Archive for February, 2008
February 29, 2008
Mortgage default notices in Orange County are up 128% from a year ago, and bank foreclosures in Orange County are up 568% from a year ago (Source: DataQuick, Orange County Register). These numbers are all signs of the times. And here is one more: 48% more first installment property tax dollars were unpaid than were last year. The Orange County Tax Collector made some recent changes to allow for better data analysis, so the comparison may not be apples to apples. However, these numbers are still another indicator that the economy and housing market are not looking good.
The following statement by Jonathan Lansner also highlights the seriousness of the increased property tax defaults:
“Traditionally, it takes five years of unpaid tax bills before a home can be taken by the county for non-payment of taxes and sold to pay the skipped bills.
“Lenders, as a comparison, can seize a house within months of missed mortgage payments if they choose to act quickly. So, a financially strapped property owner could be best served paying the lender first.”
—Jonathan Lansner, “Unpaid property tax up 48% signaling stress on budgets,” Orange County Register, January 12, 2008
So in addition to banks auctioning foreclosed properties, the County of Orange also auctions homes that had defaulted property taxes. Recently, the Orange County Board of Supervisors approved the sale by public auction of 120 county-owned properties. This list of 120 properties was provided as a link in a December newsletter from Supervisor Bill Campbell and has an auction date set at March 19.
However, the Orange County Tax Collector’s office web information has an auction date set at March 27. This website (Real Property Section of Orange County Public Administrator) shows information on the properties to be auctioned at this date, provides a list of the auctions rules, and states that you can get bidding instructions and forms by calling or going to the Real Property Section of the Orange County Public Administrator/Public Guardian (see contact information below).
If you are interested in these auctions, I suggests that you contact the Orange County Real Property Section and clear up any confusion on dates or properties to be auctioned.
Doors are open 30 minutes before auction time.
Keys may be checked out to inspect the properties prior to auction by contacting 714/567-7630.
You can also use the Orange County Tax Collector’s Office, Real Property Section contact information and website to stay aware of any other future Orange County property auctions. With these property tax default numbers, property auctions in Orange County might be very active.
Orange County Property Auction Information
Treasurer-Tax Collector
Real Property Section of Orange County Public Administrator property
What and When: See website or call 714/567-7630
Where: 1300 S. Grand Avenue, Bldg. C, Santa Ana, CA 92705
Mailing address: P. O. Box 11526, Santa Ana, CA 92711)
Open: Weekdays 8 am to 5 pm
Graphic Courtesy The County of Orange
February 29, 2008
If you are in the market for some prime beachfront property or property that is in close proximity to the beach the wonderful city of Newport Beach has some great places for you to look at. Take some time to drive around and look at these places that are on the market. As I have stated before, you don’t have to buy, (well don’t tell the agent that) but just look. This will give you a reference for the future and maybe a little something to dream about. The weather will be great and the homes are sure to not disappoint.
2001 Diana Ln: $1,095,000, 3 Beds, 2 Baths, SQ. FT. not listed
2312 Aralia St: $1,399,000, 4 Beds, 3 Baths, 2,300 SQ. FT.
1906 Irvine Ave: $1,400,000, 4 Beds, 4 Baths, 3,200 SQ. FT.
20212 Cypress: $1,600,000, 4 Beds, 3 Baths, 3,450 SQ. FT.
2427 Bunya St: $1,670,000, 4 Beds, 3.5 Baths, 2,314 SQ. FT.
215 Via Dijon: $1,679,000, 3 Beds, 2 Baths, SQ. FT. not listed
1719 W Newport Dr: $1,825,000, 4 Beds, 4 Baths, 3,202 SQ. FT.
1919 Yacht Traunt: $1,850,000, 4 Beds, 2.5 Baths, 2,347 SQ. FT.
1606 Lincoln Ln: $2,125,000, 5 Beds, 3.5 Baths, 4,219 SQ. FT.
February 29, 2008
Yesterday I attended a meeting at a beautiful home in Carlsbad, CA. The meeting was hosted by a very lovely and successful couple. The house, as you can imagine, was a very well decorated abode, had great warmth and positive energy. During the course of this meeting, which was attended by several other impressed business associates, I began to ponder how this individual and his wife got to this point in their life. The answer did not take long to come to me, other than the obvious hard work and education, of which he has both, the answer lies in the fact that he waited. He waited until the time was right.
As we live in a “now” society, many people, particularly younger individuals want things at the moment when the timing may not for them. The term fools rush in, is so applicable to the real estate market. Just because you can “afford” a house does not mean you can afford the house. Biting off more than one can chew, seems to be one of the largest reasons California is in the real estate mess that we are in today. While it may be nice to wake up tomorrow in a 6,000 square foot home of our dreams, it very well may be in your best interest to wait.
