Live in Lakeforest

First Team highlights my client’s story on video and in the Orange County Register every weekend for the month of January.

SOLD: 150+ Open House Visitors at Latest Grand Opening

Just over a week ago,  I opened up my brand new listing in Laguna Hills to the public with my traditional GRAND OPENING open house.  That same weekend marketing exploded with photo ads in the Orange County Register, Irvine World News, Los Angeles Times, an O.C. Register press release, neighborhood papers, on all of the real estate websites, an invitation sent to every neighbor, facebook, blog posting, a newsletter to 2200 residents and an email blast.

Lunch was set out, the lending station was set up and within a few hours, we had over 150 visitors that yielded 1/2 dozen immediate offers.  Visiting neighbors said they have never seen anything like this (I have never done one on their street before) and buyers told me that when they go to sell their home, they want me to do this for them.  This was even before they knew how high the price of the home would go.  ‘At the end of the day’, the home that was originally priced at $599,900  sold for $655,500.    That is over 9% over asking price.

Now 9% over asking price wouldn’t be very impressive if the home sold for less than other homes in the neighborhood, right?  Let me tell you about the last three 5-bedroom homes that sold in this neighborhood.  They came on the market at an average price of $685,000.  The average closed sales price after being on the market a half a year was $575,000.  These homes sold for 84% of asking price.

My listing came on the market at $25,000 OVER the the average sales price of $575,000 and then sold for 9% over that price which was also 14% over the comp averages.    This does not happen on accident.  The sellers selected me to be their agent after being recommended by a friend who knew my tract record of raising neighborhood values one home at a time and upon viewing videos of my other Grand Openings that yielded between 155 and 300 visitors.  You can click on the Youtube video to the right to see the results of my marketing system along with my client’s home preparation and staging.

Although my listings always sell in about 7 days, there are weeks of behind the scenes efforts that go into each Grand Opening.  As a result, I can usually market only about 6 homes per year in this fashion.  If you would like to be the next, just give me a call!

P.S.  If you would like to see all 25 photos, click below:

http://www.realtor.com/realestateandhomes-detail/24622-Cresta-Ct_Laguna-Hills_CA_92653_M24797-31318?cpPreview=true

New Lake Forest Community Video – Why you might like to “Live in Lake Forest”

I just completed my first community video.  Although I help buyers and sellers all over Orange County, I reside in Lake Forest.  …So it only made sense to make my first community video be of the benefits of  living right here in Lake Forest.  It is hot off the press.  I invite you to check out Lake Forest’s great parks, shopping,  restaurants, entertainment venues and of course, its homes.   At one of the restaurants you will see me wave a great discount coupon that you can use over and over again.  If you would like me to send you one, just ask and I’ll pop it in the mail to you.

Scroll down to see previous posts for upcoming properties

Running out the door and wanted to let you know that the homes I posted a week ago are either now on the market or coming soon.  Scroll down and look at them.  They have new professional photos and are fantastic properties.

Loan-modification dropouts rise. It is just not working.

I read this story this morning and thought how much it sounds like what struggling homeowners are telling me.  The sellers of my next short sale condo deal on Camelia in Lake Forest was caught up in the middle of this so called “assistance” prior to meeting me.  After months of frustration with the HAMP application process, they were given at $76 reduction in their mortgage.  This would certainly not help them keep their home that was now worth less than 1/2 of what they paid for it in 2006.  A month after communicating with me and doing their due dilligance, we are getting ready for their Grand Opening Open House on June 12th.  Look at the post I submitted last week. This incredible view home will sell at the open house, but is buyable right now for about $200,000 subject to interior inspection when the owners return from vacation in June.

The number of homeowners dropping out of the Obama administration’s main mortgage assistance plan is growing, and is now almost equal to the number who have received permanent relief.

The Treasury Department’s report Monday was the latest evidence of problems in the administration’s $75 billion program. While officials insist the program is helping the housing market turn around, critics say it is merely delaying an inevitable surge in foreclosures.

More than 299,000 homeowners had received permanent loan modifications as of last month, Treasury said. That’s about 25 percent of the 1.2 million who started the program since its March 2009 launch. They are paying, on average, $516 less each month.

However, the number of people who started the process but failed to get their mortgages permanently modified rose dramatically in April.  To read more about this story click on:

http://www.pe.com/business/local/stories/PE_Biz_D_mortgage18.13b5509b.html

Sellers are Back. Look at my latest Lake Forest Real Estate / Sun & Sail Club Listings

 OPEN SUN, MAY 16, 12-4 – 24555 Copper Cliff Court- $249,900-$264,900

You will love the cozy setting of this large 2-bedroom, 1,242 sq. ft. 1-car garage townhome.  Spacious, remodeled country kitchen’s fremcj doors open to grassy patio yard, forest & creek w/walking trail that meanders through fragrant eucalyptus trees up through Serrano Creek Park with its recreational area & horse stables.   Upgrades include new kitchen appliances, remodeled baths, patterned Berber carpet, crown/base molding, high-end wide-plank wood laminate floors, scraped ceilings…. Decorator paint & Pottery Barn touches throughout.

