Farmers Market at Orange County Great Park - Irvine, California

 

The Orange County Great Park at Irvine opened its FARMERS MARKET, which has drawn lots of customers since debut on October 31.

 

Open every Sunday from 10 a.m. to 2 p.m., Farmers Market at the Orange County Great Park offers a wide range of fresh seasonal fruits and vegetables, breads, flowers and plants, and other items from local artisans.

 

 

Adding to its charm, FARMERS MARKET at Orange County Great Park hosts various local events, gourmet food trucks, and some live music.

 

 (photo image by City of Irvine)

If you like fresh local Orange County produce, check out FARMERS MARKET at the Orange County Great Park Irvine, and it should be a fun shopping experience. 

The Orange County Great Park at Irvine is in the process of development with lots of planning now completed.

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For information on seller and buyer opportunities for homes and real estate at Orange County, California, Newport Beach,  Irvine, at Laguna Beach, at Corona del Mar, at Newport Coast, or at Costa Mesa, please contact us.  Thanks.

Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 - SFR short sale and foreclosure resource certified by the National Association of REALTORs®. 

            

Please contact us, and we help people list and sell homes and properties at Orange County, California. 

Posted via email from Explore OC Homes

Property Taxable New Construction vs. Non-Taxable Property Repairs at Orange County, CA

 

Some homeowners here at Orange County, California, are making decisions to improve and renovate their homes. 

A primary financial consideration is whether there will be PROPERTY TAXABLE REASSESSMENT OF VALUE for new construction vs. non-taxable maintenance or repairs. 

• New construction is taxable under California law but does not trigger reassessment of the entire property. 
• Market value of new construction is added to existing Proposition 13 value.
• New construction is subject to one-time supplemental assessment upon completion of construction.
• Maintenance or replacement of existing items is not taxable.

Example:  If you bought your home during 2001 and paid $300,000, your property taxes would be limited by Proposition 13 to one percent of assessed value, which can only be increased as much as two percent per year.  If value of your property is now $600k, reassessed value could be no more than $320,000.  And your annual property tax would be $3,200 (one percent of assessed value).  So you would want to be careful and protect that assessed value and not cause your home repairs, improvement or renovation to trigger a property reassessment.  

 

Property taxable new construction would include:

• New buildings or structures, or significant remodeling that changes the utility or effective age of the property. 
• New additions to real property including room additions, living space, garages, other structures, swimming pools, spas, patio covers, enclosed patios, sunrooms, porches, central heating/air conditioning, fireplaces, decks, fences or flatwork.
• Land development (grading, infrastructure, foundations).

Non-taxable maintenance or replacement would include:

• Maintenance or replacement of existing improvements including roofs. 
• See County of Orange Assessor web site for other elements and information. 

Be careful and review the Orange County Assessor office web site - click here - for guidelines on assessment of homes and property after new construction.

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This is for information only about California property and is not the providing of tax or legal services. If you are in Orange County, you should consult with the Orange County Assessor office or a lawyer about your own situation and whether any repair or improvement to your property would be property taxable.

For information on seller and buyer opportunities for homes and real estate at Orange County, California, Newport Beach,  Irvine, Laguna Beach, Corona del Mar, Newport Coast, Huntington Beach, or Costa Mesa, please contact us.  Thanks.

Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 - SFR short sale and foreclosure resource certified by the National Association of REALTORs®.

            

We list and sell homes and properties at Orange County, California.

Posted via email from Explore OC Homes

Mortgage Insurance Tax Deduction Unchanged After U.S. Tax Relief Law of 2010

 

The U.S. Tax Relief Bill of 2010 has been signed into law and among other things extends Mortgage Insurance tax deductibility through December 31, 2011.

So now is a good time to consider MORTGAGE INSURANCE to buy a home and take advantage of deductibility of premiums from income taxes.

MORTGAGE INSURANCE is an insurance policy that compensates lenders or investors for losses due to the default of a mortgage loan.  Mortgage insurance can be either public or private depending upon the insurer (Wikipedia).

