Orange County CA Real Estate

The definition of a luxury home varies considerably in the eyes of the beholder, especially in a city such as Laguna Beach we offers many beachfront and ocean view properties.  One persons luxury home may be a small home with a spectacular Ocean view, but the same property may be considered a small cottage to another person. Therefore, we define a luxury home in Laguna Beach to be any single family home priced higher then $2 Million.  This may seem like an arbitrary definition, but price usually encompasses all of the desirable (and undesirable) features of a property.

Currently there are 174 detached homes priced less then $2Million in Laguna Beach, and there are 180 homes priced higher then $2 Million.  Of these 180 luxury homes for sale in Laguna Beach, the Median priced home is $3,250,000, and comprises of 3 bedrooms, 4 baths, and comprises of 2,690 square feet and boasts of Ocean and Catalina Island views.  The Average priced home is $5,437,854 with an average size of 2,814 square feet, resulting in average price per square foot of $1,346/SqFt.  The most expensive luxury home currently for sale in Laguna Beach is a 3 bedroom, 3 bath oceanfront estate on Circle Dr, that boasts of panoramic ocean views. 

To view all luxury homes currently listed for sale, click on the link above.  This display will show all details of these fine estates currently listed for sale, including multiple photos, asking price, bedrooms, baths, detailed property descriptions, maps, arial views and more.  To view any of these fine estates for sale, feel free to call us at: 949-388-3396 or email us at:  Info@OCRealtyGroup.com 

Balboa Peninsula is a narrow piece of real estate with white sand beaches and perfect waves on one side, and the yacht-filled, picturesque Newport Harbor on the other side of the peninsula.  The peninsula acts as a jetty enclosing the Newport Harbor and its islands. About three miles long, the Peninsula consists of all the contiguous land east of 45th Street in Newport Beach.

The Balboa Peninsula is a subsection of the city of Newport Beach, California, and is comprised predominately or residential detached homes and estates, with some attached condominiums and commercial real estate. Most of the business is concentrated along Balboa Boulevard where it meets Pacific Coast Highway, McFadden Place, and Main Street.

Newport Beach as well as Balboa Peninsula is home to some of California's most luxurious real estate.   In the 1st half of 2008', there have been 21 properties sold and closed in  Balboa Peninsula.  Ranging in price from $950,000 for a 2 bedroom, 2 bath, 1,123 square foot condo on Oceanfront Ave boasting of an Ocean view.  On up to $10,150,000 for a beachfront estate comprising of 5 bedroom, 5.5 bath, and 4,000 square foot estate, located on Oceanfront Dr., with sweeping Ocean views.  The median price of the 21 properties sold is $1,460,000 and the average price is $2,736,761.  The average price per square foot is $1,026 and the average days on market is 65 days.  Below is a more detailed assessment of  the current market values of various types of properties in Balboa Peninsula: 

• Non-Ocean View and Non-bayfront detached homes range in price from $1.1 Million up to $5Million, and sell in the range of $830/SqFt up to $950/SqFt.
  
• Ocean view and/or Bayfront detached homes range in price from $3Million on up to $30 Million, and sell in the range of $1,300/SqFt to $2,500/SqFt.
• Attached Condominiums range in price from $700K to $3 Million, and have been selling in the range of $650/SqFt to $750/SqFt.

We are featuring a new listing of a fine home comprising of 4 bedrooms, 3 baths, 2,878 square feet of living area with many fine upgrades.  The property is located on Plaza Del Sur and is priced to sell.  For more details of this fine home, plus pricing, visit our website at:  www.ViewBalboaHomes.com 

The word "Balboa," came from the famous Spanish explorer, Vasco Núñez de Balboa, who was the first European explorer to reach the Pacific ocean from the new world.  Since 1936, tourists have played at the Fun Zone. Built like a tiny amusement park, the Fun Zone boasts arcade games, a carousel, bumper cars and a even a Ferris wheel.

