From beach to foothills, from the L.A. border to Camp Pendleton, people are buying fewer Orange County homes than a year ago when a tax break was expiring for house shoppers.
For the 22 business days ending June 15 – freshest numbers from DataQuick — our region-by-region analysis of local real estate trends finds Orange County homebuying slicing up by geography this way …
Mid-county ZIPs: Median selling price $344,500 – had 723 sales, down 25% from a year ago. In these 25 ZIPs, the median price change was off 3.8% vs. a year ago. Example:16% dip in Santa Ana home sales in year
Beach cities: 484 homes sold in 17 ZIP codes in the most recent period, down 17% from a year ago. Median selling price? $695,000 in these 17 ZIPs. Median price change? Down 9.1% vs. a year ago.Example: South Coast home sales down 24% over year
North-inland: 646 homes sold in this most recent period, off 16% from a year ago. Median selling price? $425,000 in these 22 ZIPs. Median price change? Down 3.2% vs. a year ago. Example: 38% dip in Buena Park home sales
South inland: Median selling price $457,875 – had 859 sales, down 13% from a year ago. In these 19 ZIPs, median price change was down 10.1% vs. a year ago. Example:Ladera Ranch home sales tumble 31%
Also …
Combined, total homes sales in ZIPs in the north and mid-section of Orange County were -21.3% vs. a year ago as homebuying the rest of the county ran -14.7% vs. 12 months earlier.
North/mid-county homes accounted for 50% of residences sold in the most recent period vs. 52% a year ago.
All told, countywide sales were -16% vs. a year ago. The median selling price was -3% in the past year.
The good news is that next years numbers will look great by comparison.
10% off its early 2003 purchase price
The carnage at the low end of the market is truly remarkable. Today's featured property was purchased in early 2003 for $240,000, and now it is being offered in mid 2011 for $219,000.
The former owner was a typical Ponzi who put nothing down and milked the property for $84,000 before the ATM ran dry. His final loan was a $324,000 Option ARM with a 1.4% teaser rate.
Foreclosure Record Recording Date: 02/02/2011 Document Type: Notice of Sale
Foreclosure Record Recording Date: 08/02/2010 Document Type: Notice of Default
There aren't too many no-money-down Ponzis that have survived to 2011. I suppose this guy should be commended for hanging on so long... not.
------------------------------------------------------------------------------------------------------------------------------------------- This property is available for sale via the MLS. Please contact Shevy Akason, #01836707 949.769.1599 sales@idealhomebrokers.com
Beds: 2 Baths: 1 Sq. Ft.: 954 $231/SF Property Type: Residential, Condominium Style: One Level, Traditional Year Built: 1978 Community: 0 County: Orange MLS#: S651530 Source: SoCalMLS Status: Active ------------------------------------------------------------------------------ Nice upper-level condo with nice-size kitchen, balcony and inside laundry. Walking distance to Irvine Valley College, parks, schools, shopping, Oak Creek Golf Course and North Lake. Great for investor or first-time buyer! ------------------------------------------------------------------------------------------------------------------------------------------- Proprietary IHB commentary and analysis
This property barely breaks even for an owner occupant compared to a comparable rental. The only "investor" that would be interested in this property is a kool aid intoxicated one who is betting on appreciation that isn't going to happen for a while.
Resale Home Price ...... $219,900 House Purchase Price … $240,000 House Purchase Date .... 4/2/2003
Net Gain (Loss) .......... ($33,294) Percent Change .......... -13.9% Annual Appreciation … -1.0%
Cost of Home Ownership ------------------------------------------------- $219,900 .......... Asking Price $7,697 .......... 3.5% Down FHA Financing 4.49% ............... Mortgage Interest Rate $212,204 .......... 30-Year Mortgage $46,026 .......... Income Requirement
-$98 .......... Tax Savings (% of Interest and Property Tax) -$280 .......... Equity Hidden in Payment (Amortization) $13 .......... Lost Income to Down Payment (net of taxes) $47 .......... Maintenance and Replacement Reserves ============================================ $1,276 .......... Monthly Cost of Ownership
Cash Acquisition Demands ------------------------------------------------------------------------------ $2,199 .......... Furnishing and Move In @1% $2,199 .......... Closing Costs @1% $2,122 ............ Interest Points @1% of Loan $7,697 .......... Down Payment ============================================ $14,217 .......... Total Cash Costs $19,500 ............ Emergency Cash Reserves ============================================ $33,717 .......... Total Savings Needed -------------------------------------------------------------------------------------------------------------------------------------------------------
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