Finisterra BFYB

When looking for this month’s Bang For Your Buck (BFYB) I found many of the best deals in Mission Viejo when it comes to cost per square foot came from the same neighborhood.  The Finisterra neighborhood is right off of Oso and Marguerite, settled right near the 5.  Many of these condos have great view of the Mission Viejo Country Club Golf Course. 

26817 Poveda #16
2 beds / 2 baths
1,515 Sq Ft
Listed For:  $449,000
$ / Sq Ft:  $296

26007 Blascos #53
3 beds / 2 baths
1,350 Sq Ft
Listed For:  $449,000
$ / Sq Ft:  $296

26025 Blascos #45
2 beds / 2 baths
1,330 Sq Ft
Listed For:  $399,950
$ / Sq Ft:  $301

26847 Poveda #22
2 beds / 2 baths
1,269 Sq Ft
Listed For:  $385,000
$ / Sq Ft: 

Price Reductions for Newport Beach, There’s No Escape

Price reductions in the Newport Beach area seem to be very available. Usually an area that experiences a lot of stability, Newport Beach seems to be affected by surrounding markets. It seems there is not escape from what the country is going through. For many this can be a good thing.

102 Sholz Plz #34: 2 Beds, 2 Baths, 1,200 SQ. FT. The list price was “$799,900″ and changed to “$699,999″

16 Encore Ct. #235: 3 Beds, 3.5 Baths, 1,600 SQ. FT. The list price was “$850,000″ and changed to “$829,000″

437 Holmwood Dr: 5 Beds, 5.5 Baths, 4,500 SQ. FT. The list price was “$2,449,000″ and changed to “$2,375,000″

2518 Margaret, Dr: 4 Beds, 2 Baths, SQ. FT. not listed, The list price was “$1,200,000″ and changed to “$1,149,000″

25 Odyssey: 2 Beds, 2 Baths, 1,178 SQ. FT. The list price was “$619,000″ and changed to “$599,000″

5300 Neptune Ave: 3 Beds, 2 Baths, 1,782 SQ. FT. The list price was “$1,825,000″ and changed to “$1,649,000″

200 McNeil Ln. #7: 1 Bed, 1 Bath, 814 SQ. FT. The list price was “$549,000″ and changed to “$429,900″

7 Serena Ct: 3 Beds, 3 Baths, 1,774 SQ. FT. The list price was “$815,000″ and changed to “$799,000″
 

Gaining pounds and shedding dollars

I don’t know if anyone else out there is packing on the pounds with all the holiday goodies, but I sure am. Between leftovers from holiday parties and gifts, I’ve got cookies and candy galore at home and the office. Anyone feeling my pain here? I already know what one of my New Year’s resolutions will be.

Well, while I’m packin’ on the pounds, guess who’s shedding the dollars. Yep, you guessed it… home prices in Orange, Santa Ana, and Tustin. Without any further ado, here are this week’s price reductions.

18578 East Spring St, Orange 92869; 2 bed/1 bath; 718 sq ft; $299,500 reduced to $279,500

3011 South Bradford Pl #C, Santa Ana 92707; 3 bed/1.5 bath; 1,062 sq ft; $360,000 reduced to $339,000

626 South Rosewood Ave, Santa Ana 92703; 3bed/2 bath; 1,699 sq ft; $509,000 reduced to $410,000

1216 East Locust Ave, Orange 92867; 5 bed/2.5 bath; 2,101 sq ft; $650,000 reduced to $574,900

2044 South Broadway, Santa Ana 92707; 4 bed/1.75 bath; 1,077 sq ft; $620,000 reduced to $599,000

2018 North Deodar St, North Tustin 92705; 4 bed/2 bath; 1,886 sq ft; $629,900 reduced to $599,900

190 North Wheeler St, Orange 92869; 6 bed/3 bath; 2,460 sq ft; $769,000 reduced to $739,000

Whoa Nellie!

When you think of your family does that include a four legged friend that’s taller than you?  If so, Nellie Gail Ranch might be the “NEIGHHHH”borhood for you.  To give you an idea of what’s been going on there here are a few recent sales.

25551 RANGEWOOD RD 

4 beds / 3 baths
3,433 Sq Ft
Sold For:  $1,750,000
Closed On:  11/15/07

25481 RANGEWOOD RD
4 beds / 2.5 baths
2,493 Sq Ft
Sold For:  $1,360,000
Closed On:  10.09.07

26042 HORSESHOE CIR
Unlisted Beds / Baths
Unlisted Sq Ft
Listed For:  $2,150,000
Closed For:  $2,300,000

The Mad Dash: Rush Rush Rush

During the holidays the major corporate retailers will be putting on their biggest sales of the year. At no other time during the year will you be able to get the most for your money. In malls and retail outlets across the nation, people make a mad dash as early as 5:00 in the morning to get the biggest and best deals for little Timmy. You may even have the occasional fight break out, which can make for some pretty good entertainment.

