There were only forty-one properties on the South Area Preview Sheet this week and many were re-previews of listings that have not sold. Since it is not humanly possible to see all of the listings on preview every week, you have to choose, and from my selection, I blog on what was interesting and/or great deals.
In Dana Point this week there is a new listing for a 2 bedroom, 2 bath condo with really great ocean views. This is on the pricey side, but shows like an "artists" getaway. A little funky and you need good knees for all of the stairs, but worth seeing.
For seniors, a new listing in Sea Bluffs at Dana Point has recently come on the market. This two bedroom, two bath unit has wonderful ocean views. This is a single level condo within a full-service retirement community. There is a monthly clubhouse fee of $2,640 which covers utilities, maintenance, housekeeping, two meals per day, insurance, parking, security, transportation, etc.
San Clemente had several new listings that were noteworthy this week. A new listing in Forester Highlands for a 5 bedroom, 2.75 bath home with 3000 square feet. The home is nicely done and has great curb appeal.
There are several new listings in the Vilamoura condo development in Rancho San Clemente. All units that were on the preview sheet this week were 2 bedrooms with either 2 or 2.5 baths. They ranged in price from a low of $499,000 to a high of $749,500 for an end unit with an ocean view.
Another great condo property in Ocean Hills came on the market and this unit has just been redone - it shows like new and has fabulous ocean views for a 3 bedroom, 2.5 bath unit.
I previewed two great homes that just have a ton of potential - both in Southwest San Clemente. The first is a 4 bedroom, 3 bath with approximately 3000 square feet that backs onto the coastal canyon with an amazing feel. This property has so much potential for the right buyer who can enjoy and appreciate a part of San Clemente many don't even know exists. The mature trees and creek running by lend a very serene and relaxing atmosphere with wonderful decks to take it all in.
The second noteworthy home is also located in Southwest San Clemente and is a 3 bedroom, 3 bath single level home with 1800 square feet. This home shows like a staged property and the attention to detail is amazing. Behind the detached over-sized garage is a small studio that is detached and would make a great office/studio and playhouse. The large grassy yards, front and rear lend themselves to children or dog play or the house can be expanded. This has loads of potential and feels great!
Thursday, December 6, 2007
Tuesday, December 4, 2007
San Clemente Real Estate Blog: November 2007 Update
The November 2007 market trends reports are in and are based on data and/or estimates provided by the Southern California MLS (Multiple Listing Service). I will review this data by city.
San Clemente active real estate listings continue to be up over the same period last year. At the end of the month we had 534 active listings in the city compared to 466 for the previous year. Pending sales were down slightly being 55 in 2007 compared to 61 in 2006. And, solds were down to 44 this year over 52 for the same period last year. As you can understand the market is down, but not to the huge extent that the media wants you to believe.
Dana Point active real estate listings were also up over the same period last year, with 332 active listings this year compared to 273 for the prior year period. Pending sales were down to 27 in Dana Point over 2006 who posted 37 during the same time period. Solds were also down to 20 from 26 during the previous year's period.
San Juan Capistrano had 301 active real estate listings during November 2007 compared to 228 during November 2006. Pending sales were down to 21 from 35 during the same period the previous year. Solds were down slightly to 23 from 27 during 2006.
Our inventory is slowly shrinking which is what it needs to do to help the market recover. I continue to hear the experts predicting that by the 2nd quarter of 2008, we will start to see prices start in increase and the market here locally recover.
San Clemente active real estate listings continue to be up over the same period last year. At the end of the month we had 534 active listings in the city compared to 466 for the previous year. Pending sales were down slightly being 55 in 2007 compared to 61 in 2006. And, solds were down to 44 this year over 52 for the same period last year. As you can understand the market is down, but not to the huge extent that the media wants you to believe.
Dana Point active real estate listings were also up over the same period last year, with 332 active listings this year compared to 273 for the prior year period. Pending sales were down to 27 in Dana Point over 2006 who posted 37 during the same time period. Solds were also down to 20 from 26 during the previous year's period.
San Juan Capistrano had 301 active real estate listings during November 2007 compared to 228 during November 2006. Pending sales were down to 21 from 35 during the same period the previous year. Solds were down slightly to 23 from 27 during 2006.
Our inventory is slowly shrinking which is what it needs to do to help the market recover. I continue to hear the experts predicting that by the 2nd quarter of 2008, we will start to see prices start in increase and the market here locally recover.
Monday, December 3, 2007
San Clemente Real Estate Blog
I took a peek today at the MLS to see what the activity has been in certain communities in San Clemente. For instance, in Talega as of today, there are 162 active listings. 31 of these are condos and the remaining 131 listings are single family residences (SFR). On the low end with price, a two bedroom, two bath condo with 1358 square feet is on the market for $419,999 - while on the high end, the pricest home is listed at $2,899,000 with 5633 square feet, 5 bedrooms and 5.5 baths.
This indicates that the real estate inventory in Talega is slowly shrinking. At the beginning of November, there were 183 properties in Talega on the market. Average list prices for condos is in the low $600,000's while for SFRs, the average list is in the $1.2 million range. It is still taking on average over 80 days to sell.
This time of year the market usually picks up slightly for those corporate transfers that want to be in place by the beginning of the new year. This is also an excellent time to pick up good deals since homeowners are usually motivated to sell.
This indicates that the real estate inventory in Talega is slowly shrinking. At the beginning of November, there were 183 properties in Talega on the market. Average list prices for condos is in the low $600,000's while for SFRs, the average list is in the $1.2 million range. It is still taking on average over 80 days to sell.
This time of year the market usually picks up slightly for those corporate transfers that want to be in place by the beginning of the new year. This is also an excellent time to pick up good deals since homeowners are usually motivated to sell.
Thursday, November 29, 2007
San Clemente Home Sales Statistics- October 2007
Recently released statistics from DataQuick Information Services comparing home sales for October 2007 with sales from October 2006 show that sales volume for this time period is down in our two zip codes 92672 and 92673 of only -6.5% Statistics for Dana Point's two zip codes vary from -10.3% for zip code 92629 and -57.1% for zip code 92624. Sales volume in San Juan Capistrano was also down -38.1% for the same time period. These statistics reflect resale houses, condominiums, and new home sales.
The median sales price in San Clemente zip code 92673 was up 6.4% to $965,000 while in zip code 92672 the median sales price dropped -32.5% to $691,500. Median sales prices in Dana Point were only down slightly with zip code 92624 being down. -0.5% to $920,000 and zip code 92629 down -4.1% to $839,500. The median sales price in San Juan Capistrano was up 65.9% to $962,500.
What these statistics show is that we are in a fluctuating market, but the news is not as grim as the major media want you to believe. If you have to sell now, than you have to sell. But this is one of the best buyer's markets we have seen in recent years. Whether for investment, or a move - up or down, now is a great time to be shopping real estate.
The median sales price in San Clemente zip code 92673 was up 6.4% to $965,000 while in zip code 92672 the median sales price dropped -32.5% to $691,500. Median sales prices in Dana Point were only down slightly with zip code 92624 being down. -0.5% to $920,000 and zip code 92629 down -4.1% to $839,500. The median sales price in San Juan Capistrano was up 65.9% to $962,500.
What these statistics show is that we are in a fluctuating market, but the news is not as grim as the major media want you to believe. If you have to sell now, than you have to sell. But this is one of the best buyer's markets we have seen in recent years. Whether for investment, or a move - up or down, now is a great time to be shopping real estate.
San Clemente Real Estate Blog
This past Tuesday the Office of Federal Housing Enterprise Oversight (OFHEO) announced that it will keep conforming loan limits at the current level of $417,000 for single-family mortgages in 2008. The conforming loan limit determines the maximum size of a mortgage that Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan. This announcement is a huge blow to us locally since the median price of a home in California is more than 2.5 times that of the U.S. median price of $221,000.
Now is the time for citizens to contact their legislators and demand that the U.S. Senate pass legislation allowing regional adjustments to Fannie Mae and Freddie Mac and to modernize the FHA loan programs. Even despite falling home prices in many regions in the state, California still remains the nation's least affordable market for homeowners. During the third quarter of 2007, nine of the nation's 10 least-affordable communities were located in California.
Now is the time for citizens to contact their legislators and demand that the U.S. Senate pass legislation allowing regional adjustments to Fannie Mae and Freddie Mac and to modernize the FHA loan programs. Even despite falling home prices in many regions in the state, California still remains the nation's least affordable market for homeowners. During the third quarter of 2007, nine of the nation's 10 least-affordable communities were located in California.
Wednesday, November 28, 2007
San Clemente Real Estate Update 11/28/07
There are some interesting new listings and some re-previews going on this week in the South Area MLS Preview. We cover the communities of Dana Point, San Clemente, and San Juan Capistrano.
One is a new listing in Dana Point - a funky beach charmer that would make a great rental or a wonderful home for a young couple. It is a 3 bedroom, 2 bath with a single car garage (long driveway to fully accommodate another car), with approximately 1400 square feet. The decks and yard surrounding this property give you lots of entertainment room with an ocean view! There are a fair amount of stairs getting to and from so your buyer must have good knees.
In San Clemente there is a property that is now with their 4th agent and the price is getting to where is should be. A great property with beautiful ocean views. The home shows perfectly. There are upgrades galore from a stunning entry and beautiful backyard to granite kitchen counters and an ocean view balcony off the master bedroom. The sellers are now ready to move and are very motivated.
Another property of note here in San Clemente is a very cute beach charmer, 4 bedrooms, 2 baths, single car garage with 1400 square feet. There is also a cute front and rear yard large enough for dogs! The bedrooms are surprisingly roomy and the house feels larger than the square feet indicate. Well maintained and adorable that is finally getting within selling price range.
If you are looking for southwest San Clemente real estate, a new listing has hit the MLS. It is in a prime location and backs to a beautiful open space with wooded coastal canyon and ocean views. It is 3 bedrooms and 2.5 baths, with over 2800 square feet of living space. The kitchen is huge and recently remodeled. Great house as long as you do not need any yard. It is extremely cute from the outside and has a floor plan that is reversed (kitchen and living areas upstairs - bedrooms down).
San Juan Capistrano has a couple of jewels this week. A great starter house in the low $600,000 range with a pool! 4 bedrooms and 2 baths with 1562 square feet on a single level. Another charmer in San Juan is in the Capistrano Royale neighborhood. Huge lot with pool and spa beautifully landscaped. Very private and serene. Loads of upgrades and improvements on this 4 bedroom, 4.5 bath home with over 4,000 square feet including an over-sized 4 car garage!
The market continues to have its ups and downs but the overall trend is if you can buy now - you cannot beat the deals out there. Call me with any questions I look forward to being of service to you.
One is a new listing in Dana Point - a funky beach charmer that would make a great rental or a wonderful home for a young couple. It is a 3 bedroom, 2 bath with a single car garage (long driveway to fully accommodate another car), with approximately 1400 square feet. The decks and yard surrounding this property give you lots of entertainment room with an ocean view! There are a fair amount of stairs getting to and from so your buyer must have good knees.
In San Clemente there is a property that is now with their 4th agent and the price is getting to where is should be. A great property with beautiful ocean views. The home shows perfectly. There are upgrades galore from a stunning entry and beautiful backyard to granite kitchen counters and an ocean view balcony off the master bedroom. The sellers are now ready to move and are very motivated.
Another property of note here in San Clemente is a very cute beach charmer, 4 bedrooms, 2 baths, single car garage with 1400 square feet. There is also a cute front and rear yard large enough for dogs! The bedrooms are surprisingly roomy and the house feels larger than the square feet indicate. Well maintained and adorable that is finally getting within selling price range.
If you are looking for southwest San Clemente real estate, a new listing has hit the MLS. It is in a prime location and backs to a beautiful open space with wooded coastal canyon and ocean views. It is 3 bedrooms and 2.5 baths, with over 2800 square feet of living space. The kitchen is huge and recently remodeled. Great house as long as you do not need any yard. It is extremely cute from the outside and has a floor plan that is reversed (kitchen and living areas upstairs - bedrooms down).
San Juan Capistrano has a couple of jewels this week. A great starter house in the low $600,000 range with a pool! 4 bedrooms and 2 baths with 1562 square feet on a single level. Another charmer in San Juan is in the Capistrano Royale neighborhood. Huge lot with pool and spa beautifully landscaped. Very private and serene. Loads of upgrades and improvements on this 4 bedroom, 4.5 bath home with over 4,000 square feet including an over-sized 4 car garage!
The market continues to have its ups and downs but the overall trend is if you can buy now - you cannot beat the deals out there. Call me with any questions I look forward to being of service to you.
Tuesday, November 20, 2007
Reverse Mortgages: How To Better Understand Them
Although the housing market is in a slow down, one area of the mortgage market that is hot, is in reverse mortgages. This gives older homeowners more options to tap the equity in their homes. Some changes have been made to this market and many large banks and mortgage lenders have launched reverse mortgage products with lower fees and larger payouts. Some lenders have lowered the minimum age requirement to 60 from 62, while other lenders are making loans on second homes and vacation rentals. Also "jumbo" reverse mortgages on houses valued at as much as $10 million are becoming more common.
With a reverse mortgage, the borrower (or homeowner) has payments made to them from the lender. The borrower keeps control of the property and does not have to pay back the money as long as he or she lives there. When the homeowner dies or moves out, the loan is typically paid off by selling the house, and any money left over goes to the homeowner or their estate.
