Orange County CA Real Estate
Orange County, CA. New Listings of fine Homes and Condos for sale. Photos, Description, Prices and more. Serving Laguna Niguel, Aliso Viejo, Mission Viejo, San Clemente, Dana Point and other Cities in South O.C.
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- Luxury Homes at Carayes in Talega - San Clemente, CA.
The beautiful estate homes in the gated community of Carayes at Talega were built in 2005' by the prolific home builder, Brookfield Homes. This fine subdivision consists 42 luxury homes comprising of 7 spacious 4 to 6 bedroom floor plans ranging in size from 4,400 to 5,200 square feet. These Rancho Santa Fe inspired homes feature bold architectural styling with romantic courtyards, private quest suites and view decks. The floor plans are detailed as follows:
- Plan 1 - A - 5 bedrooms, 5.5 baths, 4,488 square feet, 3 car garage
- Plan 2 - B - 5 bedrooms, 5.5 baths, 4,693 square feet, 4 car garage
- Plan 2CX - C - 5 bedrooms, 5.5 baths, 5,013 square feet, 4 car garage
- Plan 2DX - D - 5 bedrooms, 5.5 baths, 5,075 square feet, 4 car garage
- Plan 3 - E - 5 bedrooms, 5.5 baths, 4,855 square feet, 3 car garage
- Plan 3CX - F - 5 bedrooms, 5.5 baths, 5,175 square feet, 3 car garage
- Plan 3DX - G - 6 bedrooms, 6.5 baths, 5,237 square feet, 4 car garage
These homes overlook the Talega Golf Course and many of the homes boast of panoramic views. Each home has a 3 or 4 car garage, and separate family and living rooms. Some of the luxury features one will find in these homes comprise of: Center courtyard, Guest Casita, over-sized fireplace, forever views to the ocean, wood beamed ceilings, hardwood flooring, gourmet kitchens with granite counters, maple cabinets, top appliances, formal dining room with built-in buffet and butler's pantry, custom stone tile, main floor library or office/den with built in cabinetry, built-in media center, large master suite with built-in office cabinetry, huge walk in closet, luxurious bath with dual vanities, large soaking tub and separate tile shower, and much more.
All of the homes in the Careyes tract are located on Calle Careyes or Calle De Los Sonador, which are located just of off Avenida Talega, but the corner of Avenida Pico and Avenida La Plata.
Current prices for the fine estate homes of Careyes range from $1.7 Million up to $2.5 Million. The Careyes tract is serviced by the award winning Capistrano Unified School district. The elementary school is vista Del mar, and the middle school is also Vista Del Mar. the upper classes are conducted at San Clemente High School.
Telaga is a beautiful maser planned community recently developed in the mid 2000's, and is nestled in the rolling hills of central San Clemente at the end of Pico Avenue. Talega has over 2,000 acres of open space, 19 miles of trails, a nature preserve, swim and athletic clubs, the championship Talega Golf Course, and numerous parks and sports fields. And best of all, it just a short drive to the beautiful beaches of San Clemente. San Clemente was founded in 1925 by Ole Hanson, who called it the "Spanish Village by the Sea". Amazingly, the whole feel of the downtown portion of the city and pace, hasn't changed much since that time. The sun shines about 342 days of the year. and the people are still some the friendliest around. For decades, this charming, laid back city has been both a favorite coastal destination and one of the nicest spots in Orange County to call home.
If yo would like to see all homes listed for sale in Talega or San Clemente, please feel free to visit our website at: San Clemente Real Estate. Or if you would like a private showing of any home listed for sale, please contact us at: Info@OCRealtyGroup.com or Text us at: 949-283-4679.
Sun, 09 Mar 2008 22:31:00 -0700 - Affordable homes for Sale in Aliso Viejo
Real estate prices in Orange County have pulled back substantially in the past 18 months. In the City of Aliso Viejo, CA. the price per square foot in the 3rd Quarter of 2006' was $408/SqFt, and the price per square foot for detached homes now stands at $336/SqFt. This represents a drop in values of 17.5%. This severe pull back in prices is the result of a much needed correction to the unprecedented run-up in prices from 1997 to 2006', coupled with a high rate of foreclosures caused by the easy money lending standards of the past 5 years.
This major drop in home prices, has made for a good time for prospective home buyers. Today's prices represent what homes were selling for in mid 2004', and interest rates are still at all time lows. Plus, congress is about to pass temporary loan limit increases for FHA loans, which will enable many first time home buyers to purchase a home in Aliso Viejo.
Currently there are 27 detached homes that are listed for sale that are priced less then $550,000. These homes range in price from $449,000 for a 3 bedroom, 2 bath, 1,300 square foot detached home on Soho Court in the Hamptons tract. Up to the $550,000 mark for a 3 bedroom, 3 bath, 1,722 square foot home on Wellington Place in the Canterbury tract.
