Laguna Niguel Real Estate Prices

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

What is a Reverse Mortgage ?

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