Sunday, December 27, 2009

JANUARY 2010 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS

SALES AND PRICES UP IN SO CAL MARKET

Southern California's housing market continued its step-by-step climb up from the January-February bottom as both sales and prices saw gains last month.

Sales have been stoked in recent months by several factors: A federal tax credit for first-time buyers, which had been set to expire last month before it was extended and expanded; robust investor activity, especially inland; super-low mortgage rates; the availability of government-insured, low-down-payment mortgages for first-time buyers; and the allure of a potential "deal" on a distressed property.

"This market is still really lopsided. Foreclosures and short sales are huge factors. There's still not a lot of discretionary buying and selling outside the more affordable markets. Anybody who can sit tight is doing just that. The market won't fully rebalance itself until financing becomes available for the higher price ranges."

JANUARY 2010 MONEY CALENDAR
1 - Parents of college-bound high school seniors: Fill out Free Application for Federal Student Aid (FAFSA).
4 - First trading day of 2010.
7 - Set financial goals, update your budget and resolve to pay off holiday debt.
8 - Convert traditional IRA to a Roth; income limits for conversions are gone.
15 - Estimated federal taxes for the fourth quarter of 2009 are due.
21 - Seniors: If you're over 70.5, talk to your IRA administrators about resuming regular required minimum distribution payments.
26 - Federal Open Market Committee meets to review interest rates.

*John Walsh, MDA DataQuick President, 12/15/09
*Sandstone Financial, 12/28/09

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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09
FOR: Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2028, w/Bank Conditions = 396
In Escrow Listings = 863, w/Bank Conditions = 551
Sold from 01/01/09 = 3837, w/Bank Conditions = 1229

*MLS 12/27/09

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR NOVEMBER 2008 COMPARED TO NOVEMBER 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 1 - 1,650,000 - minus 6.3%
Capo Beach - 92624 - 8 - $665,000 - + 22.6%%
Corona del Mar - 92625 - 4- $2,925,000 - 3%
Costa Mesa - 92626 - 23- $516,000 - +1.2%
Costa Mesa - 92627 - 20 - $580,000 - + 16.3%
Dana Point - 92629 - 12 - $641,000 - minus 19.9%
Laguna Beach - 92651 - 28 - $1,000,000 - minus 21%
Laguna Niguel - 92677 - 45 - $665,000 - minus .9%
Newport Beach - 92660 - 27 - $1,215,000 - minus .8%
Newport Beach - 92661- 4 - $1,950,000 - minus 43.5%
Newport Beach - 92663 - 11 - $1,028,000 - minus 56.3%
Newport Coast - 92657 - 13 - $1,699,000 - 22%
San Clemente - 92672 - 16 - $710,000 - 9.2%
San Clemente - 92673 - 27 - $655,000 - minus 3%

Percentage change is compared to the same month of the prior year.
DQNews/LATimes, 12/27/09

ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673

Approximate Location Boundaries: Coastal Communities of South Orange County Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente.

From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!

For More Information:
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Monday, November 30, 2009

DECEMBER 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS

OCTOBER 2009 - THREE YEAR GAIN IN SALES


THE ECONOMY: Home prices improved in the third quarter of 2009, posting their second quarter-over-quarter gain in three years, according to the S&P/Case-Shiller U.S. National Home Price Index. Prices have increased by 1% overall.


LENDING: US banks' lending is at 2.8%, this is the lowest amount of loans since 1984. This makes the fifth consecutive quarter in which banks have reduced lending, the Federal Deposit Insurance Corp. reported on 11/25/09.


LOAN MODIFIATION UPDATE: Borrowers who are less than 20% underwater are likely to maintain their mortgage if their loan is modified and the payments reduced," said an official with Citigroup's mortgage unit. "Beyond 120%, the most effective modification is a loan restructuring, including a principal reduction."


LOCALLY: In the coastal cities some increases are seen in sales prices compared to 2008 with 5 cities having reported increases. See the statistics chart below.


WHAT'S TO COME: Locally closed sales are nearing 2005 levels with October '05 having 30 closed sales and October '09 with 27. In Escrow listings passed the '04 amount of 71 at 74. Inventory however is up, October '05 had 209 and '09 was at 351. If you would like a full copy of year-to-year statistics from 2004-2009, please call or send Pamela an email request anytime and we'll be glad to give you this information!


