Orange County CA homes sales and median selling prices were up last month during February 2013.

 Home Sold Prices Median at Orange County CA- during February 2013

Resale Homes – $529,500 – up 16.4 percent as compared with January 2013 

Resale condominiums – $325,000 – up 30 percent from last month

New Homes – $676,000 – up 21 percent from last month

All homes – $477,000 – up 22 percent from last month – also up as compared with one year ago

Homes sold at Orange County CA – during February 2013

Resale Houses – 1,424 homes sold – up 2.4 percent from January

Resale condominiums – 679 homes sold – up 6.8 percent from January

New Homes – 149 homes sold – up 75 percent from January

All homes – 2,252 homes sold – up 6.7 percent from January – also up from one year ago

It's not  surprising that the Orange County CA home selling market continues on a rebound and has lots of qualified and motivated buyers and not enough sellers.  

However, the small number of homes listed for still as compared with last year limits options for buyers.  This results in big-time buyer competition for homes and multiple offers, which drives prices and sellers expectations upward.  

Even though this Orange County housing market is very favorable for sellers, I expect that the selling price upward movement should stablize and level off as home selling supply goes up and gets closer to buyer demand.  

Source of information is DataQuick News and OCRegister.com.  

Posted via email from Explore OC Homes

As part of the "National Mortgage Settlement" reached during 2012, some lenders in California are in the process of determining whether to forgive balances on certain second mortgage loans.

In those very limited situations where borrowers qualify, a letter from the lender would be sent to the borrower spelling out the conditions of the "offer of mortgage debt forgiveness".

Because of possibility that such a lender letter could be a fraud or a hoax, title companies will need to do serious diligence in order to clear or eliminate the prior trust deed from title. Until completion of title company due diligence, there would not be a recorded reconveyance of a prior deed of trust.

Title companies must verify that the "offer of mortgage debt forgiveness" is valid, and that the borrower has not opted out and has in fact accepted the lender's offer.

Some borrowers are expected to decline such an "offer of mortgage debt forgiveness" because of significant tax liability on phantom income – and receiving a 1099 from the lender for the amount of the debt forgiveness.

In order for title company to verify all of the essential these facts, a third party authorization and full cooperation will be required from the borrower and lender.

If you as borrower receive such a letter "offer of mortgage debt forgiveness", be very careful. Contact the lender and determine all necessary facts, including contact information for the person at the lender making decisions. Then consult with an experienced real estate attorney or income tax professional about your decision whether to accept the offer.

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Posted via email from Explore OC Homes

Irvine CA real estate has lack of sufficient inventory of homes for sale during this time to satisfy buyer demand.

Irvine has 190 homes listed for sale on the MLS – as of today March 14, 2013.

238 Irvine homes went into "backup" or "pending" status during the past 30 days.

Larger number of Irvine homes are being sold now on a monthly basis than the number the market has for sale.

87 of those listed are detached single family residential properties, and 103 of the Irvine homes listed are condo properties.

Buyers continue to move forward, and 419 Irvine homes have sold with closed escrows so far this year 2013.

This number of sold Irvine homes is modest during this time only because of extremely low number of homes listed for sale.

Irvine average market time is unbelievably fast, and it would take less than 30 days to theoretically sell all homes now listed on the market. This compares with 3.4 months average Irvine market time 3 years ago.

Irvine CA home owners who want or need to sell should get organized, have their properties cleaned and staged, and hire an experienced REALTOR to put the home on the market now and as soon as possible.

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Posted via email from Explore OC Homes

Shady Canyon at Irvine has been prized for its exclusive estate homes and private golf course since start of development eleven years ago.

Shady has about 400 homes or home sites – some of the most expensive properties in Orange County.

28 Boulder View at Shady Canyon – $9,499,000 – 6 bedrooms and 11 baths – 15,002 sf interior – active for sale – MLS# U12004052

Shady Canyon is a spectacular part of Irvine and Orange County CA real estate – where owners and residents seek privacy and luxury at exquisite residential properties.

81 Canyon Creek at Shady – $5,500,l000 – 5 bedrooms and 6 bathrooms – 8,200 sf interior – active for sale – MLS# U12003939

SHADY CANYON at Irvine – click here to see all Shady homes now listed.

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Harrison K. Long – real estate and business solutions – 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 – also an attorney member of the California state bar association #69137.

Source of some information is CRMLS, and this is for listings by all agents and brokers.

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.

People ask us about strategy for listing and selling homes at Shady Canyon and Irvine CA real estate.

Posted via email from Explore OC Homes

Total Orange County distressed property listings, short sale and foreclosure listings, is down from peak during 2007 of about 5,000 – to less than 500 homes – lowest level in many years. 

The current Orange County market continues to be strong with buyers who are basically cleaning out the inventory of homes for sale almost as fast as they get to market.

Average market time to sell all Orange County homes is less than 1.5 months – time it would take to theoretically sell all Orange County homes now listed at current rate of sale.  This fast market with not enough listings favors the sellers.

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Posted via email from Explore OC Homes

Posted via email from Explore OC Homes

Newport Beach CA home owners sold lots of homes last year 2012 to all cash buyers.  Property sales were up and values improved.

1,075 Newport Beach homes sold last year during 2012 – an average of almost 90 homes sold per month.

Average sold price of homes at Newport Beach last year was $1,439,382.

651 of the sold homes at Newport Beach during 2012 were to all cash buyers – so almost 60 percent of Newport Beach homes sales during 2012 were to cash buyers who used no purchase money loans.

It's not surprising that Newport Beach home sales were up last year – and that its home owner/sellers are getting happy again.

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Posted via email from Explore OC Homes

Posted via email from Explore OC Homes

Turtle Ridge at Irvine CA is a luxury and private residential community - with about 1,400 homes located on the western side of the city in the hills area above Newport Coast.  

57 Shady Lane, Turtle Ridge Irvine –  $2,500,000 – 4 bedrooms and 3 baths - 3534 SF interior – active for sale - MLS# P836588

92 Turtle Ridge homes have sold during this past one year – with average sold price at $1,409,649 – average interior size of 2680 SF.  

11 Turtle Ridge homes are now under contract and in backup and pending status on the MLS.

Turtle Ridge now has 11 homes listed active for sale – with average asking price of $2,274,000 – and average interior size of 3624 square feet.  

26 Woodcrest, Turtle Ridge – $2,399,000 – active for sale – 3 bedrooms and 5 baths - 3887 sf interior size - MLS# S721174

Many of the Turtle Ridge homes have expansive views of the hills and some with Newport Coast views.

Turtle Ridge Irvine homes for sale listings – click here

22 Cezanne, Turtle Ridge – $2,000,000 – 5 bedrooms and 5 baths – 3400 sf interior – active for sale – MLS# L40471

Turtle Ridge Irvine homes for lease listings – click here

Contact us about Turtle Ridge Irvine homes and properties.   

Contact us about Turtle Ridge Irvine homes and properties - whether you want to list and sell or buy a home.  

Posted via email from Explore OC Homes