Irvine Home Selling and Real Estate Market Update

Irvine Home Selling and Real Estate Market Update – November 22, 1014

Irvine CA homes and real estate market update

IMAG0187-c-Irvine CA is the economy driver at Orange County – has a population of about 230,000 people and is still growing.

Irvine homeowners and sellers have high expectations and confidence of the buyers.

530 Irvine homes are now listed for sale – with average list price of $1,131,333.

That’s a 9.2 percent drop in number of Irvine listings since November 1 (three weeks ago) when 584 Irvine homes were listed for sale.

It’s also a 28.3 percent drop in number of homes listed for sale since September 1 – when 740 Irvine homes were listed for sale.

121 Irvine sellers got buyers for homes under contract and went into escrow during the first 21 days of November – and average list price for those homes was $827,472.

The average list price of an Irvine home going into escrow is about 25 percent lower than average for sale listing price of all Irvine homes.

210 Irvine homes sold with closed deals during October 2014 – with average sold price at $902,560 – and average time on market for those homes was 72 days.

Irvine CA average home selling market time is now about 2.5 months – that time it would theoretically take to sell all homes on the market at current pace of sales.

Irvine home sellers who are serious are looking carefully at “fair market value” – the amount that other homes in the neighborhoods have actually sold for.

Irvine home selling markets are more balanced now as compared with last year November 2013 – with little or no advantage to either buyers or sellers. Buyers have improved negotiating power and choices.

More homes are sold and money spent to buy Irvine real estate as compared with any other city in the OC.

People are especially attracted to Irvine, because of its positive economy and jobs, famous and award-winning schools, that it is one of the safest cities in America, and some of the best weather anywhere.

See Shady Canyon Irvine homes for sale – click here.

See Irvine CA homes now listed for sale – click here

See Irvine single level homes now listed for sale – click here

See Woodbridge Irvine homes now listed for sale – click here.

See Quail Hill Irvine homes now listed for sale – click here.

See Northwood Irvine homes now listed for sale – click here.

See Turtle Rock Irvine homes now listed for sale – click here.

See Turtle Ridge homes now listed for sale – click here.

Coldwell Banker residential brokerageby Harrison K. Long. Source of some information is CRMLS multiple listing service and is for homes listed and sold by all brokers and agents.

Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

Contact us at 949-854-7747 with your questions about home prices and values at Irvine and other Orange County CA cities and areas and about Irvine Home Selling and Real Estate market update.

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Turtle Rock at Irvine CA Homes with Advantage of Proximity to Excellent and treasured Public Schools

Turtle Rock at Irvine CA Homes with Advantage of Proximity to Excellent and treasured Public Schools.

People who are buying homes at Irvine always check out Turtle Rock and see whether they can qualify for such nice homes located close to champion schools – such as Bonita Canyon elementary, Turtle Rock Elementary, and University High School – all award-winning public schools.

Some of the Turtle Rock homes were built adjacent to the hillside – and also within a short distance from Bonita Canyon elementary school grounds.

Turtle Rock home sellers were very busy during 2013.

Even though selling numbers moderated in November, 12 homes were sold during December – with average sold price of $1,338,227 – and average time on the market for those of 106 days.

Turtle Rock home owners continued during December 2013 to like the prices – have continued confidence in home values – and buyers were glad they could buy such nice houses before mortgage loan rates increased further.

Coldwell Banker residential brokerage

Coldwell Banker previews

By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Irvine and Orange County, CA – CAL BRE 01410855.  Source of some information is CRMLS and is for homes listed and sold by all brokers and agents.

Explore Turtle Rock Irvine and find out the benefits of home buying and ownership at Irvine.  Connect with us about Irvine CA home prices and the listing and selling process.

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Grand Opening of New Homes for Sale at Pavilion Park – Great Park Neighborhoods – Irvine CA

Grand Opening to the public of new homes for sale at Pavilion Park – Great Park Neighborhoods – Saturday, September 28, 2013

Harmony at Pavilion Park

“Harmony” new homes at Pavilion Park

This is opening of first phase of 726 new homes at “Pavilion Park” – OC Great Park Irvine.

