How much house, or how little, does $1 million buy in Orange County ?

 

How much house, or how little, does $1 million buy in Orange County?

 

Paul Crane stood in the bedroom doorway of a home for lease one block from the ocean on Newport Beach’s Balboa Peninsula.

The bedroom could easily fit inside a typical walk-in closet in this city. But the residence itself is only 534 square feet.

“What we would consider a bedroom is maybe not what they considered a bedroom when (the home) was built,” said Crane, consultant to a group of investors that recently bought the 1930s-era property, which has another tiny unit above the garage.

The price: $1 million.

Twenty six miles inland, that $1 million could fetch something relatively huge: A “highly upgraded,” 2,800-square-foot, five-bedroom home on half an acre in Fullerton, according to the listing, with a swimming pool and spa – plus a private tennis court.

How much house you can get for $1 million in sprawling Orange County and the surrounding region depends largely on where you look.

A dozen cities here have average list prices of $1 million and higher, according to ReportsOnHousing.com, which pegs the average asking price for a house in the county at $1.2 million.

In some neighborhoods, however, $1 million is barely enough.

“My clients are often disappointed after our first outing when they see what $1 million will get them today,” said Rob Magnotta, a real estate agent at First Team Real Estate in Newport Beach. “Even though we’ve discussed it and looked at it on paper, seeing it in person can be disheartening.”

The sticker shock is especially tough on out-of-towners.

While 5 percent of homes around the nation listed on housing website Trulia are priced at $1 million or more, 24 percent of Orange County’s residential listings fit that category, said Jed Kolko, Trulia’s chief economist.

And, he said, “In Orange County, $1 million buys you less.”

The median size of homes priced at about $1 million in Orange County is 2,700 square feet, Kolko said. Nationally, homes priced at that amount are typically 3,500 square feet.

“For the large majority of buyers, even in relatively high-priced areas like Orange County, owning a $1 million home remains very much an aspiration,” said Svenja Gudell, director of economic research at online hometracker Zillow.

Still, plenty of people manage to come up with the money.

With the housing market continuing to rebound, demand for homes valued at upwards of $1 million is surging. Sales of Orange County homes in that price range shot up 52 percent in 2013, DataQuick Information Systems reported in January.

Last year, 376 homes sold for $1 million and up in the upper Newport Bay-Fashion Island area, which had the most seven-digit sales in the county, according to DataQuick. It was the fourth highest total for a California ZIP code. In Laguna Beach, 374 million-dollar-plus homes sold in the $1 million-plus range.

MORPHING MONEY

The way $1 million stretches and shrinks between low-cost and luxury can be seen throughout southern California.

A recent check of the multiple listing service in Malibu – where an 11,413-square-foot, oceanfront home designed by renowned architect Frank Gehry has a $57.5 million price tag – showed the majority of listings are far north of $1 million. Only a dozen out of 133 homes were going for less than seven digits.

In Corona, just over the border from Orange County in Riverside County, 10 homes were listed in the $1 million range, out of 240 residences. Three reached $2 million and change.

“All you need to do is cross the Orange County line (into Riverside) and a million dollars will put you in a luxury class,” said Dan Slater, owner of Orange Realty.

San Bernardino showed no houses for sale above $950,000, and just two for exactly that price.

One of them, on aptly named Ponderosa Drive, is a 7,507-square-foot custom home with a swimming pool behind gates on a secluded 1.6-acre, spread in the foothills, with a 180-degree view of the valley.

Real estate agents in Orange County – where an oceanfront Laguna Beach house last year sold for $33 million – said in many local cities, $1 million is considered move-up territory.

“The million dollar market seems to be one of our strongest markets right now,” said Tim Carr of Villa Real Estate. He said a small home he represented on Costa Mesa’s east side for $850,000 recently attracted multiple offers and sold over asking price.

IN DEMAND

“There is strong demand in this price range, as this is really the local ‘entry level’ pricing for a decent home adjacent to Newport Beach.”

The county had 165 homes for sale between $950,000 and $1.05 million last week, said real estate broker Christine Donovan of DonovanBlatt Realty in Costa Mesa.

“There is less than 3 months of inventory on the market, which means that the homes in this price range are considered to be in a seller’s market, with homes taking about 2.5 months to sell,” she said.

