Corona del Mar home listed for $49.6 Million

A Corona del Mar Mansion home was listed for $49.6 million.


The mansion Portabello a Corona del Mar 20,000 sf mansion is back on the market with a significantly reduced price listed at $49.6 million. The home sits on to of a bluff in Corona del Mar overlooking the ocean. The home has its own bowling alley, theater, soda bar, two pools, and an outdoor grotto.


Four years ago the home was on the market at $75 million dollars the home sits on 3 Corona del Mar lots and has over 325 feet of ocean front.


It is quite the home and I wish Jon McMonigle good luck selling this magnificant home.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Real Estate Has Taken a Down Turn

Why has real estate taken a down turn????
Many have been asking and reporting on, "what is causing the current down turn in real estate". There is no doubt that the trend is down when considering the number of sales in the market place. The federal tax break did play a big part in the current trends in real estate.

It is common that when you stimulate the market with incentives we get people to make ta decision they may not have otherwise have made. Others make a decision to purchase a home due to the tax break a few months eariler than they would have comfortably done. So the buyers are pushed eariler in the year than would have been usual.

Therefore the number of homes sold have dropped nationally by 5.1 percent. In California, last month's house sales decreased by 11 percent. Since there are fewer buyers now that they moved up their time frame and purchased eariler in the year.

In California the good news is that year over year we are still ahead of 2009. Lets hope the buyers that are out there now are purchasing on the great interest rates and the great low costs of homes.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Area Market Report for Mission Viejo

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 4.8 percent, for new homes it is up 23.6 percent and for resale condos down 2.0 percent. The sales volume is up for resale homes 1.9 percent and up 7.4 percent on condos and up 122.3 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are up 6.2 percent and the sales volume is up 88.1 percent.
• Mission Viejo Zip Code 92692 sales prices are up 4.7 percent and the sales volume is up 13.8 percent.
• Aliso Viejo sales prices are up 9.7 percent and the sales volume is up 19.6 percent.
• Laguna Niguel sales prices are up 19.4 percent and the sales volume is up 1.0 percent.
• Rancho Santa Margarita sales prices are down 11.3 percent and the sales volume is up 45.2 percent.
• San Clemente Zip Code 92672 sales prices are down 8.8 percent and the sales volume is even 0.0 percent.
• San Clemente Zip Code 92673 sales prices are down 3.4 percent and the sales volume is down 1.7 percent

If you are considering selling your home we are interested in helping you sell it Tim Lorenz. If you do not know what to do because you are behind in your mortgage and want some help Call Us we will sit down with you and explain the process.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

La Tierra Update

La Tierra Market Update

La Tierra is a tract of homes that Mark Paulson and Tim Lorenz with Keller Williams Realty has worked in for over 7 years, as a specialist in the area; this home development will be reported on monthly so that you can get an accurate update and feeling of what is happening in this specific area of Rancho Santa Margarita, CA.

Active Listings

None

In Escrow Accepting Backup Offers

9   Telliz      3bd 2.50bath  1960sf  $539,999

41 Sendero  4bd 2.75bath  2261sf   599,000

Sold and Closed

26 Sendero 3bd2.50bath 2045sf $525,000 4/26/10

37 Sillero 3bd 2.50bath   2045sf 560,000  6/11/10

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Paragon Rancho Santa Margarita Update

Paragon - Rancho Santa Margarita - California

Market Update RSM

The Paragon is a tract of homes that Mark Paulson and Tim Lorenz with Keller Williams Realty have worked in for over 7 years, as a specialist in the area; this home development will be reported on monthly so that you can get an accurate update and feeling of what is happening in this specific area of Rancho Santa Margarita, CA

Active Listings

None

In Escrow Pending

33 Segada 4bd 2bath 3,027sf $839,000

Sold and Closed

6 Arado    4bd 4bath    3,240sf $800,000 3/25/10

27 Segada 5bd 4.5bath 3,290sf   839,900 4/16/10

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Serabrisa Rancho Santa Margarita

Serabrisa - Rancho Santa Margarita

This is a tract of homes that Tim Lorenz with Keller Williams Realty has worked in for over 7 years, as a specialist in the area; this home development will be reported on monthly so that you can get an accurate update and feeling of what is happening in this specific area of Rancho Santa Margarita, CA


Active


      165 Pasto Rico 2bd 2.5bath 1200 sf $269,900

      189 Pasto Rico 2bd 2 bath 1003 sf    294,900

      115 Pasto Rico 2bd 2 bath 1033 sf
290,900

      83 Pasto Rico 2bd 2 bath 1033 sf      299,900

    233 Pasto Rico 3bd 3 bath 1426 sf      325,000

     194 Pasto Rico 2bd 2 bath 1032 sf     299,900

      113 Pasto Rico 3bd 3  bath 1426 sf    289,900


In Escrow Taking Backup Offers


     133 Pasto Rico 2bd 2.5bath 1350 sf $264,560

      243 Pasto Rico 2bd 2.5bath 1200 sf  260,000

      110 Pasto Rico 3bd 3 bath 1426 sf    325,000

       20 Pasto Rico 2bd 2.5bath 1325 sf   270,000

      121 Pasto Rico 2bd 2.5bath 1033 sf   290,000


In Escrow Pending


       39 Pasto Rico 2bd 2.5bath 1033 sf   $250,000

Sold and Closed

      155 Pasto Rico 2bd 2 bath 1186 sf $279,000 5/16/10

      260 Pasto Rico 2bd 2 bath 1050 sf   290,000 5/18/10

      84 Pasto Rico 2bd 2.5bath 1200 sf   325,000 5/25/10

      286 Pasto Rico 2bd 2.5bath 1033 sf   316,000 5/28/10

      318 Pasto Rico 2bd 2.5bath 1150 sf   316,000 6/18/10

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Market Report for Mission Viejo Area

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 7.2 percent, for new homes it is up 37.3 percent and for resale condos down 4.5 percent. The sales volume is up for resale homes 9.2 percent and up 15.7 percent on condos and up 123.4 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are up 10.7 percent and the sales volume is up 68.9 percent.
• Mission Viejo Zip Code 92692 sales prices are down 3.0 percent and the sales volume is up 18.5 percent.
• Aliso Viejo sales prices are up 5.9 percent and the sales volume is up 24.7 percent.
• Laguna Niguel sales prices are up 14.6 percent and the sales volume is up 20.0 percent.
• Rancho Santa Margarita sales prices are down 14.5 percent and the sales volume is up 6.4 percent.
• San Clemente Zip Code 92672 sales prices are down 10.0 percent and the sales volume is up 14.3 percent.
• San Clemente Zip Code 92673 sales prices are down 4.2 percent and the sales volume is down 1.8 percent

If you are considering selling your home we are interested in helping you sell it Tim Lorenz. If you do not know what to do because you are behind in your mortgage and want some help Call Us we will sit down with you and explain the process.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Real Estate Statistics Are Your Friend

Real estate statistics are a valuable tool infact they are your friend in that they can help predict where the market is going and accurately tell us where it has been. Assuming that the data is accurate. Two weeks ago I reported that 13 percent of the homes sold in Orange County were foreclosure sales. This week I will tell you that 7.69 percent of the homes in Orange County are 90 days or more late.

If you do not look closely you may believe that things are getting better. That would not be a good conclusion. Because there are significantly more homes that are owned than are sold in a given month. Therefore, the percentage 13 percent is larger than 7.69 percent the later is a much larger number and potentially more dangerous to the market.

The way to look at this is to look at apples to apples. May 2010 we have 7.69 percent of the homes that are 90 or more days late, while last year May 2009 6.05 percent of the home in Orange County were in delinquency. So we are not getting better but getting worse. In California this year 10.63 percent are 90 days or more late, while last year that were at 8.79 percent delinquent. Again getting worse not better.

Yet, if we look at the percentage for the foreclosure rate in Orange County we have 2.23 percent and last year it was 2.28 percent. That is not as bad as it was gettin better.

Could it be that the banks are not foreclosing as fast or doing more short sales or loan modifications? I would think that would work into the reality of the market. Overall there is little change in the market the homeowner is still in trouble and the help has not come in any meaningful way.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

California Distress Sales

Did you know that California distressed properties are selling for 38 percent less than other home in the area this year, now that is a great savings. This great savings on distressed properties is according to RealtyTrac a foreclosure tracker. The 38 percent is an average but that is a substantial savings for your buyers. This is a real statistic. It compared the homes that were equity sales vs the distressed properties and the average savings is 38 percent.


California was number one with the highest number of distressed property sales at 59,823 in the first quarter. While only 4th in year over year distressed sales.

Looks like California is the place to buy. If you need help purchasing or selling your home call me.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Pyne's Castle In Laguna Beach For Sale

Yet another Laguna Beach Estate goes on the Market. The landmark beach estate know as the Pyne Castle has not been on the market for decades. Built in 1927 the estate sits on 2.2 acres of land and has 18,400 square feet of home. The castle sits on a hill in North Laguna Beach, which gives it views of the ocean and Catalina Island. It origionally had 62 rooms.




Today it is an appartment building for 16 families. Pyne built the home as his residence. He willed the castle to his housekeeper Marie Hannon in 1945 who left the property to the Christian Science Church upon her death. The church sold the property to its current owners.