“Springhouse” new homes at Pavilion Park

“Whistler” new homes at Pavilion Park Springhouse homes at Pavilion Park

New homes at OC Great Park

(photo images from the builders at “Great Park Neighborhoods”)

History Lessons from the Great Park – see link to OCRegister.com article – September 27, 2013

This new homes grand opening at Great Park Neighborhoods – Irvine CA – will be followed up by more promotion by the developer “FivePoint Communities” and its offer to provide $174 million to the city of Irvine for build out the 227-acre Great Park Fields golf course ($23 million), 178-acre wildlife corridor ($13 million), 176-acre sports complex ($115 million) with public golf course, 45-acre wooded area with trails ($17 million), 35-acre Upper Bee Canyon ($4 million), and study for a cultural terrace ($2 million).

The building out of this phase of the OC Great Park is expected to take about five years.

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Source of information is FivePoint Communities and its “Great Park Neighborhoods”.

Connect with us – and meet at Pavilion Park – ”Great Park Neighborhoods” – We will help you as buyers with information and introduce you to the builders and their presentations.

CONNECT WITH US

By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Previews, Orange County, CA – CA BRE 01410855

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Home Sellers Should Learn About Income Tax Prior to Sale and Not be Surprised

Home sellers should find out amount of their income tax obligation on sale of their home in advance and not be surprised at tax time.

Home selling and income tax

When you sell your home, you would owe income tax on the amount of your “capital gain”, which is determined by determining your “adjusted cost basis” – not based solely on what you paid for the home.

To calculate amount of “capital gains” on sale of your home, follow these steps:

1. Purchase price is the amount you paid for the home – and is not limited to amount of money you actually contributed at closing.

2. To calculate adjustments on price, add the following: • Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage. • Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale. • Cost of improvements — including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.

3. Your home’s “adjusted cost basis” would be the total of your purchase price and adjustments – which is the “adjusted cost basis”.

4. Your “capital gain” amount is determined by subtracting the adjusted cost basis from the amount your home sells for.

Special exemption from income taxation on the sale of your home has been in place since 1997. Now up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from income taxation if you meet the following criteria:

• You have lived in the home as your principal residence for two out of the last five years.

• You have not sold or exchanged another home during the two years preceding the sale.

• You meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.

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This is for information only and is not the providing of professional tax advice or service. For more detailed information on income taxes when you sell your home, see IRS publication 523 at http://www.irs.gov/pub/irs-pdf/p523.pdf. Home sellers should consult with their income tax professional about details of their own situation.

 

By Harrison K. Long – Professional real estate representative and California real estate broker – Realtor at Coldwell Banker Previews, Orange County, CA – CA BRE 01410855

People ask us for information about Orange County CA homes and neighborhoods. While understanding the importance of real customer service, we listen for the wants and needs of our clients, pay attention and never take for granted the customer relationship.

Connect with us at 949-854-7747 about listing and selling homes at Orange County CA.

CONNECT WITH US

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Orange County CA Market Demand for Homes is Moderating Toward Balance

Orange County CA Market Demand for Homes is Moderating Toward Balance

Orange County CA homes prices are so high now as compared with same time last year that it’s still an excellent time to be a seller.

Orange County housing demand 2013

However, market demand for Orange County homes dropped by 8% in the past two weeks.

Buyer demand is down as Orange County moves toward a more normal summer market and because buyers are responding more carefully to overpriced listings.

There still are not enough Orange County correctly priced homes on the market to satisfy the huge number of buyers.

In a normal housing cycle, the active listing inventory goes up and market demand goes down some during summer months.

Orange County is moderating toward more normal now with listing inventory up 7% in the last two weeks at the same time that market demand is down.

Buyers at Orange County still do not find enough homes for sale that are fairly priced.

Because of good selling numbers with high prices at Orange County, now remains a good time to be a Orange County CA home seller.

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CONNECT WITH US

Source of some information and graph is www.ReportsOnHousing.com.

People ask us about listing and sale of Newport Beach CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, property managers, investor group, bankers, and individuals, with listing and sale of properties at Irvine, Newport Beach and Orange County, CA.

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Irvine CA Home Selling Data Shows Seller Advantage

Irvine CA home and real estate market continues to favor sellers and has been starved for listings during the past six months.     

Turtle Rock Village homes at Irvine

Explore Turtle Rock Irvine

It’s amazing that with so few homes listed for sale (208 as of today) Irvine home selling continues to be hot.  

