There is no doubt about it!  Northpark Square sales activity for 2010 is thriving compared to 2009.  In the month of May and June 2009 a total of 4 homes sold, and this year in the month of May and part of June a total of 14 homes have been sold, and the scary thing is that the month isn’t even over yet.  Despite the expiration of the tax credit, home sales continue to soar, especially in the areas of Irvine, Orange County that are so high in demand!   If no more homes sell this month in Northpark Square that will be a 250% increase from sales activity last year!

In addition, of the 4 homes that sold last year, the median price was $540,000 compared to a whopping median price in 2010 for the month of May/June being $753,600.  Buyers are looking and most have realized that interest rates aren’t going any lower than 4.75%, and they are jumping off the fence.  Whether there is a tax credit available or there isn’t, home ownership is becoming more affordable with the lower interest rates and the homes that are priced to sell are selling within a week of being listed and most of the time, even above list price to HIGHLY qualified and pre-approved buyers.

If you are considering selling your home and moving up or down in size, or need to sell due to other circumstances, call Robert Mack @ 949-209-7309, and learn what your home would sell for in this market.    For a FREE over the net market evaluation of your home sent directly to your email inbox, go to http://www.IrvinePropertyValues.com and fill out the simple form….you don’t even have to speak to an agent!

May/June Northpark Square Sales Are Soaring is a post from:

Located in the highly sought after area of Northpark Square in Irvine, Orange County. Largest model in the San Juan Bautista tract at 1876 s/f. This home features 3 bedrooms and 3 bathrooms plus a huge upstairs loft/office/2nd living room. The home is has a very open floor plan with plenty of natural light with 1 bedroom downstairs. Large gourmet kitchen with breakfast bar, dining area, and plenty of storage. Master bedroom features large open master bath with walk in closet and dual sinks. Fridge, Washer, & dryer included in the lease price (inside laundry area).

Great association amenities include parks, swimming pools, spa, & basketball court. Very centrally located to 5 freeway and toll roads, and within walking distance to Beckman Highschool and the Irvine/Tustin marketplace. One of the few units with a private back patio that backs to a green belt. Owners looking for a 1 year lease or more. Owners may consider a pet with a strong applicant with an additional pet deposit.

For a private showing or for more information please email Robert Mack or call at 949-209-7309.  To search for other Irvine Rental properties go to http://www.IrvineRealEstateLink.com and take control of your search TODAY!

For more details and complete set of pictures check out the SocalMLS listing by CLICKING HERE!

44 Bolinas – Now available for lease in Northpark Square – Irvine Orange County is a post from:

If you live in the San Juan Bautista tract in Northpark Square I’m sure that you have noticed that your rain gutters are not as effective as they were in 2001 when the homes were first built.  I have been a resident in this community since the start and can still remember when the surrounding areas were all un-developed and dirt lots!  My rain gutters have been clogged for quite some time now and after a few calls to the home owners association, they have finally come to my rescue! 

I came home yesterday and found a note on my garage door that read:

Dear Homeowner or Bautista Association,

McDonnell Roofing will be starting the roof/gutter cleaning and maintenance of the tile roofs for your community on Wednesday, February 22nd, Weather permitting.  This project will take approximately 3-4 working days.  We will do our best to keep the grounds clean during this process.  If you have any further questions please call Brandon at 949-510-5043.

This is great news and it is always refreshing to know that the association is taking responsibility to keep the condition of these homes great!  Thank You!

Roof/Gutter cleaning for Northpark Square Residents of Irvine is a post from:

There is no doubt about it!  Foreclosures are everywhere and many cities and counties have been affected.  The good news (for Irvine) is that despite the high number of foreclosures and short sales in other parts of Southern California, Irvine hasn’t been hit so hard. 

