Saturday, March 20, 2010

Laguna Beach Penthouse short sale slashed by $200,000

A penthouse apartment in Laguna Beach was recently reduced by $200,000 and is now being offered as a short sale.

The home’s price was actually reduced less than a month from being on the market.

Its new price is $1,250,000.

For one bedroom.

Located at 31423 South Coast Highway #86, the unit has 1 bedroom, .75 bathroom, 1,090-square-feet and ocean views. The penthouse shares one common wall.

The listing information touts:

“Top floor penhouse unit offering stunning sweeping ocean views and direct beach access. High end remodel with the best of materials, design and craftsmanship. Limestone floors, granite counter tops, custom cabinetry and doors. Special kitchen with G. E. Monogram stainless steel applicances, wine cooler. 50′ plasma TV with surround sound system and custom lighting. Fleetwood telescopic sliding doors, recessed ceiling motorized sun shades makes this unit an Architectural Digest style and quality!! Dare to compare with the other LB listings for quality, $$$ value, and location!!! PROPERTY NOW OFFERED AS A SHORT SALE!!!”

Here’s the zinger – HOA dues are $848 a month. That’s $10,176 a year.

Now that it’s a short sale, my guess is this place will be an even harder sell. Because not only are homes priced over $1 million just not selling like they used to, but short sales simply aren’t budging.

http://southcoasthomes.freedomblogging.com/

Posted via web from The Newport Beach Lifestyle

Huntington Beach open house preview for this weekend

Looks like Spring homebuying season is really in gear. Here are more than a dozen open houses in Huntington Beach and Sunset Beach this weekend to get you going, and links to more:

.

.

16506 Cotuit Cir (above) Sat., Sun. 12 -4 $1,385,000  3 bedrooms,  2.5 baths,  2,088 sq ft
10061 Spar Cir Fri. 10:30 – 1:30   $799,000,  4 bedrooms,  2.5 baths,  2,088 sq ft
16947 Edgewater Ln  Sat. 1 – 4  $2,777,000  5 bedrooms,  5 baths,  4,000 sq ft
415 Townsquare Ln #313  Sat. 12:30 – 4    $529,900  2  bedrooms, 1.5 baths, 1,038 sq ft
342 5th St  Sat. 1 – 4   $775,000  2 bedrooms. 2.5 baths , 1,810 sq ft   
4051 Figaro Cir  Sat., Sun. 12 – 4  $1,899,000  4  bedrooms, 3 baths, 4,400 sq ft 
8132 Atwater Cir #101 Sun. 1 – 4   $439,000  2 bedrooms,  2 baths,  1,151 sq ft 
504 Utica Sun. 12 – 4  $525,000  3 bedrooms, 1.75 baths,  1,342 sq ft
18505 Vallarta Dr  Sun. 1- 4  $420,000  2 bedrooms,  2 baths,  1,150 sq ft  
606 Lake St #19  Sun. 1 – 4  $499,900  2 bedrooms, 2.5 baths,  1,102 sq ft
16125 Saint Croix Cir Sun. 12 – 5  $810,000  3 bedrooms,  3 baths, 1,819 sq ft 
5851 Woodboro Dr Sun. 1 – 5 $900,000 4 bedrooms, 2.5 baths, 2,092 sq ft

and in Sunset Beach…

16904 11th St  Sat. 1 – 3, Sun. 12 – 5 $1,199,000 3 bedrooms, 3.5 baths, 3,000 sq ft
16461 South Pacific Coast Sun. 2 – 5 $5,500,000 3 bedrooms, 3.5 baths, 3,195 sq ft

 

For updates, additional homes: 

ocregister.com

Redfin.com

Trulia.com

http://huntingtonhomes.freedomblogging.com/2010/03/19/surf-city-open-house-preview-11/89441/

Posted via web from The Newport Beach Lifestyle

21 Oceanfront, Newport Beach Sunset, Kobe Hamburger, Basketball

Friday, March 19, 2010

The Road not Taken

   
 
 

Two roads diverged in a yellow wood,  And sorry I could not travel both  And be one traveler, long I stood  And looked down one as far as I could  To where it bent in the undergrowth;    Then took the other, as just as fair,  And having perhaps the better claim,  Because it was grassy and wanted wear;  Though as for that the passing there  Had worn them really about the same,      And both that morning equally lay  In leaves no step had trodden black.  Oh, I kept the first for another day!  Yet knowing how way leads on to way,  I doubted if I should ever come back.    I shall be telling this with a sigh  Somewhere ages and ages hence:  Two roads diverged in a wood, and I--  I took the one less traveled by,  And that has made all the difference.
  
by Robert Frost 

Posted via web from The Newport Beach Lifestyle

How to hold your breath and stay calm in waves

As the El-Nino-fueled NPAC big-wave frenzy comes to an end -- with remarkably few injuries and drownings -- we figured it was high time to take a look at how big-wave surfers prepare for heavy situations.

To get the best range of advice, we contacted two guys from different ends of the spectrum: North Shore crazyman Mark Healey and wavesofhealth doctor Clayton Everline.

