January 2011 RSS Feed

You have most likely heard the term “shadow inventory” and may well have wondered what it means. Interestingly enough, while the shadow inventory will certainly affect our Orange County real estate market, opinions vary as to its precise meaning.

For some the term means that lenders may be holding on to foreclosed properties for fear of flooding the market. Others believe that it describes the high number of homes in the foreclosure process which will eventually go up for sale. And still a third group includes the possible flood of properties which will hit the market when homeowners who have been holding off selling finally decide to do so. It is generally agreed, however, that the shadow inventory of Orange County real estate includes all…

The 2011 real estate market forecast depends on who you talk to. There are conflicting signs but most experts predict a slow growth in sales nationwide. Real estate guru Barbara Corcoran has this to say about buying a home in 2011:

“Of course people are nervous about buying with so many mixed signals, but my advice would be: Do not wait. If there's one thing I learned about this real estate is that it's very slow to unwind and usually takes years to do it. But once it decides to turn around, those prices move up very quickly, and you'll just be joining every Tom, Dick and Harry bidding on the same house. If you have an inclination to move, you'll get no better time than now, with cheap money, cheap prices and an embarrassment of riches to choose…

There is much speculation as to the current state of Orange County home sales. Is the real estate market improving or getting worse? Depends on who you talk to. This Orange County home sales report including resale single family residences, condos, and new homes, will quell the rumors and put the facts straight.

Orange County Home Sales - 2010

Dana Point - 92624

Median Price: $574,250
Change from 2009: +8.3%

Number of Homes Sold: 85
Change from 2009: +13.3%

Dana Point - 92629

Median Price: $567,500
Change from 2009: -9.2%

Number of Homes Sold: 376
Change from 2009: +7.7%

Laguna Beach - 92651

Median Price:  $1,150,000
Change from 2009: 0.0%

Number of Homes Sold: 360
Change from 2009:+12.5%

Laguna Niguel - 92677

Median Price: $520,000
Change from…

The California Association of Realtors@ closely monitors and analyzes trends in the residential real estate industry. The table below contains the latest reported existing home sales series, median home prices, unsold inventory index, median time on market, first-time buyer housing affordability index, and the latest mortgage rates.

 

Thinking of building a new home or renovating your existing San Clemente home? New building codes took effect in San Clemente on January 1, 2011 which you will need to be aware of.

The new codes include:

2010 California Residential Code
2010 California Green Building Standards Code

All permit applications submitted on or after January 1, 2011 are required to comply with the new code.

A second FREE CalGree class is being offered Tuesday,  Jan 25, 4pm-6:30pm.

View the flyer here

This home, located at 3 Via Abrazar in the Miraleste neighborhood of Talega,
is being offered as a Talega short sale. It is a beautiful 4 bedroom, 2-story home with a large office / loft (or optional 5th bedroom). The main floor has a full bedroom, a full bath and a 3-car direct access garage.

Ideally located in a park like setting at the end of one of the neighborhood's most desirable cul-de-sacs, this home has gorgeous hardscape with an outside fireplace and a large grassy side yard complements this entertainer's home.. Walk through the front door onto walnut hardwood floors and a kitchen with granite counter tops and tumbled marble back splash. This 2900+ square foot home has wrought iron stair railings, plantation shutters, is wired for security…

New listed in San Clemente is this beautifully upgraded, turn-key home in the Caprizi neighborhood in Talega. Talega amenties include a club house, 4 community pools, sports courts, miles of hiking trails, parks and community events. Talega also has one of the finest public golf course in Orange County, as well as it's own Talega Village Shopping Center.

 
This lovely home, located at 36 Via Adrian in Talega, offered at $699,000,
is situated on the canyon and has unrestricted views. This home has 4 bedrooms with loft and is located on a cul-de-sac street. It has a gourmet kitchen with granite countertops and stainless steel appliances. Walk in to gorgeous hardwood floors, crown molding and plush carpeting. This gorgeous home has so many upgrades...it is…

December 2010 statistics show San Clemente had 92 new foreclosures with an average foreclosure sales price of $571,864 vs. an average sales price of $692,640, according to RealtyTrac.com, resulting in a $120,776 savings.

There were 50 new foreclosures in the 92673 zip code and 42 new foreclosures in 92672, for a total of 92 new foreclosures in San Clemente. 1 in every 240 housing units received a foreclosure filing in December.

San Clemente Foreclosure Geographical Comparison

The San Clemente foreclosure rate was 0.22% above national rates, 0.07% below California rates, and 0.08% above Orange County rates in December.

San Clemente Foreclosures By Month

The number of bank-owned homes decreased from 14 homes in Nov to 8 …

There were 21,200 Orange County CA foreclosures in December 2010, according to RealtyTrac.com. The average sales price of an Orange County home was $555,228 while the average sales price of a foreclosure home was $415,686, a $139,541 savings.

Orange County CA Foreclosure Activity and Home Price Index

Home price appreciation was 0.00% in December with 3,504 foreclosures.

 

 

Orange County CA foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Orange County CA…

Southern California's summer tourists may have come and gone, but this winter a different type of tourist will be traveling along the West Coast and heading to Baja during its annual migration: the majestic California Gray Whale. The whales will begin their migration in late November, but from March 5 - 6 and 12 -13 hundreds of these 35-ton leviathans will splash through the seaside community of Dana Point, California - the West Coast's premier location to meet and greet these incredible creatures during the 40th Annual Dana Point Festival of Whales.