Up to Date Real Estate News from the Experts in Urban Living, September 2012

Up to Date Real Estate News from the Experts in Urban Living September, 2012

California Homes Prices Near 4-Year High…

Source: OC Register, August 20th, 2012

California home sale prices came close to a 4-year high in July, with the pace of sales year-over-year growing for the fourth month in a row, the California Association of Realtors says.

“REO-dominated areas (of homes seized by banks) such as those in the Inland Empire and Central Valley are experiencing sales constraints due to an extreme shortage of available homes,” he said. “On the other hand, a robust economy in the San Francisco Bay area and a relatively larger inventory at higher price levels is helping to fuel sales and prices.”

The July median price was the highest since August 2008, when it was at $352,730. July also marked the 5th straight month that the state’s median home price saw both month-over-month and year-over-year gains.

The report says:

  • The median price of an existing single-family home (or price at the midpoint of all sales) was $333,860 last month, up 4.2% from $320,540 in June and nearly 13% from the state’s July 2011 median of $296,160. During the housing crash, the state’s median price got as low as $245,230.
  • July sales rose to an annualized pace of 529,230 homes – that is, homes that would sell if transactions were to occur for a year at July’s sales pace. That’s an increase of 15.3 percent over the pace in July 2011 – 459,140 homes.
  • California’s housing inventory was pretty much flat in July, with the index of existing, single-family homes at 3.4 months compared to 3.5 months in June. However, July’s inventory was down from a revised 5.6-month supply in July 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A seven-month “inventory” of homes for sale is considered normal.

In Orange County, prices slipped slightly, while sales had a dramatic increase. The association reported:

  • The median house price was $551,160 in July, barely down from $551,510 the year before and down about 3% from June. The low since the housing crash was $442,170 in January 2009, CAR spokesperson Lotus Lou said in an interview.
  • House sales in O.C. were up 32.1% from year-ago levels.
  • The county’s “inventory” of homes for sale was at a 4-month supply, down a bit from 4.2 months in June and plunging from 7.5 months in July 2011.

99 Lennox Just Sold $740,000

99 Lennox, The Sousse Group, Luxury Irvine Condos

Highly upgraded former model Chelsea Town Home Residence 1 corner end unit with panoramic views from the marvelous wrap-a-round terrace and steps to the Clubhouse, featuring approximately 1,702 square feet of living space, 3 bedrooms , 3 bathrooms, with a lovely entrance court yard and 2 Bay garage with direct access. Interior finishes are inclusive of near $90,000 of upgrades- hardwood floors throughout, Travertine floor at bathrooms, textured carpet in bedrooms, custom wood panel above fireplace wall, European cabinetry with stylish slab-granite counter tops in kitchen and bathrooms, stainless steel Viking appliances, and wine cooler, custom electronic shades, custom paint and custom chandeliers. The 8,000 square-foot Clubhouse / Recreation Center provides you with a bounty of amenities. Live in Orange County’s newest, resort-style & recreational Oasis master planned community….. The Central Park West.

Financial Update by Maurice

Rates are basically flat from last weekend holding steady.

Brace yourselves……ready??? How about a new investor of ours is coming out with a Bank Statement program again. Yes, that means no income tax returns for self employed borrowers. 12 months bank statements will do it!! I will have more details for you shortly on this one.

An unknown author wrote “The positive thinker sees the invisible, feels the intangible and achieves the impossible.”

Based in Orange County, California, The Soussé Group is ranked number one in total sales in Irvine, California, 92612. Topped $120 million in sales in 2011, 2010, 2009, 2008, 2007 alone with 320 completed transactions and have successfully risen to the top 50 along the 25,000 agents in Orange County.
Kerry and Maurice Soussé
Realtor / Broker
The Soussé Group
HÔM Real Estate Group
1200 Newport Center Drive, Suite 100
Newport Beach, CA 92660
Direct Line: (714) 412-9014
Direct Line: (714) 412-8512
Direct Fax : (949) 640-7606
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