Orange County CA home prices and selling market update

Orange County CA home prices and selling market update

Orange County CA home selling market update shows that buyer demand has decreased since March of this year.  Number of homes for sale are up, so buyers have better choices.

Orange County now has 5,882 homes listed for sale – as compared with March 15 this year during the hottest selling time when only 3,199 homes were listed.

Expected market time at Orange County is now about 2.3 months (theoretical average time it would take to sell all homes now on the market at current rate of sale).

Irvine CA is the largest market for home selling at Orange County.

Irvine home sales were lightening fast during March this year, and prices jumped.

While even Irvine home selling has slowed during November, this is probably because of normal market moderation during holiday seasons.

Irvine has 493 homes now listed for sale and average market time of about 3.2 months (theoretical average time it would take to sell all Irvine homes now on the market at current rate of sale)

Irvine has sold 173 homes so far during November 2013, and average sold price has been $784,736.

74 percent of the Orange County homes for sale listings are in range of under $1 million where it’s still a market favoring sellers – while only 11 percent of those for sale are above $2 million where sales market time is much slower.

Orange County homes for sale priced between $1 million and $2 million have expected market time of about five months, which is balanced and not favoring sellers or buyers.

Newport Beach has 299 homes now listed for sale – and average market time of 4.82 months, which is balanced.

63 Newport Beach homes have sold so far during November 2013, and average sold price has been $1,845,022.

Orange County home selling markets have softened, and buyer demand is down 20 percent this month November 2013 – as compared with March of this year 2013.  However, average market time is 2.56 months, which still favors the sellers.

Balboa Peninsula homes for sale – click here

Newport Heights homes for sale – click here

East Costa Mesa single level homes for sale – click here

Newport Coast homes for sale – click here

Turtle Rock Irvine homes for sale – click here

Source of some information is CRMLS and data image is www.ReportsOnHousing.com.

Connect with us about the Orange County CA home listing and selling process.

By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Orange County, CA – CAL BRE 01410855 – OCHomeValueGuide.com

Posted in Home selling strategy, Live At Corona del Mar, OC home value guide, Orange County home selling, Orange County real estate, Real Estate News | Tagged , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Newport Beach CA Homeowners With Solid 10.2 Percent Average Annual Property Value Increases

Newport Beach CA is an amazing and beautiful city – cherished by residents, tourists, travelers, and business people.

Its homeowners have also enjoyed solid property property increases during the past 13 years.

234 Newport Beach homes have sold during the second quarter this year from July 1 to September 30,2013 – with average sold price of $1,646,747 – and average interior size of 2,325 SF.

296 Newport Beach homes sold during that same time 13 years ago – from July 1 to September 30, 2000 – with average sold price of $705,712 – and average interior size of 1,939 SF.

So Newport Beach average home selling prices have gone up $941,035 during that time – which is a price increase of 133 percent over the 13 years – or an average annual selling price increase of 10.2 percent during that time.

Newport Beach had fewer distressed properties and foreclosures than other areas of Orange County during the housing slump from 2007 to 2011 – and real estate values remain stable at Newport Beach and less volatile than other areas.

Newport Beach has been good for home buyers and owners who expect to protect and grow their property values.

_____________________________________

Connect with us about Newport Beach CA homes and listing and selling process.

CONNECT WITH US

By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Previews, Newport Beach and Orange County, CA – CA BRE 01410855  – Source of some information is CRMLS and is for homes listed and sold by all brokers and agents.

Posted in Balboa at Newport Beach, Balboa Island, Balboa Peninsula, California real estate, Newport Beach CA, Orange County home selling | Tagged , , , , , , , , , , , , , , , , , , , | Leave a comment

Corona del Mar CA Real Estate Sees Stable Property Value Increases Over 13 years

Corona del Mar CA Real Estate Sees Stable Property Value Increases Over 13 years

Corona del Mar main beach

Corona del Mar (Spanish for “Crown of the Sea”) is a affluent town in Newport Beach CA and is located on the seaward face of the San Joaquin Hills.

Corona del Mar CA (or CDM) real estate shows healthy selling prices this year and property value increases over the past 13 years.

Corona del Mar real estate

184 Corona del Mar homes have sold this year so far from January 1 to August 31, 2013 – with average sold price of $2,064,551 – and average interior size of 2,512 SF.