Of these 26 homes,3 of them are bank owned foreclosed homes, and 11 of these detached homes fro sale are pre-foreclosure Short Sale homes listed for sale. This represents over half of the current inventory of homes in this price range are forced distressed home sales. Below is a list of all of these 27 homes currently for sale:Address Bdrms Baths Garages SqFt Yr Built Price Days on Market 3 Soho Ct 38 3 2 2 1,300 1996 $449,900 128 89 Colony Way 2 3 2 A 1,455 1993 $459,900 0 7 Greenwich Ct 3 3 2 A 1,286 1997 $474,876 118 7 Greenborrow Ct 3 2 2 A 1,367 1997 $475,000 118 33 Colony Way 3 2 2 1,455 1995 $479,000 108 4 Maison 3 3 2 1,334 1998 $489,000 36 7 Ryley Ct 18 3 3 2 A 1,300 1996 $489,900 33 17 Colony Way 3 2 2 A 1,500 1995 $495,000 114 29 Santa Clara St 3 3 2 1,493 1989 $495,000 0 4 Estero Pointe 4 3 2 A 1,400 1998 $500,000 23 10 Beaumont 2 2 2 1,102 1998 $500,000 23 37 Rue Du Chateau 3 3 2 1,378 1999 $519,000 15 32 Santa Clara St 3 3 2 1,301 1990 $519,000 12 1 Sherrelwood Ct 4 3 2 A 1,550 1996 $519,000 2 18 Cape Coral 3 3 2 A 1,400 1995 $599,876 49 2 Beaumont 3 2.5 2 A 1,344 1997 $529,800 182 110 Las Flores 3 3 2 1,400 1997 $535,000 6 6 Dominguez St 3 2.5 2 A 1,500 1989 $539,900 63 10 Las Flores 2 3 2 1,363 1997 $539,999 275 11 Via Carisma 3 3 2 A 1,600 2000 $540,000 239 55 COLONY Way 3 2 2 A 1,500 1995 $549,000 170 197 Woodcrest Ln 4 3 2 1,800 1997 $549,000 23 24 Rue Du Chateau 3 3 2 A 1,234 2000 $549,900 76 53 Picket Ln 3 3 2 A 1,500 1999 $549,900 0 17 Wellington Pl. 3 3 2 A 1,722 1999 $549,999 101 190 Las Flores 2 3 2 1,200 1996 $550,000 28 5 Santa Clara St 3 2.5 2 A 1,301 1993 $559,000 49
If you would like to view all condos and homes for sale in Aliso Viejo, feel free to visit our website at: Aliso Viejo Real Estate. For a proprietary list of bank owned homes or pre-foreclosure homes for sale, visit our www.OCBargainHomes.com website.
Wed, 05 Mar 2008 11:00:00 -0800 - Affordable Ocean View Duplex Home in Laguna Beach, CA.
We are featuring a spacious Duplex home located in North Laguna Beach and just 1 block from the beaches, located on Beverly Street, priced in the mid $1 Million dollar price range. This property is perfect for the a home owner who wants to live in one unit and rent out the other. The front unit consists of a 2 bedroom, 2 bath unit consisting of 1,100 square feet and attached 2 car garage. This home boasts of an Ocean View from the garden room, and has hardwood floors. This unit does not have a connecting living area wall with the back unit which offers the maximum in sound insulation and privacy.
The upper-level rear unit consists of 2 bedrooms, 1 bath, 1,000 square feet.and a 1 car garage. This home also offers an Ocean view, hardwood floors and enclosed deck. This is an excellent property for a property owner who wants to live in one unit and rent out the other. The total square footage of the improvements is 2,106 square feet built in 1958. This duplex home is situated on a 4,500 square foot lot.
This upper unit is projected to rent for approximately $2,300 per month. The front 2 bedroom, 2 bath unit is projected to rent for $3,100 per month. The electricity and gas are individually metered, and has been well maintained.
This Laguna Beach gem is just one block from the ocean front and Heisler Park, and jsut down the street from Boat Canyon shopping center. Laguna Beach is known for it's steep cliffs overlooking the crashing waves of the pacific, water-etched coves, and deep canyons. North Laguna Beach was first developed in 1905 by Howard Heiseler and others. Laguna Beach has a population of approximately 25,000 residents. There are currently 240 detached homes for sale in all of Laguna Beach. The median priced detached home is $2,250,00, and the average price is $3,426,907. In North Laguna Beach the median priced detached home is $2,850,000 and the average priced home in this area is $4,874,219.
For current pricing, or for a private viewing of the Duplex home for sale on Beverley Street, please call us at: 949-388-3396, or Text Message us at: 949-283-4679. To view all homes for sale in Laguna Beach, visit our website at: Laguna Beach Real Estate
Wed, 27 Feb 2008 16:05:00 -0800 - New Economic Stimulus Bill will raise Conforming Loan Limit.
President Bush signed the Economic Stimulus Bill into law this past Wednesday, February 13th. Although the details are not finalized, the department of Housing and Urban Development (HUD) has 30 days to publish the median area home prices, Metropolitan Statistical Areas and mortgage principal obligation limits after the bill became law. The new Proposed Fannie Mae and Feddie Mac conforming loans are to be based on 125% of the area median home price not to exceed $729,750. That is great news for Orange County, for the median home price here is approximately $600,000, which means that Orange County conforming loan limit should be around the $729,000 limit.
