Orange County CA Real Estate

Buying a Condo in Irvine CA. to be used as UCI student housing can be a great alternative to renting if done correctly.... Here's how the numbers can work.

A typical 1 bedroom rental apartment on UCI campus land will cost around $1,000 per month and will be about 600 square feet in size with a kitchen and bathroom.  This $1,000 monthly expense is usually not Tax deductible and after 4 years of College education, you'll have nothing to show for it. 

As an alternative, one (assuming the parents) can purchase a 2 bedroom Condo in Irvine within a 15 minute (or less) drive to UCI.  There are currently 4 Condos for sale in Irvine ranging in price from $355,000 on up to $400,000, that have 2 bedrooms, 1 bath with about 900 square feet of living area.

Let's use a nominal figure of  $400,000 for this example as the purchase price. The parents invest a down payment of 20%, leaving a loan amount of $320,000.  There are many loan options today, but let's assume a fixed interest rate of 6% amortized over 30 years, which yields a principal and interest payment of $1,919 per month. The Taxes are an additional $383 per month (No Mello-Roos) and the association dues are nominally $250 per month. The fire insurance is built into the association dues.

Adding up all of these monthly expenses, yields a total monthly cost of $2,552 per month.  The next step in this example is to rent the extra bedroom to another student and have the parents of that student sign on the yearly lease. One can easily rent this 1  bedroom for $750 per month which is $250 less than on Campus housing due to the fact that the rental Condo is off Campus and the bathroom is shared.  Subtracting the $750 income minus the $2,522 expense, yields a net monthly cost of $1,802.  Now the typical family putting their sibling through college at UCI is probably in the 35% Federal Tax bracket and let's assume another 5% in State Taxes (in California, this would 10%... Texas would be zero).  This results in an approximate $750 per month Tax Deduction. Subtracting this $750 Tax Deduction from the actual net expense of $1,802, yields an effective $1,082 monthly cost for your College student.  Compare this to the $1,000 per month student rental cost, and the effective after Tax deduction monthly expense is essentially zero, assuming you rent the extra bedroom to another student. 

There's more.  Let's assume a very conservative 3% per year rate of appreciation for real estate for the next 4 years.  Using the $400,000 initial purchase price, and after 4 years of College, your 2 bedroom Condo is now worth $450,204.  Now you can keep this Condo and continue to rent to College students or you can sell it using a 1031 Tax exchange in order to avoid Taxes on your capital gains, and buy another rental home in some other City or State.

The results above could be slightly improved if one purchases a 3 bedroom, 2 bath Condo and rented out 2 bedrooms to 2 other students. Or, if one uses a lower interest payment loan such as a 5 year lower fixed interest rate, which then rolls into an adjustable rate loan after 5 years, with the assumption that the Condo would be sold after 4 years of College.

To view all Irvine Condos for Sale, visit our website at Irvine Real Estate. If you would like to discuss this program in further detail, please feel free to call Vincent Bindi at 949-388-3396.

The homes in the West Park area of Irvine have been been popular since this community began. With easy freeway access to both Highway 5 and the 405 Freeway, excellant public schools, close proximity to University of California Irvine (UCI), numerous public parks and beautiful home and condo subdivisions, make this a very desirable community.  Home construction began on 1969 and has continued for the past 3 decades with the last home being built in 1997.

There are currently 32 homes for sale in Westpark in Irvine. They range in price from $395,000 for a 1 bedroom, 1 bath, 800 square foot condo built in 1989, on up to $1,295,000 for a 5 bedroom, 3.5 bath, 2,995 square foot home.  The median price is $795,000, with the average price per square foot is $449/SqFt and the average days on marker is 52 days. 

Currently, there are 15 homes and condos Pending in escrow in the West Park area of Irvine.  These homes range in price from $425,000 for a 2 bedroom, 2 bath 871 square foot condo in the Brisas tract, on up to $835,000 for a 4 bedroom, 2.5 bath , 1,953 square foot detached home built in 1997 in the Positano tract.

