It is February and properties are coming on the market when our old inventory is still sitting. This is going to make a really tough Spring unless the economoy bounces back with a flourish. Homeowners please note, the old rules don't apply right now. Putting your home on the market now for it to sell by May is not the way this market is moving - unless of course you have priced your house based on 2004 comps. Sellers do not want to hear this news, but please wake up and take note. If you don't have to sell, DON'T! Get your property off the market. There are way too many real estate agents out there that are not being honest with you. They want the listing and will tell you whatever you need to hear. Agents are even letting sellers set the sales price. Why bother with an agent if you are not going to take their advice?
Our preview sheet this week there were 48 listings; 20 in Dana Point, 2 in Laguna Niguel, 19 in San Clemente, and 7 in San Juan Capistrano. If you are looking for a large flat lot with a quaint New England feel and beautiful gardens, there is just the property for you in San Juan Capistrano, 4 bedrooms, 3 baths with about 3,000 square feet on the market at $1,345,000.
In San Clemente's newer community of Talega there is a bank owned property with a huge backyard that has a canyon/hills view in the neighborhood of Farralon Ridge. The home has 3 bedrooms, 2.5 baths with approximately 2,000 square feet - it is listed at $761,000!
There are a number of new listings or re-listed listings in Southwest San Clemente. Unfortunately, many of these remain over-priced for today's market. One listing has been on the market for over 8 months and the price has still not been adjusted.
Wednesday, February 13, 2008
Sunday, February 10, 2008
L.A. Times Article On Real Estate Agent Blogging
In today's L.A. Times, author Ann Brenoff, Times Staff Writer talks about agents blogging. The article goes onto say that working with an agent that doesn't blog is a disadvantage, since you can get to know an agent and their personality by the flavor of the blog. Many agents are blogging, but it is really difficult to keep up. Life has so many ups and downs and dedicating to writing about property when the market is slow takes alot of creativity.
A great super new construction property is just about ready for sale listed at $4.4 million in San Clemente. The homes boasts 6 bedrooms and 6.5 baths in about 5,800 square feet. What is so amazing about this property is the attention to detail as well as the spectular views that the home has been built around. It is currently bank owned and as they say today "make us an offer".
There is a nice roomy family home on the market in Capistrano Beach with 4 bedrooms, 4 baths at a little over 2900 square feet for $1.15 million. Recent remodel and the owners are relocating out-of-state. The home has a room addition over the garage built out for a mother-in-law with kitchenette and ocean view balcony. Well done and maintained off of Camino Capistrano.
Great listing up in Richmond Pointe with sitdown ocean views. This is a 3 bedroom, 2.5 bath with approximately 1800 square feet on the market for $875,000. This is a wonderful kid-friendly neighborhood.
The deals are out there we just need buyers to realize this is a fabulous time to buy!
A great super new construction property is just about ready for sale listed at $4.4 million in San Clemente. The homes boasts 6 bedrooms and 6.5 baths in about 5,800 square feet. What is so amazing about this property is the attention to detail as well as the spectular views that the home has been built around. It is currently bank owned and as they say today "make us an offer".
There is a nice roomy family home on the market in Capistrano Beach with 4 bedrooms, 4 baths at a little over 2900 square feet for $1.15 million. Recent remodel and the owners are relocating out-of-state. The home has a room addition over the garage built out for a mother-in-law with kitchenette and ocean view balcony. Well done and maintained off of Camino Capistrano.
Great listing up in Richmond Pointe with sitdown ocean views. This is a 3 bedroom, 2.5 bath with approximately 1800 square feet on the market for $875,000. This is a wonderful kid-friendly neighborhood.
The deals are out there we just need buyers to realize this is a fabulous time to buy!
Thursday, February 7, 2008
Tax Break for Mortgage Debt Forgiveness
Just a reminder that President Bush signed into law the end of last year, a new measure that gives tax breaks to homeowners who have a mortgage debt forgiven. Prior to this new measure, if your lender forgave part of your debt under a short sale or refinance, you were responsible to pay income tax on that debt. Under the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer does NOT have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence.
This tax break applies to debts discharged from January 1, 2007 until December 31, 2009. This applied to principal residences up to $2 million for refinances. To read the full text of this Act, go to http://www.govtrack.us/congress/bill.xpd?bill=h110-3648
This tax break applies to debts discharged from January 1, 2007 until December 31, 2009. This applied to principal residences up to $2 million for refinances. To read the full text of this Act, go to http://www.govtrack.us/congress/bill.xpd?bill=h110-3648
Thursday, January 10, 2008
Real Estate Update: San Clemente, Dana Point, San Juan Capistrano and Laguna Niguel
Welcome to the new year and what our local area real estate has to offer. Broker preview is back for the new year and there were a total of 39 properties on the preview sheet for this week. Of these listings, 14 of the properties have been on the market for over 30 days - which means these are repreviews, trying to generate interest in a property that might have been overlooked - or was overpriced and has gone through a price adjustment recently.
Dana Point had 7 properties on preview this week, all single family residences with 2 properties having been on the market for over 30 days. One very interesting property to note is a new listing from my office, Keller Williams OC Coastal. This is a property on the bluffs in Capistrano Beach with fabulous ocean views. It is legally two lots, with a house on one. There are a multitude of options with this property and it has not been on the market for over 40 years. The current list price is $5,565,000 - but the agents say "make us an offer". If you have been looking for great ocean views on the bluff - you can't afford to miss this one.
Laguna Niguel only had one condo on the preview sheet this week, its a 1 bedroom, 1 bath with 747 square feet for an unbelievable price of $249,000! It seems the owner started to remodel - and never finished so it needs work, but what a deal less than two miles to the beach!
