746 Summit Drive, Laguna Beach | JUST SOLD $1,485,000!

summit-drive-laguna-beach-home-front746 Summit Drive is a historic ocean view home in the Woods Cove area of Laguna Beach. Scott Bingham of Beach Cities Real Estate has JUST SOLD this home where he represents the Buyer in this real estate transaction. The home was listed for $1,595,000 and Scott was able to negotiate the price down to $1,485,000 for his client. The property is a 4 bedroom, 2 ½ bath, 1 car garage, 1775 SQFT home. The home has sweeping ocean views, a large living room, and huge family room both with fireplaces. There’s also a fully permitted greenhouse with an ocean view and beautifully terraced gardens with ocean views. Newer kitchen with Kitchenaid six burner gas stove, stainless steel kitchenaid refrigerator, kitchenaid dishwasher, wine cooler and center island eating area. For the location and view this home is a great deal! For more information on the homes for sale in Laguna Beach or anywhere in Orange County please contact Scott Bingham at 949-412-3515.

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See what’s currently for sale in Laguna Beach and throughout Orange County at our website Ladera Ranch Real Estate!

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12 Starlight Isle, Ladera Ranch | Just Listed for Lease $14,500

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12 Starlight Isle is located in the guard gated community of Covenant Hills in Ladera Ranch. Friday Scott Bingham of Beach Cities Real Estate has Just Listed for Lease this luxury home where he represents the owner. The home is available for $14,500 a month furnished. The home features dual master suites, one upstairs and one down each with its own full bath. There is a total of 6 bedrooms (4 upstairs/2 downstairs) one downstairs bedroom currently being used as a game room with a pool table. Kitchen features granite counters, full backsplash, dark fruitwood maple cabinets, stainless steel appliances, and butler’s pantry. The backyard showcases the California lifestyle with a private pool/spa, covered patio room with a built in BBQ, a Bar, and an outdoor fire pit. For more information on the homes for sale and lease in Ladera Ranch please contact Scott at 949-412-3515 today.

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Want to see additional information and pictures of the home? Click this link: 12 Starlight Isle, Ladera Ranch.

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Orange County Real Estate Market Update 7/6/16

Great news to begin your holiday weekend, soon you’ll be able to finance or refinance your love shack with a 30-year fixed for under 3 percent! Thirty-year mortgage rates have never been that low in the 45 years since Freddie Mac began tracking them in 1971. It appears that the economic fallout from ‘Brexit’ will at least have one upside for American home owners and for home buyers requiring financing.

This week the 30-year fixed averaged 3.48 percent, a whopping 8 basis points lower than last week’s 3.56 percent. That’s the lowest rate since May 9, 2013. The 15-year fixed settled in at 2.78 percent, 5 basis points better than last week’s 2.83 percent, and the five-year ARM (an adjustable-rate mortgage that’s fixed for the first five years) fell to 2.70 percent. Both also are at three-year lows!

The recent economic turmoil has left many wondering if the housing market will soon decline. The chance of a widespread drop in local or statewide home prices in the next two years is practically nil, according to a new forecast from a private mortgage insurer. Arch MI’s quarterly housing reports pegs the risk of a price drop based on a host of real estate trends, credit market factors and economic patterns. Recent economic turbulence has raised questions about the durability of housing’s rebound from its collapse and the Great Recession.

Based on first-quarter data, Arch calculated the risk of price drops in all of California – as well as in Orange, Los Angeles, Riverside or San Bernardino counties – at a “minimal” 2 percent vs. 5 percent nationwide. A year ago, California’s price-drop risk was 8 percent, equal to the national risk level in 2015’s first quarter. “We see no housing bubble in Southern California,” says Ralph DeFranco, chief economist for Arch MI’s owner, Arch Capital. “Even though homes feel expensive, they are supported by the amount of income people have.”

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Orange County Real Estate Market Update 3/1/16

The National Association of Realtors said that its seasonally adjusted pending home sales index fell 2.5 percent to 106 in January. The decline comes after the sales index averaged 108.9 in 2015, its highest level since 2006. The number of signed contracts decreased in the Northeast, Midwest and West. Prospective sales improved slightly in the South. But a shortage of listings has weighed down the potential for sales increases akin to last year’s increase. Steady job growth and low mortgage rates have bolstered demand for housing from the recent lows caused by the Great Recession. Yet the greater demand largely failed to bring more properties onto the market. The number of listings on the market in January fell 2.2 percent from a year ago, the Realtors said in a report last week.

Offsetting some of the price pressures are mortgage rates near historic lows. Mortgage buyer Freddie Mac said the average rate on a 30-year, fixed-rate mortgage was 3.62 percent last week, below its 3.80 percent mark a year ago.

 

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South Orange County Real Estate Market Update 8/6/15

Home sales topped $11 billion in Orange County in the first half of this year – the most in a decade. The median sale price hit $629,500 in June, the highest since the housing market peaked in June 2007. Rising employment and economic confidence, a tight supply of homes for sale and low mortgage interest rates have all fueled buyer demand. Foreign investors have played a role, too, real estate agents say, especially where the most dramatic leaps in prices and sales occurred, in the priciest third of the market. There, the median home sale price shot up nearly 22 percent. With equity rising, distressed sales are a distant memory, or, as housing analyst Steven Thomas notes, “nothing more than an asterisk.” In the first half of 2015, he says, equity sellers represented 95 percent of home sales. In the last few weeks the inventory of homes has increase a great deal in some Orange County cities. In Ladera Ranch for example the inventory has increased 45% in the last month.

So what’s going on with home loan rates? From Freddie Mac’s weekly survey: The 30-year fixed dropped below 4 percent for the first time in nearly two months, landing at 3.98 percent. That’s 6 basis points lower than last week’s 4.04 percent. Ditto for the 15-year, dropping 6 basis points to 3.17 percent from last week’s 3.23 percent. What’s the bottom line? Assuming a borrower gets the average 30-year conforming fixed rate on a $417,000 loan, last year’s rate of 4.12 percent and payment of $2,019 is $33 more than this week’s payment of $1,986.

 

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