Fees are typically steep - more than 5% of the home's value and most borrowing limits are capped based on where the property is. Fees are paid upfront or financed, while interest rates affect how much of your equity the lender ultimately takes. In the past, reverse mortgages have charged variable interest rates; now, fixed rates are available, however they may cost you more.
Taking out a reverse mortgage to travel or spoil grandchildren is very different from a few years ago, when seniors that were financially strapped took them out to pay medical bills and buy food.
Today, a half-dozen investment banks, including units of Lehman Brothers Holdings, Inc. and Bank of America have started buying reverse mortgages, with plans to eventually package and sell them. Just a week or two ago, Ginnie Mae, the federal agency charged with making real estate investment more attractive to institutional investors, announced that they are rolling out a standardized government bond issue backed by reverse mortgages. This is a key step in creating a secondary market that could help lower borrowers costs and increase the loan's availability.
The two primary questions a homeowner needs to ask when investigating reverse mortgages are:
1. What index does the loan use? Traditionally reverse mortgages have used the CMT index, which is based on Treasury bonds. There are some new products that now use the Libor index which should lower interest rates over the long run. But read your product carefully, whichever index is used, one product might add 0.65 percentage point; another might add 2.00.
2. What are the fees? Fees can typically run up to 7% on government backed loans. You may pay higher interest rates in exchange for lower fees.
Some homeowners are using the reverse mortgage product as a type of equity line, and with the recent housing slump, often values are less than what they were a few years ago. Either way there are a variety of options out there for homeowners with significant equity that want to tap the potential of their property.
With a reverse mortgage, the borrower (or homeowner) has payments made to them from the lender. The borrower keeps control of the property and does not have to pay back the money as long as he or she lives there. When the homeowner dies or moves out, the loan is typically paid off by selling the house, and any money left over goes to the homeowner or their estate.
Fees are typically steep - more than 5% of the home's value and most borrowing limits are capped based on where the property is. Fees are paid upfront or financed, while interest rates affect how much of your equity the lender ultimately takes. In the past, reverse mortgages have charged variable interest rates; now, fixed rates are available, however they may cost you more.
Taking out a reverse mortgage to travel or spoil grandchildren is very different from a few years ago, when seniors that were financially strapped took them out to pay medical bills and buy food.
Today, a half-dozen investment banks, including units of Lehman Brothers Holdings, Inc. and Bank of America have started buying reverse mortgages, with plans to eventually package and sell them. Just a week or two ago, Ginnie Mae, the federal agency charged with making real estate investment more attractive to institutional investors, announced that they are rolling out a standardized government bond issue backed by reverse mortgages. This is a key step in creating a secondary market that could help lower borrowers costs and increase the loan's availability.
The two primary questions a homeowner needs to ask when investigating reverse mortgages are:
1. What index does the loan use? Traditionally reverse mortgages have used the CMT index, which is based on Treasury bonds. There are some new products that now use the Libor index which should lower interest rates over the long run. But read your product carefully, whichever index is used, one product might add 0.65 percentage point; another might add 2.00.
2. What are the fees? Fees can typically run up to 7% on government backed loans. You may pay higher interest rates in exchange for lower fees.
Some homeowners are using the reverse mortgage product as a type of equity line, and with the recent housing slump, often values are less than what they were a few years ago. Either way there are a variety of options out there for homeowners with significant equity that want to tap the potential of their property.
Friday, November 16, 2007
San Clemente Real Estate Blog Update
There were a couple of really interesting properties that came on the market this week, which proves that not all is lost in our local real estate market. The first property is located in Dana Point on Camino Capistrano across the street from Pines Park - so location, location, location. The house shows well, has a great flow, and is beautifully maintained and upgraded. It feels larger than the 1900 square feet with 3 bedrooms and 2.5 baths. Actually a good buy at the $1,895,000 list price.
Another home to boast about is right here in San Clemente. This is an older custom home that has been well taken care of and although it doesn't get you too excited from the outside, the inside is very charming. It is a 4 bedroom, 2.5 bath home with over 3100 square feet of space. It is basically a single level with a large bonus room over the garage. This home is also a great value priced at $995,000.
There is another property up for auction and this is truly an amazing buy. Minimum bid price is $1.9 million, but the house with a little TLC could be worth double in a better market. The home has 5,000 square feet, 5 bedrooms, 4.5 baths with a three car garage and amazing ocean views. This property is located in Sea Pointe Estates and has one of the largest usable lots in the area.
San Juan Capistrano has a beautiful home in the Sun Ranch neighborhood that has over 2,500 square feet, 4 bedrooms with 2.5 baths. There is also an additional bedroom and bath with a separate entrance off of the garage. Perfect for mother-in-law quarters, live-in nanny, or a young adult that has moved home. This house has recently been upgraded and they did a beautiful job with lots of attention to detail. If San Juan is where you want to be you cannot miss this one. It is currently listed at $1,245,000.
This is one of the best times of the year to buy. If you have already sold and are waiting for the market, it is not going to get much better than this. See you at the beach.
Another home to boast about is right here in San Clemente. This is an older custom home that has been well taken care of and although it doesn't get you too excited from the outside, the inside is very charming. It is a 4 bedroom, 2.5 bath home with over 3100 square feet of space. It is basically a single level with a large bonus room over the garage. This home is also a great value priced at $995,000.
There is another property up for auction and this is truly an amazing buy. Minimum bid price is $1.9 million, but the house with a little TLC could be worth double in a better market. The home has 5,000 square feet, 5 bedrooms, 4.5 baths with a three car garage and amazing ocean views. This property is located in Sea Pointe Estates and has one of the largest usable lots in the area.
San Juan Capistrano has a beautiful home in the Sun Ranch neighborhood that has over 2,500 square feet, 4 bedrooms with 2.5 baths. There is also an additional bedroom and bath with a separate entrance off of the garage. Perfect for mother-in-law quarters, live-in nanny, or a young adult that has moved home. This house has recently been upgraded and they did a beautiful job with lots of attention to detail. If San Juan is where you want to be you cannot miss this one. It is currently listed at $1,245,000.
This is one of the best times of the year to buy. If you have already sold and are waiting for the market, it is not going to get much better than this. See you at the beach.
Monday, November 12, 2007
San Clemente, Dana Point, and San Juan Capistrano Real Estate Update
I haven't reviewed the preview sheets on this blog in a while and I thought that there were a few interesting items to note.
In Dana Point on August 8, 2008 a property on Via Verde will be auctioned off. I know we don't hear much about auctions unless the property is in deep trouble, but in many parts of the country, auctions are a normal way of buying and selling real estate. This property was on the market for $1,895,000 and the minimum bid price is $1,250,000. The house was built in 2004 with 3600 square feet, 3 bedrooms, and 3 1/2 baths. It has a finished basement, is fully landscaped, with granite countertops, and stainless steel appliances. If it sounds like something you are interested in, give me a call and I can get you in to take a look.
A property with awesome potential and a fabulous location in desirable Southwest San Clemente is on the market for $2.8 million. This is on a street to street lot, four doors down from Leslie Park and Lasuen's Beach (Lost Winds). A rooftop deck provides unobstructed ocean views from this 4 bedroom, 3 bath, almost 2900 square foot home with a 3 car garage.
If you don't mind being on a main thoroughfare, there is a great deal in San Juan Capistrano. The owner is having some financial difficulties and must sell ASAP. This is a 5 bedroom, 2.5 bath home with almost 2900 square feet at a list price of $799,900! Some remodeling has been completed along with fresh paint - it is priced at $122 per square foot which is way below replacement cost!
Another property in San Juan Capistrano that is noteworthy is the Forster Mansion on Ortega Highway that has recently come on the market. It is priced at $2,999,000 and is registered in the National Register for Historical Properties. It was built in 1910 and is zoned A-1 with commercial, residential, or retail possibilities. The property has 5 bedrooms, 1.5 baths with over 4500 square feet.
Whether you are looking for something really unique and special or a really great deal, I can help! Give me a call or send me an email and we can discuss your buying and/or selling needs.
In Dana Point on August 8, 2008 a property on Via Verde will be auctioned off. I know we don't hear much about auctions unless the property is in deep trouble, but in many parts of the country, auctions are a normal way of buying and selling real estate. This property was on the market for $1,895,000 and the minimum bid price is $1,250,000. The house was built in 2004 with 3600 square feet, 3 bedrooms, and 3 1/2 baths. It has a finished basement, is fully landscaped, with granite countertops, and stainless steel appliances. If it sounds like something you are interested in, give me a call and I can get you in to take a look.
A property with awesome potential and a fabulous location in desirable Southwest San Clemente is on the market for $2.8 million. This is on a street to street lot, four doors down from Leslie Park and Lasuen's Beach (Lost Winds). A rooftop deck provides unobstructed ocean views from this 4 bedroom, 3 bath, almost 2900 square foot home with a 3 car garage.
If you don't mind being on a main thoroughfare, there is a great deal in San Juan Capistrano. The owner is having some financial difficulties and must sell ASAP. This is a 5 bedroom, 2.5 bath home with almost 2900 square feet at a list price of $799,900! Some remodeling has been completed along with fresh paint - it is priced at $122 per square foot which is way below replacement cost!
Another property in San Juan Capistrano that is noteworthy is the Forster Mansion on Ortega Highway that has recently come on the market. It is priced at $2,999,000 and is registered in the National Register for Historical Properties. It was built in 1910 and is zoned A-1 with commercial, residential, or retail possibilities. The property has 5 bedrooms, 1.5 baths with over 4500 square feet.
Whether you are looking for something really unique and special or a really great deal, I can help! Give me a call or send me an email and we can discuss your buying and/or selling needs.
Wednesday, October 31, 2007
10 Reasons The Housing Market Will Begin to Recover In The 2nd Quarter 2008
I thought that you would find this bit of news extremely interesting. This is the perspective of a lender who has been in the business for over 30 years. He is evaluating this market compared to the market of 1980-1981 and 1990 to 1994 when we also had major real estate slumps.
1. The Federal Open Market Committee (FOMC) Will Continue to Lower Interest Rates - This will continue to stimulate the economy, keeping unemployment low in addition to helping ARMs reset at lower interest rates.
2. The Economy is Creating Jobs and Unemployment is Low - During the last two housing downturns reasons were directly related to recessions in the U.S. economy.
3. Lenders are Helping Homeowners with Loan Modifications on ARM Resets - This will decrease the number of home buyers needing to sell or going into foreclosure.
4. Subprime ARM Resets Peak in 1st Quarter 2008 with Minimum Resets By Year-End - The credit markets froze in fear of these resets. Once past, more credit markets will make money available.
5. Home Builders are Dumping Standing Inventory to Remove Inventory Off The Books By Year-End - The competition to the resale market will be greatly reduced.
6. Sellers of Existing Homes Will Take Their Homes Off the Market At Year-End That Don't Need to be Sold - Combining this with those that need to sell and lowering their sales prices during the holiday slow period, will cause the months to sell inventory to come down. During the downturn in the 90's there was a 27-month inventory whereas in today's market we only have a 10-month inventory.
7. Credit Markets for Jumbo Financing are Opening Up - The spread of interest rates between conforming and jumbo loans has been greatly reduced. Many programs are now available making it easier for buyers to qualify.
8. The Fires in Southern California Will Create Construction Jobs and Help Supporting Industries - California has been losing jobs in this area. This in and of itself will keep a cap on the unemployment rate. Furniture, appliances, landscaping, architects, etc. will benefit.
9. Real Estate Investors are Stepping Up and Making Offers - Mostly absent in 2007, real estate investors are stepping up to take advantage of the foreclosures and lowered prices.
10. Buyer Sentiment of Those Waiting Will Change as Foreclosure Reporting Lessens - There are so many buyers just waiting for a sign as they fear prices will continue down. The sign will be decreasing foreclosures and inventory time to sell will be reduced and reported by the media.
1. The Federal Open Market Committee (FOMC) Will Continue to Lower Interest Rates - This will continue to stimulate the economy, keeping unemployment low in addition to helping ARMs reset at lower interest rates.
2. The Economy is Creating Jobs and Unemployment is Low - During the last two housing downturns reasons were directly related to recessions in the U.S. economy.
3. Lenders are Helping Homeowners with Loan Modifications on ARM Resets - This will decrease the number of home buyers needing to sell or going into foreclosure.
4. Subprime ARM Resets Peak in 1st Quarter 2008 with Minimum Resets By Year-End - The credit markets froze in fear of these resets. Once past, more credit markets will make money available.
5. Home Builders are Dumping Standing Inventory to Remove Inventory Off The Books By Year-End - The competition to the resale market will be greatly reduced.
6. Sellers of Existing Homes Will Take Their Homes Off the Market At Year-End That Don't Need to be Sold - Combining this with those that need to sell and lowering their sales prices during the holiday slow period, will cause the months to sell inventory to come down. During the downturn in the 90's there was a 27-month inventory whereas in today's market we only have a 10-month inventory.
7. Credit Markets for Jumbo Financing are Opening Up - The spread of interest rates between conforming and jumbo loans has been greatly reduced. Many programs are now available making it easier for buyers to qualify.
8. The Fires in Southern California Will Create Construction Jobs and Help Supporting Industries - California has been losing jobs in this area. This in and of itself will keep a cap on the unemployment rate. Furniture, appliances, landscaping, architects, etc. will benefit.