Most $1 million homes in Orange County are purchased by people who live in them. But the investors who bought the tiny 34th Street Newport Beach property – technically a duplex because of the two units — are leasing it briefly as they await final approval from the city to tear it down. They want to build a single family home in the style of a beach bungalow with Bali influences, said Paul Crane, the consultant.

“What they (the investors) are looking to do is revitalize some of these older communities,” he said.

It’s still too early, he said, to say what the new asking price will be.

#Trinity_Realty_and_Investment

How much house, or how little, does $1 million buy in Orange County -Whittier Real Estate||Whittier Condos

 

How much house, or how little, does $1 million buy in Orange County?

 

Paul Crane stood in the bedroom doorway of a home for lease one block from the ocean on Newport Beach’s Balboa Peninsula.

The bedroom could easily fit inside a typical walk-in closet in this city. But the residence itself is only 534 square feet.

“What we would consider a bedroom is maybe not what they considered a bedroom when (the home) was built,” said Crane, consultant to a group of investors that recently bought the 1930s-era property, which has another tiny unit above the garage.

The price: $1 million.

Twenty six miles inland, that $1 million could fetch something relatively huge: A “highly upgraded,” 2,800-square-foot, five-bedroom home on half an acre in Fullerton, according to the listing, with a swimming pool and spa – plus a private tennis court.

How much house you can get for $1 million in sprawling Orange County and the surrounding region depends largely on where you look.

A dozen cities here have average list prices of $1 million and higher, according to ReportsOnHousing.com, which pegs the average asking price for a house in the county at $1.2 million.

In some neighborhoods, however, $1 million is barely enough.

“My clients are often disappointed after our first outing when they see what $1 million will get them today,” said Rob Magnotta, a real estate agent at First Team Real Estate in Newport Beach. “Even though we’ve discussed it and looked at it on paper, seeing it in person can be disheartening.”

The sticker shock is especially tough on out-of-towners.

While 5 percent of homes around the nation listed on housing website Trulia are priced at $1 million or more, 24 percent of Orange County’s residential listings fit that category, said Jed Kolko, Trulia’s chief economist.

And, he said, “In Orange County, $1 million buys you less.”

The median size of homes priced at about $1 million in Orange County is 2,700 square feet, Kolko said. Nationally, homes priced at that amount are typically 3,500 square feet.

“For the large majority of buyers, even in relatively high-priced areas like Orange County, owning a $1 million home remains very much an aspiration,” said Svenja Gudell, director of economic research at online hometracker Zillow.

Still, plenty of people manage to come up with the money.

With the housing market continuing to rebound, demand for homes valued at upwards of $1 million is surging. Sales of Orange County homes in that price range shot up 52 percent in 2013, DataQuick Information Systems reported in January.

Last year, 376 homes sold for $1 million and up in the upper Newport Bay-Fashion Island area, which had the most seven-digit sales in the county, according to DataQuick. It was the fourth highest total for a California ZIP code. In Laguna Beach, 374 million-dollar-plus homes sold in the $1 million-plus range.

MORPHING MONEY

The way $1 million stretches and shrinks between low-cost and luxury can be seen throughout southern California.

A recent check of the multiple listing service in Malibu – where an 11,413-square-foot, oceanfront home designed by renowned architect Frank Gehry has a $57.5 million price tag – showed the majority of listings are far north of $1 million. Only a dozen out of 133 homes were going for less than seven digits.

In Corona, just over the border from Orange County in Riverside County, 10 homes were listed in the $1 million range, out of 240 residences. Three reached $2 million and change.

“All you need to do is cross the Orange County line (into Riverside) and a million dollars will put you in a luxury class,” said Dan Slater, owner of Orange Realty.

San Bernardino showed no houses for sale above $950,000, and just two for exactly that price.

One of them, on aptly named Ponderosa Drive, is a 7,507-square-foot custom home with a swimming pool behind gates on a secluded 1.6-acre, spread in the foothills, with a 180-degree view of the valley.

Real estate agents in Orange County – where an oceanfront Laguna Beach house last year sold for $33 million – said in many local cities, $1 million is considered move-up territory.

