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.
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