by vbindi on March 11, 2010
This analysis is brought to you by the experts at the ShortSalesASAP group, who specialize in short sale negotiations, marketing and sales here in Fullerton . This article will report the statistics for Active for Sale and Sold standard listing properties, as compared to short sales. Currently, there are 195 detached homes listed for sale in Newport Coast , California. The median price of these homes for sale is $2,995,000 and the average price per square foot is $770. 8 of these active listings are short sales, which represent 26% of the total inventory of detached homes for sale. The median price of these short sale properties is $400,000 and the average price per square foot is $246.
There are now 32 condominiums listed for sale in Newport Coast . The median price for these listed condominiums is $795,000 and the average price per square foot is $318 . Of this total, 4 are short sale listings. The median price of these short sale units is $795,000 , and the average price per square foot is $398 . The ratio of short sale condo listings to the total listings is 34%.
For homes under contract, there are 30 detached homes in escrow on this date, and the median price is $2,720,000 . Of this total, 9 are short sales in escrow, which is 58% of the total detached properties in escrow in Newport Coast , and the short sale median price in escrow is $1,395,000.
For condominiums in escrow, there are now 10 attached units under contract, with a median price of $799,000 . Of this number, 4 are short sales, which calculates to be 75% of the total pending units, and the median price is $825,000.
In the past 3 months, there have been a total of 31 detached homes that have sold and closed escrow in Fullerton . The median price was $1,925,000 and the average price per square foot was $588 . Of this total were 3 were short sale properties in the city of Fullerton in the past 3 months. This number of sold short sales is 19% of the total. The median price was $1,425,000 , and the average price per square foot was $409.
In the past 90 days, there have been a total of 8 condo sales with a median price of $650,000 , and an average price per square foot of $445 in Fullerton . Also, there were 1 short sale condos sold, which was 27% of the total number of units sold in this period. The median price of the sold short sale condos was $980,000 , and the average price per square foot was $520.
As can be seen above, the ratio of pending In Escrow short sale properties, to pending in escrow total listings is a much higher percentage, compared to the ratio of Sold short sale properties to Sold total properties. This high rate of failure due to the lack of knowledge by the typical short sale listing agent. This illustrates that property owners who owe more than their home is worth, should work with an experienced Newport Coast short sale realtor such as the ShortSalesASAP group. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on March 3, 2010
This report is for standard sales and short sales in Fullerton . This article is brought to you by the realtor experts at the Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County. We track the short sale market here in Fullerton and greater Orange County on an ongoing basis, and report our findings often in this blog.
This market summary is for all property listings, as compared to short sale statistics in Fullerton , California. Below is a tabulation of the statistics we have gathered for all sales, and short sales for both detached homes and attached condos that are Active for sale, pending In Escrow and Sold in the past 90 days:
| Detached Homes – Status |
# of Homes |
% of Total |
Median Price |
$/SqFt |
| For Sale – All Listings |
195 |
100% |
$629,000 |
$298 |
| For Sale – Short Sales |
51 |
26% |
$400,000 |
$246 |
| In Escrow – All Listings |
185 |
100% |
$400,000 |
n/a |
| In Escrow – Short Sales |
108 |
58% |
$350,000 |
n/a |
| Sold – All Listings |
167 |
100% |
$480,000 |
$275 |
| Sold – Short Sales |
32 |
19% |
$485,000 |
$248 |
==============
| Attached Condos – Status |
# of Condos |
% of Total |
Median Price |
$/SqFt |
| For Sale – All Listings |
91 |
100% |
$360,000 |
$255 |
| For Sale – Short Sales |
31 |
34% |
$310,000 |
$214 |
| In Escrow – All Listings |
107 |
100% |
$268,000 |
n/a |
| In Escrow – Short Sales |
80 |
75% |
$265,000 |
n/a |
| Sold – All Listings |
55 |
100% |
$319,000 |
$239 |
| Sold – Short Sales |
15 |
27% |
$325,000 |
$229 |
One of the important things to note is the high rate of failure when it comes to closing short sales. Look at the ratio of Pending In Escrow short sales to Total Listings for Condos which is 74.8% . Then compare that to the ratio of Sold short sale condos to Total sold Condos, which is 27.3% . This large decrease in Ratios from Pending in Escrow to Sold shows that Short Sales fail to close at a high rate today in Fullerton.