I expect that this year will be the bottom of this severe market correction. With the proposed buy-out of Countrywide Mortgage by Bank of America, the recent large decrease in the Fed funds rate, the new Federal program called Project Life Line that helps delay and possibly avoid Foreclosures, and this new Economic Stimulus Bill raising loan limits, this should put the brakes on further price erosion here in Orange County..
The new loan limits will apply to 30 year and 15 year fixed rate, fully amortizing (sorry no interest only) and owner occupied homes only. They should also apply to high Loan to Value (LTV) FHA loans which should really help to stimulate the local real estate market back to normal health. Adjustable rate mortgage are being considered but but I would not count on it. Although the bill has passed the information above is not final. Changes are set to expire on December 31, 2008, although I would be willing to bet the this Bill is extended like many other Bills in years gone by.
Thu, 21 Feb 2008 13:53:00 -0800 - Luxury Estate for Sale in Yorba Linda, CA.
A beautiful estate was recently listed for sale in the Montecito subdivision in Yorba Linda, CA. This luxury property is located on Red Pine Rd. and was recently built in 2003'. It incorporates 4,708 square feet of living area, with 5 bedrooms, 6 baths, and a 3 car garage. It boasts of panoramic views of the Pacific Ocean, Catalina Island, and city lights views.
This property includes many fine upgrades and features such as: gourmet kitchen with stainless appliances, cherry wood cabinets with granite counter tops, crown molding throughout, wood shutters, window casings, custom paint, custom mosaic stone, travertine throughout the first floor with designer carpet upstairs. This fine home also includes 3 fireplace, a large mater bedroom suite with balcony offering panoramic views. An office/retreat area and separate library is also included in this home.
The backyard is an entertainers delight and incorporates a pebble-tech saltwater swimming pool with waterfall, built-in slate Bar-B-Que, outdoor firepit and patio spaces with panoramic views. This fine estate is located at the end of a quiet Cul-de-Sac and is situated on a 10,000 square foot lot.
The Motecito subdivision is adjacent to Carbon Canon Park and is close to the intersection of Valle View Ave and Lakeview Ave. Home in this tract are serviced by the Placentia-Yorba Linda Unified School district. The elementary school for this area is Lakeview, and the middle school is Yorba Linda junior high. The high school is El Dorado.
For a private viewing of this fine property, please call us at: 949-388-3396, or drop us an email at: Info@OCRealtyGroup.com To view all homes for sale in Yorba Linda, please feel free to vidit our website at: Orange County MLS Home Search.
Mon, 18 Feb 2008 15:27:00 -0800 - Ladera Ranch Home Prices - Feb 2008'
Currently there are 221 detached homes for sale in Ladera Ranch, CA. these homes range in price from $465,000 for a 3 bedroom, 2 bath, 1,812 square foot home in the Tarleton tract on Rinehart road. On up to $5,995,000 for a 5 bedroom, 7.5 bath, 8,700 square foot estate property in Covenant Hills on Bell Pasture Road. The median priced home is $989,900, and the average priced home is $1,309,576. The average days on market is 96 days and the average price per square foot is 376/SqFt.
Today, there are 24 detached single family homes that are under contract Pending in escrow. These homes range in price from $524,900 for a 3 bedroom, 2.5 bath, 1,775 square foot home on Livingston Place in the Westcott tract. The maximum home in escrow, is $3,395,000 for a 5 bedroom, 5.5 bath, 4,923 square foot estate home in Covenant Hills on Mission Ridge. The median priced home is $989,000 and the average priced home in escrow in Ladera Ranch is approximately $1,250,000. The average price per square foot is $324/SqFt and the average days on market is 80 days.
For homes that have sold and closed in the past 90 days in Ladera Ranch, there were 42 such detached homes that sold. These homes range in price from $479,900 for a 3 bedroom, 2.5 bath, 1,600 square foot on Amy Way in the ??? tract. The highest priced home sold was for $4,350,000 for a 4 bedroom, 5.5 bath, 7,820 square foot estate San Jose street in Covenant Hills. The median priced home is $824,900 and the averaged priced home is $931,606. the average price per square foot is $320/SqFt and the average days on market is 81 days.
Comparing these home Sold statistics to the same 90 day period of time last year we find the following. 1 year ago, there were 83 homes that sold and closed escrow in the same 3 month period of time. The median priced home sold 12 months ago was $835,000 and the averaged priced home was $1,037,505. The average price per square foot was $359/SqFt and the average days on market was 81 days. Below is a table of the results.
Price 2007' 2008' % Change Median 835,000 824,900 -1.21% Average 1,037,505 931,606 -10.21% $/SqFt 359 320 -10.86%
As can be seen, prices have dropped about 10% in the past year in Ladera Ranch. This presents a very good buying opportunity for interest rates are still extremely low, and some properties in Ladera Ranch that are Bank owned REO's or pre-Foreclosures (Short Sales), can sometimes be purchased for 20% to even 30% less then what comparable homes were selling for about 2 years ago. For a list of bargain homes for sale, please visit our website at: www.OCBargainHomes.com
Tue, 12 Feb 2008 12:38:00 -0800 - Luxury Home for Sale in Monarch Beach - Dana Point, CA.
