crown molding, dramatic vaulted ceilings and so much more.
Currently there are 18 re-sale homes listed for sale and several builders are offering some pre-built and model homes for sale as well. For re-sale detached homes, prices range from $1,565,000 for a 3 bedroom, 3.5 bath, 3 car garage, 2,990 square foot estate on Portalon Ct., up to $5,950,000 for a 6 bedroom, 5.5 bath, 3 car garage, 7,716 square foot luxurious property with panoramic views and large 17,000 square foot lot with pool and spa, on Franciscan Ct. Price per square foot will vary widely from $390/SqFt up to $880/SqFt and is dependent upon the subdivision and interior appointments.
Homeowners can enjoy the all of the Ladera Ranch amenities such as the many miles of nature trails, 16 parks, 4 village clubs with swimming pools, spas, basketball courts, tennis courts and more. Association dues in Covenant Hills range in the low $400’s per month at the time of the writing of this article.
Covenant Hills is serviced by the award winning Capistrano Unified Public School District. The grade School classes are conducted at Oso Grande, and the intermediate classes are held at Ladera Ranch Middle school. The upper classes are at the award winning Capistrano High School. Covnenat Hills is located in the southwest portion of Ladera Ranch and about 1 mile south of Crown Valley Parkway and about 3 miles east of Highway 5.
For a private showing of any of the fine estates for sale in Covenant Hills, please contact us at: 949-388-3396, or email us at: Info@SearchOCHomes.com To view all homes for sale in Ladera Ranch, visit our website at: Ladera Ranch Real Estate.
by Vincent Bindi on March 15, 2007
The real estate market here in Laguna Beach, CA. has slowed down as compared to a year ago but prices have remained reasonably stable. In the past 3 months, there we 56 detached homes that have sold and closed escrow. The lowest priced detached home the sold was a 2 bedroom, 1 bath, 910 square foot home built in 1915 that sold for $872,000. This property is locate in Laguna Village and basically sold for its land value for the house was essentially worthless. The highest priced sale in the past 30 days was a property consisting of a main 3 bedroom, 3 bath home, with two units behind the main house. The property boasted of a sweeping panoramic ocean and Catalina Island view, and was located in the Victoria Beach community of Laguna Village. The median priced home was $1,825,000 and the average price of these 56 sold homes was $2,345,850. The average days on market was 89 days and the average cost per square foot was $658.
Comparing this to the same 90 day period one year ago we find that there were 63 detached homes sold in Laguna Beach. The least expensive sold for $605,000 and was a 3 bedroom, 2.5 bath, 1,289 square foot home located in Canyon Hills which is about 5 miles from the coast and adjacent to Aliso Viejo. The most expensive property sold in Laguna Beach 1 year age during this 90 day period was a 4 bedroom, 4.5 bath, 6,300 square foot estate located on Coast Hwy in South Laguna. The sales price was $8.8 Million and this property boasted of panoramic ocean views. The median price 1 year ago was $1,625,000 and the average price was $1,931,942. The average price per square foot was $827 and the average days on market was 86 days. The median price increase by about 12% and the average price by about 20%, the median being the more accurate analysis. Although the price price square foot has dropped by 25% which is indicative of buyers buying larger homes in the past year and prices dropping somewhat.
Currently, there are 46 detached single family residences currently under contract in escrow in Laguna Beach. The least expensive home is a 1 bedroom, 1 bath, 536 square foot cottage built in 1935 located on Solana Way in Laguna Village, with an asking price of $849,900 which is essentially the land value. The highest priced home in escrow is a 3 bedroom, 3 bath, 2,646 square foot estate for $8.9 Million and incorporates a sweeping ocean view. The median price of these homes in escrow is $1,649,000.
On this day, there are 180 homes for sale ranging in price from a low of $725,000 for a 3 bedroom, 2.5 bath, 1,664 square foot home in the California Cove tract in Laguna Canyon. The highest priced home currently for sale is a 6 bedroom, 6.5 bath, 11,961 square foot luxury ocean front estate currently under construction. This fine property is located in the Emerald Bay community in North Laguna and is range priced from $18.9 to $33.9 Million. The seller/builder remarks that this property will one of the most remarkable oceanfront properties in the world. The median priced home for sale is $2,295,000 and the average priced home is $3,950,000. The average asking price per square foot is $1,142 and the average days on market are 102 days.
