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.

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

People who want to sell a house at Orange County and buy a replacement house ask us how they can protect and transfer their prior property tax basis.

Ad valorem property taxes in California are primarily guided by what is set forth in California Proposition 13, a constitutional amendment enacted by voters during 1978.  

Annual property taxes according to Proposition 13 to be paid by owners are generally equal to one percent of assessed value each year.  (This assessed value can be increased by as much as two percent per year by the county assessor.)  

Example: If your home at Orange County has value of $500,000 determined by county assessor, your annual property tax would one percent of that – or the amount of $5,000.

If you want to sell your home and buy a replacement home in Orange County, and if you follow California law guidelines, you can sell first and then buy a different house – or you can buy a house in Orange County first and later sell the prior house - while taking advantage of transfer of Proposition 13 property tax basis.

You must follow all conditions for qualification and property tax relief as set forth by the Office of Orange County Assessor.

California Proposition 60 allows transfer of an existing Proposition 13 base year value from former residence to replacement residence, if certain procedures are met (once in a lifetime benefit for homeowners who are 55 years of age or more).

Proposition 60 was a constitutional amendment approved by the voters of California in 1986.

This is codified in Section 69.5 of the California Revenue & Taxation Code, and allows the transfer of an existing Proposition 13 base year value from a former residence to a replacement residence, if certain conditions are met.  This benefit is open to homeowners who are at least 55 years old and are able to meet all qualifying conditions.

The following conditions must all be met for qualification and property tax relief to be granted under California Proposition 60:

a) Both the original property (former residence) and its replacement must be located in the same county.  If the replacement property is located in a different county from the original, see possible transfer basis rules set for at California Proposition 90.

b) As of the date of transfer of the original property, the seller or a spouse living with the seller must be at least 55 years old.

c) The original property must have been eligible for the Homeowners' Exemption or entitled to the Disabled Veterans' Exemption.

d) The replacement dwelling must be of equal or lesser value than the original property.

e) The replacement dwelling must have been purchased or newly constructed on or after 11/06/86.

f) Without exception, the replacement dwelling must be purchased or newly constructed within two years (before or after) of the sale of the original property.

g) The original property must be subject to reappraisal at its current fair market value as the result of its transfer, in accordance with Sections 110.1 or 5803 of the Revenue and Taxation Code.

h) Without exception, a claim for relief must be filed within three years of the date a replacement dwelling is purchased or new construction of a replacement dwelling is completed.

For detailed information about Orange County CA property selling and possible transfer of property tax basis – see the web site at Office of Orange County CA Assessor.

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

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.

____________________________________________

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