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
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
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.
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
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
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 July 16, 2009
This is not a mis-print. Condo prices have actually gone up about 15% in the past 7 months in south Orange County Ca. I know it sounds hard to believe in the mist of the the severe recession and the drastic real estate downturn that started back in the Spring of 2006′… so let me explain.
First some background…. eVantage Real Estate has been collecting statistics for the south Orange County residential real estate since July of 2002′ on a weekly basis. We’ve been charting Months of Inventory, Active vs Pending and Price per Square Foot using our own proprietary indicators which are more time responsive and accurate compared to what is published by the traditional sources.(ie: Major Banks, Title Co’s, News Periodicals). Most of the major media outlets us 3 to 6 month averages of the prices of homes sold. Two big problems with this technique. One, it is delayed in time by about 6 months. Two, if the buying habits of the local public changes, and you use average prices of homes sold, then you will produce mis-leading data. In other words, currently there are many more lower priced homes and condos selling right now to first time homebuyers and investors, then there are Million dollar homes being sold, compared to the sales habits of 2 years ago. Here is a simple example of what I am talking about… If you Average together 10 Condo sales at $250,000 each, with one home sale of $2 Million, and compare that to 7 Condo Sales at $350,000 , and 4 homes sales at $2.5 Million from 2 years ago, you will get erroneous numbers. The Average will tell you that home prices have dropped by 63%… but using this example, Condo prices have only dropped 28%… Gross example, but useful to illustrate the point that this is what is occurring in the south Orange County marketplace.
Below is our Graph of the Months of Inventory of homes in 5 different prices range. The high end of the market above $1Million, is still very soft at about 12 months of Inventory (a soft Buyers market)… but the low end of the market is a very Hot Sellers market at less then 1 Months of Inventory. There are many more $200,000 Condos that are selling now, and not very many $2Million estates are selling, as compared to 2 years ago… and this change of buying habit will greatly effect the Average Price of Homes Sold.
So how does one better represent the actual price values of homes ?… Back in July of 2002′ we devised a rolling average Price per Square Foot indicator – one for Condos and another for detached Single Family Homes. These indicators are much more time sensitive, and more importantly, are not affected by the changing buying habits of the local marketplace.
The Graph below shows our Price per Square Foot indicator. As we have estimated some months ago, the strong demand at the lower end would actually result in a rise in prices in the near future… and sure enough it has… As can be seen in this graph, the Condo market has now seen a jump in actual sales prices of about 10 to 20% in the past 7 months …. Albeit, many of these sales have been Bank foreclosed REO’s and Short Sales… but the strong demand for this price level of product, coupled with the relatively low supply, has driven up sales prices for lower priced Condos in the past 7 months. There is simply not enough inventory to fill the demand, so buyers have been bidding up prices in the low end of the pricing range… In addition, the detached homes Price per Square Foot indicator has be leveling off now for about 5 months..
The Million dollar question is – does this signal the long term bottom, or is this a short term reaction, with more downside to go… Well I wish I knew the exact answer… My educated guess is this super hot demand will subside somewhat in the future, and Inventory will rise somewhat. I think prices may hold at these levels, or possibly drip down a bit more, and then a long term bottoming process will set in before prices begin to rise long term…
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 June 20, 2009
The homes in the West Park area of Irvine have been been popular since this community began. With easy freeway access to both Highway 5 and the 405 Freeway, excellant public schools, close proximity to University of California Irvine (UCI), numerous public parks and beautiful home and condo subdivisions, make this a very desirable community. Home construction began on 1969 and has continued for the past 3 decades with the last home being built in 1997.
There are currently 31 homes for sale in Westpark in Irvine. They range in price from $225,000 for a 1 bedroom, 1 bath, 639 square foot condo built in 1989, on up to $1,185,000 for a 5 bedroom, 4 bath, 3,450 square foot home. The median price is $489,000, with the average price per square foot is $369/SqFt and the average days on marker is 96 days.
Currently, there are 27 homes and condos Pending in escrow in the West Park area of Irvine. These homes range in price from $239,000 for a 1 bedroom, 1 bath 850 square foot condo in the Tiempo tract, on up to $725,000 for a 4 bedroom, 3 bath , 2,130 square foot detached home built in 1997 in the Promenade tract.