*CAR, LATImes 11/30/09

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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09


FOR: Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente


Active Listings = 2,172, w/Bank Conditions = 390

In Escrow Listings = 943, w/Bank Conditions = 565

Sold from 01/01/09 = 3,502, w/Bank Conditions = 1125


*MLS 11/28/2009


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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR OCTOBER 2008 COMPARED TO OCTOBER 2009:


City - # Sold - Median Sale Price - % change from 2008:

Balboa Island - 92662 - N/A - N/A - N/A

Capo Beach - 92624 - 5 - $573,000 - + 2%

Corona del Mar - 92625 - 13- $1,378,000 - minus 34.9%

Costa Mesa - 92626 - 36- $534,000 - +11%

Costa Mesa - 92627 - 26 - $630,000 - + 15.6%

Dana Point - 92629 - 15 - $800,000 - +8%

Laguna Beach - 92651 - 27 - $1,195,000 - minus 36.4%

Laguna Niguel - 92677 - 47 - $623,000 - minus 10.2%

Newport Beach - 92660 - 29 - $968,000 - minus 24.2%

Newport Beach - 92661- 3 - $3,250,000 - + 78.1%

Newport Beach - 92663 - 16 - $1,100,000 - minus 34.3%

Newport Coast - 92657 - 17 - $2,200,000 - minus 4.3%

San Clemente - 92672 - 25 - $598,000 - minus 19.7%

San Clemente - 92673 - 23 - $690,000 - minus 6.8%


Percentage change is compared to the same month of the prior year.

*DQNews/LATimes, 11/30/09


ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673


Approximate Location Boundaries: Coastal Communities of South Orange County

Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente.


From "Castles to Cottages" there is a home here for everyone. Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!


For More Information:
Visit My Web Site
View My Newsletter
Ask Me A Question

Saturday, October 31, 2009

NOVEMBER 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS

HOME SALES UP, PRICES REMAIN LOW

THE ECONOMY: Has expanded at an annual rate of 3.5% in the third quarter marking the end of the worst recession since World War II.

THE MARKET: Home sales have risen 2.1% in September in California compared with the same period a year ago, while the median price of an existing home declined 7.3%. Even though the current growth forecasts for the next 5-6 years are for a robust economy, it is not expected to see rapidly rising home prices but slow upward movement in prices as sales increase and inventory declines.

For local market statistics the price decreases for September 2007 are lessening. See the "Median Sales By Zip Code" at the end of this article. For the first time some cities are showing increases in sale price compared to the same period last year.

BUYERS: Important News For Buyers - The Federal First-Time Buyer's Tax Credit for up to $8,000 has been extended. Repeat buyers who have owned their homes for at least 5 years are offered a reduced credit of up to $6,500.

SELLERS: Foreclosures no longer constitute most sales, they do however continue to define the market because all sellers need to compete with those low-priced properties. 40% of Southern California homes sold were foreclosures down from a previous high of 57% in February.

INTEREST RATES: Are at their lowest in years as a result of the Federal Reserve campaign to keep credit flowing.*CAR, 10/28/09, LATImes 10/30/09

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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR: Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,342, w/Bank Conditions = 373
In Escrow Listings = 981, w/Bank Conditions = 555
Sold from 01/01/09 = 3123, w/Bank Conditions = 1025

*MLS 10/28/2009

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR SEPTEMBER 2008 COMPARED TO SEPTEMBER 2009:

City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 3 - $2,754,000 - 67%
Capo Beach - 92624 - 3 - $619,000 - minus 54.0%
Corona del Mar - 92625 - 13- $1,972,000 - 27%
Costa Mesa - 92626 - 25- $565,000 - 1%
Costa Mesa - 92627 - 36 - $458,000 - minus 6%
Dana Point - 92629 - 20 - $691,000 - minus 3.8%
Laguna Beach - 92651 - 29 - $1,355,000 - minus 3%
Laguna Niguel - 92677 - 54 - $680,000 - 5%
Newport Beach - 92660 - 27 - $1,130,000 - minus 31%
Newport Beach - 92661- 8 - $1,695,000 - minus 81%
Newport Beach - 92663 - 15 - $1,285,000 - minus 1%
Newport Coast - 92657 - 14 - $1,800,000 - minus 46%
San Clemente - 92672 - 27 - $720,000 - minus 8%
San Clemente - 92673 - 34 - $715,000 - minus 11%

Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 10/25/09

ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673

Approximate Location Boundaries: Coastal Communities of South Orange County Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente.