Currently there are a total of 11 active or available foreclosed homes (or REO’s as the banks call them) listed for sale which is a very small percentage in comparison to other cities in Orange County.  A total of 25 foreclosures are currently pending, on hold, or in back up offer status.  In 2009 a total of 239 foreclosed homes were sold in Irvine, and this year (so far) 14 have sold.  Don’t be fooled with the media and them talking about home prices falling.  The media always discusses the real estate market as a nationwide statistic and that just doesn’t do Orange County, especially Irvine any justice.  These homes are so high in demand (especially with most buyers avoiding short sales) that it is literally a feeding frenzy outside of any listed foreclosed homes, with buyers waiting (like vultures) for other buyers to leave the home so they can take a look for themselves.  These homes are selling within days of being on the market usually above list price!  In 2009, one foreclosure sold for 20% above the list price to the highest bidder.  Foreclosures in Irvine, Orange County are far and few between with hundreds and thousands of buyers competing to get them.

It is even more competitive in Northpark Square, a newer community in Irvine.  Currently there are zero foreclosures available in Northpark Square.  There is one currently in back up offer status and in escrow which is located in the Monticello tract.  Last year a total of 4 foreclosed homes sold in Northpark Square which is just over 1% of the total number of foreclosures sold in Irvine as a whole (which is extremely low in my opinion).  Currently in 2010, 1 has sold at 5% above the list price.  The most prepared buyers are the ones that WIN in this market!!

Most buyers are waiting for a 2nd wave of foreclosures to hit the market in hopes of the prices coming down even further, however from my point of view, I see prices going up (before they go down) because of the overall demand and limited inventory of these foreclosures.  In almost every case, in every city and town, buyers are bidding against each other, and ultimately driving up the final purchase price above the actual list price.  This could be because foreclosed home in Irvine have a “good deal” attached to them, it could be because the tax credits are expiring soon, it could be because interest rates are amazing right now……there are so many different buyer motivations that it is hard to pinpoint. 

To do your own search for foreclosed homes (and regular ones) in Irvine, Orange County and the surrounding areas go to Irvine Real Estate Link and take control of your search or just stay on the market and know what is going on.  Either way it is an exciting ride!!

Northpark Square foreclosures VS. Irvine, Orange County is a post from:

The signs all point in the same direction!  Home prices have become so much more affordable compared to the prior years, interest rates are historically low ranging between the high 4’s-mid 5’s (depending on your loan structure), Irvine, Orange County inventory has significantly dropped, and there are so many tax credits for buyers to take advantage of.  All of these factors have made it one of the best times to sell and/or buy a home in comparison to the past years.  In most areas, prices have stabilized and in select areas, prices have even gone up!

Sales activity is up in almost every area in Irvine, CA.  Whether you are looking to BUY your first home, second home/investment home, or SELL your current home and move up. NOW IS THE TIME!  My mentor would always tell me that the majority of money made in real estate is always made on the purchase!  By that token, if you are a buyer, you are in the driver seat based on all of the points/benefits made above.  On the flip side, this also has a positive outlook for sellers in two main ways.  First, if you are a seller, you have a high number of qualified and motivated buyers competing against each other to buy a home NOW, therefore you increase your chances of having a multiple offer situation and pushing the sales price above the actual list price (especially since inventory is low).  The best priced homes are selling within days of being on the market to the highest and most capable buyer. Secondly, after you sell your home you BECOME a buyer, in the driver seat, and you can make up selling your home at a reduced price (compared to previous years) by buying your new/move up home at a fraction of the cost and still taking advantage of all the buyer benefits offered today!  If you wait for the market value of your home to go up before you sell, then be prepared to pay more for your new home and take a gamble on higher interest rates.  No matter how you look at it, SELLING NOW IS A WIN WIN SITUATION!

In the Northpark Square community of Irvine, Orange County during the times of 10/1/2009 through 12/31/2009 (which is the final quarter of the year) a total of 17 homes sold.  This number is 55% higher than the same time period last year, where only 11 homes sold!  Clearly more homes are selling and more buyers are buying now.

