Renters In Lake Forest Get Big Price Cut - 01/28/10 07:38 PM
Lake Forest apartment renters got the biggest O.C. rent cuts in the fourth quarter
 of 2009.  On average renters in Lake Forest got an average of $173 a month off their rent – an 11.4% cut.
The average rent in the city was $1,347 a month during the fourth quarter compared to $1,520 in the fourth quarter of 2008. 
Countywide rent’s decreased an average of $105.  The average Orange County apartment rent fell 6.7% to $1,473 during the final three months of last year.
 
 
… (0 comments)

How To Show A Home Based On Feng Shui - 01/28/10 07:33 PM
1. Look at the placement and maintenance of the front door, which is considered the 
“mouth of chi” and one of the most powerful aspects of the entire property. Good fortune enters through the front door. It’s also the first impression buyers have of how well the sellers have taken care of the rest of the property. The area around the front door should be swept clean, free of cobwebs and clutter. Check to see if the lighting is straight and properly hung.
2. To keep the good forces of a home in, the toilet seats should be kept down and … (1 comments)

Renting In Newport Beach Is Like Buying A Mortgage - 01/28/10 06:17 PM
The average Newport Beach apartment rented for $1,902 a month in the last three 
months of 2009 – just $400 less than the typical Orange County mortgage payment. Landlords in Newport cut rents by 2.2%, to try to fill the 5.8% vacancy rate.
Countywide the average rent was $1,473. Newport Beach, Irvine, Aliso Viejo, Costa Mesa and Laguna Niguel have average rents higher than that.  The cities with the lowest rent were Stanton, La Habra, Anaheim, Buena Park and Santa Ana.  
 
 
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O.C. Cities Account For 4 Top Cities In CA - 01/26/10 07:11 PM
According to the California Association of Realtors, Orange County had four of the top
 cities in the state for median home price gains in December.
 Topping the list was Laguna Hills with a 62.9% jump, followed by San Juan Capistrano, Tustin and Costa Mesa.  Overall the median price of O.C. homes in December was $496,070, down 0.6% from November, but up 12.1% from 2008.
Sales were up 4.5% from November and up 17.9% from December 2008. O.C. homes spent 33 days on the market in December, compared with 31.1 days in November and 37.5 days in December 2008. 
Newport Beach and Laguna Beach were among the … (1 comments)

Demand For Local Housing Up - 01/26/10 06:42 PM
Demand for local homes is double what it was 2 years ago.  In the past two weeks the
 demand for homes and number of new pending sales increased by 12% to 2,547. The demand for local housing has not been this strong in January since 2004.
Based on market time it would take 3.02 months for buyers to gobble up all homes for sale at the current pace. Two weeks ago the market time was 3.22 months.
Homes listed for under a million dollars have a market time of 2.50 months compared to a market time of 10.29 months for homes … (0 comments)

Is Your Home Covered In The Storm? - 01/26/10 06:34 PM
The Insurance Information Network of California answers some frequently asked questions about 
what is covered on you homeowners’ insurance policy.  Read up as the storms keep rolling in!
Q: Storm caused a tree to fall on my home. Does my homeowner insurance policy cover the damage?
A: Yes. The damage to your home would be covered, and most policies also cover between $500 and $1,000 for tree removal. If the tree fell into your yard and did not damage your home then the tree removal typically would be your own responsibility.
Q: Rising water flooded my home.  Am I covered?
A: … (2 comments)

Sales Of Million Dollar Homes Fell For 4th Year - 01/26/10 06:30 PM
For the fourth straight year the number of Orange County homes selling for 
$1 million or more fell. 
Overall, sales of million-plus homes were down nearly 60% since 2005.
On a positive note, sales of homes for under $1 million jumped 17.4% from the year before. Thanks mostly due to sales of homes under $500,000.  Most of the success in home sales that happened in 2009 were due to foreclosures and short sales lowering home prices. 26,430 homes sold for under $1 million last year, compared to 22,511 in 2008. Of the homes selling for under $1 million, 18,185 homes sold … (0 comments)

OC Rents Continue To Fall - 01/26/10 06:24 PM
In the fourth quarter of 2009 local landlords cut rent 6.7% 
from the fourth quarter of 2008. It’s the lowest average rent in 3 ½ years.  The average rent dropped $130 a month, or 8.1 percent, since that summer 2008 peak.
The average rent for a unit in a large Orange County apartment complex fell to $1,473 a month in the fourth quarter of 2009, the fifth straight quarter to see monthly rents drop.
Rents fell in all 23 Orange County cities.  O.C.’s vacancy rate was one of the 10 highest among California metro areas, tied for 9th in the state … (0 comments)

O.C. Ended 2009 With Highest Median Selling Price In Over A Year - 01/19/10 07:15 PM
The monthly median selling price of a home in Orange County ended 2009 at $435,000.  
That was the highest selling price in 15 months and up 11.8% from 2008.
 