In the past 30 days, there were 18 homes and condos that sold and closed escrow in Westpark in Irvine.  These homes ranged in price from $410,000 for a 1 bedroom, 1 bath, 900 square foot condo built in 1987 in the Tiempo tract.  The highest price was $1,360,000 for a 5 bedroom, 3.5 baths 2,818 square foot home built in 1996 in the Trieste tract. The median price of homes sold and closed was $715,000 with an average price per square foot of $461/SqFt and the average days on market of 49 days.

For the month of December in the previous year of 2005, there were 30 homes that sold in Westpark in Irvine.  The minimum priced home was $342,500 and the highest price sold a year ago in December was $1,175,000.  The Median price was $668,000 and the average price per square foot was $366/SqFt. 

West Park is located in the prestigious Irvine Unified School District.  The homes in this community are serviced by three Elementary schools which are Plaza Vista elementary, Culverdale elementary and Westpark elementary.  The Intermediary school is  Southlake Middle school and the High School is Woodbridge. West Park is located in central Irvine, and is bordered by the 405 Freeway, Jamboree, Culver and Irvine Center Dr.

To view all home for sale in Irvine, visit our website at Irvine Real Estate.

Laguna Niguel Condos are a very popular home choice for first time homebuyers and families that are scaling down.  Laguna Niguel is one of the most desirable cities in Orange County... with it's rolling hills, beautiful boulivards and prestigious housing communities, Laguna Niguel real estate has been a prize posession for years.  Due to the high cost of land, many fine Condominium communities have been developed over the past 20 years.

There are currently 142 Condos for sale in Laguna Niguel rangin in price from $294,000 for a 1 bedroom, 1 bath, 565 Sqaure Foot condo, on up to $1,595,000 for a 3 bedroom, 2.5 bath, 2,721 Sqaure Foot Condominium that boasts of a sweeping panoramic Ocean View, located in the Lagune Sure tract.  The Median priced condo in Laguna Niguel is $539,900 and the aveerage price per square foot is $455/SqFt for Condos currently Active for sale.

Currently, there are 36 Condos Pending in escrow, ranging in price from $308,000 for a 1 bedroom, 1 bath, 565 Square Foot condo, on up to $1,299,000 for a 2 bedroom, 2.5 bath, 2,244 square foot Condominium with seeping coastline and Ocean views.  The average price per square foot for Condos in escrow Laguna Niguel is $442/SqFt and the average Days on Market before the sale was 70 days.

For the month of December, 2005', there were 38 Condos that sold and closed escrow in Lagune Niguel.  The prices of these Condos ranged from $305,000 for a 1 bedroom, 1 bath, 710 square foot condo up to $795,000 for a 3 bedroom, 2.5 bath, 2,062 square foot condominium in the prestigious Bear Brand Stoney Pointe tract.  The Median priced Condo that sold in December was $484,900.  The average price per square foot for these sold Condos was $421/SqFt and the average days on market before the sale was 37 days.

One year ago, for December of 2004', there were 60 Condos that sold and closed escrow in Laguna Niguel.  These Condos ranged in price from $287,000 for a 2 bedroom, 1 bath on up to $1,300,000 for a 3 bedroom, 3.5 bath, 3,183 square foot Condominium with Ocean view.  The Medain price for these sold Condos was $460,000 and the average price per square foot was $370/SqFt.  Comparing this median price to today's median price of $484,900, represents an increase of 5.4% for the year, and the Average Cost per Square Foot increased by 13.7%. 

New Custom Home for Sale at 30281 Grande Vista, Laguna Niguel

There is a Custom home for Sale in the Pacesetter Tract of Laguna Niguel.  This fine home is currently under re-construction and is scheduled to be completed in April of 2006'.  A prospective buyer could now select their own custom flooring and paint colors.  This single story home is located at 30281 Grande Vista, and will incorporate 4 bedrooms, 3 baths, and over 2,550 Square feet of living area, and will boast of panoramic views of the valley, city lights and mountain ranges from the Family room, private backyard patio and roof top observation deck (see photo above).

