Judy Field

Ken,

There are so many factors that influence the value of a property. In terms of a manhole cover, it really depends on the location of the cover and how visibly obtrusive it is in relation to the lot, view, etc. It often is easy to camouflage a manhole cover with shrubbery, a trellis, etc. However, I recommend you visit the Laguna Beach Planning Deparment before purchasing the property to learn if there are any regulations regarding landscaping around manhole covers. (Actually, I recommend that all Laguna Beach buyers visit the Planning Department to research the property as part of the buyer's due diligence before closing escrow.) In Laguna Beach, one of the biggest value factors for homes is view. If the home is in a desirable location and has a good view, it is very possible that the manhole cover is not going to have a big impact on the property value. You also need to assess your own sensitivity to aesthetic imperfections. If you don't consider yourself to be a perfectionist and yet the manhole cover is offeding your aesthetic sense, it is possible that other potential buyers may have a similar reaction, which could negatively impact the value of the home. As a Laguna Beach Realtor, I am in Laguna Beach every day. If you call me or send an email, I would be happy to inspect the property (assuming it is currently listed) and give you my professional opinion.

Best regards,

Judy Field
Coldwell Banker
Laguna Beach, CA
949-246-4090 (cell)
judy@judyfield.com - Tue Jul 8 2008, 20:26

Jennifer,
A lot of would-be buyers are waiting until they know with absolute certainty that the market has bottomed out. They are literally trying to time their purchase with the precision of a day-trader in the stock market. Their strategy seems so simple and logical - wait unitl the bottom and buy, right? Here is the problem with that: 10,000 other buyers have the same strategy! Even the self-annointed "experts" - the same ones who for so many years were incorrect in their forecasts of real estate prices - will not know where the bottom of the market is until they see it in their rearview mirrors. When the word gets out that the market has bottomed, all those buyers who have been waiting and watching will be going after the same properties - the ones that are the best values. In many cases, they will be bidding against other buyers for the same properties. Multiple offers on a home give the seller more leverage than the buyers, which often results in a higher sale price. Sometimes it is smart to be a contrarian, which is why so many buyers are deciding to buy now instead of waiting for the "experts" to ring the buy bell. Consider these facts:
1. In April, twenty Orange County zip codes saw an increase in sales as compared to 2007.
2. The average time a home remains on the market in Orange County has dropped 30% from last year.
3. Interest rates are very low. With inflation rising, the Feds may raise rates next year.
4. In my years as a Realtor, I have never heard anyone express regret about a house they bought in the past. The only regrets I hear are about the house they did NOT buy five, ten or fifteen years ago.
5. This is a BUYER''S market. Why would you want to wait for the market to improve before you buy? When the market improves, it will not be as favorable for buyers!

I recommend you find a Realtor in your area to help you find the right home and also represent you in the purchase of that home. Feel free to contact me if you need help in finding a Realtor in your area. Good luck! - Sat May 31 2008, 23:00

Tad,

To the good advice provided by the other Realtors, I would add the following:
First, buyers should ALWAYS hire a professional home inspector as part of the home inspection process, even when buying a new contruction home. The reason is very simple. New construction does not in any way guarantee an absence of defects. Nor does the warm-and-fuzzy construction warrantee that typically comes with new construction. A professional home inspection should be done BEFORE close of escrow. The builder will never be more motivated to correct defects as when they know they will not get their money UNTIL the defects are corrected. Once you have completed the purchase, the builder will correct defects only when and if it is convenient for them. (I speak from experience!)

Secondly, you need to know that Mello Roos and other special bond assessments are not tax deductible items, even though they appear on your property tax bill. Although many people do include them with their property taxes as deductions on their tax returns, the IRS does not regard them as property taxes and will disallow them in an audit, resulting in interest and penalties being charged to the errant tax payer. (This applies to all homes - not just new homes.) As Talega homes do have Mello Roos and "Lifestyle" assessments, it's important for you to be aware of this before buying.

Lastly, look carefully at recent sales comps before making an offer to the builder. Although the builders' prices may be "firm," you probably can get them to sweeten the deal by getting them to give you some free upgrades, possibly landscaping, or even paying the first year of HOA fees. It is a buyers' market and the bulders know it as well as you do.

Good luck! - Mon May 26 2008, 23:50

Collette,

It is true that there are many areas in Laguna Beach that have a history of geological instability. Some, such as the Bluebird Canyon area, have had more slides than others. As a Laguna Beach Realtor, I always encourage buyers to get a geological report if they are buying in an area that is known to have geological issues. I also strongly encourage buyers to visit the city of Laguna Beach planning department to see the file for the property they are considering purchasing. While not all property files have complete geological information, they sometimes do.

There are many homes in the hills of Laguna Beach that are priced quite expensively, so just being located in the hills, where you often get the best ocean views, does not in itself make a Laguna Beach home less desirable or more affordable. A home in Temple Hills sold last fall for $6 million. There is a home on Moorea Way, in Mystic Hills, that is currently listed at $9,995,000. The reason why Arch Beach Heights homes are priced lower as compared to other areas of Laguna Beach is because the typical lot size in Arch Beach Heights is only 2500 feet. While there are some homes with slightly larger or even double lots (5000 feet), the overall look of the neighborhood is that of boxy homes with large footprints on small lots. The homes are very close together and have very small backyards. Many of the homes have good ocean views and have been nicely remodeled. For buyers who want a single family home in Laguna Beach but cannot afford a more expensive home, Arch Beach Heights is the entry level market. Many people make the choice to have less home in Laguna Beach than they could in other areas because of the unique amenities Laguna Beach affords, including excellent schools.

There are some very nice areas in Dana Point where homes are more attractively priced. Please feel free to call me. I am happy to share information with you about Laguna Beach or Dana Point, even if you are not ready to buy yet.

Best regards,

Judy Field
Coldwell Banker
Laguna Beach South
949-246-4090 - Sat May 24 2008, 19:25