Northpark Square Home Sales from 10/1/2009 through 12/31/2009 – (17 Closed Sales)

1. 5 Delano                -              Sold on 10/1/2009
2. 14 Julian               -              Sold on 10/2/2009
3. 42 Whitford         -              Sold on 10/5/2009
4. 10 Inglenook      -              Sold on 10/6/2009
5. 8 Dos Rios            -              Sold on 10/7/2009
6. 6 Avalon               -              Sold on 10/9/2009
7. 34 Leucadia         -              Sold on 10/14/2009
8. 2 Flora Spgs         -              Sold on 10/20/2009
9. 2 Galena                -              Sold on 10/21/2009
10. 41 Bella Rosa       -              Sold on 10/28/2009
11. 16 Riveroaks       -              Sold on 10/29/2009
12. 8 Galena                -              Sold on 11/6/2009
13. 3 Cabazon            -              Sold on 11/12/2009
14. 17 Ravendale     -              Sold on 11/12/2009
15. 12 Rutherford    -              Sold on 11/16/2009
16. 26 Kernville        -              Sold on 11/30/2009
17. 18 Forest HI        -              Sold on 12/23/2009

Northpark Square Home Sales from 10/1/2008 through 12/31/2008 – (11 Closed Sales)

1. 74 Rosenblum    -              Sold on 10/24/2008
2. 5 Villager              -              Sold on 10/25/2008
3. 17 Leucadia         -              Sold on 10/26/2008
4. 78 Rosenblum    -              Sold on 11/7/2008
5. 1 Rutherford        -              Sold on 11/10/2008
6. 7 Rutherford       -              Sold on 11/10/2008
7. 12 Leucadia         -              Sold on 11/14/2008
8. 3 Raines                 -              Sold on 11/18/2008
9. 25 Leucadia         -              Sold on 12/8/2008
10. 20 Taquitz            -              Sold on 12/17/2008
11. 10 Iron Springs  -              Sold on 12/24/2008

 To learn exactly what YOUR home would SELL for today, contact the Mack Team directly or sign up for a FREE OVER THE NET home evaluation (all without even speaking to an agent) TODAY at http://www.IrvinePropertyValues.com.

Northpark Square Sales Activity is up 55% compared to last year! is a post from:

Client Question -

Robert,
How is the market looking to you?
I am getting sick of renting.  Do you know if the West Irvine homes have Mello-Roos and high association dues? I’d like to get something new so I don’t have to rebuild the thing.
Are you seeing any repos that look reasonable?
Thanks,
Mike

Response -

Hi Mike,
I am assuming that you are curious of how the market is from a buyer’s point of view – am I correct?
What I am telling all of my clients right now is, if you have stable income/employment, and purchasing a home is a goal of yours, then right now is a great time to buy, or at least before the year is over so that you can take advantage of the $8000 tax credit when buying a home in 2009.  Will prices continue to fall….most likely, due to the fact that short sales and REO’s (foreclosure homes) are continuing to pop up in our market place.  The key focus however should be on the financing aspect.  Clearly, interest rates are historically low at 4.5% +/- a little here or there, and there are still some great financing programs that one can take advantage of.  Where it gets tricky is that lenders are tightening up their guidelines every day and slowly eliminating programs and making restrictions tighter.  To give you an example, I am currently working with a buyer who has been pre-approved for a purchase price with a 15% down payment for several months now.  The lender just came to us early last week and told her that the program she qualified for is now requiring a minimum 20% down payment due to her qualifying criteria.  Luckily for her, she was able to come up with the additional 5% at the last minute.  Not everyone is as lucky or as resourceful as herself.  My biggest concern in this type of market place where lenders are getting pickier and pickier with who they lend money to, is that home prices will continue to fall, and once it becomes so affordable, only a small, limited number of buyers will actually qualify to obtain financing.  Obviously, to my cash buyers, it doesn’t affect them because they do not have to worry about qualifying or interest rates.

Many buyers are also waiting for interest rates to fall even lower.  The problem with this is that, the number of home sales in Irvine has almost doubled since January.  In January the total number of homes that sold and closed was 77, whereas just in April, there were 131 closed home sales!  The Fed’s see this and understand that the interest rates are where they should be, because obviously, just based on home sales, the existing low interest rate has already stimulated buying.  Although, both my lender and I feel that the interest rates will continue to stay stable throughout the year at between 4.5-5.5%, there is really no telling what will happen if sales continue to increase on a monthly basis.  One thing we feel confident about is that they will not get any better…..but like I said, we don’t have a crystal ball, it is just an educated conjecture that we have come up with.

