by vbindi on August 12, 2010
This report is for standard sales and short sales 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 a total of 104 detached homes listed for sale in Aliso Viejo , California. The median price of these active homes for sale is $565,000 and the average price per square foot is $308 . Of this total, 33 are short sale listings active for sale. . These short sale listings represent 32% of the total inventory of detached homes for sale. The median price of these short sale properties is $495,000 and the average price per square foot is $289 .
For attached condominiums, there are 129 condo units currently listed for sale in Aliso Viejo . The median price for these listed condominiums is $319,900 and the average price per square foot is $271 . Of this total, 72 are short sale condo listings. The median price of these short sale condos is $295,000 , and the average price per square foot is $263 . The ratio of short sale condo listings to listings is 56% .
Currently, there are 60 detached homes under contract in escrow, and the median price of these pending properties is $549,900 . Of this total pending properties, 28 are short sales, which is 47% of the total detached properties in escrow in Aliso Viejo . The median price is $450,000 .
For condominiums, there are now 115 attached units in escrow, and the median price is $285,000 . Of this number, 81 are short sales in escrow in Aliso Viejo . These short sale condos are 70% of the total units in escrow, and the median price is $275,000 .
In the past 90 days, there have been a total of 74 detached homes that have sold and closed escrow in Aliso Viejo . The median price of these sold homes was $575,000 and the average price per square foot was $283 . Of this total were 23 short sale properties, which was 31% of the total sales. The median price was $560,000 , and the average price per square foot was $247 .
For attached condos, there have been a total of 147 condominium sales in the past 3 months. The median price was $350,000 , and the average price per square foot was $346 in Aliso Viejo . In addition, there were 57 short sale condos that sold and closed escrow during this same period of time, which was 39% of the total number of units sold. The median price of the sold short sale condos was $316,000 , and the average price per square foot was $236 .
Property owners who owe more than their home is worth, should seek to 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 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 August 11, 2009
Today, there are 46 detached single family homes listed for sale in Aliso Viejo, Orange County, Ca. The lowest priced home is valued at $399,900. It is a 3 bedroom, 2 bathroom, 1,400 square foot house, located in the Hamptons subdivision. The highest priced home is $1,149,000 for a 4 bedroom, 5 bath, 3,737 square foot estate built in 2008, featuring view of the golf course and city lights. The current median price is $457,472.
There are 66 detached homes located in the city of Aliso Viejo that are now pending in escrow. The lowest priced property currently in escrow is valued at $339,000. It is a charming 2 bedroom + loft, 3 bathroom, 1,100 square foot home built in 1996. This property is conveniently located directly across the street from an elementary school. The highest priced property currently in escrow is priced at $1,250,000. It is a 3,400 square foot, 5 bedroom, 3 bathroom estate located on a cul-de-sac, offering a fully equipped entertainers backyard and a stunning panoramic view. The median price of homes currently in escrow is $650,000.
In the past 90 days, there have been 80 detached properties that have sold and closed escrow in Aliso Viejo. The lowest sales price for a detached property was $340,000 for an attractive 3 bedroom, 3 bath, 1,301 square foot home built in 1998. The highest priced property sold was a 5 bedroom, 5 bath, 3,757 square foot estate located in the Silver Oaks gated community. This home was valued at $1,135,000 and its features included a large, lush yard and a breathtaking canyon view from virtually every room. The median home price is $538,000 and the average sales price in the past 3 months was $566,923. The average price per square foot was $281/SqFt. The average days on market was 65 days.
For more information about Aliso Viejo Real Estate, please feel free to call us at: 949-388-3396
by vbindi on June 20, 2009
The gated community of the Canyon Villas condos were built in 1992 and are located on Pacific Park, close to the intersection of Aliso Creek. This condo tract includes a community pool, clubhouse and spa. There are 3 floor plans and each comes with a 1 car garage.
Currently there are 2 condos for sale. One is a 1 bedroom, 1 bath unit with an askingprice of $249,000, and the other is a 2 bedroom, 2 bath condo for $285,000.
There are 3 Canyon Villas condos currently under contract in escrow. They range in price from $205,000 up to $286,000.
In the past 3 months, there have been 3 closed sales in Canyon Villas in Aliso Viejo. all of the 3 sales were the 1 bedroom, 1 bath plan, ranging in price from $205,000 to $240,000.
To read about more details of Canyon Villas, visit our previous post. To view all the details of all Canyon Villas currently listed for sale, visit Canyon Villas – Aliso Viejo. For a private viewing of the condos listed for sale, email us or call: 949-388-3396.
by vbindi on June 20, 2009
Mello-Roos is a special tax that is imposed on Aliso Viejo real estate within a designated community. These Mello-Roos districts are created to raise public financing through the sale of bonds, for the purpose of paying for public improvements and services for that community. The services may include water lines, sewer treatment, drainage, streets, schools, electricity, parks, etc. The Mello Roos tax is used to pay for the bonds used to pay for these improvements.
The passage in 1978 of Proposition 13 restricted local governments ability to pay for capital facilities and services by increasing property taxes. In 1982, Senator Henry Mello and Assemblyman Mike Roos enacted the Community Facilities District (now called Mello-Roos) to provide local governments with an additional way to raise needed funds. Below are common questions and answers regarding Mello-Roos…
How much is Mello-Roos for Aliso Viejo Real Estate? It can vary from about $400 per year on up to about $2,500 per year dependent upon the community and the lot. A few home communities in Aliso Viejo have no Mello-Roos at all.