9. Real Estate Investors are Stepping Up and Making Offers - Mostly absent in 2007, real estate investors are stepping up to take advantage of the foreclosures and lowered prices.
10. Buyer Sentiment of Those Waiting Will Change as Foreclosure Reporting Lessens - There are so many buyers just waiting for a sign as they fear prices will continue down. The sign will be decreasing foreclosures and inventory time to sell will be reduced and reported by the media.
Sunday, October 28, 2007
Some Interesting Proposed Legislation to Provide Relief to the Housing Market
There are a number of bills on Capitol Hill that are looking at providing homeowners with some relief. One we desperately need here in California the the Federal Housing Administration Modernization Act, which would raise loan limits in high-cost areas such as California and parts of the East Coast and cut down payments. By some it is considered a crucial relief measure for homeowners who need to refinance out of adjustable rate loans into lower-cost, fixed rate mortgages. The Senate Banking Committee approved the bill back in September, but we haven't heard anything about it in the past month.
Another bill, the Home Ownership Mortgage Emergency Act, would allow certain homeowners who are 60 days or more behind on their payments to withdraw up to $100,000 penalty-free from their retirement accounts. The funds could be used to bring their loans current or refinance into a more affordable mortgage. Under this bill, homeowners would avoid the usual 10% federal tax penalties on early pension distributions as long as they paid back the withdrawn amounts within three years. The bill does restrict this benefit to taxpayers with maximum adjusted gross incomes of $166,000 for joint filers or $114,000 for single filers. It would only apply to owner-occupied properties and it would terminate in 2009.
A new piece of legislation introduced earlier this month is aimed at fixing the mess in the mortgage market. The Escrow, Appraisal and Mortgage Servicing Improvements Act would ban all forms of lender or broker interference in appraisers' valuations and would require high-cost, sub-prime mortgages to carry escrow accounts for property tax and insurance payments. The bill would impose penalties of up to $20,000 per violation on anyone who intimidates, threatens, bribes, or otherwise attempts to influence an appraiser's valuation of a home. It also guarantees buyers access to all appraisals performed on the property, not just the highest one the loan officer uses to close the deal.
These still seem a long way off, but for those of you in trouble relief is attempting to come your way. There are some things that can be done locally to try to get your property moving if it is on the market now. Give me a call and we can discuss what your options are.
Another bill, the Home Ownership Mortgage Emergency Act, would allow certain homeowners who are 60 days or more behind on their payments to withdraw up to $100,000 penalty-free from their retirement accounts. The funds could be used to bring their loans current or refinance into a more affordable mortgage. Under this bill, homeowners would avoid the usual 10% federal tax penalties on early pension distributions as long as they paid back the withdrawn amounts within three years. The bill does restrict this benefit to taxpayers with maximum adjusted gross incomes of $166,000 for joint filers or $114,000 for single filers. It would only apply to owner-occupied properties and it would terminate in 2009.
A new piece of legislation introduced earlier this month is aimed at fixing the mess in the mortgage market. The Escrow, Appraisal and Mortgage Servicing Improvements Act would ban all forms of lender or broker interference in appraisers' valuations and would require high-cost, sub-prime mortgages to carry escrow accounts for property tax and insurance payments. The bill would impose penalties of up to $20,000 per violation on anyone who intimidates, threatens, bribes, or otherwise attempts to influence an appraiser's valuation of a home. It also guarantees buyers access to all appraisals performed on the property, not just the highest one the loan officer uses to close the deal.
These still seem a long way off, but for those of you in trouble relief is attempting to come your way. There are some things that can be done locally to try to get your property moving if it is on the market now. Give me a call and we can discuss what your options are.
Wednesday, October 24, 2007
Financing Update
This week Countrywide Financial announced that they will restructure or refinance $16 billion in adjustable-rate mortgages that have recently reset to higher interest rates or will reset by the end of next year. Some feel that this proactive move is a little late, while others are appaulding Countrywide. The plan which was outlined to the media would accomplish the following:
Homeowners/borrowers that are in default on their loans because of an interest-rate reset in the past few months, will receive a letter offering to roll back their rate to the previous, lower level. Countrywide expects to modify 10,000 of this type of loan totalling $2.2 billion, by the end of this year.
Homeowners/borrowers that are likely to have difficulty affording an upcoming rate increase and are unable to refinance, Countrywide will modify the loan to a rate that will keep the borrower in their home. They expects to modify 20,000 loans totally $4 billion through the end of next year.
Homeowners/borrowers that had subprime credit, but have been making payments on time, Countryside will offer to refinance them into a lower interest "prime" loan, or a mortgage insured by the FHA, Fannie Mae, or Freddie Mac. The expect 52,000 borrowers would qualify for a new loan and expect to refinance $10 billion in mortgages. These borrowers will have to pay the fees to refinance their loans.
With this relief in sight for some homeowners, Wall Street did not take kindly to this announcement and Countrywide's stock fell considerably. As an agent out there trying to help people, it is positive to see the leadership role that Countrywide has taken on this matter.
Homeowners/borrowers that are in default on their loans because of an interest-rate reset in the past few months, will receive a letter offering to roll back their rate to the previous, lower level. Countrywide expects to modify 10,000 of this type of loan totalling $2.2 billion, by the end of this year.
Homeowners/borrowers that are likely to have difficulty affording an upcoming rate increase and are unable to refinance, Countrywide will modify the loan to a rate that will keep the borrower in their home. They expects to modify 20,000 loans totally $4 billion through the end of next year.
Homeowners/borrowers that had subprime credit, but have been making payments on time, Countryside will offer to refinance them into a lower interest "prime" loan, or a mortgage insured by the FHA, Fannie Mae, or Freddie Mac. The expect 52,000 borrowers would qualify for a new loan and expect to refinance $10 billion in mortgages. These borrowers will have to pay the fees to refinance their loans.
With this relief in sight for some homeowners, Wall Street did not take kindly to this announcement and Countrywide's stock fell considerably. As an agent out there trying to help people, it is positive to see the leadership role that Countrywide has taken on this matter.
Thursday, October 11, 2007
Where To Go With South County Real Estate
I have taken some time off from blogging to try to figure out where and what I wanted to do with this website blog. I have decided to change direction and spend some time over the next few weeks, updating what is really going on in the local real estate market.
For instance, today I received an email from a local area lendor sharing a survey that was completed this past July, 2007 as to what the primary reasons are for borrowers to fall behind on their home loan payments. Approximately 80% of the respondents to this survey were borrowers who were facing foreclosure. Of these borrowers, the most common reasons they were facing financial difficulties were:
Curtailment of income - 58.3%
Illness/Medical reasons - 13.2%
Divorce - 8.4%
Unable to sell/investment property - 6.1%
Low regard for home ownership - 5.5%
Death - 3.6%
Payment adjustments - 1.4%
Other - 3.5%
I am sure most of you knew the top two or three reasons, but what surprised me was the low regard for home ownership. People will never cease to amaze me!
Here are some fast facts FYI:
The median home price as of August 2007 in California was $588,970.
First time buyer affordability index for the second quarter of 2007 was 24%
Mortgage rates for the week ending 10/4/07:
30 year fixed: 6.37% fees/points: 0.5%
15 year fixed: 6.03% fees/points: 0.5%
1 year adjustable: 5.58% fees/points: 0.7%
More later...
For instance, today I received an email from a local area lendor sharing a survey that was completed this past July, 2007 as to what the primary reasons are for borrowers to fall behind on their home loan payments. Approximately 80% of the respondents to this survey were borrowers who were facing foreclosure. Of these borrowers, the most common reasons they were facing financial difficulties were:
Curtailment of income - 58.3%
Illness/Medical reasons - 13.2%
Divorce - 8.4%
Unable to sell/investment property - 6.1%
Low regard for home ownership - 5.5%
Death - 3.6%
Payment adjustments - 1.4%
Other - 3.5%
I am sure most of you knew the top two or three reasons, but what surprised me was the low regard for home ownership. People will never cease to amaze me!
Here are some fast facts FYI:
The median home price as of August 2007 in California was $588,970.
First time buyer affordability index for the second quarter of 2007 was 24%
Mortgage rates for the week ending 10/4/07:
30 year fixed: 6.37% fees/points: 0.5%
15 year fixed: 6.03% fees/points: 0.5%
1 year adjustable: 5.58% fees/points: 0.7%
More later...
Thursday, June 7, 2007
San Clemente and Surrounding Area Preview Update for Week of May 28th
This last week in May, the previews were somewhat slower probably due to the Memorial Day weekend. There were only a total of 42 properties on the South Area Preview Sheet for the week. Of these, seven were in Dana Point and were all new listings including 4 condos and 3 SFRs. Of particular note, there is a really cute beach cottage with 3 bedrooms and 2 baths on the market for $798,000. Nice rear yard and a downstairs bedroom/bath that could be a separate rental.
There were 28 homes on preview in San Clemente, 22 SFRs and 6 condos. Of these listings only five have been on the market for longer than 30 days. Eight of the listings were in Talega. Talega prices were ranging from a low of $829,000 for a 3 bedroom, 2.5 bath condo on the 9th hole of the Talega Golf Course to $2,350,000 for a 5 bedroom, 5.5 bath home in Careyes.
San Juan Capistrano only had four listings on the preview sheet this week, all SFRs, ranging in price from a low of $582,000 for a 2 bedroom, 2 bath to a 4 bedroom, 2.5 bath home in San Juan Hills for $1,329,000.
There were 28 homes on preview in San Clemente, 22 SFRs and 6 condos. Of these listings only five have been on the market for longer than 30 days. Eight of the listings were in Talega. Talega prices were ranging from a low of $829,000 for a 3 bedroom, 2.5 bath condo on the 9th hole of the Talega Golf Course to $2,350,000 for a 5 bedroom, 5.5 bath home in Careyes.
San Juan Capistrano only had four listings on the preview sheet this week, all SFRs, ranging in price from a low of $582,000 for a 2 bedroom, 2 bath to a 4 bedroom, 2.5 bath home in San Juan Hills for $1,329,000.
Monday, May 21, 2007
Auctions: Another Way To Buy and Sell Real Estate
Many other parts of the country (outside California) have for years used auctions as a method of selling real estate. Here in Southern California, we might have heard about real estate auctions, but more often they were pertaining to raw land deals, in particular out in the desert or the central part of the state. Wells, real estate auctions do work and more are being used in this crazy real estate market. Auctions work well on foreclosure properties - but they also work well if you just want a fast sell. Recently, the Los Angeles Times had an article on auctions, but you can do your own auction through a licensed real estate agent on a single property. The Times story focused on a large auction that was recently held at the Los Angeles Convention Center in which 92 properties were sold.
The wonderful idea about auctions for home sellers is that if the property is advertised and interest is generated, you can often get more than your minimum bid price which is awesome in this market. Even in the Times story a number of properties went for more than anticipated. For instance a home in Sherman Oaks which one attendee was willing to pay up to $650,000 for sold for $845,000. Another home in Santa Clarita which one person was willing to pay up to $480,000, sold for $580,000. A condo in Malibu of 895 square feet started with a bid of $399,000 and sold for $570,000.
You can see the possibilites that can emerge without letting the bank take back your home. You can renegotiate most terms these days, give it a try, but if not give me a call if you would like to discuss the option of a real estate auction.
The wonderful idea about auctions for home sellers is that if the property is advertised and interest is generated, you can often get more than your minimum bid price which is awesome in this market. Even in the Times story a number of properties went for more than anticipated. For instance a home in Sherman Oaks which one attendee was willing to pay up to $650,000 for sold for $845,000. Another home in Santa Clarita which one person was willing to pay up to $480,000, sold for $580,000. A condo in Malibu of 895 square feet started with a bid of $399,000 and sold for $570,000.
You can see the possibilites that can emerge without letting the bank take back your home. You can renegotiate most terms these days, give it a try, but if not give me a call if you would like to discuss the option of a real estate auction.
Thursday, May 17, 2007
San Clemente Real Estate Blog: Week of May 14th
Properties continue to come on the market while sales remain about equal with last year at this time. This week there were 76 properties featured on the South Area Preview List showing the growth in number of new listings as well as listings that agents are putting on the list for repreviews trying to generate renewed interest in their listings. Of these 76 properties, 32 of these have been on the market for at least 30+ days. This is a realistic indicator of what is going on locally in our marketplace.
Let's look more specifically at some individual communities and the properties that were featured this week. Dana Point had a total of 16 listings this week, 5 of which have been on the market for over 30 days. Of the 16 listings, two are condos and the remaining 14 are SFRs. Price ranges are from a low of $790,000 for a 3 bedroom, 2 bath condo with 1235 square feet (with some ocean view from two of the bedrooms) to a beautiful entertainers home on the bluff next to Pines Park in Capo Beach. This 6 bedroom, 7 bath home with pool on a unique piece of property is on the market using value range pricing of between $6,200,000 to $6,750,876. This is definitely an amazing location and a beautifully comfortable home with a mother-in-law suite.
Laguna Hills real estate only had two listings on our preview sheet this week, one condo and one SFR. The 3 bedroom, 2 bath condo is on the market at $665,000 with 2035 square feet and the SFR has 4 bedrooms, 3 baths with 2843 square feet on the market for $1,324,999.