This completely remodeled single level estate home is located in the exclusive subdivision of Monarch Bay Terrace in Monarch Beach. The contemporary Mediterranean styled estate boasts of a panoramic view of the pacific ocean, Catalina Island and City Lights. This property consists of 3 bedrooms, 3.5 baths, 3,166 square feet of living area, a 3 car garage and is situated on a spacious 17,500 square foot lot.
This estate property is located on Sea Island Dr. and the current asking price is $3,750,000 (subject to change). This luxurious home was completely remodeled. Each of the 3 bedrooms have a private bath plus a bonus rm. Spacious open floor plan, with generous use of natural stone and
custom cabinetry throughout. Custom African mahogany garage doors and front
gates adding immense curb appeal.
Monarch Beach is a prestigious enclave of expensive homes and condominiums located in northern coastal region of Dana Point, CA. There are currently 62 detached homes for sale in Monarch Beach ranging in price from $720,000 fora 3 bedroom, 3 bath, 1,544 patio home, up to $11,000,000 for a 4 bedroom, 4.5 bath, 3,701 square foot estate. the median priced home is $1,695,000 and the average price of these 62 homes is $2,130,531.
Monarch Beach is known for the 5 star resorts of the St. Regis and Ritz Carlton. Monarch Beach also boasts of one of the most beautiful beaches in southern California called Salt Creek Beach. Dana Point has some of the best climate in the nation, with average summer temperatures from 60 degrees F to 80 degrees F, and Winter temperatures of 45 degrees F to 70 degress F, and lots of sunshine.
To view all luxury properties currently listed for sale, please visit our website at: Dana Point Real Estate.
Sat, 09 Feb 2008 11:02:00 -0800 - Ocean View Vacation Homes for Sale in San Clemente, CA.
The condominiums in the Presidential Heights subdivision makes a great affordable vacation home. This tract is just 1.3 miles from the beach and many of the Condos here offer Ocean and Catalina Island views. The Condo currently for sale that is featured in this article is located on Avenida Baja.
This condominium comprises of 2 bedrooms, 1.5 baths and a 1 car attached garage, and the current asking price is $579,000 (subject to change). This home was built in 1973 and incorporates 1,190 square feet fo living area. It boasts of a sit-down 180 degree Panoramic Ocean and Catalina Island Views. The sunset view is also remarkable. This condo has some recent upgrades such as newer stove and micro wave in kitchen, as well as smooth ceilings and recessed lighting.
The subdivision of Presidential Heights was built in the early 1970's by Douglass Pacific. The tract consists of 358 condominiums comprising of 5 floor plans as follows:- Plan B - 2 bedrooms, 1.5 baths, 1,180 square feet, 1 car garage
- Plan C - 2 bedrooms, 2 baths, 1,050 square feet, 2 car garage
- Plan D - 3 bedrooms, 2 baths, 1,480 square feet, 2 car garage
- Plan E - 3 bedrooms, 2.5 baths, 1,480 square feet, 2 car garage
- Plan F - 3 bedrooms, 2.5 baths, 1,680 square feet, 2 car garage
The city of San Clemente is located at the southern most portion of Orange County and is adjacent to the Pacific Ocean. San Clemente was incorporated in 1928 and now incorporates 17.6 square miles. It boasts of some of the best weather in America with 342 days f sunshine per year, and annual average temperatures of 70 degrees. With the beautiful beaches, hillside panoramic Ocean views, very low crime, perfect temperate weather, San Clemente makes a great location for a vacation home or condo.
If you would like to know more about Vacation home and condos for sale in San Clemente, please feel to call us at: 949-388-3396. Or you can visit our website which provides our Free VIP vacation home finder service at: www.OCJustListed.com
Mon, 28 Jan 2008 09:24:00 -0800 - Plan B - 2 bedrooms, 1.5 baths, 1,180 square feet, 1 car garage
- Baycrest South Estate for Sale, Newport Beach, CA.
A beautiful 6 bedroom, 6.5 bath luxury home was recently placed on the market for sale in the upper $2 Million price range. This fine property is located in the Baycrest Newport Estates subdivision on Hampshire Circle. This home consists of 4,789 square feet of living area and is situated on a large 10,000 lot. This home was originally built in 1965, and has many fine renovations and upgrades since that time.
This craftsman property boasts of a private sparkling pool
and soothing spa surrounded by a private courtyard, perfect for entertaining. Elegant
formal living and dining rooms plus casual dining off the kitchen which looks
out onto multiple family rooms one which is a Billiard room. There is an an
office adjacent to the downstairs master bedroom with a partners desk plus a
dedicated fax/ copier room storage. There are 4 bedrooms and 2 bathrooms on the
second level over the main house plus additional guest quarters above the 3 car
garage. The guest quarters include a bedroom 1.5 bathrooms a gym/sitting room.
Floor to ceiling windows in the downstairs lets in maximum light Great location
on one of the best streets in Baycrest.
