by Vincent Bindi on November 26, 2007
We have been tracking the Months of Inventory in south Orange County, Ca. along with Active versus Pending sales, and Price per Square statistics, since July of 2002′. As most everyone is aware, the real estate market here is southern California has slowed down substantially compared to 2 years ago. Homes are setting on the market for sale much longer, prices has decreased substantially, and mortgage loan delinquencies have resin dramatically.
But in the midst of all of this bad press, we have noticed a very interesting trend… albeit a short term one. For the past 7 weeks, the number of homes Pending in escrow has been steadily increasing for homes priced less then $450,000. On October 8, 2007 there were 84 homes under contract in escrow in this price range in south Orange County, Ca. That number has steadily increased and now stands at 150 homes pending in escrow. That’s an increase of 21% in the midst of all of the negative press, and the traditional seasonal holiday slow down in the local marketplace.
What is this due to one may ask ? Well it is certainly NOT due to “not ready for prime time” home buyers who are using zero down, stated income purchase money loans, for those loan programs essentially have been deleted from the marketplace. What we do see is the drop in home prices by about 10% to 15% that has occurred in the past 10 months, has resulted in seasoned prospective home buyers and investors now seeing some true values in the marketplace who are increasingly making offers to purchase. Will this continue throughout next year ? Well it may be too soon to draw any type of long term conclusions, but I think that this is a good early indicator.
Our charts of Price per Square foot for both detached SFR’s and Condo’s, has shown that the peak in home pricing occurred in May of last year at about the $407/SqFt level for detached homes. Prices have been slowly decreasing since that time to a level of $356/SqFt today for detached single family homes. This represents a decrease of 12.5%, and since closed sales prices are always a lagging indicator, and given the recent sales that I have seen in certain areas, I predict this number will show prices having already fallen to a level of 15% to 20% for certain areas and product types.
For more information about the local real estate market here in Orange County Ca., please feel to call us at: 949-388-3396 or drop us an email at: Info@SearchOCHomes.com or Text Message us at: (949) 283-4679.
by Vincent Bindi on November 19, 2007
A Gated entrance for single family home and Condo subdivisions offer a feeling of prestige and safety to a residential community. Although Mission Viejo is one of the lowest crime cities in the U.S., many people prefer gated communities for that extra sense of security.
There are two forms of gated subdivisions. One is he automatic gated entrance which is typically activated by the home owners using a remote controlled opener and security code that is changed periodically. The other is a human 24 hour gate guard, or a combination of a human gate guard during certain hours, and an automated gated entrance during off hours.
We identified each Condo and single family home subdivisions in Mission Viejo have gated entrances. Below are three tables, one for each area of Mission Viejo, which shows each gated tract name and the name of the home builder:
Mission Viejo North Gated Tracts
| Tract Name |
Type of Home |
Builder |
| Mallorca Condos |
Condos |
Mission Viejo Co |
| Finisterra On The Lake |
Condos |
Mission Viejo Co |
| Lake Aire |
Condos |
Signature Homes |
| Palmia – Courts 1 |
Condos |
J.M. Peters |
| Palmia – Courts 2 |
Condos |
J.M. Peters |
| Belcrest |
Detached SFR |
Signature Homes |
| Cliff Wood |
Detached SFR |
Taylor Woodrow |
| Concord |
Detached SFR |
Del Webb Coventry |
| Crystal Ridge |
Detached SFR |
Del Webb |
| Gallery Collection |
Detached SFR |
J.M. Peters |
| Hillhurst |
Detached SFR |
