From the monthly archives:

July 2007

3000 The Plaza – Irvine Condominium Tower

by Vincent Bindi on July 27, 2007

Many feel that 3000 The Plaza and The Plaza Irvine (5000 & 8000) are the most exclusive new high rise condominium towers in Irvine, CA.   These modern and luxurious triple high rise towers are located at the corner of  Jamboree and Scholarship, just west of the 405 freeway.

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. 
 
At the time of the writing of this article, prices range from the Mid $600K’s to $1 Mil for Residences A through C-1, and from $1 Million to $1.5 Million for Residences D through F, and the Penthouses run from $1.4Million on up to several Million.

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

Homes of Hillcrest Estates, Laguna Niguel

by Vincent Bindi on July 25, 2007


Click Here to Search the MLS for Laguna Niguel Homes for Sale

The beautiful homes of Hillcrest Estates in Laguna Niguel were built in the years from 1999 to 2007. There are a total of 185 homes built in the tract by S and S Homes and is now completely built out. Hillcrest Estates homes range in size from 2,200 SqFt to 4,100 SqFt and encompass 10 unique floor plans with numerous exterior elevation options. 

This gated community is perched on top of the hillside just west of Alicia Parkway and south of Aliso Creek Rd., thereby offering many homesites with panoramic views of the surrounding hills, valleys and canyon. These elegant homes boast of modern California architectures, large lots and many of the homes have three car garages. 

The school district that serves this new community is the award winning Capistrano School district.  The public elementary is Moulton Elementary, the middle school is Aliso Middle School, and the public high school being Aliso Niguel High.  This fine community of Hillcrest Estates is governed by a home owners association and the monthly dues are currently $185 per month, and there is no Mello-Roos tax.

Currently, as of the beginning of August 2007, there are 7 homes available for sale in Hillcrest Estates, ranging in price from $1,199,000 on up to $2 Million.  The price per Square Foot for these homes for sale currently ranges from approx. $420 to $507.  Homes sold in the past six months range from a one story model that sold for $1,200,000 and closed escrow on May 31, 2007 to our largest model that sold for $2,000,000 and closed escrow on March 12, 2007.

If you would like more information about Hillcrest Estates, please contac Jim Duffy, at:  949-842-2008.  If you would like to view all homes listed for sale in Laguna Niguel simply visit our website at:  Laguna Niguel Real Estate

Ladera Ranch CA. Foreclosures for Sale

by Vincent Bindi on July 24, 2007

The real estate market in Ladera Ranch has been booming ever since it’s inception in the year 2000′.  But after many year of skyrocketing appreciation, and the collapse of the sub-prime mortgage industry, real estate has been depressed in the recent past, and it is now a good time to look at making a purchase.  Currently, there are 31 homes and condos listed for sale in Ladera Ranch CA. that are in Foreclosure, or are Bank Owned REO, or are in a Short Sale situation. 

The lowest price distressed detached home is located on Irish Moss in the Savannah tract of Ladera Ranch, CA.   The asking price is $574,900 and this home comprises of 3 bedroom,s 2.5 baths, and 1,800 square feet of living area.  It was built in 2002′ and has a 2 car garage ad a private wrap around patio.  This property is a Short Sale and would require lender approval.

One of the newer condos listed for sale that is a Bank Owned REO is a 2 bedroom, 2.5 bath condo  listed for $439,900.  This  home comprises of 1,473 square  feet of living area, and has a 2 car direct access garage.  The kitchen has many upgrades including black appliances and granite counter tops. 

To view all foreclosure, bank owned REO and Short Sale properties currently listed for sale in Ladera Ranch, visit our new webpage at: Ladera Ranch Foreclosures.   If you would like to view any of these distressed properties listed for sale, or if you would like to learn more about distressed property opportunities, please feel free to contact us at:  949-388-3396 or email at:  Info@SearchOCHomes.com  

Summerfield Homes in Woodbridge Village, Irvine

by Vincent Bindi on July 17, 2007

The homes of Summerfield in Woodbridge Village, Irvine are located by the intersection of Culver Dr. and Alton Pkwy. Irvine is one of the nation’s largest planned urban communities and encompasses more than 55 square miles. Woodbridge is a very desirable location within Irvine for is is near John Wayne airport and business corridor,  the beautiful South Lake, outstanding schools, pools and has easy access to freeways. The neighborhood of Summerfield includes 258 highly sought after homes located in one of the safest cities in America ! These homes were built in the 1980’s by the builders Standard Pacific. Summerfield comprises of four distinct floor plans as follows:

  • Sunrise- 3 bedrooms, 2 baths, 1,435 sqft, 2 car garage
  • Meadowlark- 3 bedrooms, 2 baths, 1,619 sqft, 2 car garage
  • Wildflower- 4 bedrooms 2.5 baths, 1,801 sqft, 2 car garage
  • Wildflower- 4 bedrooms 2.5 baths, 1,801 sqft, 2 car garage

Each home includes a fireplace and 2 car garage. Neighborhood amenities include association pool, spa, tennis courts, barbeque, and club house/recreation facility center.  The association dues are around $67 per month and there is no mello roos!

Homes in Summerfield are price in the range of $759,900 on up to $1 Million.  The streets that comprise of the Summerfield community in Woodbridge Village are as follows: Fairdawn, Halfmoon, Newmeadow, Soaring Hawk, Summerstone, Tidewater, Timbergate, Whistling Isle, and Whitecloud.

The homes of Summerfield of Woodbridge are serviced by the award winning Irvine Unified Public School District.  The grade school classes are conducted at Meadowpark Elementary School and the middle school is serviced by South Lake Middle School.  The upper grade classes are held at Woodbridge High School. Just within minutes you will also find the popular and highly respected colleges of Concordia University, Irvine Valley College, and University of California Irvine (UCI). A perfect community for college students and professors!  