The Balboa Pavilion is Newport's most recognizable landmark, which is a turn-of-the-century building which holds the Harborside Restaurant, bar, an upstairs ballroom and boat launch amenities. Newport's best-kept secret is the Auto Ferry, a fleet of boats which cross the harbor to quaint Balboa Island in only seven minutes. Ferry-goers walk, blade, bike or even take the car over the water for a memorable ride, especially during the annual Christmas boat parade. Pavilion Park is another popular spot located in front of the pier, with lots of grass, gazebo and picnic tables.

The famed beachside concrete boardwalk stretches all the way to 36th Street and is filled with outdoor enthusiasts from bicyclists to bladers to joggers. Balboa Pier juts out into the surf with fabulous views of heaving hills and cliffs to the south and northward to nearby Newport Pier.

For more information about real estate for sale in Newport Beach, feel free to visit our website at:  Newport Beach Real Estate, or drop us an email at:  Info@OCRealtyGroup.com 

The oceanfront estate lots being developed at the Strands are southern California's last  beachfront development.  The gate guarded Strand development consists of 118 homesites and boasts of 1.5 miles of direct coastal frontage.  This 121 Acre community includes 68 Acres of parks, open space and coastal trails.  The subdivision fronts Strand Beach and will include a 9,000 SqFt. Beach Club and a 90 room hotel and Spa. The Beach Club is planned to have a state-of-the-art exercise room, swimming pol, , spa and beachside dinning.  The Strands is located just north of Dana Point harbor and south of the Ritz Carlton.

The first phase of Lots were recently sold for an average of $5.9 Million.  Lot owners will be free to build just about nay home of their dreams for there are no restrictions on the architectural style of the homes.  There are a few construction restrictions though, such as the requirement of using high quality materials such as real wood and authentic brick.  These ocean view lots average size is about 10,300 square feet.  The remaining lots are expected to be sold by the end of 2008'.  Home construction to be started soon and most all of the  homes to be constructed by 2011. 

The Strands is divided into two areas, the South and North Strand.  The North Strand features oceanfront lots average around 9,000 to 10,000 SqFt, and allows for 2 story homes and an extra subterranean level.  The South Strand, is built above the promontory and boasts of dramatic views, allows only single level homes on larger lots ranging in size from 12,000 to 14,000.  

The Strands had a interesting history.  The Strand property was originally owned by the Chandler family who were in the newspaper publishing industry.  From the 1950's through to 1988, the property was used as a Mobile Home Park.  For many years the Chandler family tried to obtain City approval for a large 370 home subdivision, which was rejected by the City of Dana Point.  Then in 1998, land developer Sanford Edward purchased the property and in 1999, the City of Dana Point agreed to the current development plans of 118 homes and 62 Acres of open space. 

If you are interested in more information about Strand lots for sale in future phases, feel free to email us at:  Info@OCRealtyGroup.com  or call:  949-388-3396.  

There are currently 37 Oceanfront and Bayfront detached homes for sale, and 7 Oceanfront/Bayfront Condos for sale  in Newport Beach, CA.   The lowest price detached  home is a bay front property on Finley Ave currently listed for $1.575 Million (subject to change) and incorporates 2 bedrooms, 1 bath, and 1,030 square feet of living area, with a dock for 2 boats.  The highest priced property is currently for sale $38,500,000, and this French neoclassic Bayfront estate located on Harbor Island Dr incorporates 10 bedrooms, 12 baths, 18,000 square feet of living area on a 1/2 Acre lot.  The Median price waterfront home is $5 Million and the Average price water front home is $6.47 Million.  The average price per square foot is $1,752/SqFt, although this indicator is of little use for the Land price is a large percentage of the value of the typical property.

Currently there are 2 waterfront properties under contract in Escrow in Newport Beach, Ca.  One estate is located on Lido Island on Via Lido Nord.  This bay front property consists of 3 bedroom, 2 baths, and includes a private dock, and the asking price was $4,299,000.   The other estate is located on Balboa Peninsula on Oceanfront Ave.  This  Ocean Front property incorporates 5 bedroom, 5.5 baths, 4,000 square feet of living area and a private roof top deck with sweeping ocean views.  The asking price of the property was $11,575,000. 

