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real estate

Irvine Homes and Condos market update.

by vbindi on March 4, 2010

This is a statistical report for Active for Sale and Sold homes and condos in Irvine . This report is brought to you by the professional realtors at eVantage Real Estate in Orange County, CA. Today, there are 238 detached single family homes for sale, with a median price of $849,000 and an average price per square foot of $433 . These homes are priced from a low of $319,000 for a 2 bedroom, 2 bath, 1,670 square foot home located in the subdivision called Groves 55+ . On up to a maximum price of $15,995,000 for a fine home incorporating 5 bedrooms, 9 baths, with 13,500 square feet of living area, which is located in the Shady Canyon Tract.

For attached condos, there are currently 288 condos active for sale in Irvine . The median price of these condos is $499,000 and the average price per square foot is $343 . These listed condos range in price from a low of $220,000 for a unit comprising of 1 bedroom, 1 bath, 635 square foot, that is situated in the Watermarke Tract. Up to a maximum price of $519,000 for a roomy condo consisting of 3 bedrooms, 3 baths, with 1,450 square feet found in the Corte Bella Subdivision.

For properties currently under contract in Irvine there are 210 detached homes in escrow, and the median price is $725,000 . These detached homes range in price from a low of $209,000 for a 1 bedroom, 1 bath, 932 square foot property located in the The Lakes Tract. On up to a maximum price of $5,995,000 for a fine property comprising of 6 bedrooms, 9 baths, and incorporates an expansive 9,800 square feet of living area, located in the Shady Canyon Tract.

For condos, there are 284 units now in escrow in Irvine , with a median price of $419,900 . These pending units range in price from $135,000 for a 1 bedroom, 1 bath, 512 square foot condominium, located in the Lake Condos Subdivision. On up to a maximum price of $585,000 for a fine condo consisting of 3 bedrooms, and 3 baths, with 1,380 square feet, found in the Ashton Green Subdivision.

In the past 90 days, there have been 185 detached homes that have sold and closed escrow in Irvine . These sold homes had a median price of $915,000 with an average price per square foot of $374 . These closed homes range in price from a low of $320,000 for a detached home comprised of 2 bedrooms, and 2 bath, with 1,000 square feet, and is located in the Bowen Court Subdivision. And a maximum price of $5,777,777 for an estate property comprising of 6 bedrooms, 8 baths, and a spacious 13,418 square feet located in the Shady Canyon Tract.

For the past 3 months, there have been 219 attached condominiums that have sold and closed escrow in Irvine , California. The median price of these attached units was $439,000 and the average price per square foot was $326 . These sold condominiums ranged in price from a low of $135,000 for a 0 bedroom, 1 bath, 415 square foot unit found in the Irvine Springs condo Tract. And the maximum priced sold condo was $1,250,000 for a nice unit comprised of 3 bedrooms, 4 baths, and 2,677 square feet that is situated in the The Plaza Tract.

If you have any questions regarding real estate for sale in Irvine , please feel free to call us at: (949) 388-3396, or email us at: Info@eVantageRE.com . Click this link if you would like to view all homes for sale in Irvine.

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Dana Point Short Sale Market Realtor report.

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.

Placentia Short Sale Realtor report.

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.

Low Priced Homes are Red Hot in Orange County

by vbindi on January 18, 2010

Orange County, CA: After the major price correction that began in the summer of 2006′, the local real estate market continues to be strong. demand is exceeding supply in most all price levels, except for homes priced above $1.1 Million. The average Months of Inventory is just 1.55 Months for all price range of homes, and for lower priced homes, the months of inventory is just 0.9 Months. Below is a graph of the Months of Inventory for south Orange County residential real estate. As can be seen in this graph, the months of inventory has dropped dramatically since the peak in late 2007′, and has been hovering around the 1.5 to 2 Months level for nearly 8 months now.

This dramatic improvement in the local market is a result of the low inventory of homes and condos for sale, and the strong demand that has resulted from the large drop in property values, and the historically low interest rates.  The low level of Months of Inventory has put a halt to price reductions as can be seen in the graph below.  The Price per Square foot is a much more accurate indicator of relative price movements for a given area, than a calculation of Average or Median prices.   The graph below shows that prices have declined about 32% from the peak in pricing in the summer of 2006′.  Pricing has remained relatively flat for most of 2009′ at the $300 per Square Foot range for detached homes, and $275 per Square Foot for attached condos in Orange County.  For more information about property values here in Orange County, feel free to contact us at:  (949) 388-3396 or email us at:  Info@eVantageRE.com

Laguna Niguel Home Prices Holding Steady

by vbindi on January 11, 2010

Laguna Niguel, CA -  The local real estate market has gone through a severe correction that started back in the summer of 2006′.  Since that time, prices have declined approximately 30% for detached homes, and for attached Condos, prices have dropped about 38% since the peak in mid 2006′. 

