Archive for August, 2008
August 13, 2008
You might have noticed that the Redfin search page is sporting a new look this week.
Back in December, the CEO of Redfin Glenn Kelman had a chat with Today Show’s Meredith Viera and talked about how Redfin’s approach to the science of real estate. (Click here to see video)
Photo Courtesy of MSN.com
The spirit of the “science of real estate” really drove the folks at the headquarters (we bloggers are independent contractors able to write about whatever, whenever really) to continue using a data driven, scientific approach for Redfin users as the latest changes were launched.
Kelman explains the new changes the changes here. Definitely check it out to maximize your researching effectiveness.
What I love:
-Numbers, Charts & Pictures, Oh My! There’s enough data here to answer almost any question. The charts and layout really help simplify the information I’m looking at. Not to mention all the information I ever asked when searching for homes about the local area is at my finger tips.
-The Big Picture Often when doing research on single homes it’s hard to get a read on the big picture. We get so wrapped up in looking at one house we are interested we forget to check out the rest of the town/neighborhood/city. Now we can get the big picture to compare to our little/not-so-little house we’re scoping out.
-Breaking It Down Finally the numbers are broken down to separate condos from single family homes! This makes the data we get much better and more accurate!
-The Layout The handy dandy toolbar at the top of the page (see picture below) is super user friendly. In fact, I think a lot of the page is incredibly user friendly and I don’t have to refresh my page or hit the “back” button to look at another data set.
What I Don’t So Much Love
-Address Search For as long as I’ve searched Redfin using an address I only get a hit about half of the time. I often end up searching for a specific address by looking it up on a Google map and then manually searching the Redfin map.
-Street Search I can’t just type in a street name and pull up the listings. Sometimes I’ll drive by a house and forget to write down the address and get home and have to once again manually drag through the maps rather than being able to type in “Mendocino Ct. Laguna Hills” and get the listings on that road.
Overall, the the new system is great and offers up a ton of help to the data-driven junkie like myself. Anyone else have thoughts on the new system?
August 12, 2008
We’ve heard it again and again… kitchens and bathrooms sell homes. Remodeling your kitchen and bathroom is said to bring you the highest return on your investment when you go to sell. But, what can you do without having to do a full renovation and remodel? Let’s check my new favorite blog and find out…
Nickie of the Home Stagging Blog recently posted about how to “Freshen Up Your Bathrooms for Buyers.” Her easy and affordable tips include:
- Display new towels “artfully.”
- Rid your shower extra bottles.
- Hang art.
- Add fresh flowers an candles.
- Replace shower curtains.
- Remove bath rugs.
Here are some properties that “get it” when it comes to showing off their baths:
12891 Hickory Branch Rd, North Tustin 92705 (4 bed/2 bath; 1,875 sq ft; $599,900)
1610 E 21st St, Santa Ana 92705 (3 bed/2 bath; 1,594 sq ft; $629,000)
1621 N Marquart St, Orange, 92867 (4 bed/3 bath; 2,418 sq ft; $679,000)
And to make the point of how a bad bath can make any buyer go “Eww, umm… I don’t think so,” here are some examples of sellers who need to follow these tips.
422 S Sycamore St, Santa Ana 92701 (3 bed/2 bath; 1,119 sq ft; $299,900)
65 S Olive St, Orange, 92866 (3 bed/3 bath; 2,103 sq ft; $649,900)
2703 E Blueridge Ave, Orange 92867 (4 bed/3 bath; 3,156 sq ft; $869,000)
Recent Redfin Posts:
Neighborhood Spotlight: Barcelona
A Final Review of the Housing Bill
Lend a Hand at the Incredible Edible Park
It Is What You Say, Not How You Say It
Orange: Sold over asking… Can you still create a bidding war?
August 11, 2008
Nestled right in the corner of Trabuco and Los Alisos Rd is the Barcelona neighborhood. It’s got great proximity to the lake, is surrounded by parks and is a quiet little neighborhood when all things are considered. The homes are older and smaller. They are single family homes, though many are the size of local condos. Many have been remodeled, but many also have a lot of cosmetic work that needs to be done and there are a good handful of homes that look a little overgrown.
As far as faring well in the market, the Barcelona neighborhood is very typical of the OC trends – the homes have steadily lost value over the last two years. What was once a cozy (read: small), quiet home that could readily sold for $600k+ now looks to sell for about $450K. My guess is that back in the day these were a flippers dream and the jig’s up now. I think these homes still have a little dropping to do before they “bottom out” in value. We’ll have to keep our eyes on it!
