Irvine CA Real Estate Continues 2013 with Big Sales and Dollar Numbers

Posted on May 17, 2013 by Harrison K. Long

Without enough homes for sale to satisfy current buyer demand. Irvine CA real estate has remained strong during first four months of this year 2013.

Turtle Rock Village homes at Irvine

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Irvine CA real estate markets continue to favor sellers big time and have been starved for listings all this year 2013.  With so few homes listed for sale (208 as of today), and big buyer demand, Irvine continues to have hottest markets in Orange County.

Irvine CA real estate

Irvine CA home resales by area since start of this year – from January 1 to April 10, 2013

Airport area – 78 homes sold – average sold price of $506,473 – up from last year

Columbus Grove – 9 homes sold – average sold price of $771,722

El Camino Real village – 43 homes sold – average sold price of $553,983

Northpark village – 69 homes sold – average sold price of $795,500

Northwood village – 142 homes sold – average sold price of $745,651

Oak Creek village – 33 home sold – average sold price of $624,521

Quail Hill village – 40 homes sold – average sold price of $840,568

Shady Canyon village – 10 homes sold – average sold price of $5,415,400

Turtle Ridge Irvine – 40 homes sold – average sold price of $1,312,525

Turtle Rock Irvine – 45 homes sold – average sold price of $1,102,944

University Park village – 30 homes sold – average sold price of $610,537

University Town Center – 6 homes sold – average sold price of $537,667

West Irvine – 34 homes sold – average sold price of $629,721

Westpark Irvine – 46 homes sold – average sold price of $614,213

Woodbridge village – 99 homes sold – average sold price of $492,771

Woodbury village – 88 homes sold – average sold price of $780,686

Irvine all areas – 941 homes sold so far this year 2013 – with average sold price of $763,400.

Irvine sold 400 homes during April this year 2013 (including new home sales).

Irvine has a booming economy with good jobs for professionals and workers – also with the largest home sales volume and price numbers for any city in Orange County.

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Source is CRMLS and is for information only about listings and sales by all brokers and agents, does not include that for new homes sold directly by the builders. Contact us at 949-854-7747 with your questions.

People ask us about listing and sale of Orange County CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers and fiduciaries, bankers, and individuals, with listing and sale of properties at Irvine, Newport Beach and Orange County, CA.

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Robust Real Estate Recovery Mode at Orange County CA April 2013

Posted on May 16, 2013 by Harrison K. Long

Orange County CA home selling and prices continued in robust recovery mode with big upswing during April 2013.

ROBUST REAL ESTATE RECOVERY MODE

Resale Homes Prices were up 21.9 percent from same time April last year

Condo sold prices were up 30.7 percent from prior year

New home prices were up 12 percent from prior year

Median OC home sold prices were up to $535,000 – which is up 27 percent compared with last year.

That’s up 45 percent since market crash during January 2009.

ORANGE COUNTY CA REAL ESTATE 2013

Resale house volume was up 10.8 percent from prior year

Resale condo homes volume was up 5.7 percent from prior year

New home sales volume was up 126 percent from prior year

Sales numbers were up 14.7 percent from same time last year.

Continued buyer demand, lack of enough homes for sale, and new homes sales, are primary reasons for recent price gains.

Current Orange County housing markets continue to favor the sellers.

We expect to see this Orange County housing recovery to level off after big gains as compared with depressed markets several years ago.

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Source is OCRegister.com and ReportsOnhousing.com – and is for information only and is not the providing of professional legal or other services.

People ask us about listing and sale of Orange County CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Irvine, Newport Beach and Orange County, CA.

 

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Myth That Buyer Deposit is Required for a Binding California Residential Purchase Agreement

Posted on May 15, 2013 by Harrison K. Long

Stella Ling at California Association of Realtors’ legal department wrote an article for this month’s “California Realtor” magazine entitled “RPA Myths Debunked”.

CA residential purchase agreementShe introduced that the Residential Purchase Agreement and Joint Escrow Instructions form published by CAR and used throughout the state for most residential sale transactions is eight pages in length and “clearly articulates the parties’ respective rights and obligations to help sellers, buyers and agents close their transactions as easily and amiably as possible”. Myths to be debunked

This article’s theme was that certain myths about the California RPA should be debunked.

The first is myth that the sales contract must have a deposit to be valid and enforceable in California.

Truth is that such a purchase contract must be supported by “consideration” with legal value from buyer to seller – not necessarily a buyer money deposit.