The current price of the castle appartment is $15 million.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Sandra Bullock and Jesse James' Home Drops Price

The home of Jesse James and Sandra Bullock has drop it price from $6.75 million to $4.99 million. Now that is some serious price reduction. It is a two story home in Sunset Beach a corner lot has 4 bedrooms and 41/2 baths, media room, glass enclosed pool, three car garage,




I bloged about the home before but it is a quick drop of price for the home. I wish them well. I always hate to see a situation like this one happen.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Orange County Sales Are Increasing

I know we are all looking for information the we can trust that will be positive, like Orange County sales are increasing up over last year. It is true.  Sales are up. The prices have made a big adjustment down but the condo market is selling quickly, and so are homes.



It shows that the condo market in June was the bigest since June 2006. The federal tax credit has helped the market and it helps the condo more than the single family home sale. But look we have a market improvement.



The single family residences are also up 10.3 percent vs a year ago. Laguna Beach is going up at a rate of 16 percent in the same year. As prices get affordable in all areas the top beach areas will sell fast, as we are seeing in the data. The median price in Laguna Beach is down 29 percent in one year.



So if you are looking for some good news it is that deals are out there and the market knows it. People are buying because prices are low and the interest rates are real good. So it is not just that Orange County condo sales are 13% faster than a year ago, but the whole market is moving well.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Market Report for Mission Viejo Area

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 4.9 percent, for new homes it is up 23.0 percent and for resale condos even 0.0 percent. The sales volume is up for resale homes 4.6 percent and up 15.0 percent on condos and up 81.5 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are up 7.2 percent and the sales volume is up 60.9 percent.
• Mission Viejo Zip Code 92692 sales prices are down 10.2 percent and the sales volume is even 0.0 percent.
• Aliso Viejo sales prices are up 3.3 percent and the sales volume is up 35.3 percent. L
• Laguna Niguel sales prices are up 11.1 percent and the sales volume is up 9.5 percent.

Rancho Santa Margarita sales prices are down 13.4 percent and the sales volume is up 3.8 percent.

San Clemente Zip Code 92672 sales prices are down 7.5 percent and the sales volume is up 44.1 percent.

San Clemente Zip Code 92673 sales prices are down 9.1 percent and the sales volume is down 6.1 percent

If you are considering selling your home we are interested in helping you sell it Tim Lorenz. If you do not know what to do because you are behind in your mortgage and want some help Call Us we will sit down with you and explain the process.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Orange County Shows that Short Sales are on the Rise

In Orange County one in four sales is a short sale which shows they are on the rise.
It is interesting to note that in Orange County one in four sales in May was a short sale. That means that the home sold for less than the amount owed and the bank accepted the sales as satisfying the loan.

The homes that were seized by the lenders in foreclosure amounted to 13 percent of the homes sold in May.

The trend shows that lenders have been getting more aggressive about approving homeowner in a short sale. Most homeowner do not realize that the sale does not cost them anything. Not even the commission. So the bank is paying the commission and taking less than what is owed on the property.

What we are seeing here in Orange county is a steady increase in the number of properties sold as short sales. In the Orange County area we had 672 short sales in May and that is the most ever recorded since the MLS has kept records.

The short sales were up 68 percent year over year.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Happy Fourth of July

Happy Fourth of July!
Take a moment to consider your country and who we are...Are you truly grateful for the freedoms and protections you enjoy as a citizen of this great country?

I am proud to be and American and I hope you are too. We are in the best country in the world with more freedom than most countries and in a business where we can be what we want to be.

How much better can it get.

I wish you a joyful Independence Day.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!

Mission Viejo Area Market Report

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 7.4 percent, for new homes it is up 18.2 percent and for resale condos up 4.0 percent. The sales volume is up for resale homes 6.2 percent and up 13.6 percent on condos and up 41.9 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are up 11.6 percent and the sales volume is up 23.1 percent.
• Mission Viejo Zip Code 92692 sales prices are up 12.0 percent and the sales volume is up 11.1 percent.
• Aliso Viejo sales prices are up 3.8 percent and the sales volume is up 33.3 percent.
• Laguna Niguel sales prices are up 13.7 percent and the sales volume is up 12.2 percent.
• Rancho Santa Margarita sales prices are down 7.0 percent and the sales volume is up 11.8 percent.
• San Clemente Zip Code 92672 sales prices are up 3.6 percent and the sales volume is up 27.8 percent.
• San Clemente Zip Code 92673 sales prices are down 4.3 percent and the sales volume is up 30.0 percent

If you are considering selling your home we are interested in helping you sell it Tim Lorenz. If you do not know what to do because you are behind in your mortgage and want some help Call Us we will sit down with you and explain the process.

Tim Lorenz

Instant MLS Listings & Free Market Analysis

"We have actually closed many short sales!"

http://www.markandtim.com/

949-282-2521

Tim Lorenz . Over 40 Years Experience Representing South Orange County Home Buyers, Sellers, Investors and Relocations!