In the past 90 days, there have been 3 bayfront/oceanfront properties that have sold and closed escrow.  Based upon the number of homes Pending in escrow, and 3 homes sold and the current inventory of 37 homes, the Months of Inventory is running at about 30 months for Newport Beach water front property currently.   The basic details on the 3 waterfront properties that sold along with the sales prices are listed below: 

• Lido Island - Via Lido Soud - 5 Bdrm, 3 Bath, 2,580 SqFt, Bayfront with dock - $3.9Mil
  
• Balboa Pen - Bay Ave. - 5 Bdrm, 3 Bath, 2,358 SqFt, Bayfront with dock - $4.9Mil
• West Newport - Oceanfront Ave - 5 Bdrm, 5.5 Bath, 2,744 SqFt, Oceanfront - $6.2Mil
  

Of the 7 bay front and ocean front condos currently listed for sale in Newport Beach, Ca., the lowest priced property is $1,095,000 for a 1 bedroom, 2 bath, 1,200 square foot  condo on Lido Park Dr. in the Cannery Village high-rise.   The highest price condominium is a beachfront 3 bedroom, 3 bath, 2,000 square foot with sweeping panoramic views of the beach and pacific ocean.   The current asking price is $2,695,000 and is located on Balboa Peninsula on Balboa Blvd.   The Average priced waterfront condo currently for sale is $2.05 Million, and the Average Price per square foot is $1,125/SqFt. 

In the past 3 months, there were 2 waterfront condos that sold and closed escrow in Newport Beach.  The lowest priced unit was a 3 bedroom, 2 bath, 1,561 square foot ground floor beach-front condo facing the back bay.  The other sold unit is located in West Newport in Newport Marina Villas on Coast Hwy.  This bayfront property incorporated 3 bedrooms, 3 baths, 1,849 square feet, and sold for $1.375,000.

For a private email list, with updates, of all oceanfront and bayfront properties listed for sale in Newport Beach, Ca. , visit our website at:  www.OCJustListed.com, or give us a call for a private showing at:  949-388-3396  (NOTE:  All prices stated in the article are subject to change at anytime.)

Currently there are 5 oceanfront single family homes for sale that are in Dana Point, CA.  Three of the homes are beachfront properties  located on the sand on Beach Rd in Capistrano Beach, and are detailed as follows:

3 Bdrms, 3 baths, 2,506 SqFt, YrBuilt 1954.... $3.3Million
3 Bdrms, 4 Baths, 4,400 SqFt, YrBuilt 1987.... $7.199Million
5 Bdrms, 6 Baths, 4,700 SqFt, YrBuilt 2008... $11.9 Million

The fourth home is a 4 bedroom, 7 bath, 6,378 square foot waterfront estate built in 1973.  This beachfront is located in the Niguel Shores tract on Seaward Isle, and the asking price is $13.5 Million. 

The 5th oceanfront estate for sale incorporates 5 bedrooms, 7 baths, 6,100 square feet which is nearing completion of construction. This fine estate is located in the new ultra-luxury community called Monarch Estates on Strand Beach Dr., and boasts of a panoramic ocean view.

There are also 2 attached waterfront Condos for sale in Dana Point, CA.  One of the Condominiums for sale incorporates 3 bedrooms, 3 baths, and 1,830 sqft of living area.  This oceanfront Condo is located on E. View Point Dr. in the Dana Bluffs tract, and the asking price is $1,075,000.  The other waterfront condominium is a 3 bedroom, 3 bath, 2,637 square foot unit.  The bayfront condominium has an asking price of $2,775,000 and is located on Green Lantern St.

At the time of this article, there is one single family oceanfront estate that is under contract in escrow in the Monarch Bay tract of Monarch Beach.  This waterfront estate comprises of 5 bedrooms, 6 baths, 5,682 square feet with a spectacular ocean view.  The asking price of this estate was $7.995 Million and is located Monarch Bay Dr.