The reason being, is that many local Realtors do not have the training or experience in order to close short sales at a high rate of success. Short sales are the most complex of all residential transactions and require skill, and expertise in order to close at a high rate of success. It is important for Fullerton homeowners, who owe more than their home is worth, to work with an experienced short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com , or visit: www.FullertonShortSaleExpert.com
by vbindi on February 23, 2010
This analysis is for Dana Point residential standard sales, short sales and bank REO sales, and was generated by the realtor experts at the Short Sales ASAP group. They are #1 in short sale property listings and closings in Orange County.
Currently, there are 155 detached homes listed for sale in Dana Point , California. The median price of these active homes for sale is $1,175,000 and the average price per square foot is $634 . Of this total, 31 are short sale listings active for sale, and another 3 are bank owned REO’s, for a total of 34 financially distressed single family homes in Dana Point . These distressed home listings represent 22% of the total inventory of detached homes for sale. The median price of these distressed properties is $729,000 and the average price per square foot is $378 .
For attached condominiums, there are 77 condo units currently listed for sale in Dana Point . The median price for these listed condominiums is $499,900 and the average price per square foot is $399 . Of this total, 24 are short sale condo listings, and another 6 are bank owned foreclosed condos listed for sale in Dana Point , for a grand total of 30 financially distressed condo listings. The median price of these distressed condos is $325,000 , and the average price per square foot is $321 . The ratio of distressed condo listings to the total listings is 39% .
Currently, there are 52 detached homes under contract in escrow, and the median price of these pending properties is $1,450,000 . Of this total pending properties, 32 are short sales, and another 3 are bank owned REO properties. This is a total of 35 financially distressed homes, which is 67% of the total detached properties in escrow in Dana Point , and the median price is $625,000 .
For condominiums, there are now 46 attached units in escrow, and the median price is $355,000 . Of this number, 29 are short sales in escrow, and 4 are bank owned REO condos in escrow in Dana Point . This total of 33 distressed condos is 72% of the total units in escrow, and the median price is $339,900 .
In the past 90 days, there have been a total of 40 detached homes that have sold and closed escrow in Dana Point . The median price of these sold homes was $699,000 and the average price per square foot was $362 . Comprising of this total were 12 short sale properties, and 4 bank owned foreclosure homes, for a total of 16 distressed homes that have sold in Dana Point in the past 3 months. This number of distressed sales is 40% of the total, and the median price was $585,000 , and the average price per square foot was $301 .
For attached condos, there have been a total of 40 condo sales in the past 3 months. The median price was $435,000 , and the average price per square foot was $343 in Dana Point . In addition, there were 11 short sale condos that sold and closed, and another 5 REO units that sold in the past 90 days. This was a total of 16 distressed condos, which is 40% of the total number of units sold in this period. The median price of the sold condos was $381,000 , and the average price per square foot was $314 .
As can be seen above, the ratio of Pending in Escrow distressed listings, to Total Pending in Escrow listings is a much higher percentage, compared to the ratio of Sold distressed properties to Sold total properties. This illustrates that short sales fail at a high rate. Therefore, property owners who owe more than their home is worth, should work with an experienced www.DanaPointShortSaleExpert.com For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on February 22, 2010
This analysis is brought to you by the experts at the ShortSalesASAP group, who specialize in short sale negotiations, marketing and sales here in Placentia . This article will report the statistics for Active for Sale and Sold standard listing properties, short sales and bank owned REO’s. Currently, there are 71 detached homes listed for sale in Placentia , California. The median price of these homes for sale is $499,999 and the average price per square foot is $255 . 25 of these active listings are short sales, and another 6 are bank owned foreclosures, for a total of 31 financially distressed single family homes in Placentia . These distressed home listings represent 44% of the total inventory of detached homes for sale. The median price of these distressed properties is $459,000 and the average price per square foot is $230 .
