Turtle Rock Irvine Home Selling and Prices Update

Turtle Rock Irvine Home Selling and Prices Update

Turtle Rock and Irvine CA home sales and prices update shows solid numbers.

Irvine CA has grown to be the third largest city in Orange County by population.

It’s also the economy powerhouse and has continued to experience the most home buyer demand of any city in the county.

  • 579 Irvine homes have sold so far this year of April 18, 2014 – with average sold price of $802,366.
  • 324 Irvine homes are now under purchase contracts with buyers – reported as “backup” and “pending” on the multiple listing service.

  • 25 Turtle Rock Irvine homes have sold so far this year – from January 1 to April 18, 2014 – with average sold price of $1,164,360.
  • 32 Turtle Rock homes sold during same time last year – from January 1 to April 18, 2013 – with average sold price of $1,055,969.
  • While number of Turtle Rock homes sold this year has moderated, sold prices and values have gone up 10.3 percent so far this year 2014 (as compared with same time last year).
  • 29 Turtle Rock homes are now listed for sale – as of April 19, 2014.
  • Average Market Time to sell homes at Turtle Rock was lightening fast last year, which favored sellers big time.
  • Turtle Rock Irvine Average Market time is balancing and will now take more than 3 months to theoretically sell all homes now listed for sale.

When Irvine CA owners work with experienced Realtor agents and price their homes correctly at fair market value, they still have an advantage.

However, Turtle Rock Irvine home buyers have seen a recent increase in number of homes for sale and have a much better selection than last year during 2013.

 

Coldwell Banker residential brokerage

By Harrison K. Long. This is information from CRMLS multiple listing service and is for homes resold by all agents and brokers. We provide 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. Connect with us with your questions about home prices and values at Irvine, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.

Turtle Rock Irvine Home Selling and Prices Update

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CA Property Buyers Should Be Advised About Implications of an Earthquake Zone Report

CA Property Buyers Should Be Advised About Implications of an Earthquake Zone Report.
A California court of appeal has ruled that the real estate broker for buyers failed in their obligation to investigate, understand and communicate to buyers the implications of an earthquake zone report.   (Saffie v. Schmeling, filed March 7, 2014, Fourth District, Div. Two, 2014 S.O.S. E055716).

The court found that the buyer’s broker’s advice to client to “check [the report] out” is insufficient to avoid liability.

This case involved the sale of a vacant property in an earthquake zone.  The seller’s broker stated in the MLS “This parcel is in an earthquake study zone but has had a Fault Hazard Investigation completed and has been declared buildable by the investigating licensed geologist. Report available for serious buyers.”  All of which was true.  The problem, however, was that the report was from 1982 and in the interim were the Loma Prieta and Northridge earthquakes; much had changed in the building standards from then to the sale of the property in 2006.

After closing, the buyer found that he could not build. He sued his broker, the seller and the seller’s broker, alleging that omitting the date of the report was a misrepresentation. The trial court found the buyer’s broker liable for breaching the fiduciary duty to the buyer. The seller and the seller’s broker where held not liable.

Buyer appealed only as to the seller’s broker.  Following prior case law, the court found that, while a real estate broker owes their own client a fiduciary duty, they owe third parties who are not their clients only those duties imposed by regulatory statutes.  These duties include honesty, fairness and full disclosure as well as the Civil Code section 1088 responsibility for the truthfulness of statements in the MLS. The court found that the statement was in fact true. There was a report. The geologist did find the parcel buildable.  And the fact that the MLS did not state that the report was from 1982 was cured by the report’s availability, especially so when the report was dated May 20, 1982 on its face.  The court held that the seller’s broker had met the requirements of honesty, fairness, and full disclosure.

The buyer’s broker, however, did not fare so well. The buyer’s broker merely gave the buyer a copy of the report, telling the buyer to “check it out.”  The court states that the buyer’s alleged injury arises from the failure to investigate and understand the implication of the information that the report dated to 1982, a failure that the trial court found was the buyer’s broker’s responsibility, and not from the failure of the seller’s broker to provide information.  Certainly something beyond “check it out” was required of the buyer’s broker. (Saffie v. Schmeling, filed March 7, 2014, Fourth District, Div. Two, 2014 S.O.S. E055716)

 

Coldwell Banker residential brokerage

By Harrison K. Long.  Source of this information is the California Association of Realtors and is for information only – and is not the providing of legal or professional real estate services.  If you are a buyer of a home or residential property in California and have questions or do not understand an earthquake zone report for the property, you should consult with an experienced real estate attorney. 

Property Buyers in CA Should Be Advised About Implications of an Earthquake Zone Report.

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Turtle Rock Irvine CA Home Sellers Are Happy About Prices

Turtle Rock Irvine CA Home Sellers Are Happy About Prices

Turtle Rock Irvine CA home sellers are happy about recent selling prices, which are up more than 8 percent per year over the past five years.

While Irvine CA has grown to be the third largest city in Orange County and its economy powerhouse, Turtle Rock village homes have experienced even more buyer demand.

16 Turtle Rock homes are now under purchase contracts with buyers – reported as “backup” and “pending” on the multiple listing service.

  • Turtle Rock Irvine home selling prices have gone up 40 percent during the past 5 years since January 1, 2009 – an annual increase of 8 percent per year.
  • 12 Turtle Rock homes sold during first 3 months of 2009 – with average sold price of $795,813.
  • 20 Turtle Rock homes sold during first 3 months of this year 2014 – with average sold price of $1,118,050.
  • 26 Turtle Rock homes sold during same time last year (first 3 months of 2013).
  • $1,026,769 was average sold price for a Turtle Rock home same time last year during that same time.
  • Turtle Rock home sold prices and values have gone up 8.8 percent so far this year 2014 (as compared with same time last year).

