Orange County CA Real Estate

Cooled by the ocean breeze, the beautiful Monarch Hills Condominiums are located near the intersection of Niguel Rd. and Camino Del Avion, in the community of Monarch Beach in Dana Point, CA. Talk about location, this is the place to call home for a relatively affordable price.  Monarch Beach Golf Links are just down the street, the two world famous five star resorts of the St. Regis and The Ritz are right next door, just a mile away from the scenic Salt Creek Beach, or take a short drive to downtown Laguna Beach. This location cannot be beat!

The Monarch Hills condos subdivision was developed in the late 1980's by the distinguished builder – The Regis Community. This impressive community consists of 325 townhomes with a variety of models and designs as follows:

• A-  Papillon – 1 bedroom 1 bath, 732 sqft.
  
• B-  Papillon Alt. – 1 bedroom 1 bath, 745 sqft.
  
• C-  Mariposa – 2 bedrooms, 2 baths, 1,154 sqft.
  
• D-  Mariposa Alt. – 2 bedrooms, 2 baths, 1,190 sqft.

Each home also includes a fireplace. The homeowners’ association offers resort like amenities such as 2 community spas (one with magnificent ocean view), swimming pool, tennis court, sauna, gym/exercise room, recreation building, barbeque, and 2 manned 24 gate guards. Homeowners’ association dues have an approximate monthly fee of about $220, which includes the above amenities plus exterior building maintenance, landscape maintenance and property insurance.  The community is also within the confines of a 24 hour manned guard gate.

Monarch Hills Condos are the most affordable homes in all of the exclusive community of Monarch Beach.  Currently the 1 bedroom plans are selling in the range of $370,000 to $450,000.  The 2 bedroom floor plans are selling from between $460,000 on up to $720,000 for the top floor units that offer a panoramic Ocean view. Of courses prices are subject to change over time.

All condominiums in Monarch Hills are located on Corniche Dr. The community is located in the award winning Capistrano Unified School District. The primary grades are conducted at Malcolm Elementary School, the secondary grades are held at Marco Forster Middle School, and upper grades are taught at Dana Hills High School. All located within minutes of Monarch Hills condos.

If you would like to see the inside of any of the condos for sale in Monarch Hills development or elsewhere in Monarch Beach, please feel free to contact us at:  949-388-3396 or email us at:  Info@SearchOCHomes.com    To view all homes and condos for sale in Dana Point, please visit our website at:  Dana Point MLS

The local market here is south Orange County is soft, but I see signs that we may be  approaching a bottom in pricing. Currently we are at about 8.5 months of inventory in Orange County, which is a solid Buyers Market (greater then 6 months is considered a buyers market).  First, to clear some definitions.  The Months of Inventory is not just the inventory of homes for sale, but is essentially a ratio of the number of homes for sale, divided by the rate at which homes have been currently selling.  This is the true indication of the strength or weakness of any given real state market.  If I said there were 20 homes for sale in  Maryland, Ohio, one may get the impression that's a tight market, but if you later learned that only one home sold in Maryland all of last year, you would soon learn that that is a terrible market for it would take about 20 years to sell the current inventory of homes for sale...    As can be seen by the below graph, the south Orange County residential real estate market has been hovering around 8.5 months since about July of last year (2006'), which means that it would take about 8.5 months to sell the current inventory of homes for sale.  Also of interest, the Months of Inventory dropped substantially early this year, and just after the sub-prime lending meltdown and the associated bad press, the Months of Inventory shot back up to around 8.5 months... the same level as last year.  



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Here is the latest national and regional Financial and Mortgage for this past week (May 7th through May 11th), that may have some influence over our local real estate market here in Orange County California.

• Consumer credit outstanding increased at a 6.7% annual rate or by $13.5 billion in March. Consumers used credit cards and took out car loans at an almost equally fast pace in March as mortgage equity withdrawals decreased. Credit usage is expected to remain elevated as consumers use other lines of credit to finance spending due to weakening in the housing market and slower cash out refinancings. These are National statistics that apply here in Orange County as well.


