Archive for the ‘Costa Mesa, Irvine’ Category
August 24, 2008
Note: This month I will start using Redfin’s inventory and pricing tools to help with determining the status of the housing market. So unless otherwise noted, the following numbers are from Redfin’s Costa Mesa “Overview of Homes for Sale” page. This page includes the Costa Mesa inventory and pricing numbers as well as the associated charts and graphs. So if you would like to see the charts and graphs, click on the above mentioned overview page link. Also, note that the numbers with an asterisk (*) are based on homes sold or taken off the market in last 90 days.
For more information on the August Costa Mesa housing numbers, see yesterday’s post “The Costa Mesa Market Report: Condo Housing Stats, August 2008.” For a review of the January 2008 to July 2008 Costa Mesa housing numbers, see “The Costa Mesa Market Report: Detached Homes Stats, July 2008” and “Reality Check: Costa Mesa Detached & Condo Homes Stats, July 2008.”
Following are the 2008 detached home statistics for Costa Mesa. The August detached home stats for Costa Mesa are similar to last month’s stats: the housing numbers are still declining slightly in the buyers’ favor. In other words, there is no housing market turnaround in Costa Mesa at this time.
- Median List Sales Price:
- August 21, 2008: $667K
- July 06, 2008: $682,521 (Source: Altos Research)
- Median List Price Per Square Foot:
- August 21, 2008: $377
- July 06, 2008: $380 (Source: Altos Research)
- Median Sold Price/Per Square Foot*:
- Days on Market:
- August 21, 2008: 88—median DOM, source: Redfin* (average DOM according to Altos is 122)
- July 06, 2008: 94 (average DOM, source: Altos Research)
- Number of Homes on the Market (Inventory):
- August 21, 2008: 340 (13 are bank- and MLS-foreclosures; 6 are for sale by owner)
- July 06, 2008: 305 (Source: Altos Research)
- % Homes with Price Reductions/Median # of Reductions/Median % Reduction*:
- August 21, 2008: 53%/2/8.5%
Note: The Altos Market Action Index shows the balance between potential buyers and sellers, in other words,
the balance between supply and demand. Above 30 is a sellers’ market; below 30 is a buyers’ market.
August 23, 2008
Note: The stats for detached homes provide a good overview of market trends in each city. However, condos also play a significant role in the Orange County housing market, so taking a look at these numbers is also helpful. That is what we will do with the following housing numbers.
As with tomorrow’s post (which is a overview of the statistics for the detached homes market in Costa Mesa), I am switching over to the Redfin’s inventory and pricing tools to help with determining the status of the housing market. So unless otherwise noted, the following numbers are from Redfin’s Costa Mesa “Overview of Homes for Sale” webpage. This page includes the Costa Mesa inventory and pricing numbers as well as the associated charts and graphs. So if you would like to see the charts and graphs, click on the link for the above mentioned overview page. Also, note that the numbers with an asterisk (*) are based on homes sold or taken off the market in last 90 days.
For more information on the August Costa Mesa housing numbers, see tomorrow’s post “The Costa Mesa Market Report: Detached Home Stats, August 2008.” For a review of the January 2008 to July 2008 Costa Mesa housing numbers, see “The Costa Mesa Market Report: Detached Homes Stats, July 2008” and “Reality Check: Costa Mesa Market : Detached & Condo Homes Stats, July 2008.”
Following are the Costa Mesa condo housing numbers for August 2008. I will let you draw your own conclusions concerning the difference between the overall list price and overall selling price as well as the difference between the list price per square foot and the sold price per square foot.
- Median List Price:
- Median Sold Price for*:
- Median List Price/SF:
- Median Sold Price/SF*:
- Median Days on Redfin*:
- Total Number of Homes on the Market:
- 189 (13 are bank- and MLS-listed foreclosures)
- % Homes with Price Reductions/Median Number of Reductions/Median Total % Reduction*:
- August 21,2008: 46.1%/2/10.5%
*Based on homes sold or taken off market in the last 90 days.
August 18, 2008
New Housing Inventory & Pricing Tools on Redfin’s Website
As I mentioned in my previous post, the 92614 and 92604 ZIP codes in Irvine are two of the only seven Orange County ZIPs that showed an increase in selling price when compared to last year’s selling prices. I also said that a lot more investigation is needed to determine the reasons for this increase. I’ll be looking into these numbers in more depth in the future, but in the meantime Redfin has some new tools to help anyone who wants to do some investigation of their own.
