Interested in viewing this property? It's easy: Call me at 949-444-1901 and I will get you in right away. Hurry, deals like this go fast!!!!!!Monday, August 25, 2008
Bank Owned Property: Southwest San Clemente
Did your real estate agent tell you about this deal that hit over the weekend? Are you ready? 3 blocks to the beach in the most desirable part of San Clemente (Southwest San Clemente). 4800 square feet, 4 bedrooms, 6 baths, 7, yes a 7 car garage!! Oh, and an ocean view as well! Asking price.......$1,000,000 even! If you are not familiar with short sales give me a call 949-444-1901
Interested in viewing this property? It's easy: Call me at 949-444-1901 and I will get you in right away. Hurry, deals like this go fast!!!!!!
Interested in viewing this property? It's easy: Call me at 949-444-1901 and I will get you in right away. Hurry, deals like this go fast!!!!!!
Friday, August 22, 2008
Historic Doheny Mansion in Dana Point For Sale: Built in 1929 - $2,995,000
Historic Doheny Mansion is now for sale for $2,995,000. The property was built in 1929 for Edward Doheny and has kept a lot of the original features from the early 1920's. It's one of the largest historical homes in the area with an approx. 4900 square feet of living space: 4 bedrooms & 6 baths. The property sits on a large 11,000+ square foot lot and has a detached 2 car garage. This is a rare find to have one of the largest historical properties available for sale. Property is shown by appointment only so please call our office at 949-444-1901 to set up a showing.New Advertising Partner: Wall Street Journal Online
Beach Cities Luxury Homes listings will now be featured on the real estate section of the Wall Street Journal. With the current value of the American dollar, we see more & more foreign investors coming into this marketplace. Currently, Beach Cities Luxury Homes Listings are featured on our affiliate site, http://www.luxuryrealestate.com/, the #1 viewed website for buyers looking for Luxury properties. Now, we have added another great website to reach International buyers, http://online.wsj.com/real-estate. If you are interested in getting global exposure for your property, please contact Beach Cities Luxury Homes at (949) 444-1901 or email at info@bclh.com
Thursday, August 21, 2008
San Clemente Real Estate Data Report
Current Data from May 2007 to July 2008 for the number of homes for sale, sold & pending. We had a spike in January & April and we should to see another spike in September as people rush to buy homes as the new school years starts
New Real Estate Section in Craigslist
Casual users of Craigslist may not have noticed a change last week to the Real Estate for Sale section. Recently, my bookmark for that section suddenly started showing fewer and fewer listings.Around August 4, it appears the ‘real estate for sale’ category was split into ‘for sale by broker‘ and ‘for sale by owner‘ buckets.
It's still one of the most popular sites to find real estate for rent & for sale. We have even helped clients who are selling furniture items in their home for sale by uploading them to Craig's list and It worked out great!
There were complaints about the previous real estate for sale section, like, “Why do brokers put their listings here (multiple times), when there is already an MLS?” The new categorization solves that issue if you just want to see owner listings. But when I looked in the ‘by owner’ section today, it seemed rife with spam, foreclosure ‘help’ ads, and other money schemes. Some policing will be needed.
With the split, is Craigslist prepping to charge California brokers to advertise their listings like they do in NYC? We shall see.
Million Dollar Listing: Bravo TV's New Show
I was intervied by Bravo TV for the 2nd season & I'm glad I didn't get the job. My hair needs to stand up more!
Tuesday, August 19, 2008
Capistrano Shores Residents Buy The Land On The Beach Front Mobile Home Park Here In San Clemente - Property Values Expected to Increase Dramatically!
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As reported in the OC Register, The largest beachfront parcel in San Clemente has new owners: Its residents. The Park was purchased from Amherst College for about $100 million, Realtor estimates, to the current property owners.
Capistrano Shores, a 90-unit mobile home park in North Beach, was purchased Jan. 25 from Massachusetts-based Amherst College, said Mark Howlett, president of the park's homeowners association. Howlett is a resident of San Juan Capistrano, but has owned a cottage in the park for a year and a half. He added that 97 percent of the park's cottages are secondary homes.
The oceanfront park stretches over seven-tenths of a mile, and Howlett estimated the post sale transaction value of the cottages to be $2.5 million per lot.