There are now 31 condominiums listed for sale in Placentia . The median price for these listed condominiums is $290,000 and the average price per square foot is $234 . Of this total, 18 are short sale listings, and 3 are bank owned REO condos listed for sale in Placentia , for a grand total of 21 financially distressed condo listings. The median price of these distressed units is $250,000 , and the average price per square foot is $220 . The ratio of distressed condo listings to the total listings is 68% .
For homes under contract, there are 51 detached homes in escrow on this date, and the median price is $699,000 . Of this total, 19 are short sales in escrow, and another 5 are bank owned REO properties. This is a total of 24 distressed homes, which is 47% of the total detached properties in escrow in Placentia , and the median price is $669,999 .
For condominiums in escrow, there are now 31 attached units under contract, with a median price of $242,500 . Of this number, 16 are short sales, and 7 are bank owned REO condos in escrow in Placentia . This total of 23 distressed condos is 74% of the total pending units, and the median price is $229,900 .
In the past 3 months, there have been a total of 68 detached homes that have sold and closed escrow in Placentia . The median price was $487,625 and the average price per square foot was $246 . Of this total were 12 were short sale properties, and 14 were bank owned foreclosure homes, for a total of 26 distressed homes that have sold in Placentia in the past 3 months. This number of distressed sales is 38% of the total. The median price was $435,000 , and the average price per square foot was $240 .
In the past 90 days, there have been a total of 24 condo sales with a median price of $275,000 , and an average price per square foot of $176 in Placentia . Also, there were 11 short sale condos sold, and 5 REO units that sold. This was a total of 16 distressed condos, which is 67% of the total number of units sold in this period. The median price of the sold condos was $230,000 , and the average price per square foot was $133 .
As can be seen above, the ratio of Active distressed listings, to Active total listings is a much higher percentage, compared to the ratio of Sold distressed properties to Sold total properties. This illustrates that short sales fail at a high rate, due to the fact that many agents who attempt to sell and close short sales do not have the required skill or experience to close this types of transactions. Therefore, property owners who owe more than their home is worth, should work with an experienced Placentia short sale realtor such as the ShortSalesASAP group. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on February 16, 2010
This report is for standard sales, short sales and bank REO sales statistics in Laguna Hills . This article is brought to you by the realtor experts at the Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County. Currently, there are 65 detached homes listed for sale in Laguna Hills , California. The median price of these active homes for sale is $1,195,000 and the average price per square foot is $343 . Of this total, 13 are short sale listings active for sale, and another 1 are bank owned REO’s, for a total of 14 financially distressed single family homes in Laguna Hills . These distressed home listings represent 22% of the total inventory of detached homes for sale. The median price of these distressed properties is $699,000 and the average price per square foot is $252 .
For attached condominiums, there are 27 condo units currently listed for sale in Laguna Hills . The median price for these listed condominiums is $285,000 and the average price per square foot is $241 . Of this total, 18 are short sale condo listings, and another 0 are bank owned foreclosed condos listed for sale in Laguna Hills , for a grand total of 18 financially distressed condo listings. The median price of these distressed condos is $240,000 , and the average price per square foot is $220 . The ratio of distressed condo listings to the total listings is 67% .
Currently, there are 51 detached homes under contract in escrow, and the median price of these pending properties is $549,500 . Of this total pending properties, 24 are short sales, and another 3 are bank owned REO properties. This is a total of 27 financially distressed homes, which is 53% of the total detached properties in escrow in Laguna Hills , and the median price is $496,000 .
For condominiums, there are now 65 attached units in escrow, and the median price is $232,500 . Of this number, 50 are short sales in escrow, and 8 are bank owned REO condos in escrow in Laguna Hills . This total of 58 distressed condos is 89% of the total units in escrow, and the median price is $219,000 .