San Clemente real estate continues to show potential. This week there were a total of 35 properties on the preview sheet. This includes 9 listings in Talega that range in price from a low of $729,900 for a 3 bedroom, 2.5 bath home with 2000 square feet; to $2,399,000 for a 6 bedroom, 6.5 bath home with 5917 square feet home in the community of Lucia on a 17,000 square foot lot! A couple of properties to note is a beautiful custom home with unbelievable upgrades including a built-in Viking refrigerator in the garage, Venetian Plaster on all of the walls, and limestone flooring. This home has 3 bedrooms, 3.5 baths with a nice bonus room for a total of 3600 square feet on an 11,000 square foot lot for $1,649,000.
A really great home value in San Clemente is a 3 bedroom, 2 bath detached pool home with 1239 square feet priced at $710,000. The pool is beautiful and the home needs a little TLC but is a great buy for a nice neighborhood. Another 'Ole Hanson was on repreview this week which is a 2 bedroom, 2.5 bath with 3100 square feet build in 1929. This property has the property tax reduction on it where property taxes are $3,500 per year, which is a steal for a home on the market for $2,687,500 with ocean views.
San Juan Capistrano had 19 properties on preview this week including 6 condos and 13 SFRs with only two properties having been on the market for over 30 days. The price ranges on SFRs this week were from the low of $582,000 for a 2 bedroom, 2 bath home with 1400 square feet to a high of $1,879,000 for 5 bedrooms, 4.5 baths with 4000 square feet. Condo price ranges were on the low from $331,900 for a 2 bedroom, 1 bath unit with 834 square feet to $749,000 for a 4 bedroom, 2.5 bath unit with 1737 square feet. We actually had two condos this week on the market for under $400,000! Both of these units would make great income properties.
The last two properties on the Preview Sheet this week included a mobile home in the Shorecliff Mobile Home Park, that sits high on a corner lot with a great view priced at $449,000 for a top-of-the-line Viking double wide and you do own the land! This is a senior park and one of the nicer ones. There is also a view lot (19,000 square feet) with 200 feet of street frontage on the market in San Juan Capistrano for $1,325,000.
Let's look more specifically at some individual communities and the properties that were featured this week. Dana Point had a total of 16 listings this week, 5 of which have been on the market for over 30 days. Of the 16 listings, two are condos and the remaining 14 are SFRs. Price ranges are from a low of $790,000 for a 3 bedroom, 2 bath condo with 1235 square feet (with some ocean view from two of the bedrooms) to a beautiful entertainers home on the bluff next to Pines Park in Capo Beach. This 6 bedroom, 7 bath home with pool on a unique piece of property is on the market using value range pricing of between $6,200,000 to $6,750,876. This is definitely an amazing location and a beautifully comfortable home with a mother-in-law suite.
Laguna Hills real estate only had two listings on our preview sheet this week, one condo and one SFR. The 3 bedroom, 2 bath condo is on the market at $665,000 with 2035 square feet and the SFR has 4 bedrooms, 3 baths with 2843 square feet on the market for $1,324,999.
San Clemente real estate continues to show potential. This week there were a total of 35 properties on the preview sheet. This includes 9 listings in Talega that range in price from a low of $729,900 for a 3 bedroom, 2.5 bath home with 2000 square feet; to $2,399,000 for a 6 bedroom, 6.5 bath home with 5917 square feet home in the community of Lucia on a 17,000 square foot lot! A couple of properties to note is a beautiful custom home with unbelievable upgrades including a built-in Viking refrigerator in the garage, Venetian Plaster on all of the walls, and limestone flooring. This home has 3 bedrooms, 3.5 baths with a nice bonus room for a total of 3600 square feet on an 11,000 square foot lot for $1,649,000.
A really great home value in San Clemente is a 3 bedroom, 2 bath detached pool home with 1239 square feet priced at $710,000. The pool is beautiful and the home needs a little TLC but is a great buy for a nice neighborhood. Another 'Ole Hanson was on repreview this week which is a 2 bedroom, 2.5 bath with 3100 square feet build in 1929. This property has the property tax reduction on it where property taxes are $3,500 per year, which is a steal for a home on the market for $2,687,500 with ocean views.
San Juan Capistrano had 19 properties on preview this week including 6 condos and 13 SFRs with only two properties having been on the market for over 30 days. The price ranges on SFRs this week were from the low of $582,000 for a 2 bedroom, 2 bath home with 1400 square feet to a high of $1,879,000 for 5 bedrooms, 4.5 baths with 4000 square feet. Condo price ranges were on the low from $331,900 for a 2 bedroom, 1 bath unit with 834 square feet to $749,000 for a 4 bedroom, 2.5 bath unit with 1737 square feet. We actually had two condos this week on the market for under $400,000! Both of these units would make great income properties.
The last two properties on the Preview Sheet this week included a mobile home in the Shorecliff Mobile Home Park, that sits high on a corner lot with a great view priced at $449,000 for a top-of-the-line Viking double wide and you do own the land! This is a senior park and one of the nicer ones. There is also a view lot (19,000 square feet) with 200 feet of street frontage on the market in San Juan Capistrano for $1,325,000.
Tuesday, May 15, 2007
San Clemente Real Estate: Steps To The Beach!
This literally is "steps to the beach" from this property located on Beach Road. This would make a great family weekend retreat or a fabulous piece of income property. Call me to find out more...
Thursday, May 10, 2007
San Clemente Real Estate Blog
This week, we had 72 properties on the South Area preview sheet. If I talked about a huge inventory last week, it is continuing to grow rapidly. I am very dismayed to see so many properties that are coming on the market remain overpriced, often by hundreds of thousands of dollars. I previewed one property in San Clemente yesterday that in all honesty was $500,000 to $600,000 overpriced! Nice property if you don't mind listening to school age children on the playground all day long, but not for almost $1.9 million!
Short sales are increasing and the foreclosures are going to continue to grow if you can't sell quickly. One option for a fast sale is always an auction. Here in Southern California our real estate market is not very familiar with the concept of auctions, but in other parts of the country auctions are a primary method of selling real estate. Types of auctions vary, but they are growing in popularity for distressed sellers. Usually once the auction is advertised the entire process takes less than 30 days. The seller can set the minimum bid price, and yes, commissions must still be paid; but often with a well trained auctioneer, and the right publicity, you can end up with more money than through a traditional sale. If an auctions sounds like something that would work for you, please give me a call and I can help.
Dana Point had 17 properties on the preview sheet this week, 16 SFRs and one condo. Of these 6 properties have been on the market for over 30 days. Prices range from 4795,000 for a 3 bedroom, 2 bath home with 1527 square feet in Dana Knolls to $3,700,876 for a 4405 square foot home with 4 bedrooms, 5.5 baths on the 12th green of the Monarch Beach Links. There are also a couple of interesting properties on the market on Beach Road, that could be great income property - or its an awesome location to re-build your dream home with sand right outside your back door.
San Juan Capistrano had 18 properties on the preview sheet this week including 13 SFRs and 5 condos. Nine of which have been on the market for over 30 days. The lowest priced condo is $331,900 for 2 bedrooms, 1 bath, 834 square feet. The most expensive property this week is a 5 bedroom, 5 bath SFR in Marbella Country Club with 5514 square feet.
San Clemente had 34 properties this week on the preview sheet, including 5 condos and 29 SFRs, 13 of which have been on the market for over 30 days including one SFR that has been on the market for 538 days! There are 10 listings on preview this week in Talega. From the lowest to the highest, this weeks feature includes a 2 bedroom, 2 bath condo with 1100 square feet for $569,000 and the most expensive is a 1928 Ole Hansen with 3 bedrooms, 2 baths and 2415 square feet value range priced at $2,199,000 to $2,379,000. This is a fabulous piece of property - great lot but the Ole Hansen needs a ton of work. If you have a vision for owning one of these unique properties you probably won't find a better lot - the price is high for the work the property needs but there is unbelievable potential.
Short sales are increasing and the foreclosures are going to continue to grow if you can't sell quickly. One option for a fast sale is always an auction. Here in Southern California our real estate market is not very familiar with the concept of auctions, but in other parts of the country auctions are a primary method of selling real estate. Types of auctions vary, but they are growing in popularity for distressed sellers. Usually once the auction is advertised the entire process takes less than 30 days. The seller can set the minimum bid price, and yes, commissions must still be paid; but often with a well trained auctioneer, and the right publicity, you can end up with more money than through a traditional sale. If an auctions sounds like something that would work for you, please give me a call and I can help.
Dana Point had 17 properties on the preview sheet this week, 16 SFRs and one condo. Of these 6 properties have been on the market for over 30 days. Prices range from 4795,000 for a 3 bedroom, 2 bath home with 1527 square feet in Dana Knolls to $3,700,876 for a 4405 square foot home with 4 bedrooms, 5.5 baths on the 12th green of the Monarch Beach Links. There are also a couple of interesting properties on the market on Beach Road, that could be great income property - or its an awesome location to re-build your dream home with sand right outside your back door.
San Juan Capistrano had 18 properties on the preview sheet this week including 13 SFRs and 5 condos. Nine of which have been on the market for over 30 days. The lowest priced condo is $331,900 for 2 bedrooms, 1 bath, 834 square feet. The most expensive property this week is a 5 bedroom, 5 bath SFR in Marbella Country Club with 5514 square feet.
San Clemente had 34 properties this week on the preview sheet, including 5 condos and 29 SFRs, 13 of which have been on the market for over 30 days including one SFR that has been on the market for 538 days! There are 10 listings on preview this week in Talega. From the lowest to the highest, this weeks feature includes a 2 bedroom, 2 bath condo with 1100 square feet for $569,000 and the most expensive is a 1928 Ole Hansen with 3 bedrooms, 2 baths and 2415 square feet value range priced at $2,199,000 to $2,379,000. This is a fabulous piece of property - great lot but the Ole Hansen needs a ton of work. If you have a vision for owning one of these unique properties you probably won't find a better lot - the price is high for the work the property needs but there is unbelievable potential.
San Clemente Real Estate Update May 1st, 2007
San Clemente real estate and the surrounding areas just keeps getting busier as we move through Spring. There were 61 properties on the South Area preview sheet for the first week in May. Dana Point has 8 listings on the preview sheet (one condo and 7 single family residences (SFR)) ranging in price from $639,000 for a 2 bedroom, 2 bath condo to $2,849,876 for a 3 bedroom, 3 bath in Monarch Beach.
San Clemente has 45 properties including 2 mobile homes. There were 10 condos and 33 SFRs. Out of this total number for San Clemente, Talega had 13 properties on preview. Twelve of the total San Clemente listings have been on the market for 30+ days. This means we are still seeing many properties overpriced. Many times an agent puts a property back on preview once there have been price reductions to attempt to recapture interest. With the growing inventory that we have, it is always a more prudent move to price your property correctly the first time. This is not always easy in this market, but be realistic - you cannot use comparison properties of six months ago.
San Juan Capistrano had 11 properties on the preview sheet, all of which are SFRs and only 2 being listings that are over 30+ days on the market. Prices range in San Juan from $589,000 for a 4 bedroom, 2 bath Harbor Lane home with 1342 square feet to $2,099,000 for a 4 bedroom, 4 bath home with 4900 square feet on the 6th fairway of the Marbella Country Club. This property was just reduced $200,000 and has now been on the market for 37 days. Wake up and price your property for the market or don't bother to list it.
San Clemente has 45 properties including 2 mobile homes. There were 10 condos and 33 SFRs. Out of this total number for San Clemente, Talega had 13 properties on preview. Twelve of the total San Clemente listings have been on the market for 30+ days. This means we are still seeing many properties overpriced. Many times an agent puts a property back on preview once there have been price reductions to attempt to recapture interest. With the growing inventory that we have, it is always a more prudent move to price your property correctly the first time. This is not always easy in this market, but be realistic - you cannot use comparison properties of six months ago.
San Juan Capistrano had 11 properties on the preview sheet, all of which are SFRs and only 2 being listings that are over 30+ days on the market. Prices range in San Juan from $589,000 for a 4 bedroom, 2 bath Harbor Lane home with 1342 square feet to $2,099,000 for a 4 bedroom, 4 bath home with 4900 square feet on the 6th fairway of the Marbella Country Club. This property was just reduced $200,000 and has now been on the market for 37 days. Wake up and price your property for the market or don't bother to list it.
Tuesday, May 1, 2007
Real Estate Update
According to a recent article in the Los Angeles Times the housing market will continue to soften because prices are too high while the inventory is high. Some communities have at least a nine month supply of homes on the market. The sub-prime mortgage problems have led to some of these conditions as well as severe weather in the eastern part of the country. The National Association of Realtors announced the sharpest month-to-month fall in home sales since January 1989.
Some California housing markets are stronger than others with the Bay Area being the healthiest and the weakest is in the Inland Empire and the Central Valley. Southern California is mostly holding its own ground with the median price in March of this year being $505,000 up 4.6% over the previous March 2006. We are moving into the busy season and the inventory will continue to grow through the end of the summer when sellers either "throw in the towel" or cut their prices.
If you don't have to sell, this is probably the time to ride out the market. If you have to sell, carefully watch the trends in your neighborhood and be willing to enter the market at a competitive price. The first three weeks of a new listing is critical in generating interest from other agents and buyers. Don't make the mistake of entering the market too high to reduce your price and then be forgotten.
Some California housing markets are stronger than others with the Bay Area being the healthiest and the weakest is in the Inland Empire and the Central Valley. Southern California is mostly holding its own ground with the median price in March of this year being $505,000 up 4.6% over the previous March 2006. We are moving into the busy season and the inventory will continue to grow through the end of the summer when sellers either "throw in the towel" or cut their prices.