Baycrest South was developed in the early to mid 1960's by Lyons and Cashion. The orginal development consisted of three expansive floor plans as follows: Plan 2 - 4 bedrooms, 3 baths, 2,445 square feet, Plan 3 - 4 bedrooms, 3 baths, 2,557 square feet, Plan 5 - 5 bedrooms, 3.5 baths, 3,210 square feet. Each model caem with a 3 car garage, and since that time, many of the homes in this fine community have been expanded and added onto. The streets that comprise of Baycrest Newport Estates are: Santiago Dr., Antigua Way and Hampshire Circle. This subdivision is located in the Dover Shores area of Newport Beach, and is adjacent to the Upper Newport Bay Eco Reserve.
For the current asking price of the above featured home, or to view any home listed for sale in Newport Beach, please feel free to call us at: 949-388-3396, or email us at: Info@OCRealtyGroup.com or Text Message at: 949-283-4679 This featured home is Listed by Keith Randle of Coldwell Banker Previews International
Fri, 25 Jan 2008 15:08:00 -0800 - Will the recent Fed Funds Rate Drop Help Orange County Real Estate ?
"Will the recent 3/4 point drop in the Fed Funds Rate help the local Orange County Real Estate market ?"... I've been asked this quetion several times today, and my asnwer is "Yes" and "No".... May sound like an answer from a political candidate, but let me explain my "have it both ways" answer.
First of all, here is the "NO" part of the answer. The Fed Funds Rate has had little correlation with actual 30 Mortgage rates in the past 8 years. Mortgage rates are most closely tied to 10 year treasuries. While long term adjustable rate mortgage (ARM) rates are often tied to prime rate, LIBOR and other factors. Look at the graph below from the year 2000' to the year 2005'. Around January 2001', the 30 year mortgage rates were around 7% and the Fed Funds Rate was around 6.5%. 1.5 years later, the Fed Funds Rate dropped to about 1.8%, yet 30 mortgage rates were still hanging around 7%... Then in mid 2004' Fed Fund Rates went from 1% up to 3.5% by the end of 2005', while 30 mortgage rates stayed around 6% during this period of time.
So based upon the past 8 years (and more) of history, I don't see that this recent large drop in the Fed Funds Rate will do much in lowering Mortgage Rates... which still happen to be very low historically.
The recent major downturn in real estate prices here in Orange County is the result of two effects - One a natural correction... or a letting off of steam if you will, from the overheated and overextended run-up in prices that took place from about 1998' until early 2006'. And two, is the result of the record breaking foreclosures and pre-foreclosure sales that are occurring due to the large number of loan defaults. These defaults are primarily caused by overextended buyers who were given highly leveraged loans with adjustable mortgage loans with artificially low teaser interest rates in the past 1 to 4 years. A slight drop in long term mortgage rates (if they drop at all due to the Fed Funds Rate), will not be much help to these homeowners in financial distress.
The "Yes" part of the original question comes into play as follows. The lowering of the Fed Funds Rate should help to stave off a recession, which should help to prevent future job losses, which should help to prevent future Foreclosures. Plus this should give the current pool of potential home buyers additional confidence to buy now or soon, if they feel good about their long term local employment. In addition, the Fed Funds Rate drop also acts as a positive psychological effect in that it is somewhat reassuring to know that the powers of government are making some serious attempts to resolve the current economic troubles.
Tue, 22 Jan 2008 14:36:00 -0800 - Pre-Foreclosure Loss Mitigation in Orange County, CA.
More so then ever before, Mortgage Banks are looking for ways to avoid foreclose on delinquent Orange County CA. homeowners. So today, mortgage banks and homeowners, with the guidance of their real estate professionals, are working out creative alternatives to resolve non-performing mortgage loans. This type of mortgage loan workout is normally referred to as Loss Mitigation.
Here are some little known and interesting facts about Loss Mitigation:
1.) Fifty percent (50%) of the Homeowners who are foreclosed upon never initiate any "contact" with their mortgage bank from the date they miss their first payment.
2.) Mortgage Banks / Mortgage Insurers / Mortgage Guarantors absorb losses of more than $50,000 for every foreclosed conforming loan and $40,000 for every foreclosed non-conforming loan.
3.) Fewer home loans are now being foreclosed. Many conventional mortgage banks, as well as FHA, VA, FNMA and FHLMC require that all options to avoid foreclosure must be explored (ie: Loss Mitigation).
The benefits of Loss Mitigation are that Mortgage Banks and Mortgage Insurers can reduce Foreclosures, Save money, and Re-establish communication with Homeowners. Homeowners may be able to preserve home-ownership, or at least sell and relocate prior to foreclosure thus salvaging their credit and eliminating the stigma associated with foreclosure. The Real Estate Economy as a whole also benefits by preserving home-ownership rates, reduce financial losses caused by foreclosures, maintain a strong viable housing market, and eliminate the blight that may be caused by a vacant and neglected foreclosed home.