The purchase price and terms of sale could not be disclosed. Local Realtor Mike Cotter estimated the sale to be roughly more than $100 million.
"It's a really sweet deal for the residents there," Cotter said. "It's definitely the largest transaction lately in San Clemente."
The land was donated to the college in 2006 by alumnus Roger Holden, said Amherst spokesperson Caroline Hanna. Howlett said they've been working on the sale for 17 months. They wanted to secure the land for themselves and future generations, he said.
"Everyone found a way to do it," Howlett said. "In that the transaction took 17 months to complete, all residents were provided adequate time to provide financing for their homes."
He said residents were elated to finally control their own ocean cottages, and described the sale as a "team effort" and win-win situation for both homeowners and Amherst College.
"We are very pleased that the sale of the land – a gift from a generous Amherst alumnus – has enabled this group of dedicated homeowners to now also become landowners and remain on such a beautiful piece of property," said Amherst treasurer Peter J. Shea.
Howlett added that residents are pleased with the developments proposed for North Beach over the next several years, which they believe will enhance their property values.
Capistrano Shores, a 90-unit mobile home park in North Beach, was purchased Jan. 25 from Massachusetts-based Amherst College, said Mark Howlett, president of the park's homeowners association. Howlett is a resident of San Juan Capistrano, but has owned a cottage in the park for a year and a half. He added that 97 percent of the park's cottages are secondary homes.
The oceanfront park stretches over seven-tenths of a mile, and Howlett estimated the post sale transaction value of the cottages to be $2.5 million per lot.
The purchase price and terms of sale could not be disclosed. Local Realtor Mike Cotter estimated the sale to be roughly more than $100 million.
"It's a really sweet deal for the residents there," Cotter said. "It's definitely the largest transaction lately in San Clemente."
The land was donated to the college in 2006 by alumnus Roger Holden, said Amherst spokesperson Caroline Hanna. Howlett said they've been working on the sale for 17 months. They wanted to secure the land for themselves and future generations, he said.
"Everyone found a way to do it," Howlett said. "In that the transaction took 17 months to complete, all residents were provided adequate time to provide financing for their homes."
He said residents were elated to finally control their own ocean cottages, and described the sale as a "team effort" and win-win situation for both homeowners and Amherst College.
"We are very pleased that the sale of the land – a gift from a generous Amherst alumnus – has enabled this group of dedicated homeowners to now also become landowners and remain on such a beautiful piece of property," said Amherst treasurer Peter J. Shea.
Howlett added that residents are pleased with the developments proposed for North Beach over the next several years, which they believe will enhance their property values.
Thursday, August 7, 2008
Pre-Foreclosure Sale: 116 E Avenida Cornelio - $785,000
Looking for a Deal? Need a large 2200+ square foot house with an ocean view? Great Location Just A short walk to the beach. .jpg)
116 E Avenida Cornelio has been approved by WAMU for an Unbelievable Price for A Large 2200+ Square Foot House with an Ocean View!!! House is approved for short sale at $785,000. The house next door is listed for over $1.2 million! The home feautres Large Spacious Rooms with Large Landscaped Backyard, 2 Car Garage & Ocean View Master Bedroom with Ocean View Deck. Close to Beach & Shops. Hurry On This One!!! The property goes into foreclosure next week! Contact Sam Smith at 949.444.1901 for more info on this property.
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116 E Avenida Cornelio has been approved by WAMU for an Unbelievable Price for A Large 2200+ Square Foot House with an Ocean View!!! House is approved for short sale at $785,000. The house next door is listed for over $1.2 million! The home feautres Large Spacious Rooms with Large Landscaped Backyard, 2 Car Garage & Ocean View Master Bedroom with Ocean View Deck. Close to Beach & Shops. Hurry On This One!!! The property goes into foreclosure next week! Contact Sam Smith at 949.444.1901 for more info on this property.Tuesday, August 5, 2008
Housing Bill Passes: What this means to you.
The president has officially signed into law the Housing and Economic Recovery Act of 2008, also known as H.R. 3221. H.R. 3221, perhaps the most significant piece of housing related legislation we have seen in recent years, implements necessary consumer protections while promoting stabilization of the current market and industry through reforms to the Government Sponsored Enterprises (GSE’s), Fannie Mae and Freddie Mac, and the Federal Housing Administration (FHA) program.
