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Laguna Beach : Real Estate Advice

  • All154
  • Local Info5
  • Home Buying40
  • Home Selling5
  • Market Conditions13

Activity 154
Wed Nov 3, 2010
Ron Siegel answered:
Mr Blue--

Most buyers think property is over prices and sellers believe it is under priced. The fact that nothing has sold might have suggest:
1) The sellers are not motivated enough to lower pricing
2) New lending guidelines have pushed many self-employed people out of the market so the demand has diminished as well.

I agree with Jeremy. When the lending guidelines loosen, and they will, and when the market strengthens, the beach cities will rebound quicker than most.

Good Luck.
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Sun Oct 31, 2010
Brian Jones answered:
This mobile home park is located in South Laguna across from the beautiful Montage hotel. There are several homes available ranging from about $89,000 to $279,000 depending on size and ocean views. There are 157 spaces and the monthly lease averages about $2,000 per month. The park owner is working toward converting the park to resident ownership. Upon completion of that process, residents would have the option of purchasing their space or continuing to lease. Considering that most homes in Laguna Beach are over $1m this could be good deal. ... more
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Sat Sep 4, 2010
Thom Colby answered:
Mike -

You've received some great answers here - I'll add a few comments that might help clarify as well.

1) Check your contract - typically Seller pays for these items but more and more in short sales and REOs teh Buyer is being forced to pay - These items are always negotiable during the contract negotiations but in many cases the current lenders (taking a loss) will decline those charges to be paid from the proceeds.

2) See 1 above - in the case of short sales, the seller typically does not have the money to "front' the fees for the documents and typically escrow will draw instructions to have the Buyer "Front" the money from their Earnest Money Deposit. Typically in this instruction it will be very clearly stated that these fees are NOT refundable.

3) The quality of the documents really doesn't matter as long as they are readable and they have included everything necessary to close the transaction such as Budget, Financials, Meeting Minutes for the past 12 months.

4) In OC, (and especially in South OC) the HOA management companies charge outrageous fees for providing Documents - and it is getting more expensive now that the HOAs are struggling.

5) There are very few HOAs that do NOT have a pending litigation against them - almost every HOA has some sort of "Slip and Fall" claim underway.

6) The SELLER should have disclosed the pending litigation in the SPQ or the TDS. They cannot claim they "did not know" as all HOAs must notify their homeowners and it should be in the minutes you received.

Here's a suggestion - go back and review the Seller's Disclosures to see if the lawsuit was disclosed. I suspect it was not. Then go to your REALTOR and have him/her call the other agent to bring the lack of disclosure to their attention. That will put the problem sqaurely on the Seller. At that time I think you'll be able to work something out to get your funds back. If it was not disclosed, you should have your REALTOR notify Escrow that there is "a problem" with disclsoures (if there is).

If you signed escrow instructions allowing escrow to pay for these HOA Docs from your money, and there is no issue with the litigation being disclosed properly, that money may already have been paid to the HOA from your funds.

I've been through a few of these,

Best of luck -

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END a Transaction in our Brokerage. There is NO benefit to the Seller or Buyer but only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender!
888-391-5245 Direct Cell
THOM@THOMCOLBY.COM
DRE# 01398570
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Fri Aug 27, 2010
Gilda Duhs answered:
1243 Ocean Front is an apartment renting weekly but 1249 I don't see as an active listing? Let me know what you are looking for as we have many homes on the market in Laguna now.


Thank You. Gilda Duhs, 949-683-7232, www.coastalviewsrealestate.com
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0 votes 11 answers Share Flag
Wed Jul 7, 2010
Emily Knell answered:
In the most simplest terms it means: If it looks to good to be true it is.

This is some more Realty Trac B.S. I don't know how they come up with these #'s because even public records 99% of the time have a 1st lien in default & there is no 1st lien anywhere in LA that is a total $10K lien. It's possible that the owner's listed judgment amount for their current lates is $10K, but that's about as far as it goes.

Occasionally you'll see a property listed on Trulia for $10K, but it's the going monthly Rental price.

I'm sorry Mel, but you're not going to land a 3,000sqft home in Laguna Beach for $10K.

If you'd like to get a good idea of what homes are listed / selling for in the area you're looking in, you can search the MLS just like I do by going to my website.

EmilyKnell1@yahoo.com
562-430-3053 cell
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Wed Jul 7, 2010
Louis B., Trulia answered:
Hi Matt,

I realize it's been a long time since you asked this question, but I thought I'd mention that we've just added Google Earth feeds for both recently sold and for rent properties on our site.

Louis B.
Engineer at Trulia
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0 votes 3 answers Share Flag
Fri May 7, 2010
Mr. Blue answered:
YES!!! It is a very family favorable area, we love it. And it is small enough that the parents know each other's kids and look out for them. The schools are top notch but haven't adopted the rat race mentality of other schools in the OC. ... more
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Thu May 6, 2010
Cynthia Fleming answered:
Hi Kate! Have you been helped? Have you been checking Craigslist? That seems to be a super tool for finding jobs or just about anything else out here on the west coast. Let me know what's happening with your home search plans and if you need any assistance. You can reach me directly via email: cfleming@coldwellbanker.com. Look forward to hearing from you. ... more
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Sat Feb 20, 2010
Danielle Purcell answered:
I do not think you should focus on bank owned properties because they usually are over priced!
0 votes 21 answers Share Flag
Tue Feb 16, 2010
Mr. Blue answered:
John, there are PLENTY of homes in Laguna and Newport Coast that have declined 30% or more.
And plenty of foreclosures. There are 31 homes in Laguna Beach valued at over $1,000,000 that are now in default. No one is buying anything that hasn't been discounted steeply. ... more
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Sun Jan 17, 2010
Suzanne Taylor answered:
The MLS has rental listings for Laguna Beach. If you would like to provide your wish list of requirements, I will run a search and send you what's available. Questions to consider are the length of lease, # of bedrooms, # of cars, garage, view, price, furnished or not and location and start date would start the search.