199 Corona del Mar homes sold during that same time 13 years ago – from January 1 to August 31, 2000 – with average sold price of $963,498 – and average interior size of 2,416 SF.

So Corona del Mar average home selling prices have gone up $1,101,053 during that time – which is an increase of 114 percent over the 13 years – or an average home selling price increase of 8.7 percent during that time.

Corona del Mar home prices were already high during 2000 in relation to other communities at South Orange County.  Real estate values remained stable at CDM through most of the real estate bus from 2007 to 2011 – and remain less volatile than in almost all other areas and cities in Orange County.

Corona del Mar has been very good for home buyers and owners who expect to protect and grow their property values.

Crown of the Sea

_____________________________________

Source of some information is CRMLS and is for homes listed and sold by all brokers and agents.

Connect with us about Corona del Mar and Newport Beach CA home values and listing and selling process at Orange County CA.

CONNECT WITH US

By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Previews, Orange County, CA – CA BRE 01410855.

Posted in Coastal Orange County, Corona del Mar, Corona del Mar home selling, Corona del Mar property values, Corona del Mar real estate | Tagged , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Corona del Mar CA Real Estate Update

Corona del Mar CA Real Estate Update

Lookout point at Corona del Mar

Corona del Mar at Newport Beach CA is one of the almost perfect places – never too hot and seldom too cold –  a most sought-after village for residential living and investment in South Orange County.

CDM real estate update for second quarter 2013 shows amazing balance in sales and prices when comparing first half of 2013 with first half of 2012.

For first six months of this year from January 1 to June 30, 2013 – Corona del Mar had 135 homes sold.  Average sold home price was  $1,947,833 during that time – and average interior size was 2436 SF interior.

During same time last year first six months of 2012 – Corona del Mar sold 136 homes (amazing that number of sales was almost the same 2012 v. 2013).  Average sold price last year 2012 was $1,962,463.

So Corona del Mar homes and real estate sales and prices have been steady – when comparing first part of 2012 with first part of 2013.

Corona del Mar now has 73 homes listed for sale as active on the MLS –  with average asking price of $2,061,690 – average interior size of 2,231 SF interior.

CDM real estate has average market time it would theoretically take to sell all homes now listed at 3.6 months.

Corona del Mar CA real estate looks balanced these days with good opportunities for buyers and sellers.

Corona del Mar main beach

Corona del Mar real estate

Source of some information is CRMLS.

Contact us about Corona del Mar and Newport Beach CA homes and real estate information.

Posted in Coast Living Homes, Coastal Orange County, Corona del Mar, Corona del Mar home selling, Corona del Mar property values, Corona del Mar real estate | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Eastbluff at Newport Beach Homes and Real Estate Market Update

Eastbluff at Newport Beach Homes and Real Estate Update – July 1, 2013

Back Bay views from Eastbluff

Eastbluff at Newport Beach is a community with homes designed and built between 1966 and 1978, which have been very popular with buyers and residents over the years.

Eastbluff is located on the east side of Newport Beach’s Upper Back Bay – and many of the homes have views of the bay and sunsets.

Eastbluff real estate update for second quarter 2013 shows continued buyer demand at this community.

For first six months of this year from January 1 to June 30, 2013 – Eastbluff at Newport Beach had 50 homes sold.

Average sold price was $1,054,187 during that time – and average interior size was 2,125 SF.

During same time last year – first six months of 2012 – Eastbluff sold 49 homes – with average sold price of $829,285.

So Eastbluff homes and real estate got healthy so far this year with price increase of 27 percent – as compared with last year.

Eastbluff at Newport Beach

Eastbluff now has 9 homes active and listed for sale on the MLS – which range from Bluffs condo home with asking at $799,000 – up to an estate home on Carob with asking price at more than $3 million.

Eastbluff at Newport Beach is getting balanced these days with opportunities for both buyers and sellers.

Eastbluff park

Eastbluff at Newport Beach is getting balanced these days with opportunities for both buyers and sellers.

_______________________________________________

CONNECT WITH US

Connect with Us for information on why now continues to be an excellent time for Eastbluff and Newport Beach owners to list and sell.

Source of some information is CRMLS.

People ask us about listing and sale of Newport Beach CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Newport Beach and Orange County, CA.