• The National Association or Realtors (NAR) lowered their forecasts for Nationwide home sales and prices again this month after a similar sized downgrade last month. The Association expects existing home sales to decline 2.9% this year to 6.29 million compared with its April sales forecast of 6.34 million. New home sales are now expected to drop 18% to 864k, vs. the earlier forecast for a 14% decline. In its first ever projected price decline, the NAR said that prices for existing homes will fall 1.0% this year while new home prices are expected to remain unchanged. Forecasts of 2008 existing and new home prices are for gains of 1.0% and 2.0% respectively.  Based upon our weekly real estate market statistics that gather for south Orange County, we project a similar  price decline for 2007' and a very soft recovery in 2008'


• The MBA mortgage applications index rose 3.6% to 680.7% for the week that ended May 4. The purchase index climbed 2.6% higher on the week while the refinance index gained 4.9%. After falling steadily from mid-2005 though 2006, home purchasing activity has stabilized in the last 5 months. Refinancing activity continues to surge as many homeowners facing resets in adjustable rate mortgages are opting to refinance into a more favorable loan.


• The FOMC opted to hold the target for the fed funds rate steady at 5.25% at their policy meeting today. This was the seventh straight meeting policymakers have left rates alone. Moreover, there were only minimal changes to the post-meeting statement. The Fed acknowledged slower growth in the first part of this year and that recent indicators have been mixed. They stated again that the correction in the housing market was ongoing and forecast moderate economic growth ahead. The Committee reiterated that core inflation remained somewhat elevated but that they were optimistic that inflationary pressures would moderate. The current high level of resource utilization poses an upside risk to inflation. The Fed maintained that inflation continues to be the predominate risk to the economy and that future policy adjustments will remain dependent upon incoming economic data.  As a result, 30 year fixed interest rates here in Orange County stayed steady at about 5.78% for a Conforming loan, and the 10 Year Treasury yield is at 4.64%.

If you have any questions regarding mortgage loans for the purchase 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

Located in one of the most desirable areas of  Dana Point, you'll find the Dana Woods community with it's community park, greenbelts and community swimming pool.   Located near the intersection of Golden Lantern and Camino del Avion, this charming neighborhood is just minutes from the Dana Point Harbor, shopping, restaurants, movie theaters, schools, and some of southern California’s most renowned beaches! The community offers its residents a beautiful park complete with a large neighborhood pool as well as a playground for the kids. The Dana Woods homes have been kept in pristine condition since they were built in the 1980s. New owners can join in on Friday night 'Dinner with the Neighbors' and other fun community activities. This lively community consists of 59 homes offered in a variety of impressive floor plans as follows:

• A- Laurel- 3 bedrooms 2 baths, 1,658 sqft, 2 car garage
• B- Torreyanna- 4 bedrooms 2 baths, 2,060 sqft, 2 car garage
• C- Aspen- 4 bedrooms 2.5 baths, 2,431 sqft, 2 car garage
• D- Coral- 4 bedrooms 3 baths, 2,579 sqft, 2 car garage
• E- Manzanita- 3 bedrooms 3 baths, 2,912 sqft, 3 car garage 

Home owners’ association dues are approximately $105 per month. Each home includes at least one fireplace, concrete tile roofs ans spacious lots. The following neighborhood street names comprise the Dana Woods community: Danamaple, Danaelm, Danafir, Danasequoia, and Danaspruce.  

Dana Woods is located within the highly respected Capistrano Unified School District. The primary grades are held at Del Obispo Elementary school, intermediate grades are taught at Marco Forster Middle School and the upper level grades are conducted at Dana Hills High School.

In the past 12 months, home prices have ranged from a low of $899,900 to a high of $1,150,000.  Click here to view all homes for sale in Dana Point.  If you would like more information about Dana Woods or if you want to see the inside of any Dana Point home for sale, please feel free to contact us at:  949-388-3396, or email us at:  Info@SearchOCHomes.com

Today, there are 51 - 1 Bedroom Condos currently listed for sale in Irvine, Ca.  These condos range in price from $255,000 for a 475 square foot condo on Streamwood in the Irvine Springs community of Northwood, on up to $729,000 for a 1 bedroom, 1.5 bath, 1,335 square foot high rise condo on Scholarship at The 5000 and 800 Plaza new development.   The median asking price for all 1 bedroom condos in Irvine is $384,990 and the average price is $403,910.   The average price per square foot is $512/SqFt.

For 2 bedroom condos, there are currently 286 condominiums for sale in Irvince.  These range in price from $357,500 for a 2 bedroom, 1 bath, 808 square foot condo on Streamwood in the Irvine Springs subdivision located in Northwood, on up to $2,593,552 for a 2 bedroom, 2.5 bath, 2,680 square foot condominium located in The Plaza 5000 and 8000 community, and boasts of City Lights views.  The median price for these 286 condos is $579,900, and the typical medain priced 2 bedroom condominium in Irvine comprises of 2 baths, a 2 car garage and about 1,350 square feet of living area.

