The median selling price of all residences in Orange County rose by 0.8% in September coming in at $429,000.
Last month marks the first gain since prices began falling on a year-over-year basis since September 2007.
In September O.C. shoppers bought 2,828 residences which is 0.6% above the buying activity last year. September marked the 15th straight month of sales gains compared to the same period a year ago.
Over a dozen O.C. firms and homebuilders have defaulted or may be at risk of default this year.
Next year isn’t looking much better with a slew of commercial defaults likely to occur due to the lack of financing and loan repayments becoming due.
Commercial property owners are feeling the squeeze. Lenders are now requiring higher down payments and higher earnings in proportion to debt but commercial property earning are down due to a rise in vacancies. Property values have also fallen meaning that new loans will be too small to cover the debt owed on the old loans.
There is $393 billion worth of commercial mortgages that will mature by the end of 2010. About 65% of the loans are considered risky and therefore will probably not be able to qualify for new loans when they become due in the next few years.
Last week the number of distressed properties on the market in O.C. was 2,346 down 1.6% from
two weeks earlier. The distressed inventory has dropped 44% from its peak reached in August of 2008. They accounted for 29.6% of the market last week.
Currently there are 320 foreclosures for sale in all of Orange County, a 14 home drop in the past two weeks. Foreclosures only represent 4% of the active listing market at this time and have been selling for 3% above their asking prices.
The active listing inventory in Orange County has dropped 33% since the beginning of the year
and is under 8,000 for the first time since January 2006.
In just two weeks the inventory has dropped 2% and there are only 7,917 homes in the active listing inventory at the moment. At this time last year there was 5,023 more homes on the market.
At the current pace it would take 2.42 months for buyers to purchase all home for sale compared to 4.55 months a year ago. Homes that are listed for under $1 million have a market time of 1.83, but home listed for more than $1 million have a market time of 10.84 months.
A new report has come out ranking Southern California the third lowest region based on pay and benefits –
out of the 15 largest metropolitan areas.
Employers in Southern California paid workers an average $29.24 an hour in combined pay and benefits. The average hourly wage in Southern California cost employers $20.85 and benefits accounted for $8.39 an hour. The only areas with lower total compensation were Miami at $25.42 and Phoenix at $26.01. The national average was $27.46 an hour.
The San Francisco Bay Area came in first with workers averaging $27 an hour plus $11.28 in benefits totaling $38.28 an hour.
Hewlett Packard National Realtor Technology award winner, B.S. in Computer Science and Economics, one of the top Realtors in Orange County.
It's in his blood... Real Estate is in Adam's blood... he is a second generation real estate agent who was answering phones at his father’s realty and mortgage companies as soon as he was able to walk and talk! Adam soaked up all there was to know about the industry, as well as his family tradition of providing superb, high-touch customer service.
Leveraging the power of information... However, Adam took his thirst for knowledge one step further. Recognizing the opportunity to embrace technology as a way to enhance customer service, Adam earned a B.S. in Computer Science. He leverages the power of information technology and partners with companies such as LendingTree.com, HomeValues.com, HomeGain.com, and Realtor.com to offer his clients unparalleled visibility to home buyers.
Technology/Marketing award winner...By using the latest technology communication tools Adam streamlines the home buying and selling process for his clients. This ensures that his clients receive prompt and accurate up-to-the minute communications, as well as a fresh marketing strategy that encompasses both traditional and the latest online mediums. In fact, this high-tech strategic approach has won Adam national recognition as the 2006 Hewlett Packard National Realtor Technology Award Winner and more recently as a 2007 Realtor.com “Online Marketing Award of Excellence honoree.
Integrity and experience... As an advocate of the six-sigma methodology, Adam is constantly improving his business model. He employs a level of integrity to which many aspire and few achieve. Adam’s success is evident in his work ethic of take the easy way do it the right and that's his clients say about him... Adam works hard, and he does it right!
Adam Brett Freilich CA DRE LIC#01499486
Residential Re-Sale, Commercial Properties, Foreclosures and Investments. As a long-time Fullerton resident Adam is intimately familiar with North Orange County neighborhoods. He has extensive expertise in residential real estate, commercial build outs, hard money lending and mortgage banking. As an authorized REO agent for CountryWide Home Loans and World Savings he has extensive experience in all aspects of the foreclosure process. Investors rely on his knowledge and experience to help them identify and capitalize on distressed properties.
"Adam Brett helped us get into our dream home. He has the expertise in understanding the real estate market and incorporates the due diligence necessary to work hard for your specific real estate related needs. Adam is supremely versed in marketing, technology, and overall market trends, thus, as a home buyer or seller, you will be supplied with the tools required for a smooth transaction. We will call him again for any future needs, so call Adam today; he will be there for you." Kirk & Supika Kinder
It meant a lot to us that Adam delivered on his promises in a timely manner. Within the first week of listing our house for sale he set up a virtual tour online. He even took the time and effort to ‘stage’ our home for the open house events – going the extra mile is just standard service for Adam. He is extremely creative with his marketing and it's obvious he loves what he does by the enthusiasm he displays and the manner in which he gets things done!" Sherry Caracci
"When our mom passed away, we needed to sell the family home. It was a very emotional and difficult time for us. Adam came up with a terrific marketing plan and was able to sell the house for a good price within five weeks of listing the home for sale. He is the best real estate agent I’ve worked with period!" Al Smith
"We traveled a lot while our property was listed for sale and Adam kept it up for us while we were gone. He definitely went the extra mile!" Sally Fuller
"I want to THANK YOU so very much for all your time, support and dedicated work to complete the virtual tour / powerpoint for our Resource Center. You did an absolutely incredible job and I greatly appreciate it and most of all you." Patricia W.
"Working with Adam was a great experience. He was awesome, he helped us through the process every step of the way. He even helped us find resources to fix up the home when we put it on the market for sale. It was a very smooth experience, and I wouldn't hesitate to recommend him to anyone needing help to sell a home." Andrea Luarca
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