Today, due to the dramatic slow down in homes sales, and the drop in home prices, many homeowners find themselves in financial hardship. These hardships are usually caused by job loss, illness, disability, death in the family, relationship breakup or divorce, poor money and credit management, and other reasons. The good news is that many mortgage banks are agreeable to alternatives other then foreclosure. There are typically 6 different Options that the mortgage banks may consider for a homeowner who is in financial difficulty. These 6 options are:Option 1: Rate Reduction Modification. This type of loan modification will permanently reduce the interest rate associated with the loan, thus lowering the monthly payment from the Homeowner.
Option 2: Capitalization. Capitalization means adding the delinquent payments into the remaining balance and updating the payment due date and perhaps "recasting" the payment amount. Capitalization may be used when other modifications would not be appropriate, such as, if the interest rate is already at or below the market rate, or if the delinquent amount due is just too much for the Homeowner to pay back within the specified period of time
Option 3: Term Extension. Term extension is extending the amount of time the Homeowner has to repay their loan to achieve a reduced monthly payment (i.e. 15 year mortgage extended to 30 years). Term extensions are often used together with an interest rate reduction or a capitalization modification.Option 4: One-Time Assumption. Most mortgages are non-assumable, which means the loan cannot be transferred from one owner to another. However, as a form of loss mitigation, the mortgage bank may opt for a one-time assumption, in order to facilitate the sale of the property. Generally if the Homeowner can demonstrate hardship, Fannie Mae and Freddie Mac may allow a one-time assumption. HOWEVER, the transaction must be an "arm's length" transaction. In other words, there cannot be any pre-existing relationship between the Homeowner and the individual assuming the mortgage.
Option 5: Loan Type Conversion. Some Homeowners with an adjustable rate mortgage (ARM) may not be able to keep up with increased payments during times of increasing interest rates. In this case, the mortgage bank may opt to modify the loan type to avoid increasing the interest rate. The loan could be converted to a fixed rate mortgage.Option 6: Short-Sale. A short-sale requires that prior to the sale, the mortgage bank agrees that the sales proceeds from the sale of the Homeowners home will satisfy the debt, even if that amount is less than what the Homeowner owes on the loan. Many conventional loan mortgage banks prefer this method when the home is severely upside-down (ie: the home is worth substantially less then the mortgage debts owed). A Short Sale will still negatively affect a homeowners credit, but is far less damaging to ones credit rating (ie: FICO score) then a Foreclosure.
For more information about Loss Mitigation or Short Sales in Orange County, CA., please feel free to call us at: 949-388-3396 or email us at: Info@OCShortSaleInfo.com , or Text Message at: 949-283-4679
Tue, 15 Jan 2008 09:33:00 -0800 - Estate Homes of Sunny Hills, Fullerton, CA
Located in the rolling hills on the north edge of Fullerton, CA. one will find the prestigious community of Sunny Hill. The homes in Sunny Hills were primarily built in the mid 1940's and the 1950's. These estate properties were all custom built and are predominately California ranch-style homes located on large 1/2 to 3/4 Acre lots. The real estate consists of custom homes with a rambling country look that originally had pitched gables and wood shake roofs. Homes range in size from 1,700 to 5,000 square feet in size. Many of the lots here are large enough to accommodate horse stables.
The rustic and rural setting of Sunny Hills offers equestrian trails, scenic
hillsides, and adjacent to Hillscher Park, St. Jude Hospital and Coyote Hills Golf Course. Sunny Hills is located near the intersections of N. Euclid St. and W. Bastanchury Rd. Just down the street from this community is located Cal State Fullerton, and the rejuvenated downtown area.
Many of the streets that comprise Sunny Hills are as follows: Valencia Mesa, Mesa del Sol, La Mesa Dr., Crestview Dr., Dolores Dr., Margarita Dr., Alta vista Dr., La Cresta Dr., Rodeo Rd., Fox Dr., Pine Ridge Knolls, Richman Knolls, Green Acres Dr., Miramonte Dr., and Raintree Dr.
The residents of Sunny Hills, Fullerton are very proud of the neighborhoods award winning public schools. The grade school is Laguna Road Elementary, which has won the statewide Distinguished School and Blue Ribbon awards. The middle school is Parks Jr. High, and the upper grades are conducted at Sunny Hills High School. This high school also won the Distinguished School Award and was also ranked by Newsweek magazine as one of the top 100 schools in the nation in 2003. Some residents within Sunny Hills send their children to Troy High School, which also is a Distinguished School.
