Sea Pointe Estates Blog, San Clemente www.SeaPointeEstates.com/blog

Interested in learning about property activity in Sea Pointe Estates in San Clemente? Now there is a blog dedicated to Sea Pointe Estates real estate market in San Clemente. Anytime there is a new listing, price reduction, property going in-escrow or taken off the market, Sea Pointe Estates blog will report it. Get up to the minute news about Sea Pointe Estate properties at www.seapointeestates.com/blog.

Massive Round-The-Clock Concrete Pour Is Completed For 400-Foot-Long Bridge At Marbelhead Coastal In San Clemente

San Clemente, Calif. (March 21, 2008) -- As reported by SunCal, A major construction milestone for SunCal Companies’ Marblehead Coastal master-planned community in San Clemente was reached Tuesday, March 18, with the round-the-clock pouring of 2,400 cubic yards of concrete for a 400-foot-long bridge that spans a canyon within the development.
The massive undertaking was the single-largest concrete pour for any portion of the 248-acre community on bluff-tops overlooking the Pacific Ocean. Two shifts of 60 construction workers each coordinated their non-stop flurry of activity for nearly 20 hours, steadily filling the Avenida Vista Hermosa bridge’s stems and soffits with concrete.
The pour started under floodlights at 4:30 a.m. Tuesday and continued non-stop until 12 midnight. It involved 2,400 cubic yards of concrete that were transported via 300 truckloads, with up to 20 trucks per hour onsite.
“Conducting 20 straight hours of pouring concrete into the maze of forms at the bridge required a tremendous amount of planning, preparation and coordination,” said David Placek, vice president of project management, SunCal Companies. “This represents a significant accomplishment for Marblehead Coastal and demonstrates our commitment to moving forward and completing this development.”
When the bridge is finished, it will link a major thoroughfare that will serve both the residential neighborhoods and the commercial center within the community.
Phase I of the development’s custom homesites is currently being offered, and the sales gallery is open by appointment to prospective buyers. The prices for the Phase I custom homesites range from $1.65 million to $3.4 million. Please contact Sam Smith of Beach Cities Luxry Homes at (949) 291-0424 for free literature on Marblehead coastal properties.
Marblehead Coastal, in the historic beach town of San Clemente, is the last, most precious oceanfront community along this stretch of classic Southern California coastline. Marblehead Coastal is created as a community consistent with the history and architecture of the area, and one whose natural beauty is enhanced for future generations. Marblehead Coastal is planned to include 69 custom homesites, as well as 244 merchant-built residences and villas.