Breath training for big waves
-- Mark Healey

When it comes to holding my breath in big waves, I think there are three factors involved: lung capacity, cardiovascular fitness, and staying calm. All three are important, but the most important one for me is being in a strong mental state and staying calm. Here are some of the things that I do that I think helps:

Freediving/spearfishing
I find that freediving helps my lung capacity, and almost more importantly is a mental exercise in being calm. Freediving has done more to teach me how to switch back and forth between an active thought process with a high state of awareness to a state of calmness that I can only liken to meditation. This is very important in big waves because if you are ever staring down a 60ft wall of water you know that your adrenalin will be pumping and your heart will be beating through your chest which are the two most detrimental things I can think of for a good breath hold. So we surfers are really between a rock and a hard place when it comes to this one. You really need to have the ability to "flip the switch" and put yourself into a relaxed mental and physical state when under extreme duress.

Bodysurfing
Bodysurfing helps because it's great cardio and I like that I am forced into a sporadic breathing pattern. You can practice your breathing pattern all you want on land, but when you are in a real situation in big surf the ocean is in control and you just have to adapt yourself to each situation.

Anaerobic exercises
These are exercises done without breathing. BE CAREFUL WHEN DOING THESE -- there is a good chance that you will black out. That's why I do them on land. My favorite one is to find a good stationary bike that shows resistance level, RPMs, and time. First, I'll find a medium/high resistance level and get it going up to an RPM rate that is high -- but at the same time is something that I know I can keep up for 45 minutes. I'll do a five-minute warm-up, and then start my breath-holds.

Where I'm at now, I do 30 seconds holding my breath, then a minute breathing, 30sec hold, one minute breathe. The whole point is to keep the resistance and RPM's the same the whole time. So if there was a printout of what you did on the bike it wouldn't show ups and downs, just a constant even pace. I'll do this for half an hour breathing only through my mouth. This exercise teaches my body to deal with oxygen and carbon dioxide more efficiently and to 'recover on my feet'. When I'm done with the exercise I will have held my breath for 10 minutes out of 30.

Again, be careful! If you black out, you'll hit the ground like a ton of bricks. Find where your limits are before you try to push them. It's not worth fracturing your skull over! The closest I've been to drowning was blacking out in a pool in Florida that was 4ft deep while training.

More thoughts on preparing for heavy situations
--Clayton Everline, MD

About a month and a half ago, I got axed by a top-to-bottom double overhead lip at Alligators. The board snapped in two and I was held under for 20 seconds. The only reason I know it was twenty seconds and did not use up my oxygen in a panic was that I counted "1-1000, 2-1000..." while ragdolling underwater to keep from panicking. Panic is the first step to drowning.

Covering the mouth and nose when possible during a wipeout can help prevent air from being ripped out of the lungs. Practice timed and supervised breath holding both with lungs full of air and lungs emptied of air to count the difference. This information can be crucial to confidence in big-wave situations. Informed confidence in the ability to handle severe situations is so important.

One last thing on hypoxic training for big wave sessions:

In a recent advertisement, a pro surfer is running across the ocean floor carrying rocks, a breath-hold training program popularized by numerous surf films, pro surfers and surfing specialists. Hypoxic training is fairly specific to surfing and freediving and illustrates surfing's divergence from land-based sports when it comes to training.

Breath holding trains the body to ignore signals from the brain that the body needs air. This may lead to increased confidence in the water for paddling into big waves and may reduce risk of panic in hold-down situations. However, it has risks of death from shallow-water blackout and should never be performed unsupervised. "Shallow water blackout" has been described as loss of consciousness from intentional breath holding underwater which could lead to drowning and death.

According to the Wilderness Medical Society's Marine Medicine conference on Maui, the consensus on drowning is that the initial events upon submersion progressing to death are:

1. Panic and struggle
2. Breath holding
3. Inhalation and swallowing of water
4. Reflex laryngospasm to protect the airway
5. Intermittent strong inhalations
6. Hypoventilation, hypoxia, hypercapnia,
7. Asphyxia with loss of consciousness
8. Laryngospasm abates, the glottis opens, and water passively enters airways
9. Up to 15% victims may have persistent laryngospasm
10. Cardiopulmonary arrest, pulmonary edema, neurological asphyxia?

Most near-drowning victims aspirate 3 to 4 ml/kg of body weight (200cc's or about a cup in a 70kg surfer). 22ml/kg is the lethal volume (about 1.5 liters in same surfer). As little as 2.2 ml/kg decrease Pa02 to 60mmHg (a dangerous level where the brain shuts down).

Of course, none of this process matters in the surfer is knocked unconscious by a blow to the head from surfboard, rock, reef, sandbar or lip. Another valid reason to invest in a helmet when planning to roll the dice on heavy days.

Other fun facts:

Rip currents were reported in 22% of surf beach drownings. Surfboard usage does not prevent drowning. Pre-existing cardiovascular conditions were implicated in 26% of surf-related drownings. (Injury Prevention 2008; 14:62-65).