For 3 bedroom units in Irvine, today there are 173 such condos availbe for sale.  The 3 bedroom condominiums range in price from $417,900 for a 3 bedroom, 1.5 bath, 1,220 square foot plan with no garage, on Albany in the ??? tract located in the Walnut area.  On the other end of the price spectrum, the highest price unit is $3,604,914 for a 3 bedoom, 3.5 bath, 4,290 square foot top floor Penthouse condo again located in The 5000 and 8000 Plaza high rise towers, offering dramatic city lights views. The median priced 3 bedroom condo is $665,000 and this typical condo is comprised of 1,678 square feet of living area and 2.5 baths, and a 2 car garage.

In the past 90 days, there have been 32 - 1 bedroom condos that has sold and closed escrow in Irvine.  The lowest priced unit was $249,900 in the Irvine Springs community and the highest priced was a 842 square foot unit at Watermarke.  The median price sold was $350,000 and the average price was $364,192. The average price per square foot was $449/SqFt.

For the past 3 months, there have been 125 - 2 bedroom condominiums that have sold and closed in Irvine.  The prices ranged from a low of $322,000 for a 2 bedroom, 1 bath, 715 square foot condo on Orange Blossom in the Lake Condo tract of Orangetree.  Up to $2,265,000 for a 2 bedroom, 2 bath, 2,062 square foot condo on Michelson Dr. at Marquee Park Place.  This property is on the 17th floor of this high rise building and boasts of stunnning City Lights view.   The median priced 2 bedroom condo sold was $525,000 and the average price was $553,839.  The average price per square foot was $434/SqFt and the typical average condo 2 bedroom sold was about 1,250 square feet in size.

For 3 bedroom condos in Irvine, there were 97 that sold in the past 90 days.  The condominiums ranged in price from a low of $453,000 for a 3 bedroom, 1.5 bath, 1,225 square foot unit onMeadowgrass in hte Villager community in Woodbridge. The highest priced sold was $1,900,000 for a 3 bedroom, 2 bath, 1,984 square foot penthouse on the 18th floor at Marquee Park Place, and this property also offered a panoraminc city lights view.  The median priced condo was $625,000 and the average priced 3 bedroom condo was $658,406.  The average price per square foot was $399 and the average sized condominium was 1,640 square feet with 2.5 baths.

If you would like more information about any Condominium or towhome listed for sale in Irvine, or if you are in need of the professional services of a local and expereinced realtor, please feel free to contact us at:  949-388-3396, or email us at:  Info@SearchOCHomes.com   Click here to view all Condos listed for Sale in Irvine.

There is a little know State of California government subsidized loan program available in Orange County, CA. called the CalHFA loan (CalHFA stands for California Housing Finance Agency), and is even called the CHFA loan for short.  This exciting loan program allows a buyer to purchase a home with Zero down payment, with a FICO score of around 630, and offers below market  fixed interest rate financing (today's rate is just 5.75% and is subject to change), which is fully amortized over 30 years...  There are some limitations though that we will get into in just a moment... but first a segue regarding Zero down loans.

Lately, there has been a lot of bad press (deservedly so) regarding certain types of Zero Down loan programs here in Orange County... The problem has been primarily due to the lax underwriting standards in which buyers were able to get Zero down financing with FICO scores less then 620, and the borrower did not have to proof their income (this is called a Stated Income loan... essentially, you could just make up a figure).  To make matters worse, some of these loans offered adjustable rate mortgages, or worse yet, negative amortization loans, in which the loan balance would increase every month.  These issues are not a concern with the CalHFA loan as explained below.

Here are the basic qualifications and limitations of this fantastic loan program:

1.) First Time Home Buyer:  The State of California created this program to assist first time home buyers, therefore the prospective Home Buyer cannot have owned a home in the past 3 years.  The good news is, if you owned a home 4 years ago and sold it,  then you are eligible, as long as you have never used the CHFA loan before. 

2.) Income Limits:  Since this program is geared to assist first time homebuyers, the State has placed maximum income limits for CalHFA home buyers.  It varies by which county in California that the home is located in.  For Orange County, CA. the income limits for Moderate Income home buyers are as follows:   $103,920 for a 1 to 2 person family.  $121,240 for a 3 or more person family.  

3.) Credit Requirements:  The home buyer must be able prove their income with either W-2 forms from the employer or if self employed, one must produce 2 years of Tax Returns or 12 months of bank statement.  Secondly, the CHFA program only offers fixed interest rate loans, so one need not worry about rate increases down the road, nor negative amortization. The FICO score requirement varies, but typically a 630 or better FICO is sufficient.