How do I estimate the Mello-Roos when buying a Home? During the Escrow process, the Seller will deliver a disclosure which will state in writing the exact amount of the Mello-Roos fee. You can also estimate the Mello-Roos prior to making an offer on a home. You take the quoted Tax Assessor yearly Tax amount, and subtract the Prop 13 portion of the tax from this amount. The Prop 13 Tax can be estimated by multiplying 1.15% times the previous sale price stated in the tax rolls. The remainder is a reasonable estimate of your yearly Mello-Roos payment.
How is the Mello-Roos Tax paid? The Mello-Roos is included in your normal tax bill which is billed to you twice per year.
Does the Mello-Roos tax go up when I sell my Home? No, unlike the Prop 13 portion of your property tax, the Mello-Roos portion of your property tax does not change when you sell your Aliso Viejo home. The MelloRoos tax can increase dependent upon the community facilities agreement by about 1% to 2% per year, but it does not have anything to do with the sale price of your home.
Can I deduct Mello-Roos payments from my Income Tax? Most Tax accountants are of the opinion that the Mello-Roos tax is not legitimate income tax deduction. Please consult with your Tax Advisor for final determination.
How long does the Mello-Roos tax stay in effect on my Home? Typically, the Mello-Roos assessment is written for about 15 to 25 years dependent on the community facilities district. Although, many of the districts have the right to renew the Mello-Roos tax if needed.
How do I compare the value of a Home with Mello-Roos against a Home without? Prior to making a decision to buy a home, here is a simple way to compare the total monthly cost of the home with Mello-Roos versus a home with no Mello-Roos. Say you are considering buying either a home in Aliso Viejo with yearly Mello-Roos payment of about $1,200, or possibly buying a home in say Mission Viejo with no Mello-Roos. To compare the prices of these homes, I take that $1,200 yearly Mell-Roos payment, divide by 12 for the monthly payment of $100. A $100 per month payment is approximately equal to a $20,000 mortgage in today’s interest rates. Therefore the home in Aliso Viejo is actually costing you about $20,000 more as compared to the home you’re considering in Mission Viejo. If the home in Aliso Viejo is still a bit more desirable at a comparative price $20,000 higher than the home in Mission Viejo, then buy it, if not, buy the home in Mission Viejo.
If you would like to view all homes listed for sale in the Aliso Viejo MLS, please visit our website: Aliso Viejo Real Estate
by vbindi on April 1, 2009
This Short Sale Case Study outlines another successful short sale transaction that was conducted for a detached home located in the Vista De Oro subdivision in Aliso Viejo, Ca.
ORIGINAL PURCHASE: This large detached home was bought by the homeowner in March of 2007′ for $770,000. This home was purchase using Zero down financing, and there was a 1st Mortgage with a loan balance of $620,000 and a 2nd mortgage with a loan balance of $150,000. The fist loan was a fixed rate mortgage and the 2nd loan was an adjustable rate loan.
This single family detached home was 4 bedroom, 3 bath, 2,200 square foot home, with 2 car garage. This property was sold and closed escrow in December of 2008, via a Short Sale by the Aliso Viejo ShortSalesASAP company.
FINANCIAL CRISIS: Home values have decrease by about 35% since the peak in pricing in Spring of 2006′, throughout Orange County, CA. and in Aliso Viejo as well. This Aliso Viejo short sale property dropped in value by about 25? % From the time this home was purchased in 2007′, until it was sold at the end of 2008′.
The homeowner was having financial difficulties and was having a very hard time keeping up with their loan payments. Their debt to income ratio was to high to qualify for a Loan Modification, and the home was upside down by about $200,000.
SHORT SALE PREPARATION: This Aliso Viejo home was initially put in our Short Sale Preparation Phase. Here we gather all of the required documents from the homeowner and contact the banks to present our short sale case. With some hard knock negotiations, our expert team was able to obtain preliminary approval for the Short Sale along with terms and conditions. This Preparation Phase took about 4 weeks to complete. During that time the homeowner was able to live in the property as normal, with no interruptions from other agents or prospective home buyers, and due to their hardship, were forced to stop making their mortgage payments and lived rent free.
SHORT SALE MARKETING & SALE: the next phase was the Marketing-Sales of the pre-approved short sale. The home was marketed heavily and posted in the Multiple Listing Service (MLS) for a price of at a price of $649,000. After a period of about 3 weeks, the price was dropped to $599,900. We finally found a qualified Buyer and after several counter offers, we were able to get them to offer $580,000 to purchase this home.
CLOSING PHASE: After the purchase offer was signed by the buyer and seller, we opened escrow for the new buyer. We packaged the purchase offer, Short Sale disclosures and Buyers loan qualification paperwork. We submit the updated package to the 1st and 2nd mortgage banks. Our post short sale specialist then expedites the delivery of these documents to the bank negotiators to finalize the short sale and obtain the approval letters in writing.
Many people ask us why a mortgage bank would accept a short sale. Well the reasons are many, but the bottom line is that banks have determined that they loose 15% more when they are foreclose as compared to accepting a short sale. These savings are due to reducing loss of the time value of money, avoiding property damages, eliminating foreclosure legal expenses, and minimizing bank management overhead expenses.
FINAL RESULT: At the completion of this short sale, the homeowners mortgage debt was completely eliminated. The homeowner lived in their home during this short sale process and did not have to make any loan payments. They were also able to rent a comparable home for substantially less then what their payments used to be. In addition, the homeowners credit was less damaged by the short sale as compared to a foreclosure. In addition, Fannie Mae (FNMA) altered their underwriting policy, so that a past homeowner only has to wait 2 years before they can buy another home using FNMA underwritten loans. If the homeowner went through foreclosure, the waiting period would be 5 years !
ShortSaleASAP is licensed with the California Department of Real Estate, and our services are free to the homeowner, for we are paid by the mortgage bank(s). If you have any questions regarding Short Sales, contact our team of experts at: (949) 388-3396 or drop us an email at: Info@ShortSalesASAP.com