As we take a look at open houses in the Huntington Beach area, you will notice several houses that represent both aspects mentioned in the previous paragraph. Some that maybe you should wait on, and others that you should grab now. Whatever the case may be, just make sure it is the right fit for you. Happy house hunting my friends.
92646 Huntington Beach: $650.00, 3 beds, 2.5 Baths, 1,632 SQ. FT.
8881 Sailport Dr: $879,900, 4 Beds, 3 Baths, 3,033 SQ. FT.
20391 Drew Cr: $949,500, 5 Beds, 3 Baths, 3,000 SQ. FT.
7061 Sunlight Dr: $855,000, 4 Beds, 4 Baths, 2,831 SQ. FT.
2872 Coast Cr: $789,000, 2 Beds, 2 Baths, 1,650 SQ. FT.
817 Delaware St: $770,000, 2 Beds, 1 Baths, 702 SQ. FT.
17401 Forbes Dr: $749,900, 4 Beds, 2 Baths, 2,200 SQ. FT.
20211 Imperial Cove Ln: $719, 2 Beds, 2 Baths, 1,923 SQ. FT.
February 29, 2008
The nights are still a tad chilly, but the weather is OK for lounging outside in the privacy of your own backyard in the early spring evenings – there are no mosquitoes yet and the sky is clear. Rather than spend time indoors huddled around the TV set, you might want to consider heating your deck or patio. Keep in mind though that there are different heaters available for every back yard. For instance, a heater may be powered by propane, natural gas, alcohol-gel, electricity, wood, or wood substitutes such as charcoal or artificial logs. Depending on the size and the heat source, a heater might warm only a small space or heat a party-size yard. For all heating devices to function properly, they need the right location. The best site is a combination of walls or fences (to radiate the heat back into your space) and overhead structures that will prevent the wind from blowing directly through your selected area.
Here are some ideas for successful and safe use:
Wood-burning fireplaces and fire pits are generally the least expensive to buy and to operate. Check for zoning ordinances to be sure that you can burn wood on your property. Some cities allow wood burning in a small Mexican stove-like heater also known as a chimenea unit, but will not approve a built-in or dug fire pit. Wood-burning units range from small collapsible units on wheels for easy portability to huge built-in concrete fireplaces. If you are permitted to burn wood, you are sure to find something that will be perfect for your needs!
If you have a pottery fireplace, or chimenea, use it cautiously as these units are lightweight and reasonably fragile. To keep the fire from getting hot enough to break the chimenea, it’s best to use kindling-size wood.
Many wood-burning units have optional cooking grills so your fire can do double duty warming your toes and the rest of you.
Any open fire is a potential hazard. Keep any overhead sparks from tree branches or patio overheads, and be sure to teach children proper fire safety.
Natural gas heaters are easy to use but are usually built in and, although bottled gas may be purchased, are best limited to those areas that have natural gas service.
Propane heaters can be economical to operate. Depending on the heat output level you set, a standard propane tank can provide 10-12 hours of heat.
Propane-powered “mushroom” or “umbrella” heaters (so called because of their shape) are the best choice for heating large areas. Think of the ones that restaurants and cafés use. They radiate warming rays from the top cylinder and provide a comfort zone of 12 - 20 feet in diameter. The propane tank is hidden in the bottom of the unit. It’s a good idea to store these types of heaters when not in use as they can be sensitive to the elements. Smaller tabletop units are also available at various barbeque centers as well as discount stores and home improvement warehouses.
Although electric heat is usually the most expensive, there are a few electric heaters designed specifically for outdoor use. Be sure that any heater that is left outside is rated as such.
With such a wide selection of outdoor heating devices available, it’s easy to find the perfect unit for your own yard in the blink of an eye. Just think of all the possibilities you and your family can enjoy — from snuggling to lighting up the night — once you introduce the perfect heated unit into your outdoor living world!
February 28, 2008
When looking at the median price value of single family homes in Mission Viejo, the value continued to fall from $678,124 back almost 3 weeks ago to $664,771. This is a loss of about 1% for the month.
At last, we can see a little bit of that silver lining. While it’s not the best news or most encouraging news, it’s good news, which is hard to come by these days. The number of days houses are spending on the market (DOM) in Mission Viejo is on it’s way down. What peaked at over 450 homes is now slowly dropping down to 370. Honestly, I find this one the most surprising. I anticipated a little dip around November/December (which is part of the annual cycle/slowdown around the holidays) but the numbers keep dropping.