From "Castles to Cottages" there is a home here for everyone. Pamela Horton and her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!

Monday, September 28, 2009

OCTOBER 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS

AUGUST HOME SALES INCREASED

THE MARKET: While homes sales increased the medium home price declined by 6.9%. This may seem like bad news, it is not. As with any recovering market first sales must increase for inventory to decrease. When there is a demand for inventory (less inventory) then prices will begin to increase. For example, In 1997 the home sales began to increase over the decline of the 90's with sales prices increasing steadily through July 2007.

BUYERS: First-time buyers continue to be the driving force in home sales throughout the state," said C.A.R. President James Liptak. "The federal tax credit, which has helped more than 1.4 million people become first-time homeowners nationally, is set to expire Nov. 30. It is expected that the tax credit, which is a proven economic stimulus that clearly is working, should be extended through 2010 and expanded to include all home buyers."

SALES: "Sales have exceeded 500,000 homes for 12 consecutive months, and now are 38% higher on a year-to-date basis compared with 2008," said Appleton-Young. "Sales continue to be boosted by the large number of distressed properties on the market, along with favorable interest rates."

*CAR, 9/28/09

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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:

Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,435, w/Bank Conditions = 374
In Escrow Listings = 921, w/Bank Conditions = 511
Sold from 01/01/09 = 2,751, w/Bank Conditions = 911

*MLS 09/28/2009

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JULY 2008 COMPARED TO JULY 2009:

City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 0 - N/A - N/A - N/A
Capo Beach - 92624 - 3 - $530,000 - minus 15.9%
Corona del Mar - 92625 - 12- $1,843,000 - minus 10.0%
Costa Mesa - 92626 - 30- $495,000 - minus 10%
Costa Mesa - 92627 - 30 - $595,000 - 17.2%
Dana Point - 92629 - 12 - $745,000 - minus 3.8%
Laguna Beach - 92651 - 26 - $1,145,000 - minus 33.8%
Laguna Niguel - 92677 - 45 - $695,000 - 8.2%
Newport Beach - 92660 - 21 - $1,253,000 - minus 20.1%
Newport Beach - 92661- 2 - $4,300,000 - 106.2%
Newport Beach - 92663 - 12 - $1,130,000 - minus 51.1%
Newport Coast - 92657 - 14 - $1,575,000 - minus 7.9%
San Clemente - 92672 - 30 - $595,000 - minus 36.5%
San Clemente - 92673 - 28 - $740,000 - minus 10.2%

Percentage change is compared to the same month of the prior year.

*DQNews/LATimes, 09/28/09

ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673

Approximate Location Boundaries: Coastal Communities of South Orange County Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente.

From "Castles to Cottages" there is a home here for everyone.
Pamela Horton and Amanda Horton look forward to helping you with your real estate needs in this picturesque area!

Monday, August 31, 2009

SEPTEMBER 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS

JULY 2009 SALES UP OVER JULY 2008 BY 12%THE MARKET:

Home sales are up compared to the same period a year ago. Whereas, the median price of an existing home declined 19.6%. "The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers," said C.A.R. President James Liptak. "Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered."

LOAN INFO: Buyers are you thinking that your lender is asking for a lot of information? You are right. Here are the many items that lenders look at these days, even for A++ buyers...Loan size, Loan to Value, Combined Loan to Value, Credit Score, Credit History, Points paid/received, Loan/Program Type, Property Type, Occupancy Type, Residency/Citizenship, Available Assets, Seasoning of Assets, Co-Borrower(s), Debt Ratio, Housing Ratio, Employment Type, Employment History, Documentation Type, Gift Funds, Cash Out, How much Cash Out, Improvements Needed, Length of the Lock.

SELLERS: Please be patient and understanding as your buyers go through what is a very arduous process to obtain a loan.