In the past 30 days, there were 14 homes and condos that sold and closed escrow in West park in Irvine. These homes ranged in price from $373,000 for a 2 bedroom, 2 bath, 1,186 square foot condo built in 1996 in the Brio tract. The highest price was $917,000 for a 5 bedroom, 3.5 baths 2,801 square foot home built in 1989 in the Sorrento tract.
West Park is located in the prestigious Irvine Unified School District. The homes in this community are serviced by three Elementary schools which are Plaza Vista elementary, Culverdale elementary and Westpark elementary. The Intermediary school is Southlake Middle school and the High School is Woodbridge. West Park is located in central Irvine, and is bordered by the 405 Freeway, Jamboree, Culver and Irvine Center Dr.
To view all home for sale in Irvine, visit our website at Irvine Real Estate.
by vbindi on April 24, 2009
Costa Mesa, CA – Seller Short Sale Success Story: This article is a case study for a short sale that our team conducted on a detached home located in Costa Mesa, California. Certain details about this property will not be revealed to protect the privacy of the previous home owner. This single story detached home was 3 bedroom, 2 bath, 1640 square foot home, with 2 car garage, and was built about 60 years.
This ranch style home was bought many years ago, but was refinanced in the Summer of 2004′ for a loan amount of $680,000. Then a 2nd mortgage HELOC loan was also obtained in the Winter of 2005″ for an amount of $140,000. At the peak of the market in mid 2006′, this home had appraised for, and was worth about $875,000. In the past 3 years though, prices have dropped about 35% in Orange county in in most of Costa Mesa.
The homeowner had a severe medical problem and was not able to work full time. They inquired about a loan Modification, but their Debt to Income ratio was to high to qualify for a Lona Mod, given the decrease in income. Also, due to this financial hardship the home owner was having difficulty keeping up with their mortgage payments. They went on the Internet and found us and contacted us inquiring about a Short Sale. The Short Sale process is broken down into 3 Phases as follows:
PHASE A: The Costa Mesa property was first put in our Short Sale Preparation Phase. To start, our team obtains all of the required documents from the homeowner and contact the banks to present our short sale case. Then, our negotiations personnel begins the process of negotiating the preliminary terms, price and conditions of the short sale. Our expert team was able to obtain preliminary approval for the Short Sale from both the 1st and 2nd mortgage banks. This Preparation Phase took about 6 weeks to complete. During that time the home owner lived in the property as usual, and was not bothered by any collection firms, other agents or prospective home buyers. And, due to their hardship, were forced to stop making their mortgage payments and lived rent free.
PHASE B: At this stage, we started the Short Sale Marketing and Sales Phase. Our team markets the property for sale in the Multiple Listing Service (MLS) for a price of at a price of $715,000. After a period of about 3 weeks, we did not receive much interest, so we dropped the price to $675,000. Within 2 weeks later, we received an offer a solid buyer for $620,000. After several days of back and forth negotiations, headed up by our short sale Realtor Nick Roshdieh, we obtained a purchase price of $645,000.
PHASE C: This final Phase of this Short Sale process is primarily the escrow closing and final bank negotiations stage. Here we first gather the signed offer from the Buyer, and package the purchase offer, along with required Short Sale disclosures and Buyers loan qualification paperwork. We submit this updated package to the 1st and 2nd mortgage banks, to conduct the final short sale adjustments of the terms, conditions and costs. After some difficult negotiations utilizing our associate attorney, we got Mortgage Banks to agree to this modified short sale offer. Once we received the bank short sale approval letters, we moved forward with the buyers closing through escrow. The last Phase took about 43 days to complete.
When all was said and done, the entire debt on the home was removed from the back of the home owner. Due to their financial hardship, the home owner was able to live in their property during this short sale process and did not make any mortgage payments 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 not as badly damaged as it would have been if the banks had foreclosed. They are now working with our credit restoration affiliate and their credit rating should be repaired to a level where they should be able to buy a home again in the near future. Finally, we were able to convince the 2nd Mortgage HELOC loan to not come after the home owner for unpaid debt, and accept a complete satisfaction of debt for the $10,000 that we were able to negotiate for them. If the homeowner had let this home got to Foreclosure, then the HELOC would have had a legal right to try to come after the property owner for satisfaction of the unpaid debt.
ShortSaleASAP is licensed with the California Department of Real Estate, and we are a Member in Good Standing with the Orange County Board of Realtors. 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