For more information on beachfront - oceanfront real estate for sale in Dana Point, or Monarch Beach, feel free to contact us at 949-388-3396 or email us at: Info@OCRealtyGroup.com

Orange County is going through a major price correction currently, but property values in Newport Beach are doing much better then most other cities in Orange County.  For south Orange County, detached homes have dropped in price from Spring of 2006' (the peak of the market) to today, by about 20% for Single Family homes, and around 28% for Attached Condos.  These Stats are gathered from the Multiple Listing Service (MLS) and are calculated using Price per Square Foot.  

In Newport Beach, single family detached homes have only dropped 6% since the Spring of 2006' and attached Condos have decreased 14% since early 2006'.    A more in depth review of the Sales statistics reveals the following:

Detached Homes Sold in Past 90 Days:
Total = 77,  Average Price= $2.13Mil, Median Price= $1.7Mil, Days on Market= 91

Attached Condos Sold in Past 90 Days:
Total = 50,  Average Price= $994,000, Median Price= $700,000, Days on Market= 103

Detached Homes Sold in March, April, May of 2006':
Total = 91,  Average Price= $2.23Mil, Median Price= $1.8Mil, Days on Market= 89

Attached Condos Sold in March, April, May of 2006':
Total = 77,  Average Price= $1.08Mil, Median Price= $850,000, Days on Market= 95

We have found similar results in other high end coastal communities such as Newport Coast, Corona Del Mar and Laguna Beach.  If you would like to view all homes or condos listed for sale in Newport Beach, CA., visit our website at:  Newport Beach Homes and Condos.

The Mortgage Bankers Association recently fought off federal legislation that would have allowed bankruptcy judges to modify residential mortgages. The MBA's victory was a huge success for lenders, but an unfortunate loss for homeowners who have declared bankruptcy. 

Lenders disliked the proposal, since it would have shifted some of the power over mortgages from lenders' loss-mitigation departments to bankruptcy judges, who might have imposed modifications that the lenders wouldn't have liked.

The risk was deemed so serious that the MBA pulled out all the stops to pound the idea into dust. Lawmakers were lobbied, members were mobilized, press releases were issued, and the MBA's Web site featured a "Stop The Bankruptcy Cram Down Resource Center".

Consider "cram down," a bit of MBA-speak that refers to a judicial cut in the interest rate on a borrower's existing loan. The term may be new to some, but in fact dates back to the last real estate downturn. The phrase naturally evokes emotionally charged images of gagging, choking and force-feeding, none of which is relevant to a serious discussion of bankruptcy relief.

Consider also the MBA's claims that mortgage interest rates would rise by as much as 2 percentage points and that lenders would be forced to require bigger down payments and charge higher closing costs if bankruptcy judges had a say. No factual evidence was offered to support these arguments.

In fact, a causal connection between the so-called "cram down" and significantly higher interest rates is a stretch at best, according to an academic paper by Adam J. Levitin, a law professor at Georgetown University. The paper stated that even unlimited loan modifications in bankruptcy courts would have only an insignificant, if any, impact on mortgage interest rates or mortgage markets.

Of course, the MBA also had a promised presidential veto in its pocket and the support of Alphonso Jackson, the now-former secretary of the U.S. Department of Housing and Urban Development. In a speech, Jackson called the proposal "an odd, time-consuming, distant way to help homeowners," and said, seeming with no evidence other than the MBA's say-so, that it would increase interest rates and -- horror of horrors -- benefit lawyers and law firms.

The MBA has supported other measures such as pre-foreclosure counseling, the use of mortgage revenue bonds to refinance subprime loans, and the strictly voluntary Hope Now loan workout program. These measures may be worthwhile, but the cost to lenders is minimal and so far, the results have been modest.