If you don't have to sell, this is probably the time to ride out the market. If you have to sell, carefully watch the trends in your neighborhood and be willing to enter the market at a competitive price. The first three weeks of a new listing is critical in generating interest from other agents and buyers. Don't make the mistake of entering the market too high to reduce your price and then be forgotten.
Monday, April 30, 2007
San Clemente Real Estate Update Blog
This past week there were a total of 59 properties on the South Area Preview sheet between San Clemente, Dana Point, San Juan Capistrano, and Laguna Niguel. I continue to see many properties that remain overpriced considering the current market. Sellers please note, the market has changed. I know that according to a Los Angeles Time/Bloomberg poll earlier in the month, a third of homeowners polled predicted home values in their neighborhood to increase in the next six months, while only 16% anticipated a decrease in values. "Call it foolish faith or bold optimism, the forecast is at odds with the downward trend of home prices." per David Streitfeld, a Times Staff Writer. Although California and more specifically Orange County do not follow the same trends as the rest of the country, we are seeing the market slower than in the past with buyers looking for good deals. The homes that sell are competitively priced for their marketplace.
Dana Point had a total of 14 properties featured with seven of these having been on the market for 30+ days. Featured properties range from a two bedroom, 2.5 bath townhome with 1820 square feet for $645,000 to a beautiful 8200 square foot home in Ritz Cove with fabulous white water views from three floors for $12,999,999.
San Clemente had a total of 36 properties broken out between 29 single family residences (SFR) and 7 condos. Of this total, 13 have been on the market for 30+ days. This week Talega had a total of 8 listings on preview (six of which are new listings) and Sea Pointe Estates also had 8 properties on preview, with only one being a new listing. Prices ranged from a low of $558,621 for a two bedroom, two bath condo with 1409 square feet to $3,300,000 in Cyprus Cove for five bedrooms, 5.5 baths with 5495 square feet with ocean views. I still walk through homes that are priced over a million that are at least $100,000 over priced. Do your improvements prior to placing your home on the market.
San Juan Capistrano had only six listings on the preview sheet this past week, 2 condos and 4 SFRs. Only one has been on the market for longer than 30 days. This week there are two SFRs for under $500,000 and one condo.
Should you be interested in a market evaluation, give me a call.
Dana Point had a total of 14 properties featured with seven of these having been on the market for 30+ days. Featured properties range from a two bedroom, 2.5 bath townhome with 1820 square feet for $645,000 to a beautiful 8200 square foot home in Ritz Cove with fabulous white water views from three floors for $12,999,999.
San Clemente had a total of 36 properties broken out between 29 single family residences (SFR) and 7 condos. Of this total, 13 have been on the market for 30+ days. This week Talega had a total of 8 listings on preview (six of which are new listings) and Sea Pointe Estates also had 8 properties on preview, with only one being a new listing. Prices ranged from a low of $558,621 for a two bedroom, two bath condo with 1409 square feet to $3,300,000 in Cyprus Cove for five bedrooms, 5.5 baths with 5495 square feet with ocean views. I still walk through homes that are priced over a million that are at least $100,000 over priced. Do your improvements prior to placing your home on the market.
San Juan Capistrano had only six listings on the preview sheet this past week, 2 condos and 4 SFRs. Only one has been on the market for longer than 30 days. This week there are two SFRs for under $500,000 and one condo.
Should you be interested in a market evaluation, give me a call.
Wednesday, April 18, 2007
San Clemente Real Estate Update
Last week I was out of town for several days with the kids being out of school on Spring break so I didn't post an update. There were only about 28 homes on preview which is less than half that are usually on and many were re-previews.
Since last week was slow, this week made up for it with 68 properties on the South Area Preview sheet for the week of April 16, 2007. The numbers were broken out into the following communities: 37 properties on preview in San Clemente with 9 properties having been on the market for over 30 days. San Juan Capistrano and Dana Point each have 14 properties on preview this week, with San Juan having 4 properties that fall into the 30 day + category and Dana Point having 6 properties falling into the 30 day + category. The preview sheet was rounded out by 3 new listings in Laguna Niguel.
The Laguna Niguel listings were comprised of 2 single family residences (SFR) and 1 condo for $645,000 with 3 bedrooms and 2 baths and 1553 square feet. The SFRs include a 4 bedroom 2.5 bath home with 2084 square feet for $989,000 with the other having very similar square feet with the same number of bedrooms and baths for $1,019,000. This home is a single level in Somerset Point.
Of the eight new listings in Dana Point this week only one is a condo. This is a 3 bedroom, 2.5 bath unit with 1711 square feet on the market for $619,900. The remaining 7 new listings that are SFRs range in price from a low of $850,000 to a high of $1,899,876 in Emerald Ridge which is a 3 bedroom, 2.5 bath single level home with 2748 square feet.
San Clemente properties that include 28 new listings, 8 listings are in Talega. The Talega listings include 2 condos - one in Alassio on the market for $599,000 for 3 bedrooms and 2 baths with 1598 square feet end unit townhome and one in Santalana for $725,000 also with 3 bedrooms and 2 baths but with 1881 square feet. The Santalana model is also an end unit townhome with a nice size yard. The Talega SFRs that are new listings range in price from $790,000 for an Amalfi with 3 bedrooms and 2.5 baths encompassing 2200 square feet to a 5000 square foot Vizcaya home on the 6th hole of the Fred Couples Chamionship Golf Course with 5 bedrooms and 4.5 baths. Of note there is also a Careyes home on preview that is up for auction. This home has a list price of $1,995,000 and is on the 16 hole of the same golf course. This home has 5000 square feet with 5 bedrooms and 5.5 baths and was built in 2005.
Other San Clemente real estate that is new on the market for preview this week includes a new home in Cyprus Cove that has 5 bedrooms, 5.5 baths with over 5400 square feet on the market for $3,300,000. If freeway noise doesn't bother you, there is a 3 bedroom, 2.5 bath home with 2148 square feet for $979,000. A home with potential in Harbor View with 3 bedrooms, 2 baths with 1628 square feet for $837,500. Add a second story and you could have amazing ocean views.
One overpriced property that I went through today is a 3 bedroom, 2.5 bath home in Hillcrest that does have great ocean views but needs too much work for the price of $1,125,000. The home is staged so it is deceptive and is a single level. Another listing that has a great feel without being staged is in El Encanto, a single level 4 bedroom, 3 bath home with 2519 square feet that is on the market for $1,125,000. This is a great neighborhood if you don't mind having the county landfill one hill behind you. This home shows well and has a great private backyard.
San Juan Capistrano has ten new listings this week ranging in price from $559,000 for a SFR in the Village with 3 bedrooms, 2 baths and 1268 square feet to a 6 bedroom, 5.5 bath home on Old San Juan Road with 5800 square feet, pool and spa for $2,799,000. Watch out on this property the color scheme may repluse you, but the home has some wonderful features this warm gate guarded community. Of particular note, one property really stood out in San Juan today. This is a 3 bedroom, 2 bath home with 2000 square feet that is on the market for $975,000 that the detail and decorating will knock you over. A beautiful private yard with salt-water spa, and upgrades galore! This is worth seeing if it is in your price range. The master is upstairs with the other two bedrooms on the ground floor. Attention to detail and decorating will amaze you.
Please give me a call for more specific information about any property that sounds interesting or that you would like to know what else is hot and what is not in San Clemente and surrounding areas real estate.
Since last week was slow, this week made up for it with 68 properties on the South Area Preview sheet for the week of April 16, 2007. The numbers were broken out into the following communities: 37 properties on preview in San Clemente with 9 properties having been on the market for over 30 days. San Juan Capistrano and Dana Point each have 14 properties on preview this week, with San Juan having 4 properties that fall into the 30 day + category and Dana Point having 6 properties falling into the 30 day + category. The preview sheet was rounded out by 3 new listings in Laguna Niguel.
The Laguna Niguel listings were comprised of 2 single family residences (SFR) and 1 condo for $645,000 with 3 bedrooms and 2 baths and 1553 square feet. The SFRs include a 4 bedroom 2.5 bath home with 2084 square feet for $989,000 with the other having very similar square feet with the same number of bedrooms and baths for $1,019,000. This home is a single level in Somerset Point.
Of the eight new listings in Dana Point this week only one is a condo. This is a 3 bedroom, 2.5 bath unit with 1711 square feet on the market for $619,900. The remaining 7 new listings that are SFRs range in price from a low of $850,000 to a high of $1,899,876 in Emerald Ridge which is a 3 bedroom, 2.5 bath single level home with 2748 square feet.
San Clemente properties that include 28 new listings, 8 listings are in Talega. The Talega listings include 2 condos - one in Alassio on the market for $599,000 for 3 bedrooms and 2 baths with 1598 square feet end unit townhome and one in Santalana for $725,000 also with 3 bedrooms and 2 baths but with 1881 square feet. The Santalana model is also an end unit townhome with a nice size yard. The Talega SFRs that are new listings range in price from $790,000 for an Amalfi with 3 bedrooms and 2.5 baths encompassing 2200 square feet to a 5000 square foot Vizcaya home on the 6th hole of the Fred Couples Chamionship Golf Course with 5 bedrooms and 4.5 baths. Of note there is also a Careyes home on preview that is up for auction. This home has a list price of $1,995,000 and is on the 16 hole of the same golf course. This home has 5000 square feet with 5 bedrooms and 5.5 baths and was built in 2005.
Other San Clemente real estate that is new on the market for preview this week includes a new home in Cyprus Cove that has 5 bedrooms, 5.5 baths with over 5400 square feet on the market for $3,300,000. If freeway noise doesn't bother you, there is a 3 bedroom, 2.5 bath home with 2148 square feet for $979,000. A home with potential in Harbor View with 3 bedrooms, 2 baths with 1628 square feet for $837,500. Add a second story and you could have amazing ocean views.
One overpriced property that I went through today is a 3 bedroom, 2.5 bath home in Hillcrest that does have great ocean views but needs too much work for the price of $1,125,000. The home is staged so it is deceptive and is a single level. Another listing that has a great feel without being staged is in El Encanto, a single level 4 bedroom, 3 bath home with 2519 square feet that is on the market for $1,125,000. This is a great neighborhood if you don't mind having the county landfill one hill behind you. This home shows well and has a great private backyard.
San Juan Capistrano has ten new listings this week ranging in price from $559,000 for a SFR in the Village with 3 bedrooms, 2 baths and 1268 square feet to a 6 bedroom, 5.5 bath home on Old San Juan Road with 5800 square feet, pool and spa for $2,799,000. Watch out on this property the color scheme may repluse you, but the home has some wonderful features this warm gate guarded community. Of particular note, one property really stood out in San Juan today. This is a 3 bedroom, 2 bath home with 2000 square feet that is on the market for $975,000 that the detail and decorating will knock you over. A beautiful private yard with salt-water spa, and upgrades galore! This is worth seeing if it is in your price range. The master is upstairs with the other two bedrooms on the ground floor. Attention to detail and decorating will amaze you.
Please give me a call for more specific information about any property that sounds interesting or that you would like to know what else is hot and what is not in San Clemente and surrounding areas real estate.
Friday, April 13, 2007
Wednesday, April 11, 2007
San Clemente and Vicinity Real Estate Update for the Week of April 4th, 2007
This week there were a total of 50 homes on the South Area Preview Sheet plus there were a few write-ins at the marketing meeting. The homes broke out into the following areas: Dana Point; 7 properties, 6 single family residences (SFR) and 1 condo; Laguna Niguel; 1 SFR; San Clemente; 32 total properties, 28 SFR and 5 condos; and San Juan Capistrano with 10 properties; 8 SFRs and 2 condos.
Let's start with San Juan this week. Out of the total 10 properties, two have been on the market for over 30 days. The two condos ranged in price from $349,900 for a 2 bedroom, 1 bath with 834 square feet to $695,000 for a 2 bedroom, 2.5 bath unit with 1580 square feet. SFRs ranged from a low of $579,900 for a 4 bedroom, 2.5 bath with 1624 square feet to a high of $2,795,000 for a 3 bedroom, 4.5 bath property with 4850 square feet. Of particular note there is a nice horse property in Hidden Valley on the market for $2,275,000 that has 4 bedrooms, 2.5 baths at 2572 square feet with an interesting floor plan, raised roof barn and riding ring at the end of a cul-de-sac.
San Clemente had the most listings this week with 32 and 8 of these have been on the market for over 30 days. There is a 2 bedroom, 2 bath condo on the market with 823 square feet, ocean view for $465,000 as well as a 2 bedroom, 2.75 bath penthouse on the market with 1902 square feet for $1,950,000. Single family homes range in price from a low of $569,900 for a 2 bedroom, 2 bath - 1250 square feet in Villagio to a beautiful home in Misty Ridge with 4 bedrooms, 3.5 baths and 3841 square feet for $2,295,000. Nice location, nice views and a beautiful peaceful yard. This one has a totally state-of-the-art kitchen and a downstairs master. Talega has 8 listings this week on preview ranging from $920,000 for a 5 bedroom, 3 bath home in Seaside with 2635 square feet on an 11,000 square foot lot to a Montellano plan 3 with 5 bedrooms, 5.5 baths at 4700 square feet for $1,650,000.
Laguna Niguel has only one listing in Bear Brand Estates that is 5 bedrooms, 4 baths, 3422 square feet for $1,798,800.