As we take a look at the almighty real estate market, we come to notice a shift in pricing come year end. Albeit for quite a different reason than what a Nordstrom’s or J.C. Penney’s does it for. Different reason, same deal, experience your own mad rush, minus the lines. The beauty of all this is that, while you have spent the whole month of December shopping for others, this can be a gift for you. Take advantage of these price reductions in Huntington Beach and give yourself a Merry Christmas.

1901 Pine St: 3 Beds, 3.5 Baths, 2,522 SQ. FT. The list price was “$1,145,000″ and changed to “$1,115,000″

8702 Mossford Dr: 4 Beds, 2.5 Baths, 1,698 SQ. FT. The list price was “$965,000″ and changed to “$964,000″

8881 Sailport Dr: 4 Beds, 3 Baths, 3,033 SQ. FT. The list price was “$949,000″ and changed to “$915,000″

6831 Turf Dr: 5 Beds, 4.5 Baths, 3,657 SQ. FT. The list price was “$1,925,000″ and changed to “$1,799,000″

1923 Shorline Ln. #7: 2 Beds, 2 Baths, 1,100 SQ. FT. The list price was “$459,900″ and changed to “$439,900″

20191 Cape Coral Ln. #212: 2 Beds. 1.75 Baths, 1,000 SQ. FT. The list price was “$469,900″ and changed to “$450,000″

511 19th St.: 3 Beds, 2.5 Baths, 2022 SQ. FT. The list price was “$795,150″ and changed to “$749,900″

525 21st St: 3 beds, 3.5 Baths, 2,639 SQ. FT. The list price was “$1,299,000″ and changed to “$1,259,000″

1802 Huntington Dr: 3 Beds, 2 Baths, 1,787 SQ. FT. The list price was “$649,000″ and changed to “$599,000″

A Little Mediterranean In Mission Viejo

Nestled between the 5 and Muirlands and Alicia and La Paz sits a little piece of the Mediterranean.  Well, at least the whole neighborhood has Mediterranean inspired street names.  In the last two months there have been a few recent sales there.

24596 ZENA CT
2 beds / 2.5 baths
2,274 Sq Ft
Sold For:  $108,000
Closed On:  10.30.07

24531 VENUS
5 beds / 3 baths
2,788 Sq Ft
Listed For:  $669,000
Sold For:   $654,000
Closed On:  10.31.07

24591 DORIA AVE
4 beds / 3 baths
3,253 Sq Ft
Listed For:  $839,900
Sold For:  $820,000
Closed On:  11.01.07

24732 ACROPOLIS DR
3 beds /2 baths
2,253 Sq Ft
Listed For:  $799,900
Sold For:  $795,000
Closed On:  10.25.07

Santa Ana: More distressed than ever!

We’re back talking about poor old Santa Ana. In early November, I shared Jon Lansner’s post on distressed properties, which showed Santa Ana as numero uno in the amount of distressed properties in relation to total inventory (Santa Ana: #1 in Distressed Properties). Now, Jon’s back with an update. In his new post “O.C. distressed properties for sale up 5% in 2 weeks,” Jon portrays the market decline: “As a percent of all listed O.C. homes for sale, distressed properties were 22.92% of the market vs. 19.3% two weeks earlier.”

At least this time around Santa Ana has some company. Lake Forest is right there with them at 41%. To get more of a micro look of these stats, I’m including at the bottom some properties that have sold which would be considered “distressed.”

Unfortunately, I think we’re just seeing the beginning of this trend. I expect we’ll be up over 50% (easy!) in Santa Ana’s share for distressed properties. And here’s why I say that: people who don’t have to sell will pull their properties from the market or just not list them, so inventory on these non-distressed properties will go down. Now, with the holiday season (traditionally a slow market time– with a dash of extra despair this year) and more buyers being scared off creating even worse market conditions, those that are in bad loan situations won’t have an easy out and will be forced to go into a short sale situation or experience a foreclosure. And then, in turn, a greater rate of foreclosures will lower the comp’s even more in Santa Ana creating an even worse market for sellers. Poor, poor, poor Santa Ana.

…See the full listing at the OC Register.

425 S Birch St Unit 7, Santa Ana 92701

Unknown bed/bath; 3,020 sq ft

Sold price: $125,985; Sold date: 9/25/07

Details: Built in 1913, now that’s old. Was it taken care of? If not, two words: money pit. Bought back in February 2002 for $270,000.

