Archive for March, 2008
March 31, 2008
If you take a minute to read my bio, many of you will know that I am also a professional camera operator for CNN and FOX. The one thing about shooting and production is that it always takes a tremendous amount of planning. What you see on the television looks magical, but the amount of behind the scenes work that goes into the most simple of scenes would shock most. I did a shoot this past weekend and it was not planned properly at all and boy did it show. I knew the dangers of not planning going into it, but never the less proceeded anyway. To no surprise, the finished product was no where what it could have been. And so it is with real estate, plan, plan, plan, if not, the end results will be ugly. As in production, the planning is paramount for your end result to be up to par. Lack of planning will always show in the end. To avoid this, we at Redfin have supplied you with some great information to help you plan. We do all the work, so you don’t have to.
Homes for Sale
Home Sales demand
Price Per Square Foot
Housing Market Conditions
Real Estate Price Trends
March 31, 2008
On Friday my husband and I encountered something we weren’t expecting. My oldest son found water all over the floor of 
his bathroom. We quickly found a crack in the toilet tank (not near any bolts or holes, just a random middle of the road crack) and my husband was thrilled. Why you ask? Because this was the room we’ve been waiting to remodel since we bought the place and we finally had the motivation to get started.
As we wandered the home improvement store and started throwing out ideas, the tension got thicker and we realized we were not on the same page with this rennovation. We both have different visions, ideas and priorities in the whole project. Remodeling can be a fun way to get a high return on investion (ROI) in your home. But it can also be frustrating, overwhelming, and downright stressful. Let’s take a look at how to make the process more excited and less exasperating.
Why the bathroom? Of all the rooms we spend our time in, why is the bathroom a great place to remodel? Every article I have ever read in my years of real estate interest always includes the kitchen and bathroom at the very top of the list. According to Demesne.com (an online home magazine) you can usually anticipate nearly 80% return on investment (ROI) on a bathroom remodel and HGTV reports similar numbers as well.
1st- Think about resale. I know, I know, it’s YOUR home, but if you’re not planning on staying there until the next remodel (in our case we aren’t), then think about what this is going to be like when you sell it. If you LOVE animal prints this is the time to buy leopard print accessories, not a custom leopard print counter. If you’re a huge sports fan, while you would love to get a tile pattern to reflect your favorite NFL logo, it might be a tough sell a few years from now.
So when it comes time to choose your design/decor think about choosing a neutral theme when it comes to the long-term items (counter, vanity, bath tub, tile, etc.). On a side note by neutral I do not mean white on everything. White everything tends to look cheap and outdated – throw some beige’s and other neutral colors in there. Kick it up a notch with the decor or easy to change items like paint, wall paper, towels, shower curtain, etc.
2nd- Choose your scope. How crazy do you want to get on this project? Is it a complete overhaul of the room or is it a small rennovation. This is the time to set and really look at your budget. Price things out and dont’ forget to check online. You’ll probably find some great tips and tricks on how to create the look you want for a good price. One of my favorites is www.homedecoratorsoutlet.com . You can find some steals there! Also, don’t forget to google “coupons” for any place you might be ordering from as to find great deals. Also look in the clearance sections of your major home stores. I have found many a bargain from such places.
This is the point where many seem to get pretty overwhelmed. Remember to keep things in range. If you’re rennovating the bathroom in your 2 bedroom condo, you probably don’t want to spend $25,000 doing a complete overhaul with all the fixings and top of the line vanities, granite countertops, etc. It just doesn’t fit the scope of your home. You will get a much higher ROI by putting in low to moderate priced items that match the rest of your home. If you live in a 3,000 Sq Ft, newly remodeled single family home with all the fixings, you’re probably going to want to put in some higher end items to match the rest of your home.
3rd- Get moving! This is the time to run with the project and get going. Don’t forget to take some before, during and after shots to document your journey!
March 31, 2008
Sales up 2.9% nationwide, OC prices down 2.1%
There seems to be a prolific number of posts on the housing blogs about how sales are up while prices are continuing to fall (Redfin’s “Hey, Who Closed that Window?!” and “Desperado” for example).