Dana Point has 4 properties that are on repreview which leaves only 3 new listings on preview this week. This includes a 2 bedroom, 2 bath condo with 870 square feet for $415,000. Two of the SFRs are repreviews that are new construction finished last year. One home of note is a new listing 6 bedrooms, 6 baths, four car garage street-to-street lot with a very unusual floor plan. This is the ultimate party or fund-raising house and is on the market at $2,999,900. Another noteworthy home is in Emerald Ridge, 3 bedrooms, 2.5 baths, 2400 square feet on a very private and quiet cul-de-sac with views of the ocean. This home boasts a beautiful pool and spa in a pleasing peaceful environment at a price of $2,195,000.
If you are thinking of selling or are in the market to buy, I would love to talk to you about what is going on in our local market.
Let's start with San Juan this week. Out of the total 10 properties, two have been on the market for over 30 days. The two condos ranged in price from $349,900 for a 2 bedroom, 1 bath with 834 square feet to $695,000 for a 2 bedroom, 2.5 bath unit with 1580 square feet. SFRs ranged from a low of $579,900 for a 4 bedroom, 2.5 bath with 1624 square feet to a high of $2,795,000 for a 3 bedroom, 4.5 bath property with 4850 square feet. Of particular note there is a nice horse property in Hidden Valley on the market for $2,275,000 that has 4 bedrooms, 2.5 baths at 2572 square feet with an interesting floor plan, raised roof barn and riding ring at the end of a cul-de-sac.
San Clemente had the most listings this week with 32 and 8 of these have been on the market for over 30 days. There is a 2 bedroom, 2 bath condo on the market with 823 square feet, ocean view for $465,000 as well as a 2 bedroom, 2.75 bath penthouse on the market with 1902 square feet for $1,950,000. Single family homes range in price from a low of $569,900 for a 2 bedroom, 2 bath - 1250 square feet in Villagio to a beautiful home in Misty Ridge with 4 bedrooms, 3.5 baths and 3841 square feet for $2,295,000. Nice location, nice views and a beautiful peaceful yard. This one has a totally state-of-the-art kitchen and a downstairs master. Talega has 8 listings this week on preview ranging from $920,000 for a 5 bedroom, 3 bath home in Seaside with 2635 square feet on an 11,000 square foot lot to a Montellano plan 3 with 5 bedrooms, 5.5 baths at 4700 square feet for $1,650,000.
Laguna Niguel has only one listing in Bear Brand Estates that is 5 bedrooms, 4 baths, 3422 square feet for $1,798,800.
Dana Point has 4 properties that are on repreview which leaves only 3 new listings on preview this week. This includes a 2 bedroom, 2 bath condo with 870 square feet for $415,000. Two of the SFRs are repreviews that are new construction finished last year. One home of note is a new listing 6 bedrooms, 6 baths, four car garage street-to-street lot with a very unusual floor plan. This is the ultimate party or fund-raising house and is on the market at $2,999,900. Another noteworthy home is in Emerald Ridge, 3 bedrooms, 2.5 baths, 2400 square feet on a very private and quiet cul-de-sac with views of the ocean. This home boasts a beautiful pool and spa in a pleasing peaceful environment at a price of $2,195,000.
If you are thinking of selling or are in the market to buy, I would love to talk to you about what is going on in our local market.
Tuesday, April 3, 2007
Thursday, March 29, 2007
South Orange County Real Estate Update A/O 3/26/07
This week there were another 60 properties on the South Area Preview sheet. A number were repreviews as well as plenty of new listings. Some are great properties at decent prices but there are still some real funky properties that are way over price. For instance, there is a new listing in Monarch Beach. The property is a 3 bedroom/3.5 bath on one level, but the floor plan is funky, floors need to be refinished, carpet needs to be replaced, and the price is way over the top. After looking at several other view properties, this has to be the most overpriced property I have seen in some time. I guess some people don't listen to the media!
Let's look at other Dana Point properties, which include 13 listings on the preview sheet for this week. There were 9 single family homes and 4 condos. A total of three of these listings have been on the market for over 30 days. On the low end, there is a new condo listing at $454,000 for a 1 bedroom, 1.25 bath with 935 square feet on ground level. The high end condo this week is on the market for $1,200,000 for a 3 bedroom, 2.5 bath with 1980 square feet.
Single family residences (SFR) had a low of $799,000 for 3 bedrooms and 2.5 baths with 2000 square feet, and there is another property at the same price point with 3 bedrooms and 2 baths with 1000 square feet but is an ocean view beach cottage. The high end in SFRs for Dana Point this week is a really great listing on Camino Capistrano close to the San Clemente border on the bluffs with a fabulous ocean, coastline, and white water views. Nice home with a great floorplan that maximizes the view. This home has 5 bedrooms and 3 baths with a total of 4293 square feet on the market for $4,950,000.
Laguna Niguel only had two listings this week in our area, one a condo for $925,000 for a 3 bedroom, 2 bath at 1658 square feet and a SFR that has been on the market for over 30 days at $1,800,000 with 4 bedrooms, 3.5 baths and 2600 square feet.
San Clemente has a total of 33 properties on the preview sheet this week, 9 condos and 24 SFRs, with 12 properties having been on the market for over 30 days. The low end condo this week is on the market for $308,000 for a one bedroom, one bath with 680 square feet in the Vista Pacifica development in Rancho San Clemente. The high end condo is on the market for $734,000 for a 2 bedroom, 2 bath single story townhome with 1125 square feet with an ocean view. Talega only had 7 homes on the preview sheet this week with the low home being priced at $739,999 for a 3 bedroom, 2.5 bath Solana model with 1678 square feet. The high end for Talega is a 5 bedroom, 4.5 bath Montellano model with 4300 square feet. The high end for San Clemente this week is a 5 bedroom, 5 bath home that sits on 3.5 acres that includes vineyards. The home has 4700 square feet and is priced at $2,200,000. A couple of homes to note in San Clemente this week include a listing in Del Cabo, this is a nice corner lot, with a real nice feel that is priced well at $1,199,900 for 5 bedrooms, 3 baths, 3 car garage with 3087 square feet. There is a nice listing with an upside down home for $1,695,000. Nice house if you don't mind having your kitchen upstairs. At least this house installed a dumb waiter from the ground floor so you don't have to carry your groceries up the stairs. Ocean and canyon views for $1,695,000 for 4 bedrooms and 3.5 baths with a total of 3860 square feet. Another property to note is has beautiful ocean views from a well thought out home that has 4 bedrooms and 3 baths and 2900 square feet. This one has a huge lot with room in the backyard for a pool.
San Juan Capistrano this week only has 12 properties on preview all SFRs. The low end includes a 3 bedroom, 2 bath in a 55+ community for $599,000 and a 3 bedroom, 2 bath in Mission glen for $709,000. The high end includes a 6 bedroom, 5.5 bath home with 5800 square feet for $3,399,000.
If you are priced competitively for this market the buyers are out there. Should you have any questions regarding a specific property or want more information, please do not hesitate to give me a call or send me an email.
Let's look at other Dana Point properties, which include 13 listings on the preview sheet for this week. There were 9 single family homes and 4 condos. A total of three of these listings have been on the market for over 30 days. On the low end, there is a new condo listing at $454,000 for a 1 bedroom, 1.25 bath with 935 square feet on ground level. The high end condo this week is on the market for $1,200,000 for a 3 bedroom, 2.5 bath with 1980 square feet.
Single family residences (SFR) had a low of $799,000 for 3 bedrooms and 2.5 baths with 2000 square feet, and there is another property at the same price point with 3 bedrooms and 2 baths with 1000 square feet but is an ocean view beach cottage. The high end in SFRs for Dana Point this week is a really great listing on Camino Capistrano close to the San Clemente border on the bluffs with a fabulous ocean, coastline, and white water views. Nice home with a great floorplan that maximizes the view. This home has 5 bedrooms and 3 baths with a total of 4293 square feet on the market for $4,950,000.
Laguna Niguel only had two listings this week in our area, one a condo for $925,000 for a 3 bedroom, 2 bath at 1658 square feet and a SFR that has been on the market for over 30 days at $1,800,000 with 4 bedrooms, 3.5 baths and 2600 square feet.
San Clemente has a total of 33 properties on the preview sheet this week, 9 condos and 24 SFRs, with 12 properties having been on the market for over 30 days. The low end condo this week is on the market for $308,000 for a one bedroom, one bath with 680 square feet in the Vista Pacifica development in Rancho San Clemente. The high end condo is on the market for $734,000 for a 2 bedroom, 2 bath single story townhome with 1125 square feet with an ocean view. Talega only had 7 homes on the preview sheet this week with the low home being priced at $739,999 for a 3 bedroom, 2.5 bath Solana model with 1678 square feet. The high end for Talega is a 5 bedroom, 4.5 bath Montellano model with 4300 square feet. The high end for San Clemente this week is a 5 bedroom, 5 bath home that sits on 3.5 acres that includes vineyards. The home has 4700 square feet and is priced at $2,200,000. A couple of homes to note in San Clemente this week include a listing in Del Cabo, this is a nice corner lot, with a real nice feel that is priced well at $1,199,900 for 5 bedrooms, 3 baths, 3 car garage with 3087 square feet. There is a nice listing with an upside down home for $1,695,000. Nice house if you don't mind having your kitchen upstairs. At least this house installed a dumb waiter from the ground floor so you don't have to carry your groceries up the stairs. Ocean and canyon views for $1,695,000 for 4 bedrooms and 3.5 baths with a total of 3860 square feet. Another property to note is has beautiful ocean views from a well thought out home that has 4 bedrooms and 3 baths and 2900 square feet. This one has a huge lot with room in the backyard for a pool.
San Juan Capistrano this week only has 12 properties on preview all SFRs. The low end includes a 3 bedroom, 2 bath in a 55+ community for $599,000 and a 3 bedroom, 2 bath in Mission glen for $709,000. The high end includes a 6 bedroom, 5.5 bath home with 5800 square feet for $3,399,000.
If you are priced competitively for this market the buyers are out there. Should you have any questions regarding a specific property or want more information, please do not hesitate to give me a call or send me an email.
Thursday, March 22, 2007
South Orange County Real Estate Update A/O 3/19/07
This week there were 63 properties featured in the South Area Preview sheet ranging in price from the low of $308,000 for a one bedroom, one bath condo with 680 square feet to a double lot on Beach Road in Capo Beach for $10,199,900, with a little bit of everything thrown inbetween. A few preview were cancelled due to the rain, we all know that South County Real Estate agents melt! Oh my gosh! How totally spoiled are we, a few drops of rain and people start cancelling. Oh well, drops the number down to try to see. Although there are 63 properties available to see, it is pretty hard to see more than about 15. It depends on the size of the property, but obviously, those huge homes take more time to go through than a small condo.
Let's start with Dana Point this week which featured a total of 12 properties, 4 condos and 8 single family residences (SFR). Five of these properties have been on the market for 30 days or more. Of the condos, the low price this week was $460,000 for a lower unit in Seaview Condos that is a highly upgraded unit, two bedrooms, one bath, with a one car garage and 730 square feet to $1,150,000 for a 1,400 square feet condo with 2 bedrooms and 2 baths, two car garage in Tennis Villas for a completely remodeled unit in the style of Tommy Bahama.
Single family residences ranged in price from $799,000 for a 3 bedroom, 2 1/2 bath home with approximately 2,000 square feet to the $10,199,900 double lot on Beach Road that includes plans for a Chris Abel designed home of 6,432 square feet. This lot has 74 feet of beach frontage. The site consists of two legal lots which can be developed separately.
Laguna Niguel featured only two properties this week, both condos in the Beacon Hill development, one lower unit and one upper unit ranging in price from $365,000 to $389,000 for 2 bedrooms and 1 bath with 865 square feet of living space with carports.
San Clemente featured the most properties this week with 36 properties, twelve of which have been on the market for 30 days or more. There are 9 condos and 27 SFRs. Seven properties are in Talega with 2 condos and 5 SFRs. The lowest priced condo is a one bedroom, one bath 680 square feet unit in the Vista Pacifica development priced at $308,000. The highest priced unit is new construction in North Beach for a 4 bedroom, 5 1/2 bath 2,794 square feet unit with a 4 car garage. This unit has plenty of views and a 1084 square feet of outdoor decks. Twenty seven SFRs include on the low end a 3 bedroom, 2 bath home with 1350 square feet home in Forster Ranch Colony. The upper end features a 4,178 square foot home in Sea Pointe Estates with 5 bedrooms and 5 1/2 baths on a single level with fabulous views. This is a great corner lot and includes a four car garage with plenty of storage. Probably one of the better values I saw this week includes a property with 3 bedrooms, 2 1/2 baths, plus loft - end of cul-de-sac location with 2615 square feet of living space that has been nicely done that sure looks like an excellent value at $859,000. Of note in Talega, there is a home in the Vizcaya development that recently had a $100,000 price reduction that is on the Talega golf course.
San Juan Capistrano only had 13 properties featured this week with 7 having been on the market for at least 30 days. All properties are SFRs ranging in price from a low of $598,000 for 3 bedrooms with 1 1/2 baths having 1210 square feet to a high for a property in Marbella Crest Estates on the market for $3,665,000 with 4 bedrooms, 5 baths with 5850 square feet, a wine room, elevator, and 6 fireplaces. One really great buy is a property over by the Boys and Girls Club that is a cute 4 bedroom (3 bedroom + den) 2 bath house with 1750 square feet on the market for $779,900. They have done some really nice improvements on the property and this is definitely a must see if this is your price range and neighborhood. Another higher end property to note is a 4 bedroom, 4 1/2 bath home in guard gated Connemar By The Sea. This property is offered at $2,795,000 and has 4500 square feet with gorgeous views.