Expansive view master has room for home office. Your family & pets will love what nature offers you surrounding this cul-de-sac home.   Across the street is the fabulous Sun & Sail Club & it’s lovely lake.  Enjoy 4 pools, spa, saunas, tennis, volleyball, state of the art fitness center, youth center, snack bar & more.  You can even launch your own kayak for a sunset cruise.  Highly acclaimed Rancho Canada Elementary is just up the street.  Certainly one of the nicest Serrano Woods condo I’ve listed. View listing and 25 photos at:

http://www.realtor.com/realestateandhomes-detail/24555-Copper-Cliff-Court_Lake-Forest_CA_92630_1118771458#SendFc

OPEN SAT & SUN, MAY 22-23, 12-4 – 21772 Tahoe Lane- $675,000 – $725,000  Gorgeous, 3-bedroom,  2,200 sq. ft. waterfront living. Looks like a model! One of the largest back yards with rolling grass, a private dock & boat. Gourmet granite/stainless kitchen with Viking stove, built-in desk & breakfast nook.  Lakeview formal dining & living area has bay window, sitting area w/ fireplace. Master suite has bedside lake views, balcony, expansive walk-in closet, double vanity, whirlpool tub & separate shower.

Upgrades include fresh decorator paint, neutral carpeting, crown/base molding, built-ins & vinyl windows. You’ll love the lifestyle that comes w/ this beautiful Lake Forest Keys home. Enjoy waking up & boating down to the Sun & Sail Club for a refreshing morning swim.  In the evening, relax away the day’s cares in the sparkling spa w/ sunset & water views. Your prestigious Sun & Sail Club Membership includes: 4 pools, spa, his & hers saunas, clubhouse, snack-bar, ‘cheers-style’ bar, state-of-the-art fitness center, basketball, volleyball, tennis, and more!  Whatever’s your pleasure, you’ll find it here!  This home is not on the market yet, so if you begin your loan approval today, you may have a chance of snatching it!

OPEN SAT, June 5, 12-4pm - 25032 Owens Lake- $599,900 – $624,900   Exceptional Parkwood Estates Entertainment Home. 4 bedrooms, 3-baths, 3-car garage, 3055 sq. ft. Gated front courtyard w/fountain.  Double door entry. Vaulted ceiling living room. Dramatic staircase. Splash away the summer in your own backyard paradise w/sparkling pool, spa & of course, palm trees!  600 sq.ft. Bonus/Entertainment/Game room. Decorated like cozy English pub complete w/stain glass windows, patterned carpet, large bar w/refrigerator, home theatre system, built-in book cases, corner marbled fireplace & secret hiding places!  Spacious kitchen has stainless appliances including wine cooler. Expansive master overlooks pool, has 2 walk-in closets & customized 25 s.f. shower. Main floor bdrm used as home office. Plantation shutters T/O.   Highly-rated Rancho Canada School.   Your prestigious Sun & Sail Club Membership includes: 4 pools, spa, his/hers saunas, clubhouse, snack-bar ‘cheers-style’ adult lounge, state-of-the-art fitness center, youth cntr, basketball, sand v/b, tennis, & more!  PRICED UNDER APPRAISAL FOR QUICK SALE!

COMING SOON: – 2-Bedroom, 2-bath Lake Forest condo in pristine hilltop community.  Unbelievable views from all windows.  This will be a short sale and will be priced in the low 200′s.

$18,000 Fed & State Tax Credits if you buy in April?

Governor signs home STATE tax credit bill. (May be combined with Federal)

Governor Schwarzenegger signed AB 183 providing $200 million for home buyer tax credits.

Eligible taxpayers who close escrow on qualified principal residences between May 1, 2010 and December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). Buyers also must be at least 18 years old and be unrelated to the seller. First-time buyers are defined as those who have not owned a home in the past three years.

The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes.

http://www.car.org/governmentaffairs/stategovernmentaffairs/homebuyertaxcredit/

I put together a great chart showing all the details of this State Tax Credit and how it can be combined with the current Federal Tax Credit.  It makes it easy to understand.  Let me know if you would like me to email you a copy.

