According to the article “Talaga homes are O.C.’s hottest sellers“ in the Orange County Register, Talega homes and condos were the hottest-selling properties in all of Orange County in the past month.  As the chart in the article illustrates, as of August 5th there are 72 homes on the Talega resale market, and 36 deals were closed in July, which translates to a 2-month “market time.”  Market time shows how long it would take to sell a new listing in the Talega real estate market based on recent market trends in the area; as you can see by the chart, the top 4 Orange County cities with the hottest resale markets and lowest market times are in South Orange County (Talega #1, Ladera Ranch #2, Rancho Santa Margarita #3, and Aliso Viejo #4).

These trends are very encouraging for both buyers and sellers, but particularly for Talega homeowners who are thinking about selling their property.  For buyers, this data means that if you are on the fence about purchasing a Talega home or condo, now may be a good time to get active as homes are selling at a quick pace.  For sellers, these figures back up the idea that your Talega home may sell a lot quicker than homes in other areas; using an example from the article’s chart, homes in neighboring Dana Point are selling at a market time of 8.6 months, which is pretty eye-opening when you consider that only 2 more homes sold in Dana Point versus Talega in July when there are 4.5 times more homes available in the Dana Point real estate market.

If you would like more information about purchasing or selling Talega or San Clemente real estate, please contact us at your convenience.

This Sunday brings the annual fireworks display off the San Clemente Pier commemorating the Fourth of July.  The yearly tradition is a favorite amongst San Clemente residents as the fireworks are truly spectacular and can be seen from all over the city.  The Central area of town gets incredibly crowded during the buildup to the show, which starts at 9pm; my advice is to get there early and relax on the sand.  The City of San Clemente has posted information on street closures on Sunday, mostly on Avenida Del Mar and Avenida Victora.  Barricades will be put up at noon, which will only allow residents in these select neighborhoods to pass with proper ID; the roads will then close to all cars at 7pm.

As always, San Clemente Coastal Living wishes you a very happy and safe Fourth of July!

The City of San Clemente gave the final approval for a new Target to be located at Avenida La Pata and Avenida Vista Hermosa near the development of Talega.  The Target plan consists of 142,206 square feet of retail space and will be located directly across from the new sports park under development.  Target has indicated that they plan to open the store in winter of 2011.  For more information, please visit the City of San Clemente.

The San Clemente real estate market as of May 31, 2010 as compared to May 31, 2009 year-to-date continues to show drastic improvements over prior year as home sales are up 31.5% and the average selling price shows a slight increase of 3.7% to $702,500 from $677,278 last May. 

At the end of May 2010, there were 65 San Clemente homes and San Clemente condos under contract as compared to two as of May 31, 2009.  While some of this increase can be attributed to deals that got into escrow prior to the end of the first-time homebuyer tax credit on April 30th that have yet to close, a lot of it has to do with buyers feeling more comfortable with the market stabilizing and this will be a solid indicator to track over the busy summer months.

The inventory on the market currently stands at about 6.5 months and average days on market (DOM) at 114, which is slightly above what indicates a stable market of 5-6 months of inventory and 60-90 days on market.  This number, however, is distorted due to the processing lag that banks have with pushing short-sales through the market as 30% of the current inventory is distressed property.  While this number may appear alarming, it is by no means in the 40-50% range that some inland markets are experiencing and everyone should be aware that there is a lot of competition in the market as most distressed properties have multiple offers.

To find out what sales have been like in your neighborhood and overall market conditions, please feel free to give us a call at (949) 281-5441 or contact us via email.

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!