Calendar
Newport Beach Real Estate
November 11th, 2009
Aloha Grill in Costa Mesa, CA
Aloha Grill and Tiki Bar in Costa Mesa, CA
The Aloha Grill and Tiki Bar which is located at 1749 Newport Blvd in Costa Mesa is a casual restaurant with an indoor dining. There is an outdoor firepit to sit outside which creates very nice ambiance.
The Aloha Grill has a very tropical feel to it, and there is both indoor and outdoor dining to enjoy the California climate. There is also an aquarium which is in the wall which adds to the ambiance of this restaurant.
The Aloha Grill features Hawaiian style food, Pacific Rim Cuisine including steaks, ribs and seafood. My favorite so far is their fish tacos. And they have Happy Hour Monday through Friday from 4:00 pm to 7:00 pm where you can get fish tacos for $1 each! That’s right – $1. They also have half price on other food items from 4:00 to 7:00 pm Monday through Friday. Come on in and check it out.
Walk in . . . hula out!
November 11th, 2009
379 Rochester Street, Costa Mesa, CA
379 Rochester Street, Costa Mesa, CA
Located in highly sought after East Side Costa Mesa, this property is a duplex which is priced at $879,000.
The front unit features three bedrooms and three bathrooms. Two of the bedrooms are located downstairs, and the master suite is located upstairs. The front unit has approximately 2100 square feet of living space. There are open beam ceilings, hardwood floors, inside laundry room, a gated dog run and a two car garage. Also, this property is located in Mariner’s Elementary School district which is a blue ribbon school in Newport Beach.
The back unit is located above the garage, features two bedooms, two bathrooms, vaulted ceilings, fireplace, inside laundry. and a one car garage. There is also a private patio area to enjoy the California climate.
For more information, please view the property website at www.379Rochester.com.
If I can answer any questions about Real Estate in Costa Mesa or Newport Beach, please contact me.
Phone or Text: 949.280.0681
Email: Spaxson@roadrunner.com
November 11th, 2009
In Honor of the Veterans on Veteran’s Day 2009
In Honor of the Veterans on Veteran’s Day 2009
I would like to take this opportunity to honor all the Veterans, both past and present who have served on behalf of our country. The Veterans have made many sacrifices and endured many hardships on behalf of our country, and these sacrifices have ensured our freedom.
My heart goes out to those at Fort Hood, Texas who recently lost their lives as a result of a senseless shooting. My thoughts and prayers are with their friends and families who may have a lost a loved one during that terrible shooting.
I am very grateful for all who have served on behalf of our country, and today is a day to remember our Veterans and honor them.
Newport Beach has a tribute, which is a large flag at Veterans Memorial Park which is located on the Balboa Peninsula.
Take a moment to be thankful for those who have served on behalf of our country. Happy Veteran’s Day.
November 10th, 2009
Newport Beach Peninsula Point Home – Just Sold
Newport Beach Peninsula Point Home – Just Sold
1730 Ocean Boulevard
Newport Beach, CA
Sold for $1,100,000
This three bedroom, two bathroom single family residence located on Peninsula Point in Newport Beach has just closed escrow today 11.10.2009 for $1,100,000. I represented the buyers in this transaction.
This home is located in a quiet community located at the end of the Balboa Peninsula in Newport Beach. This home was originally built in 1937 and has excellent curb appeal, and had an addition in the early 2000’s.
This property was the lowest priced home in Peninsula Point. There are 21 homes on the market ranging in price from $1,499,000 to $19,500,000. There have been five recent sold properties ranging in price from $1,600,000 to $9,750,000 in the past two months.
If you are looking for a great deal in Newport Beach, please contact me.
Phone or Text: 949-280-0681
Email: Spaxson@roadrunner.com
November 10th, 2009
Chapman University – Fall of the Berlin Wall
Chapman University – Fall of the Berlin Wall
November 10, 2009
In honor of the 20 year anniversary of the fall of the Berlin Wall, Chapman University was selected as a partner in the 2009 Freedom Without Walls Campus Weeks. Chapman was one of 25 Universities across the United States to be selected for this.
Chapman University has an actual piece of the Berlin Wall erected at Liberty Plaza. The piece of the Berlin Wall is surrounded by a reflecting pool and a grassy knoll, and sits as a statue and a reflection of peace at Chapman University.
Below is a memorial of former President Ronald Reagan’s Speech to Mr. Gorbechav to “tear down this wall”
Chapman University President Jim Doti was instrumental in having this piece of Berlin Wall added as a part of the University.
When the Berlin Wall was taken down, it symbolized the end of the Cold War in 1989 and the beginning of a new era.
Now twenty years later, the students at these 25 selected United States Universities (including Chapman) will celebrate the anniversary of the fall of the Berlin Wall.
Chapman had several events planned in honor of the fall of the Berlin Wall including an art contest which was displayed at the University.
If I can answer any questions about Real Estate in the Orange County area, please contact me.