*C.A.R./Sandstone Financial 8/31/09

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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR: Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,529, w/Bank Conditions = 374
In Escrow Listings = 934, w/Bank Conditions = 493
Sold from 01/01/09 = 2,371, w/Bank Conditions = 807

*MLS 08/31/2009

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2008 COMPARED TO JUNE 2009:

City - # Sold - Median Sale Price - % change from 2008:

Balboa Island - 92662 - 2 - $1,675,000 - minus 77.2%
Capo Beach - 92624 - 6 - $788,000 - 38.8%
Corona del Mar - 92625 - 12- $1,800,000 - 11.8%
Costa Mesa - 92626 - 27- $526,000 - minus 3.6%
Costa Mesa - 92627 - 29 - $556,000 - minus 0.5%
Dana Point - 92629 - 17 - $783,000 - minus 13.2%
Laguna Beach - 92651 - 30 - $1,175,000 - minus 41.3%
Laguna Niguel - 92677 - 56 - $640,000 - minus 11.2%
Newport Beach - 92660 - 29 - $1,308,000 - 3%
Newport Beach - 92661- N/A - Na/A - N/A
Newport Beach - 92663 - 16 - $1,656,000 - minus 1.1%
Newport Coast - 92657 - 11 - $1,800,000 - minus 28.7%
San Clemente - 92672 - 23 - $672,000 - minus 20.0%
San Clemente - 92673 - 40 - $768,000 - minus 7.0%

*Percentage change is compared to the same month of the prior year. DQNews/LATimes, 08/31/09

ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673Approximate Location Boundaries: Coastal Communities of South Orange County

Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone.

Pamela Horton and her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!

Wednesday, July 29, 2009

AUGUST 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS

WHAT'S AHEAD?

THE MARKET: The pace of descent in home price values appears to be slowing due to four consecutive months of improved rates of return, after the steep decline that began in the fall of 2005.While many indicators are showing signs of life in the housing market, we should remember that on a year-over-year basis home prices are still down about 17% on average, so we likely do have a way to go before we see sustained home price appreciation.

FOR THE BUYER:
1. 71% fewer mortgages are available than a year ago.
2. Tight credit standards are in place at 85% of our banks.
3. Buyers with less than 20% need a FICO score of 720.
4. All assets and income will be re-verified at closing.
5. Conforming residential loan amount for OC is $625,500.
6. 2.9% of buyers get an adjustable rate mortgage vs.85% in 2005.

FOR THE SELLER:
1. Foreclosures and short-sales will continue to dominate.
2. Orange County filed 8,427 notices of default in the 1st quarter of 2009. This is up 19% from the 1st quarter of 2008.
3. Listing prices must be competitive for a successful sale.
4. Regardless of sellers' expectations, their house will be appraised conservatively.5. The buyers are still in control of pricing:

FOR THE INVESTOR:
1. If investor puts down less than 20%, it introduces: PMI; higher rates; added approval by insurance companies.
2. Loan rates are usually 0.75% to 1.0% higher than owner-occupied financing.
3. Investor loans are more difficult to get because 40% of foreclosures are investment properties.
4. Investors have to be prepared for rent reductions on their properties.

*CAR, Watts Report 7/29/09

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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,633, w/Bank Conditions = 400
In Escrow Listings = 835, w/Bank Conditions = 437
Sold from 01/01/09 = 1,971, w/Bank Conditions = 693

*MLS 07/29/2009

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2008 COMPARED TO JUNE 2009:

City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - N/A - N/A - N/A
Capo Beach - 92624 - 3 - $575,000 - minus 21.8%
Corona del Mar - 92625 - 12- $1,180,000 - minus 39.6%
Costa Mesa - 92626 - 32- $500,000 - minus 12.7%
Costa Mesa - 92627 - 33 - $505,000 - minus 8.2%
Dana Point - 92629 - 36 - $785,000 - minus 4.3%
Laguna Beach - 92651 - 32 - $1,265,000 - minus 20.9%
Laguna Niguel - 92677 - 49 - $660,000 - minus 10.8%
Newport Beach - 92660 - 18 - $830,000 - minus 29.8%
Newport Beach - 92661- 1 - $710,000 - minus 71.3%
Newport Beach - 92663 - 6 - $1,775,000 - minus 6.6%
Newport Coast - 92657 - 11 - $1,900,000 - miunus 46.9%
San Clemente - 92672 - 25 - $646,000 - minus 22.9%
San Clemente - 92673 - 39 - $765,000 - minus 17.1%

Percentage change is compared to the same month of the prior year. *DQNews/LATimes, 07/29/09ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672,

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Monday, June 29, 2009

JULY 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE NEWS

ON THE HORIZON...SOME GOOD REAL ESTATE NEWS

SALES INFORMATION: In the sales comparables at the end of this article for May 2008 compared to May 2009, for some cities there is a noticeably smaller negative percent of sale prices. This would indicate that sellers are being more realistic in their pricing and acceptance of a sale price at today's market value and not for what they "hope to sell the house for!"

