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Laguna Niguel Dream Homes in Short Supply

Laguna Niguel Dream Homes in Short Supply

Low inventory has been on the minds of anyone looking for the perfect home in Laguna Niguel this summer. It is hard enough to find a home you like, let alone your perfect home. Is it any wonder why the upgraded properties and “flips” go quickly? Astonishingly the number of “attached” condos and townhomes is way down. There are 47 active attached homes in all of Laguna Niguel to look at and 46 closed in the last 30 days. That is equivalent to one month supply. That would qualify as a “sellers market”. In general, active home inventory for all homes is 40% less than last January. If you are looking for a “detached” home there are 118 active in all price ranges. There are only 69 “detached” homes to choose from below one million dollars. That is a shortage as well. Thirty-seven of those 118 are above $1.5 million and thirteen of those are over $2.5 million. Ron Buck, Realtor, would be happy to show these Laguna Niguel homes to you. Ron Buck, real estate professional, always say that Laguna Niguel is a wonderful place to live and some of those areas are truly spectacular. The largest and most expensive home for sale currently is 24,000 sq ft and priced at $21 million. Ron Buck has visited museums smaller than this beautiful residential estate. There are five homes above $2.5 million for sale in Bear Brand Ranch which boasts large lots and ocean views. All those homes have lots larger than one half acre and one has a three acre lot. If you haven’t noticed, land is at a premium...

Sellers and the Department of Real Estate Contracts

Previously Ron Buck, Realtor®, spoke about the consumer protections built into the Department of Real Estate purchase contract that is meant to favor buyers. The state Department of Real Estate wants to insure that buyers know who is representing them and that they have every opportunity for “due diligence”. What about home sellers and their rights? The first contract that most home sellers sign is the DRE Listing Contract. While there are no standard commissions or length of contracts, there are trends that are market driven and local driven. It is very important for the sellers to think through what items of personal property would be included and excluded, as well as the length of listing contract. Also think about your timeframe and what alternatives you have if your home does not sell. Make sure your agent updated. Put away all cash, jewelry and prescription drugs. If a seller turns down a full-price offer then the listing company could be entitled to a full commission. Even if a seller cancels the listing contract early a seller could be held responsible for a full commission. What are the seller’s responsibilities as far as the DRE Purchase Contract is concerned? First, Ron Buck thinks that all sellers should understand that if the buyer performs as specified in the contract then the seller must sell. What if the seller changes his or her mind and does not want to go through with the sale? In that case the buyer may negotiate with the seller to cover his costs or the buyer may go to court and sue for specific performance. Of course...

Real Estate Moving Parts

An engineer friend of Ron Buck’s used to say: “the fewer moving parts the better.” Sometimes, it seems like there are an awful lot of moving parts to manage, and keep track of in a real estate transaction. First, Ron Buck’s clients have the principles (buyer and seller) and the agents – that’s four. Oh, yes and maybe the extended family, who need to approve the purchase. There is of course the escrow company who is a dual agent for both parties. (By the way, the California contract header says it is a purchase contract and escrow instructions, but in all cases the escrow company will have their own set which adds all the legalese. At the top it will say: “Amendment to Escrow Instructions.”) Then in most cases there is the loan officer, the loan processor, the appraiser, the underwriter and the lender’s doc department. That’s six more. Somewhere there is what Ron Buck calls the black hole. Things go into the black hole (the underwriter’s office, but don’t quote me), and sometimes it seems like they will never come out. Oh, Ron Buck almost forgot the property inspector, the termite inspector, the mold inspector and the transaction coordinator. That’s four more. Maybe, too, the buyer wants to get some bids for upcoming remodeling so we may see the carpet guy, the counter guy and maybe the tree trimmer. We also might need an HVAC man to check the furnace. That’s four more. Now if it is a short-sale we have negotiators, second mortgage holders, upper management and lastly the “investor” (whoever that is). The investor may be...