So… If you are interested in pursuing a more in depth analysis for the 92614 and 92606 ZIPs (or any other areas), here is a way to get started:
- Go to Redfin’s map page. (www.redfin.com, Search)
- Enter the ZIP, neighborhood or city name that you are interested in (for example, 92614, Woodbridge or Irvine) in the “Search Listings” box at the top, left of the page.
- Click on the “View Inventory & Pricing Trends” link at the top, left of the map.
This will bring you to Redfin’s new and oh-so-handy “Overview of Homes for Sale” webpage. This page will provide you with plenty of charts, graphs and numbers to help you with your search. Note that this page also allows you to sort data by Newest Listings, Upcoming Open Houses, Reduced Listings, Recently Sold, Most Expensive, and Least Expensive.
Another option for this particular search: Click on the ZIP or neighborhood name links that I provided in my previous post, “Irvine’s 92614 & 92606 Holding Their Own in Housing Prices”; then click on the associated “View Inventory & Pricing Trends” link that will appear at the top, left.
And More…
Other new tools are also available in this latest release of Redfin’s website, for example, new ways to manage your favorite listings. For more information on these tools, see CEO Glenn Kelman’s post or fellow blogger Sheila’s post.
Happy hunting. Let me know how it works out.
The graphic shown above is an example of Redfin’s new updated webpage features.
August 17, 2008
According to an article in The Orange County Register, recent DataQuick numbers show that seven of the 82 Orange County ZIPs increased in price when compared to sold prices a year ago. Two of these, 92614 and 92606, are in Irvine. It will take a lot of digging into the numbers to determine if this is a long-term trend or some other explanation for these up-pricing numbers exit. For now, I will just put this information on the table. If anyone has any insight or comments on this, please leave your thoughts in the comment section.
Most of the neighborhoods in Irvine don’t fit nicely within the ZIP codes in Irvine. Usually, one ZIP contains multiple Irvine neighborhoods and/or an Irvine neighborhood is in multiple ZIP codes. This is true for the 92614 and 92606 ZIP codes.
92614-includes part of the Woodbridge neighborhood
The 92614 ZIP includes only the lower part of Irvine’s Woodbridge neighborhood. The upper part of Woodbridge is in the 92604 ZIP. All the housing in the 92614 ZIP is in the lower part of the Woodbridge neighborhood; some of the area in the 92614 ZIP is outside of the Woodbridge community, but this area is commercial with no housing. Also, there might be a few Irvine homes in the 92614 ZIP that are not part of Woodbridge, but I haven’t come across them.
Woodbridge contains two lakes and there is a certain amount of prestige in saying you live on the lake. Whether this has anything to do with recent good showing for the sold homes in Woodbridge’s south lake area, I am not yet prepared to say.
92606 includes the Walnut neighborhood and part of the Westpark neighborhood
The 92606 ZIP contains the Walnut neighborhood and part of the Westpark neighborhood. Anything that I could say concerning the reason for the up-prices in this ZIP would be speculation at this time, so I will leave that for a more in depth investigation at a future date.
If you don’t want to wait for me and want to start digging into these numbers yourself, Redfin has some new tools to help you with this. For more information on this, see my next post (“It’s New. It’s Improved. It’s Redfin’s New Inventory & Pricing Tools. And More…”).
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 3, 2008
Today’s post is a continuation of our tour of the recently passed housing bill. Up next, taxes and the Housing and Economic Recovery Act of 2008.
Here is a summary of how the Housing and Economic Recovery Act of 2008 will change the federal tax laws:
- Provides $15 billion in housing tax breaks.
- Gives first-time homebuyers a tax credit of $7,500. This only applies to those who brought or will buy the home between last April through the end of next June (April 1, 2008 to July 1, 2009). Also, note that the details of this bill are still being sorted out, but one of the requirements might be that the homebuyer must stay in the home for 15 years (source: Dave Hardin, founder of Covenant Mortgage, on Mortgage Matters). Note: To clarify this point, this is a $7,500 tax credit that must be paid back in 15 years. In essence it is a tax-free loan to first-time homebuyers who buy within the time specified. (source: Senator Barbara Boxer’s website) For more on this, see the comment section. SW 8-12-08
- Allows those who don’t itemize to claim a housing deduction on their 2008 federal income taxes: $500 for individuals and $1000 for joint filers. Approximately 40% of homeowners do not currently itemize. Those that fall in this category are mostly those with less expensive home and those who have paid-off or nearly paid-off their home loans; retirees often fit in this category. This is a one year only deal. (source: Martin Vaughan, The Wall Street Journal)
- Includes low-income housing tax breaks.
