Join us for a FREE real estate training event for agents on November 22, 2016. The topic is Marketing Planning that WORKS. Seats are limited so please RSVP BELOW. See you there!
Join us for a free training event. Seats are limited so please RSVP BELOW. See you there!
Ever wonder why it costs so much to live in Orange County? No, it isn’t just the beautiful weather and the perpetual season of “warm.” The gorgeous beaches aren’t even solely to blame.
Our poverty rate looks great on the surface (15% which is just above the national average), but look a little closer and you will see that California has an embarrassing secret; many of us are house-poor. The Census Bureau is now analyzing a new measure of wealth. This new measure incorporates the true cost of living against median income and the results are shocking. Almost 21% of the state lives in poverty (8 million residents), which is the highest individual state poverty level.
Why is housing so expensive? New construction and development is expensive:
-The cost of new construction and labor is higher here.
-Excessive environmental regulations and associated costs.
-Development and zoning fees (city and county) are higher than the average (more than 3.5 times the national rate in red tape costs!).
Additionally, desirability really is a factor, just not the only one.
So what is the answer? Data analysts at Zillow make a calculator to show you if it is cheaper to rent or own in your area. Most areas that I looked at (Southern Orange County) showed that owning was more expensive for about 3.5 years but then steadily broke away and it was a vastly better deal to buy a home than to rent in the same area.
Think about where are you now and where you will be in 3-4 years. Let’s get started on that good deal!
Check your area here.
Want to read more from the OC Register about housing policies, read the full article here.
Crystal Cove State Park, situated between Newport Beach, and Laguna Beach is a stunning place to visit and an even more incredible place to stay the night! In contrast to sprawling planned communities and towering high-rises that come to mind when we say “Irvine Company,” these 46 little bungalows were one of the original beach communities built by the Irvine Company. James Irvine originally purchased the land in the 1870’s from the original ranchers that owned much of Southern California. It was his son, James Irvine II, who fell in love the Crystal Cove area and allowed his family, friends, and employees to build the bungalows. As the Irvine Company expanded; however, the company gave the occupants the option to hand over the possession of the bungalows or remove them from the site and relocate them. In an effort to preserve the beautiful beach community, residents worked together to save the site and allow it to remain for future generations to enjoy. The surviving bungalows were renovated and restored with the help and development of the Crystal Cove Alliance in an effort to prevent a large planned resort from replacing the piece of California History.
Of the original 46 bungalows, 29 have been restored and 16 opened to the public for overnight rental. Now, the last remaining original beach community in Southern California spans the 12.3 acre area now called the Crystal Cove Historic District. Not only are the bungalows a gorgeous sight to enjoy but the towering cliffs, walking trails overlooking the ocean views, the stunning sunsets over the water, an the Beachcomber Café.
Just off Coast Boulevard, steps (literally) from Goldfish Point, sits an unassuming treasure since 1903. Gustauf Schultz, a German painter, hired two workers to dig a tunnel spanning 143 steps down to a sea cavebelow. The tunnel entrance can be found inside The Cave Store and is the only sea cave in La Jolla that is accessible by foot instead of by boat (thanks to Mr. Schultz). Tunnel access was Mr. Schultz retirement plan! There are seven sea caves in La Jolla and Mr. Schultz charged for access via his tunnel. The unique staircase and the gorgeous view at the bottom makes for a fun little adventure for those visiting the area!
To learn more about this fun adventure location visit the Cave Store website here.
In May, the Orange County median home price reached $651,500 – the level of 2007 peak pricing according to CoreLogic. The national rate of recovery is steady and climbing at a rate not seen since prior to the real estate bubble burst in 2008. Interest rates are reaching all-time lows, making for a hot real estate market and creating great opportunities for people to buy and sell. Orange County, like many major metropolitan and coastal areas, endures real estate upheaval much better than other areas like the inland. In Orange County prices drop later, recover quicker, and fluctuate less making it a desirable place to live and invest.
Unfortunately, the Inland Empire is still struggling at roughly 80% to 85% of their 2008 high. The Sub-Prime market was strong there and as such, the prices are still on their way to pre-crash recovery levels. Additionally, much of the Inland Empire real estate activity was rooted in new home sales, which has been impacted by the slump in new home building that lingered from the crash until 2012.
This surge in real estate is opening doors for potential buyers and creating opportunities for sellers who were previously breaking even. While everyone is rightfully wary of sub-prime lending products, creative but safer products are being rolled out all the time that create buying opportunities for folks who felt that they could not become homeowners.
History says that values will continue to climb, even if just conservatively. If you have wanted to sell but were not sure if you had significant equity or if you are still chasing the dream of buying a home, give us a call and we can assess what opportunities are available to you.
Statistic credit to LA Times.
We are pleased to announced that DocuSign and NextHome have teamed up to create a cutting-edge transaction platform that simplifies and streamlines document management. Nexthome focuses their attention and efforts on developing time saving tools to arm their Agents with the very best tech! This new development integrates DocuSign esignature tools with Transaction Rooms. Further, it is seamlessly integrated into the centralized resource, NextHome back office.
As NextHome Agents we enjoy a fully integrated back office, where we access not only our marketing and training tools but it also serves as our syndicated listing hub and our transaction management software. Now our NextHome back office houses a fully integrated transaction room, allowing us to send and receive files while utilizing DocuSign technologies.
NextHome values tech as a means to better serve their on-the-go agents and to simplify processes for their support staff. These tools allow NextHome and us as their franchises to better serve our clients. NextHome Coastal is rolling out a comprehensive training series for their agents to showcase the new and sleek tools as well as provide advanced training on this ground-breaking software.
To learn more about this and other incredible advantages offered by NextHome Coastal, please contact us at JoinUs@NextHomeCoastal.com