Let's start with Dana Point this week which featured a total of 12 properties, 4 condos and 8 single family residences (SFR). Five of these properties have been on the market for 30 days or more. Of the condos, the low price this week was $460,000 for a lower unit in Seaview Condos that is a highly upgraded unit, two bedrooms, one bath, with a one car garage and 730 square feet to $1,150,000 for a 1,400 square feet condo with 2 bedrooms and 2 baths, two car garage in Tennis Villas for a completely remodeled unit in the style of Tommy Bahama.
Single family residences ranged in price from $799,000 for a 3 bedroom, 2 1/2 bath home with approximately 2,000 square feet to the $10,199,900 double lot on Beach Road that includes plans for a Chris Abel designed home of 6,432 square feet. This lot has 74 feet of beach frontage. The site consists of two legal lots which can be developed separately.
Laguna Niguel featured only two properties this week, both condos in the Beacon Hill development, one lower unit and one upper unit ranging in price from $365,000 to $389,000 for 2 bedrooms and 1 bath with 865 square feet of living space with carports.
San Clemente featured the most properties this week with 36 properties, twelve of which have been on the market for 30 days or more. There are 9 condos and 27 SFRs. Seven properties are in Talega with 2 condos and 5 SFRs. The lowest priced condo is a one bedroom, one bath 680 square feet unit in the Vista Pacifica development priced at $308,000. The highest priced unit is new construction in North Beach for a 4 bedroom, 5 1/2 bath 2,794 square feet unit with a 4 car garage. This unit has plenty of views and a 1084 square feet of outdoor decks. Twenty seven SFRs include on the low end a 3 bedroom, 2 bath home with 1350 square feet home in Forster Ranch Colony. The upper end features a 4,178 square foot home in Sea Pointe Estates with 5 bedrooms and 5 1/2 baths on a single level with fabulous views. This is a great corner lot and includes a four car garage with plenty of storage. Probably one of the better values I saw this week includes a property with 3 bedrooms, 2 1/2 baths, plus loft - end of cul-de-sac location with 2615 square feet of living space that has been nicely done that sure looks like an excellent value at $859,000. Of note in Talega, there is a home in the Vizcaya development that recently had a $100,000 price reduction that is on the Talega golf course.
San Juan Capistrano only had 13 properties featured this week with 7 having been on the market for at least 30 days. All properties are SFRs ranging in price from a low of $598,000 for 3 bedrooms with 1 1/2 baths having 1210 square feet to a high for a property in Marbella Crest Estates on the market for $3,665,000 with 4 bedrooms, 5 baths with 5850 square feet, a wine room, elevator, and 6 fireplaces. One really great buy is a property over by the Boys and Girls Club that is a cute 4 bedroom (3 bedroom + den) 2 bath house with 1750 square feet on the market for $779,900. They have done some really nice improvements on the property and this is definitely a must see if this is your price range and neighborhood. Another higher end property to note is a 4 bedroom, 4 1/2 bath home in guard gated Connemar By The Sea. This property is offered at $2,795,000 and has 4500 square feet with gorgeous views.
Thursday, March 15, 2007
San Clemente Real Estate: Homes Are Where The Heart Is Updates for Week of March 12th
Every week we are seeing more homes enter the preview sheet with this week being no exception. A total of 67 properties made the cut-off for the preview sheet and there were several write-ins at the Wednesday morning meeting. Of these 67 properties, 17 are re-previews or have been on the market for over 30 days. Some income properties (duplex, four-plex, etc.) usually take more time to sell, but price is a definite factor in this market. If you want to sell, listen to your agent and price it correctly the first time. Many agents will let you, the seller set the price. This works for the agent, in that these agents get more listings, but they go through more price reductions, and the properties sit longer. If a property is priced correctly, it will sell!
This is a different market than we have had over the past few years and buyers expect more for their dollar. Just because the house down the street sold for an inflated price last year, does not mean that you will get that price today! That house down the street might very well have an upside-down owner who owes more than the house is currently worth. Pay attention to the news, many people are upside due to sub-prime loans.
Although only 13% of all mortgages are sub-prime, if too many of these people default, sell at a discount, or are pushed into foreclosure, the market will be flooded with inexpensive real estate, diluting home prices. Sub-prime loans are loans for people with low credit scores and they have become a problem because most of them had adjustable interest rates. As these rates increased, so did their monthly payments, causing many homeowners to struggle to pay their mortgage every month. Many of these loans also contain prepayment penalties which makes refinancing the property difficult.
Of the 67 total listings, 16 are in Dana Point, 16 in San Juan Capistrano, and 35 are in San Clemente. Let’s first look at the Dana Point listings.
In Dana Point, of the 16 listings, 6 have been on the market for over 30 days. There are 4 condos and 12 single family residences (SFR). The condos range in price from the low of $335,000 for 650 square feet to $600,876 for 982 square feet. Of the 12 remaining properties, one is a duplex and two properties are listed as SFRs but actually are attached with one common wall, identical units on Camino Capistrano with ocean views. The remaining properties range in price from $849,000 for 1300 square feet to $3,750,000 for 2670 square feet in Niguel Shores on the oceanside of PCH next to the Ritz Carlton Hotel.
San Juan Capistrano has 16 listings, 3 which have been on the market for over 30 days. There are 3 condos, 12 SFRs, and 1 mobile home. The condos range in price from a low of $395,000 for 864 square feet to a high of $649,000 for 1640 square feet. The SFRs include a detached home in San Juan Hills East a 55+ community for $589,000 to $799,000 for a 4 bedroom, 2.5 bath home with 2052 square feet to a 5100 square foot home with 5 bedrooms and 5.5 baths priced at $2,749,900.
There were a total of 35 properties on the market this week in San Clemente which includes a four-plex, 10 condos, and 24 SFRs. Of the condos, 2 have been on the market for over 180 days but are priced at over $1.6 million with white water views. The low end on the condos is 864 square feet for $485,000 that has been completely remodeled. Within these numbers include 12 properties in the community of Talega. This includes 1 condo and 11 SFRs. The condo has a golf course view with 1881 square feet for $835,000. The SFRs range in price and size from $879,900 for 2327 square feet with 3 bedrooms and 2.5 baths in Escala to $2,479,000 for 4476 square feet with 4 bedrooms, 4.5 baths in Careyes. Other properties to note include a cute French Country beach house on T Street with 2 bedrooms and 1 ¼ baths for $1,265,000; an original owner Shorecliff’s home with 1820 square feet, 4 bedrooms and 2 baths in original condition that is a trust sale at $999,950 to a large lot in Rimrock with 1558 square feet of house, 4 bedrooms and 3 baths with pool that has RV access for $799,000.
This is a different market than we have had over the past few years and buyers expect more for their dollar. Just because the house down the street sold for an inflated price last year, does not mean that you will get that price today! That house down the street might very well have an upside-down owner who owes more than the house is currently worth. Pay attention to the news, many people are upside due to sub-prime loans.
Although only 13% of all mortgages are sub-prime, if too many of these people default, sell at a discount, or are pushed into foreclosure, the market will be flooded with inexpensive real estate, diluting home prices. Sub-prime loans are loans for people with low credit scores and they have become a problem because most of them had adjustable interest rates. As these rates increased, so did their monthly payments, causing many homeowners to struggle to pay their mortgage every month. Many of these loans also contain prepayment penalties which makes refinancing the property difficult.
Of the 67 total listings, 16 are in Dana Point, 16 in San Juan Capistrano, and 35 are in San Clemente. Let’s first look at the Dana Point listings.
In Dana Point, of the 16 listings, 6 have been on the market for over 30 days. There are 4 condos and 12 single family residences (SFR). The condos range in price from the low of $335,000 for 650 square feet to $600,876 for 982 square feet. Of the 12 remaining properties, one is a duplex and two properties are listed as SFRs but actually are attached with one common wall, identical units on Camino Capistrano with ocean views. The remaining properties range in price from $849,000 for 1300 square feet to $3,750,000 for 2670 square feet in Niguel Shores on the oceanside of PCH next to the Ritz Carlton Hotel.
San Juan Capistrano has 16 listings, 3 which have been on the market for over 30 days. There are 3 condos, 12 SFRs, and 1 mobile home. The condos range in price from a low of $395,000 for 864 square feet to a high of $649,000 for 1640 square feet. The SFRs include a detached home in San Juan Hills East a 55+ community for $589,000 to $799,000 for a 4 bedroom, 2.5 bath home with 2052 square feet to a 5100 square foot home with 5 bedrooms and 5.5 baths priced at $2,749,900.
There were a total of 35 properties on the market this week in San Clemente which includes a four-plex, 10 condos, and 24 SFRs. Of the condos, 2 have been on the market for over 180 days but are priced at over $1.6 million with white water views. The low end on the condos is 864 square feet for $485,000 that has been completely remodeled. Within these numbers include 12 properties in the community of Talega. This includes 1 condo and 11 SFRs. The condo has a golf course view with 1881 square feet for $835,000. The SFRs range in price and size from $879,900 for 2327 square feet with 3 bedrooms and 2.5 baths in Escala to $2,479,000 for 4476 square feet with 4 bedrooms, 4.5 baths in Careyes. Other properties to note include a cute French Country beach house on T Street with 2 bedrooms and 1 ¼ baths for $1,265,000; an original owner Shorecliff’s home with 1820 square feet, 4 bedrooms and 2 baths in original condition that is a trust sale at $999,950 to a large lot in Rimrock with 1558 square feet of house, 4 bedrooms and 3 baths with pool that has RV access for $799,000.
Thursday, March 8, 2007
South County Real Estate Updates and Why Use An Agent For New Home Sales
Homes Are Where The Heart Is.com is my own type of web page. As a realtor here in South Orange County, CA; there is so much happening. When talking to our computer guy, I let him know that I wanted to update my web page at least weekly and share information that I come across to my readers. He thought a web page that is really a BLOG would be the way to go so here I am.
South County Real Estate Updates are derived from information that is put out for realtors from the Orange County Association of Realtors. Every week, agents from the area, submit new listings and properties they want to generate renewed interest on to the other agents in the area. This is not a comprehensive list of what is actually listed for this time period, that can only be accessed via a relationship with a realtor that has access to the MLS (multiple listing service). My South County Real Estate Updates or What's Hot is designed to give a quick and dirty overview for those wanting to have a better idea of what is going on.
Please do not believe everything you read in the papers and here on the local news about real estate. Their job is to sell newspapers or have you tune into the news - not necessarily to report what is really going on.
Just a quick note to those out there looking for NEW HOMES. Most new home builders have found it advantageous to work with local area realtors. A licensed real estate agent can help you buy your brand new home just as well as buy the resale home. Having someone look out after your interest is in your best interest. With the changing marketplace, often builders start to discount new homes to move them, if you have a licensed agent working as your "buyers agent" they can often help you negotiate a better deal than what is offered right up front. The deal with working with an agent on new home sales, is you cannot walk into that sales office and put down your name without an agent, because then the agent won't want to work with you since by you signing their book without an agent, you have given them notice that you are not represented. If you think you might be moving in this direction, please call your agent first and have them register you in the sales office.
South County Real Estate Updates are derived from information that is put out for realtors from the Orange County Association of Realtors. Every week, agents from the area, submit new listings and properties they want to generate renewed interest on to the other agents in the area. This is not a comprehensive list of what is actually listed for this time period, that can only be accessed via a relationship with a realtor that has access to the MLS (multiple listing service). My South County Real Estate Updates or What's Hot is designed to give a quick and dirty overview for those wanting to have a better idea of what is going on.
Please do not believe everything you read in the papers and here on the local news about real estate. Their job is to sell newspapers or have you tune into the news - not necessarily to report what is really going on.
Just a quick note to those out there looking for NEW HOMES. Most new home builders have found it advantageous to work with local area realtors. A licensed real estate agent can help you buy your brand new home just as well as buy the resale home. Having someone look out after your interest is in your best interest. With the changing marketplace, often builders start to discount new homes to move them, if you have a licensed agent working as your "buyers agent" they can often help you negotiate a better deal than what is offered right up front. The deal with working with an agent on new home sales, is you cannot walk into that sales office and put down your name without an agent, because then the agent won't want to work with you since by you signing their book without an agent, you have given them notice that you are not represented. If you think you might be moving in this direction, please call your agent first and have them register you in the sales office.
Wednesday, March 7, 2007
What's Hot In South County Real Estate A/O 3/5/07
This week there are 61 listings on the South Area Preview Sheet. They are broken out among the following cities, San Clemente has 30 listings with actually 23 listings being under 30 days, Dana Point has 15 listings with 7 of these being over 30 days on the market, San Juan Capistrano has 15 listings with 11 of these listings being less than 30 days, and Laguna Niguel has only one listing which is new.
The following is a break down of condos to single family residences (SFR) and price ranges for each city.
