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92651 : Real Estate Advice

  • All39
  • Local Info2
  • Home Buying20
  • Home Selling1
  • Market Conditions0

Activity 58
Thu Feb 17, 2011
Rudi Hofmann answered:
This link may provide some ofthe information you requested: http://egov.ocgov.com/ocgov/Info%20OC/Facts%20&%20Figures

Hapy funding, Rudi
0 votes 2 answers Share Flag
Sat Jan 15, 2011
Terri Vellios answered:
Here is a link to answer some of your questions:

http://homebuying.about.com/od/4closureshortsales/qt/AuctionASIS.htm

One of the biggest concerns is title. If you purchase a home on the court steps you may actually be buying the second or third loan and still be responsible for superior loans. There is a great strand on Trulia by one unfortunate buyer who was a victim of this.

You are buying as is; which includes any liens, property taxes, etc.

Proceed with great caution.
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Mon Jan 17, 2011
Emily Knell answered:
Your questions all depend on how much money you have to invest in any form of remodel.

If the home has an ocean view, likely there are already sufficient windows that show of THE VIEW, however if the home hasn't been remodeled since 1977, you may want to put in newer more energy efficient dual pane - low E windows.

I would only suggest investing in an elevator if the property value exceeds $2M as anything less than that, you're probably going to be 'over upgrading'.

Next in order of importance is to remodel kitchen & bathrooms.

If you plan on keeping the house short term, or want to resell soon, DO NOT ADD A POOL.
Only add a Pool/Spa if YOU are going to live there & personally enjoy it. Not everyone wants a pool, but having a lot size that will fit a pool in the future is nice for a new owner.

If you feel you must have some kind of water feature, put in a Koi Pond or Waterfall, or Just an inground spa, but Place it in a way where, if someone were going to add a pool in the future, it will fit nicely.

How much does this cost? If you like to talk to a contractor about pricing & such, call Paul Kalish at TKR construction at 562-493-0429 or check out their website at www.TKRConstruction.com He's my neighbor & a popular custom home builder / re-modeler in Orange County.

***Buying at auction: Beware,,,the pros that are at the auctions all the time work with a cash pool of between $5-25M and so if they get a couple of 'bad apples' (properties with an extra lien or in horrible shape) it's ok because out of the 30 other properties they bought, they'll make their money back. One guy taking his life savings to buy 1 property, could lose it if he doesn't have a full time staff researching liens or trying to check property condition before the auction bell is rung.

You can email me directly if you'd like some more information or talk about what exactly you're looking for in Laguna Beach. Do NOT rule out short sales, they're the next best deal in my opinion, 1 step up from the auctions.

EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
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0 votes 5 answers Share Flag
Tue Mar 1, 2011
Stephen Smith answered:
Hi Sean,

It depends what your motivation is. If you're looking to upgrade so you can sell it for a much higher price, you have to be mindful of the fact that the value of the house only rises a moderate percentage, in comparison to what you spent on the upgrades. Bottom line, it's still the same house, in the same neighborhood, and the same square footage. You never recoup anywhere near the full value of the upgrades. And even if you get a great price way over the comps, the buyer will have a hard time getting it to appraise.

However, if you're upgrading with plans to keep the house, I would get several quotes, check references, etc. Everything should be permitted, for your own safety, as well as for the possibility of selling in the future (or you, yourself, refinancing). For instance, certain loan-types (such as FHA) will have possible deal-killing loan restrictions if you have unpermitted additions.

If you need additional information, or professional referrals, please go to the "Information Center" section of my website. Or, feel free to call me anytime. I'm here to help!

Steve Smith
Broker / Owner
Highcrest Real Estate & Mortgage
(949) 322-4491
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0 votes 14 answers Share Flag
Mon Feb 14, 2011
Rudi Hofmann answered:
If you are in OC, did you read what Donald Bren is doing. So far he hasn't done much wrong. He's buying big time and started building new homes again in Irvine. He's optimistic about the future of OC Real Estate.

Within the past 6 weeks borrowers have lost from 10 to 15% of their buying power, due to the increase in mortgage rates. Also, guidelines are continuing to become more stringent. What a borrower could qualify for today, they may not qualify for in the future.

There are areas in OC where values have gone up and 23 cities where they have gone down. I believe the largest decrease in value was around 3% for the past 12 months.

I think this is a case-by-case decision. All buyers do not think the same.

Happy funding, Rudi
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0 votes 7 answers Share Flag
Tue Nov 30, 2010
Jack Gilleland answered:
I have never heard of this in any of the states I've worked in. Having to open a second door doesn't guarantee that someone will wash their hands.
To be on the safe side call your local code/bulding department and see what they say. Never had a HUD inspection fail for that reason, ... more
0 votes 4 answers Share Flag
Sun Oct 31, 2010
Shel-lee Davis answered:
Make sure that you check the rules of the mobile home park. Some do NOT allow you rent out your mobile home or have very restrictive rental conditions. Your agent should be able to guide you on this. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com
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Wed Mar 2, 2011
Jacob Varghese answered:
Some lenders specialize in Manufactured homes.