Everything will be new in this home including: new roof, new dual pane windows, vaulted ceilings, large molding, upscale kitchen cabinetry with granite counter tops, New stainless steel Viking kitchen appliances, new water heater, forced air heater and 16 SEER air conditioner with humidity control, separate oval Jacuzzi tub and shower with pedestal sink in Master suite,  4 sky lights, Transom wall lights, 6" floor molding, wood floors, ceramic tile in baths, upgraded carpeting, antique front door, 500 square foot second story observation deck with 360 degree view and much more. The asking price of this newly remodeled Custom home is $1,250,000. 

The Pacesetter tract is a very popular community with locals.  This fine residential  community has large full sized lots ranging in size from 6,500  to 15,000 square feet, and does not have association dues nor Mello-Roos, and the property taxes are low.  This subdivision was developed by Pacesetter homes and the original homes were built in the mid 1960's.  There were 7 single story floor plans designed and built at that time, ranging in size from 1,371 square feet on up to 1,850 square feet.  Since that time, there have been many homes in this tract that have been remodeled and added onto, and today there are remodeled homes that are over 3,100 square feet in living area.

At the time of the writing of this article, there are currently 2 other homes for sale in Pacesetter. One home is a 4 bedroom, 2 bath, 1,670 square foot single story for $895,000.  The other home currently for sale is a 3 bedroom, 2 bath, 1,628 square foot home for $899,999.  These two homes were both built in 1965.  The corresponding price per square foot for these two homes are $506/SqFt and $535/SqFt with the average being $521/SqFt.  There have only been 9 other homes that have been listed and sold in Pacesetter since July 1st of 2005, which underlies this communities desirability, since very few residents want to leave  once they live here. 

The Pacesetter tract is centrally located in the rolling hills of Laguna Niguel and the major cross streets are Crown Valley Pkwy and Niguel Rd.  These picturesque rolling hills result in many of the residential lots boasting of panoramic views.  This family community is serviced by the award winning Capistrano Unified School District. The K through 5th grade is serviced by Hidden Hills Elementary school, the intermediary school in Niguel Middle School and the High School is Dana Hills.   Pacesetter is conveniently close the Laguna Niguel Library and the Laguna Niguel Regional Park and Lake.

If you would like to view all homes listed for sale in Laguna Niguel, please visit our website at Laguna Niguel Real Estate.

 

The first home you buy will most likely be a stressful event if your like most people. How much can you afford? Where is the best place to Buy? How much do I need for a down payment? A monthly mortgage obligation for the next 30 years... ARRRGH!!! But having bought and sold many homes of mine own, and helping hundreds and hundreds of home owners purchase their first home, I can assure you that it is well worth the effort.

Aliso Viejo has a wide range of homes for sale that are designed for the first time home owner. There are currently 82 attached Condos and Townhomes for sale in Aliso Viejo ranging in price from $319,900 for a 1 bedroom, 1bath on up to $679K for an attached Townhome with 3 bedrooms, 2.5 baths, 2 car garage, 2,200 SqFt of living area, and a nice sized back yard.

If one prefers detached homes, there are 111 homes for sale in Aliso Viejo ranging in price from $519,900 to $1,899,000. The lowest priced detached home is a 2 bedroom, 2.5 bath home with a two car garage, and the highest priced estate comes with 4 bedrooms, 4.5 baths, and 3,800 SqFt of living area.

There are many loan programs available today that are designed for first time home buyers that did not exist just 7 years ago. There are loan programs offering no down payment of very low down payment of 3% to 5%. There are other loan programs geared for the self-employed in which you do not have to verify your income (so called stated income) if you have sufficiently good credit. In other situations it can be negotiated to have the home seller pay for your closing costs. While other loans exist offering adjustable rate mortgages, interest only mortgages and now a new 40 year amortized mortgage... all developed to help keep the monthly payments down.

