Newport Heights 92663 Homes Sales and Prices Up for 2010 Year

 

Newport Beach and its Newport Heights 92663 area home sales and sold prices were up during 2010.  

This is a different than most other areas at Orange County for 2010 where more than half of areas experienced sold home numbers and prices down.

Newport Heights is located south of 17th Street, east of Newport Blvd, inland from PCH, and west of Dover Drive.

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Newport Beach	92660	$1,100,000	+15.8%	423	+25.5%
Newport Beach	92661	$1,860,000	+16.6%	53	+20.5%
Newport Beach	92662	$1,917,500	+6.5%	29	+107.1%
Newport Beach	92663	$950,000	+21.4%	245	+12.9%
Newport Coast	92657	$1,625,000	+7.6%	242	+26.0%

This shows median sold home price at Newport Heights 92663 for the year 2010 was at $950k, which was up 21.4% from prior year.  Also that Newport Heights sold home units were at 245, which was also up 12.9% as compared with year 2009.   

 

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

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Source:  MDA Dataquick and OCRegister.com. This is for information only and not the providing of legal or tax services. 

See seller and buyer opportunities for homes and real estate at Newport Heights and Newport Beach, Orange County, California. -  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®.

            

Contact us about listing and selling of homes and properties at Newport Heights and Newport Beach, Orange County, California.   

Posted via email from Explore OC Homes

HOA Finances and Reserves Should Signal Good Property Values

 

Homeowners associations should be in the business at least in part to protect property values in their communities.

Reserve funding is essential for California common interest developments (homeowner associations) and home loans for buyers in those communities.

Bank of America has apparently declined to lend money to buyers of homes in some California homeowner association communities and said that it would only lend at HOAs with reserves that were 100% funded. 

(This BofA policy seems overly restrictive to me but probably makes a positive impression on property values).

To find out about homeowners association and reserve funding, check with Association Reserves, Inc., which has data from over 7,000 reserve studies and profile of HOA reserve funding strength.  Whether large vs small communities, urban vs suburban, highrise vs townhome, new or old, trend results for HOA reserves appear the same as shown on this chart.   

Healthy financial reserves for HOAs are expected to promote property values and improve home resales.

To comply with the California Davis-Stirling Act, HOA boards need to have a reserve study done every three years with annual updates.

To improve property values, marketability of homes in their HOAs, boards should raise their reserve funding levels and fully disclose to members and prospective buyers about finances and reserves.

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Source: Association Reserves, Inc.,  Adrian Adams, Adams Kessler PLC.  This is for information only about California common interest developments and condo communities and not the providing of legal or tax services.  If you have a question about any HOA and financial reserves, you should contact an attorney.

See seller and buyer opportunities for homes and real estate at Irvine, Newport Beach, Orange County, California. -  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®.

            

Contact us about listing and selling of homes and properties at Irvine, Newport Beach, and Orange County, California.   

Posted via email from Explore OC Homes

Shady Canyon at Irvine 2010 Home Sales Report

 

Shady Canyon is one of the most extraordinary and exclusive residential communities in Orange County and Southern California.

Located in the hills east of Turtle Rock  

Shady is a private and exclusive golf-oriented community developed by The Irvine Company - with about 400 of the most expensive homes and home sites in South Orange County.

27 Shady Canyon at Irvine homes were sold during 2010  

• Average sold price of Shady homes was $3,903,769
• 7 of those 27 homes were distressed, either bank owned or short sales
• Average interior size was 7355 SF
• Average Per SF sold was $545
• Average time on market was 170 days
• Average list asking price was $4,275,592 

See Shady Canyon homes now listed for sale - click here for active link 

25 Shady Canyon homes were sold during 2009.

None of those were distressed, bank owned or short sales

Average sold price was $3,629,777  

• Average interior size for these homes was 6371 SF
• Average Per SF sold price was $579 - Average time on market for these homes was 180 days.

It's interesting that none of the Shady Canyon homes sold during 2009 were distressed (bank owned and short sales) and that during 2010 seven of the 27 homes (26% of market) were distressed.

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This is information from the Southern California MLS for resale of homes and does not include that for new homes sold by builders, for sale by owners and those at trustee auctions after foreclosure.