In the past 90 days, there have been a total of 41 detached homes that have sold and closed escrow in Laguna Hills . The median price of these sold homes was $580,000 and the average price per square foot was $277 . Comprising of this total were 12 short sale properties, and 8 bank owned foreclosure homes, for a total of 20 distressed homes that have sold in Laguna Hills in the past 3 months. This number of distressed sales is 49% of the total, and the median price was $515,000 , and the average price per square foot was $245 .
For attached condos, there have been a total of 49 condo sales in the past 3 months. The median price was $262,000 , and the average price per square foot was $213 in Laguna Hills . In addition, there were 17 short sale condos that sold and closed, and another 11 REO units that sold in the past 90 days. This was a total of 28 distressed condos, which is 57% of the total number of units sold in this period. The median price of the sold condos was $234,000 , and the average price per square foot was $182 .
As can be seen above, the ratio of Active distressed listings, to Active total listings is a much higher percentage, compared to the ratio of Sold distressed properties to Sold total properties. This illustrates that short sales fail at a high rate. Therefore, property owners who owe more than their home is worth, should work with an experienced Laguna Hills short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on February 10, 2010
This report is for standard sales, short sales and bank REO sales statistics in Aliso Viejo . This article is brought to you by the realtor experts at the Short Sales ASAP group, who are #1 in short sale property listings and closings in Orange County. Currently, there are 41 detached homes listed for sale in Aliso Viejo , California. The median price of these active homes for sale is $585,000 and the average price per square foot is $293 . Of this total, 19 are short sale listings active for sale, and another 1 are bank owned REO’s, for a total of 20 financially distressed single family homes in Aliso Viejo . These distressed home listings represent 49% of the total inventory of detached homes for sale. The median price of these distressed properties is $570,000 and the average price per square foot is $265 .
For attached condominiums, there are 68 condo units currently listed for sale in Aliso Viejo . The median price for these listed condominiums is $349,000 and the average price per square foot is $270 . Of this total, 43 short sale condo listings, and another 3 are bank owned foreclosed condos listed for sale in Aliso Viejo , for a grand total of 46 financially distressed condo listings. The median price of these distressed condos is $319,000 , and the average price per square foot is $256 . The ratio of distressed condo listings to the total listings is 68% .
Currently, there are 57 detached homes under contract in escrow, and the median price of these pending properties is $529,000 . Of this total pending properties, 37 are short sales, and another 2 are bank owned REO properties. This is a total of 39 financially distressed homes, which is 68% of the total detached properties in escrow in Aliso Viejo , and the median price is $550,000 .
For condominiums, there are now 132 attached units in escrow, and the median price is $310,000 . Of this number, 101 are short sales in escrow, and 14 are bank owned REO condos in escrow in Aliso Viejo . This total of 115 distressed condos is 87% of the total units in escrow, and the median price is $357,000 .
In the past 90 days, there have been a total of 70 detached homes that have sold and closed escrow in Aliso Viejo . The median price of these sold homes was $542,000 and the average price per square foot was $288 . Comprising of this total were 17 short sale properties, and 7 bank owned foreclosure homes, for a total of 24 distressed homes that have sold in Aliso Viejo in the past 3 months. This number of distressed sales is 34% of the total, and the median price was $534,000 , and the average price per square foot was $286 .
For attached condos, there have been a total of 126 condo sales in the past 3 months. The median price was $320,000 , and the average price per square foot was $252 in Aliso Viejo . In addition, there were 50 condos that sold and closed, and another 27 REO units that sold in the past 90 days. This was a total of 77 distressed condos, which is 61% of the total number of units sold in this period. The median price of the sold condos was $290,000 , and the average price per square foot was $238 .