Prices in Sunny Hills currently range from the low $1 Million to the upper $1 Million. Given the desirability of this neighborhood, very few homes change hands from year to year. If you would like to view all real estate for sale in Fullerton and Sunny Hills, please visit our website at: Search MLS Homes for Sale in Fullerton
Thu, 10 Jan 2008 14:09:00 -0800 - San Clemente CA. Home Prices, 2008'
San Clemente Ca. has been going through a real estate slow down in the past 12 months. The rate of sales is at a multi-year low, and prices have dropped about 10%. Below is a table showing the Median, Average and Price per Square Foot for San Clemente and Talega homes and condos that are currently Active for Sale and Sold this year and last year:
San Clemente Detached Homes currently Active for Sale:
Number detached Homes for Sale: 245
Median Asking Price: $1,089,000
Average Asking Price: $1,410,918
Price per Square Foot: $543/SqFt
San Clemente Detached Homes Sold in the Past 90 Days:
Number detached Homes Sold: 71
Median Sold Price: $838,000
Average Sold Price: $1,100,093
Price per Square Foot: $520/SqFt
San Clemente Detached Homes Sold in 3 month period last Year (Oct, Nov, Dec):
Number detached Homes Sold: 82
Median Sold Price: $975,000
Average Sold Price: $1,130,673
Price per Square Foot: $483/SqFt
San Clemente Attached Condos currently Active for Sale:
Number attached Condos for Sale: 100
Median Asking Price: $579,000
Average Asking Price: $757,207
Price per Square Foot: $510/SqFt
San Clemente Attached Condos Sold in the Past 90 Days:
Number attached Condos for Sale: 27
Median Sold Price: $489,000
Average Sold Price: $652,703
Price per Square Foot: $456/SqFt
San Clemente Attached Condos Sold in 3 month period last Year (Oct, Nov, Dec):
Number attached Condos for Sale: 16
Median Price: $499,000
Average Price: $615,231
Price per Square Foot: $506/SqFt
Talega Detached Homes currently Active for Sale:
Number detached Homes for Sale: 123
Median Asking Price: $1,037,000
Average Asking Price: $1,181,376
Price per Square Foot: $352/SqFt
Talega Detached Homes Sold in the Past 90 Days:
Number detached Homes Sold: 30
Median Sold Price: $880,000
Average Sold Price: $1,019,567
Price per Square Foot: $319/SqFt
Talega Detached Homes Sold in 3 month period last Year (Oct, Nov, Dec):
Number detached Homes Sold: 36
Median Sold Price: $937,500
Average Sold Price: $1,230,209
Price per Square Foot: $372/SqFt
Talega Attached Condos currently Active for Sale:
Number attached Condos for Sale: 30
Median Asking Price: $499,900
Average Asking Price: $554,649
Price per Square Foot: $355/SqFt
San Clemente Attached Condos Sold in the Past 90 Days:
Number attached Condos for Sale: 7
Median Sold Price: $520,000
Average Sold Price: $514,285
Price per Square Foot: $309/SqFt
San Clemente Attached Condos Sold in 3 month period last Year (Oct, Nov, Dec):
Number attached Condos for Sale: 13
Median Sold Price: $542,000
Average Sold Price: $618,222
Price per Square Foot: $390/SqFt
If you would like to view all homes and condos listed for sale in San Clemente, Ca. visit our website at: San Clemente Real Estate.
Thu, 03 Jan 2008 11:47:00 -0800 - Orange County Home Prices Revealed
There is much confusion and accidental mis-information about the current state of Home and Condo Prices in Orange County, CA. Part of the confusion results in the unique market conditions we are now in in which the lower end of the house pricing spectrum is more negatively impacted then the higher end. The accidental mis-information comes into play by the established organizations that report on housing prices (ie: DataQuick, Major Banks, Major Title Companies) who rely on Average and Median prices, versus Average Price per Square foot. When you couple to two events together, you wind up with some confusing housing price information.
We'll illustrate the conflicting numbers, and then hopefully give some clarity to the subject. But first some basic definitions. The Average for homes prices, is simply the sum total of the sales prices of all homes sold in a certain area (ie: Orange County, Santa Ana) during a certain period of time (ie: 12 months, 6 months, 3 months), and then dividing by that total number of homes sold.
The Median is determined by taking the same list of sold homes, and calculating the sales price at which half of the homes sold were below this price, and half of the homes sold were above this price. Although the Median is a bit harder to calculate, it is considered to be a bit more accurate representation, since the Average can be more easily skewed to the high side by a few very high priced homes sales during the period. Both of these calculations though, can give mis-leading representations when you have a change in buyer habits... which is exactly what is happening now in Orange County.
As an example of the confusion caused by Averages and Median in a changing market, take a look at this recent DataQuick report by the Orange County Register reporting Median home prices for all cities in Orange County. Buena Park is showing a 20% drop in prices, while Cypress is showing a 6% increase in the same time period. Dana Point shows a 21% increase in prices, while the adjacent city of Laguna Niguel shows a 10% drop during the same period. What gives ? Logic dictates that something is wrong with this type of statistical analysis. The misleading statistics are a result of looking at Median and Average prices, instead of Price per Square Foot, and also combining Condo sales with detached Home sales.
Below is a table of statistics that we gathered for the Average, Median and Price per Square Foot for the Past 3 months (Sept, Oct, Nov), and the same calculations for the same 3 month period 1 Year ago, for various Cities throughout Orange County, for detached Homes only (not including condos). As can be seen, some Cities show only a small drop in Average home prices, and others yield an increase in the Average price, but a decrease in the Median price... while a few other cities are actually reporting an increase of almost 17% to 35% in the past year in Average or Median prices. For instance, Dana Point and San Juan Capistrano are showing large increases in the Average or Median prices in the past 12 months. But ask anyone on the street, and they tell you this is preposterous. The actual truth about home pricing in these two cities (and the rest for that matter) are more closely revealed by looking at the Price per Square Foot which shows a 5.8% drop in Dana Point and a 10.5% drop in San Juan Capistrano.