However, sellers always like to see and deal with buyers who offer and make deposits – often three percent or more of the purchase price.  Sellers have the advantage in this hot market, especially during negotiation of terms for the purchase agreement.  So even though buyer deposit is not required for a legal and binding contract, sellers expect it.  So if you are a prospective buyer these days in California, you must be willing to make a money deposit in order for your offer to be seriously considered.

So the buyers money deposit is not required by law for a valid California residential purchase agreement, but it will be required by sellers anyway.

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Source is California Association of Realtors, and this is for information only and is not the providing of professional legal or other services.  If you have questions about your rights and responsibilities in your California real estate transaction, you should discuss with your professional Realtor agent.

People ask us about listing and sale of Orange County CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Irvine, Newport Beach and Orange County, CA.

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Lease to Fee Conversion Where Lessor of Land Transfers Interest to Lessee

Posted on May 11, 2013 by Harrison K. Long

The Irvine Company “TIC” at South Orange County CA continues to own title to parcels of land where some homes are located, and it has offered to sell most of these parcels to people who own homes situated there.

LEASE TO FEE CONVERSION ESCROW

The subject real property is a “leasehold”, and the “lessor” is owner of the land, and homeowner leases the land from the lessor, is the “lessee” of the land and owns only the improvements or the home itself.

A Lease to Fee Conversion Escrow occurs when the Lessor (The Irvine Company or TIC) sells and transfers its fee simple interest to the Lessee.  This escrow process involves more than just obtaining a demand letter from the Lessor (TIC) and is a much more detailed process – this would be a “Land Purchase Escrow”.

The Lessee (Buyer) must submit to escrow a completed application to purchase the land and a $300.00 initial deposit made payable to the Escrow Company.  Escrow then forwards a copy of the application to TIC. The Irvine Company then prepares a Purchase Agreement, Escrow Instructions, Termination of Lease and Grant Deed.  The Irvine Company also provides items involved in a normal purchase escrow, such as, Hazard Disclosure Report, 593 and 1099 reporting.  Escrow also obtains a preliminary title report.

Most conversion escrows are typically all cash transactions. The Buyer may obtain financing, but it must be handled as a separate “refinance Escrow” as TIC does not allow financing to be done through the land purchase escrow.  If the buyer is obtaining financing please note that this transaction will take approximately 45 days to close.  The loan proceeds from the refinance escrow must be transferred to the lease to fee (or purchase) escrow in order to have the funds necessary for closing. Both of these escrows would utilize the same preliminary title report and must be recorded concurrently.  The title company records the Termination of Lease and Grant Deed prior to recording the Deed of Trust in favor of the new Lender, thus providing the Buyer with a fee simple title to the real property.  The refinance escrow obtains a Lender’s Title Policy while the lease to fee conversion escrow, or Buyer receives a CLTA Owners Policy.

Mariners Escrow has handled this type of escrow for The Irvine Company for 25 years.  If you are a “lessor” of such land where your home is located at Orange County and have questions, you should contact an experienced real estate attorney and/or Mariners Escrow – att: Jim Lynch,  949-640-6040 – or 949-719-2111.

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Source is Mariners Escrow at Newport Beach, CA – and this is for information only and is not the providing of professional legal or other services.

People ask us about listing and sale of Orange County CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Irvine, Newport Beach and Orange County, CA.

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New gas pipeline seller disclosure law for California home selling goes into effect on July 1, 2013

Posted on May 9, 2013 by Harrison K. Long

New gas and liquid hazardous pipeline seller disclosure law in California for residential properties goes into effect on July 1, 2013 – and is set forth in Cal. Civ. Code § 2079.10.5.

CA home selling disclosure laws

Good news for Realtors and real estate professionals is that the California Association of Realtors is ahead of this requirement and has already published the required Gas and Hazardous Liquid Transmission Pipeline Notice it its CA-RPA form (California residential purchase agreement form published by the California Association of Realtors on April 30, 2013).

Each residential purchase agreement in California must contain notice about gas and hazardous liquid transmission pipelines, and delivery of this notice in the RPA-CA form will be deemed adequate to inform buyers about the pipeline database and shield sellers and agents from liability.