This Month’s Featured Country Club Condo in Lake Forest, California

I will be holding my Grand Opening Open House today from 12-3pm at 24566 Copper Cliff.  This 2-bed Country Club Condo comes with a cherry/stainless/granite kitchen w/center island & pull-out shelves to die for.  Sunny patio yard w/ tumbled stone pavers, small grass & garden area that opens to greenbelt. Expansive master has walk-in closet & room for home office. Upgrades include newer carpet, diagonal ceramic tile, scraped/textured ceilings & remodeled downstairs bath. Just 1/2 block to walking trails that meander through the fragrant eucalyptus trees up through Serrano Creek Park with its recreational area & horse stables. Your family & pets will love what nature offers you surrounding this home. Across the street is lake & fabulous Sun & Sail Club on Toledo/Lake Forest Dr. Enjoy 4 pools, spa, saunas, tennis, volleyball, basketball, state of the art fitness center, youth center, cheers-style bar, poolside snack bar & monthly calendar of events. You can even launch your own kayak for a sunset cruise. Highly acclaimed Rancho Canada Elementary is just up the street.  By the way, like all my stragegically marketed listings, it will enter escrow Monday or Tuesday.

My Lake Forest / Saddleback Valley Lender Follows the Rules

The Dept. of Housing and Urban Development (HUD) now requires lenders to issue Good Faith Estimates to protect consumers applying for mortgage loans.  Some loan officers, however, sidestep the new requirement by giving their initial quotes on informal worksheets that carry no federal consumer protections.  It is important that consumers understand the differences between the federally mandated good faith estimate form and a lender’s informal worksheet.

Last month, HUD told lenders and loan officers that under no circumstances can worksheet quotes be issued to a mortgage applicant in lieu of a good-faith-estimate form.

• Under the new law, once a mortgage applicant supplies the essential application information, including Social Security number, property address, and estimated value, among other data, lenders must issue a binding-cost good-faith estimate.  Once this information is provided, lenders are required to issue the good faith estimate within three days of the application.
• Loan officers cannot refuse to provide a good faith estimate to an applicant who requests one, nor can they tell applicants that they must commit to moving forward with their mortgage company to obtain a mortgage prior to receiving a good faith estimate.
• Once an applicant has received a good faith estimate, they can take the form with them to comparison shop.  The new form includes itemized boxes allowing mortgage applicants to compare quotes from up to four lenders, such as interest rates, loan fees, prepayment penalties, and total settlement expenses.
• The good faith estimate also ties upfront estimates to later charges at closing, and encourages borrowers to check line by line for any discrepancies.  The form explains which fees come with zero tolerance for changes between upfront estimates and closing—generally the lender’s own fees and local transfer taxes—and which fees allow a 10 percent fluctuation for changes higher than the estimate, such as certain title and closing-related services.

Some worksheets resemble good-faith estimates, but have titles such as “estimated settlement costs” at the top of the page.  Others indicate on the bottom of the form that the worksheet is not a good faith estimate, so consumers should carefully review documents before making any decisions.

It is very important to select a LOCAL lender who is recommended by an experienced real estate agent as they have to continually perform according to the rules in order to keep a good relationship with the agent.  Does the lender you are talking to you take the time to prepare a Good Faith Estimate?  Are they willing to sit down with you in person to go over it and answer your questions.  Do they work hard with your agent to get your offer accepted?  Are they known and respected amongst the listing agents who will be considering your offer and lending package? 

When you select me as your Real Estate Broker and work with my lender, you will be lining yourself up with a team that can put your offer in the best light and get you into your new home quickly!

Lake Forest, Foothill Ranch, Aliso Viejo, Ladera Ranch, R.S.M. – South County Hardest Places to Buy a Home

South County is a hard place to find a home to buy. The latest O.C. home inventory report from fellow Orange County Association of Realtors Director, Steve Thomas at Altera Real Estate in Aliso Viejo says that as of February 18 …(CLICK BELOW to see how your city rates)

www.firstteam.com/jeneanhill/docs/2_22_10_South_County_hardest_place_to_buy_home.doc

My comments: You will note that the closer the home is to the beach, the higher the inventory and harder to sell.  And, for the rest of the homes, the larger the home, the easier it is for a buyer with a good-sized downpayment to purchase.  These home prices have “fallen and can’t get up!” 

Who’s at bat now?

• First-time buyers may have to return to the dugout and wait for another season for their chance to buy.  There are just too many of them out there.  If you still want in the game, you better have a brilliant agent and a high down-payment.
• Move-up buyers.  This is your time.  Many of you purchased 3-bedrooms homes for 1/2 price in the last few years.  Since these homes are so much in demand now, this is the perfect time to sell yours and move up to the 4+ bedroom home you knew you ultimately wanted.  Give me a call and I’ll tell you how we can make this work.