Stacy’s Newport Beach & Real Estate

Newport Beach, Corona Del Mar & Coastal OC Real Estate

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Newport Beach, Corona Del Mar & Newport Coast REAL ESTATE MARKET NEWS for mid-March, 2010.

The median list price in NEWPORT BEACH, CA 92660 this week is $1,682,500.  Average Price-per-Sq.Ft  is $542.  Average DOM (Days on Market) is 245. Demand measured by the Market Action Index is increasing and days-on-market is trending downward. Even as more properties come available, these are positive trends for the market.

The median list price in NEWPORT BEACH, CA 92663 this week is $1,975,500.  Average Price-per-Sq.Ft  is $783.  Average DOM (Days on Market) is 262. Demand measured by the Market Action Index is increasing and days-on-market is trending downward.

The median list price in CORONA DEL MAR, CA 92625 this week is $2,500,000.  Average Price-per-Sq.Ft  is $901.  Average DOM (Days on Market) is 269.  Inventory and days-on-market are climbing, while the Market Action Index has been flat recently. The trends point to a
weakening market.

The median list price in NEWPORT COAST, CA 92657 this week is $3,037,000.  Average Price-per-Sq.Ft  is $739.  Average DOM (Days on Market) is 301.  Inventory is tightening and days-on-market is falling. The Market Action Index shows demand heating up. These are relatively bullish signs for prices.

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First Time Home Buyer Tax Credit 2010

Frequently Asked Questions About the First-Time Home Buyer Tax Credit

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010.   However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

For the rest of the story, click on http://www.federalhousingtaxcredit.com/faq1.php

Newport Beach & Orange County Real Estate Upscale Market Report for March 2010

Upscale Real Estate Market Reports for Newport Beach, Laguna Beach and all of Orange County, California:

One of the bright spots of the economy is the rise in economic indicators for the last ten months. But in January 2010, five of the ten indicators that rose weren’t the ones the
economy is watching most closely. Jobs, money supply, building permits and capital goods ordered all declined.

The home building industry posted its first production gains in years in January, but new home units are still 75% below where they were at the peak of the housing market. Further
hampering construction recovery are the rising costs of lumber and any goods derived from oil.

That’s a good thing for California home sellers, whose properties don’t need more competition. Foreclosed homes are being dumped on the market and selling at an average 28% discount (according to research by Zillow.com). This has driven housing prices to pre-boom levels.

What’s changed? Jobs – 8.4 million have been lost in a little over two years.

(To read the full post, click on the following link.)

http://bit.ly/OCUpscaleMarketReport-March2010

FHA Lifts 90-Day Anti-Flipping Waiting Period

Beginning Feb. 1, 2010,  housing regulators will suspend for one year a 90-day waiting period on property resales that it says has put FHA borrowers at a disadvantage in bidding on foreclosed properties.

The waiting period on FHA financing of resales was implemented in 2003 to protect the Federal Housing Administration’s mortgage insurance program from the impacts of home flipping. The policy did not apply to properties repossessed by Fannie Mae, Freddie Mac, or state- and federally chartered financial institutions. In 2008, FHA lifted the 90-day waiting period on resales of all bank-owned (REO) properties.

Now, although many other conditions still apply, the waiting period is being lifted on all resales — including properties purchased and rehabbed by private investors.

Research shows that acquiring, rehabilitating and reselling properties to prospective homeowners often takes less than 90 days, the Department of Housing and Urban Development (HUD) said in announcing the change.

Some sellers of foreclosed properties have been reluctant to enter into contracts from potential FHA buyers because of the cost of holding a property for 90 days, and the risks that a vacant property would be vandalized, HUD said. Lifting the waiting period “will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities,” HUD said.

Lenders must have supporting documentation or a second appraisal if the sales price of a property increases by more than 20 percent from the seller’s acquisition cost, HUD said in publishing the waiver requirements. The waiver does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Contributions from Inman News, Monday, January 18, 2010.

Work To Start On New El Morro Campsite

 

El Morro was a small, close-knit, coastal enclave of 300 trailers, and their residents, living enviably between Laguna Beach and Newport Beach.  It was a community of residents who’d built relationships over many, many years…often decades.  The State, however, was successful in moving the residents out in 2006, and in removing the trailers thus paving the way for a new 35-acre campground.   

 

Recently the State Parks Dept. awarded the contract for the final cleanup to remove the remainder of the previous trailer park, and to “build” the planned campground, to Los Angeles Engineering, Inc.  While this may be the last campground to be added to the State Parks system, it’s the first campground to be added in over 20 years.  The projection is the completed El Morro Campground will consistently sell out its’ spaces, and the hope is that it will create about $1 million dollars per year in park revenue from day use, special events, and camping.

 

The construction team from Los Angeles Engineering, Inc. is scheduled to begin working at the El Morro site this week (July 7-11, 2008).