APPRAISAL PROBLEMS: Short sales and foreclosures although still quite strong, are not increasing as rapidly as they were. The primary problem NOW with the distress sale prices is that these sales affect every home's value when it comes to appraisal purposes. In some areas, and most areas in general, appraisal values are lower due to comparable sales of low priced foreclosure and short sale properties. Appraisers often compare as "like for like" a home in good condition to a property that was in very poor condition if the square footage, beds and baths are similar.

The Federal government has mandated that lenders and real estate brokers cannot talk to appraisers directly. In the past, an appraiser could discuss with the listing agent the benefits of one home compared to another. Today that is not allowed and appraisals are coming in with a low price.

LISTING PRICES: It is more important than ever for a seller to accept a reasonable sale price, as there is a chance the appraisal will not confirm the sale price.

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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:

Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,689, w/Bank Conditions = 415

In Escrow Listings = 829, w/Bank Conditions = 418

Sold from 01/01/09 = 1600, w/Bank Conditions = 590

*MLS 06/29/2009

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MAY 2008 COMPARED TO MAY 2009:

City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - N/A - N/A - N/A
Capo Beach - 92624 - 12 - $530,000 - N/A
Corona del Mar - 92625 - 4- $2,061,000 - minus 10.6%
Costa Mesa - 92626 - 24- $540,000 - minus 0.5%
Costa Mesa - 92627 - 26 - $550,000 - minus 0.7%
Dana Point - 92629 - 20 - $687,000 - minus 33.9%
Laguna Beach - 92651 - 24 - $1,810,000 - minus 32.9%
Laguna Niguel - 92677 - 42 - $668,000 - minus 10.4%
Newport Beach - 92660 - 19 - $1,203,000 - minus 28.1%
Newport Beach - 92661- 4 - $1,375,000 - minus 22.0%
Newport Beach - 92663 - 3 - $1,160,000 - n/a
Newport Coast - 92657 - 6 - $1,734,000 - 2.4%
San Clemente - 92672 - 22 - $580,000 - minus 31.8%
San Clemente - 92673 - 20 - $691,000 - minus 14.7%

Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 06/29/09

ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673

Approximate Location Boundaries: Coastal Communities of South Orange County Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente.

From "Castles to Cottages" there is a home here for everyone. Pamela Horton and her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!

Wednesday, June 3, 2009

JUNE 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE

SOUTHLAND HOME SALES HOT INLAND, COOL ON COAST

Among the reasons high-end sales remain so sluggish: The "jumbo" mortgages needed to buy such homes have been more expensive and much harder to obtain since August 2007, when the credit crunch hit. Before then, nearly 40% of Southland sales were financed with jumbo loans, then defined as over $417,000.
Last month 10.9% of sales were financed with jumbo loans. The current jumbo loans limits in Orange County are $729,750. The Federal guidelines increase the loan jumbo amount for higher end area.


HOPE FOR DEFAULT BORROWERS: The Obama administration approved new details under its Foreclosure Alternatives Program (FAP) enabling homeowners in default to pursue short sales in cases where the homeowner does not qualify for a loan modification. The program, effective through 2012, requires that prior to proceeding with a foreclosure, lenders must determine if a short sale is appropriate.

FORECLOSURES: Foreclosure resales - homes sold in April that had been foreclosed on in the prior 12 months - accounted for 53.6% of all Southland resales last month. In the South County Coastal Area these sales these sales make up for 36% of sales last month.

WHAT ELSE: Financing with adjustable-rate mortgages is near the all-time low, as is financing with multiple mortgages. Down payment sizes are larger and loan rates are stable. Non-owner occupied buying has risen and is above-average in lower end markets.