San Clemente had 23 listings on the sheet this week with only 3 of these being condos. One property in Talega is a short sale in the neighborhood of Seaside. It's amazing how there are still new properties coming onto the market that are overpriced for the current market conditions. One really cute single level detached home in New Providence is just adorable with 2 bedrooms and 2 baths with less than 1,000 square feet. This would be a great starter home or a move down for empty nesters and it even has ocean views! Another single level home to note is in the Broadmoor track (above from San Clemente H.S.) This is a 4 bedroom, 2 bath home with loads of potential. It has an end of cul-de-sac location with a nice rear yard and lots of privacy. One property that was on a repreview is on Avenida Salvador with great views! The price on this one has been reduced $200,000 so it is starting to come into line. Shows very well with 3 bedrooms and 3 baths in 2400 square feet - it has already been done so it is in move-in condition. There was also a very noteworthy property on preview this week in Sea Pointe Estates. It has 4 bedrooms and 3.5 baths in 3800 square feet of custom Italian delight! It is extremely tastefully done with so much attention to detail. It is on the market for $1,995,000.
Only five properties in San Juan Capistrano this week with three of them having been on the market for over 30 days. One condo in Captain's Hill has recently been staged and is a great 3 bedroom, 2.5 bath unit that shows beautifully. This one should have sold! An add-on listing in San Juan is a horse property on 3 acres off Ortega Highway with a 4 bedroom, 4.5 bath, 3000 square foot home. Property has 4 stall barn and is on the market for $2.7 million.
Dana Point had 7 properties on preview this week, all single family residences with 2 properties having been on the market for over 30 days. One very interesting property to note is a new listing from my office, Keller Williams OC Coastal. This is a property on the bluffs in Capistrano Beach with fabulous ocean views. It is legally two lots, with a house on one. There are a multitude of options with this property and it has not been on the market for over 40 years. The current list price is $5,565,000 - but the agents say "make us an offer". If you have been looking for great ocean views on the bluff - you can't afford to miss this one.
Laguna Niguel only had one condo on the preview sheet this week, its a 1 bedroom, 1 bath with 747 square feet for an unbelievable price of $249,000! It seems the owner started to remodel - and never finished so it needs work, but what a deal less than two miles to the beach!
San Clemente had 23 listings on the sheet this week with only 3 of these being condos. One property in Talega is a short sale in the neighborhood of Seaside. It's amazing how there are still new properties coming onto the market that are overpriced for the current market conditions. One really cute single level detached home in New Providence is just adorable with 2 bedrooms and 2 baths with less than 1,000 square feet. This would be a great starter home or a move down for empty nesters and it even has ocean views! Another single level home to note is in the Broadmoor track (above from San Clemente H.S.) This is a 4 bedroom, 2 bath home with loads of potential. It has an end of cul-de-sac location with a nice rear yard and lots of privacy. One property that was on a repreview is on Avenida Salvador with great views! The price on this one has been reduced $200,000 so it is starting to come into line. Shows very well with 3 bedrooms and 3 baths in 2400 square feet - it has already been done so it is in move-in condition. There was also a very noteworthy property on preview this week in Sea Pointe Estates. It has 4 bedrooms and 3.5 baths in 3800 square feet of custom Italian delight! It is extremely tastefully done with so much attention to detail. It is on the market for $1,995,000.
Only five properties in San Juan Capistrano this week with three of them having been on the market for over 30 days. One condo in Captain's Hill has recently been staged and is a great 3 bedroom, 2.5 bath unit that shows beautifully. This one should have sold! An add-on listing in San Juan is a horse property on 3 acres off Ortega Highway with a 4 bedroom, 4.5 bath, 3000 square foot home. Property has 4 stall barn and is on the market for $2.7 million.
Wednesday, January 9, 2008
A Tall Ship In The Distance From The Bluffs On Camino Capistrano
On a grey and foggy morning during broker preview, this tall ship was spotted on the horizon from the rear yard of a property on Camino Capistrano.
Monday, January 7, 2008
South Orange County Real Estate Update
Well, I haven't been on blogging for the past several weeks for a couple of great reasons. First, my 9 year old doberman Deon, broke his femur on December 9th, so everything else was on a temporary hold due to his hospitalization and surgery. Then Christmas was upon us, and the market comes to a grinding halt. Then the New Year, and now kids are back at school and life resumes.
The market trends statistics are out on December 2007. The good news is that our inventory is shrinking in San Clemente, Dana Point, San Juan Capistrano, and Laguna Niguel. With current inventory numbers for each of these areas being closer to the inventory we started the year with. Obviously, pendings and solds are down with closed sales representing only around 5% of the current inventory for the month. This is low, but it is some activity with a total of 92 closed sales in these four communities. Market analysts are predicting that sales will continue to be slow for the first quarter of 2008, with some market recovery happening here locally come the later part of March 2008.
There are still some really great real estate opportunities in the marketplace and if you are looking for what is still considered a great investment, now is the time to enter the market since I don't think we will see prices this low again.
The market trends statistics are out on December 2007. The good news is that our inventory is shrinking in San Clemente, Dana Point, San Juan Capistrano, and Laguna Niguel. With current inventory numbers for each of these areas being closer to the inventory we started the year with. Obviously, pendings and solds are down with closed sales representing only around 5% of the current inventory for the month. This is low, but it is some activity with a total of 92 closed sales in these four communities. Market analysts are predicting that sales will continue to be slow for the first quarter of 2008, with some market recovery happening here locally come the later part of March 2008.
There are still some really great real estate opportunities in the marketplace and if you are looking for what is still considered a great investment, now is the time to enter the market since I don't think we will see prices this low again.
Thursday, December 6, 2007
San Clemente Real Estate Blog
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!
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!
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.
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