Seller and buyer opportunities for homes and real estate at Shady Canyon, Irvine, Orange County, California. -  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®.

            

Contact us about listing and selling of homes and properties at Shady Canyon, Turtle Rock, Irvine, and Orange County, California.  

Posted via email from Explore OC Homes

Homeowners Associations Should Cooperate and Negotiate Short Sales

 

SHORT SALES are tricky for sellers and buyers, and working to resolve unpaid homeowner association assessments and liens can be challenging.

A "SHORT SALE" is when an owner of a property seeks to avoid foreclosure by selling the property for less than is owed on the home loans (mortgage).  Because the lender (lienholder) would take a loss on sale of the property, a short sale requires the lender's approval.

In California, if the HOA fails to lien the property for the delinquent assessments, it will receive nothing from the sale.  The HOA board can still pursue the delinquent owner in court for a money judgment.  However, that judgment might be uncollectible.

If the HOA files its lien, then it has a chance of getting paid.  However, the board can expect to be pressured to waive its delinquent assessments and release the lien on the short sale, because there would be no equity and no extra money in the short transaction to pay the HOA.

The HOA has no legal duty to release its lien in California until the association's claims have been satisfied. 

However, the HOA being stubborn about that could result in the short sale falling apart. 

 

And that could also leave a non-paying owner in possession and more delinquent assessments to accumulate, which would trigger a foreclosure sale (wiping out the HOA's lien).

It's better for the HOA to negotiate for proposed approval of a short sale.  The HOA board could waive late fees, interest and collection costs, and the seller could move forward with the short sale.  

That short sale would allow the HOA to get something out of the deal and prevent foreclosure. 

 

HOAs and lienholders should negotiate short sales and help owners avoid foreclosures.  

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This is information about short sales and homeowner association liens in California only.  If you have a question about lien rights and responsibilities of HOA in your area, you should contact an attorney.  

For homes and real estate at Orange County, California, please contact us. -  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®.

            

Contact us about short sales and homes and properties at Orange County, California.  

Posted via email from Explore OC Homes

Strategic Defaults on Home Loans & Mortgages

 

Some homeowners are upside down on their homes during these challenging economy times and are "underwater" - where property values are less than the amount owed to lenders and lienholders. 

We don't support voluntary "strategic default" on home loans and mortgages.  However, it's a consideration for some homeowners here in Orange County, and we are prepared with information and discussion.

Walking away from your home loan or mortgage is considered a "strategic default" - when a homeowner can afford to make loan payments and voluntarily walks away from that obligation.

True "walk-aways" have good payment histories with timely payments on home loans, their bills and credit accounts.

What's the motivation for someone walking away voluntarily from a home loan?

• Upside down where value is less than loans and liens against the property
• Squeezed financially
• Frustrated with no loan modification approved and/or decline of short sale by lienholders.

Those who "walk away" from home mortgage generally decide they can't afford to wait for the market to come back and recover their lost equity.

Others have plans to move for a job or are retiring, feel trapped, and are unable to accomplish goals unless they sell the property or walk away from debt.

When the lender's reaction to a proposed short sale is negative, or proposed loan modification is denied, the more upside down the homeowner, the more likely they are to "walk away" rather than continuing to make payments when there is no net asset value.

Options to "walk away":

• Staying put in the property and make payments
• Short sale
• Loan Modification
• Deed-in-lieu of foreclosure
• Bankruptcy

Impacts of voluntarily "walking away" from home mortgage:

• Financial and tax
• Credit history damage 
• Morals and ethics
• Emotional and psychological

Rethinking the voluntary "Walk Away"

• Consequences of voluntary "walking away" or not
• Does morality matter with this kind of decision?
• Is walking away from a home loan morally or ethically wrong?
• Can a "walk away" be for the greater good?

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Source: Tara-Nicolle Nelson - www.ReThinkRealEstate.com - This is for information only and not the providing of tax or legal services.  For decisions about your own home loan situation, you should consult with an attorney and/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 - www.OCHomeValueGuide.com - www.LiveAtOrangeCounty.com - www.CoastLivingHomes.com -  www.OCPropertyNews.com -  www.LiveAtNewportBeach.com  -  www.LiveAtIrvine.com  -  www.LiveAtLagunaBeach.com  - www.CostaMesaLive.com   -  www.NewportCoastLive.com - www.IrvineBestValues.com  

Please contact us with your questions about short sales and Orange County homes and properties. 

