Newport Beach Real Estate

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• Orange County Property Tax Assessment Appeal ~ My Story

  Posted: Sat, 18 Sep 2010 21:05:09 +0000

  Recently I received a call from a reader. Mark told me he is appealing the 2010 property assessment for his Newport Beach home. He asked if I could supply “Sold” information to help with his case. No problem, was my response. I supplied the information, Mark was satisfied.  I have not heard from him about the results. This things take time. Right? Well maybe not.

  I told Mark about my experience of trying to do the same thing last year. I decided to appeal my “Investment” property’s Tax Assessment. The duplex is located in San Clemente. I jest when I use the word, “Investment”. I purchased the property in 2005. Perfect timing – Top of the market. Ouch!

  Suffice to say the value plummeted. My 2009 tax  assessment came in way over the current value.  No way! I decided to roll up my sleeves and go for an appeal. It was late August.  The deadline for filing an appeal was September 15. So I thought, if I’m going to do this, I better get started, the wheels of government grind slowly.

  Here’s how it went…

  Friday, about 3:30 PM, I check out the Orange County Tax Assessor’s online form for making an appeal. So far, so good. When I reviewed my tax assessment notice, it said if I wanted to appeal, to call and talk with a appraiser. Great! Talking with an appraiser, I am feeling comfortable with that notion. Hey, I talk with apprasier’s all the time. We speak the same language. So, I called. Within a couple of minutes, I hear a friendly voice saying, “Hi, this is Wendy”.

  I told Wendy my story plus, I let Wendy know I am a real estate agent and could pull “Comps” for her. She said, “Great!”

  I pulled the comps, faxed them in Friday about 5:30 PM. Monday, I called. Wendy was out of the office.  Tuesday, Wendy called. She reduced the valuation! During our conversation I just start talking about some of the comps on the list and Wendy stops me and said, “Oh, I didn’t realize the location of that one. I’ll bring it down some more.” Wow! And that was it. Over. Done with the process of getting the property valuation reduction. The overall reduction amounted to 32%!

  I have to say, you hear a lot of people knocking “City Hall” and complaining about the Tax Assessor’s Office, but I’m here to tell you, the experience exceeded my expectations. I could have not been happier. I thanked Wendy and told her how impressed I was about how easy this was. She said that my timing was right. Her work load eased up a little and she was able to fit me in just fine.

  If you have tried or plan on trying to get a new valuation for your property, post a comment below and share your experience.

  

• Newport Coast Real Estate – Median Price Statistics for Zip Code, 92657

  Posted: Sat, 08 May 2010 01:25:19 +0000

  

  Here is the recent real estate activity showing the Median Price for Newport Coast, CA, 92657.

  To see more statistics, better yet, to get them delivered weekly, click on this link and sign up today!

  The definition of the Median Price is the price of the house that falls in the middle of the total number of homes for sale in that area.

  The Median price of 101 sold homes would be the price which is lower than 50 of the prices and also higher than 50 of them. Do not confuse this term with average.  The difference between average and median can be quite different. For example, if you are looking at a “sold” market analysis and the homes are evenly distributed, the median and average might be similar. But, if the homes sold were more to one end of the price range, then the median and average could be different.

  Let me know what you think the local Newport Coast Real Estate market is doing…post a comment and get the conversation started.

  

• CA Governor Signs Home Tax Credit Bill

  Posted: Fri, 26 Mar 2010 01:06:01 +0000

  Great news for California home buyers!

  Governor Schwarzenegger today signed AB 183 providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes.

  Eligible taxpayers who close escrow on qualified principal residences between May 1, 2010 and December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit.

  This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). Buyers also must be at least 18 years old and be unrelated to the seller. First-time buyers are defined as those who have not owned a home in the past three years.

  To learn more about the California Home Buyer Tax Credit, click here.

  

• 4.75% Jumbo Loan Making Luxury Homes More Affordable

  Posted: Thu, 25 Mar 2010 22:18:06 +0000

  I just learned about a new and exciting 4.75% Jumbo loan interest rate program today. Do you want a lower rate? Pay one point and the rate falls to 4.25%

  I know a few people who are sitting on the fence, because of the Jumbo rates. Maybe it’s time to think about taking action!

  With this great interest rate, you can start looking now for your Newport Beach dream home.

  But before we get ahead of ourselves, let’s make sure you like the program.

  Here are the details:

  • $3,000,000 maximum loan amount
  • Purchase money only at these rates however refinances are available
  • 25% down payment required
  • 680 minimum FICO score
  • Full documentation required for qualifying
  • 3 Year Fixed rate product
    • 4.75% at 0 points loan origination
    • 4.25% at 1 point loan origination
  • 12 month prepayment penalty applies
  • Interest only option available at .125% higher rate.

  Don’t like paying points? With 35% down you can get the rate down to 4.50%  That’s not shabby!

  These aggressive rates are difficult to find. First Capital Mortgage, considered a preferred customer, is being offered these rates by the lender.

  For more information, you can contact Tim Sibley, First Capital Mortgage, directly by calling 949.718.1511 or by e-mail: tsibley at firstcapitalmtg dot com. Tim is our in-house “go to” guy when it comes to getting the best rates and service. He just can’t be beat!

  For a quick look what is happening now in the Newport Beach real estate market, check out my charts for Market Trends. You can also sign up for automatic chart delivery.

  What do you think is happening with the Jumbo market? Do you think this is the beginning of lower Jumbo rates…or is this just a momentary low, to be followed by higher rates?

  Please make a comment.

  

• Newport Beach Real Estate – Market Statistics for Zip Code, 92660

  Posted: Fri, 12 Mar 2010 23:56:33 +0000

  [altos_chart st="CA" cid="2076" zid="1377" rt="sf" ra="a,c" q="a" left="median_price" size="m" timeSpan="e" /]

  Here is recent market activity showing the Median Price for Newport Beach, 92660. To see more market statistics, better yet, to get them delivered weekly, click on this link and sign up today!

  The definition of the Median Price is the price of the house that falls in the middle of the total number of homes for sale in that area.

  The Median price of 101 sold homes would be the price which is lower than 50 of the prices and also higher than 50 of them. Do not confuse this term with average.  The difference between average and median can be quite different. For example, if you are looking at a “sold” market analysis and the homes are evenly distributed, the median and average might be similar. But, if the homes sold were more to one end of the price range, then the median and average could be different.

  Let me know what you think the local Real Estate market is doing…post a comment and get the conversation started.

  

• Newport Coast & Crystal Cove Real Estate – 2009 Market Statistics

  Posted: Tue, 12 Jan 2010 03:13:14 +0000

  How’s the market in Newport Coast and Crystal Cove?

  Here is the data from 1/1/2009 – 1/10/2010:

  Newport Coast

  • Active Listings: 61
  • Average Days on Market: 162
  • Average Listing Price: $1,019.60 (Sq. ft.)
  • Pending Sales: 11
  • Sold: 112
  • Average Days on Market: 151
  • Average Selling Price: $647.77 (Sq. ft.)
  • Check out homes for sale in Newport Coast

  Crystal Cove

  • Active Listings: 37
  • Average Days on Market: 146
  • Average Listing Price: $1,087.85 (Sq. ft.)
  • Pending Sales: 1
  • Sold: 19
  • Average Days on Market: 132
  • Average Selling Price: $865.79 (Sq. ft.)
  • Check out homes for sale in Crystal Cove
    

  There is still a disconnect between what sellers are asking and what buyers are will to pay in Crystal Cove. If we would see some realistic pricing, I’m sure the “Sold” numbers would be higher. Just take a look – 112 homes sold in Newport Coast compared to just 19 in Crystal Cove. Sure, there are more homes in Newport Coast, but a spread of 93 homes is pretty wide.

  Check out the charts below…

  • Median Price: for single family homes started the year just under $3.5M, dipped to a low around $3M, bottomed out, and now has risen back to a hair below $3.45M. This is not a huge swing and to me that shows stability.  Overall: Prices Rising
  • Inventory: Started last year at just below 165 units, increasing to a little over 185 and now has dropped to just under 145 single family homes for sale. Overall: Decreasing Inventory
  • Days on Market: A steady increase from 170 to just above 240 days on market. Overall: Increasing Time on Market
    

  My take…

  With the Median Price rising and the inventory decreasing you would think, “Great, the market is turning.” But hold on, with the days on market increasing almost 2.5 months, you have to think the buyers are not on board with the pricing.  If you are looking to sell in less than average time, look at the numbers and price close to market value. If you are looking to purchase, look for a realistic seller and be aggressive on the low side.

  [altos_chart st="CA" cid="2077" zid="1374" rt="sf" ra="c" q="a" left="median_price" size="m" timeSpan="e" /]

  [altos_chart st="CA" cid="2077" zid="1374" rt="sf" ra="c" q="a" left="median_inventory" size="m" timeSpan="e" /]

  [altos_chart st="CA" cid="2076" zid="2892749" rt="sf" ra="c" q="a" left="mean_dom" size="m" timeSpan="e" /]

  If you are thinking about making a move, now is an excellent time to take a look at market value and activity. I’m here to help you estimate the market value of your home, or to help with a purchase strategy.  Feel free to reach out to me. I’m here to help. It’s what I do.