4.) Sales Price Limits:  Again this program is designated for first time home buyers in Orange County, Ca. therefore the State of California does not intend to make this loan available for buyers who want to buy a $750K home.  The maximum price home that one can buy in Orange County using this CHFA loan is $571,278 for existing re-sale homes and condos, and $591,272 for new construction.

In addition, the CalHFA allows the Seller to grant the home buyer a credit through escrow that helps to pay for some of the Buyers closing costs.  Last year, we negotiated a purchase of a home for one of our clients using this CalHFA loan, and that buyers total home acquisition costs were just $767 !

CHFA does not loan money directly to consumers, but works through and uses approved mortgage lending institutions to qualify potential borrowers and to make the mortgage loans. The fee's that these mortgage lenders may charge can vary from lender to lender, but the program is highly regulated by the State so the variation in fee's are kept to a minimum.   There is some flexibility with regard to the FICO score.  If someone has a FICO score below about 620, it may still be possible to qualify for this loan depending upon the reasons for the lower FICO score. 

There is a Conventional CalHFA loan and a FHA based CalHFA loan.  Each have their advantages and disadvantages. There are other details and pertinent information regarding the CHFA loan, such as the potential of a Recapture Tax, Lower Interest Rates for Low Income buyers versus Moderate Income Buyers, High Cost versus Non High Cost Areas, special Lower Interest Rates for School Teachers in Target areas, and more.  But these topics are bit beyond the scope of this blog article.  There is also another little known government subsidized below market loan program, that is similar to CalHFA, and it is called the Acorn Loan program.

Fore more information about the CHFA loan here in Orange County, CA., or for a referral to several trusted Orange County CalHFA mortgage lenders, please feel free to call us at:  949-388-3396 or email us at:  Info@SearchOCHomes.com

The La Mancha condominiums are located at the intersection of Oso Pkwy and Marguerite Pkwy in the South Mission Viejo nestled among nature pines, and is adjacent to the Mission Viejo Golf Course. This low density townhome community is situated on 53 Acres of land with lush landscaping and walking trails.  La Mancha was built in the mid 1970’s and has been kept in excellent condition. The Mission Viejo Co. built this development which consists of 276 townhomes.  La Mancha is know for it's large homes and comprises of 6 diverse floor plans as follows:

• Plan A -  Don Quixote - 2 bedrooms 2 baths, 1,208 sqft, 2 car garage
• Plan B -  Cervantes – 3 bedrooms 2.5 baths, 1,655 sqft, 2 car garage
• Plan C -  Dulcinea – 4 bedrooms 3 baths, 2,192 sqft, 2 car garage
• Plan D - Aragon - 2 bedrooms 2 baths, 1,685 sqft, 2 car garage
• Plan E - Andalusia – 3 bedrooms 2.5 baths, 1,745 sqft, 2 car garage
• Plan F - Montiel – 3 bedrooms, 3 baths, 1,839 sqft, 2 car garage

Each town home includes at least 1 fireplace and a two car garage. The home owners’ association dues are approximately $328 per month, and includes, community swimming pool, spa, clubhouse, landscape maintenance, home exterior maintenance, and property insurance.

The 2 bedroom Condos range in price from $430,000 up to $520,000.  The 3 bedroom floor plans will typically range in price from $470,000 up to $600,000.  The larger 4 bedroom floor plans will typically start at around $580,000 on up to $660,000.

The design of the neighborhood was inspired by the Spanish architecture seen prevalently throughout Mission Viejo with streets named accordingly as follows: Anselmo, Azuer, Cardenio, Dolorosa, Dorothea, Dulcinea, El Toboso, Guadina, La Mancha, La Roda, Lucinda, Madrona, Mambrino, Manzanares, Montiel, Rocinante, Verbena, and Zoraida.

The La Mancha condos are located conveniently close to the freeway, shopping, churches, The Mission Viejo Mall,  Mission Viejo Hospital, and are located in the award winning Capistrano Unified School District. The Grade school classes are administered at Viejo Elementary, the intermediate school is Newhart Middle School, and the upper level grades are taught at Capistrano Valley High School.

If you would like to view the inside of any La Mancha condominium listed for sale, please feel free to contact us at:  949-388-3396, or email us at: Info@SearchOCHomes.com  
To View all homes and Condos listed for sale in Mission Viejo, please visit our website at:  Mission Viejo Real Estate.