Recently though, the inventory of homes for sale has declined substantially in Laguna Niguel.  Also, the rate of sales has increased during this same period of time, from mid 2006′  to today.  This strengthening demand for the Laguna Niguel real estate market has resulted in a stabilization of home prices.  Throughout most of 2009′ actual sales prices for detached homes have held steady at $310 per square foot.  And for condominiums, prices have firmed actually resend in 2009′ by about 3%, to a level of $260 per square foot today (Price per Square Foot is a much more accurate measurement of price movement than the Average or Median) 

Currently, there are 145 detached homes listed for sale in Laguna Niguel, ranging in price from a low of  $479,000 for a 3 bedroom, 2.5 bath, 1,455 square foot home in the Seagate subdivision.  On up to $7,875,000 for a 7 bedroom, 9 bath, 11,000 square foot estate in the Bear Brand Ranch neighborhood.  The Median price of all detached homes Active for sale is $849,000 in Laguna Niguel.

In addition, there are 127 attached condominiums that are currently listed for sale in Laguna Niguel.  These attached units range in price from $179,000 for a 1 bedroom, 1 bath, 760 square foot flat in the Crystal Cay tract, on up to $749,000 for a 3 bedroom, 3 bath, 2,379 square foot attached townhome in the Marina Hills neighborhood.  The median priced condo is currently $349,000.

For more information about the  Laguna Niguel real estate market and home prices, please feel free to contact us at:  (949) 388-3396  or  Info@eVantageRE.com

Long Beach Short Sale Realtor Success Story #26

by vbindi on September 8, 2009

Long Beach Short Sale Case Study #26: The ShortSalesASAP team of experts have closed another short sale in Long Beach CA.   We close over 95% of our Short Sales, but unfortunately, only about 20% of short sales close statewide.   We will outline this short sale process, but withhold some of the financial and property details to respect the privacy of the short seller.

The subject property was a single story, ranch style family detached home located in the Los Altos community of Long Beach.  The home was a 3 bedroom, 1 bath,  1,200 square feet,  built in 1956.

This home was purchased in the Spring of 2006′ for $575,000.    The financing consisted of a 10% down payment, with a $460,000 1st mortgage with Wells Fargo, with a $57,500 2nd mortgage with Citbank.  This is commonly called a 10/10/90 loan, in the which the 1st loan was a fixed rate loan, and the 2nd was an adjustable rate mortgage.

The local market conditions in southern California and Long Beach has suffered a severe market correction.   Property values have dropped about 40% since the height of the market in Spring of 2006′.  Southern California, has been hit hard by the nationwide mortgage loan crisis and regional recession.  Due to this factors,  one of the spouses lost their job, and the other had their bonuses curtailed.  This big drop in income, caused the property owners to become delinquent on the mortgage payments.   Their debt to income ratio was to low to qualify for a loan modification.  The property owners contacted us regarding a short sale in the Fall of 2008′.

Our short sale Realtor met with the owners and gathered the necessary short sale documents that the Banks require.  Our team packages this information in the format that the Banks require,  along with other market data and presented the short sale case to the Banks.  After some expert negotiations with the 1st and 2nd mortgage holders, we negotiated preliminary terms and conditions for the short sale.

With the Short Sale preliminary approved, we started the Marketing of this Long Beach home for sale.  The house was listed for sale for $365,000, which was the market value at that time. After a period of about 22 days, we obtained a purchase offer from a qualified buyer for $350,000.  After one  counter offer, the buyer and seller agreed upon a price of $359,000.

Our listing Realtor obtained all  signatures, and reviewed loan qual status of the buyer.   Escrow was opened,  and our short sale team packaged the  new purchase offer, along with Buyers loan qualification paperwork, and submitted the package to the 1st and 2nd mortgage banks.  Our negotiation specialist persuaded both the 1st lender and 2nd lender to agree to the short sale offer.

At close of escrow, the entire $517,500 in total 1st and 2nd mortgage debts were retired.  In addition, our expert negotiator was able to obtain a $2,500 cash rebate for the home seller, paid by the the 1st mortgage bank, which is referred to as “Cash for Cooperation”.  The seller rented a similar Long Beach home and saving over $1,200 per month. In addition, the homeowner is now working with our credit Restoration affiliate firm and will be able to buy another home early next year.

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

Mission Viejo Home Values

by vbindi on August 26, 2009

Today, there are 181 detached single family homes listed for sale in Mission Viejo, Orange County, Ca.  The lowest current detached home price is $360,000 for a 3 bedroom, 2 bathroom 1,123 square foot home offering a view of Saddleback Mountain. The highest priced home is listed for $2,995,000, which is a 5,500 square foot, 5 bedroom, 5 bathroom lakefront estate built in 1990 on Lake Mission Viejo. This property features a gorgeous view of the lake and a private dock right in the backyard. The current median price for all home Active for sale in Mission Viejo is $619,000.

There are 180 detached homes located in the city of Mission Viejo that are pending in escrow. The lowest priced property currently in escrow is valued at $209,900. It is a 2 bedroom, 1 bath, 1415 square foot home. The highest priced property currently in escrow is priced at $2,200,000. It is a 3,693 square foot lakefront estate on Lake Mission Viejo featuring 4 bedrooms and 4 bathrooms. This home has privacy plus as it is at the end of a cul-de-sac in the guard gated community of  Tres Vistas. The current median price for properties in escrow is $495,000.