Subject notice is set forth at paragraph 6.E. of the RPA-CA, and says …

“Notice regarding gas and hazardous liquid transmission pipelines:  This notice is being provided simply to inform you that information about the general location of gas and hazardous liquid transmission pipelines is available to the public via the National Pipeline Mapping System (NPMS) internet web site maintained by the United States Department of Transportation at http://www.npms.phmsa.dot.gov/.  To seek further information about possible transmission pipelines near the Property, you may contact your local gas utility or other pipeline operators in the area.  Contact information for pipeline operators is searchable to ZIP code and county on the NPMS internet web site.”

Potential buyers of homes should be able to get more information about possible gas transmission pipelines near the property they are considering by contacting the local gas utility or other pipeline operators in the area.

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Source of information is California Association of Realtors, and is for information only and is not the providing of professional legal or other services.   If you have questions about your rights and obligations under this law, you should contact an experienced real estate attorney.

People ask us about listing and sale of Orange County CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Irvine, Newport Beach and Orange County, CA.

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Residential Landlords in California Must Provide Notice of Default to Prospective Tenants

Posted on April 27, 2013 by Harrison K. Long

Residential landlords in California must provide notice of default to any prospective tenants.

new CALIFORNIA LAW

Every landlord in California who offers for rent a residential property containing one-to-four units must disclose in writing to any prospective tenant the receipt of a notice of default that has not been rescinded. This disclosure must be made before executing a lease agreement. If a landlord violates this law, the tenant can elect to void the lease.

If voided, the tenant can recover one month’s rent or twice the amount of actual damages, whichever is greater, plus all prepaid rent, as well as any other remedies available. If the lease is not voided and the foreclosure sale has not occurred, the tenant may deduct one month’s rent from future amounts owed.

The written disclosure notice as provided by statute must be in English, Spanish, Chinese, Tagalog, Vietnamese, and Korean. A property manager will not be held liable for failing to provide the written disclosure notice unless the landlord has given the property manager written instructions to deliver the written disclosure to the tenant. This law will expire on January 1, 2018.

See California Senate Bill 1191 (codified as Cal. Civil Code § 2924.85) (effective January 1, 2013).

 

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Source of information here is California Association of Realtors, and this is for information only and is not the providing of professional legal or other services. If you have questions about your rights and obligations under this law, you should contact an experienced real estate attorney.

People ask us about listing and sale of Orange County CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Irvine and Orange County, CA.

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Orange County CA Real Estate Sales and Prices Up For March 2013

Posted on April 22, 2013 by Harrison K. Long

Orange County Ca real estate markets continued to be crushed with buyers during March 2013 – with home sales and prices up as compared with same time last year 2012.

MARCH 2013

Resale home sales prices were up 22 percent this year March 2013 as compared with March 2012

Orange County CA home selling

Resale homes sale volume was up 10.1 percent

New home sales prices were up 12.5 percent

New home sales volume was up 38.3 percent

Resale condo prices were up 28.8 percent

Resale condo home volume was down 4.1 percent

Median home sold price was up to $505,000 – which is up 26 percent from the $400k median one year ago

Orange County Home Sales volume was up 7.2 percent from one year ago

Irvine had 332 homes sold during March 2013, and it continues to be the Orange County big-time leading city for real estate sales.

Orange County CA home selling markets need more sellers and listings.

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Source of information is OCRegister.com with reference to DataQuick real estate news.

People ask us about listing and sale of Orange County CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Irvine and Orange County, CA.

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Contact us for a free market evaluation and about strategy for listing and sale of your Orange County CA home.

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Home Sellers Need to Be Careful About List Pricing

Posted on April 17, 2013 by Harrison K. Long

Home selling strategy

Home selling markets at Orange County CA real estate continue to be hot and need more sellers and for sale listings.

Sellers have the advantage during this time.

However, fundamental advice to home sellers is still “PRICE YOUR HOME TO SELL” – and stay away from temptation to go for a too-high vanity price.

Price Your Home to Sell

Recent home price appreciation news at Orange County has homeowners excited, and some are testing the waters with ridiculous higher asking prices.

Home sellers should be careful and price their homes to sell and not just list for high price bragging rights. Owners should look at most recent comparable sales on their streets, in their neighborhoods, and local village communities and cities, and determine fair market value accordingly.

Home market price should be determined by the most recent comparable sales and pending sales and listed at or near expected fair market value.

Home selling guide

Orange County now has 3,407 homes listed for sale – with 2,893 pendings during the past 30 days – and average market time to sell all homes now on the market at 1.18 months (as of April 13, 2013).

Orange County now has average for homes for sale list price of about $1.6 million – and average homes sold price of about $500,000. That’s too much of a spread – and shows that some OC homeowners are listing way too high.

