Showing posts with label Newport Beach Ca. Show all posts
Showing posts with label Newport Beach Ca. Show all posts

Sunday, October 3, 2010

Legendary surf shop might close because of Newport Beach zoning laws

The Frog House surf shop, the second-oldest surf shop in Orange County, might have to close its doors because of residential zoning laws.

The shop has been at its Newport Shores location since 1962. A few years later, in the 1970s, the land was zoned for residential-use only.

Because the business was already on the land, it was deemed a legal non-conforming use, City Atty. David Hunt said, meaning that they were openly using residential land for commercial use but the city did not pursue removal.

In 2006, Newport Beach was updating its general plan, which included taking action on zoning restrictions. Two years later, an ordinance passed that required the city to take action on Frog House and three other nonconforming properties in residential areas.

"[In 2008] the choice was that the commercial uses in residential uses have a year to abate or apply for appropriate modifications or permits, or they would have to leave their location," Hunt said.

Although the public has had access to the ordinance since 2008, Hunt said that the city did not contact Frog House directly when the change happened.

But, Hunt said, there are options for Frog House that wouldn't result in closing.

"They can seek an extension of the abatement period, which is a temporary extension determined by a hearing officer, or they can ask the City Council to amend the zoning," he said.

Read the full Daily Pilot story here.

-- Joanne Clay

Posted via email from eWaste Disposal and Recycling

Tuesday, May 4, 2010

Newport Beach hardest place to sell a home

The latest O.C. home inventory report states that as of April 29 …

Hottest Supply Deals Mon. Yr. ago Price
Aliso Viejo 148 135 1.1 1.9 $478k
Foothill Ranch 45 35 1.3 2.1 $501k
Rancho Santa Marg. 153 118 1.3 1.5 $389k
Garden Grove 237 163 1.5 1.7 $413k
Lake Forest 138 92 1.5 1.5 $498k
County Supply Deals Mon. Yr. ago Price
All of O.C. 9,351 3,979 2.4 2.9 $1.1m
Coolest Supply Deals Mon. Yr. ago Price
Newport Beach 569 64 8.9 11.8 $2.4m
Laguna Beach 372 45 8.3 11.0 $3.5m
Corona Del Mar 190 23 8.3 13.2 $3.0m
Laguna Woods 390 67 5.8 7.3 $221k
Seal Beach 268 56 4.8 5.0 $432k
  • The “hardest” O.C. town to find a home to buy in terms of “market time” (supply of homes for sale vs. new purchase deals inked in past month) is Aliso Viejo at 1.1 months to theoretically sell all for-sale homes at the current buying pace. A year ago, this town was at 1.9 months.
  • The 5 “hardest to buy” markets combined have a market time of 1.3 months and comprised 8% of the supply of homes for sale and 14% of homes in escrow.
  • “Hardest” market to sell a home in, based on the same math, is Newport Beach with market time at 8.9 months to theoretically sells all for-sale homes at the current buying pace. A year ago, this town was at 11.8 months.
  • The 5 “hardest to sell” markets have a combined market time of 7.0 months and were 19% of the supply of homes for sale and 6% of homes in escrow.
  • All told, countywide market time was 2.4 months last week.
  • All told, 43% of the communities tracked by Thomas had “market times” less than 2 months,a clear sellers’ market. Four weeks ago? 40% – and it was 28% a year ago.
  • Chart at right looks at the 5 hottest and 5 coldest markets in O.C. as of last Thursday (supply for sale; new deals made; market time in months vs. a year ago and average listing price) by Thomas’ market time math.
  • More stats from Altera Real Estate HERE!

Posted via web from The Newport Beach Blog

Sunday, April 4, 2010

Homes for people who love dogs

NEWPORT BEACH – Kathi Misterly, owner of a 1950s 2-bedroom ranch house west of Newport Bay, says of her tail-wagging boarders: "I watch them grow up, and I watch their kids grow up.''

Misterly's Rebel Run Canine Suites is one of 4 homes with their own commercial kennels for sale on an unusual street in Newport Beach. Riverside Drive is zoned to allow homeowners to board pets as a business.

Article Tab : kennels-street-mist-beach
Jungle Mist Kennels on Riverside Dr. in Newport Beach is one of four homes with kennels for sale on the same street.
Asking prices for the kennel homes now on the market range from $849,000 to $1,695,000.

"We've gotten buyer interest from all over the country,'' says Jim Orth, a broker for Sunbelt Business Brokers, who's working with Newport Beach Realtor Coleen Brennan of Prudential California Realty to sell the properties.

This isn't your typical house purchase.

