Laguna Niguel Real Estate Blog

This edition of the Real Estate Blog Carnival has an international flavor. We start off with Jay Thompson, skip to the midwest, check out Ocean View properties in Central America, and take 2 trips to Australia.

Jay Thompson presents Is Now a Good Time to Buy a House in Phoenix? posted at The Phoenix Real Estate Guy.

Connie Watts presents The Top 10 Technology Questions to Ask When Hiring A Realtor posted at Omaha Moves Me.

Jack Schmidt presents There's No Bear Statue On Wall Street posted at SectorMatic Money Journal.

The Smarter Wallet presents Got An Upside Down Mortgage? Would You Foreclose and Walk Away From Your Mortgage? posted at The Smarter Wallet.

Sigrid Landau presents Get Your Home Sold Fast And For Top Dollar posted at A1 How To.

Charles Woodall presents Home Sellers Series - 3 types of home buyers you need to know about posted at Dothan Home Search, Dothan real estate blog from CENTURY 21 Key Realty.

Destroy Debt presents Can You Claim the $8,000 Credit for First Time Home Buyers? posted at Destroy Debt.

nickel presents The Foreclosure Crisis: Location, Location, Location posted at fivecentnickel.com.

Claudia Gonella presents The 7 most expensive regions to own an ocean view condo in Central America posted at Real estate investing in Panama, Costa Rica, Nicaragua and Belize.

Katie Curnutte presents Making Home Affordable Plan Expected to Help 4-5 Million Homeowners Refinance posted at Zillow Blog

Jim presents How To Reduce Real Estate Taxes posted at Blueprint for Financial Prosperity.

Nick presents Surprise! It's a Bailout for Vacation Homes, Too - Washington Post posted at Buying Foreclosure Property.


Andy Boyd presents Comparing What USD $500,000 Buys In Real Estate Around The World posted at Money Hacker.

Fine-Tuned Finances presents Why it’s a Great Time to Remodel Your Home posted at Fine-Tuned Finances.

Jeonard Cook presents Learn How to Sell Your Own Home: Advertise like a Pro posted at How to Sell Your Own Home.

Wenchypoo presents *FutureShock*: Housing and Property Taxes From the Near to Distant Future posted at Wisdom From Wenchypoo's Mental Wastebasket.

Mathew Bossert presents Maximize Home Value By Not Over Renovating posted at House Seller's Guide.

Dawn Rickabaugh presents 12 Steps to Real Estate Recovery posted at Note Queen | Seller Financing | Note Buyer Blog | Owner Financed | Real Estate.

Handy Saputra presents Adverse Credit Home Loan Tips posted at Home Loan | Mortgage Resources.

Julie Broad presents Dealing with Late Paying Tentants posted at Rev N You with Real Estate.

Chris Lang presents Starting a new life in Australia, part 4 posted at Home I Own.

Posted by Rory at 7:37 AM | Permalink | Comments | links to this post

While I was at an open house last weekend, I spoke with the listing agent of an REO, bank owned property. According to the Agent in Mission Viejo, Low end price home spectrum has already bottomed. This is indicated by multiple offers on properties under the $400k price range.

Orange County Register has been running a series on market opinions Top 5 housing market hopes for 2009. Market Predictions:
Herd Mentality Moving Markets

Foreclosures:
Home Foreclosures
continue, and I am keeping my eyes on the foreclosure search sites to monitor homes that have been foreclosed. As a homebuyer am not spending much time with short sales, rather I am looking at those properties that have already been foreclosed, the REOs. One can find a great short sale deal, but as a buyer, you must be able to stomach the unknowns of a 60 day offer acceptance. This may be ideal for people with cash looking to buy multiple properties.

Lending:
4.5 Mortgage interest rates have yet to arrive, but we are getting closer. This week, conforming loans up to $417k were at %4.625, and confirming loans up to $625k were at %4.750 for today's latest loan rates, contact your lender. If you need a lender recommendation, I will gladly put you in touch with one.

High End Property:
Laguna Beach Ocean Front Home listings provide an opportunity for the high end market to continue moving. Though buyers in that market are also watching for more stabilization on Wall Street before making moves for beach homes or trophy properties.

Missed market calls include the WSJ Calling the Housing Crisis Over Last May. It is those kinds of missed calls about the market, the bailout, and the recession that makes me think that there are more foreclosures in the pipline. To me, this signals continued improvement in the current buyers market.

The big broker shake up:
The Prudential California Realty CEO Replaced was Steve Rodgers. He was replaced last month by Jon Cook, who previously handled operations at California Title, and was Vice President for Prudential in Orange County for about a year.

