As of February 17, 11 properties have closed (3 were foreclosures and 1 was a short sale)

New sales activity has been fairly strong especially at the lower price ranges.

20 properties went into escrow thus far this month which is almost one a day, which is strong. 12 of the properties in escrow were below $1m, 7 were between $1m to $2m, and only 1 was over $2m for a $3m short sale.

The number of listings for sale has been inching up to 294 properties. But no spring pop yet.

144 listings are over $2m which is almost half of the available properties.

There are 13 properties in foreclosure which has been consistent with the last few months after they doubled in November from 7 properties. So for each one that sells, one more comes on the market

There are 24 listings for short sale.

32 out of 294 properties for sale have had price decreases this month. No panic

The following is an article from this week’s OC Register: Home buying surge hits O.C. beaches http://goo.gl/owzHA

This week’s new listings on broker preview– my favorites:

11 Homes were on broker preview with 9 being new listings –

Less than a million:

Condo in North Laguna – no view but a sweet place at a great price
Client Brief Report + Photos

Upper 3 Arch Bay:

This is a ‘tear jerker’ of a place, in one of the best gated communities, and priced ‘to sell’
Client Brief Report + Photos

Lower Temple Hills:

If you like attention to detail and a good city/ocean view
Client Brief Report + Photos

‘Sexy’ Contemporary in North Laguna:

It isn’t cheap but it’s a cool place. Check out the pics.
Client Brief Report + Photos

Other Note Worthy Listings

An Awesome Deal is Becoming a Steal:

733 Pelican is reduced to $2,295,000 (low $600 a sqft) for essentially a new house in a community with no through traffic and  no wires. Builder can customize it for you. Last weekend you could see Los Angeles and the whales breaching in the ocean. Awesome.
Client Brief Report + Photos

A Great Short Sale That No One Can See Except for You:
But you can when you watch this video. They don’t allow people to see the house due to the tenant.  However, I got to sneak in and do a quick video. It’s a little rough but you get the jist. It’s less than $400 a sqft. Client Brief Report + Photos

http://www.youtube.com/watch?v=z87Epr9VkgQ

The number of homes lost to foreclosure in Laguna Beach increased 66.7% over last year – the 10th highest increase in the county -  recent MDA DataQuick foreclosure activity statistics show.

Though quarter-over-quarter foreclosures dropped slightly by two homes, the year-over-year figures jumped considerably for this beach town where finding a foreclosed home is often like finding a needle in a haystack.

Not so much anymore, in fact, some of these new foreclosures are hitting the beach market now.

The chart below breaks down the number of homes lost to foreclosure in Laguna Beach and the quarter-over-quarter and year-over-year change.

The number of homes with a notice of default filed, which triggers the foreclosure process after one or a series of missed mortgage payments, decreased by 24.4%. This actually supports the increase in foreclosed homes, because some of those homes in default eventually became foreclosures once the homes were taken by the banks.

The chart below breaks down the number of homes that received a notice of default in Laguna and the quarter-over-quarter and year-over-year change.

Local mortgage expert Richard Cirelli, president of Laguna Beach-based RTC Mortgage Corporation, makes the following observations based on this data:

• “Laguna Beach saw a larger appreciation rate than other markets during the boom years so there are more people with equity here than most other markets. As long as there is equity, owners are more likely to find a way to keep making their payments.
• “Laguna Beach has a higher percentage of executives and business owners and therefore a higher income than most other markets and presumably more cash reserves too. Many also owned other properties that they may have liquidated in order to survive. Now, that money has run out.
• “The low interest rates over the past few years were only for loans less than $729,750. Many Laguna buyers and homeowners owe more than that and therefore there are no programs to enable them to refinance to obtain a lower rate and payments. And if they did have a small enough mortgage, they probably couldn’t document sufficient income to qualify.
• “The Loan Modification programs that were created were mostly geared to those that had Fannie Mae or Freddie Mac loans which were capped at $417,000 prior to the Stimulus Package increases to $729,750. There has been little if any relief for larger mortgage holders.”