  Where do you think Newport Coast and Crystal Cove home prices are headed?

  Please post a comment.

  

• Newport Beach Real Estate – Time to Buy?

  Posted: Wed, 18 Nov 2009 22:01:00 +0000

  Is it time to buy?

  Today, on the front page of the LA Times, “Southern California home prices edge upward again in October,” would suggest maybe the time is now to pull out the checkbook. Or at least, kick the tires a little harder.

  Timing is everything. Combined with the federal tax incentives for first-time and move-up buyers, interest rates near, or at, historic lows,  the holiday season and our infamous buyer’s market – could there be a better time to make the move back into the housing market?

  Closer to home – MDA DataQuick reports Orange County number of sales decreased -1.2% from October 2008 to October 2009. Sales prices, for the same time period, increased +3.9%

  Check out the real-time market trends report below. You can see things have started to move up.

  The questions are: Will it stay that way? Are we in for another downturn? Do you believe sustained real estate housing price appreciation is back?

  Please post your comments below. I want to know what you’re thinking.

  [altos_chart st="CA" cid="2076" zid="2892749" rt="sf" ra="a,c" q="a" left="median_price" size="m" timeSpan="e" link="http://newportbeachrealestateblog.com/newport-beach-market-trends/" /]

  

• Newport Beach Real Estate ~ Homes for Sale on Linda Isle

  Posted: Sun, 08 Mar 2009 23:02:20 +0000

  A recent post about Linda Isle home prices holding steady has brought a few inquires about how to see homes for sale on Linda Isle. For folks from out-of-town, or locals who are just now learning about this beautiful area of Newport Beach, Linda Isle homes for sale are a little more difficult to see than most communities.

  Here’s why:

  • Guard gated – the guards are friendly but, they take their job seriously. You need an owner to give the green light.
  • No “For Sale” signs. Even if you make it past the guards, no real estate signage.
  • No “Open House.” The HOA does not allow this activity.
  • You must contact a REALTOR to make an appointment to see a home for sale.

  Of course, you can find Linda Isle homes for sale on the various real estate web sites. That takes some searching. Want it now?  Follow this link to the current available inventory: Linda Isle homes for sale.

  Currently, my favorite home for sale is 76 Linda Isle. It is a remodel candidate, but the location is fantastic. The price is not as expensive as the harbor facing, outer horseshoe. But is reasonable given the south side of the inner horsehoe. As with any real estate purchase, location is everything – even on Linda Isle.

  What is your opinion of Linda Isle?

  Start the conversation…Please comment.

  

• Newport Beach Real Estate – Full Disclosure

  Posted: Wed, 04 Mar 2009 18:39:49 +0000

  Some people, when selling, have a difficult time telling the truth about their home. They are afraid if they disclose negative items, they will scare the buyer away or somehow, hurt the deal.  When I represent a seller, I urge full disclosure about everything using the required California Transfer Disclosure Statement (TDS). It’s better to put up a caution flag to a buyer than face a judge in court. Cheaper too.

  Homeowners trying to sell without professional assistance, sometimes take it to another level. Downward I would suggest. Maybe too much information is not a good thing. For Sale by Owner’s (FSBO) take note – If you want to sell your home, consider your signage – if you need advice, contact me.

  Honesty is a good thing, but, do you really think using ad copy as shown below will get buyers salivating over your home?

  

  Let me know what you think of this photo. I’m sure many of us have felt this way about a neighbor…but do we really want the world to know? What happens if you don’t sell and you’re stuck?

  What are your thoughts?

  Please comment…Start the conversation.

  

• Crystal Cove Real Estate ~ Crystal Cove Home on Auction Block

  Posted: Fri, 13 Feb 2009 20:20:55 +0000

  A dose of reality is being given to luxury home sellers in Crystal Cove. 39 South Sur is going on the auction block. The minimum bid is $4,950,000. Not too long ago, this former model home, was on the market for $7,475,000. I’m told a couple of offers have come in to purchase it before the auction. This is a turn-key purchase – all furniture included. Bring your toothbrush and, of course, a bottle of wine.

  As I’ve noted in this space before, the Crystal Cove sellers are not bringing the asking prices down to a point where buyers are seeing the value. That’s why the inventory is not decreasing. I’ll stay tuned and see if this ends up south of $850 per square foot.

  March 14 is the date set for the auction – check out the link to 39 South Sur in Crystal Cove real estate to see the home for sale – er, I mean, up for auction.

  What do you think of Crystal Cove home values? What do you think is a fair per square foot price for Crystal Cove?

  Please comment. Start the conversation.

  

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