*05/26/09 CAR

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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09


FOR: Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,716, w/Bank Conditions = 421
In Escrow Listings = 794, w/Bank Conditions = 388
Sold from 01/01/09 = 1183, w/Bank Conditions = 468

*MLS 05/26/09
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR APRIL 2008 COMPARED TO APRIL 2009:

City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 5 - $2,200,000 - minus 60.0%
Capo Beach - 92624 - 3 - $1,050,000 - 72.1%
Corona del Mar - 92625 - 4- $2,061,000 - minus 10.6%
Costa Mesa - 92626 - 26- $505,000 - minus 8.2%
Costa Mesa - 92627 - 23 - $488,000 - minus 26.6%
Dana Point - 92629 - 20 - $687,000 - minus 33.9%
Laguna Beach - 92651 - 19 - $1,160,000 - minus 31.2%
Laguna Niguel - 92677 - 30 - $650,000 - minus 13.5%
Newport Beach - 92660 - 18 - $1,054,000 - minus 28.1%
Newport Beach - 92661- 2 - $1,036,000 - minus 78.9%
Newport Beach - 92663 - 6 - $1,075,000 - minus 14%
Newport Coast - 92657 - 7 - $1,799,000 - minus 47.5%
San Clemente - 92672 - 21 - $685,000 - minus 12.2%
San Clemente - 92673 - 27 - $675,000 - minus 16.6%

Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 05/26/09

Monday, April 27, 2009

MAY 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE

"AN OPTIMIST WILL TELL YOU THE GLASS IS HALF FULL; THE PESSIMIST, HALF EMPTY; AND THE ANALYST WILL TELL YOU THE GLASS IS TWICE THE SIZE IT NEEDS TO BE." Anonymous

Indeed - Last week certainly contained news that could cause you to view the economy in an optimistic or pessimistic light.

HOUSING: Existing Home Sales came in slightly below market estimates - and while the report showed that Existing Home inventory in March fell by a modest 1.6%, at the current sales pace it would take an estimated 9.8 months to sell that inventory of properties, slightly longer than February's 9.7 month reading.

NEW HOME SALES: Builder confidence in the market for newly built, single-family homes rose five points in April to the highest level since October 2008. It was the largest one-month increase recorded since May of 2003.

FORECLOSURE FILINGS: Increased 9% in the first quarter of 2009. default notices, auction sale notices and bank repossessions. One in every 159 U.S. housing units received a foreclosure filing during this quarter a 46% increase compared with March 2008.

WHAT'S NEXT: The path back to economic recovery will go through housing, so these reports will be important to watch in the months ahead.

*04/27/09 Sandstone Financial, CAR

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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,768, w/Bank Conditions = 424
In Escrow Listings = 715, w/Bank Conditions = 367
Sold from 01/01/09 = 861, w/Bank Conditions = 354

*In Escrow Status Up 256 Units over April. SOCALMLS 04/30/09

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR MARCH 2008 COMPARED TO MARCH 2009:

City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 10 - $1,700,000 - minus 44.5%
Capo Beach - 92624 - 9 - $482,000 - minus 84%
Corona del Mar - 92625 - 5- $2,905,000 - 33%
Costa Mesa - 92626 - 29- $498,000 - minus 6.3%
Costa Mesa - 92627 - 23 - $420,000 - minus 32.8%
Dana Point - 92629 - 10 - $575,000 - minus 24.9%
Laguna Beach - 92651 - 14 - $1,143,000 - minus 30.8%
Laguna Niguel - 92677 - 36 - $711,000 - minus 24%
Newport Beach - 92660 - 11 - $850,000 - minus 29%
Newport Beach - 92661- 3 - $1,327,000 - minus 16%
Newport Beach - 92663 - 6 - $1,520,000 - minus 60%
Newport Coast - 92657 - 5 - $2,784,000 - minus 18.3%
San Clemente - 92672 - 16 - $631,000 - minus 23.5%
San Clemente - 92673 - 18 - $750,000 - minus 5.9%

**Percentage change is compared to the same month of the prior year.
*DQNews/LATimes, 04/30/09

ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673

Approximate Location Boundaries: Coastal Communities of South Orange County Location

Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera."

The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente.