  • 22 Turtle Rock homes are now listed for sale (as of April 3, 2014).

When Turtle Rock owners work with experienced Realtor agents and price their homes correctly at fair market value, they still have an advantage.  However, buyers have seen a recent increase in number of homes for sale and have a much better selection than a year ago in 2013.

Find out for free what your home is worth

Coldwell Banker residential brokerage

By Harrison K. Long.  This is information from CRMLS multiple listing service and is for homes resold by all agents and brokers. We provide 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. Connect with us with your questions about home prices and values at Irvine, Newport Beach, Costa Mesa, and other Orange County CA cities and areas. 

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Turtle Rock Irvine CA Home Sellers Are Happy About Prices.

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Irvine CA Homes, Pricing and Fair Market Value

Irvine CA Homes, Pricing and Fair Market Value

Irvine CA home prices are – like other areas of Orange County – determined with focus on comparable sales and fair market value.

493 Irvine homes are listed for sale as of today.

Irvine homes for sale are staying on the market longer these days on average as compared with same time last year when the market was rocket fast.

Average home sold prices at the following Irvine communities so far this year 2014 should be a guide for more information on fair market value: Continue reading

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Home Buyers at Orange County CA Beware That Mortgage Rates Won’t Stay This Low Forever

Home Buyers at Orange County CA Beware That Mortgage Rates Won’t Stay This Low Forever

Mortgage loan costs.

Purchase money loan and mortgage rates remain incredibly low, and that’s great news for home buyers.

The FED has kept long-term rates down for several years.  However, that’s expected to change soon.

Home buyers must know that these mortgage rates won’t stay this low forever. Continue reading

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5 Things You Should Do Now For Selling Your House This Spring

5 Things You Should Do Now For Selling Your House This Spring

If you are considering to sell your house this spring, time is now to prepare and execute!
Spring home selling season is in now in full-swing, and you must act now to take advantage of positive time for sellers.  You will later be faced with stiff competition from other sellers – as we approach April and May when the housing market gets more  new listings.  You’ll want your property to stand apart from the competition, and that will take planning and effort. 
Here are five seller strategy tips for springtime home selling:  Continue reading
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Irvine CA Home Prices Up with Sales Market Moderating

Irvine CA Home Prices Up with Sales Market Moderating

OLYMPUS DIGITAL CAMERAIrvine CA home sales last year at this time (March 14, 2013) were at high prices and market lightening fast.

Irvine didn’t have enough inventory of homes for sale last year to satisfy buyer demand.  Irvine had 190 homes listed for sale on the MLS.  238 Irvine homes went into “backup” or “pending” status during the past 30 days.  So more  Irvine homes were being sold each month as compared with number listed on the market for sale. Continue reading

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Orange County CA Home Selling Moderating Towards Value and Price

Orange County CA Home Selling Moderating Towards Value and Price

BY -  Professional Real Estate Sales Representative and Realtor with Coldwell Banker Residential Brokerage, Irvine and Orange County, CA.

Orange County Great ParkOrange County CA home selling reached its zenith last year during March 2013 – when the number of homes for sale listings was close to an all-time low – at the same time when mortgage rates on 30-year fixed loans were near an an all-time low. Continue reading

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Newport Beach CA Home Selling Prices and Numbers for Start of 2014

Newport Beach CA Home Selling Prices and Numbers for Start of 2014

It’s not surprising that Newport Beach CA Home selling prices are up during start of 2014. 
People love Newport Beach where homes are some of the most popular for buyers in this city famous for residential living and investment.

79 Newport Beach homes have sold during first 55 days of 2014 – time ending February 25, 2014.  Average sold price for those was $1,665,068 – and average time on market for those sold homes was 90 days.

83 Newport Beach homes sold during same time last year – first 55 days of 2013.  Average sold price was $1,284,704.  Average time on market for those sold homes was 121 days. Continue reading

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California Law on Smoke Detector Device Specifications Has Changed

California Law on Smoke Detector Device Specifications Has Changed

BY   -  Professional Real Estate Sales Representative, Real estate broker, Orange County, CA.

California law requires smoke detectors at homes and residential properties and that sellers are required to make smoke detector disclosures to buyers at time of sale.

Smoke detector device specifications at California law changed as of January 1, 2014.

Starting July 1, 2014, the State Fire Marshall will not approve a battery-operated smoke alarm unless it contains a non-replaceable, non-removable battery capable of powering the smoke alarm for at least 10 years. This rule was originally slated to take effect on January 1, 2014. Until July 1, 2015, an exception to this rule applies to smoke alarms ordered by, or in the inventory of, an owner, managing agent, contractor, wholesaler, or retailer on or before July 1, 2014. Furthermore, starting January 1, 2015, the State Fire Marshal will not approve a smoke alarm unless it does all of the following: (1) displays the date of manufacture on the device; (2) provides a place on the device to insert the date of installation; and (3) incorporate a hush feature.  A previous requirement for the smoke alarm to incorporate an end-of-life feature that provides notice that the device needs to be replaced has been eliminated. The requirements taking effect on January 1, 2015 was originally slated to take effect on January 1, 2014. The State Fire Marshal has the authority to create exceptions to these requirements.  Senate Bill 745 (codified as Cal. Health & Safety Code § 13114) (effective January 1, 2014). Continue reading

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