Suzanne Taylor, Prudential Ca Realty
DRE#01497962
Laguna Beach
949-303-8346
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Fri Jan 8, 2010
Don Tepper answered:
Formal education seldom makes anyone an expert. Formal education, at best, forms a foundation on which people build. And, often, not even that.

There are some excellent real estate agents who started off as accountants, writers, housewives, or in the military. Some excellent agents only have a high school diploma. Others have associates degrees, bachelors, masters, or in some cases PhDs. But virtually no one who just gets out of high school or college (the "formal education" part) is an expert at anything. Except, maybe, how to be a student. And that comes from experience.

I do know agents who've built on their accounting backgrounds. I know others who have built on the marketing backgrounds. And so on. But it also requires a lot of continuing education and experience. Real-world experience. Not formal education.

Hope that helps.
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Tue Dec 15, 2009
Dallas Texas answered:
There is no benefit for any party overprice a home for sale. Who would nor will a lender allow a home purchase unless appraisal is completed for true value of property.

Luxury homes across the USA have been hit hard due to economy great time purchase these types of homes if one can afford them

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
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Mon Dec 14, 2009
Mr. Blue answered:
Dear Alver, if there are no recent sales that are nearby, the system may not show you any comps. What you may be seeing reflects the market crash - simply no comps because there are no sales. ... more
0 votes 8 answers Share Flag
Sat Dec 5, 2009
Dl answered:
I think this home is actually 4800 square feet, according to the MLS listing. Its a bank-owned property. If you are referring to the house on La Mirada as the "neighbor's house" (currently in "backup offers" for $1,950,000), I've seen both and I think the Summit house is far better--gorgeous, top of the line everything, built in 2005; whereas La Mirada is significantly older and needs updating. Just my humble opinion. ... more
0 votes 1 answer Share Flag
Mon Nov 16, 2009
Mack McCoy answered:
Yeah, no.
Lookit - you want fantastic service? Be a fantastic buyer or seller.
I'm serious.Otherwise, you'll sound like a guy who looks like me complaining that he can't make it with supermodels.
You want the best,. be the best.
If you're the rest, well - you've got to put up with the rest.
----------------------------------------------------------------------------
Knowing full well that nobody has ever lost debating points by flattering their audience . . .

Generally speaking, you're not that smart and savvy.

If you're a buyer, and you insist that your agent not preview while you surf the web, you need to get out of your own way.

If you're a seller, and you insist on "testing the market" price-wise, or you insist that your listing agent doesn't understand how "charming" your "collections" are, and how important it is to arrange showings around your home-office or children's schedules, you need to get out of your own way.

Good agents know what they're doing, but if you put them in the position of (a) offending you by telling you the truth and risk losing you as a client, or (b) placating you and underserving you by acceding to your whims - you both wind up the loser.

Certainly, if your agent isn't doing a good job, then you have cause for complaint - but first, be certain that you're giving them the space to do a good job.

Always - every single time - hire an agent who brings something to the party that you don't already possess.

To quote Celine Dion, Yat's the yay it yiz.
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1 vote 15 answers Share Flag
Sun Nov 15, 2009
Pacsurf answered:
Unfortunately, this home just burned to the ground last night. I don't think anyone was home, so hopefully no one was injured. When I drove by the flames were 20 to 30 feet in the air at least. ... more
0 votes 18 answers Share Flag
Thu Oct 22, 2009
Emily Knell answered:
I have a confirmed answer for you now. The guidelines WERE introduced in Feb. not just in Sept. I think agents may be worried or confused because Broker Agent Pro email articles that a lot of us receive published an article recently from (I can't remember her name) but she is owner or president of Luxury Home Institute & she's trying to sell a program for approx. $150 on her website.

Lenders have been ignoring these new rules or supposed changes in the way we normally handle short sale listings. At this time & probably not in the near future or Ever, are our short sale negotiators going to determine the listing price Prior to us placing a home in the MLS.

I hope this is the kind of answer you were looking for with respect to your question.

emilyknell1@yahoo.com
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0 votes 2 answers Share Flag
Fri Sep 11, 2009
Cynthia Fleming answered:
Ok, what property are you talking about? Whats the cartoon house?
0 votes 2 answers Share Flag
Thu Sep 3, 2009
Suzanne Johns answered:
As a Buyer's agent, I try to focus on homes that are capable of actually closing escrow in 45 days. When a buyer is searching on the internet, they do not understand that the price that is posted is not necessarily what the bank will take for the home. Also, the seller is not able to sign off on a purchase contract for a particular price, the bank has to review and approve the new sales price. Banks can take as long as they want to respond to an offer, if they choose respond at all. I have seen it take 6 months for a counter to an offer to purchase a home. Most buyers have no idea how lengthy of a process it is to purchase a short sale.

So, when counseling my buyers at our first meeting, I go over what is entailed and what they can expect if they choose a home that is a short sale.

The only situation involved with a foreclosure is that if it is priced competitively, you may have multiple offers presented to the bank and end up in a bidding war situation.
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