This bill is very long, 789 pages to be exact, and covers several issues. I have outlined what I think are the main points of the bill that I believe will directly affect us most.
First Time Homebuyer Credit
Allows first time homebuyers of a principal residence to receive a tax credit of 10% of the purchase price, up to $7,500. A first time homebuyer is classified as someone who has not owned a home in the last 3 years. This applies to home purchases made between 4/9/08 and 6/30/09. The tax credit is given to the homebuyer as a check and is repaid over 15 years at $500 per year. A single tax filer with income up to $75,000 will qualify for this tax credit. The tax credit will phase out as a single filer at $95,000 a year income. A joint tax filer with income up to $150,000 will qualify for this tax credit. The tax credit will phase out as a joint filer at $170,000 a year income. If the home is sold before the tax credit is paid back, the homeowner may or may not have to payback the full tax credit. If the homeowner sells the home at a loss, the remaining amount owed on the tax credit is forgiven. If the home is sold at a profit and the profit is less then the remaining amount owed on the tax credit, the tax credit is forgiven. If the homeowner dies, the remaining amount owed on the tax credit is forgiven.
New Agency Conforming Loan Limits
The current agency conforming loan limits maximize at $729,750 depending on the area where the property is located. The current limit is due to expire on 12/31/08. As of 1/1/09 the new maximum conforming loan limits for high cost areas will be adjusted to a cap of 150% of the current GSE loan limit of $417,000 for one unit properties or $625,500. Areas not regarded as high cost, the limits will be set to 115% of the local area median home price or $417,000 for a mortgage secured by a single family residence, $533,850 for a 2 family residence, $645,300 for a 3 family residence, and $801,950 for a 4 family residence.
FHA Modernization
Seller funded down payment assistance programs will be eliminated as of 10/1/08. Minimum cash required from the buyer is increasing from 3% to 3.5%. Up front mortgage insurance premium is increasing to 3% as of 10/1/08.
Hope for Homeowners Plan – FHA Rescue
The purpose of this plan is to ensure that loans are made available to distressed homeowners who could benefit from a refinance in order to be able to stay in their home. It allows owner occupant homeowners to avoid foreclosure by reducing their principal outstanding balance and their current interest rate. Participation in this program is voluntary.
The main requirements under this plan are:
· It must be your principal residence
· Borrowers mortgage debt to income ratio (including all existing mortgages) as of March 1, 2008 must be 31% or higher
· LTV is limited to 90%
· Existing lien holders must waive any prepayment penalties and fees
· Existing lien holders must agree to accept the proceeds as payment in full of all indebtedness and release of all liens
· Minimum 30 year term loan must be secured
· Maximum loan amount allowed under this program cannot exceed $550,400 (may be different for high cost areas)
· No second liens allowed for 5 years
· CLTV can not exceed 95%
· The loan must be underwritten with full income documentation
· Equity appreciation will be shared on a graduated scale with the lender
Sale or refinance within year 1 entitles HUD to 100% of the equity appreciation
Sale or refinance more than 1 year and less then 2 years entitles HUD to 90% of the equity appreciation
Sale or refinance more than 2 years and less then 3 years entitles HUD to 80% of the equity appreciation
Sale or refinance more than 3 years and less then 4 years entitles HUD to 70% of the equity appreciation
Sale or refinance more than 4 years and less then 5 years entitles HUD to 60% of the equity appreciation
Sale or refinance within year 5 entities HUD to 50% of the equity appreciation
The most noticeable changes in the bill are with FHA. Begininning October 1st, 2008, the down payment increases from 3% to 3.5%. In addition, as predicted, FHA will no longer allw the down payment assistance programs like Nehemia. Any loan in process must have full credit approval by FHA on September 30th. The last big change is the mortgage insurance will no longer be "one rate fits all". It will now be driven by credit scores and loan to value. The overall rate will go down making for less payment to the borrower.
The second biggest change is on December 31st, 2008, the temporary high balance of $729,000 will end. Under the new housing bill it will be reduced to $625,500 for both FHA and FNMA and FHLMC. It would have become $417,000 again if not for this bill. These balances apply to Orange County, California as well.