As can be seen above, the ratio of Active distressed listings, to Active total listings is a much higher percentage, compared to the ratio of Sold distressed properties to Sold total properties. This illustrates that short sales fail at a high rate. Therefore, property owners who owe more than their home is worth, should work with an experienced Aliso Viejo short sale realtor. For more information, feel free to call: (888) 201-7066, or email us at: Info@ShortSalesASAP.com.
by vbindi on February 4, 2010
We specialize in short sale listings here in Ladera Ranch. We have gathered statistics for active listings and sales statistics for all listings, short sales and bank owned REO properties for Ladera Ranch residential real estate, which is reported herein. Currently there are 69 detached homes listed for sale in Ladera Ranch, CA. Of this total, 26 are Short Sale properties, and 2 are bank owned foreclosures, for a total of 28 financially distressed homes listed for sale, which represents 40% of total.
For attached condominiums, there are a total of 31 units currently listed Active for sale in Ladera Ranch. Of this total, 17 are pre-foreclosure short sale properties listed for sale, and 4 bank owned REO condos listed for sale. This is a total of 21 financially distressed condos which represent 68% of the total.
Now will look at properties Pending under contract and sold in the past 90 days. for detached homes in Ladera Ranch, there are a total of 90 detached homes under contract Pending in escrow. Of this total, 75 are short sale properties, and another 5 detached homes in escrow are bank owned foreclosures. There is a total of 80 distressed properties, which represents a whopping 88% of all detached homes in escrow are financially distressed in Ladera Ranch at this time.
For condos, there are currently 71 attached units pending in escrow in Ladera Ranch. Of this sum, 58 are short sales pending in escrow, and 8 are bank owned REO condos in escrow. This is a grand total of 66 financially distressed units in escrow, which is 93% of the total.
In the past 90 days, there have been a total of 84 detached homes that have sold and closed escrow in Ladera Ranch in the past 90 days. Of this total, 28 are short sale listings that have closed escrow, and 7 were bank owned REO properties. This is a total of 35 financially distressed homes that have sold and closed, which results in 41% of the detached homes sold in the past 90 days were financially distressed in Ladera Ranch.
For condos, the results are very similar. There were 40 attached condos that have sold and closed escrow in Ladera Ranch. Of this amount, 21 are short sale listings, and 3 were bank owned foreclosure condos. This represents a total of 24 financial distressed condos that have sold, which is 60% of the total sold condominiums in Ladera Ranch.
Of note, is the fact that most of the properties that are selling in Ladera Ranch are financially distressed. We find this same result in many other Orange County cities for buyers are currently shopping for bargain priced homes.
Also of interest is the fact that for properties under contract Pending in escrow, about 90% of all escrows are financially distressed properties. Although when you look at properties that have actually closed escrow, that ratio drops down substantially to 41% for detached homes, and 60% for condos. We also find this large decrease in other Orange County cities as well. This is due to the fact that many short sale properties are being conducted by Realtors who have very little experience in these complex transactions and this results in a high failure rate.
An important fact for Ladera Ranch homeowners is there are only a handful of short sale experts who specialize in bank negotiations and sales, and close at a rate of 95% or more, such as our team at Short Sales ASAP. For questions, please feel free to email us at: Info@ShortSalesASAP.com or call us at: (949) 254-4775.
by vbindi on January 3, 2010
Nationwide, homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate. In Orange County CA., the ratio is almost the same, and many of these property owners are turning to Short Sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers. Some Orange County upper end homeowners have reached the point where they can’t afford the carrying expenses of a $2 million home.
Nationwide, payments on about 12 percent of mortgages exceeding $1 million were 90 days or more overdue in September, compared with 6.3 percent on loans less than $250,000, according to data from First American CoreLogic Inc. The rate for mortgages above $1 million was 4.7 percent a year earlier. In Orange County, about 16% of mortgages exceeding $1 Mil are 90 days or more delinquent.
Short sales almost tripled to 40,000 in the first six months of 2009 from the same period a year earlier Nationwide, according to data from the Office of Thrift Supervision. In Orange County, there were 2,390 short sale closing in the first 6 months of 2009, compared to just 1,007 for the same period a year before, which represents more than a 100% increase. For the entire year of 2009′, there were 5,414 short sale closings, and 114 of those properties were priced at $1 Million or more.
