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.
Thursday, November 29, 2007
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.
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