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Zen Ziejewski

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Actor Nicolas Cage sells his Newport Beach, CA home for $35 Million setting record price.

01-15-08
Zen Ziejewski
Actor Nicolas Cage sold his Newport Beach, Calif., house last week for $35 million - setting a new record for Orange County. Nicolas Cage paid $25 million for the nearly 0.6-acre property in 2005. The buyer, 70-year-old Jerry Herbst, is owner, chairman and president of Las Vegas-based Terrible Herbst, which runs gas stations and other retail operations. Orange County's previous record home-sale price was $30 million, a deal that closed in the summer of 2007 in Laguna Beach.
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Zen's 5 Orange County Real Estate Predicitions for 2008

01-04-08
Zen Ziejewski
Here are my predictions for the Orange County Real Estate Market in 2008 ... Before you read my predictions, I want you to know that I am an optimistic person and optimistic about the New Year. I believe that there will be great opportunity for buyers and investors in 2008. We had the 5th best year ever on record in 2007 for U.S. home sales but Seller's will need to be much more realistic when it comes to selling their homes in 2008. Sellers are going to have to realize that prices are not going back to peak levels of 2005 for quite sometime. In addition it will take months and possibly a few years to work through the current lending mess and the market correction it has caused. If you need to sell this coming year it is important that you prepare your home properly to sell, hire a Realtor Professional with an aggressive and complete marketing plan that embraces technology and price your home competitively to get it sold in the current buyer's market awaiting us in 2008.

Here are my 5 predictions ...

1) Home Prices will continue to Drop in 2008. Foreclosures and the number of distressed properties will continue to pressure home prices across the country and in Orange County. Over 1 in 4 home listed for sale will be a distressed property, foreclosure or short sale. Home prices will be lower in 2008 compared to 2007 ending prices.

2) 2008 Home Sales will be down from 2007. Stricter Loan guidelines and the lack of liquidity for Jumbo Loans (loans greater than $417,000) will continue to limit the number of buyers available to purchase homes in Orange County causing a decrease in total home sales year over year.

3) Interest Rates will Be Lower in 2008. The Federal Reserve will have to continue lowering interest rates to help with the sub-prime, foreclosures and stabilization of the housing market.

4) Home Inventory Levels will continue to be at all time Highs. The Orange County supply of homes beginning the year in 2008 is just over a 15 month supply (meaning at the current rate of sales it would take 15 months to sell all the homes in OC) this is double what we began 2007 with a year ago (7.5 month supply ending 2006).

5) Pressure from the Housing Market and Higher Energy Prices will slow the economy in 2008 and push us to the edge of a Recession. It will be dependent upon the Federal Reserve and the government as far as what they do to address these issues that will determine if we see the "R" word in 2008. It will be interesting in an election year.

Final thoughts ... With all the adversities ahead in 2008 there will come opportunities. This is why I believe it is so important to have a team of experts by your side or on your team to give you the right advise. I'm here to help you with anything real estate related. If you know anyone that might be in trouble of losing their home I would be happy to explain all of their options.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.

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