Not surprisingly, consumer groups support an expansion of bankruptcy judges' jurisdiction to encompass residential mortgages. AARP, the AFL-CIO, ACORN and the Center for Responsible Lending are among the groups in favor of this proposal. These groups believe the federal government should put more pressure on lenders to help homeowners who are in danger of foreclosure, and a Congressional Budget Office report said lenders might have more incentive to modify loans if bankruptcy judges had the power to impose such concessions.

The MBA deserves plenty of credit and kudos for the success of its "Stop the Cram Down" effort. The group did exactly what such groups are supposed to do, which is to protect the interests of their own members -- no matter how narrow or parochial those interests may be.

But at the end of the day, the win on this one should have gone to the homeowners. Bankruptcy isn't pretty, and recent changes to the U.S. bankruptcy code have already made the process more onerous. Yet bankruptcy serves a legitimate and important public policy purpose, which is to give people in dire straits a fair and reasonable way out of their extremities. Bankruptcy shouldn't be just another form of Dickensian debtors' prison. It should offer real relief and an opportunity for folks who've experienced hard times to get a fresh start.

As the law stands today, home-loan lenders are a favored class of creditor in the bankruptcy system. In fact, residential owner-occupant mortgages are perhaps the only type of debt that bankruptcy judges aren't allowed to modify. Judges can alter loans backed by cars, boats, farms, manufacturing plants, mobile homes, vacation homes and investment properties.

Of course, there should be limits to bankruptcy judges' power, and the proposed legislation contained plenty of them, perhaps even too many. Relief would have been offered only to homeowners who faced imminent foreclosure, who had a subprime or nontraditional loan such as an interest-only or payment-option adjustable-rate mortgage, and whose income wasn't sufficient for them to afford their mortgage payments. Bankruptcy judges would be required to set commercially reasonable interest rates on modified mortgages and wouldn't have been allowed to reduce loan balances to less than the home's market value.

Homeowners who've been forced into bankruptcy deserve a chance to keep their homes if they can afford to make reasonable mortgage payments, and bankruptcy judges are in a good position to make that call.

Today, foreclosed REO homes and Pre-Foreclosure (Short Sales) make up a large percentage of the Listings and Sales in Orange County, CA.  This severe market correction started in the summer of 2006', and probably has 6 to 12 more months to go. Currently, there are 15,046 homes and condos Active for sale (Listed in the MLS).  Of this total, 29.5% are Short Sales and 6.3% are bank owned REO's.  This represents a total of 35.8% of all inventory is a financially distressed property on the market for sale.  Below is a table showing these results as well as how these percentages of distressed listings range from City to City.  

As can be seen in the table below, this market correction is affecting the lower priced markets much more severely then the highest priced markets.  For example, 64% of Santa Ana's inventory of homes for sale are either foreclosed REO's or Short Sales.  While only 4.4% of the inventory or properties for sale in Laguna Beach, CA are bank owned REO's or Short Sales.   

City	Listings	Short Sales	Short Sale  %	REO	REO %	% Total Distressed
Anaheim	1207	615	51.0%	157	13.0%	64.0%
Huntington Beach	699	121	17.3%	18	2.6%	19.9%
Laguna Beach	343	12	3.5%	3	0.9%	4.4%
Mission Viejo	448	159	35.5%	28	6.3%	41.7%
Orange	667	211	31.6%	53	7.9%	39.6%
Rancho SM	367	131	35.7%	28	7.6%	43.3%
San Clemente	528	88	16.7%	15	2.8%	19.5%
Santa Ana	1595	815	51.1%	207	13.0%	64.1%
Yorba Linda	426	67	15.7%	14	3.3%	19.0%
Orange County	15046	4432	29.5%	951	6.3%	35.8%

Looking at the number of properties sold in the past 90 days reveals some other interesting facts.  There are 951 Bank Owned REO properties currently on the market for sale, and 986 REO's sold and closed escrow in the past 90 days.  This results in just 2.9 Months of Inventory which is a Sellers Market !   For those of us working in the field, this chives with experience in which many REO listings are selling rapidly and many with multiple offers.  The other interesting fact to not is that there are 4,432 short sales actively listed for sale, but only 556 closed in the past 90 days.  This represents 24 Months of Inventory.   What is actually going on here is that the Short Sales are actually selling at a much higher rate, but these sales have a high failure rate for many inexperienced Listing Agents are having hard time getting them approved by the Banks in order to close.  The moral of this story is that if you are interested in purchasing a Short Sale, make sure you are working with an experienced agent who has a track record of success with these types of purchases.