Standard Pacific Homes |
| Montclaire |
Detached SFR |
Standard Pacific Homes |
| Montage |
Detached SFR |
Bramelea |
| Palmia – Heights |
Detached SFR |
UDC Homes |
| Palmia – Terraces |
Detached SFR |
J.M. Peters |
| Palmia – Villas 1 |
Detached SFR |
J.M. Peters |
| Palmia – Villas 2 |
Detached SFR |
J.M. Peters |
| Palmia – Vistas |
Detached SFR |
Brock |
| Ridgegate Canyon Crest |
Detached SFR |
Brock |
| Stoneybrook |
Detached SFR |
Mission Viejo Co |
| Tres Vistas Custom |
Detached SFR |
Mission Viejo Co |
| West Cliff |
Detached SFR |
Mission Viejo Co |
Mission Viejo Central Gated Tracts
| Tract Name |
Type of Home |
Builder |
| Casta Del Sol – Pud |
Condos |
Mission Viejo Co |
| Cypress Point |
Condos |
Mission Viejo Co |
| Casta Del Sol – Fiesta |
Detached SFR |
Mission Viejo Co |
| Casta Del Sol – Carmel |
Detached SFR |
Mission Viejo Co |
| Greystone Point |
Detached SFR |
Greystone |
| Highlands |
Detached SFR |
Shea Homes |
| Stoneridge Gallery |
Detached SFR |
Standard Pacific Homes |
Mission Viejo South Gated Tracts
| Tract Name |
Type of Home |
Builder |
| Bel Mira at Quail Run |
Condos |
Bramelea |
| Finisterra Green “Baja” |
Condos |
Mission Viejo Co |
| Alta Mira |
Detached SFR |
Bramelea |
| Quail Run – Centex |
Detached SFR |
Centex Homes |
These fine residential communities are located throughout Mission Viejo in most all prices ranges. Mission Viejo is known for it’s mater planned communities nestled in the rolling hills, with popular Lake Mission Viejo as the focal point. Mission Viejo residential neighborhoods boast of excellent public schools, clean air, very low crime rate, and close proximity to the south Orange County beaches.
To view all residential properties listed for sale that are located in gated communities in Mission Viejo, please visit our OC Just Listed home finder service and add a note that you are looking for just gated home or condo subdivisions in Mission Viejo. Or feel free to call us anytime at: 949-388-3396
by Vincent Bindi on November 18, 2007
Price (subject to change): $580,000
Type: Detached SFR
Bedrooms: 3
Baths: 2
Living Area (SqFt): 2,400
No. of Garages: 2
Stories: 2
Year Built: 2002
Lot Size (SqFt): 4,000
City: San Juan Capistrano
Area: Del Obispo
Tract: Alipaz
Street: Paseo Toscana
School District: Capistrano Unified
Property Description: Beat the bank on this short sale home. Beautiful and spacious 2 story home in gated community. Designer touches. Lots of storage. Durable concrete tile roof. Low association fees. Long Driveway with attached 2 car garage. Great views of the San Juan Hills. Newer construction built in 2002′. No Mello-roos.
Financing: Conventional financing with 10% or 20% down is available. Interest rates have recently dropped to 6.6% with No Points for Jumbo loans greater then $417,000. The seller wants this short sale home sold.
Contact: To view this Bank Foreclosed home, feel free to Call Us at: 949-388-3396, or email us at: Info@SearchOCHomes.com , or Text Message at: 949-283-4679. We’re easy to talk too. Let us negotiate a great price for you on this Short Sale property for sale in Orange County. Join our FREE and No Obligation Bank Foreclosure and Short Sale home finder service at: www.OCBargainHomes.com
by Vincent Bindi on November 18, 2007
Price (subject to change): $599,000
Type: Detached SFR
Bedrooms: 3
Baths: 2
Living Area (SqFt): 1,684
No. of Garages: 2
Stories: 1
Year Built: 1972
Lot Size (SqFt): 6,100
City: San Clemente
Area: Coast District
Tract: Visat Del Verde
Street: Camino De Los Mares
School District: Capistrano Unified
Property Description: Beat the Bank on this great price for a Short Sale. Adobe style home with panoramic views of Shorecliff Golf Course. Kitchen and bathrooms recently renovated, granite counters, travertine floors and stainless appliances. Great floor plan with 3 ground-level bedrooms. Fantastic location; Close to beach, shops, restaurants, health care services and freeway. No association dues and No Mello-roos.