On The Market
27112 Via Noveno
2 beds / 2 baths / 936 Sq Ft.
Listed At: $465,000
DOM: 33 Days
22722 Via Octavo
4 beds / 2 baths /1,463 Sq Ft
Listed At: $549,900
DOM: 11 Days
22701 Via Tercero
3 beds / 1.75 baths / 1,178 Sq Ft
Listed At: $399,900
DOM: 43 Days
2006 Sales
27032 Via Noveno
3 beds / 2 baths / 1,178 Sq Ft
Sold For: $610,000
26841 Via Santa Lucia
3 beds / 2 baths / 1,178 Sq Ft
Sold For: $615,000
22731 Via Tercero
3 beds / 1.5 baths / 1,614 Sq Ft
Sold For: $690,000
2007 Sales
22561 Via Tercero
4 beds / 2 baths / 1,463 Sq Ft
Sold For: $700,000
Recently Sold
26942 Via Quinto
4 beds / 2 baths /1,463 Sq Ft
Sold For: $445,500 (5.1.08)
22836 Via Octavo
3 beds / 1.5 baths / 1,099 Sq Ft
Sold For: $425,000 (4.2.08)
22635 Via Tercero
2 beds / 1 bath / 935 Sq Ft
Sold For: $425,000 (6.30.08)
August 10, 2008
Previously we looked at how the housing bill changes the operation of Fannie Mae and Freddie Mac and the FHA, as well as how the bill changes federal tax policy. Today is our final leg on our tour of the Housing and Economic Recovery Act of 2008.
Here is a summary of miscellaneous components of the Housing and Economic Recovery Act of 2008:
- Establishes a nationwide loan originator licensing and registration system that sets minimum standards for all residential mortgage brokers and lenders as well as strengthens mortgage disclosure requirements (source: Senator Boxer’s website)
- Gives mortgage holders who modify loans held by borrowers who are in default or about to go into default protection from investor lawsuits (source: AP and Orange County Register)
- Provides some severely distressed communities $3.9 billion in Community Development Block Grants that can be used for buying and renovating foreclosed property (source: AP and Senator Boxer’s website)
- Provides distressed borrows $180 million that can be used for foreclosure counseling and legal fees (source: AP)
- Increases the federal debt limit (Dr. Housing Bubble says that the debt limit will increase from $9.815 trillion to $10.6 trillion. He believes that this is where losses at Fannie Mae and Freddie Mac will end up. However, there are a lot of contradictory opinions out there. And sorting all that out is a post, or posts, for another time.).
- Eliminates down payment assistance programs (source: Dr. Housing Bubble) Clarification: Seller-financed down payment is not allowed; however, family-member and non-profit down payment assistance is still allowed. (Source: HUD Secretary Steven Preston on Patt Morrison) SW 8-14-08. The story continues: Even though some worked to keep the down payment assistance program mentioned by HUD Secretary Preston from ending, this program ended on October 1, 2008. However, some are attempting to revive the down payment assistance program. So stay tuned to see how this story plays out. (Source: Marketplace) SW 10-9-08
August 9, 2008
In yesterday’s post, I wrote about the Irvine city staff’s display of its problem solving skills with the development of the Incredible Edible Park. If you would like to volunteer at the Incredible Edible Park or other Orange County fields associated with the Second Harvest Food Bank, either individually or as part of a group, contact Kris at 949/653-2900 ext. 166 or kris@feedoc.org. As I wrote yesterday, the food harvested is part of the Second Harvest food donation program.
Here are the ways you can help at the Incredible Edible Park in Irvine, Field of Greens Farm in Santa Ana, or other locations:
- Get an advanced assignment date to help at the Incredible Edible Park in Irvine, the Field of Greens Farm in Santa Ana, or the other numerous fields located in Orange County and associated with the Second Harvest Food Bank program. This is open for group or individual sign-ups. Sign-up is usually well in advance of the field gleaning (planting, picking, weeding) date, and the location is not specified at the time of sign up. Rather the location is determined a short time before the assignment date as dictated by which field needs attention. Once the location is determined, someone from Second Harvest volunteer department will call to confirm your participation and give directions. The gleanings are held on Tuesday, Thursday, and Friday, from 9 AM to 11AM; and Saturday and Sunday, from 1 PM to 3 PM. Gleaning duration is 1-1/2 to 2 hours.
- For a more immediate assignment and more choice over your volunteer location, get on the Second Harvest e-mail update list. This is geared to individuals.