Approximately 20,000 surfers a year will be injured badly enough to require emergency care by analysis of a study documenting ED visits by outdoor sports enthusiasts. (Wilderness and Environmental Medicine, 19:2, June 2008; 91-98)  READ MORE:

http://www.surfline.com/surf-news/health--fitness-heavywater-training--how-to-hold-your-breath-and-stay-calm-in-big-surf_41805/

Posted via web from The Newport Beach Lifestyle

Burt Lancaster could have starred in Glen Garry Glen Ross or Boiler room with ease

Burt Lancaster
North side of the 6800 block of Hollywood Boulevard
Burt Lancaster

Burt Lancaster

Born Burton Stephen Lancaster on Nov. 2, 1913 in New York, NY
Died Oct. 21, 1994 of heart attack in Century City, CA

Burt Lancaster was a performer, producer, gymnast and iconoclast, and, from his earliest beginnings, always a star.

He earned an athletic scholarship to New York University but by the middle of his sophomore year he quit to join the circus, eventually working his way up to a tour with Ringling Bros. and Barnum & Bailey.

An injury, however, led him to look for other work. He was a floorwalker in the lingerie department of the Marshall Field store in Chicago, a salesman in the same store's haberdashery department, a firefighter, a truck driver and an engineer for a meatpacking plant.

He was drafted for WWII and met USO entertainer Norma Anderson, whom he later married, while serving. That connection led to his film career

Lancaster proved a bona fide star from his first screen appearance in "The Killers" in 1946 until a few years before his death in 1994.

Lancaster's work in such major dramatic productions as "Come Back Little Sheba," "From Here to Eternity," "Judgment at Nuremberg," "The Rainmaker," "Seven Days in May" and "Atlantic City" tended to overshadow his work in such films as "Trapeze," "The Flame and the Arrow" and "The Crimson Pirate," which displayed the lighter side of his nature.

The Academy Award he won for "Elmer Gantry" in 1960 and the Venice Film Festival award he received two years later for "The Birdman of Alcatraz" were remembered. But many forgot the earlier Oscar he had shared with Harold Hecht as co-producer of "Marty," which was voted best picture of 1955.

Posted via web from The Newport Beach Lifestyle

Homes in 15 Orange County cities get foreclosure dates

First, in recent foreclosure news:

Often these homes revert to the lenders, who eventually put them back on the market. Sometimes the homes are bought by investors and resold.

Foreclosures affect more than the homeowners involved. They can impact entire neighborhoods. At the very least, they can affect nearby home sales.

All of these homes and addresses have been listed in the public notices, as required by law.

For auction info, click on city:

Posted via web from The Newport Beach Lifestyle

Really? 2 of 3 little pigs can’t get a loan

really

Real estate news and views from around the globe that make you go, “Really?”

  • HUFF, PUFF: A niche mortgage mess is brewing in homes made of earth, tires, concrete and trash. (WSJ) MORE HERE!
  • NO MELTDOWN: Canada, which has fewer housing subsidies, avoided the mortgage meltdown that sank the U.S. housing market. (WSJ) MORE HERE!
  • COOLING IT: China plans to order many of its largest state-owned enterprises out of the real estate business to help cool its urban housing bubble. (Reuters) MORE HERE!
  • APPS FOR ANDROIDS: Zillow and ZipRealty will launch free real estate applications for Android phones. (Inman and androinica) MORE HERE! and HERE!
  • SIDEWAYS: Actor Paul Giamatti paid $1.3 million for a Brooklyn Heights condo. (CURBED NY) MORE HERE!

http://lansner.freedomblogging.com/

Posted via web from The Newport Beach Lifestyle

Thursday, March 18, 2010

Whale Sighting

Sick and tired of seeing plastics on your beaches and in the line-up? Same here. Our friends at Borders Perrin and Norrander (a Portland-based creative agency) have created a new PSA for Surfrider Foundation that sheds light on the disturbing state of our planet’s oceans and the incredible amounts of plastic that have collected at sea.


It’s official. This year’s RockWater after-party will be at Fred’s Mexican Cafe in Huntington Beach. After the race and the awards, all participants, friends, and supporters can head to Fred’s to enjoy margaritas, great food, and some fun! If you haven’t registered, yet please be sure to get your team registered.

If you have not seen this movie yet by vbs.tv then it is worth watching. The VBS reporters take a cruise to the Northern Gyre in the Pacific Ocean, with Captain Moore. They spot and pick up tons of plastic including chunks of refuse that cannot biodegrade.
Warning: There is some swearing in this movie. If you may be offended, do not watch it. Surfrider Foundation Newport Beach does not condone the swearing in this movie.