What would I do in your shoes?
If you can buy, (i.e. you have 20% down, or can qualify for an FHA loan) then I would buy a home in 2009 or 2010. There are no leading indicators that the market is improving yet, which means that downward pressure on prices will continue in Orange County. As always, do what you can to ensure that your FICO scores are top notch. Theoretically, you could improve your FICO score every six months or so. Try not to carry credit card debt if at all possible. When you get into home buying territory again, you're credit will be ready.

Posted by Rory at 1:06 PM | Permalink | Comments | links to this post

Now is your chance to keep your eyes focused on the Laguna Beach Real Estate market. I'm not only talking about at the beach, but ON the beach.

Besides the typical MLS Search, I have now set up a page that just features Ocean Front Real Estate in Laguna Beach. These homes are various prices, but you won't find anything that isn't directly on the beach or somehow on the waterfront.

With John McMonigle's recent listing of another premiere property in Emerald Bay for $36 Million, one has to wonder if there is a way to keep tabs on all of the ocean front properties. I quickly realized that in order to effectively answer questions about these ocean front estates that I needed to keep tabs on the daily changes in this market segment.

I have added myself to an email alert so that anytime something changes with the Ocean Front properties in Laguna, I have a notification on my cell phone.

Besides just high end listings, you'll be able to focus on any price point within Laguna if you simply browse by price.

Labels: Emerald Bay, Laguna Beach, ocean front homes, real estate

Posted by Rory at 9:54 PM | Permalink | Comments | links to this post

Interest rates for FHA, Conforming, and Jumbo loans have fallen considerably due to recent efforts to dislodge the credit jam.

Home inventory is traditionally lower during the holiday season. Some experts are saying that the South Orange County area has about 6 months worth of unsold home inventory out there in the MLS. Does this mean that the sideline buyers will jump in while the deals are hot? Possibly, if buyers are actively looking right now, they might not be able to find properties within their price range or expectations of quality.

Let's look how the inventory breaks down by town:
Active listings on the market
Laguna Niguel: 393
Laguna Beach: 311
Newport Beach: 558
Mission Viejo: 348
Irvine: 697
San Clemente: 428
Dana Point: 283

Nationwide, CNBC tells us that the good old pent up demand will mean a continued upward swing in the number of existing home sales sold in CA.

Tell George Pagano about the pent up demand, he is the principal broker for The Strand Project in Dana Point. He sees it too except at the 10-12 Million dollar level (for dirt).

Besides the recent drop in Interest Rates, a Pimco analyst predicts that the 30 Mortgage Rate may fall as low as 4.5%

According to the Wall Street Journal, Americans still see Real Estate as their best path to wealth in spite of all of the recent market woes.

The goal is to buy low and sell high, right? Guess which I'm looking to do right now. Leave your creative comments, and I may send you a recession-proof Starbucks card.

Posted by Rory at 9:04 AM | Permalink | Comments | links to this post

Nationwide Mortgage Applications have hit an 8-Year Low. Will increasing mortgage applications signal that we have hit the bottom of the housing market? Almost. Increased loan closings definitely will be the signal.

It turns out that home raffles are popular all over, and not just in Laguna Beach. I recently saw another home raffle in the Bay Area.

Here is why not to modify troubled home loans. It turns out that loan modifications currently only have only about a 50% success rate.

Laguna Beach even has it's share of foreclosures. Interest in the Laguna Beach real estate market shows now signs of backing down.

A local Prudential Agent reviews Laguna Beach's Housing Secrets with Jon Lasner of the OC Register.


Follow my updates on Twitter

Posted by Rory at 2:12 PM | Permalink | Comments | links to this post

The Bush admistration announced a huge loan modification plan going into effect. Chuck Schumer stated that the plan didn't go far enough in bailing out distressed homeowners.

Rising Unemployment is largely to blame for increasing foreclosures.

Meanwhile, Citi Group announced that they are proactively helping homeowners avoid foreclosur by launching a loan modification program of their own.


As for the status of the local market, will this round of bailouts be enough to get lenders to come to the table with some loans?

When will the logjam break for the middle housing market?

Posted by Rory at 12:34 PM | Permalink | Comments | links to this post

Real Estate News Roundup:

Local
San Clemente man wins Ocean Institute’s $1.2 Million dollar home raffle. The Ocean Institute raffled off the most valuable property to date in Laguna Beach.


Local Video:
How to Search the MLS for Free!

