John Alesi (Orange County California Real Estate)

Mission Viejo Market Statistics for November
by John Alesi, Mission Viejo REALTOR®
Mission Viejo CA Real Estate

A Positive Spin On The News

In January of this year (2008), the California market had a 15.2 month inventory of homes; in November it was down to a more manageable 5.9 months. A typical seller's market is when the supply of homes is less than 6 months.

The number of transactions are up 65% from September 2007 compared to September 2008. October sale from 2007 to 2008 are up 111%.

Regarding mortgages and how the media paints such a dismal picture, 30% of all homes, nationwide, have NO mortgage. Of the remaining homes with mortgages, 97.2% are NOT in foreclosure. Quite a different perspective than the miopic reporting of the news media.

John Alesi - REALTOR®
CENTURY 21 Superstars
Search the MLS at: www.YourOCHome.com

This post is copyrighted by John Alesi and may not be used without permission.

Not Another Text Message!
by John Alesi, Mission Viejo REALTOR®
Mission Viejo CA Real Estate

At 6:25pm I received a text message. At 6:27pm I received an email message. At 6:34 I received a phone call on my home line. Pretty normal...right?

These three "contacts" are part of a new emergency notification service tested for the first time today by the the City of Mission Viejo. The city has just become associated with the AlertOC mass notification system, which is run by the County of Orange (California) to notify citizens of potential emergency systems. The system is designed to notify all citizens with one phone call from a central location. Currently, the calls are sent out to all listed primary and business phones in Mission Viejo.

Residents can visit the city web portal to add secondary phone numbers, email addresses, SMS text numbers and TTY/TDD devices for the hearing impaired. Find more information at the City of Mission Viejo or AlertOC websites.

As a post script only 4 (Buena Park, Mission Viejo, San Clemente and San Juan Capistrano) of the 34 cities in Orange County have implemented the AlertOC system as of today. Some of the cities are in the process of adding the service while others are "doing their own thing".

John Alesi - REALTOR®
CENTURY 21 Superstars
Search the MLS at: www.YourOCHome.com

Mission Viejo Market Statistics for November
by John Alesi, Mission Viejo REALTOR®
Mission Viejo CA Real Estate

As the we get back to the grind after a long Thanksgiving weekend, I'd like to give you a snapshot of the market activity for November, 2008, for Mission Viejo houses (SFR/single family residence) and condos.

HOUSES/SFR:
Median Price: $570,000
Price per Sq. Ft: $299
Days On Market: 132
Inventory: 4.8 months supply

CONDOS:
Median Price: $299,900
Price per Sq. Ft: $261
Days On Market: 135
Inventory: 5.5 months supply

While the trend has been steadily downward through the year, things have seemed to reach a plateau. Inventory has steadily diminished with the current level ,down from a high of more than 12 months supply last year, but with Days On Market are increasing. Short sales still fill the list of Active properties with 33% of SFRs and 47% of Condos currently listed. For more information on Short Sales see my post at: Short Sale Information.

One area that will show some drastic changes in the coming months will be the number of NEW foreclosure listings and the available inventory. With the 90 day moretorium on froeclosures, this market will surely diminish from the current 12 SFR and 17 CONDOS (foreclosures) currently available for sale.

If you are considering a real estate transaction (buying,selling, relocating, investing), you can count on me as the local expert serving Rancho Santa Margarita, Ladera Ranch, Coto De Caza, Mission Viejo, Aliso Viejo, Dana Point, Irvine, Laguna Beach, Laguna Niguel, Laguna Hills, Laguna Woods, Lake Forest and San Juan Capistrano, as well as all of South Orange County.

John Alesi - REALTOR®
CENTURY 21 Superstars
Search the MLS at: www.YourOCHome.com

This post is copyrighted by John Alesi and may not be used without permission.

Holiday Events Planned Throughout Mission Viejo
by John Alesi, Mission Viejo REALTOR®
Mission Viejo CA Real Estate

My favorite time of year around Mission Viejo is, of course, the holidays. I just love to see the decorations and lights on the houses and public areas around the city. Long time residents always love the various holiday displays at La Paz and Chrisanta as well as the lighted trees along the center median of La Paz Rd. down to the civic Center at Marguerite Pkwy.

There will be a significant change this year as Santa's "workshop" will be relocated from the "Four Corners" area to the much larger Winter Wonderland Village in the Kershaw Garden at the Civic Center. Children will still be able to visit Santa and sit on his lap for photos but there will be much more happening around the Civic center plaza. Santa will arrive at 3pm on November 30th as usual. There will be about 30 booths of entertaining activities for the kids and a train ride through the area (for a small fee) and food available for purchase. At the old Four Corners location, the trees will still be decorated with lights, ornaments and packages with a sleigh and reindeer display set up in the former workshop location.

For more information, visit the City of Mission Viejo website.

Photo from www.FreeFoto.com

John Alesi - REALTOR®
CENTURY 21 Superstars
Search the MLS at: www.YourOCHome.com

$7,500 Home Ownership Tax Credit
by John Alesi, Mission Viejo REALTOR®
Mission Viejo CA Real Estate

The Federal Government recently created a unique opportunity for home buyers when they passed the Housing and Economic Recovery Act (H.R. 3221). Being government sponsored, this "opportunity" comes along with a few conditional that are important to understand.

Here are 6 things to know and understand:

1. Applies to home purchases after April 8, 2008 and before July 1, 2009. Taxpayers can take the credit on their 2008 tax return if they bought their house this year after April 9.

2. Buyers don't have to be "first-timers." The tax credit is available to any individual or household that hasn’t owned a home for at least three years.

3. There are income limits to be able to qualify. The credit is reduced or eliminated for higher-income taxpayers.

4. Think of it as an interest-free loan. The "credit" is to be paid back in small, 6.67-percent increments over 15 years, although repayment will be no more than $500 yearly and payments will not start until 2011.

5. No pre-authorization before making a home purchase. Buyers simply have to claim the credit on their IRS Form 1040 tax return and/or any form that the IRS might devise.

6. New-home construction also qualifies. The purchase date is the first date the buyer occupies the home. However, any home that is not a primary residence, such as a vacation home or income property, does not qualify.

You can also visit the IRS web site for their interpretation and other information or contact me directly with your questions.

If you are considering a real estate transaction (buying,selling, relocating, investing), you can count on me as the local expert serving Rancho Santa Margarita, Ladera Ranch, Coto De Caza, Mission Viejo, Aliso Viejo, Dana Point, Irvine, Laguna Beach, Laguna Niguel, Laguna Hills, Laguna Woods, Lake Forest and San Juan Capistrano, as well as all of South Orange County.

John Alesi - REALTOR®
CENTURY 21 Superstars
Search the MLS at: www.YourOCHome.com

This post is copyrighted by John Alesi and may not be used without permission.