- Increases by $11 billion the municipal bond authority of states. This can be used for:
- low-interest loans to first-time homebuyers
- construction of low-income rental housing
- refinancing of subprime loans
Additional sources: The Associated Press and The Orange County Register
For more on this tour of the housing bill, see previous posts “Fannie, Freddie and the Housing Bill” and “The FHA and the Housing Bill.“
Next week: A final review of components in the Housing and Economic Recovery Act of 2008
August 2, 2008
In yesterday’s post, I reviewed how the 2008 housing bill will affect the operation of Fannie Mae and Freddie Mac. Today we’ll take a look at what this bill will mean in the operation of the FHA .
Here is a summary of how the Housing and Economic Recovery Act of 2008 will change the way the FHA (Federal Housing Administration) will operate:
- Gives the FHA the authority to lend an extra $300 billion to homeowners who are in economic difficulty. This is expected to help approximately 400 homeowners by providing them with affordable fixed-rate loans. (However, approximately 2.8M homeowners are expected to go into foreclosure by the end of 2009.) Any losses will be covered by the affordable housing account which was also created by this bill. The affordable housing account will be funded by profits from Fannie Mae and Freddie Mac.
- To participate in these FHA loans, lenders will have to agree to lower the amount that homeowners owe on their home loans.
- Homeowners will qualify if their mortgage-debt to income ratio is greater than 31%.
- This refinanced loan cannot be larger than 90% of the home’s value.
- Borrows will be required to prove that they can repay the loan.
- This program starts October 1, but anyone interested is encouraged to start the process now.
- Allows the FHA to back riskier loans. Another way of saying this is that this bill increases the amount of affordable housing that the FHA can help to provide to the workforce and/or poor. Both of these statements say the same thing, but they also created a different picture of who this bill will help. Take your pick on which one you think is the most accurate.
- Allows the FHA to insure (and Fannie and Freddie to buy) loans up to $625,000 in high-priced areas such as Orange County. Also, allows the FHA to insure loans up to 15% higher than the median home price in some cities. This is a permanent change.
- Bans the FHA from charging premiums to riskier borrowers; this starts on October 1 and lasts for one year.
Also, bans the FHA from insuring loans in which the seller pays the buyer’s down payment; this ban starts on October 1.
Tomorrow’s post: More housing bill details, including tax breaks offered in the Housing and Economic Recovery Act of 2008
August 1, 2008
The Housing and Economic Recovery Act of 2008 was passed by Congress and signed by President Bush. In other words, it is now the law of the land. Some are happy about this; some are not so happy about this. Many have mixed feelings (see Brian’s post for some of these opinions.) But whatever you feel about this bill, it is going to be referred to often in the coming months. And here at Redfin we will be writing about what effect, good or bad, this bill has on the housing market and the economy-at-large. That said, having a working knowledge of what is in the bill is useful.
Here is a summary of how the Housing and Economic Recovery Act of 2008 will change the way Fannie Mae and Freddie Mac operate:
- Permanently increases the mortgage loan amount that Fannie Mae and Freddie Mac can provide for homes (and FHA can insure) in high-priced areas, such as Orange County, to $625,000; also, allows for buying and insuring loans 15% higher than the median home price in some cities
- Provides new controls and a new regulator for Fannie and Freddie. For example, the regulator will be able to approve the pay packages for Fannie and Freddie execs, which is currently over $1M for some of the top execs at these companies.
- Allows the Treasury Department to temporarily (until December 31,2009) lend money to or buy securities from Fannie and Freddie. The reasoning for this was to prevent the collapse of the these two organizations. The reasoning continues that these organizations currently own or back a near majority of U.S. home loans and, therefore, the collapse of either of these two would lead to even harsher economic conditions than we are currently experiencing.
- Creates an affordable rental housing fund that will be funded from the profits of Fannie and Freddie
Tomorrow: The Housing and Economic Recovery Act of 2008 and changes to the FHA