Irvine CA home resales since start of this year – from January 1 to April 10, 2013

Airport area – 56 homes sold – average sold price of $495,179

El Camino Real area – 32 homes sold – average sold price of $545,570

Northpark Irvine – 47 homes sold – average sold price of $759,872

Northwood – 92 homes sold – average sold price of $697,220

Oak Creek – 22 homes sold – average sold price of $564,750

Quail Hill – 24 homes sold – average sold price of $876,685

Shady Canyon – 6 homes sold – average sold price of $5,132,000

Turtle Ridge – 28 homes sold – average sold price of $1,220,786

Turtle Rock – 27 homes sold – average sold price of $1,011,019

University Park – 22 homes sold – average sold price of $574,218

Walnut area – 23 homes sold – $576,730

Westpark – 30 homes sold – average sold price of $550,050

Woodbridge – 69 homes sold – average sold price of $621,669

Woodbury – 56 homes sold – average sold price of $810,395

Irvine – all areas – 633 homes sold between January 1 and April 10, 2013 – with average sold price of $677,474

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Irvine CA housing markets are tipped in favor of sellers.  Irvine’s positive economy and good jobs in private industry inspire lots of qualified people who are making decisions to buy.  

Contact us for information on why now is an excellent time for Irvine owners to list and sell. 

Source of some information is CRMLS.

People ask us about listing and sale of Newport Beach CA homes and real estate. ~ Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Irvine and Orange County, CA.

Contact us about selling your home

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Orange County CA Home Sales and Prices February 2013

Orange County CA Home Selling Market 

Orange County CA homes sales and median selling prices were up last month during February 2013.

Quail Hill Irvine

   

February 2013

 Home Sold Prices Median at Orange County CA- during February 2013

Resale Homes – $529,500 – up 16.4 percent as compared with January 2013 

Resale condominiums – $325,000 – up 30 percent from last month

New Homes – $676,000 – up 21 percent from last month

All homes – $477,000 – up 22 percent from last month – also up as compared with one year ago

 

Homes sold at Orange County CA – during February 2013

Resale Houses – 1,424 homes sold – up 2.4 percent from January

Resale condominiums – 679 homes sold – up 6.8 percent from January

New Homes – 149 homes sold – up 75 percent from January

All homes – 2,252 homes sold – up 6.7 percent from January – also up from one year ago

It's not  surprising that the Orange County CA home selling market continues on a rebound and has lots of qualified and motivated buyers and not enough sellers.  

However, the small number of homes listed for still as compared with last year limits options for buyers.  This results in big-time buyer competition for homes and multiple offers, which drives prices and sellers expectations upward.  

Even though this Orange County housing market is very favorable for sellers, I expect that the selling price upward movement should stablize and level off as home selling supply goes up and gets closer to buyer demand.  

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Source of information is DataQuick News and OCRegister.com.  

 

  

Professional REALTOR® agent and broker representation – for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.  

 

Harrison K. Long, Realtor and broker associate – CADRE 01410855 – also an attorney member of the California State Bar Association #69137 – 949-701-2515 for direct telephone or text contact.  

 

People ask us about strategy for listing and selling Orange County CA homes and real estate.    

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How to Transfer Your Home’s Property Tax Basis to a Replacement Home at Orange County CA

Property tax 

People who want to sell a house at Orange County and buy a replacement house ask us how they can protect and transfer their prior property tax basis.

Ad valorem property taxes in California are primarily guided by what is set forth in California Proposition 13, a constitutional amendment enacted by voters during 1978.  CA proposition 13

Annual property taxes according to Proposition 13 to be paid by owners are generally equal to one percent of assessed value each year.  (This assessed value can be increased by as much as two percent per year by the county assessor.)  

Example: If your home at Orange County has value of $500,000 determined by county assessor, your annual property tax would one percent of that – or the amount of $5,000.

If you want to sell your home and buy a replacement home in Orange County, and if you follow California law guidelines, you can sell first and then buy a different house – or you can buy a house in Orange County first and later sell the prior house – while taking advantage of transfer of Proposition 13 property tax basis.

You must follow all conditions for qualification and property tax relief as set forth by the Office of Orange County Assessor.

California Proposition 60 allows transfer of an existing Proposition 13 base year value from former residence to replacement residence, if certain procedures are met (once in a lifetime benefit for homeowners who are 55 years of age or more).PEOPLE 55 YEARS OF AGE OR MORE

Proposition 60 was a constitutional amendment approved by the voters of California in 1986.