Aliso Viejo Real Estate Prices – July 2007′

by Vincent Bindi on July 10, 2007

As I’m sure you have heard by now, the real estate market here in south Orange County has slowed down considerably in the past 16 months.  The volume of home sales has decreased substantially from 2 years ago, and the inventory is up.  This has resulted in a drop of home prices of around 10% since the peak in pricing in May of 2006′, with prices  holding steady in the past 2 months.

For the city of Aliso Viejo, CA. there are currently 176 detached homes listed for sale.  These homes range in price from $527,000 for a 2 bedroom, 2.5 bath detached home on Andaluz in the San Simeon tract.  The highest priced home active for sale is $1,699,900 for a 5 bedroom, 5.5 bath, 4,100 square foot estate on Glittering Sky in the Canyon View Estates community, boasting of panoramic views.  The median price of these homes for sale is $699,900 and the average price is $807,167.  The average price per square foot is $394/sf and the average days on market is 66 days.

For detached SFR homes under contract, there are currently 37 homes pending in escrow.  These homes range in price from $499,999 for a 2 bedroom, 2.5 bath home on Woodcrest Ln in the Vista Terraza tract, on up to $1,649,990 for a 5 bedroom, 4 bath, 3,605 square foot estate on Roundtree Ct in the Silver Oaks tract with a panoramic view and swimming pool.  The median priced home currently in escrow is $669,500 and is typically a 3 or 4 bedroom, 2.5 bath home with around 1,700 square feet of living area.

In the past 90 days, there have been 60 homes that have sold and closed escrow in Aliso Viejo.  These homes range in price from a low of $513,000 for a 2 bedroom, plus loft, 2.5 bath home on Woodcrest in the Vista Plaza tract, up to $1,660,000 for a 5 bedroom, 4.5 bath, 3,950 square foot estate on Remington in the Silver Oaks subdivision.  The median price home is $669,900 and the average sold price in the past 3 months was $765,860.   The average price per square foot was $386 and the average days on market was 53 days.
For comparison purposes, during this same three month period one year ago (2006′), there were 97 detached homes that sold and closed escrow in Aliso Viejo.  The median price was $710,000 and the average price sold back then was $751,455.   The average price per square foot was $406.  The median and average price per square foot has dropped about 5% year to date in Aliso Viejo. 

To view all homes currently listed for sale in Aliso Viejo, please visit our website at:  Aliso Viejo Real Estate.  If you have any questions, or if would like to see the inside of any home listed for sale in Aliso Viejo, please feel free to contact us at:  949-388-3396 or send us an email at:  Info@SearchOCHomes.com

Orange County CA. Financial News week in Review

by Vincent Bindi on July 2, 2007

Here is a summary of this past weeks (June 25th – June 29th, 2007) economic and financial news for the nation as it may effect the local real estate markets here  in Orange County, CA. 

  • Existing home sales slipped 0.3% in May to an annual rate of 5.99 million, mostly as expected. Though sales are stabilized somewhat right now, swelling inventories combined with tighter credit standards promise to curb demand for housing through the rest of the year.  Similar trends currently exist now in south Orange County.  The rate of sales has held steady, but seeing a rise in inventory levels.
  • Consumer confidence fell to 103.9% in June from 108.5% in May. Despite the drop this month the level of the index suggests that consumers remain fairly optimistic although they rated the present situation lower as expectation for the future declined. Confidence levels face downside risk going forward due to high gas prices, higher interest rates, slumping home prices and sluggish job creation.
  • New home sales fell 1.6% in May to an annualized rate of 915k compared to an expected rate of 925k. Moreover, April sales were downwardly revised to 930k from 981k. Over the past year, new home sales have declined 15.8%. The trend in new home sales has flattened out at a fairly low level in the past several months without expectation of a rebound anytime soon as builders work through excess inventories.
  • The MBA mortgage applications index fell by 3.9% to 618.6% for the week that ended June 22. This was the fourth decline in the past five weeks as higher mortgage rates take their toll on application volumes. Both purchase and refinance activity declined. Nevertheless, mortgage applications in total remain 16.8% above their year ago level.
  • As widely expected, the FOMC opted to hold the target for the fed funds rate steady at 5.25% at their policy meeting today. This was the eighth straight meeting policymakers have left rates alone. Moreover, there were only minimal changes to the post-meeting statement. The Fed recognized moderate economic growth in the first half of this year, thus confirming a rebound in Q2 after a weak first quarter even amidst the ongoing correction in the housing market. The Committee also acknowledged that core inflation improved modestly but want to see more evidence of easing inflationary pressures. They reiterated that the current high level of resource utilization poses an upside risk to inflation. The Fed maintained that inflation continues to be the predominant risk to the economy and that future policy adjustment will remain dependent upon incoming economic data.
  • Mortgage rates eased for the second week in a row as financial markets digested more weak housing market data. New and existing home sales reported earlier in the week showed weakened demand, lower prices and higher inventories. 30-year fixed rate mortgages averaged 6.67% this week compared to 6.69% last week according to Freddie Mac’s mortgage market survey.
  • Construction spending increased 0.9% in May, led by a sharp 2.7% increase in the non-residential sector. Residential construction spending remained weak, falling 0.8% in May in its fifteenth straight decline.
If you have any questions regarding mortgage loans for the purchase or refinance of a home or condo here in Orange County, CA., or if you would like a second quote on a Mortgage loan with very low interest rates and low costs, please feel free to call us at:  949-388-3396 or drop us an email at:  Info@SearchOCHomes.com