Posted in Eastbluff Newport Beach, Newport Beach CA, Orange County home selling, Orange County real estate | Tagged , , , , , , , , , , , , , , , , , , | Leave a comment

FIRST DAY OF SUMMER Solstice – June 21, 2013

FIRST DAY OF SUMMER – Solstice on June 21, 2013

Corona del Mar main beach

Corona del Mar CA beach goers will like the sunshine and surf and sand on the first day of summer 2013.

LIVE – CORONA DEL MAR CA

The solstice starts the BEGINNING OF SUMMER in the Northern Hemisphere.

Solstice -  Farmers Almanac

In 2013, the solstice falls on Friday, June 21 at 5:04 Universal time, which is1:04 A.M. Eastern Daylight Time and 12:04 A.M. Central Daylight Time.

Orange County CA summer celebrants should use hats and lots of sunblock – while enjoying activities and the sunshine.

LIVE – ORANGE COUNTY CA

Posted in Balboa at Newport Beach, Beach activities, Classic beach properties, Coast Living Homes, Coastal Orange County | Tagged , , , , , , , , , , , , , , , , , | Leave a comment

Orange County CA Home Sales and Prices February 2013

Orange County CA Home Selling Market 

Orange County CA homes sales and median selling prices were up last month during February 2013.

Quail Hill Irvine

   

February 2013

 Home Sold Prices Median at Orange County CA- during February 2013

Resale Homes – $529,500 – up 16.4 percent as compared with January 2013 

Resale condominiums – $325,000 – up 30 percent from last month

New Homes – $676,000 – up 21 percent from last month

All homes – $477,000 – up 22 percent from last month – also up as compared with one year ago

 

Homes sold at Orange County CA – during February 2013

Resale Houses – 1,424 homes sold – up 2.4 percent from January

Resale condominiums – 679 homes sold – up 6.8 percent from January

New Homes – 149 homes sold – up 75 percent from January

All homes – 2,252 homes sold – up 6.7 percent from January – also up from one year ago

It's not  surprising that the Orange County CA home selling market continues on a rebound and has lots of qualified and motivated buyers and not enough sellers.  

However, the small number of homes listed for still as compared with last year limits options for buyers.  This results in big-time buyer competition for homes and multiple offers, which drives prices and sellers expectations upward.  

Even though this Orange County housing market is very favorable for sellers, I expect that the selling price upward movement should stablize and level off as home selling supply goes up and gets closer to buyer demand.  

____________________________________________________

 

Source of information is DataQuick News and OCRegister.com.  

 

  

Professional REALTOR® agent and broker representation – for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.  

 

Harrison K. Long, Realtor and broker associate – CADRE 01410855 – also an attorney member of the California State Bar Association #69137 – 949-701-2515 for direct telephone or text contact.  

 

People ask us about strategy for listing and selling Orange County CA homes and real estate.    

Posted via email from Explore OC Homes

Posted in Uncategorized | Leave a comment

How to Transfer Your Home’s Property Tax Basis to a Replacement Home at Orange County CA

Property tax 

People who want to sell a house at Orange County and buy a replacement house ask us how they can protect and transfer their prior property tax basis.

Ad valorem property taxes in California are primarily guided by what is set forth in California Proposition 13, a constitutional amendment enacted by voters during 1978.  CA proposition 13

Annual property taxes according to Proposition 13 to be paid by owners are generally equal to one percent of assessed value each year.  (This assessed value can be increased by as much as two percent per year by the county assessor.)  

Example: If your home at Orange County has value of $500,000 determined by county assessor, your annual property tax would one percent of that – or the amount of $5,000.

If you want to sell your home and buy a replacement home in Orange County, and if you follow California law guidelines, you can sell first and then buy a different house – or you can buy a house in Orange County first and later sell the prior house – while taking advantage of transfer of Proposition 13 property tax basis.

You must follow all conditions for qualification and property tax relief as set forth by the Office of Orange County Assessor.

California Proposition 60 allows transfer of an existing Proposition 13 base year value from former residence to replacement residence, if certain procedures are met (once in a lifetime benefit for homeowners who are 55 years of age or more).PEOPLE 55 YEARS OF AGE OR MORE

Proposition 60 was a constitutional amendment approved by the voters of California in 1986.

This is codified in Section 69.5 of the California Revenue & Taxation Code, and allows the transfer of an existing Proposition 13 base year value from a former residence to a replacement residence, if certain conditions are met.  This benefit is open to homeowners who are at least 55 years old and are able to meet all qualifying conditions.

