An article on the Bloomberg BusinessWeek website illustrates that, according to Freddie Mac, 3o-year fixed mortgage rates fell to an average of 4.93% this week, the 3rd-lowest rate on record in the United States.  As has been the case for the past year or two, interest rates on a variety of mortgage types (fixed and adjustable) continue to hover around historic low points.  However, a key point to take from the article is found in a quote from Metrostudy chief economist Brad Hunter, who states that rates are expected to climb, maybe as early as April.  If you are still on the fence about jumping into the San Clemente real estate market, don’t wait to long as it is an absolute certainty that rates will rise.

To read the complete article, click here: “Mortgage Rates on 30-Year U.S. Loans Fall to 4.93%”

To find out more information about current listings in the San Clemente real estate market, please contact San Clemente Coastal Living’s residential consultants.

With a tight housing market and large inventories of homes for sale, many sellers are looking for ways to gain an edge in the sale of their home.  Remodeling has always been an investment homeowners are willing to make as upgrades and additions add value to the home, both from a sales price standpoint and by making your home stand out from similar homes in your area.  On CNN’s website, there is an interesting article titled “6 Ways to Ensure a Remodeling Project Pays Off” that highlights specific rules that you may want to follow if you are planning to remodel your San Clemente home or condo.  From eco-friendly upgrades to completing simple repairs, the article demonstrates some effective ways to complete your remodel and realize a healthy return on your investment.  Simply adding granite countertops to your kitchen or making a large bedroom into two smaller rooms does not guarantee that your home will stand out in a crazy marketplace; you need to think outside the bubble yet get back to basics in order to make your remodel a success.  Another great point that the article makes is that if you are planning on staying in your home for awhile, now is a great time for remodeling and updating as home improvement contractor bids are 10-40% lower than they were a year or two ago (according to senior economist Bernie Markstein of the National Association of Home Builders).

The SC Times has released the results for the 4th annual Best of San Clemente People’s Choice “Ole Awards.”  The annual awards are voted on by the readers of the SC Times and honor the best businesses, places and services in San Clemente.  The results are entirely chosen by readers and reflect the pride that San Clemente residents show in the numerous local businesses and places that make San Clemente such a unique place to live and visit.

To view the winners of the “Ole Awards,” please click on this link.

If you are interested in discovering more of what San Clemente has to offer to residents and visitors alike, please visit our San Clemente Lifestyle section.

A couple of months ago, San Clemente Coastal Living published a blog article (found here) explaining the extension of the $8,000 first-time home buyers’ tax credit along with the creation of a tax credit for repeat or “move-up” home buyers that would pay up to $6,500.  As tax time is now upon us, many people have been wondering how to apply for the credit since this is a brand new program.  The IRS has finally published the credit’s requirements on their main website, and a recent article in the Los Angeles Times breaks down the specific forms and documents you will need to successfully claim the tax credit from the IRS.  As we stated before, repeat buyers who have lived in their current principal residence for five of the past eight years and plan to use the new purchase as their primary residence may claim this credit.  The purchase contract must be dated between November 7, 2009, and April 30, 2010, and the close of escrow must occur no later than June 30, 2010; the maximum purchase price is $800,000, and eligible buyers will receive a tax credit of 10% of the purchase price up to $6,500.  Like the first-time home buyers’ program, there are income limits which have increased due to the program’s extension/expansion ($125,000 for single person, $225,000 for married couple filing jointly).  Also, the credit does not have to be paid back to the IRS unless you vacate this new primary residence within 36 months of purchasing the home; if this occurs, you will be required to pay back the credit to the government.  The IRS website has the forms you will need to submit with your 2009 tax return along with a layout of all additional documents you will need to prove that you are eligible for the credit. 

As you can see, this is a great program for first-time buyers or people looking to purchase a new primary residence for themselves, but keep in mind that you only have a few more months to take advantage of this program.  If you would like more information about purchasing a new San Clemente home or condo, please CONTACT US to schedule a personal consultation with one of our San Clemente real estate experts. 

The 2010 Census is upon us and with San Clemente being a U.S. Census partner, it is vital that you complete your surveys when received in March as the results of the Census will decide how $300 billion in federal funds will be allocated.  These funds help to shape the future of San Clemente, create local employment opportunities, and make for better local government.  

For more information, visit the 2010 Census website or contact the city of San Clemente at (949) 361-8254

A new San Clemente trails map highlighting all the hiking and biking trails is available for download now through the City of San Clemente.  The map includes over eight maintained trails as well as trails in San Juan Capistrano and State Parks.  The map includes descriptions of the trails, elevations, rules, and much more, so you can enjoy the outdoors of this beautiful coastal community.  There are trails that run parralel with the beach and train tracks from North Beach, located just at the edge of the new Marblehead Coastal development, all the way down to Southwest San Clemente at Calafia State Beach.  There are also inland trails going into the foothills just east of Interstate 5 and all the way out towards Talega.

To download the trails map, save it, and/or print it, click here!

For the year-ended December 31, 2009, San Clemente real estate sold was up 24% compared to 2008, suggesting that more buyers are priced into the market and believe that price points on many homes are at fair market value.   768 San Clemente homes and condos were sold in 2009 as compared to 620 in 2008, bringing sales back towards historical averages of 800-850 homes and condos per year. 

The median price for San Clemente real estate sold fell to $707,242 in 2009 as compared to $832,801 in 2008.  Much of this decline is attributed to continued market adjustments, however, another big chunk is due to the types of homes sold.  Throughout 2009, far fewer homes were sold for over $1 million as much of the inventory that cleared the market were short-sales and foreclosures, most of which were concentrated in the $300,000 - $700,000 price range. 

