Friday, May 14, 2010

Turtle Rock Village Homes - Market Update at Irvine, CA

Turtle Rock is a beautiful and most sought after residential village at Irvine.  It's located in the hill areas, has some of the best public schools in Orange County and is within a mile of the University of California at Irvine campus. 
 

Turtle Rock village is made up of 23 different residential communities and about 3,500 single family detached and condominium homes.

 

50 homes are now listed for sale at Turtle Rock with average asking price of $1,071,000. 

 

Home Prices range from $425k for a two bedroom condo to $2,585,000 for a large detached home at gated Summit Estates with glamorous views.

 

31 Turtle Rock homes have sold this year with average price of $1,012,000.

 

 
________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Thank you for contacting us and always using an experienced local REALTOR® to help you with your decisions and sale or purchase of a home and property.

Posted via email from Explore OC Homes

Thursday, May 13, 2010

"Taxifornia" - Perhaps True Description for Golden State - Seeming to be Hungry for More Laws and Taxes to Impose

"Taxifornia" is a new report by the California Prosperity Project of Pacific Research Institute, and measures the California's tax burden and how that affects the state's competitiveness. 
 
California ranks in a tie for first place with South Carolina and New York for tax burdens on its people, so there's no state in worst place that California.
 
Does this make sense?  Tax and spend legislators in CA this week proposed adding more taxes to close the state's more than $20 billion budget deficit.
 
 
________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Thank you for contacting us and www.ExploreTheOC.com and always using an experienced local REALTOR® to help you with your decisions and sale or purchase of a home and property.

Posted via email from Explore OC Homes

Wednesday, May 5, 2010

Irvine is the Engine at the OC with Population Continuing Upward Climb - Orange County, CA

Irvine, CA, added more than 5,000 people to its rolls in 2009, which is 2.4% growth rate and highest at Orange County. 
 
With 195,000 jobs now available for workers, Irvine grew from 212,541 residents in January 2009 to 217,686 residents this January 2010.
 
The State Department of Finance says that California had 393,000 new residents in 2009 and now has total population at 38,648,000 people.
 
Orange County reported about 1 percent growth in population, from 3,134,858 people in January 2009 to 3,166,461 people in January 2010.
   
Irvine  has the third largest population in the OC, behind Santa Ana and Anaheim.  The city has some housing projects in the planning, including 6,000 new units to developments at Irvine Business Complex, 4,000 units at The Great Park, and some new The Irvine Company developments.
 
With so many jobs available at Irvine, it's not surprising that population growth and the housing market rebound follows.
 
Source of some information:  Sean Emery, Orange County Register.
 
________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Thank you for contacting us and www.ExploreTheOC.com and always using an experienced local REALTOR® to help you with your decisions and sale or purchase of a home and property.

Posted via email from Explore OC Homes

Tuesday, May 4, 2010

Irvine Dazzles With Buyers Getting it Done - Housing Market Update for April 2010

With about 220,000 residents, Irvine is the 3rd largest city in Orange County behind Santa Ana and Anaheim.  
 
Irvine has 195,000 employees in jobs now and continues to be strength and dazzle at the Orange County housing marketplace.
  • 189 Irvine homes were sold at resale market during April 2010.
  • Average sold home price in April was $693,492.
  • 41 of those sold homes were short sales (21.6% of market).
  • $130,106,998 (more than $130 million) was spent on resale homes at Irvine during April 2010.
Sold price v. listing price?
  • Irvine homes sold in April for about 98% of their listing price

Dollars spent per SF interior size at Irvine?

  • Irvine homes sold for $333 per SF interior.
  • Average size of sold homes was 1898 SF interior.
Woodbridge Village is the centerpiece area in Irvine and has 10,000 homes.
  • 27 homes sold at Woodbridge during April.
  • Average sold price was $667,836 (close to Irvine average sold price during April).
Northwood Village is a popular residential community at Irvine and about the same in size as Woodbridge.
  • 29 homes sold at Northwood during April.
  • Average sold price was $628,385
Woodbury is a new and smaller community at Irvine.
  • 18 homes sold at Woodbury during April.
  • Average sold price was $759,000.
Keep in eye on the Irvine housing market, which has been leading the way toward economy recovery.
 
Source of Information on homes sold: Southern California Multiple Listing Service
 
________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Thank you for always using an experienced local REALTOR® to help you with your decisions and sale or purchase of a home and property.

Posted via email from Explore OC Homes

Monday, May 3, 2010

Lake Forest Housing Market Trend - Large Number of Homes In Pending Status with Purchase Contracts

Lake Forest, CA, is a busy city at South Orange County where there is healthy mix of residential communities near light industrial and commercial areas.
 
The Lake Forest housing market has been busy especially during the past 60 days. 
  • 186 Lake Forest home are now listed for sale, including equity, REO and short sales.
  • 74 of Lake Forest homes listed are short sales (This is 40 percent of the current market inventory, which is huge and higher than most other nearby cities).

Lots of owners at Lake Forest have lost 35% or more of their equity since 2007.  It's possible that more people at Lake Forest used option ARM loans to buy homes between 2003 and 2006, which are now resetting during the past 6 months.