If your like most people in this state, the home that you own and live in will be your best and most valuable investment in your life. South Orange County real estate has enjoyed great price appreciation for many decades now, and estimates are that will continue for decades to come. Plus the tax advantages for owning real estate are unbeatable. You can deduct your interest payments on your residence, or save capital gains tax using a 1031 exchange for rental property, plus the tax free treatment of up to $500K of equity when you sell your residence, makes real estate ownership a fantastic investment.

There are also new computer technologies available today that greatly assist the new home buyer in searching for and identifying the perfect home. This new OC Just Listed home finding service brings peace of mind and convenience to today's busy home seeker. Plus acquiring the services of an professional Realtor who has lots of experience in working with first time home buyers will help greatly in making this an enjoyable process, rather then a frustrating one.

For more information on how to buy your first Aliso Viejo Home, just visit our website: Aliso Viejo MLS,

Dana Point housing prices have increased substantially in 2005'.  Low interest rates, strong local job market, shortage of buildable land, and very desirable community lifestyle, have all added up to a strong real estate market that has been going on for 6 years straight.  Recently though, the local Dana Point real estate market has slowed down, especially in the $1 Million plus price range.

Currently, there are 115 detached houses Active for sale in Dana Point ranging in price from $675,000 for a 2 bedroom, 1 bath, 660 square foot home, on up to $9,999,000 for a 6 bedroom, 7 bath 10,600 square foot estate located in Ritz Cove.  The median price is $1,285,000 and the average days on market for these Dana Point houses is 68 days.

On this day, there are 31 detached houses currently Pending in escrow in Dana Point.  The lowest priced house is $595,000 for a 3 bedroom, 1.5 bath, 990 square foot house, and the highest price house in escrow is $3,795,000 for a 4 bedroom, 4.5 bath, 5,000 square foot estate in Monarch Beach.

For the month of December, there were 22 detached houses that sold and closed escrow in Dana Point.  The least expensive home was $700,000 for a 2 bed, 2.5 bath, 1,748 square foot home, on up to $3,000,000 for 4 bedroom. 3 bath, 3,100 square foot estate in Monarch Beach.  The median price for detached houses  sold in Dana Point in December was $897,500 with an average of 47 days on market.

The current inventory of 155 detached houses for sale and compared to the 22 houses that have sold in December, yields a months of inventory of 7 months, which is a Buyers market.   Just 9 months ago, the local market was a Sellers with approximately 3 months of inventory.

For December of 2004', there were 46 detached houses that sold ranging in price from $550,000 up to $6,495,000, with a median price was $810,000.  Comparing this median price to the median price above for December 2005', yields an annualized appreciation rate of 10%.

To view all houses for sale in Dana Point that are listed in the MLS, visit our website at:  Dana Point Real Estate.

South Orange County Real Estate has been appreciating at a strong rate for 7 years running.  This blog will report on the median home price for detached homes and attached condos in all of south Orange County which incorporates all of the cities from Rancho Santa Margarita to Laguna Beach, and from Aliso Viejo down to San Clemente.

For the month of December 2005', there were 325 detached homes sold in south Orange County and the Median price was $855,000.  The median price is considered to be a more representative measurement of typical home prices than the Average.  For December of 2004' there we 440 detached homes sold with a Median price of $725,000.  This represents an appreciation rate of 17.9 %

For attached Condos, there were 254 Condos sold in December of 2005' with a median price of $475,000.  For the month of December in 2004' there were 350 Condos sold and the median price was $405,000.  This yields an appreciation rate of 17.2%.

The most expensive City in south Orange County is Laguna Beach with a median price of $1,653,000 for the month of December 2005'.  The more affordable cities in south Orange County are Aliso Viejo with a median price of $660,000 and Lake Forest with a median price of $677,000 for the month of December.

We have been tracking the current Months of Inventory for all of South Orange County for the past 3 years.  The current Months of Inventory is a very responsive indicator as to the current strength of the local real estate market.  2 to 4 months of inventory is considered to be a Sellers market, 4 to 6 months a Neutral market, and 6 or more months is a Buyers market.  In the past several months the market here in south Orange County has changed from a sellers market to a neutral market.  We expect the market to stay in this condition throughout most of 2006' which will put the put the brakes on further price increases.  We foresee flat pricing to a modest appreciation of 3% to 5% for 2006'.