This bill is very long, 789 pages to be exact, and covers several issues. I have outlined what I think are the main points of the bill that I believe will directly affect us most.
First Time Homebuyer Credit
Allows first time homebuyers of a principal residence to receive a tax credit of 10% of the purchase price, up to $7,500. A first time homebuyer is classified as someone who has not owned a home in the last 3 years. This applies to home purchases made between 4/9/08 and 6/30/09. The tax credit is given to the homebuyer as a check and is repaid over 15 years at $500 per year. A single tax filer with income up to $75,000 will qualify for this tax credit. The tax credit will phase out as a single filer at $95,000 a year income. A joint tax filer with income up to $150,000 will qualify for this tax credit. The tax credit will phase out as a joint filer at $170,000 a year income. If the home is sold before the tax credit is paid back, the homeowner may or may not have to payback the full tax credit. If the homeowner sells the home at a loss, the remaining amount owed on the tax credit is forgiven. If the home is sold at a profit and the profit is less then the remaining amount owed on the tax credit, the tax credit is forgiven. If the homeowner dies, the remaining amount owed on the tax credit is forgiven.
New Agency Conforming Loan Limits
The current agency conforming loan limits maximize at $729,750 depending on the area where the property is located. The current limit is due to expire on 12/31/08. As of 1/1/09 the new maximum conforming loan limits for high cost areas will be adjusted to a cap of 150% of the current GSE loan limit of $417,000 for one unit properties or $625,500. Areas not regarded as high cost, the limits will be set to 115% of the local area median home price or $417,000 for a mortgage secured by a single family residence, $533,850 for a 2 family residence, $645,300 for a 3 family residence, and $801,950 for a 4 family residence.
FHA Modernization
Seller funded down payment assistance programs will be eliminated as of 10/1/08. Minimum cash required from the buyer is increasing from 3% to 3.5%. Up front mortgage insurance premium is increasing to 3% as of 10/1/08.
Hope for Homeowners Plan – FHA Rescue
The purpose of this plan is to ensure that loans are made available to distressed homeowners who could benefit from a refinance in order to be able to stay in their home. It allows owner occupant homeowners to avoid foreclosure by reducing their principal outstanding balance and their current interest rate. Participation in this program is voluntary.
The main requirements under this plan are:
· It must be your principal residence
· Borrowers mortgage debt to income ratio (including all existing mortgages) as of March 1, 2008 must be 31% or higher
· LTV is limited to 90%
· Existing lien holders must waive any prepayment penalties and fees
· Existing lien holders must agree to accept the proceeds as payment in full of all indebtedness and release of all liens
· Minimum 30 year term loan must be secured
· Maximum loan amount allowed under this program cannot exceed $550,400 (may be different for high cost areas)
· No second liens allowed for 5 years
· CLTV can not exceed 95%
· The loan must be underwritten with full income documentation
· Equity appreciation will be shared on a graduated scale with the lender
Sale or refinance within year 1 entitles HUD to 100% of the equity appreciation
Sale or refinance more than 1 year and less then 2 years entitles HUD to 90% of the equity appreciation
Sale or refinance more than 2 years and less then 3 years entitles HUD to 80% of the equity appreciation
Sale or refinance more than 3 years and less then 4 years entitles HUD to 70% of the equity appreciation
Sale or refinance more than 4 years and less then 5 years entitles HUD to 60% of the equity appreciation
Sale or refinance within year 5 entities HUD to 50% of the equity appreciation
The most noticeable changes in the bill are with FHA. Begininning October 1st, 2008, the down payment increases from 3% to 3.5%. In addition, as predicted, FHA will no longer allw the down payment assistance programs like Nehemia. Any loan in process must have full credit approval by FHA on September 30th. The last big change is the mortgage insurance will no longer be "one rate fits all". It will now be driven by credit scores and loan to value. The overall rate will go down making for less payment to the borrower.
The second biggest change is on December 31st, 2008, the temporary high balance of $729,000 will end. Under the new housing bill it will be reduced to $625,500 for both FHA and FNMA and FHLMC. It would have become $417,000 again if not for this bill. These balances apply to Orange County, California as well.
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