The drop in homes on the market is showing us that the market just might be slowing a bit. In my humble opinion, people aren’t really buying or selling unless they have to. Unless they are about to lose their home, are expanding their family, or need to relocate I don’t think people really want to be playing in this housing market. I’ve talked to several locals who are in a place in their life where they want to downsize and would still make a hefty profit on their house, but are waiting to be sure they won’t lose money on the one they are buying now.
One thing’s for sure - the spring/summer annual rush in sales will probably give us a better picture of what the market is going to hold for the rest of 2008. But don’t hold your breath, analysts aren’t too optimistic, and neither am I.
February 28, 2008
Spring is in the air can you feel it? It arrives officially on March 10 and daylight savings time comes on Sunday, March 9. Is there any better way to celebrate than by checking out the open houses this weekend?
Dana Point:
34866 Camino Capistrano Three bedroom/2 baths, 1,600+ sq. feet, single-family residence, across from park. $1.5 Million. Open Sunday, March 2 from 1-4.
33542 Spin Drift Ct. Three beroom/3 baths, 1,700+ sq. feet, single-family residence, major upgrades and recently reduced. $835,000. Open Sunday March 2 from 1-4.
Laguna Niguel:
26 Larkfield Ln. Four bedrooms/four baths, 2,900+ sq. feet, single-family residence, no neighbors on either side. $975,000. Open Sunday March 2 from 1-4:30.
Aliso Viejo:
35 Fawnridge Pl. Five bedrooms, 3 baths, 3,800+ sq. feet, single-family residence, located in prestigious Kensington Estates. $1.2+ Million. Open Saturday March 1 and Sunday March 2 from 1-4.
February 27, 2008
For those of you who came to the Orange County home tour at 401(k) on Monday, thank you. For those of you who missed it, check it out. Monday’s event was a showcase of properties that have equity in excess of $100,000, were purchased pre-boom and are now back on the market with competitive pricing (and wiggle room for negotiation). This is the promised sequel to that event…CALL ME!
Newport Beach - 1232 Polaris Drive. 1964 four bedroom, three and a half bath home. Asking $2,195,000 ($711 per square foot). Last sold for $535,000 on August 3, 1993. Zillow values this home at $2,367,000 and it has been on Redfin for 134 days.
Laguna Hills - 25092 Champlain Road. 1964 single family home with four beds, 2 baths. Asking $710,000 ($263 per square foot). Last sold for $282,000 on May 11, 1998. Zestimate $736,500. eppraisal $817,281. On Redfin 34 days.
Mission Viejo - 23327 Saint Andrews #82. 1986 condo with three beds and three baths. Asking $619,900 ($304 per square foot). Last sold for $240,000 on June 17, 1988. Zillow values this property at $497,000. On Redfin 12 days.
Orange - 3139 East Chapman Avenue #12C. 1963 condo with three bedrooms and two baths. Asking $395,000 ($342 per square foot). Last sold for $165,000 on May 25, 2001. Its Zestimate is $362,000 and eppraisal is $401,441. On Redfin 280 days.
Santa Ana - 717 East Chestnut Avenue #4. 1982 three bed, 2 bath condo. Asking $349,999 ($292 per square foot). Last sold for $95,0000 on January 19, 1993. It’s Zestimate is $355.500 and eppraisal is $404,894. On Redfin 110 days.
Tustin - 1182 Mear Lane. 1963 single family home with three beds, two baths. Asking $599,900 ($420 per square foot). Last sold for $180,000 on June 6, 1995. Zillow places its current value at $494,000 and its eppraisal is $622,985. On Redfin 379 days.
Recent Orange County Sweet Digs Posts:
Get ‘em While They’re Hot
Tustin: Real Estate Market Report
Bang for Your Buck…Newport Style!
The F-Bomb
The Number 45,000 has Many Ties
Does a House Go Bad if it Sits?
Tips for Homebuyers: Know Your Money
Tustin: Top Property Picks
February 27, 2008
Writing about bang for your buck in Huntington Beach is a little more fun and slightly more applicable than my other blogging city Newport Beach. It is here in this city that we can find many deals that are at $310 per square foot. Bang for your buck in Huntington Beach can truly give you a bargain. Although not extremely plentiful, several of these nice deals can be found not too far from Main Street. Because of your friendly blogger here at Redfin, you don’t have to go out and do any of the searching, we’ll take care of it for you. So have a ganders and at some of the lowest prices per square foot in the Huntington Beach area. Get them while they are hot or they may be gone tomorrow.