- If you would like to volunteer on a routine basis at a particular location, such as the Incredible Edible Park in Irvine or the field in Santa Ana, let Kris know this and she will let you know what is needed.
Note: A fundraising event for Second Harvest will be held this Wednesday at various Claim Jumper Restaurants.
GRAPHICS COURTESY BOASTAR & SECOND HARVEST FOOD BANK
August 8, 2008
When watching Irvine city council meetings, I am often impressed with the skill, knowledge, and the dedication of the City staff in responding to City needs. The creation of Irvine’s Incredible Edible Park, located at 15058 Harvard Avenue (Irvine’s Walnut neighborhood), is an example of this. The City’s efforts lead the way to the transformation of this site from 7.5 acres of weed-filled Southern California Edison easement land into an agricultural field that is part of the Second Harvest’s food donation program.(A bike path is also part of the park.)
So not only did this mean the renovation of an unsightly field and savings to the City of $4,500 on weed abatement, but it also means an ongoing supply of food donations for the food bank. The Second Harvest Food Bank, which recently moved to a new and larger facility on the grounds of the Orange County Great Park, helps to feeds the over 450,000 Orange County residents that are at risk of going hungry each month. It also has a field in Santa Ana and is given access to numerous other fields and orchards in Orange County.
PHOTO COURTESY THE EPOCH TIMES
Tomorrow: Volunteering at the Incredible Edible Park
August 8, 2008
Cozy 1 bedroom, unlimited bath home. Offers an Emersonesque-like commune with neighbor. This unique beauty offers a sprawling yard and open floor plan to it’s lucky buyer. Come check it out!
I have always loved the descriptions of homes in advertisements, on the MLS or anywhere else you can find them. In fact, years ago, part of my job was writing those blurbs for newspaper ads at a real estate office. And according to the Chicago Sun Times, the words used in those ads actually have a lot to say about the home.
Their study included 9 large metro-areas (including the OC), and had several interesting findings, including:
“For the most part, “nice” is used to describe homes under $250,000.
Frequently used quirky words to grab attention include “wow,” “cool,” “savvy” and “fussiest.”
Here are the top 20 subjective words used to describe homes overall: perfect, gorgeous, wonderful, lovely, quiet, updated, entertaining, easy, oversized, old, fabulous, beautifully, stunning, charming, spacious, potential, plenty, luxury, style and quality.
The areas with the highest number of listings mentioning price reductions are Washington D.C. (8 percent), Orange County (5.9 percent), San Jose (5.6 percent) and St. Louis (4 percent). Chicago, Boston, Dallas and Miami were all at 2 percent.”
Other terms & translations:
-Commune with nature = enjoy the raccoons in your attic and the family of skunks under your front stoop
-Recent exterior work = the bullet holes from the last drive-by were recently patched
-Friendly neighbors = (just walk away if used in conjunction with exterior work) duck if they slow down while driving by your house
-Major price reduction = this house has been on the market forever and the selling agent is on their last leg – buy now please!
-Sprawling floor plan = the owners who were trying to flip this gutted the place and ripped out all walls only to run out of cash to finish the flip
-Potential = it’s cheap now but will probably give you a huge headache and cost way more to fix it than you think!
-Location, Location, Location! = your “stunning view” overlooks the 405 and your side wall sporting the master window backs up to the back of the Ralph’s semi-docking station to unload shipments at 5am every morning
-Ocean View = If you stand on the left side of the master bath sink at a 47-degree angle on a perfectly sunny day you can catch a shimmer of Ol’ blue sparkling back at you (this happens approximately 3 days a year)
-Exterior Freshly Repainted = tags and grafitti recently painted over
-Cute = it’s small enough that you can cook your eggs on the oven and clean your bathroom on the other side of the house without ever moving your feet
Obviously this is all done in jest – but do remember, these are advertisements and just like all ads, there is bound to be some exagerration or fallicious argumentation behind it. I’d also love to hear other descriptions and their “translations” to add to the list!
August 8, 2008
You would think anyone making an offer over asking would be crazy these days. Take this nice house with a pool in Orange (shown below with the blue house flag). It was listed for $499,000 when an offer for $509,000 was accepted. Okay, okay, so it’s only 2% over asking. Not a huge deal, at least not like what were seeing four or five years ago.