Part 1:

Read the rest of this entry »

Posted via web from The Newport Beach Lifestyle

Dr. Tim Brown, Inventor and Designer of IntelliSkin Products

The IntelliSkin Shirt

The IntelliSkin shirt is the leading evidence-based, functional performance garment designed to instantly improve the way people look, feel and function. Its proprietary built-in intelligence retrains your body to achieve optimal muscular balance and function through proper alignment and quality of movement. Created by leading sports medicine expert and accomplished athlete, Dr. Tim Brown, the IntelliSkin shirt incorporates advanced sports science, medical research, design and construction that trigger instant and predictable sensorimotor responses. READ MORE:

http://drbrowndesigns.com/Shirts/Default.aspx

Posted via web from The Newport Beach Lifestyle

Room for Improvement in e-Waste Recycling

The report finds that over the next decade there will be a significant increase in e-waste created by and sent to developing countries, rising 500 percent in India and increasing between 200 to 400 percent in South Africa and China. Despite these numbers, recyclers in North America continue to beef up their services and grow their recycling rates.

The 120-page report, “Recycling — From E-Waste To Resources” (PDF), indicates that current e-waste in the European Union amounts to 8.3 to 9.1 million tons annually, with global rates around 40 million tons per year.

By properly handling e-waste, developing countries can prevent environmental damage as well as recover valuable resources such as metals. The report segments the recycling chain into three steps — collection, sorting/dismantling and preprocessing (including sorting, dismantling and mechanical treatment) and end processing — and provides recommendations for all three areas.

The report also evaluates the potential introduction of new recycling technologies into 11 developing countries including Kenya, Uganda, Senegal, Peru, India, China, South Africa, Morocco, Colombia, Mexico, and Brazil. read more; http://bx.businessweek.com/e-waste/view?url=http%3A%2F%2Fwww.environmentalleader.com%2F2010%2F03%2F03%2Froom-for-improvement-in-e-waste-recycling%2F

Posted via web from eWaste Disposal

JUMBO LOAN UPDATE: 3/18/10

Yes! JUMBO Financing is available. Judging by the inquires I receive; there is confusion regarding the availability of Jumbo financing. Hopefully I can answer some of your basic questions. 

Definition: A jumbo loan is one that is larger than the "conforming" loans offered through various lenders by Fannie Mae and Freddie Mac. In Orange & L.A counties, a Jumbo loan would be any residential loan larger than $729,750.


Guidelines
: Unlike Fannie Mae/Freddie Mac loans, each lender is free to establish their own guidelines. Consequently, there is some variation and flexibility among different lenders as opposed to Fannie/Freddie where the guidelines are exactly the same for everyone. Since the mortgage meltdown a couple of years ago there are no organized secondary markets in which jumbo lenders can sell their loans. Therefore, lenders that offer jumbo loans need to hold them in their own portfolio, at least until sometime in the future when there are buyers for Mortgage-Backed Securities comprised of jumbo loans.


Loan Programs:
Some lenders offer just ARMS's fixed for 3, 5, 7, and 10 years and some offer 15 and 30-Year fixed rate loans. Interest Only payments are offered by most lenders, particularly on the ARM's.


Loan Amounts:
There a big difference among lenders here. Some cap out at $1.M, some at $2.M and some at $5M. I also have some "Private Banking" relationships that will go beyond $5M.


Interest Rates:
Again, lots of variation but in general, ARM rates range from about 4% to 5.75% depending on the length of the fixed term. Fixed rates are around 6% up to $2M and a little higher for larger loans.


Loan-To-Value:
Again, lots of variation among lenders but in general: 80% to $1M; 75% to $1.5M; 70% to $2.5M; 65% to $3,5M and 60% to $5M. Exceptions are possible for strong files.


Occupancy:
Primary and Second Homes only right now. I'm not aware of any Jumbo lenders offering financing on Investment properties yet.


Other Restrictions
: Minimum FICO scores vary from about 680 to 720. Some will not lend on condos. Full Documentation of Income and Assets with all lenders, good cash reserves after closing; 2-4 units can be difficult to finance.


Regarding 2-4 units, keep in mind that the Fannie Mae/Freddie Mac loans allow Non-Owner occupied financing and the limits are much higher: 2 units = $934,200; 3 units = $1,129,250; 4 units = $1,403,400.

 

The Bottom Line on Jumbo's

Refer to an experienced mortgage broker that has several options, such as RTC Mortgage. Direct lenders don't have alternative options if your transaction does not meet their guidelines. You also want your client to have the opportunity to get the best rate and too and there is a vast difference among the few jumbo lenders out there. 

 

Always get Pre-Qualified in advance. There are too many potential pitfalls if you wait until they find a house  before meeting with a qualified mortgage professional.

 

 

Mortgage Rate Update:

Mortgage rates continued to hold steady this week despite the end of the Federal Government's Mortgage-Backed Security Purchase Program that expires March 31st. The Fed has no immediate plan to extend the program. Banks and other institutional and governmental investors will have to pick up the slack and start buying for rates to remain low. Since all loans today are underwritten to much stricter guidelines than in the past, perhaps enough confidence has been restored to allow these investors to start buying Fannie Mae and Freddie Mac Mortgage-Backed Securities again. Time will tell. Other factors contributing to steady rates this week: The Fed said they will keep the Federal Funds Rate at "exceptionally low rates for an extended period of time"; mild inflation reports; good demand for Treasury's at this week's auction and unempl oyment reports in line with expectations.