 

Tax Deductibility of MORTGAGE INSURANCE premiums  -  (see the IRS web site)

• The home purchase or refinance loan must close between January 1, 2007 and December 31, 2011
• Household income must be at or below $100,000 for a full deduction of premium
• The premium deduction is reduced 10% for each $1,000 of income over $100,000
• The premium deduction is prorated in the first year based on the month the loan closes
• Applies to primary residence and one other residence purchased for personal use by the taxpayer
• Monthly, annual, and single MI premiums are eligible.  Financed premium deductions should be taken over a seven year period.

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This is for information only and is not the providing of legal or tax services.  See the web site of the IRS about mortgage insurance.  Also contact a lawyer or income tax professional for information about mortgage insurance and your own income tax situation.

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If you want to see seller and buyer opportunities for homes and real estate at Orange County, California, or at Newport Beach,  at Irvine,  at Laguna Beach,  at Corona del Mar,  at Newport Coast, or at Costa Mesa, please contact us.  Thanks.

Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855

            

We list and sell homes and properties at Orange County, California. 

Posted via email from Explore OC Homes

International Buyers Have Been Active at U.S. Housing & Real Estate Markets

 

U.S. Housing markets are looking good for international buyers these days.

International home buyers are usually described as those with permanent residences outside the U.S., recent immigrants and/or those with temporary visas.

Such international buyers purchased $66 billion of U.S. residential property (7% of the housing market) during the year ending March 2010 (according to the National Association of REALTORs®.

Attractiveness of U.S. real estate for international buyers is based upon of recent price declines, good supply of housing, high foreclosure rates, and weak U.S. dollar in comparison with other currencies. 

The Euro value is stronger than the U.S. dollar, and value of the Canadian dollar is about equal to that of the the U.S. dollar.  Canadians see this as best time in decades for them to buy a home in the U.S. and are the largest group of international buyers here.

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If you want to see buyer opportunities for homes and real estate at Orange County, California, or at Newport Beach, and at Irvine, or at Laguna Beach, and at Corona del Mar, or at Newport Coast, or at Costa Mesa, please contact us.  Thanks.

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Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855

            

We list and sell homes and properties at Orange County, California.  

Posted via email from Explore OC Homes

Real Estate Provisions in the 2010 U.S. Tax Relief Bill

 

Real Estate Aspects of the 2010 U.S. Tax Relief Law (H.R. 4853) - On December 17, 2010, the President signed this law - the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which extends current tax rates and credits and other expired and expiring provisions.

This legislation is not "paid for" and has no revenue raisers taken from real estate or other industry groups.

This law package provides temporary extensions of its numerous provisions, and some are retroactive, and rules that had been in place previously will operate as if they had never expired.

Included in this bill are provisions that affect real estate investment and operations, such as energy-efficiency tax credits, capital gains, and some provisions of interest to REALTORs® and owners and buyers of real estate:

• Retention of prior income tax brackets through the 2011 and 2012 tax years
• Retention of capital gains tax rate of 15 percent for assets sold or disposed of during 2011 and 2012
• Reduction of payroll taxes for employees and self-employed individuals during 2011
• Extension of numerous energy efficiency credits through December 31, 2011, including, the Energy Efficient New Homes, Energy Efficient Existing Homes, and Energy Efficient Buildings credits.

For more detailed information on provisions of this bill affecting real estate, home owners, and REALTORS® as small business owners, see full summary.  Read a summary of the real-estate provisions in the tax bill - click here

For More information see Tax Extension Keeps Real Estate Status Quo (Speaking of Real Estate Blog).

See Real Estate Provisions on the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 - click here.

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Source: National Association of REALTORS®. This is not the providing of tax or legal services. For information about your own tax situation, you should contact a certified public accountant or income tax professional.

Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 -

            

Posted via email from Explore OC Homes

Bank of America's Information Access re Loan Mods, Foreclosures and Short Sales

 

Bank of America at its home loan help site appears to provide valuable information and response to questions from consumers about loans and understanding the foreclosure process and short sales.