  • 118 of those are Lake Forest SFR detached homes now for sale.
  • 117 homes are Lake Forest are now in pending status and under contract of sale.
This is a huge number of pendings as compared to the 186 homes for sale, and we suspect that most and as many as 90% of those are short sales, where the process can take anywhere from 3 months to a year to get the seller approved, find the buyer, and sell the property.
  • 34 of the detached SFR homes sold during the past thirty days at Lake Forest.  (appears to be good rate of sale, showing that buyers have been busy).
  • Average market time for expected sale of all SFR homes would be 3.5 months. (consistent with what we see at Lake Forest, Aliso Viejo, Laguna Hills, for detached homes).
  • Average sold price on SFR during past 30 days was $534,500, which was 98% of the list price and average time on market of 75 days. 
  • Only 4 of the sold SFR homes the past thirty days were REO bank owned. (That's consistent for the market not having enough REO homes to sell).
  • 6 of the sold SFR homes at Lake Forest were short sales  (This is about 20 percent of the market, which is consistent with other local South Orange County communities and short sales).
Current trend at Lake Forest is a large number of homes now in pending status and under contract. 
 
Buyers of homes have been busy to get contracts, perhaps to take advantage of homebuyer tax credit, but they will have to be patient and find out whether the short sales will work.  
 
________________

Harrison K. Long, REALTOR® & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Always hire an experienced local REALTOR® to help you with your decisions and sale or purchase of a home and property.

Posted via email from Explore OC Homes

Sunday, May 2, 2010

Mission Viejo’s Measure “D” Threatens Private Property Rights – June 8, 2010, Election

Mission Viejo’s local Measure “D” Threatens Private Property Rights – June 8, 2010, Election.
 
Mission Viejo’s policy for possible changes of land use within city limits is handled by applications presented to city staff and planners who would either decline the change or send on to planning commissioners for review and recommendations to city council.  Public hearings take place according to local law, and council members make ultimate decisions.  This land use change policy has worked well for the city and its residents. 
 
A small group of unhappy residents recently got enough signatures to put Measure “D” on the ballot for June 8 election.  If passed, this initiative would become law and essentially lock up and make almost impossible any land uses change.   Measure D is without reasonable support for change of current public system of regulation used by the city for land use.
 
This poorly drafted Measure D (also known as Mission Viejo “The Right to Vote” initiative) was placed on the ballot in response to the incorrect assumption about possible land use changes regarding the public golf course area.  This initiative is without basis in fact and has no sound reasoning for change of public policy. 
 
Measure D would require voters by referendum (not city planners and council members) to make all decisions about proposed changes of land use within city limits.  It would require that private property owners who want zoning changes pay for an election referendum of the entire city electorate.  Language of this initiative is vague and would probably require approval by majority of all registered voters (not just majority of those voting).  Measure D supporters apparently want to make it impossible for any private land use or zoning change.
 
In a recent Orange County Register editorial about Measure D the Register wrote “what a dream come true for meddling NIMBYs (Not in My Back Yarders) – and what a nightmare for everybody else.”
 
Consideration of proposed land use changes and decisions at Mission Viejo (and at other Orange County cities) is what professional planners, planning commissioners, and City Council members are hired, appointed and/or elected for.
 
What’s needed for highest and best use of property within any city must always be considered as circumstances change.  When the Mission Viejo general plan was adopted, planners could not have known about circumstances that have shaped the city’s character.  Local transportation factors, housing needs, real estate markets, property and sales tax revenues, have changed, and appropriate city government responses must be adopted and implemented.
 
The current system in Mission Viejo for land use changes has worked well and fairly.  City leaders continue to work within guidelines of their legal responsibilities for such changes, recognizing their responsibilities and according to the best interest of residents and taxpayers.
 
If a property owner at Mission Viejo or other city in Orange County wants to change the use of private property, he or she shouldn’t be deprived of a reasonable opportunity to present an application, advocate for that changed use, attend public hearings and ask for city council approval.
 
If Measure D passes and becomes law, land uses could only be changed at significant cost and without reasonable due process.  If this initiative passes at Mission Viejo, private property rights will be damaged, and current flexibility, responsiveness, and fairness in the city planning process will be eliminated.  
 
Measure D would be bad for Mission Viejo, its residents and private property owners.  Resulting city elections for possible zone changes would be completely unfair and expected to result in lawsuits with at least some of the costs to be paid for by city residents and taxpayers. 
 
The current public policy for consideration and making land use changes within the City of Mission Viejo works well and shouldn’t be changed. 
 
The Orange County Association of REALTORS® strongly opposes Mission Viejo's local Measure “D” and has joined in this with the South Orange County Regional Chambers of Commerce, the California Association of REALTORS®, and the National Association of REALTORS®.    
 
Please help us protect property rights and ask your friends and clients to vote NO on Mission Viejo's Measure D at the upcoming June 8 election. 
 
________________
 
Harrison K. Long, Realtor and broker associate, Coldwell Banker, Irvine, CA. Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at OCAR.org.  South OC, Newport Beach and Irvine area Realtor, broker agent and property information source. 
 
Always hire an experienced local REALTOR® to help you with your decisions and sale or purchase of a home and property.

Posted via email from Explore OC Homes