Sept, Oct, Nov 2006'
City Average Median Price per SqFt Anaheim 600,565 585,000 416 Orange 763,933 690,000 404 San Juan Capistrano 936,449 766,000 421 Costa Mesa 826,849 743,500 488 Mission Viejo 737,033 689,900 378 Laguna Niguel 1,085,506 905,000 419 Fullerton 713,397 629,000 394 Dana Point 1,516,212 980,000 644 Irvine 953,457 800,000 431 Sept, Oct, Nov 2007'
City Average Median Price per SqFt Anaheim 514,599 495,000 341 Orange 722,213 607,000 348 San Juan Capistrano 1,236,999 1,039,925 377 Costa Mesa 759,597 720,000 443 Mission Viejo 730,547 639,000 347 Laguna Niguel 987,340 860,000 386 Fullerton 690,645 627,000 363 Dana Point 1,784,459 1,300,000 608 Irvine 974,121 760,000 413 Percent (%) Change in Past Year
City Average Median Price per SqFt Anaheim -14.3% -15.4% -18.0% Orange -5.5% -12.0% -13.9% San Juan Capistrano 32.1% 35.8% -10.5% Costa Mesa -8.1% -3.2% -9.2% Mission Viejo -0.9% -7.4% -8.2% Laguna Niguel -9.0% -5.0% -7.9% Fullerton -3.2% -0.3% -7.9% Dana Point 17.7% 32.7% -5.6% Irvine 2.2% -5.0% -4.2% How can this be you may ask ? In the past 12 months, there have been fewer entry level buyers purchasing lower price detached homes using low down payment financing in Dana Point and San Juan Capistrano. While there has been a relativity larger percentage of higher income buyers purchasing larger - higher priced homes, but at sales prices substantially lower then they were 1 year ago.
The major reporting agencies (DataQuick, Banks, Title Companies) have relied upon Averages and Median prices for years since this data is easier to gather then Price per Square Foot, and is also easier for the average consumer to relate too. A newspaper Headline that reads "Average Home prices in Irvine have now reached $800,000" is a lot more eye catching then to say "Average Price per Square Foot in Irvine has now reached $433"... But as can been seen by the above tables, Averages and Medians can offer some very mis-leading conclusions about home prices during times of change in a marketplace.
Wed, 02 Jan 2008 08:32:00 -0800 - Laguna Niguel CA. 55+ Retirement Community
There are numerous senior citizen residential ownership communities in south Orange County that offer a wide variety of styles, floor plan options and prices. There is only one such retirement housing community in Laguna Niguel, called Monarch Summit II. One of the desirable attributes is the community of Monarch Summit II is only 1 mile from the Pacific Ocean and sits on top of one of the highest hills in Laguna Niguel. Therefore about half of the homes offer some type of distant or panoramic view, and some of the homes offer majestic Ocean Views along will temperate Ocean breezes.Monarch Summit II is located at at the top of Pacific Island Dr., and was developed in the early and mid 1970's by builder Lan Ron. This community encompasses of about 180 attached single family homes, and incorporates 3 distinct floor plans as follows:
- Plan A - 3 bedrooms, 2 baths, 1,670 square feet
- Plan B - 3 bedrooms, 2 baths, 1,650 square feet
- Plan A - 2 bedrooms, 2 baths, 1,400 square feet
All of the above floor plans are single story and come with a fireplace, and 2 car garage. Over the years, many of these homes have had some major renovations and many fine upgrades added to the homes. Monarch Summit II requires that at least one occupant is 55+ years of age or older. By the way, the community of Monarch Summit I was built around the same time by the same builder, but this community is not 55+ restricted.
The Home Owners Association (HOA) for Monarch Summit II is well managed and includes; Club House and Recreational Facility, swimming pool, spa. The monthly dues are reasonable at around the low $200 per month level at the time of this writing (subject to change), and include: Property Insurance, Earthquake Insurance, Landscape Maintenance, Pool and Spa maintenance, Trash service.
The streets that comprise of Monarch Summit II are as follows: Cavallo Ln., Pardella Ln., Savona Pl., Abanita Way, Andara Rd., Arbella Rd., Camerona Rd., Campana Way, Casalero Dr., Dominita Rd., Latigo Dr., Mantanza Dr., Mariano Dr., Montalvo Rd., Monteago Rd., Palencia Ln., Talavera Dr., Tamora Dr., Tolana Dr., and Veranada Rd.
If you are planning on purchasing in a retirement community in the future, make sure you take advantage of the property Tax Saving laws called Prop 60 and Prop 90 if they apply to you. For a list of all retirement housing properties listed for sale in Laguna Niguel or elsewhere in south orange County, please visit our OC Just Listed home finder service and add a note that you are looking for just 55+ communities. Or feel free to call us anytime at: 949-388-3396, or drop us an email at: Info@OCRealtyGroup.com
Fri, 28 Dec 2007 13:31:00 -0800
