November 7th, 2009, 3:53 pm by Jeff Collins
The Irvine-based owner of the bankrupt Marblehead development and 21 other projects in Chapter 11 has managed to buy bargain property from another bankrupt developer.
SunCal Cos. paid nearly $20.1 million to buy just under 1,100 lots in 11 developments in Las Vegas and Henderson, Nev. The land was formerly owned by Illinois-based Kimball Hill Homes, which filed for Chapter 11 in 2008. Highlights of the deal include:
- SunCal purchased 639 finished lots.
- SunCal purchased 433 partially finished lots.
- The purchase was an all-cash deal financed through D.E. Shaw Group.
- D.E. Shaw is acting as both a lender and partner in the deal, a SunCal spokesman said.
- The transaction closed escrow on Oct. 21, with SunCal acting through a subsidiary called Vegas Valley KHI Acquisition.
Marblehead and the several other SunCal projects ended up in Chapter 11 following the collapse of financial backer and lender Lehman Brothers in September 2008. Others filed for bankruptcy because of the housing slump.
All 22 developments in bankruptcy are independent entities, and SunCal is not in bankruptcy itself. In fact, the company is actively looking for new land-buying opportunities while the bargains last, said company spokesman David Soyka. “We’re always pursuing good opportunities nationwide,” he said. “We’re looking at raw land and finished lots. We’re adding to our portfolio.”
- Big O.C. loan defaults: HERE!
- Bankrupt SunCal developments: HERE!
More on SunCal …
Posted in: Brokers, builders, etc. • Top tale • industry • Las Vegas • SunCal | 3 Comments »
November 7th, 2009, 2:00 am by Jon Lansner
 Ask: $1.07 mil |
 Ask: $550,000 |
 Ask: $325,000 |
 Insider Q&A knows that real estate is a local-local business and that market conditions can vary by city and even neighborhood.
In that spirit, we went “micro” this week … chatting with Valerie Torelli of Torelli Realty about what’s up — what what’s not — with housing in her specialty area: Costa Mesa. Click on photos above of 3 sample properties from the city for larger images and house details …
Us: In general, how does the city market look?
 Valerie: The Costa Mesa market is fairly healthy with just under 150 units currently listed in the Multiple Listing Service: 114 are single family, the rest condos. The amount of homes for sale under $500,000, which is where there is the highest demand, is in very short supply with only 22 single family homes for sale. The catch is that almost every one of them is a short sale and the price listed may or may not be the price that the lender will ultimately sell for. In fact, many of these wind up being “teaser prices” and get bid up. The first-time buyer or lower-priced buyer has the most difficult time finding a property to even bid on. The homes over $800,000 — about 30 with the majority located in Eastside Costa Mesa — are sitting out there with not a lot of activity. Unless the property truly has something special going for it, these homes tend to linger on the market longer. The homes over $1,000,000 have very few takers in this market.
Us: Geographically, do any neighborhoods look stronger than others?
Valerie: The Eastside and Mesa Verde areas of Costa Mesa are still the most sought after, mostly due to what those neighborhoods have to offer: proximity to Newport Beach, and golf courses, respectively, and larger type homes. These two areas are usually high on buyer’s priority lists, and still remain so, but with the larger price tags it prohibits many entry-level buyers. With price-to-value being very high on both the buyer’s and lender’s radar, the central areas, South Coast Metro and Westside have fared quite well. We expect to see continued demand in these areas because of their relative affordability.
Us: What are you telling Costa Mesa sellers?
Valerie: We are telling Costa Mesa sellers not to become greedy, under no circumstances. This tactic is not going to work. Read the rest of this entry »
Posted in: Insider Q&A • Local-Local • Top tale • costa mesa • industry • Valerie Torelli | 14 Comments »
November 6th, 2009, 6:00 pm by Jon Lansner
Real estate news and views from around the globe that make you go, “Really?”
- DREARY: Foreclosure rate in Seattle-Tacoma-Bellevue area up 37% from year ago. (Seattle PI) MORE HERE!
- MESSY: Seattle neighbors left with dirty work from foreclosed homes (King5.com) MORE HERE!
- BUSTED: Foreclosure bus maps Seattle real estate bust (Seattle Times) MORE HERE!
- GLOOMY: Foreclosure rate for Portland climbed 78% from a year ago. (Portland Biz Journal) MORE HERE!
- PEAKED: Foreclosure Hot Spots Spread to Idaho and Utah (UPI.com) MORE HERE!
Check HERE for our coverage of real estate troubles of ‘Real Housewives of Orange County’
Posted in: Distressed properties • Odds & ends • Top tale • industry • Really | 8 Comments »
November 6th, 2009, 12:05 pm by Jeff Collins
President Barack Obama signed the homebuyer tax credit into law today, extending the popular $8,000 credit for first-time homebuyers.
The credit, which was to expire at the end of this month, will be available through next June as long as the buyer signs a binding contract by the end of April.
- The program is expanded to include a $6,500 credit for existing homeowners who buy a new place after living in their current residence for at least five years.