Government home loan refinance with "goal of the government's Home Affordable Refinance Program is to help make monthly mortgage payments more affordable for customers who may not have sufficient equity in their home to qualify for traditional refinancing.

Traditional refinance and "goal of refinancing your home loan is to help make your monthly mortgage payments more affordable by refinancing to a lower interest rate or from an adjustable-rate into a fixed rate loan."

Lender forbearance program with "goal of forbearance is to help you get your home loan payments reduced or suspended (typically for up to 90 days) if you're suffering from a temporary financial hardship."

Lender Foreclosure site clarifies steps for non-judicial foreclosure process: (a) borrower is notified that the foreclosure process has begun, (b) notice of default is recorded, (c) notice of sale is recorded and mailed, (d) legal notices may be published in local papers, and (e) the house is sold at public auction. 

 

Short sales - Bank of America says the "goal of a short sale is to help you avoid foreclosure if you are no longer able to remain in your home.  In the short sale process, you sell your home and settle your mortgage debt for less than the amount that you owe."

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See more information about SHORT SALES being a good alternative to borrower foreclosure or bankruptcy - click here.

 

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This is not the providing of legal or tax services. If you are interested to do a short sale of your home or property, you should hire a local REALTOR and consult with a lawyer or certified public accountant about facts for your own situation.

Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - SFR short sale foreclosure resource certified by National Association of REALTORs® -  ExploreProperties@gmail.com (email) - CA DRE 01410855

www.LiveAtNewportBeach.com  -  www.OCPropertyNews.com  -  www.CostaMesaLive.com  -  www.Irvine-homevalues.com  - www.NewportCoastLive.com   - www.CoastLivinghomes.com  - www.OCHomeValueGuide.com -  www.LiveAtIrvine.com  - www.ExploreOCHomes.com  -  www.LiveAtOrangeCounty.com - www.IrvineBestValues.com   

"Helping People, Moving Forward, Developing Relationships and Protecting Property Values" - We list and sell homes and properties at Orange County, California. 

Posted via email from Explore OC Homes

Turtle Rock Homes at Irvine with Continued Solid Sales and Property Values

 

Irvine, the economy and business center engine at Orange County, has homes retaining solid values even during these challenging economy times.

See IRVINE single family homes now listed - click here for current active link.

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Turtle Rock Village is the most sought after residential community for buyers at Irvine again this year.

• 86 Turtle Rock homes have sold so far during 2010
• Average sold price of $1,023,016
• Average time on market of 97 days
• 46 of those were single family homes, and others were condos.
• Sold price at $415 per SF average interior size

See Turtle Rock single family homes now listed - click here for active link.

Turtle Rock has a history of solid property values, few distressed, and only 2 of the 86 Turtle Rock homes sold this year were bank owned after foreclosure.

 

Turtle Ridge Village at Irvine was developed and built during the past ten years.

• 72 Turtle Ridge area homes have sold so far during 2010
• Average sold price of $1,081,512
• Average time on market of 96 days
• Sold price at $450 per SF interior size

See Turtle Ridge home listings - click here for active link.

Quail Hill Village (about 1,600 homes) were developed and sold during the past seven years.

• 93 Quail Hill area homes have sold so far during 2010
• Average sold price of $811,515
• Average time on market of 79 days
• Sold price at $375 per SF interior size

See Quail Hill single family homes now listed - click here for active link.

 

Woodbridge Village (about 10,000 homes) is the largest residential community in Irvine and its centerpiece built around the two lakes.

• 236 Woodbridge area homes have sold so far during 2010
• Average sold price of $528,290
• Average time on market of 81 days
• Sold price at $329 per SF interior size
• 16 of sold Woodbridge homes were bank owned after foreclosure  

See Woodbridge single family homes now listed - click here for active link.

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If you are a home owner at Irvine, CA, now thinking about selling your property, please contact us now to start discussion and planning.  Thanks.

Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855

www.LiveAtNewportBeach.com  -  www.OCPropertyNews.com  -  www.CostaMesaLive.com  -  www.Irvine-homevalues.com  - www.NewportCoastLive.com   - www.CoastLivinghomes.com  - www.OCHomeValueGuide.com -  www.LiveAtIrvine.com  - www.ExploreOCHomes.com  -  www.LiveAtOrangeCounty.com - www.IrvineBestValues.com   

"Helping People, Moving Forward, Developing Relationships and Protecting Property Values"  - We list and sell homes at Irvine and Orange County, CA.  Thanks for contacting us with your ideas and questions about Irvine homes and properties. 

Posted via email from Explore OC Homes

Homeowners Must Be Careful and Follow HOA Architectural Restrictions on Rebuilding

 

This year's California court of appeal decision in Clear Lake Riviera Community Association v. Cramer (California 1st appellate district, division one, February 26, 2010) clarified that it's risky for a homeowner to ignore the HOA's architectural control restrictions on rebuilding.

Despite warnings from neighbors and the Architectural Committee, Mr. Cramer built a 2-story house that violated architectural height restrictions and blocked views.  

The homeowner association (HOA) sued Mr. Cramer who defended and claimed that it would be too expensive to comply with the rule (at least $200,000).

The Association (HOA) was a non-profit corporation organized under the Davis-Stirling Common Interest Development Act (CA Civil Code 1350, et. seq.).

 

The court of appeal ordered Mr. Cramer to reduce the height of his house by nine feet and gave reasons:

• Mr. Cramer's was not an innocent error;  he was aware of the restriction and had been warned before his foundations were poured.
• Neighbors were harmed because Mr. Cramer's house blocked their views and invaded their privacy by looking into their houses.
• Allowing Mr. Cramer to keep his violation would cause irreparable harm to the HOA since the association would effectively lose the power to enforce its CC&Rs.

So Mr. Kramer was ordered to tear down his remodel. 

To read the court of appeal decision, see Clear Lake Riviera Community Association v. Cramer.  Source: Adams Kessler PLC, Davis-Stirling.com 

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Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 -  www.LiveAtNewportBeach.com  -  www.OCPropertyNews.com  -  www.CostaMesaLive.com  -  www.Irvine-homevalues.com  - www.NewportCoastLive.com   - www.CoastLivinghomes.com  - www.OCHomeValueGuide.com -  www.LiveAtIrvine.com  - www.ExploreOCHomes.com  -  www.LiveAtOrangeCounty.com - www.IrvineBestValues.com   

"Helping People, Moving Forward, Developing Relationships and Protecting Property Values"  -  We list and sell homes at Orange County, CA.  Thanks for contacting us with your ideas and questions about Orange County homes and properties.

Posted via email from Explore OC Homes

Good Time of Year to Buy a South Orange County Home

 

People here in South Orange County want to know what's the best time of year to buy a home? 

December and January during winter have been slow months for home buying, which also makes this possibly the BEST TIME FOR BUYERS.

Home buyers want the best deals, and some are waiting for better selection, prices to go down, or better interest rates.  

Why wait?  If you are financially qualified ... Good BUYER SELECTION, GREAT INTEREST RATES and DECREASED BUYER COMPETITION are probably the most important factors for your decisions. 

Irvine has 706 homes now listed for sale, and 124 sold the past thirty days.  Market time is about 5.7 months, which is balanced.

See Irvine single family homes now listed - click here for active link.

Newport Beach has 477 homes now listed for sale, and 56 sold last thirty days.  Market time is about 8.5 months with balance favors buyers.

See Newport Beach Heights homes now listed - click here for active link.

Costa Mesa has 213 homes now listed for sale, and 44 sold last thirty days.  Market time is about 4.9 months.

See East Costa Mesa homes now listed - click here for active link.

Laguna Beach has 296 homes now listed for sale, and 35 sold last thirty days.  Market time is about 8.5 months with balance in favor of buyers. 

See South Laguna listings - click here for active link.

Newport Coast has 123 homes now listed for sale, and 16 sold the past thirty days.  Market time is 7.6 months, which is balanced in favor of buyers.

