Harrison K. Long, REALTOR, Broker, expert negotiator

We are all concerned about water conservation here in Southern California and Orange County.

The Irvine California Ranch Water District Rebate Reservation System is now in effect.

Before purchasing a qualifying water saving device, your reservation number is required. The IRWD rebates require reservation numbers prior to purchase of the eligible devices and the new format electronic applications.

REBATE RESERVATION RESTRICTIONS:

• During the weekend of September 18 through September 21, 2009, rebate reservations will not be available. Purchases made during this weekend, without a previously obtained and approved reservation, will be ineligible for rebates.

Future REBATE PROGRAM CHANGES:

• Beginning September 21, 2009, at 9:00 a.m., rebates will be co-funded by Metropolitan Water District of Southern California (MWD) for IRWD residential water customers residing in single-family dwellings. As rebate funding levels change, they will be posted on this website. Therefore, it is important to check here before purchasing a qualifying fixture or device.

• Also starting September 21, IRWD rebates for residential water customers residing in single-family dwellings will not require a reservation. However, rebate applications are required and will be available online at www.socalwatersmart.com and may also be available at retail stores.

To reserve a single-family home rebate (for customers living in detached homes, or attached homes of four units or less) click on the box below:



For more information visit http://www.socalwatersmart.com .

Customers who pre-qualify for multi-family rebates will be notified when they are eligible for a rebate reservation. Here's how to pre-qualify for a multi-family rebate:

Call 1-877-728-2282 and press 5. Be prepared to provide:

• Your name, installation address, e-mail address, and telephone number
• Name of your water provider (verify this by looking at your water bill)
• Type of device that you will be purchasing and the quantity you intend to purchase
• If you are planning to install a Weather-Based Irrigation Controller (WBIC), provide the name of the device, the the number of stations on each WBIC, and the total square footage of your irrigated landscape area.

We are all concerned about water conservation. Best wishes for your Irvine California Ranch Water District Rebate Reservation System information.

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Contact us if you have questions about the Orange County Real Estate Market. Thanks. Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.

Let's take a look at California property tax value basis protection for people 55 years of age and over who want to sell their home and buy a replacement home.

This is especailly important, because property taxes are essentially one percent per year of assessed value (See Proposition 13).

California Proposition 60 was a constitutional amendment approved by the voters of California in 1986 ~ Section 69.5 of the California Revenue & Taxation Code ~ allowing transfer of an existing Proposition 13 base year value from a former residence to a replacement residence if certain conditions are met.

This benefit is open to homeowners who are at least 55-years of age and meet requirements and conditions:

• Both the original property (former residence) and its replacement must be located in the same county.

There are differents rules by county according to Proposition 90, and some counties do not allow transfering tax basis to location of replacement property.

• As of the date of transfer of the original property, the seller or a spouse living with the seller must be at least 55 years old.

Self-explanatory

• The original property must have been eligible for the Homeowners' Exemption or entitled to the Disabled Veterans' Exemption.

Self-Explanatory

• The replacement dwelling must be of equal or lesser value than the original property.

(a) In general, "equal or lesser value" means that 100 percent of the market value of an original property if a replacement dwelling is purchased before the original property is sold.

(b) 105 percent of the market value of an original property if a replacement dwelling is purchased within one year after the sale of the original property.

(c) 110 percent of the market value of an original property if a replacement dwelling is purchased within the second year after the sale of the original property.

(d) For equal or lesser value, comparison must be made using the full market value of the original property and the full market value of the replacement dwelling as of its date of purchase or completion of new construction.

(e) Sales prices are not always the same as market value. The Assessor must determine the market value for each property, which may differ from sales price.

• The replacement dwelling must have been purchased or newly constructed on or after 11/06/86.
• Without exception, the replacement dwelling must be purchased or newly constructed within two years (before or after) of the sale of the original property.

When the replacement dwelling is purchased or newly constructed, the Assessor is required by law to issue supplemental assessments (positive or negative) for all transactions that result in a base year value change, including those that qualify under Prop 60. (Revenue and Taxation Code Section 75).

• The original property must be subject to reappraisal at its current fair market value as the result of its transfer (Sections 110.1 or 5803 of the California Revenue and Taxation Code).
• Without exception, a claim for relief must be filed within three years of the date a replacement dwelling is purchased or new construction of a replacement dwelling is completed.
• Only one claimant, out of several co-owners of a replacement dwelling, need be at least 55 years old as of the date of sale of an original property. However, that one claimant must be an owner of record, Either the claimant or their spouse must also have been an occupant of the original property and at least 55 years old on the date of sale.
• A person is eligible to apply for this benefit once in your lifetime.

Be Careful - Before selling and buying a home with idea to take advantage of Prop 60 and 90 basis value protection, consult with your lawyer, your Realtor and ask the advice of your certified public accountant.

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Irvine, California, home resales have continued to be on the upswing.

We see lots of buyers and investors getting involved. Homes at under $500k are in special demand, get multiple offers, and are on the market a very short time.

There are now only 558 Irvine homes listed at MLS on the market.

135 Irvine homes are short listings, which are mostly not good situations for buyers.

15 Irvine homes are bank owned REO after foreclosure.

187 Irvine homes have sold during the past 30 days ending September 13, 2009. Average sold price for those 187 homes was $671,743.

We expect the positive Irvine sales trend to continue.

See article ~ Irvine Homes Sales Continue Slow Steady Rise - Erica Chavez, Orange County Register, September 14, 2009.

Irvine is a great place to buy a home and live. Expect that Irvine home resales will continue to improve and that buyers and investors will stay focused and involved.

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Contact us if you want information about Irvine and Orange County homes and real estate. Thanks. Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.

The Orange County Housing Market has heated up even more these days. Those of us involved with real estate sales at Orange County have known for several months that buyer demand and sales have improved, particularly for homes at under $500k.

We and other Orange County REALTORS and real estate professionals have written and presented lots of purchase offers during the past ninety days.

Why aren't some purchase offers been accepted? Here's our experience:

• Heated buyer demand
• Competition from other buyers
• Multiple offer situations
• Some buyers have expectations of success based upon 2008 slow market
• FHA buyers with 3.5% down are unable to compete with investors
• Owners are more confident now

O.C. shoppers bought 2,985 homes during 22 business days ending August 24, which is up 6.6% as compared with one year ago buying. So Orange County home sales continue on an upswing. See Jon Lansner article at Orange County Register (click here).

(Median Orange County Home sold prices during those 22 business days was $420,000, which is still 35% below June 2007's peak of $645,000.)

Orange County is a great place to work and live, with some of the best schools in the state. Buyers and investors know this and see real value, buying more homes each day.

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Contact us if you have questions about Orange County homes and real estate. Thanks. Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.

Are Orange County, California, homes too low in price? Real estate analyst at IHS Global Insight, says so.

IHS Global based this upon mathmatical and economy formula and found that Orange County homes were priced 10.6% too low ~ second quarter 2009.

IHS Global Insight said that it uses formula with regional real estate and economic data, blending selling prices, incomes and interest rates.

See Jon Lansner article, Orange County Register ~ OC Homes Seen Too Low in Price (click here).

I don't know whether this news and particular economy formula has signficant value other than to consider historical perspective and compare to current sold prices. But the position taken on Orange County home prices is interesting.

Are Orange County, California, homes too low in price? Some buyers think so. Our Orange County home selling market at $500K and under is very hot.

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Contact us if you have questions about Orange County homes and Real Estate Market. Thanks. Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.