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Well we made it through June 2009 a time of increased sales and lots and lots of Notices of Defaults filed! I think we are really living through a time that will go down in the History Books much like the Great Revolution only the outcome may not be as pretty. Back to Real Estate! In a recent Economic Forecast by Gary Watts Mr. Doom and Gloom I heard the report and understood the numbers and I am floored by one fact that was revealed, we have lost the MOVE UP Buyers! You know the ones that buy a modest first home then have children and expand to a larger home? Not going to be so easy in the future due to lending practices, economy and jobs, but mostly to availability! People are not going to sell if they don't have to, the homes that do come on the market (which in our area is at a record low) are homes that are either owned by the bank or soon to be and are desperately placed on the market as a Short Sale which is a Long Sale to say the least. Sellers are anticipating that the banks will release them however more and more we are seeing contracts where the banks are reserving the rights to go after the Sellers for the Debt. This makes the Short Sale process really difficult because it almost makes sense if you are upside down to have it go to Foreclosure or file BK! These are trying times, the inventory is almost non existent as homes that hit the market are gone in a few days with multiple offers, especially homes that are upgraded and in decent areas and are priced right. This loss of inventory and Sellers staying in their homes rather then sell really dries up the pool of available homes. The trend is for more and more Short Sales and REO's as there were about one million Notices of Defaults filed in the state and as we move through into 2010 and beyond that will be the market in a nutshell. Dana Point in particular is an area of desirability I have had several inland empire buyers looking to get in at the beach and do it now! The overall growth that we are anticipating in the South Orange County Area is about 20% over the next 15 -20 years! This will greatly impact are market! So if you are looking to buy in Dana Point or any of the surrounding areas here are my picks, I am qualified as a 34 year resident to speak to these areas I love so dearly; in Dana Point you have Stratford at the Pacific, Dana Knolls, Dana Mesa, Lantern Village, Lantern Bay Estates, Lantern Bay Villas, The Bluffs, Monarch Beach, Niguel Shores, Niguel Terrace, Headlands at the Strands. These are a few of some of the Dana Point areas. In San Clemente I like ShoreCliffs, and Marblehead as well as Cypress Cove and the Pier Bowl area. In San Juan Capistrano I love the horse country off the Ortega Highway, the old Los Corrales area, Mission Bell, Mission Area, Flats and of course Marbella Country Club, Hunt Club and the Highlands! Please feel free to contact me regarding any of these great areas or others from Laguna Beach to Bonsall I know the areas! Have a safe and sane 4th of July!