City	Sold Past 90 Days	Short Sales	Short Sale %	REO	REO %	% Total  Distressed
Anaheim	337	44	13.1%	118	35.0%	48.1%
Huntington Beach	364	31	8.5%	34	9.3%	17.9%
Laguna Beach	49	2	4.1%	2	4.1%	8.2%
Mission Viejo	226	22	9.7%	52	23.0%	32.7%
Orange	223	25	11.2%	45	20.2%	31.4%
Rancho SM	189	40	21.2%	33	17.5%	38.6%
San Clemente	157	21	13.4%	24	15.3%	28.7%
Santa Ana	306	41	13.4%	130	42.5%	55.9%
Yorba Linda	134	12	9.0%	12	9.0%	17.9%
Orange County	5370	556	10.4%	986	18.4%	28.7%

Here is another way of looking at it.  There are 4 times as many short sales listed for sale as compared to bank owned foreclosures (REO).  But when it comes to actual closed sales, there are twice as many Bank REO closed sales are there are short sale closings. 

Why you may ask ??  Here is what's going on....Short Sales are receiving offers to purchase at a much higher rate, but these transactions are experiencing a high failure rate for many inexperienced Listing Agents are having hard time getting them approved by the Banks in order to close.  The moral of this story is that if you are interested in purchasing a Short Sale, make sure you are working with an experienced agent who has a track record of success with the Short Sale. 

If you have any questions regarding Bank REO's or Short Sales in Orange County, contact us at:  949-388-3396 or drop us an email at:  Info@OCBankREO.com    Also, we just opened a new website for Banks who have REO properties for sale in Orange County, Ca. 

Currently, there are 461 properties Active for sale in Mission Viejo, Ca.   Of these, 150 are attached Condominiums, and the remaining 311 active listings are detached single family homes.  There are a total of 175 homes and condos currently in escrow which represents approximately a current reading of 4 months of inventory.   In addition, there were 83 properties that sold and closed escrow in the month of April, which equates to about 5.5 months of inventory from sales that occurred about 2 months ago.  The market is definitely improving for the months of inventory for most of last year in Mission Viejo was much higher at about the 10 month range. 

Of these 461 properties listed for sale in Mission Viejo, CA, 164 are short sales which represent 35.5% of the total inventory of listings.  Also, 37 of the active listings are Bank Owned foreclosures (REO) which represents about 8% of the total inventory.  The total number of financially distressed listings is 201 which is 43% of the total inventory of properties listed for sale.

Currently, of the 175 total properties pending in Escrow in Mission Viejo, 49 of these homes and condos are short sales.  This represents about 28% of the inventory of properties under contract in escrow.  In addition, there are 31 properties pending in escrow that are bank owned foreclosures, which represents about 21% of the total pending properties.  The total of financially distressed homes and condos currently under contract in escrow in Mission Viejo is 45%.

For the month of April, there were a total of 83 homes and condos that sold and closed escrow in Mission Viejo, CA.  Of this total, there were 6 short sale properties that closed, which represents 7% of the total closings.   In addition, there are 15 bank owned foreclosure properties that sold and closed in April which represent 18% of the total sales for that month.  The total number of financially distressed properties that sold in April was 21 which represents 25%.