Financing: Conventional financing with 10% or 20% down is available. Interest rates have recently dropped to 6.6% with No Points for Jumbo loans greater then $417,000. The seller wants this short sale home sold.
Contact: To view this Bank Foreclosed home, feel free to Call Us at: 949-388-3396, or email us at: Info@SearchOCHomes.com , or Text Message at: 949-283-4679. We’re easy to talk too. Let us negotiate a great price for you on this Short Sale property for sale in Orange County. Join our FREE and No Obligation Bank Foreclosure and Short Sale home finder service at: www.OCBargainHomes.com
by Vincent Bindi on November 16, 2007
Price (subject to change): $645,000
Type: Detached SFR
Bedrooms: 3
Baths: 3
Living Area (SqFt): 1,842
No. of Garages: 2
Stories: 2
Year Built: 1974
Lot Size (SqFt): 3,900
City: Dana Point
Area: Capistrano Beach
Tract: Capistrano Heights
Street: Calle Carmelita
School District: Capistrano Unified
Property Description: Beat the bank on this short sale home. Enjoy Ocean Breezes from this spacious 3 br 3 ba + loft Dual Master home. A gorgeous stone entryway boasts an impressive water feature. The main floor master w/remodeled bath includes a separate entrance. The 2nd Master also has a newly remodeled bathroom. An oversized patio balcony provides an ocean view & tons of space to BBQ! The backyard offers a very private spa & outside shower to rinse away beach sand. Just 1 block to Sunset Park & only moments to Dana Point Harbor & Beaches!
Financing: Conventional financing with 10% or 20% down is available. Interest rates have recently dropped to 6.6% with No Points for Jumbo loans greater then $417,000. The seller wants this short sale home sold.
Contact: To view this Bank Foreclosed home, feel free to Call Us at: 949-388-3396, or email us at: Info@SearchOCHomes.com , or Text Message at: 949-283-4679. We’re easy to talk too. Let us negotiate a great price for you on this Short Sale property for sale in Orange County. Join our FREE and No Obligation Bank Foreclosure and Short Sale home finder service at: www.OCBargainHomes.com
by Vincent Bindi on November 15, 2007
Price (subject to change): $435,000
Type: Detached Home
Bedrooms: 3
Baths: 2.5
Living Area (SqFt): 1,300
No. of Garages: 2
Stories: 2
Year Built: 1995
Lot Size (SqFt): smaller
City: Rancho Santa Margarita
Area: North R.S.M.
Tract: Los Abanicos
Street: Calle De Falicidad
School District: Saddleback Valley Unified
Property Description: Hurry and let’s beat the bank, on this fantastic Short Sale detached home situated on a beautiful corner lot. It has Open light bright floor plan: with 1/2 bath and bonus room on the first floor used now as a bedroom and 3 bedrooms 2 bath. on 2nd. floor. and 2 Car Attached garage. Low home owners Association fees. Close to RSM lake, Shopping, Schools, Restaurants, Real nice location. Property need some minor cosmetic repairs.
Financing: Two sources of Government Subsidized loans are available to purchase this low priced home with Zero Down payment. These government loans offer below market fixed interest rate financing amortized over 30 years. Seller needs this short sale home sold now.