To view all home for sale visit our website at: Laguna Beach MLS. If you would like a private viewing of any of these fine luxury homes for sale in Laguna Beach, feel free to contact us at: 949-388-3396 or email us at: Info@SearchOCHomes.com
by Vincent Bindi on March 14, 2007
The real estate market in San Clemente has slowed down but prices have remained fairly stable. In the past 3 months, there have been 108 detached single family homes (SFR) that have sold. These homes range in price from $515,000 for a 2 bedroom, 2.5 bath, 1,122 square foot property on Enrique street in the Tacayo Canyon subdivision, on up to $3,437,774 for a brand new 5 bedroom, 5.5 bath, 4 car garage 6,070 square foot estate on Via Conocido street in the Lucia tract of Talega. The median priced home sold was $925,000 and average price of these homes sold is $1,121,680. The average price per square foot is $408 and the average days on market is 103.
Compared to last year at this time, there were 131 homes that sold in the same 90 day period of time. These sold homes ranged from a 3 bedroom, 2.5 bath, 1,228 square foot property on Felipe street, in the Tocayo Canyon tract in Forster Ranch which sold for $619,000. The highest price home sold back then was a 5 bedroom, 5.5 bath, 6 car garage, 7,000 square foot luxury home. The estate is located on Avenida La Cuesta street and boasts of a panoramic ocean view and was built in 2005 with a Ole Hansen Spanish styled architecture. The median priced home sold 1 year ago was $950,000 and the average priced home sold in San Clemente at that time was $1,099,338. The average price per square foot was $489 and the average days on market was 45 days.
Today, there are 74 detached homes in San Clemente that are sold in escrow. These homes range in price from a 2 bedroom. 2 bath, 1,210 square foot house on Calle Sol in the Villagio tract for $585,000. The highest priced home in escrow is a 4 bedroom, 4.5 bath, 4,104 square foot brand new luxury home. This fine estate is located on Camino Capistrano in North San Clemente with breathtaking ocean view with an asking price of $5,179,000.
Currently, there are 373 detached SFR homes for sale in San Clemente. The homes range from a 2 bedroom, 2 bath, 1,210 square foot property on Via Otono in the Villiago tract for $575,000. The most expensive property is a 4 bedroom, 4 bath, 3,400 square foot luxury home on Via Armilla street in the Vittoria tract of Talega, and was built in 2005′. The median price of these homes for sale is $975,000.
Click the following link to view all homes currently for sale in San Clemente. If you would like to view any of these fine properties, please drop us an email at: IInfo@SearchOCHomes.com or call us at: 949-388-3396
by Vincent Bindi on March 13, 2007
This bank Owned home was just listed for sale on 3/12/2007 for an asking price of $639,900. This is a single story home consisting of 3 bedrooms, 2 baths, 1,561 square feet and a 2 car garage on a large corner lot. The property has nice Carpets, decent Paint, large back yard, open kitchen, and shows light and bright. The bank is selling this home in it’s ’AS IS’ Condition.
This bank REO home is located in central Mission Viejo in the Eldorado tract, close to the intersections of Alicia Pkwy and Coronel Dr.
There are No HOA dues and No Mello-Roos. This home is serviced by the Saddleback Valley Unified School district. The grade school classes are at Cordillera Elementary school. The intermediate classes are at La Paz Middle School and the upper grades are at Mission Viejo High School.
If you would like to view the inside of the this home, or obtain information about other Foreclosed homes for sale, please call us at: 949-388-3396 or drop us an email at: Info@SearchOCHomes.com Click on the following ling to view all homes for sale in Mission Viejo.
by Vincent Bindi on March 7, 2007
Canyon Point Condos in Aliso Viejo combines resort style luxury with a great location at affordable prices. Canyon Point is located by the intersection of Pacific Park and Wood Canyon Drive. This fine community is close to world-class shopping pristine state parks and great educational institutions. Aliso Viejo is an ideal environment to raise a family in for it offers excellent public school system and has some of the lowest crime rates in America.
Canyon Point condos consists of 5 distinct 1 and 2 bedroom floor plans as follows:
- The Point – 1 bedroom, 1 bath, 845 SqFt.
- The Vista - 1 bedroom, 1 bath, 845 SqFt.
- The Estrella – 1 bedroom plus Den, 1 bath, 1,059 SqFt.
- The Cielo – 2 bedroom, 2 bath, 1,158 SqFt.
- The Canyon – 2 bedroom, 2 bath, 1,235 SqFt.
As of the date of this article, the 1 bedroom floor plans are selling in the range of $315,000 to $380,000 and the 2 bedroom models are selling in the range of $415,000 to $470,000.
Canyon Point condominiums were built in 1998 and were leased at that time. The units were recently renovated for sale, and include the following upgrades: premium carpeting, nine-foot ceilings and crown molding. The kitchen boasts of granite countertops, custom wood cabinetry and high quality stainless steel appliances including stove, microwave and dishwasher. Each residence also includes private patio on the first floor, or a balcony for the top floor units. Many condominiums have a gas fireplace with carved wood mantel, built-in bookshelves and travertine tile floors, and some units come with a 1 car detached garage.