9071 Mediterranean Dr: $579,999, 4 Beds, 2 Baths, price per square foot $398
1212 Deleware St: $989,900, 3 Beds, 4 Baths, price per square foot
19874 Deep Harbor Dr: $749.000, 5 Beds, 3 Baths, price per square foot $302
511 19th St: $749,900, 3 Beds, 2.5 Baths, price per square foot $371
921 Alabama St: &699,990, 4 Beds, 3.5 Baths, price per square foot $350
20301 Bluffside Cr #209: $409,000, 2 Beds, 2 Baths, price per square foot $372
9556 Bickley Dr. #5: $359,000, 2 Beds, 2 Baths, price per square foot $331
628 17th St: $770,000, 3 Beds, 2.5 Baths, price per square foot $302
February 27, 2008
The last report on Tustin I posted was in late December. At that time the Tustin real estate market was continuing to fall, at a slow rate. What’s happened between then and now? A bit of an accelerated decline, I’m afraid.
Tustin’s median home price continues to fall and is currently $673,355 (down 5% from $712,000 in December). This price drop is more drastic than what we were seeing right before the holidays. In fact, according to the trend preceding the holidays, median home prices should be down no more than 2.5%. However, it’s double, down 5%. Hopefully, we’ll see a recovery in the next couple of months, and by recovery, I mean a deceleration in the rate of price decline. It’s possible this increased rate of decline is not truly representative of the market conditions but rather reflective of the seasonal slowing we typically see every year. My bet is on a little of both.
As for inventory, the number of homes on the market is also down. It’s down 5% with 223 currently on the market (down from 235). As we’ve discussed before, less homes on the market most likely means sellers are taking their homes off the market or losing them to foreclosure, not because they’re “selling like hotcakes.” Lastly, the number of days on the market is up to 118 days (a 28% increase from 92 days). Less homes on the market and longer time to sell reinforces the dreary outlook on the market.
Data and graphs courtesy Altos Research.
Below are properties in the various stages of the selling-a-house life cycle. What can be learned from these examples? Price your house right and it’ll sell. Overprice, and you’ll be sitting on the market… indefinitely.
Properties Just Sold
13012 Saint Thomas Drive, North Tustin 92705; 4 bed/2.5 bath house; 2,074 sq ft; listed at $899,000 (down from $949,000); sold on 12/19/07 for $810,000 (10% below asking)
14544 Newport Avenue Unit 2, Tustin 92780; 3 bed/2.5 bath townhome; 1,470 sq ft; listed at $445,000 (down from $529,900); sold on 12/31/07 for $440,000 (1% below asking)
14931 Almond Grove Court, Tustin 92780; 3 bed/2.5 bath townhome; 1,300 sq ft; listed at $437,500 (down from $469,900); sold on 1/31/08 for $435,000 (less than 1% below asking)
Properites Just Listed
13202 Dean Street, Tustin 92780; 3 bed/2 bath house; 1,392 sq ft; $519,000; 1 day on the market
2800 Keller Drive #58 , Tustin Ranch 92782; 2 bed/2 bath condo; 942 sq ft; $379,900; 1 day on the market
521 South Lyon Street #132, Santa Ana 92701; 2 bed/2 bath condo; 1,080 sq ft; $178,900; 1 day on the market
Properties That Have “Been Around”
14442 Poplar Drive, Tustin 92780; 4 bed/2.5 bath house; 1,801 sq ft; $625,000; 575 days on the market
1182 Mear Lane, Tustin 92780; 3 bed/2 bath house; 1,427 sq ft; $599,900; 380 days on the market
13722 Red Hill #85, Tustin 92780; 1 bed/1 bath condo; 696 sq ft; $265,000; 456 days on the market
February 27, 2008
Out of all the things that I blog about, here on redfin, it is the bang for your buck in Newport Beach that feels the most awkward. This is because a bang for your buck, or value if you will simply does not exist in Newport Beach. Now that is not to say that a deal has not been found in this beautiful beachfront city, it’s just few and far between. With some houses going for as much as $977.00 per square foot, the word bargain can hardly be used. Of course, getting a deal is pretty relative, so if you can get a house that is relativity cheaper than the others, I guess that is enough to make you jump for joy.
260 Cagney Ln. #219: $ 3 Beds, 2 Baths, price per square foot $318
3 Goodwill: $749.00, 3 Beds, 3 Baths, price per square foot $441
610 Clubhouse Ave: $1,100,000, 2 Beds, 2.5 Baths, price per square foot $440
2101 E. 15th St. #10: $759,000, 3 beds, 3 Baths, price per square foot $449
12 Shellprint Ct: $695,000, 4 Beds, 3 Baths, price per square foot $396
21747 Vista Laredao: $780,000, 3 Beds, 2.25 baths, price per square foot $415