Last Monday, the Californai Association of Realtors (C.A.R.) released data showing that sales of existing homes are actually up 2.9% across the nation (although still down in “the West” by 1.1%). NBC’s report interviewed realtor Matt Garrison who believes “prices are too low for buyers to ignore” and that buyers are starting to feel that prices are nearing the bottom. Of course, he’s a realtor banking on the market recovering, sooner rather than later.
According to C.A.R.’s press release, existing Orange County home prices fell 2.1% (compared to 4.8% statewide) in the last month. OC home prices are down 13.9% from a year ago. While this may seem grim, the statewide stats are nearly double with home prices falling 26.2% in the last year. And check out Santa Barbara County where prices have fallen 39.1% from a year ago (ouch!).
The median OC home price is now $596,520 (with CA’s median home price at $409,240). C.A.R.’s January release had the median OC home price at $609,030. In one month, we’ve seen a drop in the median OC home price of $12,510.
Are sellers in the OC keeping up? Here are some price reductions from those sellers that are realizing they’ve got to drop their price to move their house. I think the lesson learned from these examples is too little is too late when dealing with pricing your house.
225 East Mayfair Ave, Orange 92867
4 bed/2 bath; 1,328 sq ft house
Nov 15, 2007: $575,000 (original list price)
Mar 12, 2008: $499,000 (13% reduction)
Mar 25, 2008: $450,000 (10% reduction)
1418 South Flower St, Santa Ana 92707
2 bed/1 bath; 1,047 sq ft house
Jan 28, 2008: $480,000 (original list price)
Jan 29, 2008: $440,000 (8% reduction)
Feb 26, 2008: $375,000 (15% reduction)
Mar 25, 2008: $325,000 (13% reduction)
14442 Poplar Dr, Tustin 92780
4 bed/3 bath; 1,801 sq ft house
Aug 1, 2006: $682,500 (original list price)
Jan 29, 2007: $660,000 (3% reduction)
Feb 3, 2007: $650,000 ( 2% reduction)
Nov 1, 2007: $639,000 (2% reduction)
Jan 10, 2008: $630,000 (1% reduction)
Feb 6, 2008: $625,000 (less than 1% reduction)
Mar 25, 2008: $620,000 (less than 1% reduction)
March 30, 2008
Wildflowers are in blossom and one of the places you will find them is Fairview Park. You can take yourself for a walk to view what the park has to offer, or, if you prefer, you can take a docent led tour this Saturday (April 5) at 9:00 am. The tour will be lead by Orange County Native Plant Society Member Sarah Jayne.
Also available at the park are horseback riding, hiking, walking, running, picnicking, and biking. In addition, flying model airplane gliders, wildlife watching, kite flying, and free rides for the kids on the mini railroad are available.
Fairview Park shares borders with both the Mesa Verde and Southwest areas of Costa Mesa. Here are some of the homes that have sold recently in this area:
1930 SWAN DR COSTA MESA, CA 92626
What: 1966 detached, 4 beds/3 baths, 2151 SF
Neighborhood: Mesa Verde
Sold For: $895,000 on 02/07/2008
Previously Sold For: n/a
2719 ALBATROSS DR COSTA MESA, CA 92626
What: 1965 detached, 4 beds/2 baths 2029 SF
Neighborhood: Mesa Verde
Sold For: $565,100 on 01/23/2008
Previously Sold For: $285,000 on Aug 18, 1988
962 JOANN ST COSTA MESA, CA 92627
What: 1956 detached, 3 beds/2 baths, 1017 SF
Neighborhood: Southwest
Sold For: $495,000 on 01/18/2008
Previously Sold For:
$158,834 on Sep 04, 2007
$727,000 on Mar 10, 2006
$629,000 on Apr 29, 2005
$295,000 on May 08, 2001
931 W WILSON ST COSTA MESA, CA 92627
What: 1957 detached, 3 beds/2 baths, 1141 SF
Neighborhood: Southwest
Sold For: $451,500 on 01/18/2008
Previously Sold For:
$525,100 on Jul 03, 2007
$735,000 on Mar 29, 2006
$290,000 on Aug 21, 2001
$163,000 on May 18, 1998
1032 SEA BREEZE DR #8 COSTA MESA, CA 92627
What: 1978 condo, 2 beds/1.5 baths, 1118 SF
Neighborhood: Southwest
Sold For: $419,000 on 02/22/2008
Previously Sold For:
$499,000 on Apr 17, 2006