Out of San Clemente's 30 listings 9 are condos and 21 are single family residences. Of the condos price ranges start at $290,000 for a 1 bedroom, 1 bath with 520 square feet to $1,699,000 for a 3 bedroom, 2 bath ocean view with 2000 square feet. There are two of these units on the market, townhome style with one unit having a downstairs master bedroom. In SFRs, the lowest priced home is on the market for $650,000 for a 3 bedroom, 2 bath home with 1618 square feet on a single level with an upgraded interior. The highest priced home on the preview sheet is in Talega priced at $1,850,000 for a Mirador (William Lyon Home) with 4700 square feet with 5 bedrooms and 5 baths.
Dana Point has five condos and 10 SFRs on the market with seven of these that have been on the market for over 30 days. Some have price reductions, some are on preview for the first time, others want a second look. Condos range in price from $335,000 for a one bedroom, one bath with 650 square feet to $775,000 for a two bedroom, two bath unit with 1305 square feet on the ocean side of PCH with an upper unit that has been remodeled. Single family homes range from a 3 bedroom, two bath with 1426 square feet at $935,000 to a five bedroom, 3 1/2 bath 5305 square feet home in gate guarded Lantern Bay with an ocean view for $4,095,000.
Laguna Niguel only has one condo listed this week which is a one bedroom, one bath with 720 square feet for $300,000.
San Juan Capistrano has a total of 15 listings this week, four of which are on re-preview or have been on the market for over 30 days. There are 3 condo listings ranging in price from $495,000 to $539,900 for 1684 square feet. The 12 SFRs on the market range in price from $485,000 for 910 square feet to $3,295,000 for a 5 bedroom, 5 bath home with 5171 square feet in the Hunt Club.
Properties are moving even if the newspapers and media talk about the market being slow. Locally, I have seen more movement in the past couple of weeks than in the previous several months. If you are thinking about buying or selling, give me a call and I can give you more specifics about the market.
The following is a break down of condos to single family residences (SFR) and price ranges for each city.
Out of San Clemente's 30 listings 9 are condos and 21 are single family residences. Of the condos price ranges start at $290,000 for a 1 bedroom, 1 bath with 520 square feet to $1,699,000 for a 3 bedroom, 2 bath ocean view with 2000 square feet. There are two of these units on the market, townhome style with one unit having a downstairs master bedroom. In SFRs, the lowest priced home is on the market for $650,000 for a 3 bedroom, 2 bath home with 1618 square feet on a single level with an upgraded interior. The highest priced home on the preview sheet is in Talega priced at $1,850,000 for a Mirador (William Lyon Home) with 4700 square feet with 5 bedrooms and 5 baths.
Dana Point has five condos and 10 SFRs on the market with seven of these that have been on the market for over 30 days. Some have price reductions, some are on preview for the first time, others want a second look. Condos range in price from $335,000 for a one bedroom, one bath with 650 square feet to $775,000 for a two bedroom, two bath unit with 1305 square feet on the ocean side of PCH with an upper unit that has been remodeled. Single family homes range from a 3 bedroom, two bath with 1426 square feet at $935,000 to a five bedroom, 3 1/2 bath 5305 square feet home in gate guarded Lantern Bay with an ocean view for $4,095,000.
Laguna Niguel only has one condo listed this week which is a one bedroom, one bath with 720 square feet for $300,000.
San Juan Capistrano has a total of 15 listings this week, four of which are on re-preview or have been on the market for over 30 days. There are 3 condo listings ranging in price from $495,000 to $539,900 for 1684 square feet. The 12 SFRs on the market range in price from $485,000 for 910 square feet to $3,295,000 for a 5 bedroom, 5 bath home with 5171 square feet in the Hunt Club.
Properties are moving even if the newspapers and media talk about the market being slow. Locally, I have seen more movement in the past couple of weeks than in the previous several months. If you are thinking about buying or selling, give me a call and I can give you more specifics about the market.
Thursday, March 1, 2007
What's New In Local Real Estate - Week of 2/26/07
A total of 60 properties are featured this week on the South Area Preview sheet for local area realtors. The listings are broken out into the following communities:
Dana Point had 12 new listings: 4 condos and 8 single family residences (SFR) which includes one home for lease
Laguna Niguel had 1 new listing for a SFR
San Clemente had 30 new listings: 8 condos and 22 SFRs
San Juan Capistrano had 16 new listings: 2 mobile homes, 2 condos, and 12 SFRs
The condos in Dana Point range in price from $450,000 on the low end to $1,175,000 on the high end with views of Dana Point Harbor and the Headlands. The single family homes range in price and size from $725,000 for 1100 square feet Lantern Village cottage to a home in Lantern Bay Estates for over $4 million with +5300 square feet.
The Laguna Niguel SFR is a single-level ocean view home in Beacon Hill Summit for over $1.3 million.
San Clemente listings include an ocean view triplex in the North Beach area and nine homes in Talega including a new listing in Wavecrest, a development in The Talega Gallery (55+ community). Prices in San Clemente range from $495,500 for a mobile home in Shorecliffs Terrace to a condo in Faire Harbour for $519,000 to the upper end in Talega out in Careyes for a 4600+ square foot home on the Talega Golf Course for $2,395,000.
In San Juan Capistrano this week there is a bank owned REO condo for $399,900, to the mobile homes on the market at El Nido Mobile Estates for $172,000 and $199,000 respectively to a $4.5 million home on 2.6 acres for a 4600+square foot estate home that includes a guest cottage, tennis court, pool, etc.
The market is starting to pick up. Nationwide home sales in January were up 3% over sales for the previous year. Call me for more information.
Dana Point had 12 new listings: 4 condos and 8 single family residences (SFR) which includes one home for lease
Laguna Niguel had 1 new listing for a SFR
San Clemente had 30 new listings: 8 condos and 22 SFRs
San Juan Capistrano had 16 new listings: 2 mobile homes, 2 condos, and 12 SFRs
The condos in Dana Point range in price from $450,000 on the low end to $1,175,000 on the high end with views of Dana Point Harbor and the Headlands. The single family homes range in price and size from $725,000 for 1100 square feet Lantern Village cottage to a home in Lantern Bay Estates for over $4 million with +5300 square feet.
The Laguna Niguel SFR is a single-level ocean view home in Beacon Hill Summit for over $1.3 million.
San Clemente listings include an ocean view triplex in the North Beach area and nine homes in Talega including a new listing in Wavecrest, a development in The Talega Gallery (55+ community). Prices in San Clemente range from $495,500 for a mobile home in Shorecliffs Terrace to a condo in Faire Harbour for $519,000 to the upper end in Talega out in Careyes for a 4600+ square foot home on the Talega Golf Course for $2,395,000.
In San Juan Capistrano this week there is a bank owned REO condo for $399,900, to the mobile homes on the market at El Nido Mobile Estates for $172,000 and $199,000 respectively to a $4.5 million home on 2.6 acres for a 4600+square foot estate home that includes a guest cottage, tennis court, pool, etc.
The market is starting to pick up. Nationwide home sales in January were up 3% over sales for the previous year. Call me for more information.
Tuesday, February 27, 2007
What's New In South Area Preview - Week of 2/19/07
This week there were 49 new properties listed on the South Area Preview sheet. They are broken out into the following communities:
- Dana Point had 18 listings on preview
- San Clemente had 27 listings on preview
- San Juan Capistrano had only two listings on preview
- Laguna Hills also had two listings on preview
Dana Point listings included 5 condo listings with the remaining 13 being for single family residences (SFR). Four of these homes have been on the market for over 30 days. Three of these are brand new construction that have now been staged and range in price from $1.8 to $2.3 million. The other home is a small beach-like cottage that shows very well and is packed with upgrades except for the size which is 945 square feet. Great little cottage on a nice quiet street.
The San Clemente listings on preview include 9 condo listings, one duplex in the Pier Bowl area, and the remaining 17 listings are SRFs. Of these listings, nine have been on the market for over 30 days. One listing (a condo) is a foreclosure. Seven of the listings are in Talega with three of the homes being brand new.
Both listings in San Juan Capistrano are newer listings for single family residences in the $1.3 to $1.4 million price range.
The two listings in Laguna Hills include a condo and a SFR both of which are new on the market. The condo is a 2 bedroom, 2 bath starter in the high $300,000s. The detached home is a 4 bedroom, 2 bath with approximately 1730 square feet in the $800,000 range.
Thursday, February 15, 2007
Orange County South Area Market Update A/O 2/11/07
There are 58 properties on this week's preview sheet broken out as follows:
Dana Point 9 properties of which 6 are SFR and 3 are condos
Laguna Niguel 3 properties of which 3 are SFR
San Juan Capistrano 9 properties of which 8 are SFR and 1 is a condo
San Clemente 37 properties of which 25 are SFR and 12 are condos
TOTALS: 58 properties 42 SFR 16 condos
Of the 58 total properties, one in Laguna Niguel is actually listed twice since it is for sale or lease. It was just placed on the market for sale but it has been for lease for over 6 months. This is a large custom home.
In San Juan Capistrano, two SFR and one condo have been on the market for over 30 days. One of the SFR is now vacant and has been reduced in price, the other property has been on the market for a little over 3 months but is a large custom home in $1.8+ price range.
In San Clemente, nine of the total 37 properties have been on the market for over 30 days. One of these properties is a duplex in the $2.2+ price range. Three are condos that are in the $1 million plus price range. The other 5 properties that have been on the market for over 30 days include a home in Talega, a SFR in Harbor Estates, a SFR in Villa Pacifica, a home in Mandalay that has had a price reduction, and the last SFR in the Colony at Forster, which has just recently been painted.
Dana Point 9 properties of which 6 are SFR and 3 are condos
Laguna Niguel 3 properties of which 3 are SFR
San Juan Capistrano 9 properties of which 8 are SFR and 1 is a condo
San Clemente 37 properties of which 25 are SFR and 12 are condos
TOTALS: 58 properties 42 SFR 16 condos
Of the 58 total properties, one in Laguna Niguel is actually listed twice since it is for sale or lease. It was just placed on the market for sale but it has been for lease for over 6 months. This is a large custom home.
In San Juan Capistrano, two SFR and one condo have been on the market for over 30 days. One of the SFR is now vacant and has been reduced in price, the other property has been on the market for a little over 3 months but is a large custom home in $1.8+ price range.
In San Clemente, nine of the total 37 properties have been on the market for over 30 days. One of these properties is a duplex in the $2.2+ price range. Three are condos that are in the $1 million plus price range. The other 5 properties that have been on the market for over 30 days include a home in Talega, a SFR in Harbor Estates, a SFR in Villa Pacifica, a home in Mandalay that has had a price reduction, and the last SFR in the Colony at Forster, which has just recently been painted.
Friday, February 9, 2007
Real Estate Update: Week of February 4, 2007
Every week, each area has a broker preview. New listings are usually highlighted as well as properties that might have been over-looked. I will summarize what is new on the market every week.
This week 58 total homes were on the broker preview in the South area. They are broken out as follows:
Dana Point: 8 SFR 3 Condos
San Juan Capistrano: 7 SFR 0 Condos
San Clemente: 33 SFR 7 Condos
TOTAL 48 SFR 10 Condos
Of these listings posted for broker preview, 1 listing in Dana Point is an older listing with a price reduction, 2 listings in San Juan have been on the market for over 30 days, and in San Clemente, 10 of the listings are 30 days or older (7 SFR and 3 condos). There is always a variety of reasons why listing agents put homes on the preview sheet after they have been on the market for awhile. Sometimes they have a price reduction, sometimes they have completed improvements, sometimes the week it was on preview we had bad weather which influences turnout. Sometimes they simply want to regenerate interest in their property.
Price ranges for these previewed properties include on the low side in Dana Point a SFR at $739,000 up to an ocean view, 5,000+ square foot home for $3,299,000. In San Juan, $495,000 for a SFR up to $3,295,000 for a 5,000+ square foot home with golf course view. San Clemente price ranges vary between $315,000 for a one bedroom, one bath condo on the ground level to a $6,800,000 ocean view property in Cypress Cove.
Interest does seem to be picking up with more people attending agent open houses on the weekends. If there is something specific you are looking for, please let me know. I do attend broker preview and I love being able to narrow my search down for specific properties based upon a client's needs. I look forward to hearing from you.
This week 58 total homes were on the broker preview in the South area. They are broken out as follows:
Dana Point: 8 SFR 3 Condos
San Juan Capistrano: 7 SFR 0 Condos
San Clemente: 33 SFR 7 Condos
TOTAL 48 SFR 10 Condos
Of these listings posted for broker preview, 1 listing in Dana Point is an older listing with a price reduction, 2 listings in San Juan have been on the market for over 30 days, and in San Clemente, 10 of the listings are 30 days or older (7 SFR and 3 condos). There is always a variety of reasons why listing agents put homes on the preview sheet after they have been on the market for awhile. Sometimes they have a price reduction, sometimes they have completed improvements, sometimes the week it was on preview we had bad weather which influences turnout. Sometimes they simply want to regenerate interest in their property.
Price ranges for these previewed properties include on the low side in Dana Point a SFR at $739,000 up to an ocean view, 5,000+ square foot home for $3,299,000. In San Juan, $495,000 for a SFR up to $3,295,000 for a 5,000+ square foot home with golf course view. San Clemente price ranges vary between $315,000 for a one bedroom, one bath condo on the ground level to a $6,800,000 ocean view property in Cypress Cove.
Interest does seem to be picking up with more people attending agent open houses on the weekends. If there is something specific you are looking for, please let me know. I do attend broker preview and I love being able to narrow my search down for specific properties based upon a client's needs. I look forward to hearing from you.
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