Owner/sellers should use their real market advantage to list and sell at highest possible market value price. They should always look at history of market sold prices during the past three months, and list their homes to actually sell, while avoiding the hassle of having their homes on the market too long – or not selling at all because of the too-high pricing.

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Source of some information is Steven Thomas and his ReportsOnHousing.com.

People ask us about listing and sale of Newport Beach CA homes and real estate. ~Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

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Contact us for information on strategy to list and sell your Orange County CA real estate.

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Short Sale Requests Won’t Stop the California Non-Judicial Foreclosure Process

Posted on April 6, 2013 by Harrison K. Long

Some homeowners with mortgages are underwater here at Orange County CA and are considering possible short sale – or doing a strategic default and walking away.

NON-JUDICIAL FORECLOSURES IN CA

New California foreclosure laws informally named the ”Homeowner Bill of Rights” went into effect on January 1, 2013.

These laws can be confusing and were intended by the legislature to restrict lenders from “dual tracking” and foreclosing on a home while a homeowner is waiting for lender decision on a loan modification application.

But a short sale is a different.  In a short sale the non-judicial foreclosure process in California would be stopped only after all lien holders agree to short sale and the prospective buyer gets financing. That process can take a long time.  A foreclosure could occur in California during time of the processing the short sale.

In a loan modification situation, if the borrower sends in a complete loan modification application, the foreclosure process should stop.  If the lender rejects the application, the borrower has a 30-day period to appeal, and the property cannot be foreclosed during that time.

A non-judicial foreclosure in California is where the property is foreclosed through a trustee’s auction sale rather than the lengthy judicial foreclosure process, which is required in some other states.

In a California short sale, all lenders must sign off, and law requires them to forgive any remaining balances after the sale.  However, the California foreclosure can take place while owners are waiting for their proposed short sales to be approved by lenders and lienholders.

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Source of some information is OCRegister.com, and this is for information only and is not the providing of professional legal services.  If you have questions about your legal rights and a short sale in California, contact a experienced real estate attorney.               

  Professional REALTOR® agent and broker representation - for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.  

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California Property Taxes and Proposition 13

Posted on March 28, 2013 by Harrison K. Long

California property taxes

Property tax law in California is set forth in the state constitution.  Determination of property taxes is based around Proposition 13, a 1978 voter initiative that took the power of setting the property tax rates away from state legislators.

Proposition 13

California property taxes are “ad valorem” and determined on amount and proportional to property values.  If home values go up, assessed values and property taxes go up.  As California property values climbed during the 1970s, voters approved Proposition 13, which froze the basic tax rate and limited the assessed value of property to the value at sale plus no more than 2 percent increase per year.

Calculating Property Taxes

Property taxes in California are determined by multiplying a tax rate by an assessed property value.  Proposition 13 defines the rate as 1 percent plus of assessed value – rate necessary to repay bond obligations for school facilities approved by 55 percent of voters and for other bond obligations approved by two-thirds of voters.  Such bonds can be issued by the state, counties and other local districts, so tax rates vary between areas and counties California.

Exemptions

California allows certain exemptions from property taxes.  Each homeowner is allowed an exemption that subtracts $7,000 from the assessed value of the home before it is multiplied by the tax rate.  This “homeowners exemption” should be carried over automatically year to year.  Other possible exemptions, such as for veterans, schools and churches, are available.

Due Date and Tax Year

Property tax year in California runs from July 1 through June 30.  Taxpayers must pay their property tax bill in two installments:  the first by December 10, and the second by April 10.  An overdue tax bill results in a penalty of 10 percent plus a 1.5 percent a month redemption fee based off the amount owed.

When Property Taxes Remain Unpaid

If the property tax remains unpaid for five years, California law permits the local tax collector to go through a process of selling the property so as to collect on the past-due taxes and penalties.

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Harrison K. Long – REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage– 949-854-7747 (phone) – ExploreProperties@gmail.com  –  CA DRE 01410855 – SFR short sale and foreclosure resource certified by the National Association of REALTORs® – now serving as an appointed director at California Association of REALTORs®.

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This is for information only and is not the providing of legal or tax services.  If you have questions about your California property taxes, you should contact the tax assessor or tax collector office at your county.

Professional REALTOR® agent representation - help for property owners, private trust estate representatives, sellers, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Harrison K. Long, Attorney member of the California State Bar Association #69137 

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