Real Estate Agents want main street bailout. Would a bailout or economic stimulus get people buying homes again? Possibly. High end properties are still selling. People who depend on lenders to buy properties are still only able to find inconsistent offerings from local lenders.

From CNBC Pending home sales off 4.6% in September.

Video:
From the Wall Street Journal, What will the bottom look like?

Labels: mls search

Posted by Rory at 6:46 AM | Permalink | Comments | links to this post

Michael Corkery and Jonathan Karp of the Wall Street Journal have a specific focus on the Central Valley town of Los Banos. There, they say that every fifth home is in foreclosure.




Meanwhile, CNBC Reports that Mortgage Applications Fall 16.6% Nationwide.

My take on the situation is to watch the mortgage numbers along with closed sales. More closed sales mean that mortgages are actually being funded. That means that lenders are able to deliver on the applications that they take.

I think that home seekers now typically understand that it is still very hard to get a loan. The falling mortgage applications come as no surprise, and I wouldn't expect anything to be different until at least Spring of 2009 or later.

In the meantime Real Estate in Laguna Beach in some cases can be purchased at $1 Million less than previously priced in June.

There are deals to be had for those that can avoid the credit mess. There are surely more deals to come.

Labels: credit, economy, mortgage

Posted by Rory at 8:26 AM | Permalink | Comments | links to this post

This week Move.com announced that they will provide complete access to sold data to the public from SoCal MLS. This basically means that actual sales data will be readily available to the anyone who wants it.

This also means that Zillow's technique of getting sales data from public records is instantly obsolete.

Zillow's model usually results in home values based off of incomplete and often inaccurate value estimations.

The real estate agents are responsible for putting up the sales stats that go into current or future home pricing, so why shouldn't they be giving their clients the same data?

I completely applaud this move since it improves the overall transparency in real estate, and will ultimately enable consumers to make better informed decisions regarding the sale and purchase of property.

On the one hand, this decision on the part of NAR is long overdue, but it is most welcome though the move to internet-ize real estate sales began at least 4 years ago.

Does this mean that the Real Estate Agent will also be extinct?

Posted by Rory at 6:24 AM | Permalink | Comments | links to this post

Today's post is a guest post from Emmy at Tremblant Realty in

Everyone has a unique list of priorities and necessities when it comes to purchasing a condo. There are, however, at least seven crucial items which should appear on everyone’s list, items which will save you the agony of discovering your new property isn’t all it was hyped up to be.

1: Measure the dimensions of your new condo accurately and compare with the dimensions of the floor plans in your purchasing contract. This will help to ensure you are getting the exact square footage and dimensions that have been agreed upon.

2: Have the plumbing and electrical systems inspected by a professional. Conducting a mere visual inspection can overlook hidden problems which will cost you later. Prepare a list of needs and expectations for your experts so they can properly evaluate the situation and so they won’t have to guess what work needs to be done. If you can’t have a living room without at least 6 wall plugs on 3 separate circuit breakers, let them know. Being specific now will save you having to remodel later.

3: Get to know the condo association you’re buying into. Unlike the purchase of a single home dwelling, a condo is a shared community that relies on similar values and expectations. Whereas your home is your castle when you own the land, your condo is a village that you have chosen to be a part of. You and your fellow condo owners should act responsibly towards each other and towards the building as a whole.

4: Hire a real estate agent as well as a real estate lawyer. These minor investments now will save you thousands of dollars in headaches and problems later. If you are buying a condo resale, there are fewer chances of surprises when you finally move in. If you are purchasing a project under construction, however, make sure your lawyer inspects your purchasing contract. Developers are sneaky and what you get might be drastically different from what you bought two years ago. Having experts on your team is always a good idea when purchasing a new home.

5: Speak to your potential neighbors, get a better feel for the community you’re going to be a part of. Are people late with their fees? Do some of them party every weekend? Are they happy with how the association is managed? One answer to any of these questions could be all you need to know to either stay or move on.

6: Learn about your condo fees. What do they cover? Will you be paying for swimming pool maintenance that you’ll never use? What you pay into now needs to be designed for the Condo Association’s future. Whether they cover future repair costs (Reserve Fund), or the current up keep of the building it’s important that you are aware of your responsibilities.

7: Get everything you expect in writing and always read the fine print. When you’re done triple checking your condo contract see step #4 before you sign anything. A real estate agent will help you find what you want, from the color of the walls to the style of lighting fixtures, and a lawyer will make sure your contract states that you’ll get what you want.