Phone or Text: 949.280.0681
Email: Spaxson@roadrunner.com
November 9th, 2009
Cameo Shores in Corona del Mar, CA
Cameo Shores in Corona del Mar, CA
Cameo Shores is located in Corona del Mar, and is on the on the ocean side of Coast Highway. Cameo Shores hasapproximately 170 homes. There is a beautifully hardscaped entry to Cameo Shores located at the entrance to Cameo Shores. The homes in Cameo Shores are all terraced to maximize the view overlooking the Pacific Ocean. There is only one street at the top where the homes do not have the ocean views. There are height restrictions on how high they can be built so that the home owner’s can maintain their views.
Many of the homes in Cameo Shores in Corona del Mar provide the illusion of being see through. With a court yard type of entry, typically these homes have large windows to see the views right as you walk in. As I stated before, when the homes were originally built in the 1960’s, they were all one story. Residents are able to maintain that height restriction, and now they are building down to maximize the square footage and living space because of the terraced lots.
Cameo Shores in Corona del Mar has a park called Roxbury Park for children and get togethers. There are three private beaches for the residents of Cameo Shores and Cameo Highlands (which is located across the street from Cameo Shores). The beach has beautiful rock formations that creates a very picturesque view.
The residents that live in Cameo Shores have attend school in Corona del Mar. The elementary school in the area is Harbor View Elementary, and Corona del Mar High School is both the middle and high school.
Currently, there are 5 active listings in Cameo Shores in Corona del Mar.
4606 Roxbury Road, Corona del Mar – Priced at $2,987,000
4533 Roxbury Road, Corona del Mar – Priced at $3,495,000
4507 Orrington Road, Corona del Mar – Priced at $3,499,000
4545 Gorham Drive, Corona del Mar – Priced at $4,295,000
4639 Brighton Road, Corona del Mar - Priced at $11,500,000
There has been one sale since August, 2009:
4607 Perham sold for $3,100,000
If I can answer any questions about Corona del Mar Real Estate, homes for sale in Cameo Shores or Cameo Highlands, please contact me.
Text or Phone: 949.280.0681
Email: Spaxson@roadrunner.com
November 6th, 2009
Collins Island in Newport Beach
Collins Island in Newport Beach
Collins Island is located in Newport Beach and at the end of the main island of Balboa Island. It is connected to the main island by a one way road. It does have a gate, so there is not direct public access to Collins Island. There are seven homes located on Collins Island.
Collins Island residents enjoy a private lifestyle in an unbelievable location. Located right on Newport Harbor, some of these homes have a panoramic view of Newport Harbor.
Currently, there is one home for sale on Collins Island:
3 Collins Island, Newport Beach - Priced at $9,995,000
This slip at this property can accomodate up to a 70 foot yacht. The view is panoramic of Newport Harbor and the turning basin. This home is also west facing, so the residents enjoy beautiful sunsets all year round.
This home also has a putting green on the roof top deck.
The residents of Collins Island enjoy the Balboa Island lifestyle. Many of the residents have golf carts. The streets on Balboa Island are named after semi precious stones, such as Opal, Onyx, Amethyst and Jade to name a few. Marine Avenue on Balboa Island features many boutiques, and restaurants. It is a very charming area.
If I can answer any questions about Newport Beach Real Estate, Collins Island or Balboa Island homes for sale, please contact me.
Phone or Text: 949-280-0681
Email: Spaxson@roadrunner.com
November 5th, 2009
Tax Credit For First Time Home Buyers Extended
Tax Credit For First Time Home Buyers Extended
The tax credit for first time home buyers has been extended through April 30, 2010. There will also be a sixty day extension if a purchase contract is in place prior to the April 30, 2010 deadline. The first time home buyers will receive the $8000 tax credit if it is their first home. And there is now going to be a reduced credit up to $6,500 for existing homeowners if they have resided in the current home for five years. Also, the bill also will increase the home purchasers income limits from $75,000 to $120,000 for people who file single. And the income limits for people who file jointly will be increased from $150,000 to $225,000.
The amount of the purchase price for a home purchase will be predicated on a maximum home purchase of $800,000.
President Obama is expected to sign this bill later this week.
This is excellent news for first time home buyers, and for home buyers who have been in their existing home for five years and desire to move. Also, it is good news that they have raised the income for both single and couples who file jointly who may benefit from this tax credit.
If I can answer any questions about Newport Beach Real Estate, or Costa Mesa homes for sale, please contact me.
Phone or Text: 949.280.0681
Email: Spaxson@roadrunner.com
November 5th, 2009
What is a Short Sale?
What is a Short Sale?
The definition of a short sale is the sale of real estate in which the amount yielded from the sale is short of the balance owed on a loan secured by the property which will be sold. That means that a property has more owed against it than it is worth in current market conditions.