There are 114,000 home loans of more than $1 million Nationwide, according to First American. About a quarter of all mortgaged homes in the U.S. have loan balances bigger than their current value, known as being upside down or underwater. For more information about short sales in Orange County California, feel free to email us at: Info@ShortSalesASAP.com, or call us at: (949) 254-4775, or visit our website at: www.ShortSalesASAP.com
by vbindi on December 1, 2009
According to a recent report as seen on CNBC, 33% of all Homeowners nationwide have more mortgage debt than their home is worth… otherwise known as being upside down on their mortgage. Other local reports have estimated that more than 33% of Orange County homeowners are upside down on their homes as well. Below is a table showing home sales in Orange County for the past 5 years. This tabulation below shows all home sales, as compared to financially distressed homes sales for each calendar year, and the ratio of distressed sales to all sales.
ORANGE COUNTY HOMES SALES AND DISTRESSED HOME SALES
| Year |
All Home Sales |
Distressed Home Sales |
Ratio of Distressed to All |
| 2009 |
27,789 |
13,180 |
47% |
| 2008 |
23,650 |
8,902 |
37% |
| 2007 |
21,388 |
617 |
2.8% |
| 2006 |
29,227 |
114 |
0.30% |
| 2005 |
42,253 |
89 |
0.20% |
As can be seen, distressed sales have grown exponentially since 2005′, and now represent almost 50% of all home sales in Orange County. The question most people ask is when will it end?… No one knows for sure, but based upon my experience and survey of the market, I expect distressed sales to possibly rise a bit further in 2010, and then slowly decline in volume in the following 3 years after 2010.
by vbindi on November 24, 2009
Even tough the Orange County CA. real estate market has firmed up substantially in the past 6 months, there are still many distressed property sellers comprising of Bank Owned REO properties and Short Sales. In particular, Short Sale listings have remained rather steady throughout much of this year. Even though the total number of homes Active for sale has been decreasing, and the number of homes being sold In Escrow has steadily risen throughout much of this year, which is an indication of a market that is firming up. The below chart shows the total number of Active new properties listed for sale in Orange County on a monthly basis, compared to the number of new Short Sale listings, and the ratio of the number of Short Sale listings per total number of new listings. As one can see, the number of new listings, total and short sales, has remained rather steady throughout much of the year.
| Month |
Total New Listings |
New Short Sale Listings |
Ratio Short-Sale/Total |
| Jan |
4,179 |
1,203 |
29% |
| Feb |
3,897 |
1,070 |
28% |
| March |
4,370 |
1,152 |
26% |
| April |
3,970 |
1,092 |
28% |
| May |
3,932 |
1,118 |
28% |
| June |
3,999 |
1,046 |
26% |
| July |
4,070 |
1,107 |
27% |
| August |
3,862 |
1,111 |
29% |
| Sept |
3,759 |
1,076 |
28% |
| Oct |
3,762 |
1,086 |
29% |
We also charted the number of total closed properties per month, and the total number of closed short sales per month for Orange County. A couple of things to note from this chart, is that only about 50% of all listings are selling and closing in today’s market. And short sales, are closing at a slightly worse rate than that.
| Month |
Total Number of Closed Sales |
Number of Closed Short Sale Listings |
Ratio Short-Sale/Total |
| Jan |
1,700 |
311 |
18% |
| Feb |
1,782 |
323 |
18% |
| March |
2,362 |
398 |
17% |
| April |
2,419 |
459 |
17% |
| May |
2,605 |
459 |
17% |
| June |
2,819 |
513 |
18% |
| July |
2,831 |
498 |
17% |
| August |
2,630 |
510 |
19% |
| Sept |
2,698 |
532 |
19% |
| Oct |
2,599 |
575 |
22% |
If you have any questions regarding Short Sales listed for sale, please feel to drop us an email at: Info@eVantageRE.com. To view all Aliso Viejo Short Sales listed for sale, Click here.
Orange County Short Sale Experts
