Newport Coast, CA

A home that was featured on a TV show "Million Dollar Listing" did not cause the home to sell. The Newport Coast home on Bravo TV with an asking price of just under $10 million did not sell. The show featured a big fight over the difference between that price and the $8 million cash offer. The TV show did not sell the home in Pelican Crest went to foreclosure a few weeks later.

The Realtor who made the offer was selected by the bank to list the property and sold it for $7,050,000.

There were some problems in the sale the basement filled with water and had be be repaired at he tune of over $200,000 which lead to a price drop.

The owner who lost the home called the cash offer of $8 million "ridiculous. So what should have been a sale if the owner accepted the offer ended up a foreclosed property and the TV show did not sell the home.

Yes, now is the time to purchase a Luxury home anything over $1,000,000 is a great buy. The buyer went into hiding more than a year ago. Since there a few buyers the prices are very soft. There is a great deal of competition for the under $600,000 dollar home. But not on the larger more beautiful home in the area. This is true across all cities in south orange county, from Irvine, Newport Coast, Laguna Beach, Corona Del Mar, Dana Point, San Clemente, Laguna Hills, Laguna Niguel, Mission Viejo, San Juan Capistrano, Coto De Caza, Dove Canyon, Ladera Ranch, Talega, and Lake Forest,

So if you were waiting to get in and purchase that home of you dreams now is the time! The interest rates are very good and you can get a loan. Even with a normal down payment. So don't wait until the market come goes up and the interest rates do also. Now is the time.

For more information contact me.

Today in our local paper an article in the business section states that the Pending U.S. home sales rose in June for the 5th straight month. This statistic came from the National Assoc. of Realtors. It rose 3.6% from 91.3 to 94.6 from May to June. It has been 7 years since we have had 5 consecutive monthly gains.

These statistics were on written contracts to purchase a home and generally they do not turn into solds until the close of the sale a one the two month lag.

Price are low, interest rates are low and a first-time-home buyer incentive (tax credit) of up to $8,000 have all helped the market.

Here in South Orange County we have been reporting this up spike in sales with multiple offers on homes and condo's in the 300,000-600,000 price range. The biggest problem in our market will be the amount of jobless in the area.

These are all good signs of the market turning. The prices have not gone up but sales have increased in the area. This would include Mission Viejo, Aliso Viejo, Laguna Beach, Laguna Niguel, Laguna Hills, Dana Point, San Clemente, San Juan Capistrano, Ladera, Irvine, Newport Coast, Foot Hill Ranch, Portolla Hills, Lake Forest.

It is a perfect time to buy a home. If you need more information contact us. We would be glad to expand on the information.

By Jim Carlton TheWall Street Journal

With the state's median price rising for the second consecutive month in April, and sales of existing, single-family homes remaining above the 500,000 level for the eighth month in a row, California is being closely watched as a barometer of the economy. Some economists believe these two factors indicate the state's median price could be at or near the bottom.

MAKING SENSE OF THE STORY FOR CONSUMERS

· Sales of existing, single-family homes increased 49.2 percent in April in California compared with the same period a year ago, according to the CALIFORNIA ASSOCIATION OF REALTORS®' (C.A.R.) April sales and price report.
· As the level of unsold inventory declines, the state's median price will likely stabilize. Inventory levels for homes in the under $500,000 segment shrank to nearly three months in April, compared with almost 10 months a year ago, while unsold inventory in the more than $1 million segment rose to approximately 17 months, compared with roughly 10 months in April 2008.

· The median price of an existing, single-family detached home in California during April 2009 was $256,700, an increase of 1.4 percent compared with the prior month, but a 36.5 percent decrease from the revised $404,470 median of a year ago.

· Favorable home prices in many parts of the state have led to an increase in affordability for first-time buyers. In the first quarter of 2009, affordability rose to 69 percent, enabling many to take advantage of first-time buyer programs and near record-low interest rates.