As far as West Irvine is concerned, it is a great area!  Still a newer community started in the late 90’s, with homes that require little to no rebuilding or remodeling.  Similar to Northpark and Northpark Square, West Irvine has moderate HOA dues and very reasonable Mello-Roos assessments compared to other newer areas of Irvine or Tustin like Woodbury, Portola Springs, or Columbus Grove/Square.  Of all the newer communities in Irvine, West Irvine is one of the most reasonable areas to live in.  In addition, it is a great community with Tennis Courts, playgrounds, parks, and a saltwater swimming pool, which I am sure you know about.  When you say high association dues….what price range would be reasonable to you and your family?

As a whole, Irvine does not have a large amount of Foreclosure listings in comparison to other cities in North Orange County.  Of the 677 total homes currently listed in Irvine, only 25 of them are foreclosed homes which is just over 3.5%.  In West Irvine, there are a total of 10 homes listed, none of which are foreclosed.  As a matter of fact, only 1 foreclosed home has been listed and sold in West Irvine since January, and that was in March.  Since then, they have been virtually non-existent.  This doesn’t mean that others won’t pop up though!
I have seen some reasonable repos in other areas of Irvine, and keep in mind that the repo’s that are in good shape and priced aggressively are sold within a day or two (max) of being listed on the market.  Normally at a price higher than the actual list price to the most able/willing and prepared buyers.  Most banks will price these homes very aggressively to get them sold immediately and their intention is to create a multiple offer situation so that they can have their pick from many offers.  This is not always the case, however it is very common.
If you are interested in the West Irvine area, you may also want to include the Northpark and Northpark Square communities.  As I mentioned above, all 3 of these communities are quite similar in what they have to offer a resident and have quite similar Mello-Roos and HOA dues, including the amenities.

If you are truly getting sick of renting and want to begin looking for a home, I would recommend that your next step be to contact a direct lender and begin the process of getting pre-approved.  Obviously there is no obligation to you, and all this process will do for you is create more certainty.  You will not only get pre-approved for a purchase price that you can afford, it will also give you more insight on the different financing options you can take advantage of and give you a detailed break down of your monthly investment.  Without completing this process, you will be walking blind into the whole process.  If you have a lender you are comfortable with, that is great, otherwise, I would be happy to send you a referral of a great lender that I have been working with for years.  Please let me know if you would like me to send you the referral and I gladly will!

Please let me know if you have any other questions or concerns.

All the best,

Robert Mack
Century 21 Professionals
(949)209-7309 Cell
(949)262-2764 Fax
robertmack10@gmail.com <—- NEW EMAIL (please update your address book)

Do West Irvine homes have Mello-Roos and high association dues? is a post from:

My wife and I are a team, The Mack Team, and live in Northpark Square in Irvine. We mainly concentrate on Orange County, specifically Irvine homes, and hardly deviate from this area. This is not to say that we will not consider other close by areas, but to say that our main focus is on a small group of prospects in the area who may need guidance and assistance in purchasing a new home or selling their existing one. Remember, a property is not a pair of shoes that one may spend ten minutes deciding whether or not to buy it, it is a dream. It is something that you and your family will spend many years in it. You want it conveniently located near schools, shopping centers and places of entertainment. You want it to be comfortable.
Like many other areas, Irvine property inventory is quite large. Buyers have the leverage these days, and in most cases they [buyers] can afford to dictate the terms, and usually get away with it. Therefore, an Irvine real estate agent should not press so hard and be pushy.

