march newsletter
DESCRIPTION
Harbor View NewsTRANSCRIPT
Patty Lance * Coldwell Banker Previews International * 949 933 4742 * DRE Lic: 01386734
4 San Joaquin Plaza, Suite 260 * Newport Beach, CA 92660
[email protected] * www.pattylance.com
Friends of Oasis Senior
Center Day Trips
Barona Casino March 23
The fabulous Palm Springs Follies April 8
Harrah’s Rincom Casino-Valley Center April 13
Virginia Robinson Estate & Gardens April 19
Palomar Observatory
May 12
For details and more trips, call
949 718 1810
Inside this issue: 7% Increase in Foreclosure.. Page 1
Calendar of Events Page 1
Which way will the wind blow? Page 2
2011 Wild Cards & 2011 Forecast Page 2
2011 CA Housing Outlook Page 3
Patty Speaks Page 3
What has sold Page 4
A quarterly report designed to keep you informed of the real estate market and
how to protect your wealth
Harbor View News– brought to you by Patty Lance
March 2011
7% Increase in Foreclosure Starts in January…
California saw a nearly 7 percent increase in foreclosure starts in
January compared to December, 2010, while notice of trustee sales
dropped almost 14 percent from the prior month, the latest report
from ForeclosureRadar.com shows.
The rise in notice of default filings reverses a four-month trend of
declines. Year-over-year changes were much smaller, with defaults
down 3.32 percent and notices of trustee sales down 1.38 percent
from January, 2010.
There was a big increase in sales at foreclosure auctions in January: Properties that reverted to lenders went
up 51.5%, and those purchased by investors rose 52.8 percent.
From Sean O’Toole, founder and CEO of Foreclosure Radar:
“January brought significant increases in foreclosure sales throughout our coverage area, returning volumes
to pre robo-signing levels …While the increase is significant, we’ve seen larger surges after moratoriums or
delays have played out in the past. For example in (California) after the delays caused by Senate Bill 1137 we
saw a surge in notice of default filings that far eclipsed any prior period. That is not the case here.
“Despite months of slow sales, we’ve simply returned to prior levels, which to me indicates banks remain re-
luctant to aggressively foreclose despite the time it takes to foreclose being at or near record levels, and large
inventories of properties still scheduled for foreclosure sale.”
To read the entire article—visit www.pattylance.com
How does Harbor View compare? Did you know? In 2010 15% of the homes sold were distressed
In 2011 33% of the homes sold so far this year were distressed
Currently there are 9 Harbor View homes either in Pre-foreclosure or in Foreclosure
Page 2 Harbor View News
Which way will the wind blow in 2011? Here is the breakdown of recent activity by key category; included is
how the latest results compare to the average monthly sales pace
from 1988 through 2010
Patty Lance * Coldwell Banker Previews International * 949 933 4742 * DRE Lic: 01386734
4 San Joaquin Plaza, Suite 260 * Newport Beach, CA 92660
[email protected] * www.pattylance.com
$410,000 median selling price is 36% below June 2007′s peak of $645,000.
Current price is 8.9% below 2010′s peak (May and July) of $450,000.
The most recent median is 11% above the cyclical low hit in January 2009 at
$370,000 — so the median has recouped 15% of the $275,000 price drop from the peak.
Compared to cyclical low, single-family house median is 11% higher ($418,250 in
January 2009); condo median is 17% higher ($252,000 in March 2009.) Builder prices for new homes are 34% above June 2009′s $424,000 bottom.
The median selling price of a single-family home is 37% less than their peak pricing
(June ’07). Condos sell 37% below their peak in March 2006. Builder prices for new homes are 34% below their February ’05 top.
Single-family homes were 58% more expensive than condos in this period vs. 61% a
year ago. From 1988-2010, the average house/condo gap was 57%.
Builder’s new homes sales were 7% of all residences sold in the period vs. 5% a year
ago. From 1988-2010, builders did 14% of the Orange County homeselling
Slice Price Price vs. year
ago Sales
Sales vs.
year ago
Sales vs.
’88-’10 avg.
Houses $465,000 -3.7% 1,286 -10.4% -43.0%
Condos $294,500 -1.7% 660 -6.0% -23.3%
New $568,500 +4.0% 128 +20.8% -75.7%
All O.C. $410,000 -2.2% 1,929 -7.5% -47.1%
Page 3 March 2011
Patty Lance * Coldwell Banker Previews International * 949 933 4742 * DRE Lic: 01386734
4 San Joaquin Plaza, Suite 260 * Newport Beach, CA 92660
[email protected] * www.pattylance.com
This is my first newsletter for 2011 and I wish you a healthy, happy New
Year. I strive to bring you the most current real estate information to help you
manage the most important asset you own. Though the experts are predicting
the recession has ended, many of us are wondering if that is true. I do believe
that we have hit bottom and are now bouncing along the bottom line. The
forecast for this year calls for a modest 2% increase in the real estate market.
However, this depends on the 2011 Wild Cards.
How does this translate to the Port Streets? Actually, it is favorable. Last year was a banner year for
sales. With over 50 homes sold, we saw demand pretty much across the board. This year, the greatest
demand is for those homes priced in the low $1M range.
The biggest challenge buyers are faced with today is securing favorable terms and conditions for a
mortgage. The lenders still are guarding their “purse strings”. This is most obvious for buyers securing
construction loans. I am happy to say, if you drive thru the neighborhood you will see new homes under
construction. This is good news!
If you are interested in me researching a special topic, please email me with your request and I will be
happy to include the article in the next quarterly edition.
Patty Speaks: Visit: HarborViewRealEstateNews.com for the latest Harbor View news.
4 San Joaquin Plaza
Suite 260
Newport Beach, CA 92660
Patty Lance
949 933 4742
www.pattylance.com
HarborViewRealEstateNews.com
Harbor View Homes Sold in 2011 visit www.HarborViewRealEstateNews.com for a complete listing of homes sold in 2010
2312 Port Lerwick $ 1,180,000
2312 Port Bristol $ 1,190,000
1723 Port Sheffield $1,500,000
Coldwell Banker is #1 in Southern CA
Patty Lance * Coldwell Banker Previews International * 949 933 4742 * DRE Lic: 01386734
4 San Joaquin Plaza, Suite 260 * Newport Beach, CA 92660
[email protected] * www.pattylance.com
Coldwell Banker continues to be the largest broker not only in Orange County but globally. There are a total of 97,000 agents thru out the world, 2700 offices in the United States and 900 offices interna-tionally with representation in 49 countries and territories.