The following conditions must all be met for qualification and property tax relief to be granted under California Proposition 60:

a) Both the original property (former residence) and its replacement must be located in the same county.  If the replacement property is located in a different county from the original, see possible transfer basis rules set for at California Proposition 90.

b) As of the date of transfer of the original property, the seller or a spouse living with the seller must be at least 55 years old.

c) The original property must have been eligible for the Homeowners' Exemption or entitled to the Disabled Veterans' Exemption.

d) The replacement dwelling must be of equal or lesser value than the original property.

e) The replacement dwelling must have been purchased or newly constructed on or after 11/06/86.

f) Without exception, the replacement dwelling must be purchased or newly constructed within two years (before or after) of the sale of the original property.

g) The original property must be subject to reappraisal at its current fair market value as the result of its transfer, in accordance with Sections 110.1 or 5803 of the Revenue and Taxation Code.

h) Without exception, a claim for relief must be filed within three years of the date a replacement dwelling is purchased or new construction of a replacement dwelling is completed.

 

 

For detailed information about Orange County CA property selling and possible transfer of property tax basis – see the web site at Office of Orange County CA Assessor.

 
This is for information only and is not the providing of legal or tax services.  For questions about your own situation, you should consult with an experienced real estate attorney and with the office of Orange County Assessor.    

 

  

Professional REALTOR® agent and broker representation – for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.  

 

Harrison K. Long, Realtor and broker associate – CADRE 01410855 – also an attorney member of the California State Bar Association #69137 – 949-701-2515 for direct telephone or text contact.  

 

People ask us about strategy for listing and selling Orange County CA homes and real estate.  

 

Posted via email from Explore OC Homes

Posted in Uncategorized | Leave a comment

Mortgage Debt Forgiveness Letters from Some Lenders in California

As part of the "National Mortgage Settlement" reached during 2012, some lenders in California are in the process of determining whether to forgive balances on certain second mortgage loans.

mortgage debt forgiveness

 

In those very limited situations where borrowers qualify, a letter from the lender would be sent to the borrower spelling out the conditions of the "offer of mortgage debt forgiveness".

Because of possibility that such a lender letter could be a fraud or a hoax, title companies will need to do serious diligence in order to clear or eliminate the prior trust deed from title. Until completion of title company due diligence, there would not be a recorded reconveyance of a prior deed of trust.

Title companies must verify that the "offer of mortgage debt forgiveness" is valid, and that the borrower has not opted out and has in fact accepted the lender's offer.

Some borrowers are expected to decline such an "offer of mortgage debt forgiveness" because of significant tax liability on phantom income – and receiving a 1099 from the lender for the amount of the debt forgiveness.

In order for title company to verify all of the essential these facts, a third party authorization and full cooperation will be required from the borrower and lender.

If you as borrower receive such a letter "offer of mortgage debt forgiveness", be very careful. Contact the lender and determine all necessary facts, including contact information for the person at the lender making decisions. Then consult with an experienced real estate attorney or income tax professional about your decision whether to accept the offer.

____________________________________________

This is for information only and is not the providing of professional legal or tax services. If you have questions about your legal rights involving mortgage debt forgiveness letter, you should contact the IRS and an experienced real estate attorney or income tax professional.

Posted via email from Explore OC Homes

Posted in Uncategorized | Leave a comment

Irvine CA Home Selling and Real Estate Trends

Woodbury Irvine

Irvine CA real estate has lack of sufficient inventory of homes for sale during this time to satisfy buyer demand.

Irvine has 190 homes listed for sale on the MLS – as of today March 14, 2013.

238 Irvine homes went into "backup" or "pending" status during the past 30 days.

Larger number of Irvine homes are being sold now on a monthly basis than the number the market has for sale.

87 of those listed are detached single family residential properties, and 103 of the Irvine homes listed are condo properties.

Irvine real estate market update

Buyers continue to move forward, and 419 Irvine homes have sold with closed escrows so far this year 2013.

This number of sold Irvine homes is modest during this time only because of extremely low number of homes listed for sale.

Irvine average market time is unbelievably fast, and it would take less than 30 days to theoretically sell all homes now listed on the market. This compares with 3.4 months average Irvine market time 3 years ago.

Irvine CA home owners who want or need to sell should get organized, have their properties cleaned and staged, and hire an experienced REALTOR to put the home on the market now and as soon as possible.

____________________________________________

Posted via email from Explore OC Homes

Posted in Uncategorized | Leave a comment