The Mack Team of Century21 professionals understands that. It commits itself on spending time with potential customers, and we do mean it sincerely. As the economic situation deteriorates, we, as real estate professionals, must work harder to acquire the trust of our customers. Forging a strong bond between us, even if the potential Irvine home buyer shows signs of skepticism, we should appreciate their concerns and put them at ease instead of seeing dollars slipping away, which is the worst thing an agent can feel and especially show it. And let me tell you something: the prospective buyer is smart enough to see and feel the negative vibrations in their agent.
Don’t think about the gas prices. Let them hop into your car, show them other properties, feel at ease, and make them feel at ease. Suggest other areas in irvine, stop at a convenient café and offer them a soda or a coffee and pastry. Discuss your business at the sidewalk café. You will be surprised what this spontaneous action and your meager ten-dollar hospitality can do for your business. And even if they are not still able to come to a solid conclusion and you have done your best to hook them up, do not press—remember they can read your countenance—put the situation on the back burner, for a while. If they really are interested in a property they will come back to you because you have already proven yourself worthy, you have built a rapport, you have paved the way and all they have to do is to walk on it. It is almost impossible for that prospective buyer to engage another agent. Don’t be a sore looser by showing your contempt for spending time and money in vain. Change your tactics, and subtly suggest Irvine foreclosure properties, although dealing with foreclosures may be somewhat of a headache for both the agent and the buyer, but the outcome may be quite rewarding.
Bullshitting definitely will not work, showing a lot of teeth and ear-to-ear smiles are also a no no, unless honestly displayed and only if the situation calls for. Do not press, do not feel desperate, do not hand out more than one business card unless you are specifically asked for more, do not overwhelm them with futile real estate statistics.
The prospective buyer knows how much money and time you spend on them showing properties, they appreciate it without your telling them. End the tour with them on good terms, no matter what the outcome. Think of possible comebacks and referrals. (Please see my Weblog titled: After Close of Escrow).
Views, comments, responses and constructive criticisms are welcome.

Make it a great day.
The Mack Team
Robert & Tania Mack
Century21 Professionals
Irvine, Orange County, California.
http://www.irvinerealestatelink.com

Irvine Real Estate Link, CA – Prospective Irvine home buyers is a post from:

Although there may be a handful of reasons to buy a piece of real estate in Irvine or Orange County in general, I would like to tell you about one that may fall into a rather rare circumstance. I know this couple—in their mid fifties back in 2003—who were interested in a home in the newly-built Northpark Square in Irvine. The wife’s sister had already purchased a home in the area. The two sisters are so close that the other one also wanted to buy a close by home so that they could be near each other.

The couple already had a home in central California—they still do. The house that they wanted to buy in Irvine was exactly the same model as her sister’s and in fact next door to it. That house was already in escrow. So the couple assumed it would go through and won’t be available for purchase. The contracts, however fell through and the new potential buyers were disqualified. But literally within hours of escrow failure another couple purchased the house. Later on when they heard about disqualification and repurchase of it by another couple, they were totally disappointed. At that time the house prices began rising, the economy and the real estate market was good.

The $345,000 property was now $550,000 in mid-2005. The couple in question then decided to purchase a smaller townhouse in Glendale, California, and they did. The house in Irvine was sold again, this time for $650,000. The market was still good and between 2004 and 2006 house prices soared by about 23%, and it was not possible for them to buy that Irvine house any longer. During this good economic times they kept the Glendale townhouse which appreciated considerably. The Irvine house, again, for the third time, became available and was put on market for $750,000. I knew it was too much for the couple in central California but I thought I’d let them know anyway. Sure enough they showed interest. Now this is mid-June of 2006. They travelled down to check out the very house in Irvine. They agreed to give an offer pending on the sale of the Glendale townhouse. The couple was easily pre-qualified for $800,000 due to their outstanding credit history and I immediately began working on the sale of their Glendale property. People were buying left and right those days in southern California and within fifteen days I was able to sell it for a good chuck of profit for this central California couple. We bargained on the Irvine house a little and it was agreed for $739,000. With money that they had in their savings plus most of the profit that they recently made, they put over 30% down and the house was theirs by July 1st.

The central California couple are non other than my parents. Now the two sisters have their houses facing each other and my aunt and my mother are now happy campers. They were just this close to buying it for $390,000 less in 2003, and being close to each other was worth the wait and the huge expense. This, of course may not apply in many cases but it eventually worked out to be the kismet in this particular situation. As though my parents’ names had already been etched on the foundations.

Of course this is an extreme case and a bit close to my heart. But in my next blog I will give more reasons as to why people want to buy certain houses, and why we, The Mack Team, as real estate professionals, must be flexible enough to respect our clients’ reasons and wishes with utmost care.

Views, comments, responses and constructive criticism are welcome.

Make it a great day.

The Mack Team
Robert & Tania Mack

Century21 Professionals
Irvine, Orange County, California.

http://www.irvinerealestatelink.com

Irvine, CA Real Estate – Why buy a home – Part 1 is a post from: