Lannar's Grand Opening Sell no Homes - 05/30/10 01:54 PM
Now this is something to note Lannar had a grand opening on May 22, 2010 in Irvine for a project called Central Park West an urban-style project, but they sell no homes.  I find this really interesting that with a crowd of 2,200 people that turned out and a $10,000 incentive from the state of California for new construction that no homes sold at Lannar's grand opening.
It is very curious that between 400 and 500 registration cards were filled out.  I do not know what to think of that kind of failure.  If I had 2,000 people show up at … (8 comments)

More Standard Sales Less Distressed Sales in Orange County - 05/30/10 01:38 PM
Even though public auctions for foreclosed properties is increasing the standard sales (equity sales) are more frequently purchased than all of the distressed sales in Orange County.  The buyers are not as interested in purchasing the short sale or the foreclosed property.  The better deals that are not sold with a lot of damage is the standard sale they close in a shorter amount of time with less unknown.  That is why we are seeing more standard sales and less distressed sales in Orange County. 
We are expecting more foreclosures and short sales in the coming months of this year.  So … (1 comments)

First American Spiningoff CoreLogic - 05/30/10 01:21 PM
Tuesday the mega firm First American is the second largest title company and is spinningoff its real estate data and consumer data business CoreLogic.  CoreLogic is the largest despository of real estate and consumer data.  This is all to happen on Tuesday.
The hope of First American and CoreLogic is that spiningoff the data company will increase the value of both companies stock.  The current market of the combined companies is 4 billion.  The suprise to me is that CoreLogic is valued at 2.5 billion while First American is valued at 1.5 billion.  I would have guessed it would have been … (3 comments)

Mission Viejo Area Market Report - 05/30/10 01:01 PM
This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 14.8 percent, for new homes it is up 39.9 percent and for resale condos up 16.6 percent.  The sales volume is up  for resale homes 10.1 percent and down 29.1 percent on condos and up 76.0 percent for new homes.

 
Mission Viejo  Zip Code 92691  sales prices are up 25.3 percent and the sales volume is 22.2 percent. Mission Viejo  Zip Code 92692  sales prices are down 3.8 percent and the sales volume is up 51.0 percent. Aliso Viejo  sales prices are up 6.4 percent and the sales volume is up 31.9 percent. Laguna Niguel  sales prices are down 9.4 percent and the sales volume is up 32.4 percent. Rancho Santa … (0 comments)

New Listing on Westfield in Laguna Niguel - 05/27/10 12:57 PM
 

28165 Westfield Drive, LN $565,000
Attractive single story, 3 bedroom home with city lights view. This home features hardwood floors, French doors, fireplace, recessed lighting, and beautiful granite countertops in secondary bath. Exterior highlights are a private lap pool, in ground spa and covered patio area. Some cosmetic maintenance needed, but a wonderful home with great amenities!
 Special Features: 
SQ. FT. = 1,862 (estimated)2 Car attached GARAGE                 
Year Built = 1981
Private Lap pool and spa
Covered Patio
Fireplace in living Room
Additional Photos
          
… (2 comments)

A Lot of Distressed Properties in Orange County - 05/23/10 02:48 PM
The Orange County market is currently showing a 25% market share for single family, and 39.1% market share of homes that are distressed properties, that is still a lot of homes.  The number of distressed home sales is dropping and that is a very good sign.  It does appear that the lower end of the market has stabilized or at least has hit bottom. 
There does seem to be a lid on appreciation due to the distressed properties which must work there way out of the market.  A lot of distressed properties does not cause the market to have an up tick … (12 comments)

Mission Viejo Area Market Report - 05/23/10 02:06 PM
This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 17.4 percent, for new homes it is up 32.8 percent and for resale condos up 16.6 percent.  The sales volume is up  for resale homes 9.7 percent and down 11.1 percent on condos and up 18.7 percent for new homes.