The homeowners tend to come to this way of life as a natural progression. They've worked for a veterinarian, or they've bred, groomed or shown dogs. But not always.

"Especially in this eco.....

Posted via web from The Newport Beach Blog

Friday, March 26, 2010

Racquetball court part of $12M OC home sale

Click photos to enlarge

A six-bedroom, 12-bath house just sold in Crystal Cove has many of the features included in most luxury homes, and one that isn’t — an indoor racquetball court.

No word on whether the new owner of 40 Deep Sea is an avid racquetball player. But if he is, his new hilltop house is ideal for tournaments.

A glass wall in the second-level game room of this four-story home overlooks the indoor racquetball court on the floor below, making a perfect observation area.

The 13,500-square-foot house wasn’t even built when it went on the market in April 2008.  After nearly two years, the Crystal Cove home sold last month for $11.8 million, according to Redfin.

An elevator connects the occupants to all four floors — including two subterranean levels. (Check out the hole they dug at right.)

Amenities include a gym, theater, wine cellar and tasting room, sauna, an eight-car garage and game/media room that includes  a juice bar.

Located near the top of the Crystal Cove development, the home features “unimpeded ocean and Catalina views with virtually no rooftops,” according to the MLS.

The “main floor has an unmatched open feel with covered loggias off the great room, family room, breakfast area and kitchen,” the MLS said.

There’s also a separate guest casita and an indoor courtyard.

Posted via web from The Newport Beach Lifestyle

Saturday, March 6, 2010

my top ten Movies selections for a wet Saturday......

1.The Godfather

2.The Shawshank Redemption

3.The Godfather: Part II 

4.Charlie Varick,

5.Pulp Fiction 

6.Schindler's List

7.One Flew Over the Cuckoo's Nest  

8.Star Wars: Episode V - The Empire Strikes Back 


10.Star Wars


Posted via web from The Newport Beach Lifestyle

Tuesday, March 2, 2010

Advantages of the HARP (Home Affordable Refinance Program) program - extended one more year

The HARP loan program is underway and going strong

We have been taking applications for those of you who qualify for HARP refinancing of your current mortgage since May 1, 2009.

HARP is the Homeowner Affordability Refinance Program being offered for those homeowners who do not otherwise qualify to refinance their current home loan.  Whether you watch the financial news programs such as CNBC or Bloomberg TV, or listen to the local news, I’m sure you’ve heard about government programs aimed at helping those who need help to take advantage of low mortgage rates, but do not qualify.  This loan program is a fantastic opportunity for those of you with mortgages owned by either Fannie Mae or Freddie Mac.

If your current loan is owned by either Freddie Mac or Fannie Mae you might be eligible to refinance your home with HARP funds.  We have several lenders offering this program NOW.  To find out if Fannie or Freddie owns your current mortgage, click on the links below and complete the short online form.

You will get an immediate online response. If you get a no response but believe that could be an error, your current loan servicer has this information, and is required to tell you. 

This loan will refinance your 1st mortgage only (if you have a 1st and 2nd mortgage, the 2nd mortgage will remain as it is).  We can finance up to 105% of the current value of your home.  (You may have heard that HARP loans are available up to 125%, but no lenders are making mortgages that far under water yet).  This loan is for those who:

1.  are under water - owe more than the house is worth

2.  have an interest rate higher than prevailing interest rates

3.  have an ARM (adjustable rate mortgage) that has re-set or will re-set shortly

4.  want to refinance, but because your house loan to value ratio is now above 80%, will be required to pay mortgage insurance, making the refinance transaction not worth the closing costs.  NO MI is required for HARP loans)

5.  are not eligible to refinance due to a decrease in monthly income (job layoffs, shorter hours, etc).  However, you will need to show that you can carry the new monthly payments.

If your current mortgage payment includes mortgage insurance, or “lender paid mortgage insurance,” I’m sorry but this is another case where lenders are not doing these loans yet, in spite of technically being available.  The problem here is that the approval will always come back requiring mortgage insurance, but there are no private mortgage insurers willing to take on this risk. 

(Some of you may have Lender paid mortgage insurance and not even realize it. Here's a hint - if your loan IS owned by Fannie or Freddie AND the original loan amount was greater than 80% of the appraised value of your home, AND your monthly payment does not show a private mortgage insurance component, it is almost guaranteed that your loan DOES have lender paid mortgage insurance.) Please feel free to contact me if you aren't sure. I can help you figure it out.

Investment properties were often sold to Fannie or Freddie.  If you own investment property, you may be eligible for the HARP loan.  However, you may be limited to choosing only ONE loan to refinance through this program. 