Why is everything happening very quickly now? Early reports from the OC Register that Steve Craig went to court earlier this year with a lawsuit against SunCal to ensure delivery of promised Marblehead Coastal site improvements, he exuded optimism about his plan to bring a 640,000-square-foot commercial center to San Clemente.
Craig said he got a temporary restraining order in January in the Superior Court to prevent SunCal, master developer of the 248-acre Marblehead Coastal Community in San Clemente, from withdrawing funds from an escrow account that was set up to ensure that promised infrastructures will be built for the 51-acre site that Craig purchased nearly two years ago.
SunCal is caught in a housing slump that has made money tight; a company spokeswoman confirmed that fact Jan. 8 to the City Council. Craig said Wednesday that the contractor who was building an Avenida Vista Hermosa bridge for SunCal at Marblehead Coastal pulled off the job.
A SunCal spokesman, Joe Aguirre, said in a prepared statement, "The contractor for the Vista Hermosa bridge has paused its work for the time being due to a contractual issue, and we cannot discuss the details at this time. We intend to complete the bridge, but we're evaluating when the work will resume."
Aguirre continued, "We do not know why Mr. Craig would bring an action against us as we have fully complied with all of our contractual obligations to him. When and if we are served with a lawsuit, we will turn it over to our legal counsel and respond appropriately."
Marblehead Coastal – a planned community approved for 308 homes – also includes trails, community parks and Craig's shopping center, which includes a hotel, conference center, cinema and restaurants.
Craig said he took the legal action Wednesday as a precaution but is confident all the work will be completed.
"The good news," he said, "is that the project is fully bonded."
Craig said he is about to begin building his own bridge to connect Avenida Vista Hermosa across a canyon to the shopping center site. A year ago there was talk of building SunCal's bridge and his bridge under one contract. "Thankfully we chose not to do that," Craig said. "We are moving ahead with our project. We're delighted to have the opportunity to get under way."
Some updates provided by Craig:
Next step:Construction of a parking structure could begin in May. It, like the shopping center bridge, is about a one-year effort.
Effect of the economic downturn:"Our business hasn't been better. The outlet industry traditionally has always had its best years during down times. In 91-92-93-94, our last major downturn in the U.S. was clearly our best years in Cabazon and some of the other projects we had. In November and December … we had our two best months in the history of our company at a time when many retailers were saying it was a very soft holiday season. For example, the Citadel in Los Angeles, their sales were up 21 percent. That was true in Castle Rock, Colo. It was true in Loveland, Colo., and a couple of our other properties."
Construction outlook:With the economy slowing, contractors will be hungrier for projects like the San Clemente center, meaning more competitive bids. Craig is seeing this for a project he is doing in Phoenix.
When the first stores might open:"I'm keeping my fingers crossed, but the last quarter of '09 looks like our target date at this point." Weather could affect that.
Prospective tenants:"I believe 100 percent of the shop space has been spoken for, and we're looking at maybe expanding the size of the phase 1 building slightly, putting more stores along the front, facing Avenida Vista Hermosa.
Square footage of phase 1:"With the theater, it was about 325,000 feet. We could probably add another 15-20,000 feet to it.
Signed leases?"My guess at this point is at this point we've signed almost 100,000 square feet of leases. We have another 50-75,000 in lease documentation. and then and then … (a third group of) people are negotiating terms. We've had tremendous demand. It's one of the most sought-after projects in our industry right now. I think that we'll open fully leased."
The theater:It's already designed, by the same firm that did The Grove at Farmer's Market in Los Angeles' La Brea area. Mario Savopoulos, a San Clemente resident, did the design. "I'm very pleased with it. He took a lot of pride in doing that design work because it'll be his home theater."
Cinema operator:"We have 3 operators that we're talking to. The fourth option is that we may own the theater and hire one of them to operate it. Ten screens. There's also some private screening rooms …"
A big bookstore?"At this point I'm hesitant to say yes. The book industry is in tough shape. They're willing to come, but they want a significant subsidy. In other words, they can't pay any rent, basically. And this is not a cheap building. It's one of the most expensive retail buildings that would be built. Unfortunately, it requires some real rent."
Restaurants: "We are continually showing restaurants the space. There's been no one that has come down there that didn't love it. It doesn't mean everyone wants to be there, but we've had a lot of interest in it. We have leases out to California Pizza Kitchen. We have a lease out to Ruby's Diner, and we have a lease going out to Opah. We're talking to a number of people … but the nice thing about the restaurant buildings (is) these are outside the center itself. So we will build them as we lease them. We'll build them as a custom building when they're signed."
The number of restaurant spaces:About 13. One of the buildings that was slated for a restaurant is drawing interest as a spa. "A number of spa operators have come to us and said this would be wonderful … the canyon location … it'd have kind of a very serene, peaceful approach."
Any impact if Marblehead homes are stalled:"Our marketplace is much broader than that. We've felt that San Clemente itself would represent maybe 10-15 percent of our business. It's important for us to pick up Mission Viejo and Dana Point and San Juan Capistrano. We see a big business from Laguna Beach …(people who) instead of going up to up to Fashion Island and South Coast Plaza, maybe having a little bit nicer drive down the coast."
Projected economic impact on the town:More than $3 million a year in sales and hotel taxes. "Right now the vast majority of San Clemente's potential sales tax dollars go to other cities. They get very few dollars that come in here. The project will be a big benefit, and as we get into tougher times I think it's going to be even more important to the community, to have the opportunity to have that revenue to do the things they need to do."
Is the center named yet?"I think what's most challenging about the name is that this is not just an outlet center. There's entertainment. There are a wide variety of restaurants. There may be a spa. So just to call it an outlet center, I don't really think it's probably a fair name … we're also going to have tenants that aren't outlet tenants … regular price tenants. So we're reluctant just to say it's San Clemente Outlets, come here."
Legal dispute over freeway-facing signs:"We're interested in trying to sit down and work something out. It takes two to tango. We're willing to sit down and talk and see if there's a common ground that can be reached and maybe save them some money and save us some money and time too."
Response from Richard Boyer, whose local group San Clemente Citizens for Integrity in Development sued to contest the city's approval of a sign-exception permit:"We are pleased to work with the city if they want to make a good-faith effort to work toward a settlement. That's been our position all along, if we can reach a settlement without going to court, that's preferable to a trial."
SUNCAL'S RESPONSE
In a prepared statement, SunCal spokesman Joe Aguirre responded to questions about the status of the SunCal and Craig projects.
Q. What is the situation involving Craig Realty?
A. We do not know why Mr. Craig would bring an action against us as we have fully complied with all of our contractual obligations to him. When and if we are served with a lawsuit, we will turn it over to our legal counsel and respond appropriately.
Q. What is happening with the SunCal project?
A. Construction at Marblehead Coastal remains underway, although work is being completed in phases at an adjusted pace and progress is also dependent on the weather. SunCal remains committed to, and excited by, this very special property. Marblehead Coastal is the last great oceanfront community on this classic stretch of the California coast, and we look forward to continuing to work with the city as we make this master-planned community a reality.
We previously had a very aggressive, accelerated construction schedule, but with the cyclical conditions of the housing market, it has become necessary to adjust our timelines. However, our original vision of Marblehead Coastal has not changed, and we are committed to completing this development as planned and approved.
Q. What is happening with the Vista Hermosa bridge?
A. The contractor for the Vista Hermosa bridge has paused its work for the time being due to a contractual issue, and we cannot discuss the details at this time. We intend to complete the bridge, but we're evaluating when the work will resume.
Q. What is happening with the improvements pledged to the commercial site?
A. The commercial portion of Marblehead Coastal is an integral part of this master-planned community, and we remain committed to completing the preparatory work for the site.

Ocean Front Home On 1 Acre Lot (San Clemente)

Rarely on the Market!! Ocean Front Residence in SW San Clemente on nearly 1 acre lot (see dotted lines marking property). Property is currently listed at $4,700,000. For more information on this property please contact Sam Smith directly at (949) 291-0424

Fed Slashes Rate To 2.25 Percent

Now that the Federal Reserve has cut rates again, this question comes up: What good will it do?

