New California Laws Impacting People Living Where There are Homeowner Associations

 

About one in three people in California now live in communities where there are homeowner associations, and new California laws impact those people.   

CA Senate Bill 150 - new CA law for 2012 - Owner's right to rent out units at homeowner association community - prohibits associations from restricting owners' abilities to rent their properties unless a rental restriction was in place before the owner purchased the property.  This section of the new law applies to a governing document provision that becomes effective on or after January 1, 2012, and requires owner/sellers to provide a statement describing any applicable rental restriction to potential buyers.

CA Senate Bill 209 - new CA law for 2012 - governing electric vehicle charging stations - restricts homeowners associations from prohibiting or restricting the installation of an electric vehicle charging station, although associations still have jurisdiction over the approval process for such stations.  Owners will be responsible for the maintenance costs associated with charging stations and for any commonly metered electricity.  Owners will also be required to obtain an umbrella liability insurance policy that names the association as an additional insured.

Senate Bill 563 - new CA law for 2012 - new requirements regarding the actions of homeowner association boards between meetings.

• Homeowner associations must notify members at least two days prior to a meeting of the board's executive session. 
• Allows for meeting notifications to be sent electronically to homeowners and permits board meetings to be conducted by teleconference as long as they are conducted in a manner that protects the rights of members.  
• Notices of teleconference meetings must identify a physical location so  members can attend and requires that at least one member of the board be present at the location.  
• Board of homeowner associations are prohibited from conducting a meeting via a series of electronic transmissions, such as email, except to conduct an emergency meeting. 

These news laws are part of the California Civil Code starting at section 1350 re condominium, cooperative and planned unit development communities.  

__________________________________________________________ 

 

Please contact us about listing and sale of ORANGE COUNTY CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA. 

Posted via email from Explore OC Homes

Positive Economy Trends Appear at Orange County, California

 

There are positive local economic trends appearing at Orange County CA in several sectors. 

 

Job numbers for Orange County CA during December 2011 had big year-over-year gain in number employed - largest increase in number of OC working people since January 2001 (11 years ago).

Lots of Orange County workers are still out of work.  However, December 2011 had lowest jobless count and lowest local unemployment rate since early 2009.

Orange County started 2012 with largest labor force in three years.

Food service business was a big job creator for 2011, and November 2011 set a record high of 143,200 Orange County restaurant workers.

Store owners added jobs in 2011, and November retail worker count was the highest for local merchants in three years.

Retail businesses added jobs during last three months of 2011 to meet holiday shopping, which was biggest year-end staffing up numbers since 2007.

New cars are selling again at Orange County - with year-to-date sales through October 2011 up 16 percent.

2.1 million square feet of local office space were leased out during 2011, which was biggest office leasing at Orange County since 2005.

Orange County builders took out permits for 4,818 homes, condo units and apartments during 2011, and that was up 56 percent vs. 2010.

I don't know whether these positive economy trends will hold strong for 2012, or whether we will have sustained economy growth at Orange County during this time.  We hope for the best for our Orange County economy, that private industry jobs will increase and buyer demand for real estate will be strong.  

____________________________________________________ 

Source of some information is Jon Lansner at Orange County Register, January 28, 2012. 

Contact us about listing and sale of ORANGE COUNTY CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA. 

Posted via email from Explore OC Homes

Single Level Homes Remain Solid Sellers - South Orange County CA Real Estate

Single level detached homes remain attractive for buyers and solid for sellers at Orange County CA real estate.

Newport Heights home - $1,489,000 - 3 bedrooms and 3 baths - MLS# U11003372 - IDX link

See NEWPORT BEACH CA single level detached homes now listed for sale - click here

Here are statistics for single level detached homes sold last year during 2011 at the following South Orange County cities:

Costa Mesa, CA - 321 single level homes resold - average sold price of $526,880

Dana Point, CA - 97 single level homes resold - average sold price of $905,695

Irvine, CA - 174 single level homes resold - average sold price of $691,911

Laguna Beach, CA - 72 single level homes resold - average sold price of $1,074,835

Laguna Hills, CA - 71 single level homes resold - average sold price of $520,841

Laguna Niguel, CA - 95 single level homes resold - average sold price of $599,111

Mission Viejo, CA - 317 single level homes resold - average sold price of $424,632

Newport Beach, CA - 135 single level homes resold - average sold price of $1,129,585

Newport Coast, CA - 8 single level homes resold - average sold price of $2,577,500

 

See IRVINE CA single level detached homes now listed for sale - click here

See LAGUNA BEACH CA single level detached homes now listed for sale - click here

____________________________________

Some of this information is from CRMLS, is for resale of homes by all brokers and agents, and does not include that for new homes by builders or those sold at trustee auctions.

 

Please contact us about listing and sale of LAGUNA BEACH and ORANGE COUNTY CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Posted via email from Explore OC Homes

Get Correct Value Information for your Orange County Property Tax Assessment and Appeals

 

Most Orange County CA homeowners paid their property tax installments as of December 12, 2011.

Some people are not happy with their current assessed values, because distressed homes on the market selling and foreclosures have driven their property market value down. 

 

Current market value for a home and property is important for the Orange County CA Assessor’s office to consider when determining and assessing value - for property tax purposes - and considering your appeal from property assessment.

See information from the Orange County Assessor's office at its website where you can get information on how to appeal and request a lowered assessed value. 

If you are an Orange County CA home or property owner and need help with sold comp and market value information for your home and neighborhood, CONTACT US here.

 ____________________________________

 

Some information here is from the Orange County CA Assessor.  This is not the providing of legal or tax services.  If after contacting the Orange County CA Assessor about property taxes you still have concerns about assessed value, you should consult with a real estate attorney. 

CONTACT US about listing and sale of ORANGE COUNTY CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, attorneys, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Posted via email from Explore OC Homes

Get Correct Value Information for your California Property Tax Assessment Appeals

 

Most Orange County CA homeowners paid their property tax installment due as of December 12, 2011.

 

Some people are not happy with their current property assessed values, because distressed homes on the market selling and foreclosures have driven market value down. 

 

Current market value for a property is important for the Orange County CA Assessor’s office to consider when assessing value for property taxes and determining your appeal from property assessment.

See information from the Orange County Assessor's office at its website where you can get information on how to appeal and request a lowered assessed value. 

If you are an Orange County CA home or property owner and need help with sold comp and market value information for your home and neighborhood, contact us here.

 ____________________________________

 

Some information here is from the Orange County CA Assessor.  This is not the providing of legal or tax services.  If after contacting the Orange County CA Assessor about property taxes you still have concerns about assessed value, you should consult with a real estate attorney. 

Contact us about listing and sale of ORANGE COUNTY CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Posted via email from Explore OC Homes

What Laguna Beach CA Real Estate Sellers Can Expect 2012

 

 

LAGUNA BEACH California is an amazing beach oriented city tucked among the Pacific ocean sands and rocks at South Orange County, CA - also located in the bluffs and hills with emerald blue waters and spectacular Catalina island views.   

Laguna Beach CA real estate owner sellers have expectations for 2012. 

LAGUNA BEACH CA real estate update for January 2012

329 LAGUNA BEACH homes were resold last year during 2011

Average resold price for those homes during 2011 was $1,614,000.

Average time on market for those resold homes during 2011 was 153 days.

52 of the LAGUNA BEACH resold homes last year were short sales - average sold price fopr those was $1,125,000.

Laguna now has 238 homes listed for resale - with current average asking price of $3,680.000.

Average time on market for homes now listed and not yet sold has been 181 days.

At current rate of sale (27 homes per month) it will take about 8.6 months to theoretically sell all Laguna homes now listed. 

 

 See Laguna Beach single family homes now listed for sale - click here.

See Catalina Island view homes at Laguna now listed - click here.

 

Woods Cove - oceanfront home - $6,995,000 - Laguna beach - MLS# L37230 - IDX link       

 

See Laguna Beach CA condo homes now listed for sale - click here.

See short sales at LAGUNA BEACH that are now listed - click here. 

 

 

____________________________________

 

Some of this information is from CRMLS, does not include that for new homes, and is for resale of homes listed and sold by all agents and brokers.

Please contact us about listing and sale of LAGUNA BEACH and ORANGE COUNTY CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Posted via email from Explore OC Homes

Irvine CA Named a Top 10 City for Families 2012

 

 

Irvine CA was named a Top 10 U.S. City for Families 2012 by AOL real estate.

Acres of parkland per 1,000 residents: 36.5  (Irvine is 10th highest)  

Playgrounds per 1,000 residents: 2.8 (Irvine is 29th highest)

Violent crimes per 1,000 residents: 0.6 (Irvine is 5th lowest)

Unemployment rate: 6.7% (Irvine is 13th lowest)

Adults with at least a high school degree:  95.7%  (Irvine is 2nd highest)

AOL real estate said:

"Irvine is a perfect city for parents who want their children to enjoy the outdoors.  

"The planned community was developed with a focus on greenbelts, and features many bike paths and parks, including the recently established Orange County Great Park, which is still under construction.

"Irvine has one of the lowest rates of violent crime among all major cities. Its unemployment rate for 2011 was relatively low, at 6.7%.  Like much of Orange County, Irvine suffered far less than other areas from the housing crisis." 

________________________________________________

 

Source of information is AOL real estate - Top 10 Cities for Families 2012

 

Please contact us about listing and sale of Irvine and ORANGE COUNTY CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.  

Posted via email from Explore OC Homes

Quail Hill at Irvine CA Real Estate - More Homes for Sale Needed for Buyer Demand 2012

Quail Hill village at IRVINE CA real estate owners have expectations for 2012.

99 Quail Hill homes sold last year during 2011 - average sold price of $736,955.

17 of those resold Quail Hill at Irvine homes during 2011 were short sales - average sold price of $626,347.

61 of the resold Quail Hill homes during 2011 were detached single family - average sold price of $908,381.

Click here to see ACTIVE LINK TO ALL QUAIL HILL AT IRVINE SINGLE FAMILY HOMES now listed.

 

16 Quail Hill homes are now listed for sale - average list price of $593,337.

QUAIL HILL needs more homes listed for sale now to satisfy buyer demand 2012.

Quail Hill village home - $875,000 - 3 bedrooms and 3 baths - MLS# S667038 - IDX link

CONTACT US ABOUT LISTING AND SALE OF HOMES AND PROPERTY at QUAIL HILL and Irvine CA real estate.

__________________________________________

Some of this information is from CRMLS, does not include that for new homes, and is for resale of homes listed and sold by all agents and brokers.

CONTACT US about LISTING AND SALE of QUAIL HILL VILLAGE AT IRVINE CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA

Posted via email from Explore OC Homes

What Newport Heights at Newport Beach CA Home Sellers Can Expect for 2012

 

 

Newport Heights is a popular area and part of the city of Newport Beach CA.

Newport Heights is close to and overlooking Newport Harbor on one side and adjacent to East Costa Mesa at Orange County on the other.

 

Newport Heights at Newport Beach CA real estate for 2011:

• 132 Newport Heights homes were resold last year during 2011 - average sold price of $715k
• Average time on market was 110 days
• 44 those sold Newport Heights homes during this past year 2011 were single family detached - average sold price of $1,268,682
• 34 of the resold homes were short sales (25.7 percent of market).  
• 26 of the resold homes were REO lender owned (19 percent of Newport Heights market)

 

 

Newport Heights at Newport Beach CA home and property sellers can expect for 2012: 

• There are 43 Newport Heights homes now listed for resale - average list price of $1,041,584 - including single family and condo homes  
• 7 of the listed homes are short sales (16 percent of market)
• If Newport Heights average resale price moderates down this year, that will probably be from increasing number of short sales and REOs.  
• Newport Heights is similiar to other Orange County areas and will have distressed homes, REO bank owned and short sales, listed for sale and sold.   
• Continued beautiful weather and jobs at Orange County will inspire improved consumer and buyer confidence at Newport Heights and Newport Beach this year.

See link to all Newport Heights single family homes now listed for sale - click here.

 

$1,875,000 - Newport Heights home - 5 bedrooms and 6 baths - more than 4,000 sf interior size - MLS no. P799811 - IDX link

 

See LINK TO ALL NEWPORT HEIGHTS single family homes now listed for sale - click here.

      __________________________________________________ 

Please CONTACT US at 949-854-7747  about listing and sale of Newport Heights homes and real estate.

Source of some information is CRMLS and does not include that for new homes, those sold at trustee auctions after foreclosure, and does include those listed and resold by all agents and brokers. 

Professional REALTOR® agent representation and help for property owner/sellers, private trust estate representatives, estate administrators and executors, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA

Posted via email from Explore OC Homes

What Costa Mesa CA Property Sellers Can Expect for 2012

Costa Mesa is a popular Orange County CA city, especially for people who like a less frantic lifestyle, with lots of biking and walking in residential neighborhoods.

Costa Mesa is located next to and inland from Newport Beach and has economy primarily based on retail (think South Coast Plaza), commerce, and light manufacturing.

Costa Mesa CA real estate for 2011:

• 654 Costa Mesa homes were resold during this past year 2011 - average sold price of $496,096
• 477 of those resold homes were single family, and others were attached condo homes.
• 167 of the resold homes were short sales (25.5 percent of market).
• Average sold price for short sales was $469,239
• 102 of the resold homes were REO lender owned (15.5 percent of market)
• Most Costa Mesa homes listed eventually sell on the market.

Costa Mesa CA home and property sellers can expect for 2012:

• There are now 168 Costa Mesa homes now listed for resale - average list price of $504,923
• If average resale price goes down, that result from lots of short sales and REO sales.
• Costa Mesa is like other Orange County areas inasmuch as distressed homes, REO bank owned and short sales, will be listed for sale and sold.
• Consumer buyer confidence should improve, and qualified property buyers are expected.