In a short sale, the lender agrees to discount a loan balance because of a seller’s financial hardship. The negotiation for short sales is done with communication through the loss and mitigation department of the lender. Additionally, a property may have more than one loan against it, and they may be from multiple lenders. And the primary lien holder or other parties may file a Notice of Default or NOD on the property. An NOD is the beginning of the foreclosure process, and there may be a trustee sale date associated wtih it. That is another consideration with respect to negotiating the short sale is requesting to have the trustee sale date postponed.
The lender(s) have the right to approve the short sale on the property. However, it is a process that needs cooperation and patience from all parties. One of my favorite phrases is, hurry up and wait!
Also, if the home is located in an area where there is a home owner’s association, the HOA needs to be taken into consideration as well. The HOA will need to be included in the negotiations to determine if they will discount their fees. Typically there are attorney fees and interest over and above the monthly HOA dues which need to be considered. This balance typically changes daily.
As a Realtor representing the seller in a short sale, the process is long and arduous, and as I stated before, requires patience. The Realtor typically prepares the short sale packets which are submitted to the respective lenders. Each lender has specific criteria on what documents they want in their packet. This information about what the lender requires may be obtained from the specific lender. Some lenders respond via facsimmile, email, or letter.
One of the most crucial pieces of information is an authorization letter. No one will discuss the matter with you if there is not an authorization letter on file. That needs to go in advance of the short sale packet. After a packet has been submitted to the loss and mitigation department, the short sale packet is reviewed to ensure they have all documents they have requested. A typical short sale packet may include the following documentation:
- Authorization letter (typically they are valid for 90 days – if you want more time that must be specified on the authorization letter).
- Listing agreement.
- Listing history.
- Hardship letter from seller.
- Recent sold and active comparables for the property.
- Purchase agreement and associated documents from buyer, including pre-approval letter, copy of deposit check.
- Tax returns from Sellers.
- Copies of bank statements, paycheck stubs and other financial documents as required by the lender from seller.
- HUD 1 Statement.
There may be other documents as well, and depending upon the length of time, the lender can require that these documents be updated with more current time frames. To give you an idea of how many pages are in a short sale packet (and they all vary), I have submitted them with 160 pages in the packet. I chose to be as thorough and organized as possible to prevent any possible delays with the lender requesting additional information. Even then, the lender may still request documents that have already been submitted.
What determines whether or not a lender will consider discounting a loan balance are the circumstances which are related to the current real estate market and the borrower’s financial situation and hardship. We have seen that in 2009. Buyers bought homes two and three years ago when the market was at it’s peak, and the loan’s associated with those properties were reflective of market conditions. Then as the market declined, the loan balance remained the same, but the property’s value declined.
A short sale is executed to prevent foreclosure, and often times lenders will consider a short sale as opposed to foreclosure because they believe there will be a smaller financial loss by selling the property short as opposed to foreclosing on the property.
Once a packet is submitted, it is not automatically assigned to a negotiator. There is a time frame where they review the file, and determine whether or not it will be assigned to a negotiator. And the time frame is un-known, each lender is different. The negotiator for the first trust deed on the property may approve the amount, but then it is up to the Realtor to obtain the approval from the other lien holders as well.
The lenders and banks are considering and approving more short sales. Short sales require consent from all lenders or lien holders, HOA, and sellers.
My advice to buyers considering purchasing a short sale, is to be patient. It is a process that takes time, review and must be approved by the lender(s) and HOA. It is important to realize that the lender’s may be taking a considerable loss on the loan.
My advice to sellers is the same. Be patient, and be cooperative with your agent. Send them everything they need in a timely manner to ensure a smooth process.
If I can answer any questions about short sales in and around Newport Beach or Costa Mesa, please contact me.
Phone or Text: 949-280-0681
Email: Spaxson@roadrunner.com
November 4th, 2009
Annual Christmas Tree Lighting at Fashion Island
Annual Christmas Tree Lighting at Fashion Island in Newport Beach
UPDATE - The Christmas Tree Lighting will be held on November 20 and 21st, 2009 at Fashion Island on the Atrium Lawn by Santa’s House.
The Annual Christmas Tree Lighting will be held at Fashion Island in Newport Beach on November 20 and 21, 2009 at 6:00 pm. Also, celebrate Santa Claus arrival in preparation for the holiday season. Santa Claus should be arriving at 6:00 after the tree lighting. With over 17,000 holiday lights and ornaments, the tree lighting is an event not to be missed.
Fashion Island has been undergoing renovations outside Bloomingdales and Neiman Marcus, so it will be amazing to see the new hardscape and the beautiful Christmas Tree which is erected each year for all to enjoy.
The Christmas Tree at Fashion Island is put up every year, and many visitors come to see it and take their picture with it. It signifies the beginning of the holiday season. And although I realize that Thanksgiving has not yet arrived, it is time to start thinking about the impending Holiday Season.
Hope you can come for the annual Tree Lighting Ceremony. Look forward to seeing you there!
If I can answer any questions about Newport Beach Real Estate, please contact me at 949.280.0681.
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