The central bank's rate-setting Federal Open Market Committee cut the target for the federal funds rate by three-quarters of a percentage point, to 2.25 percent.
The prime rate will fall three-quarters of a percentage point, also, to 5.25 percent. Variable-rate credit cards and home equity lines of credit are pegged to the prime rate, so they will drop, too. The goal is to encourage consumers to borrow and spend more to revive the economy.
A cut of a full percentage point had been widely expected, but the Fed apparently believed that would be too inflationary: "Inflation has been elevated, and some indicators of inflation expectations have risen," the central bank said in its policy statement. "The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization. Still, uncertainty about the inflation outlook has increased."
But will consumers borrow and spend more in response to lower rates on credit cards and credit lines? Maybe -- but probably later rather than sooner.
"In the short term, I'm not sure it will have much of an impact at all," says Jim Baird, chief investment strategist for Plante Moran Financial Advisors in Kalamazoo, Mich. "Clearly, when you look at consumer sentiment, there's a lot of concern about the economy, housing and certainly the stock market. Consumers are very hesitant to stick their necks out very far."

Pushing on a string
But that's what's happening now. There's a lag of six to nine months before the effects of Fed rate cuts begin to be seen in the broad economy. Late this year, this hefty rate cut "is going to have an effect, but it's got to be accompanied with some relief from anxiety, from consumers who will say, 'I feel better buying at cheaper rates,'" Baird says.
Some commentators talk of "pushing on a string." That's the situation you have when the Fed keeps cutting interest rates, but lenders are afraid to lend and borrowers are reluctant to borrow. John Burford, vice president and investment portfolio manager for the International Bank of Miami, doesn't think the Fed has arrived at that point. He feels confident that today's rate cut will have the desired effect. Eventually. It always works, he says.
"These lower rates will get the economy going, and they will prompt consumers as long as they are employed and they are getting pay increases -- not as much as they want to, but they are getting them," Burford says. "Once this turmoil settles down, it'll work."

Radical steps
The key is settling down the turmoil, and the Fed has been working on that, too, by engineering the fire sale of Bear Stearns and coming up with creative ways to keep money moving through a financial system that keeps threatening to seize up with fear. Burford notes that Fed Chairman Ben Bernanke is a student of what went wrong before the Great Depression, and that the Fed has closely analyzed Japan's mistakes in the 1990s. Those errors won't be repeated, Burford believes, and that in itself will be a confidence-builder.
Baird notes that, until recently, people talked about whether a recession was coming. Now the questions are whether the recession has begun yet, and how long and severe it will be.
The Fed can't do it all, though. Banks will have to loosen the purse strings, too. Lending guidelines have become especially tight with mortgages, and particularly with home equity lines of credit. Some lenders have cut their customers' credit limits because of falling home values.
"It starts with the banks. I suspect that there are borrowers out there who would be happy to borrow if they could," Baird says. But first, banks have to repair their balance sheets. That's taking time.
Long-term rates, such as those for fixed-rate mortgages, don't respond directly to the Fed's rate decisions. Instead, long-term rates are guided by inflation expectations. They could go either way, depending on whether the bond market decides whether the Fed's rate policy is too restrictive, too permissive, or just right.
The federal funds rate is the target interest rate for banks borrowing reserves among themselves. The discount rate is the interest rate that the Fed charges banks to borrow reserves from the Federal Reserve. The Fed wants to be the lender of last resort: It wants banks to borrow from one another at the federal funds rate before borrowing from the Federal Reserve at the lower discount rate. Article courtesy of BankRate.com

Gianni Versace’s Lake Como Home Sold To Moscow Baron

As reported in the London Times, Gianni Versace, the flamboyant Italian fashion designer, was gunned down on the steps of his Miami mansion in 1997, Villa Fontanelle, his beautiful weekend home on the shores of Lake Como, has sat virtually lifeless.
The yellow 19th-century palazzina was for 20 years his favourite house, and the scene of glamorous weekend parties attended by guests such as Princess Diana, Elton John, Sting and Madonna. Over the past 10 years, however, while Versace’s family and the fashion world mourned his loss, the elegant four-storey property near the village of Moltrasio has been left largely uninhabited (bar the odd celebrity visit: Jennifer Lopez spent her honeymoon there with husband number two, Cris Judd, in 2001). Photo slide show.
Now Villa Fontanelle’s scores of wooden shutters are set to be flung open to the spring sunshine once again. The house is being bought for £26m by a Russian businessman in a private deal. Sources close to the transaction have named him as Arkady Novikov, a multi-millionaire restaurateur known as the “blini baron of Moscow”. They have revealed he is paying at least £3m more than the asking price set by the Versace company last summer to ensure the house doesn’t go on the open market.
The bid will also make sure nobody else gets to view the fabled ornate interiors or wander on the grand terraces and manicured gardens created by one of the world’s boldest style-makers. Neither Novikov, 46, nor Aylesford, a top-end Chelsea estate agency involved with marketing the villa, would comment on the sale.
Versace, the creator of that dress – the two slinky strips of black fabric, held together with safety pins, that catapulted Liz Hurley into the limelight in 1994 – owned several grand homes, including properties in Milan and New York. But it was on the tranquil Lake Como estate, 30 miles from Milan, that the Calabrian-born designer would seek refuge from work with his long-term lover, the former model Antonio D’Amico, and members of his family, including his beloved niece Allegra, now 21, to whom he left half of his fortune.
Versace said of Fontanelle: “The house in Moltrasio is a Proust house, whereas the ones in Milano and Miami are more Batman. . . It is the house that really belongs to me, reflecting a mirror image of all that I am, for better or worse.”
The property was built in the first half of the 19th century by Lord Charles Currie, an eccentric visiting Englishman who fell in love with Lake Como. Failing to find a villa for sale, he decided to create his own, right on the water’s edge. By 1977, when it was bought by Versace, it was in a state of abandonment, and the designer set about restoring it to its former neoclassical glory. The work, completed in December 1980, included landscaping the three acres of ornamental gardens, which now have a tennis court, water frontage and a private mooring.
Versace was as hands-on – and outrageous – with the renovation and decoration of the villa as he was with the gold lamé suits that established his reputation in the 1970s. He chose every item himself, from furniture and paintings to table linen and dinnerware, creating a mini palace that was a personal shrine. Midnight blue and gold, the signature colour scheme of the Versace fashion house, featured throughout, along with the Medusa-head logo and hundreds upon hundreds of neoclassical objets d’art.
The villa also became a homage to the male form. Many of the rooms have magnificent full-size marble nudes of Greek gods, set on plinths. The dining room is said to be decorated with large plasterwork medallions and lit by a Russian crystal chandelier that originally hung in a palace in St Petersburg.
Preoccupations with the grandiose and the imperial continue elsewhere: the enormous main bedroom, with an empire bed, has blue satin armchairs and more statues of Greek deities. Bathrooms, themed in blue and gold, feature red marble detailing and are adorned with medallions of Roman emperors, marble busts and classically inspired artwork and urns. One source close to the sale adds of the property: “It is a magnificent house, very elegant, very rare and one of the prettiest houses I’ve ever seen.”
So, minimalist it is not. Another who viewed the property prior to the sale says of it: “There is a lot of bizarre furnishing one knows the family enjoys, but which may not be to everyone’s taste – especially the two enormous stone men in the main bedroom.”
Like Versace, Fontanelle’s soon-to-be owner is, in his own way, a radical. Novikov, who recently bought a villa on Sardinia’s Costa Smeralda – next door to Roman Abramovich’s girlfriend, Daria Zhukova – is credited with transforming the restaurant scene in the Russian capital. He has introduced sushi, caribou and nachos with deep-fried onion blossom to the menus of a culinary empire that includes 47 restaurants and a chain of cafes. He starred in the Russian version of the reality-television show The Apprentice.
Trained as a chef in Soviet days, Novikov applied for job at McDonald’s when it opened its first branch in Moscow in 1990, but his boasts about the number of different cuisines he could cook failed to impress the Americans. Undaunted, two years later he borrowed $50,000 from a friend and set up Sirena, which became Moscow’s finest fish restaurant, with a dining room in the style of a wooden galleon and an aquarium beneath a glass floor. Such exuberant style perfectly fitted the brash taste of the novi Russki, the class of new Russians who made fortunes during the collapse of communism. Another early restaurant was The White Sun of the Desert, which featured belly dancers, live cockfights and and overflowing buffets of Uzbek delicacies.
The kitsch bling of his restaurants does not appear to match his sartorial tastes. The shaven-headed Novikov favours the clean-cut look – white T-shirts, dark suits and blazers – with his flair evident only in his business ventures. He says on his company’s website: “I grew up late, reading fairy tales until I was 15.” And: “I am often asked whether I’m going to expand my company. I always tell myself, ‘Enough. Stop.’ But I can’t stop!”
Whether or not Fontanelle’s over-the-top decor will appeal to Novikov is anybody’s guess, but it looks as if he will be undertaking his own decorative schemes. Some furnishings from the villa were auctioned in 2005, and sources close to the sale say that Sotheby’s Milan is lined up to sell off other contents later this year. The company has declined to comment. Whatever happens to the interior, however, Fontanelle will never lose the glamour of its past and its dolce vita party spirit – albeit mixed in with a fairy tale that ended in tragedy.
Roy Strong, the garden designer and former director of the V&A who was entrusted with landscaping the park for Versace, has fond memories of a key chapter in the villa’s recreation – and of its owner. “My wife and I stayed there every year for more than 10 years,” he recalls. “I went one year, and Gianni didn’t seem interested in the garden, but I made some sketches. The next year, he took us to our bedroom, threw open the shutters and said, ‘Here’s your garden.’ And there it was. There were statues, fountains; the trees were very old, and their branches just trailed into the river.
“He was a genius in a way. We were good friends, but it was a private friendship. To me, he ranked among the shyest people I’ve met. We would just read and go for walks. He had wonderful collections, and it was a wonderful house. It really is the end of an era.”

London Sale Sets New “Most Expensive Home Sold” Record

Think About This: The Purchase price of this home is close to the buy-out price for Bear Stearns!

Just as the financial news is buzzing with reports of the $236 million Federal Reserve-backed bail-out of Bear Stearns by JP Morgan Chase, The Times of London reports that a yet to be completed flat in central London has sold for a record-setting price of between £115 million and £120 million ($230 million to $240 million). By comparison, former financial giant Bear Stearns changed hands at about the same time for about the same price.
The flat is one of six apartments yet to be carved out of a seven story office building located at 8 St. James’s Square, which the Times reports is “equidistant between 10 Downing Street and Buckingham Palace." Who will be the new resident sharing the neighborhood with the Queen and the Prime Minister? The buyer’s name is unreported, but you can bet your $2 Bear Stearns’ stock that it is one of the world’s billionaires who wants bragging rights for the most expensive residence.
This sale is one more indication that in the rarified air of the very, very top of the housing market, the search for trophy properties continues, despite the growing housing and financial market troubles.
What do you think? Which is the better investment - The London residence or Bear Stearns?

Marblehead Update: Unfinished Business with SunCal

MARBLEHEAD of San Clemente: A widening of Avenida Pico remains a work in progress ... qustionable progress, since work halted in January on the adjoining Marblehead Coastal development. The city has a punch list of 10 items it wants the developer, SunCal, to complete under terms of a 2005 agreement. How much longer will San Clemente be looking at a constricted Avenida Pico, lined with sandbags along the path of an unfinished street widening?
Pico is one of 10 unfinished items on a punch list the city says SunCal needs to complete to comply with a subdivision improvement agreement for the stalled 248-acre Marblehead Coastal development.
On March 4 the City Council authorized the city attorney to file suit to enforce a June, 2005, agreement that required completion of subdivision improvements in two years. It also required that work be performed continuously until completion, City Atty. Jeff Oderman said. The suit hasn't been filed but the city has sent SunCal a demand letter, City Manager George Scarborough said. SunCal replied last week that work is resuming on the bridge and SunCal was reviewing the city's letter, preparing a response.
"As of this date, no grading or improvements required for Marblehead Coastal have been completed by SunCal or accepted by the city," said a communication from the city, requested Monday by the Sun Post News. Some areas are closer to completion than others, City Engineer Bill Cameron's report said.
Major work remaining:
•Avenida Vista Hermosa:Completion of road extension, bridge and underground utilities.
•Avenida Pico:Widening and underground utilities.
•Sports park:Construction and related parking and landscaping improvements.
•Other parks and trails:Completion.
•El Camino Real:Widening and underground utilities.
•Water line:Realignment and connection, along I-5.
•Storm drains:The northeast canyon area of the commercial site.
•Commercial site:Grading.
•Via Socorro:Widening.
•Residential areas:Grading and improvements.
SunCal – caught up in a nationwide collapse of the housing market – is already facing seven lawsuits filed in Orange County since October, accusing the company of failing to pay more than $105 million in debts. In late January, work halted at Marblehead Coastal, where SunCal is developing 308 homes and is to deliver an improved site for a 640,000-square-foot commercial center to its buyer, Craig Realty Group.
The Sun Post News asked Scarborough what has transpired since the City Council's 5-0 vote March 4.
Q. Has there been follow-up communication from or with SunCal since the council voted to authorize filing suit?
A. There have been conversations with SunCal since the City Council vote.
Q. What is the status of the City Council's direction to file suit?
A. We have not yet received a formal response to our demand letter. The City Attorney is preparing the papers and will file when he determines it to be appropriate.
Q. How much site work is SunCal doing at Marblehead Coastal?
A. They had begun to do the preliminary work for the bridge deck prior to the City Council action. That work is continuing but I am not aware of any additional progress on any of the other public improvements.
Q. What would it take to trigger a release of the bonds to complete the Avenida Pico widening and the other unfinished work?
A. The bonding company is obligated to insure the improvements are completed. They will have to step in to cause the improvements to be completed if SunCal is in default and does not cure the default.
SunCal's Joe Aguirre reaffirmed Wednesday that SunCal restarted the bridge project March 4, after working out contractual issues with the builder: "Engineering inspections have been taking place since then, along with any work that is needed to ensure the forms and other preparatory materials that were previously installed are in place and ready for the concrete pouring. We will be receiving the bridge construction schedule this week, along with the timing of the first concrete pour, which will be a major effort." Article courtesy of the Sun Post News.

Sea Pointe Estates New Listing - 32 Campanilla

Here is your chance to own this property again! It was a previous foreclosure listing that sold right around Christmas time last year. The property has some of the best views in Sea Pointe Estates of San Clemente, and features a water slide pool. It just came on the market on March 13th (Thursday) and is being offered for sale for $1,729,000 with a free Mercedes sport car being offered for a full price offer. The house is reported to be over 3800 square feet of living space on at 10,000 + square foot lot. It has a 3 car garage and viewing decks from the main level & the master bedroom. To see this listing please click here: 32 Campanilla. Please Visit my Sea Pointe Estates Blog which features all the latest property listings for Sea Pointe Estates.

Warren Buffet Is Now The Richest Man In The World, Bumping Out Bill Gates!

After 13 years as the world's wealthiest man, Bill Gates has dropped to number three on the Forbes List of Billionaires, below top ranked Warren Buffet and number two ranked Mexican telecom Tycoon Carlos Slim Helú as reported in a recent Forbes Magazine article.
Reportedly at $62 billion, Buffet's fortune jumped by $10 billion since last year's ranking. Gates, who is now worth $58 billion saw just a $2 billion increase. Helú's $60 billion fortune has increased by $11 billion since last year.
Rounding out the list of the top five were, Lakshmi Mittal, head of the world's largest steelmaking company ($45 billion) and Mukesh Ambani ($43 billion), Asia's richest resident, who is building a 27-story home in India. Find the complete list of the world's billionaires on the Forbes website.