Mortgage Interest Rates for Fixed Rate Mortgages*

Rates as of Thursday, 18th March, 2010:

 

Term

Conforming

APR

Payment per
$1,000

Jumbo

APR

Payment per
$1,000

3 Year Int-Only ARM to $417,000 / $1.5M

360

3.500%

3.558%

$2.92

3.75%

3.831%

$3.13

3-Yr Fixed ARM to $417,000 / $1.5M

360

3.375%

3.432%

$4.42

3.500%

3.580%

$4.49

5 Year ARM to $417,000 / $729,750

360

3.375%

3.432%

$4.42

4.250%

4.334%

$4.92

15-Yr Fixed to $417,000/$729,750

180

4.125%

4.231%

$7.46

4.250%

4.398%

$7.52

30 Year Fixed Rate to $417,000/729,750

360

4.750%

4.812%

$5.22

5.000%

5.088%

$5.37

5 Yr Fixed ARM to $1M / $2M

360

4.750%

4.812%

$5.22

5.250%

5.339%

$5.52

30 Year Jumbo Fixed to $1M / $2/M

360

5.750%

5.816%

$5.84

6.375%

6.470%

$6.2

*Rates are subject to change due to market fluctuations and borrower's eligibility.

Rates are presented as a guideline to rates that may be available. These rates assume the payment of 1 point. Actual rates may vary depending on Loan Amount, Down Payment / Equity, FICO Score, Income/Asset documentation, Occupancy & other factors.

 

Richard T. Cirelli
President
RTC MORTGAGE CORPORATION
Phone: (949) 494-4701
Fax: (949) 494-6703
rick@RTCmortgage.com

Posted via web from The Newport Beach Lifestyle

The "Virtual Wall" in Southern California

Visit the Virtual Wall

The Vietnam Veterans Memorial Wall in Washington DC honors the fallen of the Vietnam War. Relatives and friends leave letters, poems, and photographs there and on this web site named The Virtual Wall ®. We bring the Vietnam Veterans Memorial to your home.  You can fully interact with the site by finding buddies and leaving messages for their families.

Posted via web from The Newport Beach Lifestyle

How to lose $222 million in real estate

Courtesy of Essex Property Trust

The vision was to create “the best of living in a condo and living in a hotel”– all  just a short drive from South Coast Plaza and the Orange County Performing Arts Center.

“We’re defining what urban living should be in Orange County,” Curt Olson, owner of the Nexus Cos., said of Skyline at MacArthur Place in a 2007 promotional video.

Nexus valued the property at $350 million. But none of the 349 units ever sold. Nexus Cos. lost the property to foreclosure. Two weeks ago, the lender sold the project for $128 million — a $222 million loss, or about 37 cents on the dollar.

The new owner, Essex Property Trust, will convert the condo towers into high-rise apartments.

The 25-story twin towers became the fourth tallest buildings in Orange County’s skyline. One Essex executive predicted that the newly renamed Essex Skyline at MacArthur Place will be the nicest apartments in the county.

A look back through the Register archives shows how the developer originally envisioned Skyline, and what became of that dream: Read the rest of this entry »

 

....or if you'd liike to lose $1Bilion and your future retirement and comfort you could have CalPERS or CalSTERS manage your account. Their investment philosophy..."Roll the Dice"!!!!

http://lansner.freedomblogging.com/

Posted via web from The Newport Beach Lifestyle

This week in SoCal

Wednesday, March 17, 2010

DuPont Lofts, Irvine Condos now renting

One Defaulting Owner’s Free Ride: Three Years and Counting

Freeloaders enjoying the entitled life are not confined to subprime areas. Today's featured property may be the worst case of housing entitlement in the country, and it is right here in Irvine. 

 

Irvine Home Address ... 14 BLUEBELL Irvine, CA 92618
Resale Home Price ...... $469,900

The mountain is high, the valley is low
And you're confused 'bout which way to go
So I flew here to give you a hand
And lead you into the promised land

So, come on and take a free ride (free ride)
Come on and take it by my side
Come on and take a free ride

All over the country, I'm seeing the same
Nobody's winning, at this kind of game

The Edgar Winter Group -- Free Ride

If people get to have free rides, don't you want to be one of them? Looks like great fun to me. I can see why everyone wants to own a house in California; you get a nice entitlement during the rough times, and you get free money during the good times. Where do I sign up? 

Recently, I exposed The Face of Housing Entitlement Today.

... from the LA Times article Many borrowers in default live for free as lenders delay evictions:   

Despite being months behind, many strapped residents are hanging on to their homes, essentially living rent-free. Pressure on banks to modify loans and a glut of inventory are driving the trend.

[Patricia and Eugene Harrison, who bought their Perris home seven years ago, have lived there since October 2008 without making any payments on their mortgage. (Irfan Khan / Los Angeles Times / February 19, 2010)]

Do you think any unemployed renters who are failing to pay rent are living that well? Full dinner plates, a solid roof, mementos and permanent storage, comfortable surroundings; we endow these entitlements on those who own. ...

If you can sign your name to a mortgage, you no longer have to fear homelessness, and your level of entitlement increases significantly. ...

[Pictured above: Unemployed renter and family who failed to sign loan documents and squat in a house

Many people astutely observed that squatting is more common in Riverside County, mostly due to higher levels of unemployment, but Irvine is not immune to its effect. In fact, people squat in Irvine houses just as they do in the valley of the dirt people, and in the case of today's featured property, it is much, much worse.  

Irvine's Housing Entitlement 

I first profiled today's featured property back in September of 2009 in the post Bluebell, a shocking example of gaming the system here in Irvine.

  • The owner of today's featured property paid $465,000 on 10/23/2003. She used a $372,000 first mortgage, a $93,000 second mortgage, and a $0 down payment.
  • On 12/30/2004 she refinanced into an Option ARM for $486,500.
  • Two months later on 2/3/2005 she opened a HELOC for $67,000.
  • Total property debt is $553,500 plus 3 years of missed payments, negative amortization, and fees.
  • Total mortgage equity withdrawal is $88,500.

Consider what this woman accomplished:

  1. She put no money into the transaction. None.
  2. She extracted $88,500 in just over one year. That is nearly the median income in Irvine, and that money came to her without tax withholding.
  3. She has lived in the property since 2003, and in the full term of ownership, she has not made payments totaling what she pulled from the property.

I admit to feeling foolish. I looked at property in late 2003, and I deemed it too expensive. It never occurred to me that anyone could accomplish what this woman has done, or I might have followed in her footsteps. I feel like an idiot struggling to actually pay for my housing costs when I could have obtained a free ride for the last seven years. I hope lenders know that California borrowers are learning their lessons well.

Foreclosure Record
Recording Date: 02/08/2010 
Document Type: Notice of Sale (aka Notice of Trustee's Sale) 

Foreclosure Record
Recording Date: 12/03/2008 
Document Type: Notice of Sale (aka Notice of Trustee's Sale)

Foreclosure Record
Recording Date: 08/28/2008 
Document Type: Notice of Default 

Foreclosure Record
Recording Date: 08/08/2007 
Document Type: Notice of Rescission 

Foreclosure Record
Recording Date: 05/25/2007 
Document Type: Notice of Sale (aka Notice of Trustee's Sale) 

Foreclosure Record
Recording Date: 01/24/2007 
Document Type: Notice of Default  

As I noted six months ago:

The owner of this property stopped making payments sometime in late 2006. It has been over two and one-half years [now three years] since this owner stopped paying, and she is still listed as the property owner, so one can assume she still occupies the property. That is two and one-half years without a housing payment—a bill we will all pick up as taxpayers at some point. How does that make you feel? Did you pay for your housing since 2006? I did.

The place looks very lived-in. Despite not paying a mortgage or rent, the owner looks in no hurry to leave.

It is a mess but not a packing mess... 

How many of you who have been paying for your housing are living this well? 

 

Irvine Home Address ... 14 BLUEBELL Irvine, CA 92618

Resale Home Price ... $469,900

Home Purchase Price … $465,000
Home Purchase Date .... 10/23/2003

Net Gain (Loss) .......... $(23,294)
Percent Change .......... 1.1%
Annual Appreciation … 0.1%

Cost of Ownership
-------------------------------------------------
$469,900 .......... Asking Price
$16,447 .......... 3.5% Down FHA Financing
5.00% ............... Mortgage Interest Rate
$453,454 .......... 30-Year Mortgage
$97,297 .......... Income Requirement

$2,434 .......... Monthly Mortgage Payment

$407 .......... Property Tax
$150 .......... Special Taxes and Levies (Mello Roos)
$39 .......... Homeowners Insurance
$114 .......... Homeowners Association Fees
============================================
$3,145 .......... Monthly Cash Outlays

-$402 .......... Tax Savings (% of Interest and Property Tax)
-$545 .......... Equity Hidden in Payment
$32 .......... Lost Income to Down Payment (net of taxes)
$59 .......... Maintenance and Replacement Reserves
============================================
$2,289 .......... Monthly Cost of Ownership

Cash Acquisition Demands
------------------------------------------------------------------------------
$4,699 .......... Furnishing and Move In @1%
$4,699 .......... Closing Costs @1%
$4,535 ............ Interest Points @1% of Loan
$16,447 .......... Down Payment
============================================
$30,379 .......... Total Cash Costs
$35,000 ............ Emergency Cash Reserves
============================================
$65,379 .......... Total Savings Needed

Property Details for 14 BLUEBELL Irvine, CA 92618
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2 Beds
1 full 1 part baths Baths
1,508 sq ft Home size
($312 / sq ft)
2,000 sq ft Lot Size
Year Built 2000
4 Days on Market
MLS Number S608286
Condominium, Residential Property Type
Oak Creek Community
Tract Acac
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LIVE THE DREAM IN THIS MAGNIFICENT 2 BEDROOM PLUS LOFT/OFFICE, 2.5 BATHROOM OAK CREEK HOME. SOME OF THE MANY FEATURES INCLUDE RICH, STRESSED HARDWOOD FLOORS THRU-OUT MAIN LEVEL, 2 MASTER SUITES, CUSTOMIZED WINDOW TREATMENTS, STAINLESS STEEL APPLIANCES, LARGE CENTER ISLAND WITH BAR TOP, TILE COUNTERS, PLUS A PRIVATE BACKYARD, WALKING PAVERS AND LUSH, MATURE SOFTSCAPE. DON'T MISS OUT ON THIS BEAUTIFUL HOME!