Contact: To view this Bank Foreclosed home, feel free to Call Us at: 949-388-3396, or email us at: Info@SearchOCHomes.com , or Text Message at: 949-283-4679. We’re easy to talk too. Let us negotiate a great price for you on this Short Sale property for sale in Orange County. Join our FREE and No Obligation Bank Foreclosure and Short Sale home finder service at: www.OCBargainHomes.com
by Vincent Bindi on November 15, 2007
Price (subject to change): $509,900
Type: Detached SFR
Bedrooms: 3
Baths: 3
Living Area (SqFt): 1,607
No. of Garages: 2
Stories: 1
Year Built: 1964
Lot Size (SqFt): 7,200
City: Lake Forest, CA
Area: South Lake Forest
Street: Belgreen Place
School District: Saddleback Valley Unified
Property Description: Hurry and beat the Bank on this low priced detached home. This single level home boasts a completely remodeled kitchen with granite kitchen counters, all stainless appliances, new cabinets and flooring. The dining room features a beautiful marble tile fireplace. Upgrades include remodeled bathrooms, new windows and doors, interior and exterior paint, interior doors, room lighting, ceiling fans, new electrical throughout, driveway, gutters, and beautiful double-door entry. Needs a little TLC. Seller wants thsi Short Sale home sold now.
Financing: Two sources of Government Subsidized loans are available to purchase this low priced home with Zero Down payment. These loans offer below market 30 year Fixed Rate financing. Seller needs to sell now.
Contact: To view this Bank Foreclosed home, feel free to Call Us at: 949-388-3396, or email us at: Info@SearchOCHomes.com , or Text Message at: 949-283-4679. We’re easy to talk too. Let us negotiate a great price for you on this Short Sale property for sale in Orange County. Join our FREE and No Obligation Bank Foreclosure and Short Sale home finder service at: www.OCBargainHomes.com
by Vincent Bindi on November 14, 2007
Currently there are 189 properties listed for sale that are Short Sales in Garden Grove, CA. 42 of these properties are attached Condos ranging in price from $184,000 for a 2 bedroom, 1 bath, 819 square foot unit on Parkway Dr, on up to $440,000 for a 3 bedroom, 2.5 bath, 1,321 square foot Townhome with 2 car garage in Wilson St. The median price of these Short Sale condos is $349,000 and the average price is $341,242. The average price per square foot is $300/SqFt and the average days on market is 83 days.
147 of these Short Sale properties are detached homes ranging in price from $385,000 for a 2 bedroom, 1 bath, 707 square foot home on Anita Place, on up to $850,000 for a 5 bedroom, 3 bath, 3 car garage, 3,341 square foot home on Gilbert St. The median price of theses 147 homes is $499,900, and the average price is $508,369. The average days on market is 68 days, and the average price per square foot is $375/SqFt for these SFR short sale houses..
Today, there are 13 Short Sale properties under contract In Escrow in Garden Grove. 2 of these properties are attached Condos and 11 of them are detached single family homes.
If you are not familiar with the term Short Sale – A Short Sale is a property in which the current mortgage debt is more then the net sales price of the home. In these situations, the Mortgage Banker(s) have to agree to reduce their loan balance in order to sell the home.
If you are a home buyer looking for a great price on a home, please visit our website at: www.OCBargainHomes.com If you are a homeowner, and you may be falling behind in your home mortgage payments, and you have little or no equity left in your home, we can help you get out of this situation using a Short Pay. Please visit our website for more details at:
by Vincent Bindi on November 13, 2007
As most everyone is aware, the residential real estate market here in Orange County is going through a significant correction. Mortgage loan delinquencies and Foreclosures are at record breaking levels, with no relief in sight for the near term. In August 9th of this year we evaluated the number of distressed properties for sale per population for each city in south Orange County. That report showed that the beach cities were experiencing a much lower percentage of distressed property sales, compared to the newer and lower priced inland cities of south Orange County. On October 20th, we reported the ratio of distressed properties for sale compared to the overall number of homes for sale in south Orange County was 14%.
Here, we will examine the ratio of Distressed Properties for sale compared to ALL properties for sale for south Orange county and for each city. A distressed property that is listed for sale is one in which the property is a Bank Owned REO, or homes still owned by a person that are in Foreclosure or are a Short Sale. The table below is a tabulation or our findings for this date of November 14, 2007′.
