Costa Mesa's Neighborhood Blog: January 2010

Orange County Short Sales - A Trend Without End?

Short sales have become a hot topic in the last couple of years in Orange County.  How many people before that were even familiar with the term which refers to the difference between what a home is worth and what is owed on the mortgage when a person owes more on their home than it's worth.

Perhaps you have heard of the foreclosure crisis and the number of foreclosures that are hitting the real estate market.  But, when you really look at the numbers, the true crisis is in the short sales.

There are currently 11713 homes either for sale or in escrow in Orange County.  Of those homes, 5318 of them are in the foreclosure and/or short sale process.  This is over 45% of the homes currently for sale or already in escrow.

The number is even higher when looking at only those homes that are in escrow.  Of the homes in escrow in Orange County, nearly 66% or 2/3 of the homes are in the foreclosure and/or short sale process.

Why is the number of homes in escrow that are short sales so much higher than those that are actively on the market (30%)?  My expectation is that there are probably a few reasons. 

First, it is likely that a portion of the homes that are not short sales, probably should be, but there are many sellers who hope to sell their home as a standard sale and are avoiding pricing the home properly, which would result in a short sale.

Secondly, short sales may represent a better deal to buyers.  A distressed property may sell for less than fair market value as banks attempt to get short sales and distressed homes off their books and off their desks.

Please click the link for more information about short sales and foreclosures in Orange County, CA or contact me at 714.319.9751 for a free consultation to discuss your options to avoid a foreclosure.

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures or contact me at christine@donovanblatt.com to discuss your options.

Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale. Copyright © 2010 by Christine Donovan, All Rights Reserved. Orange County Short Sales - A Trend without End?

Orange County Short Sale Realtor - Saving Homeowners from Foreclosure - by Obtaining

Additional Education - CDPE (Certified Distressed Property Expert) Designation Awarded

Getting Involved with Short Sales

A few years ago, I realized that short sales were going to be part of the Orange County real estate market for the forseeable future.

A short sale occurs when the home owner owes more on his home than its worth and is unable to pay the difference between the home's value and the amount owed to the bank upon the sale of the property.  This has unfortunately become all too common in Orange County with the 40% drop in median values.

With my background as an attorney, decades of experience in my family's mortgage business and and as a real estate broker, I felt it was my responsibility to help distressed Orange County home sellers through the short sale process.

And, I have learned just how rewarding it is to save homeowners from the emotional and financial difficulties of a foreclosure.

Getting Educated about Short Sales

With a desire to further my knowledge of distressed properties, I have spent many hours and days taking classes and educating myself about short sales and how to successfully complete them for my sellers.  

Most recently, I completed the extensive training in foreclosure avoidance and short sales required to obtain the Certified Distressed Property Expert (CDPE) Designation. 

Short sales offer a better alternative to foreclosures and having this addtional education allows me to better understand market conditions and how to guide the seller through this difficult and emotional experience.

The information provided by the Certified Distressed Property Institute was incredible.  They are extremely knowledgeable about not only short sales in general, but also about the ever changing practice of obtaining short sale approvals as banks change their requirements frequently.  As a result, I will be continuing with the Institutes advanced program so that I keep current and can continue to help my sellers.

Do You Want Some Help? 

If you are facing foreclosure and would like to know the options, please contact me at 714.319.9751 for a free consultation or e-mail Me for a free e-book about alternatives to foreclosure.

Wondering what we can do for you? Below are testimonials from two of our successful short sale sellers.

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.

Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale. Copyright © 2010 by Christine Donovan, All Rights Reserved. Orange County Short Sale Realtor - Saving Homeowners from Foreclosure - by Obtaining Additional Education - CDPE (Certified Distressed Property Expert) Designation Awarded.

Has the Orange County Fairgrounds Been Sold?

On January 14, 2010, the State of California held an auction to sell the Orange County Fairgrounds.

The highest bid was $56.5 million from the Craig Realty Croup.  The President and CEO, Steven Craig, is a resident of Newport Coast.

His company has developed several outlet malls, including The Citadel in Los Angeles.

During Craig's meeting with Costa Mesa City Council this week, he said that he and the City of Costa Mesa share the same vision for the 150 acre Orange County Fairgrounds. While saying that he intends to improve the Orange County Fairgrounds, he did not give details on these improvements.

The State of California may choose to reject this bid and not sell. So, no the Fairgrounds hasn't been sold yet, but since the bid has not yet been rejected, it still may be sold.

The State had anticipated the Orange County Fairgrounds to be valued between $96 and $180 million.  Obviously, this bid falls far short of even the low end of the anticipated value.