Although the median selling price of $435,000 is still 33% below the peak reached in June 2007, it is 18% above the cyclical low hit last January.
In the month of December Orange County home shoppers purchased 2,885 residences, which is a 9.6% increase from last year’s buying activity. 
December was the 17th of the last 18 months with sales gains vs. the year-ago period. That follows 33 consecutive months … (0 comments)

33 Local Zip Codes Had Both Sales and Price Gains in December - 01/19/10 07:04 PM
For the month of December, 52 of the 83 ZIP codes in Orange County had gains in their 
respective median selling prices. Overall, prices were up 9.7% compared to a year ago.
33 local ZIP codes had both sales gains and price gains in the period.  Overall, countywide sales were up 10.4% compared to a year ago.  7 out of 83 ZIP codes had sales gains of 100% or more in the month.  
 
 
… (1 comments)

10 Ways To Prepare Your Home For a Quake - 01/19/10 06:57 PM
The Insurance Information Network of California has come out with a list of 
10 things homeowners can do to try and prepare for potential earthquakes.  With the recent seismic activity in our area – and throughout the world – it wouldn’t be a bad idea to read through list and see what small changes can greatly help your home and families future.
Retrofit your home: Bolt the frame to the foundation, and re-enforce joints and other parts of the structure to make more quake resistant. Secure: Tie water heater, heavy furniture, bookcases filing cabinets to the walls so that they don’t … (2 comments)

Luxury Homes Continue To Have Largest Price Cuts - 01/19/10 06:51 PM
As of January 1st, the Silverado Canyon area of Orange County was the top place
 for home price cuts.  38% of Silverado home on the market have had at least one price cut since being placed for sale. 
In second place was the Irvine Center-Deerfield area of Irvine with price reductions for 37% of homes on the market.  Rounding out the top 5 places in Orange County for price cuts were Orange, Buena Park and Seal Beach.  
The homes that have been hit the hardest with price cuts continue to be luxury home – or those home listed at $2 … (1 comments)

52.2% of Moves In CA Were Outbound In 2009 - 01/19/10 06:43 PM
Van lines statistics are used as a yearly indicator of which states are experience 
an influx of new resident and which states are seeing more residents move away.  The latest statistics put out by United, Allied and Atlas van lines show moves to and from California combines fell 21% last year. This marks the 4th consecutive decline – which is clearly reflective of the declining national economy.
In 2009 nationwide moves were 41% below their peak reached in 2005. Last year 52.2% of the moves were outbound from California, an outmigration rate that has remained virtually unchanged for 3 years. 
… (1 comments)

Govt. Incentives For Short Sales - 01/19/10 06:36 PM
The Home Affordable Foreclosure Alternatives Program (HAFA) was released by the 
Treasury Department on November 20, 2009 and has been intended to help increase the number of short sales that take place.  HAFA is a part of the Home Affordable Modification Program (HAMP).
The new government program is designed to provide incentives for short sales or a deed-in lieu of foreclosure in order to avoid foreclosure on a loan eligible for modification under the HAMP program. HAFA currently only applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac – which is expected to issue their own version … (2 comments)

Unemployment In The Construction Industry Increasing - 01/19/10 06:30 PM
Construction nationwide continues decrease resulting in construction-worker
 unemployment at 22.5%.  Over 53,000 construction workers were laid off in December alone. 
In the past year more than 934,000 construction workers have lost their jobs bringing the number of unemployed to over 2 million.  Construction has been affected more than any other industry in this recession and is continuing to have larger layoffs than any other industry.  Construction spending is at a 6-year low and it doesn’t look like it will be booming within the next year. 
 
 
… (4 comments)

Short Sales Popular Choice For Struggling Homeowners - 01/19/10 06:22 PM
Last week there were 2,180 active short sales on the market in Orange County, which
 was a 1% increase from two weeks earlier.  There was another 7,000 short sales that were either on hold or were active listings pending sales. 
Short sales must be approved by a bank therefore all short sales listed are not always approved. They require lender approval because they are asking for the bank to accept taking less than what it is owed on a home.  Short sales seem to be a top choice for homeowners who are underwater because they lack most of the problems that … (0 comments)

12% Increase In O.C. Housing Demand - 01/14/10 07:48 PM
The latest O.C home inventory report says demand for local homes is up 12% at the start 
of 2010 compared to a year ago. The demand numbers are measured by the number of escrows opened in the past 30 days.  The supply of active listings – or homes that shoppers can look at is down 35%.
At the current pace of buying it would take 3.22 months for Orange County buyers to purchase all homes for sale that is up from 2.93 month two weeks ago.  Homes listed for under a million dollars still have the best chance of being sold … (1 comments)

O.C. Business Name Filings Down In 2009 - 01/14/10 07:43 PM
The O.C Clerk Recorders Office is reporting that Orange County businesses filed the
 fewest number of fictitious business names and changes in 2009 in at least five years.  In 2009 only 36,520 forms were filed.
The number of filings has been steadily decreasing every year since 2005.  They are mostly filed by new businesses but some are for changed information such address and ownership.
The lack of new businesses has been more affected by this recession than previous recessions.  Since bank lending was virtually frozen last fall and has been incredibly hard to get this year it has been harder to … (0 comments)

Mortgage Applications At Lowest Numbers Since 1997 - 01/14/10 07:36 PM
Nationwide, the number of mortgage applications for home-purchase loans is at its 
lowest levels since November 1997.  Since mid October the number of applications has been decreasing, partially due to the fact that interest rates have been increasing. 
The lack of mortgage applications could also indicate future home sales decreasing, however there are a significant number of all cash buyers these days.  Approximately 20% of home buyers in Orange County are making all cash purchases.
Last week the average contract interest rate for 30-year fixed-rate mortgages increased to 5.18% with points decreasing to 1.28%, compared to the week before of 5.08% … (1 comments)

Big Landlords Cutting Rent To Fill Vacancies - 01/14/10 07:31 PM
Big landlords are lowering rents to try to fill the empty apartments they have.  New statistics 
show that as many as 2-in-3 big landlords are cutting the rents in order to fill vacancies.
Of the big landlords surveyed, 71% have experienced significantly higher vacancy rates over the last year.  To help fill these vacancies 69% of the landlords said they are lowering rents, 65% said they are giving one or more months rent-free and 35% have even lowered deposits.
One of the many problems affecting landlords trying to attract renters is that many prospective renters have terrible credit. 78% of the … (5 comments)

Local Homebuilder Lennar Corp. Has 1st Quarter In The Black - 01/14/10 07:24 PM
Local homebuilder Lennar Corp. has reported its first quarter in the black since the winter of 
2007.  In the fourth quarter of 2008 Lennar reported a net loss of $811 million but in the fourth quarter of 2009 they had a net profit of $35.6 million!
Their new found profitability has come as a shock considering most forecasts did not see them returning to the black until late 2010. 
Lennar Corp. ended 2009 with a net loss of $417 million for the year, which is a small loss when compared to the $1.1 billion lost in 2008 or $1.9 billion … (1 comments)

O.C. At 2003 Levels For Median Price Per Square Foot - 01/14/10 07:14 PM
Although Orange County has seen median price increases since last year, the median price
 per square foot of a home in Orange County remains at 2003 levels. 
The price per square foot is considered a more reliable way to measure home values than the overall median price since the price per square foot eliminates monetary differences caused by the size of the homes sold.
The median price per square foot of a single-family home in Orange County was $286.89 in November — up from $268.16 in January 2009.  Those prices per square foot are similar to the prices seen in the … (0 comments)

Gov. Proposes New Homebuyer Tax Credit - 01/14/10 07:08 PM
This morning California Governor Arnold Schwarzenegger proposed the adoption of a 
new homebuyer tax credit for California taxpayers. The newest tax credit proposal would apply to the purchase of new homes as well as existing homes.
Congress has already extended the federal homebuyer tax credit, but the state tax credit was stopped early after 10,700 California homebuyers took advantage of it.
In order to help stimulate jobs in the construction industry the Governor announced that a proposal is on the horizon for a homebuyer tax credit of up to $10,000 for the purchase of new or existing homes.
The Governor’s office … (0 comments)

O.C. Developer Opens World’s Tallest Building - 01/14/10 06:57 PM
On January 4th Dubai real estate developer Emaar officially opened the largest building in the world.  
At the peak of the American housing boom Emaar lost $1.6 billion by buying Orange County homebuilder John Laing in 2006.  Currently Laing is being liquidated in bankruptcy court.
 
The buildings’ opening was attended by Dubai’s rulers and thousands of onlookers. Despite the economic state of the world and its own financial crisis, Dubai is opening the tower with the help of it’s oil wealthy neighbor Abu Dhabi. 
The skyscraper – named Burj Khalifia in honor of the leader of Abu Dhabi – … (1 comments)

CA Cities Ranked As One Of The Easiest… And Hardest Places To Find A Job - 01/14/10 06:49 PM
According to the latest report issued by job search engine juju.com, Los Angeles placed 44th 
out of 50 metro areas in terms of difficulty finding a job.
Job seekers in the LA area are competing with 10.43 people for every advertised vacancy.  Washington D.C. was the easiest place to find work with 1.87 unemployed workers for every advertised job opening.
Some California regions ranked better than Los Angeles.  San Jose ranked second after Washington, D.C. among cities that have less competition for available jobs.  In San Jose 2.68 people were competing for the same jobs and San Francisco came in 20th … (0 comments)

2009 Marks O.C. Homebuilding’s Worst Year - 01/14/10 06:43 PM
The homebuilding slump in Orange County continues into the New Year.  2009 Was the s
lowest year for local building permits for single-family homes filed by developers since World War II. 2009 was local homebuilding’s new “worst” year.
Permits have been issued for just 1,182 new houses and townhomes through November this year, compared to 1,225 in the first 11 months of 2008. Through November local building permits for single-family homes filed by developers fell 3.5%.
Permits for apartments and multi-story condos fell even more, dropping 59% from 2008 levels. Permits were issued for just 763 new units, vs. 1,849 units … (0 comments)

Rancho Santa Margarita Has O.C.’s Quickest Market Time - 01/14/10 06:34 PM
The “hardest” O.C. city to find a home to purchase is Rancho Santa Margarita. 
This is based on the theoretical “market time”.  Rancho Santa Margarita currently has a market time of 1.4 months – a year ago their market time was 4.7 months.
The top 5 O.C. cities that currently considered that hardest to find a home to by in have a combined market time of 1.6% and make up 6% of the supply of home for sale in Orange County.
Corona Del Mar was found to be the O.C. city where it is currently hardest to sell a home.  Based … (0 comments)

Executive Agree To 94% Pay Cut To Help Save Company - 01/14/10 06:29 PM
The co-founders of Pacific Property Assets are trying to keep their company afloat by 
agreeing to have their pay temporarily cut by mid-January and reduced by 94% by April.
Michael Stewart and John Packard had been earning $750,000 a year each before their firm defaulted on roughly $215 million in loans.  In June, the firm sought Chapter 11 bankruptcy protection.  They currently owe about $90 million to nearly 700 private investors, plus $125 million more to mortgage lenders.
When the company defaulted last May, both executives cut their pay to $180,000 annually.  They closed their Irvine location and cut staffing by … (0 comments)

44 O.C. ZIPs Had Gains In Selling Price - 01/02/10 02:50 PM
Through the first week of December, 44 of O.C.’s 83 ZiP codes had gains in their respective
 median selling prices.  
Prices fell in 37 of the ZIP codes, but Garden Grove’s 92844 ZIP had the same median price as a year ago. 
Seven of O.C.’s ZIPs had median sales prices above $1 million in the period compared to  11 million-dollar ZIPs when the county median price peaked in June 2007. Since that pricing high point, there’s been a 32% drop in the median price countywide.
Overall, sales were up 8.8% from a year ago.  Nine of O.C.’s ZIPs has … (1 comments)

O.C. Home Price Increased 10.1% In November - 01/02/10 02:45 PM
The median price of an Orange County single-family home increased 10.1% in November from November
 2008, the biggest percentage gain in four years.
The median price of a house in Orange County was $499,020. That’s 10.1% higher than in November 2008.  Last month’s median was 1.8% higher than in October. It was the highest median price since August.
The median price has risen 18% since it hit itsbottom in January, when the median price was $423,100. Sales have increased 28%, the biggest gain in eight months.
Many people attributed the November gains to an increase in first-time buyers rushing … (1 comments)

Home Prices In O.C. Double In Last Decade - 01/02/10 02:41 PM
Home prices throughout Orange County doubled last decade. 

A median selling price for all residences in Orange County in 2000-2009 was $431,000 –roughly double the same pricing of the 1990s.
The decade produced a compound annual price gains of 7.5%.  Even with the buying frenzy that occurred mid-decade, total sales were up just 8% this decade compared to last. 
Homebuilder sales fell by roughly 20,000 residences in the decade, or 28%.
Condos were the residence to buy, especially as prices soared. Decade’s re-sales were up 44%!
 
 
… (1 comments)

 
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Adam Brett - Fullerton, California Realtor

The Adam and Eric Team - Fine Homes

Fullerton, CA

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Address: 1431 Harbor Blvd # A Fullerton, Fullerton, CA, 92835

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Cell Phone: (714) 496-8116

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