In the past 90 days, there have been 192 detached properties that have sold and closed escrow in Mission Viejo. The lowest sales price for a detached property was $310,000 for a clean, upgraded 3 bedroom, 2 bathroom, 1,100 square foot home built in 1972, located just a short drive from the freeway and within walking distance to Colinas park. The highest priced property sold was a 4 bedroom + a loft, 4 bathroom, 3,316 square foot estate built in 1993. This home was priced at $910,000 and located on a cul de sac in the Anacapa community. This property features a rock pool and spa with a waterfall and a spectacular panoramic ocean view. The median home sales price is $510,000 and the average sales price in Mission Viejo within the past 3 months was $541,911. The average price per square foot was $275.59/SqFt. The average days on market was 66 days.

For more information about Mission Viejo Real Estate for sale, please feel free to call us at: 949-388-3396 , or email at: Info@eVantageRE.com or visit our website by clicking in the highlighted previous Link.

Ladera Ranch Home Prices

by vbindi on August 14, 2009

Today, there are 96 detached single family homes listed for sale in Ladera Ranch, Orange County, Ca.  The lowest current detached home price is $425,000 for a 3 bedroom, 3 bathroom 1,600 square foot property built in 2002 featuring many upgrades including granite counter tops, cabinets, wood flooring and plantation shutters. The highest priced home is a 7,000 square foot, 6 bedroom, 8 bathroom custom estate listed for $4,899,900. Built in 2006, this home features a separate home theater as well as both indoor and outdoor gourmet kitchens.  The current median price is $849,000.

Currently, there are 78 detached homes located in the city of Ladera Ranch that are pending in escrow. The lowest priced property currently in escrow is valued at $356,900. It is a very well maintained 3 bedroom, 2 1/2 bath, 1567 square foot home that features an upgraded kitchen with granite counter tops and it is well located close to freeway access, an array of shopping and entertainment.  The highest priced property currently in escrow in Ladera Ranch is listed at $2,999,000. It is a brand new 5 bedroom, 8 bathroom, 8,700 square foot custom home located in the prestigious community of Covenant Hills. This homes features include an elevator, 2000 bottle wine cellar and many high quality pgrades such as mahogany wood floors and marble based niches. The current median price for properties in escrow is $659,900.

There have been 78 detached properties that have sold in Ladera Ranch in the past 90 days. The lowest sales price for a detached property was $367,908 for a large, upgraded 3 bedroom, 3 bathroom, 1,750 square foot home built in 2004 offering beautiful new landscaping and a bonus room.  The highest priced property sold was a brand new 5 bedroom, 7 bathroom, 5,392 square foot estate located in Covenant Hills. This home was priced at $1,950,000. This property features a salt water pool and spa and a gourmet kitchen with top of the line appliances. The median home sales price is $679,900 and the average sales price in the city within the past 3 months was $699,674. The average price per square foot was $251/SqFt. The average days on market is 80 days.

For more information about Ladera Ranch Real Estate, please feel free to call us at: 949-388-3396

Dana Point Real Estate Prices

by vbindi on August 12, 2009

Today, there are 311 detached single family homes listed for sale in Dana Point, Orange County, Ca.  The lowest priced home is listed at $449,000, which is a 3 bedroom, 2 bathroom 1,312 square foot home that offers a covered patio with a fireplace where the Catalina island view can be enjoyed. The highest priced home is listed for $24,000,000.  This estate property comprises of  6,100 square foot of living area, with 5 bedrooms and 6 1/2 bathrooms located in the Strand at Headlands. This home features a dramatic infinity pool and spa with an underwater sound system and direct access to a private beach club. The current median price of Active lsiting in Dana Point is $1,200,000.

Currently, there are 43 detached homes located in the city of Dana Point that are pending in escrow.  The lowest priced property currently in escrow is valued at $380,000. It is an inviting 3 bedroom, 1 bath, 980 square foot cottage built in 1954 with an updated interior and an attached 2 car garage.  The highest priced property currently in escrow is priced at $5,900,000. This property features over 4,600 square feet of living space, 3 bedrooms and 5 bathrooms. This home is located in the Niguel Shores community. It is an entertainers dream with awesome features that include a 1,000 bottle wine cellar and a spa with a waterfall.  The current median price for properties in escrow in Dana Point is $779,000.

In the past 90 days, there have been 78 detached properties that have sold in Dana Point.  The lowest sales price was $415,000 for a unique 3 bedroom, 3 bathroom, 2,000 square foot home built in 1963, located in Capistrano Beach with a beautiful indoor atrium and vaulted ceilings.  The highest priced property sold was a single story, 4 bedroom, 5 bath, 4,500 square foot estate priced at $3,400,000. This property is located in the Monarch Bay Terrace community. This home features dual master suites, a private saltwater pool and spa and an impressive panoramic ocean view. The median home sales price is $799,900 and the average sales price in the city within the past 3 months was $964,992. The average price per square foot was $417/SqFt. The average days on market was 99 days.

For more information about Dana Point Real Estate, please feel free to call us at: 949-388-3396

Aliso Viejo Home Prices

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

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