Some of the great features of this type of refinance transaction are:

  1. Generally lower closing costs
  2. Generally more lenient underwriting
  3. Sometimes no appraisal is required
  4. The same low rates that conventional loans qualifying for a conventional refinance transaction would get.  This includes adjustments for credit score, type of property, etc.)
  5. If your loan is owned by Freddie Mac, you may not be required to prove income.  NOTE:  If your loan is owned by Freddie, you will have to do your refinance through your current loan servicer.  However, Fannie loans can be done by any lender offering this program.
  6. NO MORTGAGE INSURANCE (even if you owe more than the house is worth)
  7. With a Fannie loan, all your closing costs can be included in the mortgage, so, except for a credit report fee and appraisal fee (if required), this loan does not require cash up front.

Remember, the goal of this loan is to reduce your current payments. There is a maximum of $250 Cash out allowed. 

It is still possible that current loans with mortgage insurance, and/or loans for up to 125% of the current valuation may become eligible for HARP financing soon, so please keep checking back.  I will definitely make that announcement as soon as I hear more.

Posted via web from The Newport Beach Lifestyle

Friday, February 26, 2010

Looking Twice at Overpriced Homes

It's Not Always a Physical Defect that Drives Away Homebuyers

This Home Sold Under Market

Common knowledge dictates that if a home doesn't sell, there must be something wrong with it. That's a true statement. In a market that is moving, there is something wrong with a home that doesn't sell. But contrary to popular belief, it's not always location or condition.

The number one reason why an otherwise attractive home does not sell is price. Homes that are grossly overpriced often never sell at all. Why? Because home buyers don't make offers on them.

Why Don't Home Buyers Make Offers on Overpriced Listings?

  • They don't want to offend the seller. It goes against human nature to offer substantially less than asking price to a seller. It's insulting to the seller and embarrassing for the buyer.


  • Buyers erroneously believe that the seller knows the home is overpriced. They believe that if a seller would be willing to sell for less, the seller would simply lower her price.


  • Buyers also assume that the seller must have turned down low-ball offers from other buyers because surely someone, somewhere along the line, had offered a reasonable price to the seller. But many times, there are no offers at all.

How Do You Find an Overpriced Listing?

The easiest way is to ask your Realtor about the average days on market (DOM) for your area. Multiple listing systems are designed so it's fairly easy to compute the DOM. Then ask your Realtor to sort through the listings and give you a print-out of every home that has been on the market longer than the average DOM.

If your Realtor is a neighborhood specialist, it is likely she has toured these homes and has intimate knowledge of condition and layout of these homes. Ask her to share this information with you. You can also ask your Realtor which of the homes she thinks are overpriced as well. You will be amazed to learn that often agents don't tell listing agents whether their listings are overpriced because agents don't want to offend anyone either! But listing agents aren't infallible. Sometimes they make mistakes when estimating market value prices for a seller. Ultimately, however, remember that it is always the seller's responsibility to select the sales price.

Why Would a Seller Lower the Price?

A couple who bought the house you see pictured on this page at first wondered the same thing. That home sat on the market at an asking price of almost $950,000 for three months. In a hot market seller's market, it probably could have sold for about $800,000, but the market was softening and demand was decreasing. Moreover, the sellers had moved out of the area, leaving the home vacant. The listing agent was unaware that the home was overpriced. The sellers were motivated. Pointing out market conditions to the seller, this couple was able to negotiate a deal to buy the home for about $400,000 less than list price. Their contract was the only offer on the table while the sellers' clock was ticking.

To make the offer more attractive to the sellers, the buyers did not include the sale of their existing home as a contingency. They offered the seller a sizable earnest money deposit to show that they meant business. And they also showed the seller a list of homes that sold in the neighborhood at more reasonable prices.

Now, not every home that is overpriced will ultimately sell for less than market value. But many homes that are listed at unrealistic prices are owned by sellers who are motivated and who are willing to listen to reasons why they should sell at a reduced price to you. If you find out that a seller has turned down multiple offers for less money, it might mean that it's just a matter of timing. Eventually the light bulb will go on and a seller will say yes.

There are overpriced gems hiding among the inventory of homes for sale every day. Don't just pass them by. You could be passing up an opportunity to buy your dream home.

Interesting Side Note: After this transaction closed and the final sales price was published, an irate buyer who had previously seen this home called the listing agent. She was upset and complained, saying if she had known the seller was willing to go that low, she would have bought the house and offered $100,000 more.

Posted via web from The Newport Beach Lifestyle

HVAC boot cleared of Asbestos in Los Angeles