However, this house still raises a good point. Can you still create bidding wars or preemptive high offers with aggressive pricing? The first time on the market, this house was priced the same as others a coupe blocks over. The second time on the market, the house was a lot less than these comparables. However, two new entries just a block away lowered the bar (listed at $448k and $469k at the time). So, sadly for sellers, no, it is not likely you can create a bidding war with competitively pricing your house to sell. Now, pricing your house below what is considered competitive (let’s say $350-400k in this case) is another scenario that I’d like to see tested.
824 E Wilson Ave Orange, CA 92867
3 bed/2 bath house; 1,475 sq ft; built in 1959
Sold price: $509,000; Sold date: July 10, 2008
Listing history:
Date unknown: Listed, priced at $649,000
Sep 15, 2007: Reduced to “$599,000″
Jun 19, 2008: After being off the market, listed again at a price of $499,000
Jun 24, 2008: Status changed from “Active” to “Contingent” (usually means in escrow and confident with buyer)
August 7, 2008
As the summer wears on and we near the end of the peak spring/summer sellings season I continue to notice a flurry of Open House signs littering the streets each weekend just about everywhere I go. Mission Viejo has a pretty loaded schedule with a lot of open houses scheduled. If you’re looking for a single family residence, here are a few to check out.
22852 Boltana
4 beds / 3 baths / 2,143 Sq Ft
Listed For: $624,900
Open Saturday 1-4pm
22511 Bluejay
4 beds / 3 baths / 3,451 Sq Ft
Listed For: $959,000
Open Sunday 2-5 pm
25476 Pacific Hills
5 beds / 3 baths / 3,100 Sq Ft
Listed For: $1,125,000
Open Sunday 1-5
27390 Morro
4 beds / 3 baths / 2,815 Sq Ft
Listed For: $899,000
Open Sunday 1-5
11 Regalo Dr
5 beds / 4 baths / 3,139 Sq Ft
Listed For: $895,000
Open Sunday 1-5
9 Cantada
3 beds / 3 baths / 1,830 Sq Ft
Listed For: $665,000
Open Saturday 2-5
August 7, 2008
It used to be that people would trade in their short commutes for a bigger house with a nice yard for their kids to play in. They’d prefer to spend an hour in the car everyday if it meant that their kids would have a safe neighborhood to ride their bikes around in and the family could have the house of their dreams (at the price they could afford).
Well, speaking of affordability, that long commute is getting less and less affordable. That dream house out in the suburbs is becoming less of a reality and more of a dream. It’s not just gas prices and inflation that are too blame. In Orange County, we have a distinct lack of reliable public transportation. Living up in Yorba Linda and commuting down to Irvine wouldn’t be such a problem if there was a rail line that whipped you right down.
Mary Ann Milbourn’s post on Lansner’s blog (“Long commute? Good-bye O.C.“) discusses these issues in the context of a recent release from RREEF Research. The release claims “A short automotive commute, a commute by public transport, and even a walking or bicycling commute has become more appealing. Thus, demand will increase for residential locations with good access to employment centers and will decrease for peripheral suburban bedroom communities that are poorly served by transit.” Milbourn ponders the question if this reverse suburban migration will pose a challenge for the OC in attracting residents in the future.
Milbourn describes a possible transportation-seeking phenomenon that may have already occurred: “Experts already have suggested that a tight rental market in North County may not just be due to cheaper apartments, but may also be evidence of people migrating closer to public transit and jobs in Los Angeles.”
A recent article in the L.A. Times by Paloma Esquive (“Busy bus route reveals a cross section of O.C.“) depicts the long commute on the packed (and getting more packed) 57 line. Esquive talks about potential solutions to ease the congestion: “At one time there were plans to replace the bus with light rail, but years of studies, turf wars and battles for funding made those efforts futile. In the end, the OCTA proposed a rapid bus system with fewer stops. The new buses should be ready in 2010, officials say.” More buses is better than nothing, but it still seems like a long way off for implementation for such a mediocre solution.
The San Diego Union Tribune ran an article (“Fuel for thought: Gas prices changing commuters’ attitudes“) in July about the changing behaviors of consumers with gas prices and a lack of a convenient and reliable public transportation service. “As a result, drivers here will have to learn more creative coping skills, from changing how they commute to possibly rethinking where they live.” The article noted that change in behavior has already been happening with changes in what cars are being purchased, according to car dealers interviewed. Also, “San Diego-area transit officials are reporting heavier bus and trolley ridership, as well as a near-record number of van pools.”
Will we see a mass exodus from our OC suburban areas? I would hope we would rather see some nice light rail lines put in.