From "Castles to Cottages" there is a home here for everyone. Pamela Horton and her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
949.633.6667 - Pamela@PamelaHorton.com - www.PamelaHorton.com

Tuesday, March 31, 2009

APRIL 2009 SOUTH ORANGE COUNTY, CA COASTAL REAL ESTATE

"IT REQUIRES A GREAT DEAL OF BOLDNESS AND A GREAT DEAL OF CAUTION TO MAKE A GREAT FORTUNE." Ralph Waldo Emerson

Last week's headlines contained a mix of items to inspire both boldness and caution.

And...there's room for cautious optimism on the economy, as good news was noted on several fronts last week. The housing market received good news when Existing Home Sales came in stronger than expected.


Sales of previously owned U.S. homes rose 5.1% in February, the largest gain since July 2003. About 45% of these sales were foreclosure or short-sale transactions. With the peak of the market having been April 2007, it is also noted that home prices are now at 2003 levels.

Additionally, Durable Goods Orders for February came in better than expected, showing the first increase in six months, and the Core Personal Consumption Expenditure Index (Core PCE) showed inflation is presently at tolerable levels. Plus, the US Dollar received a boost when China said it will continue to purchase US Treasuries.

*03/30/09 Sandstone Financial, Prospect Mortgage, CAR
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FOR:

Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,758, w/Bank Conditions = 449
In Escrow Listings = 579, w/Bank Conditions = 234
Sold from 01/01/09 = 588, w/Bank Conditions = 249

*MLS 03/31/09
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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR FEBRUARY 2008 COMPARED TO FEBRUARY 2009:

City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 2 - $603,000 - minus 65%
Corona del Mar - 92625 - 7- $2,100,000 - minus 12%
Costa Mesa - 92626 - 13- $500,000 - minus 10%
Costa Mesa - 92627 - 20 - $600,000 - 5%
Dana Point - 92629 - 8 - $745,000 - minus 1%
Laguna Beach - 92651 - 5 - $1,275,000 - minus 41%
Laguna Niguel - 92677 - 33 - $673,000 - minus 14%
Newport Beach - 92660 - 10 - $850,000 - minus 39%
Newport Beach - 92661- 3 - $1,200,000 - minus 52%
Newport Beach - 92663 - 5 - $800,000 - minus 60%
Newport Coast - 92657 - 9 - $1,400,000 - minus 23%
San Clemente - 92672 - 15 - $725,000 - minus 60%
San Clemente - 92673 - 18 - $763,000 - minus 4%

**Percentage change is compared to the same month of the prior year.

*DQNews/LATimes, 03/31/09

Saturday, February 28, 2009

MARCH 2009 SOUTH ORANGE COUNTY, CA COASTAL REAL ESTATE

STATE HOME SALES DOUBLE AS PRICES FALL

Sales of existing, single-family homes soared 100.8% in January in California, and the median price declined 40.5%. Just look at the statistics for the area home sales below, as most areas have had minus increases for a least 2 years.

STATE TAX CREDIT: Beginning March 1, 2009, home buyers who purchase a new, unoccupied home could receive a $10,000 state tax credit. The credit is available to anyone who closes escrow by March 1, 2010 and agrees to occupy the home for at least two years.

THE ECONOMY: The Commerce Dept. on 2/27/09 reported that the economy shrank at a pace of 6.2% in the fourth quarter of 2008, the country's worst performance since 1982.

WHAT DOES THIS MEAN TO YOU?

SELLERS: Try not to let your desire to sell be clouded by what you paid or how much money you've put into your property. Price according to comparable sales in your area, and you should be on your way in a reasonable amount of time. If you want to start at a somewhat higher price that's ok, just be willing to reduce your list price, if necessary. Remember: Market Value is determined by the price you and the buyer agree upon. Your professional Realtor's evaluation is an estimate of future market value.

BUYERS: I have been advising this for quite a while now...this is your market! Take advantage of reduced prices. Don't insult a seller, be reasonable but expect to get a great deal. Investor buyers...this is your market, too!