“The million dollar market seems to be one of our strongest markets right now,” said Tim Carr of Villa Real Estate. He said a small home he represented on Costa Mesa’s east side for $850,000 recently attracted multiple offers and sold over asking price.

IN DEMAND

“There is strong demand in this price range, as this is really the local ‘entry level’ pricing for a decent home adjacent to Newport Beach.”

The county had 165 homes for sale between $950,000 and $1.05 million last week, said real estate broker Christine Donovan of DonovanBlatt Realty in Costa Mesa.

“There is less than 3 months of inventory on the market, which means that the homes in this price range are considered to be in a seller’s market, with homes taking about 2.5 months to sell,” she said.

Most $1 million homes in Orange County are purchased by people who live in them. But the investors who bought the tiny 34th Street Newport Beach property – technically a duplex because of the two units — are leasing it briefly as they await final approval from the city to tear it down. They want to build a single family home in the style of a beach bungalow with Bali influences, said Paul Crane, the consultant.

“What they (the investors) are looking to do is revitalize some of these older communities,” he said.

It’s still too early, he said, to say what the new asking price will be.

#Trinity_Realty_and_Investment

Trinity Realty and Investment Weekly Market Update Whittier real estate

In This Video Frances Singery discusses the Real Estate Market for the City of Whittier. Frances Singery of Trinity Realty and Investment Discusses the Number of Properties For Sale, The Number of Properties In Escrow and the Number of Properties in Foreclosure. France Singery Will Bring This Information To You Weekly On Select Communities of Whittier, La Habra, Fullerton, Hawks Pointe, La Habra Heights and La Mirada
For more information on your neighborhood contact us or call direct to 562-943-2432.

Whittier real estate | Whittier homes For Sale | Whittier Condos

30-year mortgage rates drop to 4.12%(Whittier homes)

What’s up with mortgage rates? Jeff Lazerson, of Mortgage Grader in Laguna Niguel, gives us his take.

From Freddie Mac’s weekly survey: The 30-year fixed rate continues to drop, improving to 4.12 percent from last week’s rate of 4.14 percent. The 15-year fixed rate dipped to 3.21 percent from last week’s 3.25 percent.

BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $417,000 loan, his or her payment would be $74 more per month at today’s rate than a year ago. At last year’s rate of 3.81 percent, the monthly payment totaled $1,945, compared with a payment of $2,019 a month at today’s rate.

APPLICATION NEWS SUMMARY

rates-drop-300x224

The Mortgage Bankers Association weekly survey reports a 2 percent drop in loan volume.

WHAT I SEE: From rate sheets hitting my desk that are not part of Freddie Mac’s survey: Locally, well-qualified borrowers can get a 30-year fixed rate, no-cost loan for just 4.125 percent. The Fannie Mae agency jumbo (from $417,001 up to $625,500) is at 4.25 percent and no-cost while a true jumbo (over $625,500) is 4.375 percent with no-cost.

WHAT I THINK: It’s no wonder that home improvement is hot, hot, hot!

Affordability is a big challenge for many would be move-up buyers. Your property taxes will increase. You have transaction and settlement costs in the neighborhood of 5 to 8 percent including both the home you are selling and the #home you are acquiring.

And, you need the down payment, which could be especially tough if you have little equity in your current residence.

Let’s say that you just want to remodel, maybe add square footage or do a complete tear down and rebuild (commonplace in the beach cities). The worst, most expensive, hassle-heavy way to finance home improvements is a construction loan.

What if you forgo the construction loan and all of its costs and do this under the nose of your current lender? Or, you do a cash-out refinance to pay the piper and then tear your house apart. Are you violating the terms of your note and deed of trust?

I received a consumer phone call about this very issue – a great question and a #real stumper.

I read through a copy of a Fannie Mae note and deed-of-trust for the first time in a long time. Now, I wish I hadn’t. Lenders have more do’s and don’t rules than those TSA voyeurs at the airport. They can make entry to inspect your property, put you in mortgage timeout through something called an acceleration clause, and make you promptly repair your property.

The good news is nothing in the note that I could find precludes you from doing improvements. In fact, one section explains that any improvements now or hereafter become a part of the property.

Do not assume all notes and deeds are the same. Read through yours if you are curious. Seek legal advice if need be.