450 E 4th St Apt 306, Santa Ana 92701

Unknown bed/bath and sq ft

Sold price: $202,075; Sold date: 10/9/07

Details: Bought back in June 2006 for $235,000.

304 E Chestnut Ave #211, Santa Ana 92701

2 bed/2 bath; 1,029 sq ft

Sold price: $230,000; Sold date: 10/26/07

Details: Bought in August 2006 for $315,000. Built in 1981.

Single-Level Living At Its Best

Some of the most requested and popular home styles on the market today I am told are single-level, single-family residences. Living in such a home style myself, I can honestly see why these homes are so sought after. No lugging groceries up flights of stairs, no looking for the pets upstairs under beds, and less overall cleaning.

Here are a few single-level, single-family residences that are on the market, some have even slashed their price or in one case, raised it, in the past few weeks in lovely Laguna Niguel and Dana Point.

Laguna Niguel:

25286 Hugo Rd. The list price was “$789,900″ and changed to “$769,000.” Home has 3 br/2 baths, 1,600+ sq. feeet, built in 1973, remodeled and a new chef’s kitchen.

24921 Monte Verde Dr. The list price was “$775,000″ and changed to “$749,000.” Home has 4 br/2 baths, 2,200+ sq. feet built in 1965, upgrades galore and 280 degree views.

24182 Paseo Del Campo The list price was “$1,488,888″ and changed to “$1,450,000.” Home has 7 br/7 baths, 3,200+ sq. feet, built in 1966, and is located on El Niguel Golf Course.

Dana Point:

25276 Brigantine Dr. The list price was “$699,000″ and changed to “$734,900.” Home has 3 br/2 baths, 1,600 sq. feet, built in 1962, it is considered a “fixer-upper,” and also has a swimming pool.
 

More Space!

What do we want? MORE SPACE!

When do we want it? NOW!

What do we want? MORE SPACE!

When do we want it? NOW!

I’d be willing to go on strike for more space in my house, wouldn’t you? Not sure who to go on strike against, but you get the idea. Just about all of us could use more space. So, what can you do? You can focus on maximizing your space for the money you spend on your house.

Thanks to Altos Research, we know the current prices per square foot are $370.64 in Orange, $401.71 in Santa Ana, and $371.11 in Tustin. Armed with this knowledge, check out the properties below. The prices per square foot will blow your mind.

Houses

680 North Gravier St, Orange 92869; 4 bed/2.5 bath; 2,865 sq ft; $227/sq ft; listed at $650,000

518 South Birch St, Santa Ana 92701; 4 bed/1 bath; 2,223 sq ft; $216/sq ft; listed at $480,000

1469 Bryan Ave, Tustin 92780; 5 bed/2.5 bath; 2,400 sq ft; $265/sq ft; listed at $634,900

Condos

700 West Walnut Ave #82, Orange 92868; 2 bed/1.5 bath; 1,190 sq ft; $265/sq ft; listed at $315,000

1021 West Bishop St #213, Santa Ana 92703; 3 bed/2 bath; 1,248 sq ft; $160/sq ft; listed at $200,000

15510 Williams St #A73, Tustin 92780; 4 bed/2 bath; 1,628 sq ft; $202/sq ft; listed at $329,000

Looking Forward to 2008: The Chapman Economic Report

Here are a few somber numbers for you to ponder. The 30th Annual Economic Forecast from the George L. Argyros School for Business and Economics and the A. Gary Anderson Center for Economics Research at Chapman University gives the following predictions for 2008 in Orange County: job growth, -0.2%; housing prices, -8.1%; personal income, a slight 0.2% gain (income is forecast to increase by 3.0 percent while inflation is forecast at 2.8 %). The good news, if you can hold on (and what other choice do we all have?), is that the report predicts the start of a recovery near the beginning of 2009.

The Chapman report cites weak job growth and declining building activity as upcoming drags on the Orange County economy. And it states that “the county will experience recession, based on our definition.”

The Chapman Center based this conclusion in part on the following:

“Consumer spending, particularly on durable goods such as furniture, appliances and automobiles, was a major engine of job growth, leading to sharp increases in taxable sales spending. With lower home sales activity, decreasing home prices and the resulting loss in paper wealth and high gasoline prices, spending on durable goods is getting hit hard, pulling down overall spending in 2008.”
—Esmael Adibi, “Chapman: The worst of times?” Orange County Register, December 16, 2007

So it seems that according to the Chapman School we have a circular situation: declining homes sales result in less home-related spending, which results in less jobs, which results in less money for homes and other spending.

In summary, the Chapman forecast for Orange County in 2008 is negative job growth, continued declining housing values, and recession. The slight good news is a predicted start to recovery near the beginning of 2009.

How accurate will this forecast be? Hang on. This ride isn’t over. See you in 2008.