San Clemente Marblehead Development: San Clemente Ready to Sue Developer SunCal

As Reported In The Sun Post News, The City of San Clemente announces it's prepared to sue over delayed Marblehead Coastal improvements. There appears to be movement at the 248-acre Marblehead Coastal construction site after the city's elected leaders announced Tuesday they will sue the master developer to demand completion of promised parks, roads and other site improvements.
The site – along I-5 at the Avenida Vista Hermosa exit – has been quiet in recent weeks since the contractor building a bridge reportedly walked off the job. Work also halted on a park and other infrastructures. SunCal is caught in a nationwide housing slump that has made money tight.
"SunCal/Marblehead has basically stopped work on the subdivision improvements," City Attorney Jeff Oderman said Tuesday. He announced that the City Council had directed him to sue Marblehead Coastal's master developer – SunCal – to demand completion of promised infrastructures.
A subdivision improvement agreement enacted in June, 2005 had required SunCal to complete roads, bridges and other infrastructures within two years and required work to be done continuously, once commenced, Oderman said. The City Council's 5-0 vote authorized Oderman to file suit against SunCal and the bonding company to enforce the terms of the subdivision agreement.
SunCal's Joe Aguirre replied Wednesday that "work resumed this week on the bridge, and the first concrete pour, which is a major undertaking, will happen this month."
Aguirre said SunCal is reviewing and responding to letters from the city concerning the progress at Marblehead Coastal. Oderman said the city had notified SunCal twice of its concerns before the City Council took its vote Tuesday to authorize a lawsuit.
Aguirre responded to a series of questions:
What is the current situation?
On Tuesday, the Marblehead Coastal project leaders met with the bridge construction team and city staff, and the bridge contractor is working on the site. Engineering experts are currently inspecting the concrete forms and other preparatory materials that were previously installed.
When might work resume?
Work is already under way. Following this week's inspections, we will have a construction schedule for the bridge available next week. We will then have a good idea when the first major concrete pour will take place. It should happen later this month.
What would it take for work to resume?
We continued our discussions with the bridge contractor in recent weeks and have resolved the contractual issues.
Is SunCal still showing lots to prospective buyers?
Yes, the sales gallery continues to be open by appointment only for custom-homesite tours and sales.
Can you turn over the commercial site to the Craig group for development?
Yes, the commercial site will be turned over to Craig Realty when the work is completed according to our agreement.
COMMERCIAL CENTER
Steve Craig, who plans to develop a 640,000-square-foot Marblehead Coastal commercial center to go with SunCal's 308 homes, has been waiting for SunCal to complete promised improvements that his group purchased.
Tuesday, Craig said he hopes SunCal will live up to its agreements with the city and its purchase agreement with him. Completion of the SunCal bridge and completion of Avenida Vista Hermosa are two big needs for the commercial center.
"The good news is the work is bonded," Craig said. "They had to provide a performance bond. My guess is they're about 70-percent done with everything. A lot of the work is done. The other 30 percent is still bonded."
THE CITY'S TAKE
City Hall's response to SunCal's bridge announcement Wednesday was cautious. "That may have an impact on whether we pursue litigation," City Manager George Scarborough said. But just starting work again on the bridge may not be enough.
"We don't know how extensive the work is," Scarborough said. He said the bridge is only one of many site improvements in the subdivision agreement. "The bridge is only one of them," Scarborough said. "We'll see what develops. Unless something substantive changes … litigation will begin."

Sea Pointe Estates New Listing - 16 Marana

16 Marana Is A New Listing just came on the market in Sea Pointe Estates. If you like Mediterranean style architecture then this property is for you. 16 Marana has great view of the ocean & canyon. It is the perfect home for entertaining & has a large open kitchen area and large deck to enjoy the views. The property has travertine & marble flooring, a wine closet and even a custom faux painting as you go up the iron bannister staircase. 16 Marana features 4 bedrooms & 4 baths, 4,000 Square Feet of living space and an estimated 15,000 square foot lot. The prestigious guarded gated community of Sea Pointe Estates is San Clemente's best kept secret. Sea Pointe Estates is one of the most exclusive & expensive gated communities in San Clemente offering custom estate homes with great views of the Ocean, City Lights & Rolling hills. Sea Pointe Estates was developed in the early 1980's with the concept of building large custom estates. These Luxury homes continue to be built with record sales in the last 18 months. Sea Pointe Estate also features a community pool, spa and tennis courts. Photo & Info of this propert courtesy of Coldwell Banker. To see this great property click here and contact Sam Smith at 949-291-0424, your Sea Pointe Estates expert! Don't forget to check out our Luxury Real Estate Blog at www.bclh.com/blog!

Ignore The Headlines! Except this one. There is a potent case for buying now, whether it's real estate or stocks

Finance costs will rise as the economy recovers, so trying to time real estate might not pay off

