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real estate: 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)
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real estate: 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)
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real estate: 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)
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real estate: Are sleazy real estate professionals getting their due? - 08/22/08 02:00 PM
If you feel like being sleazy and committing a crime as a real estate professional against your clients, go ahead. Just be prepared to face up to 3 years in jail, and have your license permanently revoked (that is, if you even have one).
That's the basic outcome of California's Bill 1737 that passed the state congress this week. To be quite honest, I'm not entirely sure how different this bill is from the laws that already existed, but I suppose that it's a step in the right direction for setting the real estate bar just a little higher.
Senator Michael … (6 comments)
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real estate: 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)
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real estate: 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)
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real estate: Today Only -- 25% OFF!! ... on houses? - 08/04/08 12:08 PM
"Smells like a bottom to me..."
That's what one commenter said when they read this story in the OC Register about Anaheim's Stadium Lofts condominiums selling for 24-29% off the listed price. The condos were completed months ago but many were still unsold, so the developer had to do something drastic. Having to sell homes at such a deep discount in a relatively undesirable area is an interesting sign of what's moving the market these days: namely, just the desire to get these homes off the ledgers.
Speaking of offering crazy deals to move new homes off the books, did you … (14 comments)
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real estate: Tuesdays: Let's Hear from our Studio Audience! - 06/10/08 10:47 AM
I'm tired of telling you what I think. It's time for you to tell me what you think!
A couple weeks ago I started a weekly, Friday post called "Get to Know Me Fridays" to make sure I add a personal touch to my posting. I liked the idea of a posting schedule so much that I have now decided that Tuesdays will be the "Let's Hear from the Studio Audience" day!
My goal will be to pose a situation for you to weigh in on, or to bring up a topic in the industry to hear your comments. Sometimes I … (0 comments)
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real estate: Armchair Investing in TX - little hassle, big reward - 06/05/08 01:48 PM
Is anyone interested in a great investment with very little personal hassle? How about working with a company that is guided by honesty and integrity in all business transactions?
Then don’t wait to mark down this appointment on your calendar:
Tuesday, June 10 at 5:30 – 6:30 p.m. PDT
At this time, the real estate investment firm Michael Franks, LLC will be hosting a webinar to give investors an opportunity to learn about the new project at Sequoia Bend Apartments in Hurst, TX. The 178 unit, 7.3 acre complex includes 2 swimming pools, 2 laundry facilities, storage units and private balconies.
… (1 comments)
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real estate: Good vs. Evil - a Timeshare Showdown - 06/04/08 12:01 PM
Yesterday I had an experience that made me truly appreciative and proud of the way we do business. Yesterday, I went to my very first time share presentation.
Now, I had heard about time share presentations. They start with a really friendly, get-to-know-you sort of preso, all smiles and jokes. Then the "manager" comes by and tries to close the sale. At this point, if you say no, you often get the cold shoulder within a matter of seconds.
The presentation started really well. Doug, the salesman, was very personable, friendly, really seemed to try to get to know us. He … (5 comments)
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real estate: Run the numbers but trust your gut - 06/03/08 11:35 AM
Yesterday I talked about risk and how rather than avoiding it, we just need to know how to manage it.
Today's post is an important footnote.
Throughout the last few hundred years, man has developed increasingly accurate and complicated mathematical models to help nail down the bare bones of risk. But how far is too far? How much concrete knowledge about a given situation is too much?
The problem occurs when we rely too much on numbers and forget about instinct. To quote Peter L. Bernstein from Against the Gods:
"... to what degree should we rely on the patterns of … (2 comments)
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real estate: Using Spidey Sense to Invest in Real Estate - 06/02/08 04:21 PM
Peter Parker could tell you that with great power comes great responsibility.
Let's adjust this adage for the world of real estate investing: With great reward comes great risk.
Many of us shy away from the word "risk", trying to avoid it whenever possible. But is risk such a bad thing?
In his book Against the Gods, Peter L. Bernstein tells us that thousands of years ago, humans knew little about risk since every aspect of daily life was determined by the gods. Today, however, we know that we have a certain amount of control over what happens (albeit, not a … (0 comments)
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real estate: Should I buy oil tankers or rental properties? - 05/28/08 06:13 PM
John Mauldin's Thoughts From the Frontline issued last Friday had a very interesting analysis on the price of oil and what's causing it. I highly recommend that you read the full article, but in the meantime, here are my thoughts on his thoughts.
According to Michael Masters, one of the biggest reasons for the increase in oil prices is the recent increased interest in commodity index funds by large institutional investors such as pension funds and sovereign wealth funds. In a statement John Mauldin calls "inflammatory", Masters was quoted as saying:
"Think about it this way: If Wall Street concocted a … (2 comments)
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Carey Pott
Foothill Ranch,
CA
More about me…
January Financial
Address: 28 Rue Fontaine, Foothill Ranch, CA, 92610
Office Phone: (949) 305-6355
Cell Phone: (714) 306-4969
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