To learn more about short sales and bank owned foreclosures, or to receive a proprietary list of all short sale and bank REO properties listed for sale, visit our website at OCBargainHomes.com, or drop us an email at:   Info@OCBargainHomes.com 

Currently there are 840 Active properties listed for sale in Irvine, CA., of which 414 are attached  Condos, and 426 are detached single family homes.  Of these 840 homes and condos for sale, 152 are  Short Sales listed for sale, which represents 18% of the total inventory.  11 of these properties Active for sale are Bank Owner Foreclosures which represent just 1.3% of the total inventory of homes and condos for sale in Irvine, Ca.

Today, there are 245 properties that are under contract pending in escrow in Irvine, CA.  Of this total, there are 58 Short Sales properties that are pending in escrow, which represents 23.6% of the total number of properties in escrow.  In addition, there are 19 Bank Owned Foreclosures that are pending in escrow in Irvine, which represents 7.7% of the total pending properties.

For the past month of April, there were 146 homes and condos that sold and closed escrow in Irvine, CA.  Of this total, there were 14 Short Sale properties that sold, which is 9.5% of the total volume of sales for April.  Finally, there were 16 homes and condos that sold in the past month that were Bank Owned foreclosures, which represents 10.9% of all properties sold in April in Irvine, Ca.

For more information regarding Bank Owned foreclosure properties, or short sale properties listed for sale, please call us at:  949-388-3396.

We have been collecting statistics for south Orange County CA. residential real estate since July of 2002' on a weekly basis.  We’ve created and have been charting our own proprietary Months of Inventory calculation which is based upon the No. of Homes Active for Sale and No. of Homes in Escrow.  The traditional Months of Inventory calculation that the major Banks and Title companies quote, is based upon Active Homes for Sale Inventory and the No. of Homes that have sold in the past Quarter or the past 6 months.  The problem with this indicator, is by the time information is gathered, calculated and disseminated, it is based on information that is 4 to 7 months stale…  If you work in the industry, that is dated and almost useless information….  Although the Press may love it… Our Months of Inventory calculation is much more time sensitive… essentially a 'Real Time' report.   We have also created our own Pricing Indicator which is also much more time sensitive then we the established press produces.  It is based upon a moving average of the Price/SqFt for Detached Homes and Condos in a calculated range of sizes and cities.

I went out on a limb 2 weeks ago, and 'rang the dinner bell' as the time to start buying.   The Stats we gathered this morning, have further supported this stand.  Looking at the 1^st Graph above, the overall Months of Inventory has dropped from a high of 17.5 months (which is a very soft Buyers Market) in Oct of 07’ down to  5.3 Months today, which is a Neutral Market !!!  As a matter of additional fact, the low price range of properties below $450K, have now reached the top end of a ‘Sellers Market’ at 4 Months of Inventory.    Granted, many of  the sales in this price range are Bank Owned REO’s and Short Sales.  Most of these properties are selling in the first week of being on the market with multiple offers and some are getting bid up by 3% to 5% above the asking price =====>   more »

Currently, there are 293 homes and condos Active for Sale in Aliso Viejo, CA.   170 of which are Attached Condos and the other 123 are Detached Single Family Homes.  Of these 293 properties, 116 of these are Short Sale homes or condos listed for sale, which represents 39% of the Inventory.  In addition, there are 16 homes and condos listed for sale which are Bank owned REO properties in Aliso Viejo, which represents 5.5% of total inventory.

Today, there are 110 properties in Pending in Escrow in Aliso Viejo, CA.  Of these properties, 37 are Short Sale listings under contract which represents 33% of the properties in Escrow.  15 of these escrows are Bank Owned Foreclosures which represent 13.6% of the properties currently in escrow in Aliso Viejo.

For the month of April, there were 56 properties that sold and closed escrow in Aliso Viejo, CA.  7 of these closed properties were Short Sales which represent 12% of all closings for last month.  14 of the homes and condos that sold and closed in April where Bank Owned foreclosure homes, which represent 25% of all closings for last month.

If you are interested in receiving a VIP list of all Bank Owned Foreclosures, and Short Sale properties listed for sale, please visit our website at:  OCBargainHomes.com.  If you have any questions about Bank Owned REO or short Sale Properties, please feel free to call us at: 949-388-3396.