June 2013

There are 11 blog entries for June 2013.

SOLD! 12 Elissa Ln in Ladera Ranch

Ladera Hills Home for Sale

Located in the highly desirable, guard gated community of Covenant Hills this 4600 square foot masterpiece left no upgrade undone. From the professional appliances in the gourmet kitchen, to the built in BBQ Cabana in the backyard, Including the wine cellar, this home is spectacular!

Ladera Hills Home for Sale

Ladera Hills Home for Sale

Ladera Hills Home for Sale

For more information on Covenant Hills or Ladera Ranch homes for sale, or anything in the Orange County area please contact one of our realtors today!

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When are we going to see growth in property values again?

The answer is NOW! As of July of 2012 the values for most of real estate in Orange County California were on the rise and as of the time I am writing this post they have been moving higher for almost a year! Here are some stats from a few cities in Orange County from May of 2013. I have illustrated the change from May of 2012. Green for an increase and Red for a decrease.

Newport Beach Single Family Homes Townhouse or Condo
# of New Listings 109 (1.9%) 44 (33%)
# of Pending Sales 71 (2.9%) 33 (0%)
Average Sales Price $2,063,377 (20.8%) $796,630 (31.5%)
# of Homes for Sale 217 (-42.6%) 56 (-47.2%)

 

Costa
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Is there a way to reset the base year value for a home in California that has decreased in value?

The simple answer to this is no. The definition of "base year value" is the property's full cash value as of the date of that last change in ownership. So there is no way for you to reset the value back to that value. There is however a process to appeal the assessors value of your home. Each tax assessor is different but here in Orange County California you go to the assessors website download the form fill in the reasons why you think your value is less then what they have the home assessed for and include a copy of an appraisal for your property. At that point your application will be reviewed and its in the hands of the tax assessor for your county.

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When you are looking to purchase a home in Newport Beach, Costa Mesa, Huntington Beach, or anywhere in Orange County for that matter you need to make sure you are prepared. Your first step is to find out what is the maximum payment you are comfortable with paying each month. Next you need to know exactly how much you have available for down payment and closing costs. When buying a home in Newport Beach, Costa Mesa, Huntington Beach, or anywhere in Orange County it is safe to assume 1%-2% in closing costs, assuming you aren't buying down your loan rate. (Closing costs consist of loan cost, title, escrow, taxes, insurance, recording fees, etc.) Once you have established what you are comfortable paying and you know exactly how much you have available for

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As a homeowner if you are even open to the idea of selling your home, renting to tenants with an option to buy is usually a great thing, here are the pros and cons.

Benefits of Renting your house with an option to buy

Usually you are charging a higher then normal rent because a portion of their payment will go towards their down payment. For example lets say the normal rental rate is $2000 per month, you might set up something where your renter is paying $2300 to $2500 so $300-$500 per month goes towards their down payment if they exercise their option to buy it. Should they not choose to buy it however you just collected some extra rent. Another benefit is your tenants will probably treat their home better then if it was just your house, its going

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Selling a home in Newport Beach or anywhere in Orange County, California for that matter, you want to make sure you aren't opening up a gift tax issue when selling to a family member. Gift Tax laws with the Federal Government are pretty straight forward. If a related party buys your house and does the purchase just like normal no gift tax liability will be created. However if you (as the seller) gift them some equity you have to be aware of the limitations. A single person can give a gift to anyone for up to $13,000 per year and a married couple up to $26,000 per year. Once you go over this threshold you need to file a gift tax with the IRS and right now the limit is up to $5,000,000 over your lifetime. Remember this doesn't include the additional $13,000

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What do you need to know when closing on a house?

When you are buying a home in Orange County, Ca there are a few steps to take to assure yourself an easy closing. Assuming you have already done all of your due diligence (appraisal, home inspection, termite inspection, etc) and you are confident you know everything about the home to make an informed decision, now its time to actually purchase your home. Before you close you should already know what type of loan your are obtaining (fixed or adjustable) and what the cost and rate will be for the loan. All of this information would be located on your "Good Faith Estimate" that you received from your loan officer in the beginning of the process. The numbers for title, escrow and taxes are estimates at the

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Today escrow was opened for 1014 La Costa #L204 in Corona.

Corona Homes for Sale

This is a perfect investment home located in the Contradora complex in Corona, Ca. The home is currently tenant occupied so there is no down time in the transition from seller to buyer. The home is a 2 bedroom 2 bath with a great floor plan.

Corona Condos for Sale

This gated community also offers a pool and spa inside the complex.

Corona Apartments for Sale

This unit is a little below current rental rates in the complex at $1075 per month. With a capitalization rate of over 5.5% this is a home run for any small investor.

For more information on Investment homes or condos contact one of our Orange County realtors today!

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My favorite subject in school was always history and now that I am an adult nothing has changed. I love old photos of all the great landmarks in Newport Beach with some good information to go with it. Today I thought I would share some of that information with our readers. Enjoy!

Balboa Pavilion

Newport/Balboa Peninsula

The Balboa Pavilion was built in 1906 by the Newport Bay Investment Company and was the hub of all things Newport Beach.

Balboa Beach homes

It was the south stop on the electric railway that connected Newport Beach to Los Angeles. Balboa Pavilion has been home to 28 different types of business over the last 100 years including a bowling alley, gambling hall, post office, and art museum just to name a few.

Balboa Peninsula History Attraction

Balboa Beach Fun

Today Balboa Pavilion is home to Davey's Locker

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Every couple of weeks we like to highlight a great new home to the market in Newport Beach. Today we are looking at 219 Prospect St in Newport Beach.

Newport Beach Duplex for Sale

219 Prospect is the lowest priced Duplex in the entire city and its 300 ft from the beach! Located in the Newport Shores area of Newport Beach there are 2 units with 2 bedrooms and 2 baths in each. The upstairs unit has an updated kitchen and hardwood floors.

Newport Beach Duplex for Sale

Newport Beach Duplex for Sale

These units would make great monthly or weekly rentals during the summer. In addition to living next to the beach you will enjoy access to the Newport Shores community Association which has pool, tennis courts, clubhouse and a BBQ area, all while you are living right next to the beach!

Newport Beach Condos for Sale

To view the full listing on this home click

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