Total homes on the market at the end of the year, including a bulk of which are pending sales or in back-up offer status, was approximately 530.  Based on 2009 sales, this leaves total inventory in the San Clemente market a little over 8 months.  Backing out short-sales that are pending or in back-up offer status, adjusts this level closer to a historically stable market level of 5-6 months of inventory. 

The average days on market at the end of 2009 was 106, slightly above the 60-90 day range that suggests a stable market.  If short-sales begin to clear the market at a quicker pace in 2010 and not take the typical 6 months or more to get to closing, then we should see the average days on market adjust back to historical levels possibly by spring or summer.

At the end of the year, there were 40 San Clemente homes and condos under contract, as compared to one in 2008, suggesting that January 2010 sales will be much stronger than 2009 and representing a solid indicator of a continued recovery in 2010.

For more information on how the San Clemente or Talega real estate market is performing as well as to be kept up to date on recent sales in your neighborhood, please do not hesitate to contact us.

The information above is deemed reliable but not accurate and should be independently verified.  San Clemente Coastal Living is not giving any investment advice in the statements made above.

After a year of planning, the popular Nick’s Restaurant of Laguna Beach has now opened a Nick’s San Clemente in downtown San Clemente on Avenida Del Mar.  Nick’s Restaurant is located at 213 Avenida Del Mar and offers Classic American cuisine in an intimate and chic environment with an outdoor patio and fire pit.  This restaurant offers a great place to relax, people watch, have a few drinks, and enjoy delicious food at a reasonable price.  The restaurant serves breakfast (starting in spring on weekends), lunch, and dinner. 

The menu has lots of delicious choices with appetizers such as fire-roasted artichoke, ahi tartar, fish tacos, asparagus fries, calamari, and much more.  The lunch and dinner menu includes salads, soups, sandwiches, burgers and some amazing entrees.  From standard and hickory burgers to chicken club or blackened halibut sandwiches, each one has a unique touch and many great side options.  Entrees include pan-roasted salmon, halibut fish and chips, buttermilk-fried chicken, short ribs, and filet mignon among others, each with great sides and unique flavors.  To top it off, the restaurant features many great drinks, including an extensive wine list.

Whether you are in the mood for a couple drinks and appetizers in a great social environment, or an intimate dinner, this is truly a great addition to San Clemente.

For reservations, call 481-2200 or go to scnicks.com.

If you would like more information on the latest real estate and lifestyle news in San Clemente, please contact San Clemente Coastal Living via the link or at info@SanClementeCoastalLiving.com and request to be added to our monthly newsletter.

Are you a troubled borrower and want help, but don’t know where to turn?  Do you want to find out if you are eligible for the Obama’s Administration’s mortgage modification and refinancing program?  There are free solutions available to you.

You can apply for help in working with your mortgage servicer through a local Housing and Urban Development (HUD)-Approved Housing Counseling Agency.  Orange County approved HUD Agencies include:

• Fair Housing Council of Orange County
• Neighborhood Housing Services of Orange County
• Consumer Credit Counseling Services of Orange County

If you want to find out if you are eligible for a loan modification and refinance under Obama’s plan, you can apply online for help from your mortgage servicer through MakingHomeAffordable.org .

For a list of local housing counseling resources and the latest events, visit the Orange County Home Ownership Preservation Collaborative or the website for the United States Department of Housing and Urban Development.

For a complete list of current San Clemente Foreclosures and Short-Sales, please contact us via the link or call us directly at 949-281-5444 and we will gladly provide it. 

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Welcome home to this wonderful property located in the foothills of the master-planned Talega community.  The home is situated on a corner lot in the quiet Amalfi neighborhood and features 3 bedrooms, 2.5 bathrooms, a 2-car direct access garage, and an estimated 2,150 square feet of living space.  The rent is $2,995 per month for a 1-year lease with a security deposit equaling one month’s rent.  Small dogs are allowed with an additional deposit of $500.  The lucky residents of this home will be close to the best amenities Talega has to offer, including the Talega Swim & Athletic Club, the Talega Village Center with a large Ralph’s and a variety of shops and eateries, and the gorgeous and challenging Talega Golf Club.  You are also a short distance from the award-winning Vista Del Mar Elementary and Middle School (K-8).

The two-story floor plan is open and modern, with numerous upgrades and a warm feel throughout.  Upon entering the home up the Spanish-tiled front steps, you will be struck by the formal living/dining room combo with great natural lighting and lovely ceramic tile flooring.  The family room, which opens to the kitchen and breakfast nook, features a cozy gas fireplace and media niche.  The gourmet kitchen is truly a chef’s dream and comes complete with granite countertops, stainless steel appliances, a large center island/breakfast bar, and a beautiful tile backsplash along the back wall – even if you don’t cook, you may take it up just to spend more time in this kitchen.  From the family room are French doors leading to the private backyard, which has a large patio area perfect for summer barbeques, a sizable lawn for children to enjoy, and a gated side courtyard perfect for the family dog.  The second level features Berber carpeting throughout, the three bedrooms, and a laundry room with an installed washer and dryer.  The two smaller bedrooms share a nice bathroom with Jack-and-Jill sinks, a shower/tub combo, and private entrances from each bedroom.  The large master suite enjoys a walk-in closet with built-in shelving and a huge bathroom with a soaking tub and separate shower.

The details above barely scratch the surface of all that this comfortable home has to offer.  With a private and quiet location in one of the newest areas of South Orange County, you will feel at home from the moment you unpack the first box.  For more information or to schedule a showing, please contact Matt Cabrera at (949)281-5444 or email matt@sanclementecoastalliving.com.