Not so good news articles on Orange County Coastal Real Estate
Category : Laguna Beach Real Estate
“SOUTH COUNTY STRENGTH ISN’T UNIVERSAL”
The “hardest” markets to sell a home are Corona Del Mar, Laguna Beach, Newport Beach, Newport Coast and Seal Beach. They have a combined market time of 7.5 months and were 17 percent of the Orange County homes for sale and 5 percent of homes in escrow.
9.26 months to sell all Orange County homes listed for $1 million-plus at current sales pace vs. 2.02 months for cheaper homes.
ORANGE COUNTY REGISTER BUSINESS SECTION 4/11/2010
“FROECLOSURES ARE HOT SELLER’S MARKET”
The County high shares are. Anaheim with 65%, Rancho Santa Margarita with 58% Aliso Viejo with 57%
ORANGE COUNTY REGISTER BUSINESS SECTION 4/8/2010
“MORTGAGE RATES RISE ABOVE 5%”
The era of record-low mortgage rates is over. We are seeing some panic among potential buyers who have not found houses yet. It’s all about affordability. For every 1 percentage point rise in rates, 300,000 to 400,000 would-be buyers are priced out of the market in a given year. The rule of thumb is that every 1 percentage point increase in rates reduces a buyer’s purchasing power by about 10 percent.
LA TIMES BUSINESS SECTION 4/8/2010
“FORECLOSURE AUCTION OF CAGE MANSION IS A FLOP”
The property was listed at $35,000,000 and the opening bid was $10.4 million. No bids were placed and the property reverted back to the lender. There was $18 million in loans against the property by 5 different lenders. A 1st Deed Of Trust of $425,000 a second of $10.35 million, a third of $5.5 million and 3 more loans totaling $2.1 million all in 2008. The second Trust Deed is the one that foreclosed. The 12,000 sqft home was once owned by Dean Martin.