Again the higher priced beach cities are holding up well and have a very low percentage of distressed properties for sale (less then 3%), while the inland cities have a much higher rate of 25% or more. The overall south Orange County region has 18% of the listings which are distressed properties, compared to a ratio of 14% in October 20th of this year.
The significantly higher distressed property listings in the inland cities is due to several factors. Compared to the beach cities, the inland cities contain a much higher percentage of lower priced homes and condos that were purchased first time home buyers. In order to afford the high cost of local housing, many of the first time buyers use highly leveraged financing, some of which with adjustable rate mortgages, and many of these homeowners are finding it now impossible to keep up with their mortgage payments after several interest rate reset increases.
| City |
Distressed Properties for Sale
|
All Propeties for Sale
|
Ratio ( % ) |
| Newport Coast |
0 |
157 |
0.0% |
| Laguna Beach |
4 |
280 |
1.4% |
| Corona Del Mar |
3 |
142 |
2.1% |
| Newport Beach |
12 |
536 |
2.2% |
| Dana Point |
25 |
349 |
7.2% |
| Coto De Caza |
17 |
162 |
10.5% |
| San Clemente |
59 |
564 |
10.5% |
| Irvine |
125 |
1069 |
11.7% |
| Laguna Niguel |
100 |
520 |
19.2% |
| Ladera Ranch |
73 |
340 |
21.5% |
| Tustin |
108 |
479 |
22.5% |
| Mission Viejo |
143 |
570 |
25.1% |
| San Juan Capistrano |
78 |
310 |
25.2% |
| Aliso Viejo |
110 |
434 |
25.3% |
| Laguna Hills |
77 |
235 |
32.8% |
| Rancho Santa Marg. |
163 |
496 |
32.9% |
| Lake Forest |
208 |
567 |
36.7% |
| south Orange County |
1305 |
7210 |
18.1% |
On a more positive note, our statistical analysis has shown that the Inventory of homes Active for sale in south Orange County has been slowly decreasing in the past several months, while the number of homes sold In Escrow has increased slightly in the past month. Also on a more grass roots level, we have seen numerous distressed properties priced well below market, sell within a week with multiple offers from buyers with very large cash down payments, which may be an indication that some of these bargain priced homes represent the bottom of the pricing cycle. For more information about Foreclosures and Short Sale properties, please email us at: Info@OCShortSaleTeam.com or visit our website at:
by Vincent Bindi on November 12, 2007
Price (subject to change): $449,900
Type: Detached SFR
Bedrooms: 4
Baths: 2
Living Area (SqFt): 1,645
No. of Garages: 2
Stories: 1
Year Built: 1983
Lot Size (SqFt): 6,000
City: Yorba Linda
Street: Westfield
School District: Placentia – Yorba Linda Unified
Property Description: Beat the Bank on this low Priced Short Sale in a great area of Yorba Linda. Home has many upgrades such as: NEW windows and doors. Windows are Energy Saving. NEW flooring. Scraped ceilings. Recessed lighting. Crown molding. Roof one year new. New Paint throughout. Corian counters. 4th bedroom being used as a den. This home is move-in ready!
Financing: Two sources of Government Subsidized loans are available to purchase this low priced home with Zero Down payment. One of these 100% Financed loans offers below market Fixed interest rates, and one needs to be a first time home buyer. The other Zero Down loan also offers below market fixed interest rates over 30 years, and does not charge PMI, and one need not be a first time home buyer. Seller wants this home sold soon.
Contact: To view this Bank Foreclosed home, feel free to Call Us at: 949-388-3396, or email us at: Info@SearchOCHomes.com , or Text Message at: 949-283-4679. We’re easy to talk too. Let us negotiate a great price for you on this Short Sale property for sale in Orange County. Join our FREE and No Obligation Bank Foreclosure and Short Sale home finder service at: www.OCBargainHomes.com
