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Susan Gaffney

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Market stats in Irvine and Orange County

02-19-08
Susan Gaffney
Every Monday at our office meeting we (100 + agents in our Irvine office) share our experiences from the prior week and get a feel for what’s happening in our market. We talk about activity at the weekend open houses, what buyers are saying, feedback we’re getting from sellers, and then we review the actual numbers. This week we added some additional stats. I’ll start with Irvine, where our office is located. There are almost 898 homes currently on the market in Irvine. What surprised us is that over 30 percent of those homes are currently vacant. For these 898 active listings we also looked at the number of homes in foreclosures (only 5), REO listings (23), NODs (19), and short sales (99). That means short sales in the City of Irvine comprise 11% of the total active listings. . When we looked at the numbers for all of Orange County, here’s what we found. Of the 15,370 active listings, 30 percent are vacant (just as in Irvine). The biggest difference is in the number of short sales—2,868 or almost 19 percent. Here are the rest of the numbers for homes currently on the market in Orange County: REOs 824 or 5.4%, Foreclosures 187 or 1.2%, NOD Listings 546 or 3.6%. It looks like Irvine as a whole is in better shape than Orange County as a whole, particularly with regard to short sales (only 11% in Irvine versus almost 19% for the County). The fact that the numbers for short sales all over are significantly higher than the numbers of foreclosures, REOs, etc., seems to indicate that banks are eager to negotiate with sellers and take a loss rather than following through with the entire foreclosure process. Interesting—and it makes sense. What’s hard to handle, however, is the difficulties we experience in trying to close a transaction with a property currently being sold as a short sale. The delays, lack of communication, disorganization, paperwork and time it takes to close most short sales make the process complex and difficult for all parties. I’m hoping this will change as everyone involved becomes more familiar with the process and the banks find a way to streamline the process.
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Coops in Orange County, California

02-18-08
Susan Gaffney
When selling residential in Orange County, it is most common to work with homes and condominiums. On occasion, however, we have the opportunity to help our clients purchase or sell coops—technically “stock cooperatives.” Here in Orange County, coops are most commonly found in Laguna Woods. Formerly known as Leisure World, the City of Laguna Woods was incorporated in 1999, as it joined its neighboring cities in protesting the plans for a potential international airport nearby. (The concern was a detrimental effect on property values as well as a negative impact on quality of life.) They were successful in their efforts. The City itself is amazing, with an incredible amount of amenities to offer its residents, who must be at least 55 years old (with certain exceptions). Within its gated borders lie roughly four miles of wooded greenbelts, mature trees, and views of the nearby mountains. The social and recreational activities are endless. Just a few include swimming, golf, tennis, private theater, stables, five clubhouses and literally hundreds of clubs from which to choose. Laguna Woods is comprised of both condominiums and coops, with the majority of the initial construction in The Village being coops. Driving through the city, you’ll be unable to distinguish between the two. In a legal sense the difference is the actual form of ownership. Coops are considered “personal property,” and owners do not hold deeds. Instead, they hold shares of stock in a corporation. Each shareholder has the right to reside in the property, subject to certain restrictions. While condos have associations that govern rules and regulations, coops have a board of directors. The most notable restrictions are found in occupancy requirements (leasing your coop is discouraged and limited) and the financing required differs from the rules governing condos. While the monthly dues is typically higher than that of condos, residents of coops appreciate the convenience of having the maintenance, including replacement of appliances and fixtures, handled by the board---at no expense to the resident. Call me for more details and specific requirements of purchasing a home in Laguna Woods. One thing is certain: With prices starting in the $100,000 range (that’s not a typo!), you can’t beat the value when purchasing in Laguna Woods. Nothing else in Orange County comes close
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