Posted via email from Explore OC Homes

Turtle Rock at Irvine 2010 Home Sales Report

 

Turtle Rock is a beautiful area located in the hills near the University of California campus and is one of the most popular residential communities in Irvine for buyers. 

 

Turtle Rock home values remained strong during 2010.

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89 Turtle Rock at Irvine homes were sold during 2010 

• Average sold price was $1,011,206 
• Average size of 2426 SF interior
• Average Per SF sold was $412
• High sold price of $2,862,000 for Turtle Rock Crest home
• Low sold price of $432k for Highlands townhome
• Average list price for these homes was $1,051,388 
• Average time on market for these was 96 days

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

• During 2009 92 Turtle Rock homes were sold
• Average sold price was $836,572  
• Average size of 2169 SF interior
• Average Per SF sold price was $386
• Average time on market for these was 99 days

See Turtle Rock condo homes now listed for sale - click here for active link 

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This information is from the Southern California MLS and does not include that for new homes sold by builders, for sale by owners and those at trustee auctions at end of foreclosure.

Seller and buyer opportunities for homes and real estate at Orange County, California, Turtle Rock, Irvine,  please contact us.  -  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®.

            

Contact us about listing and selling of homes and properties at Turtle Rock, Irvine, and Orange County, California.  

Posted via email from Explore OC Homes

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Posted via email from Explore OC Homes

Turtle Rock at Irvine Home Sales 2010 Report

 

Turtle Rock is a beautiful area located in the hills near the University of California campus and is one of the most popular residential communities in Irvine for buyers. 

 

Turtle Rock home values remained strong during 2010.

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89 Turtle Rock at Irvine homes were sold during 2010 

• Average sold price was $1,011,206 
• Average size of 2426 SF interior
• Average Per SF sold was $412
• High sold price of $2,862,000 for Turtle Rock Crest home
• Low sold price of $432k for Highlands townhome
• Average list price for these homes was $1,051,388 
• Average time on market for these was 96 days

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

• During 2009 92 Turtle Rock homes were sold
• Average sold price was $836,572  
• Average size of 2169 SF interior
• Average Per SF sold price was $386
• Average time on market for these was 99 days

See Turtle Rock condo homes now listed for sale - click here for active link 

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This information is from the Southern California MLS and does not include that for new homes sold by builders, for sale by owners and those at trustee auctions at end of foreclosure.

Seller and buyer opportunities for homes and real estate at Orange County, California, Turtle Rock, Irvine,  please contact us.  -  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®.

            

Contact us about listing and selling of homes and properties at Turtle Rock, Irvine, and Orange County, California.  

Posted via email from Explore OC Homes

Federal Estate Tax Reinstated - Estates of People Who Die After January 1, 2011

 

My article during July last year - If You're Rich, Watch Out for Greedy Heirs and Sharp Objects - pointed out that we had no U.S. Estate Tax for the one year ending December 31, 2010, and that rich people might consider staying away from greedy heirs. 

Then U.S. Congress changed all that hysteria  - The U.S. Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 became law on December 17, 2010.

A controversial part of this tax package is reinstatement of the U.S. estate tax, which had temporarily disappeared in 2010, and it now has higher exemption level and a lower rate than in the past.

After no estate tax for those who died during 2010, beginning January 1, 2011, estates valued at $5 million or less ($10 million or less for married couples) will escape the federal estate tax completely.  However, estates with values above $5 million will be taxed at a 35% rate.

For those who died during the year 2010, estate executors and administrators can use these new regulations or 2010 regulation of no estate tax and no increase in the basis of the inherited properties. 

Beneficiaries of rich people who died during 2010 (with estates larger than $5 million) will have some serious thinking to do about this choice.

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This is for information only and not the providing of tax or legal services. You should consult with your income tax professional or certified public accountant about estate tax requirements for your situation.

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®.

            

Posted via email from Explore OC Homes