See Newport Coast single family homes now listed - click here for active link.

If you want to find and buy a South Orange County home and have down payment and income qualifications, consider ... GOOD MORTGAGE INTEREST RATES, BEST BUYER SELECTION and DECREASED BUYER COMPETITION.   Now could be that best time for you.

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Information here is for homes reported sold by the SoCal Multiple Listing Service, does not include trustee auction sales or FSBOs, and mostly does not include new home sales.

Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 - www.LiveAtNewportBeach.com  -  www.OCPropertyNews.com  -  www.CostaMesaLive.com  -  www.Irvine-homevalues.com  - www.NewportCoastLive.com   - www.CoastLivinghomes.com  - www.OCHomeValueGuide.com -  www.LiveAtIrvine.com  - www.ExploreOCHomes.com  -  www.LiveAtOrangeCounty.com - www.IrvineBestValues.com   

"Helping People, Moving Forward, Developing Relationships and Protecting Property Values"  - We list and sell homes at Orange County, CA.  Thanks for contacting us with your ideas and questions about Orange County homes.

Posted via email from Explore OC Homes

Irvine's Economy Engine Dominates other Orange County Home Resale Markets

 

Even during these challenging market times, IRVINE at South Orange County continues to dominate the local real estate markets. 

IRVINE is the third largest city in Orange County (population of about 218,000) and is the economy powerhouse with more jobs per person than other OC cities.

IRVINE continues to dominate local Orange County housing markets on dollars spent by the buyers. 

• IRVINE - sold 161 homes on resale market during November 2010, with average sold price of $756,741, so buyers spent $121,894,200 on Irvine homes during November.

See IRVINE single family homes now listed - click here for active link.

Santa Ana is largest city in Orange County in terms of population.

• Santa Ana - sold 147 homes during November 2010 with average sold price of $274,054, so Santa Ana buyers spent $40,285,938.

Anaheim is 2nd larges city by population.

• Anaheim - sold 100 homes during November, with average sold price of $317,029, so buyers spent $31,702,900 in that month.

Newport Beach is one of the grandest areas for residential homes in Southern California.

• Newport Beach - sold 52 homes during November 2010 with average sold price of $1,195,092, so buyers spent $62,144,784 during that time.

See Newport Beach condo homes now listed - click here for active link.

Huntington Beach Surf City is a large primarily residential community close to the ocean.

• Huntington Beach - sold 116 homes during November 2010, with average sold price of $651,922, so buyers paid $75,622,952 at Surf City during that month.

Laguna Beach is one of the most popular Pacific ocean communities in California.

• Laguna Beach sold 28 homes during November, 2010, with average sold price of 1,652,375, so buyers spent $46,266,500 during November.

Costa Mesa has been one of the most popular areas for home buying at Orange County.

• Costa Mesa - sold 41 homes during November, with average sold price of $530,224, and buyers paid total of $21,739,184.

Jobs, a healthy local economy and great schools bring people to Irvine. 

Folks who work at Irvine want and need homes and places to live. 

IRVINE's economy engine will continue to dominate, and we expect IRVINE home values to remain strong even during challenging economy times. 

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Information here is for homes reported sold by the SoCal Multiple Listing Service, does not include trustee auction sales or FSBOs, and mostly does not include new home sales, such as those sold by The Irvine Company.

Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 - www.LiveAtNewportBeach.com  -  www.OCPropertyNews.com  -  www.CostaMesaLive.com  -  www.Irvine-homevalues.com  - www.NewportCoastLive.com   - www.CoastLivinghomes.com  - www.OCHomeValueGuide.com -  www.LiveAtIrvine.com  - www.ExploreOCHomes.com  -  www.LiveAtOrangeCounty.com - www.IrvineBestValues.com   

"Helping People, Moving Forward, Developing Relationships and Protecting Property Values"  - We list and sell homes at Irvine, Orange County, CA.  If you have questions about Irvine homes or sale market, please contact us. Thanks.  

 

Posted via email from Explore OC Homes