Jacob
0 votes 7 answers Share Flag
Wed Jul 7, 2010
Thom Colby answered:
Mel -

That is typically the amount of the past-due balance at the time the Default was filed. It is NOT the amount the property will sell for.

Best of luck,

Thom Colby
Broker / Owner
Thom Colby Properties
Newport Beach, CA
888-391-5245
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0 votes 7 answers Share Flag
Sat Jan 29, 2011
Cynthia Fleming answered:
Don't know about 2850 Park Place, but we all know that you cannot go by cost per square foot in Laguna...at least if you know Laguna real estate at all, cost per square foot means nothing! There are far too many factors that come into pricing in Laguna than just sq'.

2830 Park Place came on the market this week and I saw it on Preview, it's an absolutely gorgeous home.
This is a short sale listing. Home has a fabulous panoramic view of the mountains and the yard and grounds are meticulous.

Are you a home buyer as your name says? I'm just curious, I see your posts here often but it does not seem like you have any plans on purchasing.
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0 votes 4 answers Share Flag
Fri May 7, 2010
Karen Parsons Fiddler answered:
Hi Kathy,

Of course....I had a couple of small children when I lived in Laguna Beach. They attended Anneliese's Schools and just loved it. We would walk down to the beach after school and enjoyed the Sawdust Festival in summers. I just loved it. There are quiet streets and interesting people...it was a great time of my life.

Since then, I've moved to Mission Viejo....but Laguna will always hold a special spot in my heart.

Karen
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Sun Jan 17, 2010
Karen Parsons Fiddler answered:
Hi Kate,

It can be tricky to find rentals.....couple options in Laguna Beach. There are real estate offices which have agents who specialize in rentals, often vacation rentals, but year-round or off-season rentals. You can find one by a Google search.

I'd be happy to email you what is listed in the MLS, if you send me an email with your search criteria....price, size etc.

Karen
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0 votes 3 answers Share Flag
Thu May 6, 2010
Grace Hanamoto answered:
Hello Kate and thanks for your question.

To be frank, since you are in a service business, it's a bit harder to find a job without making trips to Laguna Beach to talk with employers personally. However, you can make your job search considerably easier by working with a reputable job placement company located here in Califorrnia. Start with job search websites, which often will direct you back to a job placement counselor. A job placement agent will often be able to set up interviews for you so that you can minimize your travel and time here in California when looking for a job.

Good luck!

Sincerely,
Grace Morioka, SRES
Area Pro Realty
San Jose, CA
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0 votes 3 answers Share Flag
Thu May 17, 2012
Aaron Zapata answered:
Dee,
Not really. There are some homes that will be affected but not the homes that are in $4M+. Most buyers in that price range buy with Cash and are not affected by the loan defaults. However, prices under $4M will feel the pinch. The OC Register just reported that 6 homes in LB went to auction this week. The delinqint amount on one was $1.9M.

The beach communities tend to fair pretty well and a lot of the Alt-A resets have been refinanced already.

-az
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0 votes 4 answers Share Flag
Fri Jan 8, 2010
Bill Eckler answered:
Curious,

Welcome to Trulia......

Could you please clarify your question.......
0 votes 12 answers Share Flag
Tue Dec 15, 2009
Bill Eckler answered:
Mr. Blue,

We are unclear of your specific question.......

The reality of most markets today, regardless of the location, is that they are in a condition of flux. With values being unclear it would benefit all buyers to proceed with caution.

This does not mean this is NOT the best time to buy....it simply means that today's buyers have the tools and should use them to determine the best opportunities.

Our recommendation is that when in doubt about the value of a home, regardless of the community or area, it would be advised to consider obtaining an appraisal by a licensed appraiser.
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0 votes 1 answer 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
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Wed Nov 3, 2010
Emily Knell answered:
Hi Mr. Blue,

I haven't analyzed Laguna Beach $2M+ as much as I know you have, I live in Rossmoor which is going through the same thing with what was the $2M level in our neighborhood of 3700 homes. Homes that were selling at or just over the $2M mark have come down on avg. about 25-35% since the height of the market, yet there are a few sellers that cannot grasp the fact that NO ONE wants their home for over $2M, even though there are plenty of sales comps that puts their home now at the $1.4-1.65M level.

You will probably start seeing more & more short sales in this price range as owners take advantage of the Mortgage Debt Forgiveness Act, those who bought as a primary residence. Many banks are allowing short sales now, when the owner has no financial hardship.

emilyknell1@yahoo.com
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0 votes 5 answers Share Flag
Fri Sep 11, 2009
Steven Tustin answered:
I've been following this too and find it hillarious! I wouldn't be surprised if there were some action pending through the MLS or local board of Realtors. Looks like their cards are on the table now thought so maybe its time to make an offer if you're interested.

Steven Tustin
First Team Estates
DRE#01856544
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0 votes 1 answer Share Flag
Thu Sep 3, 2009
Abe Mills answered:
Steve,
Each property is an individual case by case deal. I have seen terrific deals on both. For the seller usually a short sale is better, and sometimes the banks will go the extra mile to make the deal happen.

Good Luck
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