Live the dream? Yes, my dream is to live in this house for several years at no cost. Can you do that for me?

BTW, what is this picture supposed to show me? And are you tilting your head to the left?


Posted via web from The Newport Beach Lifestyle

City of Newport Beach homes for sale

 

  1. Photo of 310 Encina, Newport Beach, CA 92660 (MLS # U10001226)
    3 beds, 2 full baths
    Size: 1,549 sq ft
    Lot size: 2,338 sq ft
    Year built: 1967
    Parking spots: 2
    Days on market: 1
  2. Photo of 533 Irvine Ave, Newport Beach, CA 92663 (MLS # P726271)
    4 beds, 1 full, 1 part baths
    Size: 2,200 sq ft
    Lot size: 6,375 sq ft
    Year built: 1941
    Parking spots: 2
    Days on market: 1
  3. Photo of 555 Vista Flora, Newport Beach, CA 92660 (MLS # U10001231)
    3 beds, 2 full, 1 part baths
    Size: 2,180 sq ft
    Lot size: 1,962 sq ft
    Year built: 1964
    Parking spots: 2
    Days on market: 1
  4. Photo of 83 Pelican Ct, Newport Beach, CA 92660 (MLS # P726317)
    3 beds, 2 full, 1 part baths
    Size: 2,185 sq ft
    Lot size: 3,780 sq ft
    Year built: 1986
    Parking spots: 2
    Days on market: 1
  5. Photo of 220 Nice Ln 209, Newport Beach, CA 92663 (MLS # S609410)
    2 beds, 2 full baths
    Size: 1,618 sq ft
    Lot size: n/a
    Year built: 1979
    Parking spots: 2
    Days on market: 1
  6. 3 beds, 3 full baths
    Size: 2,040 sq ft
    Lot size: 4,362 sq ft
    Year built: 2010
    Parking spots: 2
    Days on market: 1
  7. Photo of 2131 Santiago Dr, Newport Beach, CA 92660 (MLS # S609380)
    4 beds, 2 full, 1 part baths
    Size: 2,620 sq ft
    Lot size: 10,450 sq ft
    Year built: 1973
    Parking spots: 3
    Days on market: 2
  8. Photo of 9 Sawgrass Dr, Newport Beach, CA 92660 (MLS # U10001225)
    4 beds, 3 full baths
    Size: 3,350 sq ft
    Lot size: 5,200 sq ft
    Year built: 2000
    Parking spots: 3
    Days on market: 2
  9. Photo of 25 Chatham Ct, Newport Beach, CA 92660 (MLS # U10001217)
    2 beds, 2 full, 1 part baths
    Size: 3,300 sq ft
    Lot size: n/a
    Year built: 1982
    Parking spots: 2
    Days on market: 2
  10. Photo of 615 W Bay Ave, Newport Beach, CA 92661 (MLS # U10001210)
    3 beds, 2 full, 1 part baths
    Size: n/a
    Lot size: 2,100 sq ft
    Year built: 1990
    Parking spots: 2
    Days on market: 2
  11. Photo of 2022 Vista Cajon, Newport Beach, CA 92660 (MLS # U10001215)

Posted via web from The Newport Beach Lifestyle

South Orange County homebuying soars 53%

The hottest housing tracts are south and inland — and that region’s now also Orange County’s most active housing market. That’s what our region-by-region analysis of February’s Orange County homebuying numbers from DataQuick shows …

  • DataQuick identified south inland ZIPs — median selling price $505,500 — having 598 sales in February, +53% from a year ago. In these 19 ZIPs, the latest median price change was +9.0% vs. a year ago. (Click on photos for details of 2 sales!)
  • 463 homes sold  in Orange County’s north-inland ZIP codes in this most recent period, -8% from a year ago. Median selling price? $476,500 in these 23 ZIPs. This most recent median price change was +6.0% vs. a year ago.
  • Mid-county ZIPs — median selling price $349,500 – had 594 sales, -16% from a year ago. In these 24 ZIPs, the freshets median price change was +5.5% vs. a year ago.widget-lansner-text-message
  • 302 homes sold in beach cities’ 17 ZIP codes in the most recent period, +11% from a year ago. Median selling price? $690,000 in these 17 ZIPs. Newest median price change was +0.7% vs. a year ago.
  • Combined, total homes sales in ZIPs in the north and mid-section of Orange County were -12.6% vs. a year ago as homebuying the the rest of the county ran +35.5% vs. 12 months earlier.
  • North/mid-county homes accounted for 54% of residences sold in the most recent period vs. 65% a year ago.
  • South inalnd ZIPs had 31% of the sales, highest share among the 4 slices. A year ago, mid-county (38%) led the pack.
  • All told, countywide sales were +6% vs. a year ago. The median selling price was +11% in the past year.

How did your neighborhood fare? Check our ZIP-by-ZIP data HERE!

http://lansner.freedomblogging.com/

Posted via web from The Newport Beach Lifestyle

Tuesday, March 16, 2010

Sea Spray Detected 900 Miles Inland

 Sea spray has been detected in the middle of the United States, some 900 miles (1,400 kilometers) from any ocean, a new study says.

Scientists discovered chlorine—a key element in sodium chloride, or the type of salt found in seawater—in Boulder, Colorado's (see map) mountain air.

Boulder's sea spray is too sparse to taste or even smell. But it's still much more abundant than previously thought—and it may be contributing to air pollution, said study team member Joel Thornton, an atmospheric chemist at Seattle's University of Washington.

"We discovered chlorine chemistry happening in a region that we didn't expect it to be happening," Thornton said.

(Related: "Pollution From U.S., Europe, Others Speeding Arctic Warming, Study Says.")

Accidental Discovery

The chlorine discovery above Boulder was accidental, Thornton said.

Thornton and his team were testing out a custom-built chemical ionization mass spectrometer that they intended to use later, during a research cruise across the Atlantic Ocean.

"In preparation for that, we put our tubes out a window to do some tests, and we made the first observations of this compound," Thornton recalled.

When the team shifted their focus to study chlorine, they found that, worldwide, as much as ten billion metric tons of chlorine enters the atmosphere from sea spray annually, but only a tiny fraction—perhaps a third of a percent—does not fall back to the surface.

Yet not all, or even most, of the United States' inland chlorine comes from the ocean. Other sources include coal burning, the burning of biomass such as trees, the application of chemicals on icy winter roads, and even the release of dust from salt flats, the study said.

Salty Smog

While sea spray may be a pleasant beach experience, its presence so far inland may worsen air pollution in cities, added Thornton, whose research is detailed in this week's issue of the journal Nature.

That's because chlorine can react with other molecules to create smog. (Find out how much you know about the dangers of pollution.)

In the absence of chlorine, for example, haze-forming pollutants such as nitrogen oxide become bound to other molecules at night and are "cleaned" from the atmosphere. During the daytime, sunlight plays a role in keeping pollutants in the atmosphere.

If chlorine is present, this nighttime removal process doesn't occur, and the nitrogen oxides can be regenerated in the morning, when the sun rises and rush hour traffic adds more pollutants to the air.

Atmospheric chlorine may also enhance the production of ozone, a key ingredient of smog that is potentially toxic to animal and plant life, Thornton said. But chlorine may also reduce the concentration of certain global warming-causing greenhouse gases, such as methane.

However, he added, the chemical reactions associated with chlorine are so numerous and interconnected that it will take time for scientists to parse them all out.

 

Posted via web from eWaste Disposal

Adventure Photography: Wild Angle Photo Contest Winners

Adventure Photography: Wild Angle Photo Contest Winners

Fraser-island-475
Feast your eyes upon Australia's Fraser Island, a World Heritage site and the largest sand island in the world. This photo by Chris Poetzel of Indian Head Point, the headland on the island's 75-mile eastern coastline, was the overall winner in our Wild Angle Photo Contest, sponsored by the Adventures in Travel Expo. See all the winners, from kayaking Antarctica to

http://ngadventure.typepad.com/blog/page/2/

Posted via web from The Newport Beach Lifestyle

SUP 48th Street, Newport Beach

Not a bad session, lots of warm air, college kids out of school, NO Waves, but memorable afternoon cruising the jetties!

Posted via web from The Newport Beach Lifestyle

Quake maps forecast who's on shaky ground

 

 

Imagine if alongside your local weather outlook there also was an earthquake forecast. You’d know if you needed to bring an umbrella and secure loose items before leaving the house in the morning.

The CyberShake project, based at the Southern California Earthquake Center, is advancing science toward that goal. The project is producing seismic hazard maps that predict how much ground motion can be expected throughout the L.A. basin over the next 50 years.

Full story at Futurity.

Posted via web from The Newport Beach Lifestyle

Grabbing a decent lunch in Laguna Beach....

   
 
 

The Cottage Restaurant
Laguna Beach, California

 
   
 
 
 

Welcome to The Cottage Restaurant,
a landmark home that has watched the ever-changing Laguna surf for more than a half century.

For over 35 years, Laguna Beach locals and visitors alike have enjoyed our home-style cuisine and warm, cozy atmosphere.    We hope you'll join our growing family of friends who "feel right at home" at
The Cottage Restaurant

 

Open for breakfast, lunch and dinner
Seven days a week
365 days a year

 
 
 
 
 

308 North Coast Highway
Laguna Beach, California 92651
(949) 494-3023

   
 
Home History Menus Banquets Map
  Contact
   

Posted via web from The Newport Beach Lifestyle

HVAC boot cleared of Asbestos in Los Angeles

http://www.ewastedisposal.net