Mission Viejo  Zip Code 92691  sales prices are up 22.5 percent and the sales volume is 33.3 percent. Mission Viejo  Zip Code 92692  sales prices are down 2.1 percent and the sales volume is up 38.3 percent. Aliso Viejo  sales prices are down 0.1 percent and the sales volume is down 5.5 percent. Laguna Niguel  sales prices are down 3.8 percent and the sales volume is up 38.1 percent. Rancho Santa … (2 comments)

Condominium Financing Challenges - 05/23/10 01:36 PM
In order to obtain financing for buyers on condominiums, lenders generally require a Homeowner's Association Certification to evaluate the financial feasibility of the development. When processing a loan on an existing condominium development most of the concerns are in the following areas:
1)    Is there litigation in the development? 2)    What percent of the homeowners are delinquent on their HOA monthly dues? 3)    How many investors own units in the development? FHA, VA, FNMA and FHLMC all have major issues with litigation and request a more in depth review of the association's budgets in those cases. The allowable maximum HOA delinquency … (6 comments)

Short Sales do Work - 05/16/10 01:32 PM
This last week:
We closed our listing at 8291 Polk circle in Huntington Beach it sold for $500,000 a single family home.
We closed a condo at 233 Encantado Canyon in Rancho Santa Margarita, a condo for $340,000.
We closed a large home in Coto de Caza at 31832 Via Coyote a single family home that sold for $650,000.
We are in escrow on a purchase for one of our clients on a home at 9 Cherrywood, Aliso Viejo at over $400,000 for a condo.
We received a full price offer in one day on a home at 33471 Coral Reach in Dana Point … (12 comments)

Mission Viejo Area Market Report - 05/16/10 01:14 PM
This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 18.6 percent, for new homes it is up 25.3 percent and for resale condos up 19.3 percent.  The sales volume is up  for resale homes 4.0 percent and up 8.0 percent on condos and up 16.3 percent for new homes.
Mission Viejo  Zip Code 92691  sales prices are up 23.3 percent and the sales volume is 41.9 percent. Mission Viejo  Zip Code 92692  sales prices are down 2.4 percent and the sales volume is up 21.3 percent. Aliso Viejo  sales prices are up 0.1 percent and the sales volume is down 8.6 percent. Laguna Niguel  sales prices are down 12.6 percent and the sales volume is up 33.3 percent. Rancho Santa Margarita  … (0 comments)

Mission Viejo Area Market Report - 05/10/10 03:55 PM
This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 18.8 percent, for new homes it is up 20.0 percent and for resale condos up 18.0 percent.  The sales volume is up  for resale homes 10.6 percent and up 13.1 percent on condos and up 44.2 percent for new homes.

 
 
Mission Viejo  Zip Code 92691  sales prices are up 49.4 percent and the sales volume is 44.1 percent. Mission Viejo  Zip Code 92692  sales prices are up 2.2 percent and the sales volume is up 25.6 percent. Aliso Viejo  sales prices are down 4.3 percent and the sales volume is up 19.0 percent. Laguna Niguel  sales prices are down 9.2 percent and the sales volume is up 50.9 percent. … (1 comments)

Southern California Housing Inventory Snapshot - 05/01/10 02:05 AM
We hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.
* Mortgage rates were collected from publicly available sources (yahoo.com) on the date stated. The
… (8 comments)

Southern California Housing Inventory Snapshot - 05/01/10 02:02 AM
We hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.
* Mortgage rates were collected from publicly available sources (yahoo.com) on the date stated. The
… (2 comments)

 
145c Rainmaker_large

Tim Lorenz - 949 874-2247

Mission Viejo, CA

More about me…

TIM LORENZ of Keller Williams Realty

Address: 27101 Puerta Real, Suite 150, Mission Viejo, CA, 92691

Office Phone: (949) 282-2521

Cell Phone: (949) 874-2247

Email Me

A real estate professional and investor for over 43 yrs look at the market, the laws, the trends and the condition of the market. A runing commentary of one persons professional's opinion.


Listings

Links

Archives

RSS 2.0 Feed for this blog