Famed Money Manager is perhaps best known for his timeless wisdom that you can beat the pros by focusing on stocks of companies where you either work or shop or have some other edge. But a more relevant Lynchism today is this gem: Ignore the headlines.
That's no easy thing. How do you tune out all the chatter and ink on recession, housing, subprime woes, the credit crunch, rogue traders, insolvent bond insurers, $100 oil and nukes in Iran? It's enough to make you sit on your thumbs and wait before making any big moves. But what, exactly, are you waiting for?
There has rarely been a moment in history when you couldn't scare yourself into doing nothing. And yet, as Lynch observed nearly 20 years ago, "in spite of all the great and minor calamities that have occurred ... all the thousands of reasons that the world might be coming to an end--owning stocks has continued to be twice as rewarding as owning bonds."
A top reason to not buy stocks, in Lynch's view, is if you don't already own a home--in which case, that should be your first investment, since an owner-occupied home is nearly always profitable. Through a spokesman, Lynch reaffirmed these views to me--housing debacle and all.
When prices are falling, few people have the discipline to buy stocks, a house, gold, art or any other asset. But those who do pull the trigger excel in the long run. As John D. Rockefeller famously said, "The way to make money is to buy when blood is running in the streets."
And the streets are stained crimson. Start with stocks. They have been pummeled this year. GDP braked sharply last quarter, and there has been plenty of panic about a recession. The Federal Reserve is slashing short-term interest rates at the fastest clip in decades. But if you stick to your steady, diversified plan while everyone else is retreating, you will be happy years from now. For one thing, Fed rate cuts always lift the economy eventually, and the stock market typically starts responding just as headlines get gloomiest. Sure, the market could fall again before recovering. But the recession may be half over already--or we may avoid one altogether. You just never know.
As for housing, certainly some skepticism is in order. Formerly sizzling markets in Florida, Nevada, Arizona and California probably haven't seen the worst headlines just yet, though they may well be close. And "jumbo" mortgages, those more than $417,000, are likely to remain artificially high for a few more months while banks work through their credit issues.
But let's say you are emotionally ready to be a homeowner. You have good credit, plan to stay put for five years and have been waiting for the perfect entry point. It's time to get serious--before an inevitable rise in interest rates wipes out your advantage. "The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher," says Jim Svinth, chief economist at mortgage firm Lending Tree. So anything you gain by a further drop in prices might be offset by rising financing costs.
Consider a typical home that sells for $218,900. You put down 20% and get a 30-year fixed-rate mortgage at today's rate of 5.5%. Monthly principal and interest come to $994.31. Let's say that 12 months from now the same house goes for 10% less, or $197,010. But by then the recession is history and the Fed is jacking up rates to stem inflation. If mortgage costs rise a point, to 6.5%, your monthly payment would be $994.94 and you'd have saved nothing. Meanwhile, home prices might steady and sellers might become less willing to negotiate. And you have spent a year living someplace you'd rather not be.
It's more complicated if you must sell before you can buy. But that logjam won't persist forever--and if it appears you'll be trapped for a few years, try to refinance at today's lower rates. Risks always seem most acute when the headlines give you ulcers. But that's exactly when you should think long term--and get off your thumbs. Time Magazine.

Home Seller Quandary: Fix Up House or Offer Credit?

Sellers who anticipate losing money if they sell their home may wonder why they should spend a dime fixing the place up for sale. Isn't this throwing good money after bad? Even sellers with plenty of equity in their homes often figure the way to get the most out of the sale is to cut sale costs to a minimum.
This attitude is directly contrary to the notion that the way to make the most money on the sale of a home is by pricing the property appropriately for the market, and by making cost-effective improvements that will result in a higher sale price in a shorter time.
Job applicants don't show up for an important interview in tattered old clothes if they want to make a good impression, particularly if there were plenty of other qualified applicants. Likewise, if you wanted to get top dollar from the sale of a car you would have the car detailed so that it looked its best. The same principle applies to selling single-family homes.
Today, many housing markets have plenty of homes for sale and far too few buyers. For years, buyers competed with one another in order to buy a house. Now, in general, sellers are being forced to compete with other sellers in order to get their home sold.
Consider the competitive nature of the market when deciding if you're going to improve your home before selling it, and how much you'll invest. Keep in mind that the point of fixing up a home to sell is to maximize your return from the sale. Don't waste money on improvements that have little or no value to buyers.
HOUSE HUNTING TIP: Ask your real estate agent or a staging decorator to walk through your home with you for the purpose of determining what fix-up projects you should ideally complete before marketing the property. For example, you might be inclined to replace worn-out carpet. Your agent, however, might advise otherwise.
An agent who specializes in the sale of older homes in the area might recommend refinishing the hardwood floor that is hidden underneath the carpet instead. Buyers looking for charming older homes usually prefer hardwood floors to carpet.
A common opinion expressed by sellers is that it's pointless to fix up a place for someone else whose decorating preferences might be quite different. For example, why not just offer a credit to the buyers so that they can either change the carpet or refinish the hardwood floors -- whichever they prefer?
The problem with this approach is that most buyers have a difficult time imagining how a home will look fixed up. They remember what they see, not what the house could look like with this or that improvement.
Imagine there are five homes listed for sale in an area, all similarly priced, but not all in the same condition. Three houses have old, worn carpet covering most of the floors; one has linoleum over the floor; and the fifth has pristine, recently refinished hardwood floors. Most buyers will gravitate to the home with the beautiful hardwood floors.
The best houses in the best condition and offered for the best price usually sell quickly. A fast sale is important to some sellers in this market. The sooner your home is sold, the sooner you stop paying mortgage payments, property taxes and various maintenance costs.
THE CLOSING: In areas where prices are declining, a quick sale can result in a higher price than might be attainable in a few months.

Selling home 'as is' in today's market?