Posted by Rory at 2:48 PM | Permalink | Comments | links to this post

Call me to find out how much you can make on your home in THIS market!

I use marketing that will blow your mind.



713 Calle Camisa Map

• Breathtaking Panoramic Ocean and Coastline Views.


• Catalina & San Clemente Island Views.


• Enjoy Breathtaking and Inspiring Sunsets.


• Freshly remodeled throughout.


• Beautiful Granite Countertops and Custom Cabinetry, and Travertine in the Kitchen


• New Beautiful Custom Carpet, Crown Moulding and Baseboards.


• Sophisticated master suite with private patio and spa style bathroom.


• 2 additional Bedrooms provide plenty of comfort and space for your guests.


• New custom flagstone, Wood and Iron entryway, and door paneling.


• Relish in the serenity provided by the ocean breezes and georgeous views from the spacious upper deck and balcony.


• Just minutes to local beaches


• Stroll to the Movie Theaters, and Some of the Best Restaurants in San Clemente


• Perfect your game with the community putting greens and basketball courts.


• Enjoy 2 community pools with views galore.

Posted by Rory at 3:17 PM | Permalink | Comments | links to this post

With the real estate markets not doing well these days, homeowners are finding themselves in a quandary when they want to sell their property. Gone are the days when the seller set the terms and was able to procure any price he asked. In today’s market, it’s better to be shrewd and know your options well rather than to nurse dreams that you’re bound to get the asking price you’re demanding. If the market’s cold, follow these hot tips to help you sell your home:

* Research the prices of homes in your neighborhood and others similar to yours and price yours slightly less. Even a difference of $2,000 may be enough to generate an extra amount of interest in your home. It’s an added bonus if you’re able to clinch the deal sooner than you expected.
* Be willing to compromise on the asking price to a reasonable level. If you’re stubborn about not being willing to come down by even a few dollars, people are going to lose interest in even looking at your home let alone consider buying it.
* Give your buyer a few advantages like allowing them to make monthly payments rather than a lump sum of money. Alternatively, you could throw in a few pieces of furniture or offer to take on a few renovations that would not hurt your bank balance too much if they agree to your asking price.
* Some people are agreeable to renting your home with the offer to buy after a year or so. Give this option a chance if you’re not in immediate need of the money.
* Make sure you undertake the necessary repairs and improvements so that your home is left looking as new as the day it was built. A spruced up home is likely to attract more attention and sell fast.
* Advertise your property in any way you can, through any form of the media or by word of mouth. Hold open house visits so that prospective buyers can see for themselves what they would be getting if they bought your home.
* Keep your home neat and tidy at all times, because you never know when a prospective buyer might show up. First impressions are important and an unclean and cluttered home is not a pretty sight.
* You could offer to finance the sale yourself or pay some of the closing costs rather than losing out on the deal altogether. Remember, the longer your home is on the market, the harder it is to find a buyer at the price you’re asking. You may be penny wise and pound foolish if you’re hesitant to pay a small amount of the closing cost and willing to wait for a buyer who pays you the price you’re asking.


This article is contributed by Sarah Scrafford, who regularly writes on the topic of luxury homes in Florida. She invites your questions, comments and freelancing job inquiries at her email address: sarah.scrafford25@gmail.com

Posted by Rory at 1:59 PM | Permalink | Comments | links to this post

Listing Price: $745,000

Final Sales Price: $720,000. My buyers saved $25,000!

Neighborhood: College Park, Irvine, CA

Features: 4 Bedrooms, 3 Bathrooms, Pool Built-In BBQ

Are you looking for a great deal in this bargain market?

Call me, 949-351-3541

Posted by Rory at 9:04 AM | Permalink | Comments | links to this post

Cyril Moulle-Berteaux declares in the Wall Street Journal Opinion
the housing crisis over:


I'm going to spare the in-depth analysis already available at Calculated Risk

Interesting to note that this piece came out less than a week after another WSJ by June Fletcher article stating firmly that there is another year left in the housing market duldrums.

Fletcher's article has more well rounded statistical evidence. States that have higher rates of foreclosure now may clear the hurdle on the way to a stable market in a year's time.


We're not out of the woods yet, but maybe we just found the path to the next market.

Posted by Rory at 1:07 PM | Permalink | Comments | links to this post

Do the Bay Area people really understand us? Not likely, here is the suggested blog posting from diggOrange County: play land of the rich. This is what goes on the real estate market for $14 million there.

read more | digg story

Posted by Rory at 9:34 AM | Permalink | Comments | links to this post