$303,000 on May 05, 2003
$212,000 on Sep 25, 2000
$150,500 on Dec 24, 1998
Photos Courtesy Fairview Park website
March 29, 2008
In a previous post, I wrote about what the National Association of Realtors and HGTV say homebuyers are looking for in a home (“What Do Homebuyers Want? NAR and HGTV Weigh In“). A post on Jon Lansner’s web blog gives further insight into what prospective homebuyers want in a home (“77% in nationwide poll think this is a good time to buy a house“). He quotes a survey by Beazer Homes that is broken down into what first-time buyers want and what more experienced buyers want. Here is the break down:
First-time buyers
- a bigger home—28%
- investment potential—27%
- a better location—23%
- more modern features—14%
- desire less maintenance and up-keep—8%
Experienced buyers
- a better location—28%
- a bigger home—25%
- more modern features—18%
- desire less maintenance and up-keep—17%
- investment potential—12%
Also, see Carol’s post “Think Like a Buyer When Selling a Home.”
March 28, 2008
If after reading or hearing the recent economic news (for example, Jon Lansner’s The Big Orange Index, winter 2008), you are still not yet convinced that we are in a recession, then maybe you don’t believe we had a housing bubble. And if that is the case, maybe you don’t think that the downside of the housing bubble is dragging down the rest of the economy. For that matter, maybe you don’t believe in bubbles at all. If this is the case, I have a question for you: “Do you want to buy a tulip?”
Way back in 1600s there was this thing called Tulip Mania. Some of you have probably already heard of it. The world was going crazy for tulips. At one time, buyers were paying over 6 times the average yearly income for one tulip bulb? Talk about irrational exuberance! The thought was that the value of tulips would go up forever. A new paradigm for the old supply-and-demand model had been found. Or so was the thought at the time. Does this scenario sound familiar?
Much more recently we had the dot.com boom and bust. The same story: Many thought the market had found a new model. The old rules no longer applied. The price of stock would just go up, up, up. Never down. We were no longer part of a physical world that has limitations. What goes up never had to come down. These were the thoughts of the time. Now we have the housing bust. The Tulip Mania and dot.com lessons were not learned, and, unfortunately, many are suffering.
Some compassion is in order, but it may also be time to rethink our get-rich-quick mentality. A less manic approach to the economy would be more productive in the long run. We could accomplish this by putting more emphasis on what we have to contribute to the economy and then expect to be fairly compensated for our contribution. We all have some special abilities that we enjoy putting to use and would benefit the economy. Better to concentrate on this model of equal benefit than the get-something-for-nothing model.
And if after all this, you still don’t believe that our manic housing market of the last few years is the cause of our current housing and economic bust, then my question remains: “Do you want to buy a tulip?” I hear it’s the next big thing!
March 28, 2008
OK, OK, so homes in Newport Beach are not the cheapest in the world. Even with many homes going down in price, due to the slump in the market, the Newport Beach area can hardly be considered cheap. But that is OK, because it never hurts to dream and reach for the stars. Newport Beach may not be the next place you purchase your house, but who is to say that it can’t be the one after next. Think about where you are at now, it is not where you were ten years ago and it certainly will not be where you are ten years from now. So take a look, see what is out there and maybe, just maybe you can call Newport home. If not for today, but for the future.