As a practical matter, I believe the likelihood of a lender giving you a hard time about improving your property is as likely as a white elephant jumping through your kitchen window.

#Whittier_Real_Estate

What’s Holding Up Young Home Buyers? (Real Estate Listing In Whittier)

There is a learning curve with everything we learn in life. Mistakes are what usually separate those who succeed and those who move on to other ideas. Sometimes it is luck or a mentor that saves an individual from those ever-present land mines. Sometimes it is reading an article that connects with them. Hopefully reading this will help you keep some of those mistakes to a minimum.Grey-Chairs-For-Dressing-Table-With-Yellow-Rose-On-It

 

This is Not a Hobby

Real estate investing is a serious business filled with experienced people, both professional and not so. If not taken seriously, you risk damaging opportunities before you even get started. Just like any other industry and business, it is about building a brand. To start, you need a business card. Leave them everywhere on bulletin boards in coffee shops, garages and anywhere else you can pin them up for free.

Websites, blogs and articles can also help you get your name out there. Connect with the other business people in your area. Use Facebook, LinkedIn and Twitter to start building a web presence. You also need to set yourself apart from the “amateurs” by setting up an LLC, getting a Federal Tax ID number and opening a business checking account.

Education is Key

Everything you need to know in real estate investing does not end with your first purchase. Sometimes the key to getting an edge on your competition is keeping abreast of all new trends, strategies and techniques being used in this business. Keep reading blogs, websites, articles and books on real estate investing.

Don’t Forget Technology

Some real estate investors are “old school.” They still work through paperwork, rifle through court documents and carry everything they need to know in their notebook. This may work for them, but in some cases, they have no idea what opportunities are going right by them. 92% of all sales start online. You need to create a website and use the Internet to search for opportunities.

Real Estate Agents are Not the Enemy

Realtors are not uneducated investors, and often uncover opportunities in their daily business. Yes, there are commissions involved, but it may be worth the fee. Finding the right realtor who understands what you are trying to do can be a very worthwhile relationship.

Use the Media

Becoming a local expert can open doors all over for either more or larger opportunities. Media of all kinds (TV, print, Internet, etc.) are always looking for credible sources and interview targets for quotes. There are ways to get on the radar of the press. One way is actually reaching out to a local establishment explaining a real estate-related concept or principle – keeping in mind that it has to have a local spin. If you’re feeling particularly bold, issue a press release.

One other way is taking advantage of the website Helpareporter.com. Over 50,000 journalists from around the country use this service looking for experts and quotes. A list of queries is sent out to all subscribers three times a day. It is very possible you could position yourself as an expert using this service where journalists will search you out for quotes regularly. Any and all quotes can be used in any of your other marketing.

With a little effort, you can set yourself apart from the crowd and increase your visibility and your credibility. The more mistakes and landmines you avoid, the better off you will be. Take advantage of these ideas and keep learning from others. It can only help you in the long run. Go ahead, give it a try!

Whittier Real Estate: Some homes are will be sale

With Whittier regarding CALIFORNIA a number of people are frequently will probably be selling made by the exact property company known as Trinity Realty and Investment. It’s the actual leading edge & greatest Home Corporation all through Whittier. It’s a recognized company regarding changing Residences. This type of thirty day period the corporation may possibly present a couple of elite people. Various people you wish to get yourself a residence, I hope. Extremely gorgeous in addition to ended up standing all through these kinds of people isn’t going to receive a new taste regarding living which will inside an additional location. A type of attributes combining all through while using the various, which may be surely traits from the unparalleled. And so little or no time and energy to execute every little thing, let’s point out I apologize.. Below really are a few examples of what kind which will incorporate publicized your home to get introduced.
1 Bath (2-5)
2. Bedroom (2-6)

inside-beautiful-homes
3 guestroom (1-2)
3 balconies (1-6)
5. Swimming poll (1) if you want
Finally, I will wish that will you’ll come about below in addition to take note of a lot of these. Below a lot of agents you have got to endure individuals thus no actual anxiety. Point hewer welcomes not merely cash plus just about any credit or debit cards. If you wish to head to our own main website site or contact us (866. 943. 2432) I’m sure it’s an excellent Real-estate corporation inside Whittier. Thanks to almost all folks.