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orange county: Be wary of buying just because real estate is "on sale" - 10/22/08 01:07 PM
The good news for real estate investors: buying a home in Orange County is about as cheap as it was in 2003.
The bad news for real estate investors: competition is fierce and rents are dropping.
We all know that with so many families foreclosing on their home loans, buying inexpensive rental properties is becoming relatively easy for investors. One of the [millions of] side effects of this whole crazy economic downturn is that now those savvy investors are having a hard time finding tenants who can afford the rent. 
Rental rates here in Orange County will "only" drop about 3% … (4 comments)

orange county: Thinking about buying a foreclosure? Read this first! - 09/17/08 11:07 AM
We've been hearing a lot lately about the smokin' deals on foreclosures and REO properties that are available. Newscasters rave about cheap homes over which buyers are fighting tooth and nail. In Orange County, however, these "incredible" deals can still seem out of reach to many buyers.
Although home values have dropped considerably in our neck of the woods, we have to remember how high they were in the first place. We then have to remember that 20% of value lost on a home that would sell for $750,000 in the peak of the market is still a hefty $600,000.
Seeing … (2 comments)

orange county: Some good news - OC numbers showing sign of life - 09/09/08 03:41 PM
Word is out that of every 100 homes on the market in Orange County, 42 are in foreclosure or short sale.
That's the bad news. The good news is, OC's real estate supply vs. demand ratio has improved by 68%. To put it in real number terms, if you had put your house on the market last year, your real estate agent might have told you to expect it to stay on the market for 15 months. Today, however, you can expect a market-time of 4.8 months. That's a big difference!
As we like to say, even if things aren't necessarily … (0 comments)

orange county: OC Real Estate - movin' and shakin' - 08/21/08 12:48 PM
I saw some interesting numbers today regarding Orange County real estate. Check this out:
median home price in June, 2007: $645,000 (all-time high in the region) median home price in July, 2008: $461,000 total drop: $184,000 or 28% putting it in perspective: homes in Orange County lost an average of $431 per day over the last 13 months Is that not incredible? Now, it's generally agreed that such a drastic correction, though painful, was necessary in this market, which was way overpriced.
I hope you've come to expect this of me, dear readers, and I won't disappoint. Here's the good news:
… (6 comments)

orange county: A small break for OC homeowners - 08/20/08 01:42 PM
When I'm wrong, I usually don't mind to admit it (well, except when I have to admit it to my significant other).
So, I'll admit it: I was wrong.
With foreclosures soaring and home prices falling, I was sure that rental rates in Orange County would be going through the roof as opportunistic real estate investors started charging higher prices. But it turns out that the year over year rental rate since last July has only increased by 4.7%, the smallest increase since 2000 (check it out here).
I actually breathed a little sigh of relief when I read the news. … (2 comments)

 

Carey Pott

Foothill Ranch, CA

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