This is codified in Section 69.5 of the California Revenue & Taxation Code, and allows the transfer of an existing Proposition 13 base year value from a former residence to a replacement residence, if certain conditions are met.  This benefit is open to homeowners who are at least 55 years old and are able to meet all qualifying conditions.

The following conditions must all be met for qualification and property tax relief to be granted under California Proposition 60:

a) Both the original property (former residence) and its replacement must be located in the same county.  If the replacement property is located in a different county from the original, see possible transfer basis rules set for at California Proposition 90.

b) As of the date of transfer of the original property, the seller or a spouse living with the seller must be at least 55 years old.

c) The original property must have been eligible for the Homeowners' Exemption or entitled to the Disabled Veterans' Exemption.

d) The replacement dwelling must be of equal or lesser value than the original property.

e) The replacement dwelling must have been purchased or newly constructed on or after 11/06/86.

f) Without exception, the replacement dwelling must be purchased or newly constructed within two years (before or after) of the sale of the original property.

g) The original property must be subject to reappraisal at its current fair market value as the result of its transfer, in accordance with Sections 110.1 or 5803 of the Revenue and Taxation Code.

h) Without exception, a claim for relief must be filed within three years of the date a replacement dwelling is purchased or new construction of a replacement dwelling is completed.

 

 

For detailed information about Orange County CA property selling and possible transfer of property tax basis – see the web site at Office of Orange County CA Assessor.

 
This is for information only and is not the providing of legal or tax services.  For questions about your own situation, you should consult with an experienced real estate attorney and with the office of Orange County Assessor.    

 

  

Professional REALTOR® agent and broker representation – for property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.  

 

Harrison K. Long, Realtor and broker associate – CADRE 01410855 – also an attorney member of the California State Bar Association #69137 – 949-701-2515 for direct telephone or text contact.  

 

People ask us about strategy for listing and selling Orange County CA homes and real estate.  

 
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Mortgage Debt Forgiveness Letters from Some Lenders in California

As part of the "National Mortgage Settlement" reached during 2012, some lenders in California are in the process of determining whether to forgive balances on certain second mortgage loans.

mortgage debt forgiveness

 

In those very limited situations where borrowers qualify, a letter from the lender would be sent to the borrower spelling out the conditions of the "offer of mortgage debt forgiveness".

Because of possibility that such a lender letter could be a fraud or a hoax, title companies will need to do serious diligence in order to clear or eliminate the prior trust deed from title. Until completion of title company due diligence, there would not be a recorded reconveyance of a prior deed of trust.

Title companies must verify that the "offer of mortgage debt forgiveness" is valid, and that the borrower has not opted out and has in fact accepted the lender's offer.

Some borrowers are expected to decline such an "offer of mortgage debt forgiveness" because of significant tax liability on phantom income – and receiving a 1099 from the lender for the amount of the debt forgiveness.

In order for title company to verify all of the essential these facts, a third party authorization and full cooperation will be required from the borrower and lender.

If you as borrower receive such a letter "offer of mortgage debt forgiveness", be very careful. Contact the lender and determine all necessary facts, including contact information for the person at the lender making decisions. Then consult with an experienced real estate attorney or income tax professional about your decision whether to accept the offer.

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This is for information only and is not the providing of professional legal or tax services. If you have questions about your legal rights involving mortgage debt forgiveness letter, you should contact the IRS and an experienced real estate attorney or income tax professional.

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Shady Canyon Luxury Homes With Amazing Privacy

Shady Canyon at Irvine

Shady Canyon Irvine

Shady Canyon at Irvine has been prized for its exclusive estate homes and private golf course since start of development eleven years ago.

Shady has about 400 homes or home sites – some of the most expensive properties in Orange County.

28 Boulder View at Shady Canyon – $9,499,000 – 6 bedrooms and 11 baths – 15,002 sf interior – active for sale – MLS# U12004052

Shady Canyon is a spectacular part of Irvine and Orange County CA real estate – where owners and residents seek privacy and luxury at exquisite residential properties.

 

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Source of some information is CRMLS, and this is for listings by all agents and brokers.

Professional REALTOR® agent and broker representationfor property owners, sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.

 

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