LINK to all COSTA MESA CA SINGLE FAMILY HOMES NOW LISTED FOR SALE - click here.

East Costa Mesa home - $1,050,000

4 bedrooms and 3 baths - MLS# U11004733 - IDX link

Please CONTACT US at 949-854-7747 about listing and sale of Costa Mesa CA homes and real estate.

____________________________________________

Source of some information is CRMLS and does not include that for new homes for sale or sold, those sold at trustee auctions after foreclosure, and does include those listed and sold by all agents and brokers.

Professional REALTOR® agent representation and help for property owner/sellers, private trust estate representatives, estate administrators and executors, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA

Posted via email from Explore OC Homes

Mortgage Debt Forgiveness Tax Relief by U.S. Law Set to Expire at End of This Year 2012

 

U.S. law - Mortgage Forgiveness Debt Relief Act of 2007 - applies to debt forgiven in calendar years 2007 through 2012 - including possible debt forgiven through SHORT SALE process.

 

For purposes of income tax, this law allows for exclusion of income realized as a result of modification of the terms of a mortgage, or foreclosure, for those who qualify on their principal residence. 

Any person participating in a SHORT SALE and who wants to qualify under the Mortgage Forgiveness Debt Relief Act of 2007 will need to get that home sold and closed escrow before the end of this year 2012.

Some forgiven debt is taxable.  This U.S. law - Mortgage Forgiveness Debt Relief Act of 2007 - provided tax relief to some people who owned and lost their home in foreclosure or who participate in a SHORT SALE.  

When people qualify according to this Mortgage Forgiveness Debt relief act of 2007, the amount of debt to the lender that is forgiven in the short sale would not be taxable.
 
People who are on the fence about listing their homes for SHORT SALE need to get those on the market now and as soon as possible.  A home listed for SHORT SALE too late during this year of 2012 will probably not get successful conclusion by the end of 2012 (signed purchase contract, delivered, concluded with close of escrow by the end of the year).

It's important for any home owner/seller considering a SHORT SALE to list the property as early as possible — especially since the short sale approval and completion process can take anywhere from 4 weeks to 12 months.

 

There are significant restrictions to qualify for this income tax relief on debt forgiveness.  You must consult with an experienced income tax professional or attorney to learn whether you qualify for this income tax relief on possible short sale of your property. 

____________________________________________________

CONTACT US for consultation about a short sale - listing and sale of your ORANGE COUNTY CA home and real estate.

Source of some information is Melissa Zavala - www.ShortSaleExpeditor.com.  This is for information only and not the providing of legal or tax services.  To find out about your own possible income tax situation and possible relief, you must consult with a tax attorney or experienced income tax professional.

Professional REALTOR® agent representation and help for property owner/sellers, private trust estate representatives, estate administrators and executors, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA

Posted via email from Explore OC Homes

What Irvine CA Real Estate Sellers Can Expect for 2012

Irvine CA is the job center and economy powerhouse at Orange County.

Irvine's mayor said that Irvine has a large number of jobs located in the city (about 190,000) in comparison to number of its residents (212,000).   

Irvine CA real estate for 2011:

• 2002 Irvine homes were resold during this past year 2011.
• That number of Irvine homes resales during 2011 was higher than any other Orange County city.
• Buyers paid an average of $638,990 for Irvine resold homes during 2011.
• 66% of homes sold were standard equity sales
• 23% of homes sold were short sales
• 11% of homes sold were foreclosures
• Buyers paid more than 1.27 billion dollars for all Irvine resold homes during 2011.
• Buyers paid more money buying Irvine resale homes during 2011 than any other Orange County city.

What Irvine CA home and property sellers can expect for 2012:

• Irvine will continue with solid job and private employer numbers during 2012.
• Irvine homes to be resold during 2012 will probably be similar to 2011.
• Number of Short sales will probably increase
• Number of equity sales will probably decrease
• Unknown whether Irvine home sold prices will increase or decrease
• Irvine will resell more homes during 2012 than any other Orange County city.
• Irvine buyers will continue to pay more money to buy resale homes during 2012 than at any other Orange County city.

There are 568 Irvine homes now listed for sale according to CRMLS (probably not enough Irvine listings for this market) - with average list price of $886,020.

See LINK TO ALL IRVINE CA SINGLE FAMILY HOMES NOW LISTED FOR SALE - click here.

_____________________________

Please CONTACT US here about listing and sale of Irvine CA homes and real estate.

Source of some information is CRMLS and does not include that for new homes for sale or sold, those sold at trustee auctions after foreclosure, and does include those listed and sold by all agents and brokers.

Professional REALTOR® agent representation and help for property owner/sellers, private trust estate representatives, estate administrators and executors, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA

Posted via email from Explore OC Homes