The Canyon Point community incorporates a resort style heated swimming pool, soothing spa and club house with fitness center. The association dues are in the low end at $142 per month at the time of this article, and there is Mello-Roos in Canyon Point as is the case with most developments in Aliso Viejo.
Canyon Point is serviced by the respected Capistrano Unified Public School district. The upper grade classes are conducted at the award winning Aliso Niguel High School and the distinguished Soka University is just up the street. Close by to Canyon Point is the popular Aliso Viejo Town Center which offers a multitude of shopping and dining experiences plus a 20 Theater Ciniplex.
For a list of Condos currently for sale in Canyon Point, or if you would to view the inside of any these condominiums for sale, please contact us at: 949-388-3396 or email us at: Info@SearchOCHomes.com , or click here to view all Condos for sale in Aliso Viejo.
by Vincent Bindi on March 3, 2007
This 2 bedroom, 2 bath Condo is listed for sale for $389,900 on March 2nd, 2007′ . It was foreclosed upon by the Lender and is being sold in it’s “As Is” condition. This condominium is a top floor end unit and incorporates 914 square feet of living area. It is in the Spinnaker Run tract which is located just a short walk to Dana Point Harbor, and is close to the cross streets of Del Obispo and Quail run.
The HOA dues are about $286 per month and include association swimming pool, spa, sauna, tennis courts, property fire insurance, trash service and exterior maintenance. This condo is located in the award winning Capistrano School District and the grade school is Del Obispo Elementary. The intermediate school is Marco Forester middle school and the the upper classes are conducted at Dana Hills High School.
If you would like to see the inside of this home, or if you would like more information about foreclosure or short sale properties, contact us at: Info@SearchOCHomes.com or call us at: 949-388-3396 If you would to receive a free list of distressed properties, visit: www.OCBargainHomes.com
by Vincent Bindi on March 1, 2007
Stratford at Pacifica in Dana Point is located by the intersection of Del Obispo and Stonehill in the Del Obispo area of Dana Point and is just 1 short mile from the Dana Point Harbor. This desirable subdivision was built during the years of 1978 and 1984 during several phases of construction. 176 homes were built during this time comprising of a wife variety of exterior styles and architectures incorporating 10 distinct floor plans as follows:
- A – Oceanaire – 3 bedrooms 2 baths, 1,350 sqft, 1 Story, 2 car garage.
- B – Wavecrest – 3 bedrooms 2 baths, 1,454 sqft, 1 Story, 2 car garage.
- C – Shoreview – 3 bedrooms 2.5 baths, 1,820 sqft, 2 Story, 2 car garage.
- D - Seaview – 4 bedrooms 3 baths, 2,520 sqft, 2 Story, 2 car garage.
- E - Seabreeze – 4 bedrooms 3 baths, 2,450 sqft, 2 Story, 3 car garage.
- F - Kensington – 3 bedrooms 2 baths, 1,675 sqft, 1 Story, 2 car garage.
- G – Oxford – 4 bedrooms 2.5 baths, 2,341 sqft, 2 Story, 2 car garage.
- H – Somerset – 4 bedrooms 2.5 baths, 2,732 sqft, 2 Story, 3 car garage.
- I - Windsor – 4 bedrooms 3 baths, 2,745 sqft, 2 Story, 3 car garage.
- J - Coventry – 3 bedrooms 2.5 baths, 2,103 sqft, 2 Story, 2 car garage.
Each home included a fireplace. The home owners association dues are only about $46 per month and there is no Mello-Roos. During the year of 2006′ homes in Stratford at Pacifica sold at an average of about $400 per square foot.
The close proximity to the beach influenced the names of the streets as follows: Admiral Way, Atoll Dr, Bluesail Dr., Breezy Pl., Cape Bay Pl., Coral Reach St., Cove Island Pl., Leeward Dr., Reef Bay Pl., Rocky Beach Ln., Rusty Anchor St., Saltwater Dr., Sandy Beach Pl., Starboard Dr., Stern Wave Pl., Surf Shoal Pl., Via Lenita and Whitesands St.
Stratford at Pacifica is serviced by the award winning Capistrano school district. The grade schools classes where conducted at the Del Obispo Elementary school, and the intermediate school is Marco Forster Middle school. The upper grades are conducted at Dana Hills High School.
If you would like to view all homes listed for sale in Dana Point, visit our website at: Dana Point Real Estate