*DataQuik & CAR, 02/28/09

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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FOR:
Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente


Active Listings = 2,693, w/Bank Conditions = 478
In Escrow Listings = 499, w/Bank Conditions = 276
Sold from 01/01/09 = 360, w/Bank Conditions = 160

*MLS 02/28/09

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JANUARY 2008 COMPARED TO JANUARY 2009:

City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - $2,285,000 - minus 33.3%
Capo Beach - 92624 - 3 - $899,000 - 24.6%
Corona del Mar - 92625 - 9- $2,125,000 - minus 28.0%
Costa Mesa - 92626 - 16- $543,000 - minus 8.8%
Costa Mesa - 92627 - 21 - $428,000 - minus 18.0%
Dana Point - 92629 - 8 - $727,000 - 10.7%
Laguna Beach - 92651 - 11 - $825,000 - minus 50.7%
Laguna Niguel - 92677 - 24 - $691,000 - minus 7.3%
Newport Beach - 92660 - 9 - $1,528,000 - minus 14.6%
Newport Beach - 92661- 1 - $7,500,000 - 341.2%
Newport Beach - 92663 - 2 - $1,813,000 - minus 11.6%
Newport Coast - 92657 - 9 - $1,865,000 - minus 35.2%
San Clemente - 92672 - 10 - $561,000 - minus 53.3%
San Clemente - 92673 - 16 - $649,000 - minus 31.3%

*DQNews/LATimes, 02/28/09
**% change is compared to the same month of the prior year.

Saturday, January 31, 2009

FEBRUARY 2009 SOUTH ORANGE COUNTY CA COASTAL REAL ESTATE

SOUTHLAND HOME SALES PICKING UP WITH A CHANGE SEEN IN THE COASTAL REAL ESTATE MARKET

CORE TREND: The core trends of Southern California's 2008 housing market were on prominent display in December: Low-cost inland foreclosures sold briskly, builders had their worst month in decades, expensive markets remained in wait-and-see mode and lenders continued to hold back on making 'jumbo' home loans.

HOME SALES: Outpaced last year for the fifth consecutive month in November, when 55% of buyers in the resale market chose repossessed homes. The abundance of discounted foreclosures helped push the median sale price down a record 35% from a year ago.

LENDERS: The most active lenders to Southland home buyers right now are Countrywide, Bank of America and Wells Fargo.

FICO SCORES: So this is how FICO scores are weighted by lendrs for loan qualification purposes...
35% by Payment History
30% by Balances Owed
15% by Length of Credit History
10% by New Credit
10% by Types of Credit in Use

How calculated FICO scores effect loan rates:
720 - 850 Excellent, A-paper credit, the "good-guy" rates available;
680 - 719 Good, not much of a compromise on rates;
620 - 679 OK or Fair, clearly in range for FHA consideration;
580 - 619 Low, bottom of the range for FHA consideration, "alternate credit" comes heavily into play;
500 - 579 Poor, truly nothing can be done without credit rehabilitation.

*DataQuik 01/27/09, NLB Financial 01/27/09
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COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS AS OF 01/31/09 FOR:
Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente

Active Listings = 2,185, w/Bank Conditions = 477
In Escrow Listings = 385, w/Bank Conditions = 235
Sold from 01/01/08 = 3,061, w/Bank Conditions = 1,172

*MLS 01/31/09

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COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR DECEMBER 2007 COMPARED TO DECEMBER 2008:
% Change is from the same month last year.

City - # Sold - Median Sale Price - % change from 2007:

Balboa Island - 92662 - 0 - N/A - N/A
Capo Beach - 92624 - 3 - $840,000 minus 25.3%
Corona del Mar - 92625 - 8- $2,240,000 - minus 27.4%
Costa Mesa - 92626 - 22- $473,000 - minus 16.4%
Costa Mesa - 92627 - 32 - $433,000 - minus 20.6%
Dana Point - 92629 - 18 - $920,000 - minus 23.3%
Laguna Beach - 92651 - 23 - $1,275,000 - minus 14.4%
Laguna Niguel - 92677 - 34 - $700,000 - minus 3.4%
Newport Beach - 92660 - 9 - $1,528,000 - minus 58.9%
Newport Beach - 92661- 3 - $910,000 - minus 68.3%
Newport Beach - 92663 - 5 - $1,608,000 - minus 6.4%
Newport Coast - 92657 - 8 - $3,600,000 - minus 10.6%
San Clemente - 92672 - 18 - $653,000 - minus 8.7%
San Clemente - 92673 - 26 - $769,000 - minus 21.4%

*DQNews/LATimes, 01/29/09
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Approximate Location Boundaries: Coastal Communities of South Orange County

Location Characteristics: Commonly called the "California Riviera" for its beautiful beaches and mild climate!

ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673