A listing that is advertised as an "as is" sale can be a put-off to buyers. They might assume that something is wrong with the property that will cost a lot to repair. If they have little free time or money, they might decide before even taking a look that this isn't the house for them.
An "as is" sale can mean a number of different things. So, before you dismiss a listing as unsuitable, find out what "as is" means. It could mean that the property is part of the estate of someone who died. In some states, such properties are sold in their "as is" condition and without warranty in order to protect the heirs who might know nothing about the property.
Let's say you inherited your aunt's farm in Lassen County, Calif. You were there once when you were a kid, but haven't seen it since. You are not in a position to make any disclosures about the property. In this case, "as is" means the seller knows little if anything about the property. The property could be in wonderful condition or not depending on how well it was maintained over the years. "As is" doesn't necessarily mean there is a problem.
When a bank forecloses on a property, the sale is usually an "as is" sale. As with an estate sale, the bank might know nothing about the condition of the property. It's up to the buyers to satisfy themselves before buying. Homeowners who let their homes go into foreclosure because they can't afford to make the mortgage payments also might not have enough money to keep the home well maintained.
HOUSE HUNTING TIP: Don't skimp on inspections if you're going to buy a foreclosure property. You may need to inspect the property -- with the owner's permission -- before you make an offer. But, it is money well spent even if the deal doesn't go through if it keeps you from buying a property that needs more work than you can afford to pay for.
"As is" can have a much more benign connotation. For example, in California, most sales are made "as is" subject to the buyers' right to inspect the property. In this case, "as is" tells you nothing about the property except that the sellers won't warrant the condition. Buyers are encouraged to have the property inspected by professionals. And, they are usually able to withdraw from a purchase contract without penalty if they don't approve the inspections.
However, for a buyer to be protected in this situation, an inspection contingency that gives the buyers the right to withdraw without losing their deposit money needs to be included in the purchase contract.
Be aware that offers made on foreclosures or probate properties that require court confirmation often need to be contingency-free. There could be severe legal consequences if you back out of such a contract. Consult with a knowledgeable real estate attorney before considering backing out of a contingency-free contract.
Several years ago, when the market favored sellers and was highly competitive, some buyers made offers without any contingencies. Often in these cases, sellers had presale inspection reports available for buyers to review before they made an offer. The market was so frenzied that buyers often bought "as is" with respect to work that needed to be done. Many of these buyers stretched to buy and didn't have the resources to have the work done. With the change in the market, today's buyers probably won't be willing to take on the work "as is" without a price concession.
THE CLOSING: Sellers will be in a better position to sell in today's market if they have the work done before they put their homes on the market.

Reef Gate West - San Clemente Ocean Front Condo Complex

Interested in owning an Ocean Front condo in San Clemente? Want to be by the San Clemete Pier? Then you really have 3 main buildings by the pier, and they are all on the same street of "Avenida Granada." . The three buildings consist of 405 Avenida Granada (Villa Granada), 411 Avenida Granda (Villa Grande) & 423 Avenida Granada, which is better known as ("Reef Gate West") in San Clemente. The Reef Gate West Building sits right next door to the historic "Casa Romantica" which is ocean front and has spectacular views of the San Clemente Pier & Ocean. A property just came back on the market in the Reef Gate West (see photo to the left). It truly is an Ocean Front Condo with spectacular views of the water crashing on the sand, and of course views of the pier and Catalina Island when the sky is clear. 4th of July Is a great time in San Clemente where fireworks are lit right above the pier and with this kind of view you won't miss any of the action. This condo has been remodeled from top to bottom. It has an updated kitchen, 3 baths, bullnose corners, recessed lighting, glass block, granite counters throughout, Fireplace, stone flooring, and a lot more. You are walking distance to local dining & shopping, and don't forget the farmers market which is held every Sunday! There are also stairs that take you directly down to the beach! This condo is priced at $1,299,000 and has approx. 1300+ square feet. It contains 2 bedrooms and 3 baths. For more information on this property please contact Sam Smith at sam@bclh.com or call (949) 291-0424.

Luxury Living At It's Best In Sea Pointe Estates, San Clemente

The prestigious guarded gated community of Sea Pointe Estates is San Clemente's best kept secret. Sea Pointe Estates is one of the most exclusive & expensive gated communities in San Clemente offering custom estate homes with great views of the Ocean, City Lights & Rolling hills. Sea Pointe Estates was developed in the early 1980's with the concept of building large custom estates. These Luxury homes continue to be built with record sales in the last 18 months!

One recent listing is at 28 Cresta Del Sol. This Mediterranean designed custom-built estate offers many custom features straight from Europe and really has the true feeling of an Italian home. This home features 4 bedrooms, 3.5 bath, 2 Car Garage with 3,800 Square Feet of living space. Don't forget to check out the wine cellar! (photo courtesy of Coldwell Banker). Currently listed at $1,995,000.
Currently, Sea Pointe Estates has a total of 13 homes currently listed for sale starting in price from $1,350,000 up to $2,995,000 with recent record sales from $950,000 up to $3,285,000. We have really seen an increase buyer activity for this community in the last 18 months. One trip around the community and you will soon learn why these homes are so in demand. Sea Pointe Estate also features a community pool, spa and tennis courts. A great website devoted to just Sea Pointe Estates homes for sale is the website: http://www.seapointeestates.com/ It's a great way to see quickly what the current listings are for sale in Sea Pointe Estates community of San Clemente, California. I am also more than happy to send anyone a current list of homes for sale. Just send me a quick email to: sam@bclh.com
If you are interested in comparing other homes for sale in San Clemente make sure you check out our Free MLS Access for Orange County & San Diego County. You will have the same access as we do to see all the homes for sale. Our newly designed website is: Beach Cities Luxury Homes