11 Rue Biarritz: $2,495,000, 3 Bed, 4 Baths, 4,100 SQ. FT.
1802 Bayfront: $6,495,000, 1 Bed, 2 Bath, SQ. FT. not listed
2010 Barranca: $699,000, 3 Beds, 2 Baths, 1,342 SQ. FT.
407 Vista Flora: $895,000, 3 Beds, 3 Baths, 1850 SQ. FT.
16 Sea Island: $949,000, 3 Beds, 3 Baths, 1,764 SQ. FT.
20 Cabrillo St: $363,000, 2 Beds, 2 Baths, 998 SQ. FT.
105 Via Nice: $1,975,000, 3 Beds, 3 Baths, 1,953 SQ. FT.
March 28, 2008
While there are only a few, these just may be the ones for you. With only three listings to choose from this week, Huntington Beach open houses are kind of slim. But that is not to say that one of these, near the beach abodes can’t be for you. So pack up the fam, enjoy the beautiful weather and come on down and see where you can possibly be by Spring’s end. Happy Hunting my friends.
3152 Portifino Cir: $2,499,000, 2 Beds, 3 Baths, 2,715 SQ. FT.
16214 Bimini Ln: $1,795,000, 5 Beds, 3 Baths, 2,600 SQ. FT.
8881 Sailport Dr: $879,900, 4 Beds, 3 Baths, 3,033 SQ. FT.
March 28, 2008
Once upon a time there was a spry young man, full of ambition with a keen eye for real estate. As he grew, so did his community and he watched in awe. On his way home from school, he would sit and watch as foremen and journeymen hustled from rooftop to elevator, heaving loads of lumber and skillfully applying their trades. Then, one magical day, the noise and rubble gave way to a magnificent new structure, towering over its brothers; gleaming with new steel and fresh paint.
For a long time, this is how it went and the boy longed to be a part of it. He studied hard. His free time was spent dreaming up designs and building plans. In the years to come, he worked tirelessly as an apprentice, following in the shadows of his superiors, quietly laboring and learning all the while. Finally the day came when he had enough seniority, experience and skill to develop a building of his own. This was his moment of grandeur.
Recent Orange County Sweet Digs Posts:
Real estate and the economy had seen a huge boon in recent years and the young developer had no trouble acquiring financing. He had become well known for his design work and had assembled the best team of contractors, subs and mortgage brokers known in the industry. His debut building was a massive undertaking with 350 units in a highrise overlooking the harbor. The units were upscale and grand. No expense was to be spared on the amenities. Only top of the line fixtures and built-ins were allowed.
Half way through the building process, our young developer began to incur cost over-runs. The project was well over budget and small luxuries were scaled back. Then the economy took a nose dive. Wildfires to the south increased the demand for labor and depleted resources. Disposable incomes plummeted and free financing came to a standstill. The poor boy was left with a major mess on his hands. But this was his life’s work and he was determined to see it through.
Back to the drawing board he went; cutting corners, shrinking units, adding here subtracting there until he made the project work. Surely, he thought, 700 units at half the price would sell more readily than fewer at twice. Wrong. The development lost its charm and appeal, leaving nothing more than an over densified monstrosity behind. So it sat, empty and all alone. Its own stagnation fed itself and nobody wanted to go near. It stayed that way for quite some time until a local housing corporation picked it up. The City threw in some grant money and the building was converted into a mixed use development. Now there’s a Starbucks and Quickie Mart on the ground floor with 23 stories of apartments above.
Where is our hero now you ask? Nobody really knows but some say that if you listen late at night while all the world’s asleep you can hear his cries rolling across the bay from far, far away.
The End
March 27, 2008
Spring is in the air. The trees are blooming, leaves are green, flowers are blossoming, birds chirping, the marine layer’s sticking around in the morning, and “Open House” signs are popping up on the weekends. Yes, it’s good to live in southern California. If you’re looking to check out some homes in Mission Viejo, these homes are open for you this weekend.
28231 Coulter
5 beds / 3 baths / 2,039 Sq Ft
$660,000
Open: Sat 1-5
28782 Tomelloso
3 beds / 2 baths / 1,600 Sq Ft
$574,500
Open: Sat 12-3
26521 Baronet
4 beds / 3 baths / 2,200 Sq Ft
$750,000
Open: Sun 1-4