Costa Mesa Council Woman, Katrina Foley, traveled to Sacramento this week to testify in favor of Assembly Bill 1590 which is intended to prevent the sale.

In a further attempt to control the destiny of the Fairgrounds, the City of Costa Mesa intends to place the issue of the Fairgrounds' land use on the June ballot.

California faces a $20 billion dollar budget gap.  If the sale of the Fairgrounds were made at the current bid, it only closes a very small percentage of the deficit.

How will this turn out?  No one seems certain.  The only thing that seems certain, is that there are many outstanding questions.

Would Orange County and Costa Mesa residents prefer to have additional shopping instead of the Fairgrounds?

Would Craig find a way to keep the Fairgrounds most intact and make it more profitable?

Where else would Orange County residents find the types of things they do at the Fairgrounds?

Curious about what the Orange County Fair is like?  See The Orange County Fair through the Eyes of a 4 Year Old.

What do you think the State should do with the Orange County Fairgrounds?  Let me know by leaving a comment below. 

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

For more information on Costa Mesa homes or the value of a particular home please visit Costa Mesa home values

Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale. Copyright © 2010 by Christine Donovan, All Rights Reserved. Has the Orange County Fairgrounds been Sold?

Huntington Beach Real Estate Minute - Huntington Beach Market Report

Huntington Beach well known as “Surf City USA” with its excellent surfing has 8.5 miles of beaches and over 200,000 residents with 11 million visitors annually coming to see events such as the US Open of Surfing, the Surf City USA Marathon and AVP Pro Beach Volleyball.

It is also known as one of the 10 safest cities. Huntington Beach Real Estate offers a wide variety of housing from moderately priced condos to multi-million dollar estates.

Below is the current Huntington Beach Homes report:

The real estate market in Huntington Beach right now has very little inventory, making it competitive for buyers in the lower price ranges. Persistence and patience should be used to find just the right house.

Real Estate Market reports for other local areas of Orange County:

Central Costa Mesa Real Estate Report

South Coast Metro Real Estate Report

Mesa Verde Costa Mesa Real Estate News

Westside Costa Mesa Real Estate Report

Eastside Costa Mesa Real Estate Report

Costa Mesa Real Estate Report

Newport Beach Real Estate News

Fountain Valley Real Estate News

Click this link to learn about the NEW Huntington Beach First Time Buyer Program.

For more information, please visit Huntington Beach real estate values.

Click for a free list of Orange County foreclosures or a free list of Orange County short sales or e-mail Me!

About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.

Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale.

Copyright © 2010 by Christine Donovan, All Rights Reserved. Huntington Beach Real Estate Minute - Huntington Beach Market Report.

Life is Great

It's been a rough couple of years for many people in many ways.  Economically, the stock market took a major hit, the real estate market took a nose dive, banks failed, jobs were lost in record numbers, foreclosures hit the news and the neighborhoods.

There's been plenty to complain about the past couple of years.

It might be easy to look at all of the things that have gone wrong rather than to look at all of the things that have gone right.

However, I've always been one of the optimistic, glass is half full, every cloud has a silver lining (enough cliches?) type people, and so I chose to look on the bright side.

Just as things really started to change degrade, I was fortunate enough to have my second child.  I have a great family and wonderful friends.

Rather than moan about what was or what might have been or how things used to be, I chose to look at the positives. In addition to being fortunate in my personal life, I have revamped my business.  I am now able to help many people in need of options.  While before I was lucky enough to help those who wanted to buy or sell homes.  Now, I find many of my sellers need my help, knowledge and expertise even more than before as they seek to avoid foreclosure, and I'm helping buyers in to homes that they couldn't imagine a few short years ago that they would have been able to afford.

So, has it been lemons or lemonade for you the past few years?  Perhaps it was lemons for a short time, before you remembered that lemons are the main ingredient for lemonade?

Curious about what I learned about lemonade at a a young age? See Our Lemonade Stand.

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.

Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale. Copyright © 2010 by Christine Donovan, All Rights Reserved. Costa Mesa Real Estate News - South Coast Metro Costa Mesa Homes Market Report.

South Coast Metro is an area that encompasses both Costa Mesa and Santa Ana. However, the South Coast Metro area in Costa Mesa usually refers to the area east of Bear Street and north of the 405 (San Diego Freeway). It is at the junction of Orange County's 55 and 405 freeways. It is the area of Costa Mesa closest to South Coast Plaza. In this unique neighborhood, premier office space and world class shopping vie with first class dining and performing arts venues to form a cosmopolitan blend of culture and business.

The Real Estate Market Report for South Coast Metro is below: