JULY 2009 SALES UP OVER JULY 2008 BY 12%THE MARKET:
Home sales are up compared to the same period a year ago. Whereas, the median price of an existing home declined 19.6%. "The federal tax credit for first-time buyers played a critical role in the purchase decision of many buyers," said C.A.R. President James Liptak. "Nearly 40 percent of first-time buyers said they would not have purchased a home if the tax credit was not offered."
LOAN INFO: Buyers are you thinking that your lender is asking for a lot of information? You are right. Here are the many items that lenders look at these days, even for A++ buyers...Loan size, Loan to Value, Combined Loan to Value, Credit Score, Credit History, Points paid/received, Loan/Program Type, Property Type, Occupancy Type, Residency/Citizenship, Available Assets, Seasoning of Assets, Co-Borrower(s), Debt Ratio, Housing Ratio, Employment Type, Employment History, Documentation Type, Gift Funds, Cash Out, How much Cash Out, Improvements Needed, Length of the Lock.
SELLERS: Please be patient and understanding as your buyers go through what is a very arduous process to obtain a loan.
*C.A.R./Sandstone Financial 8/31/09
------------------------------------------------------------------------
COASTAL AREA SALES DATA AND DISTRESS SALES STATISTICS OF 2009 FROM 01/01/09 FOR: Balboa Island, Corona del Mar, Costa Mesa, Dana Point, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, San Clemente
Active Listings = 2,529, w/Bank Conditions = 374
In Escrow Listings = 934, w/Bank Conditions = 493
Sold from 01/01/09 = 2,371, w/Bank Conditions = 807
*MLS 08/31/2009
------------------------------------------------------------------------
COASTAL ZIP CODES BY MEDIAN SALES PRICE FOR JUNE 2008 COMPARED TO JUNE 2009:
City - # Sold - Median Sale Price - % change from 2008:
Balboa Island - 92662 - 2 - $1,675,000 - minus 77.2%
Capo Beach - 92624 - 6 - $788,000 - 38.8%
Corona del Mar - 92625 - 12- $1,800,000 - 11.8%
Costa Mesa - 92626 - 27- $526,000 - minus 3.6%
Costa Mesa - 92627 - 29 - $556,000 - minus 0.5%
Dana Point - 92629 - 17 - $783,000 - minus 13.2%
Laguna Beach - 92651 - 30 - $1,175,000 - minus 41.3%
Laguna Niguel - 92677 - 56 - $640,000 - minus 11.2%
Newport Beach - 92660 - 29 - $1,308,000 - 3%
Newport Beach - 92661- N/A - Na/A - N/A
Newport Beach - 92663 - 16 - $1,656,000 - minus 1.1%
Newport Coast - 92657 - 11 - $1,800,000 - minus 28.7%
San Clemente - 92672 - 23 - $672,000 - minus 20.0%
San Clemente - 92673 - 40 - $768,000 - minus 7.0%
*Percentage change is compared to the same month of the prior year. DQNews/LATimes, 08/31/09
ZIP Codes: 92662, 92625.92626, 92627, 92624, 92629, 92651, 92677, 92657, 92657, 92660, 92661, 92662, 92663, 92672, 92673Approximate Location Boundaries: Coastal Communities of South Orange County
Location Characteristics: Specializing in the South Orange County California Coastal Cities known as the "California Riviera." The cities are Balboa Island, Corona Del Mar, Costa Mesa, Dana Point, Laguna Beach, Newport Beach, Newport Coast and San Clemente. From "Castles to Cottages" there is a home here for everyone.
Pamela Horton and her partner Amanda Horton look forward to helping you with your real estate needs in this picturesque area!