If you would like to view all homes for sale in Orange County in the MLS, visit our website at:  Orange County CA Real Estate.

Milano condos in Aliso Viejo is one of the more popular communities in the area.  Part of the attraction is the beautiful Tuscan exterior architecture and the great location of being adjacent to the Aliso and Wood Canyons Regional Park and Soka University. 

Milano consists of 132 townhomes which were built by Hearthside Homes starting in 1997 through to the year 2000.   There were five distinct floor plans developed to appeal to the local community listed as follows:

• Maderno - 2 Bedroom, 2.5 Bath, 1,150 SqFt, 2 Story
• Brindisi - 3 Bedroom, 2 Bath, 1,167 SqFt, 1 Story
• Villoresi - 2 Bedroom, 2.5 Bath, 1404 SqFt, 2 Story
• Mondavi - 3 Bedroom, 2.5 Bath, 1,582 SqFt, 2 Story
• Tuscany - 4 Bedroom, 2.5 Bath, 1,736 SqFt, 2 Story

Each townhome incorporates a 2 car garage with direct access to the home, a Fireplace, and many other fine features.

Currently there are 3 townhomes Active for sale in Milano in Aliso Viejo, which are: 

• 19 Trofello - 3 bedroom, 2.5 bath for $569,000
• 123 Trofello - 3 bedroom, 2 bath for $585,000
• 21 Trofello - 2 bedroom, 2.5 bath for $545,000.  An online Home Video Tour for 21 Trofello can be viewed at www.21Trofello.com which also contains more details about this fine property for sale.

There are currently 2 townhomes that are Pending in escrow and Milano and one that has closed in the past 30 days.

Milano is serviced by the renowned Capistrano Public School District.  The K through 5th grade is Canyon Vista Elementary school and the intermediary school is Don Juan Avila middle school.  The upper level is serviced by Aliso Niguel High School.

The Milano community boasts of a gated entrance, easy access to Aliso and Wood Canyons Park, community swimming pool and a short drive to the local Beaches.

To view homes for sale in Aliso Viejo, visit our website at:  Aliso Viejo Real Estate. 

Mission Viejo detached House prices have increased substantially since December of last year.  Recently though, the Mission Viejo and Orange County real estate makret has slowed down considerably. 

Currently, there are 166 detached houses listed for sale in Mission Viejo ranging in price from $469,900 for a 2 bedroom, 1 bath, 965 Square Foot home in the retirement community of Casta Del Sol, on up to a house for sale for $3,295,000 with 5 bedrooms, 5 baths, and 5,264 square feet located lake front on Lake Mission Viejo.  The median priced house currently for sale is $799,900 and the average price per square foot is $420/SqFt.

On this day, there are currently 76 detached houses Pending in escrow.  The lowest priced house is a 3 bedroom, 2 bath 1,472 square feet $549,990 in the retirement community of Casta Del Sol, and the most expensive asking price is $1,299,000 for a  4 bedroom, 4.5 bath, 3,403 square foot.  The median priced home is $749,000 for a 3 bedroom, 2.5 bath, 2,036 square foot.

For the month of December, there were 57 detached houses in Mission Viejo that sold and closed escrow.  The lowest priced house sold for $521,900 for a 2 bedroom, 2 bath, 1,060 square foot and the most expensive house that sold in December in Mission Viejo was $1,215,000 for a 5 bedroom, 3 bath, 3,100 square foot property. The median price of houses sold and closed in December was $713,000 and the average price per square foot was $397/SqFt. The average days in market was 48 days.  

For the month of December of 2004' there were 107 detached houses that sold and closed escrow and the median price was $555,000 and the average price per square was $348/SqFt with an average days on market of 60 days. This represents a 14% gain in the price per square foot for detaches houses in Mission Viejo and a 28% gain in the Median priced houses in the past year.

If you would like to view all homes for sale in Mission Viejo in the MLS, visit our website at:  Mission Viejo Real Estate