- Read more about the measure: HERE!
- For a technical explanation of the bill, CLICK HERE!
Reactions:
Dick Gaylord, RE/MAX Real Estate Specialists in Long Beach and 2008 National Association of Realtors president:
“I think it’s great. … Our economist talked about the thousands of people who were able to buy a home because of it. I think it’ll continue to fuel the first-time buyer market. Also, individuals who own a home are going to be able to avail themselves of it. … I think that will be very, very helpful to the market.
… I’m on my fourth first-time buyer, and the reason they want to buy is the tax credit.”
Jean Tietgen, Star Real Estate, Huntington Beach and the 2010 president elect of the Orange County Association of Realtors:
“I’m happy. … I’m working with a couple of first-time buyers, and I know it will be a tremendous incentive for them. … For my clients’ sake, it’s beneficial.”
As for the new provision extending a tax credit for repeat homebuyers: “It might stimulate the housing market a little bit.”
Read the rest of this entry »
Posted in: Policy, politics & regulation • Top tale • industry • tax credit | 48 Comments »
November 6th, 2009, 10:05 am by Jon Lansner
For the 22 business days ending Oct. 16
| Slice |
Price |
Yr. ago |
Sales |
Yr. ago |
| Houses |
$495,000 |
+4.2% |
2,018 |
+5.7% |
| Condos |
$308,500 |
+4.6% |
917 |
+8.8% |
| New |
$500,000 |
+3.1% |
168 |
-19.6% |
| All O.C. |
$435,000 |
+3.6% |
3,103 |
+4.8% |
For the 22 business days ending Oct. 16 – DataQuick’s latest homebuying report — Orange County saw …
- $435,000 median selling price that is $6,000 above September (+1.4%) and would mark the 6th consecutive month of price gains — longest winning streak since 7 up months ended Aug. 2005.
- Price is +3.6% vs. a year ago and -33% below June 2007’s peak of $645,000.
- The most recent median is 18% above the cyclical low hit in January 2009 at $370,000 — a current bottom that was -43% below the peak.
- Prices fell on a year-over-year basis from Sept. 2007 through August. (Worst at -31.5% in August 2008.)
- Single-family homes resell for 33% less than their peak pricing (June ‘07) while condos sell 34% below their peak in March 2006. Builder prices for new homes are 42% below their February ‘05 top.
- In this most recent period, O.C. shoppers bought 3,103 residences — that is +4.8% vs. year-ago buying activity. (From 1997-2006, monthly sales averaged 4,304 per month.)
- September was 15th straight month of sales gains vs. the year-ago period. That follows 33 consecutive months where sales failed to beat the previous year’s pace.
How did your neighborhood fare? Check our ZIP-by-ZIP data HERE!
“Other real estate trends:
”
Posted in: DataQuick reports • Top tale • bottom • DataQuick • numbers | 96 Comments »
November 6th, 2009, 9:40 am by Jon Lansner
For the 22 business days ending Oct. 16 – DataQuick’s freshest stats — Orange County homebuying patterns showed:
- 32 of O.C.’s 83 ZIP codes had gains in their respective median selling price. Overall, prices were +3.6% vs. a year ago.
- 6 of 83 O.C. ZIPs had median sales prices above $1 million in the period vs. 11 million-dollar ZIPs when the county median price peaked in June 2007.
- Since that pricing pinnacle, there’s been a -33% drop in the countywide median price!
- 45 of 83 O.C. ZIPs had year-over-year sales gains in the period.
- Overall, countywide sales were +4.8% vs. a year ago.
- 7 of 83 O.C. ZIPs has sales gains of 100% or more in the period.
- NOTE! 15 local ZIPs had both sales gains and price gains in the period. (Highlighted in green below!)
- For a detailed report on the countywide price moves, CLICK HERE!
Here’s a look at the 83 ZIPs and how they fared in terms of median selling price and total sales for this period:
| Town |
ZIP |
Price |
Yr. chg. |
Sales |
Yr. chg. |
| Aliso Viejo |
92656 |
$375,000 |
-13.8% |
87 |
+0.0% |
| Anaheim |
92801 |
$306,500 |
-1.1% |
51 |
+21.4% |
| Anaheim |
92802 |
$350,000 |
+1.4% |
19 |
-29.6% |
| Anaheim |
92804 |
$316,000 |
-7.3% |
60 |
-11.8% |
| Anaheim |
92805 |
$325,000 |
-1.5% |
81 |
+2.5% |
| Anaheim |
92806 |
$392,500 |
-4.8% |
13 |
-55.2% |
| Anaheim |
92807 |
$478,000 |
-5.8% |
36 |
+5.9% |
| Anaheim |
92808 |
$500,500 |
-17.3% |
32 |
-13.5% |
| Brea |
92821 |
$445,000 |
-16.0% |
33 |
+3.1% |
| Brea |
92823 |
$458,000 |
-28.1% |
7 |
+75.0% |
| Buena Park |
90620 |
$380,000 |
+1.3% |
54 |
+0.0% |
| Buena Park |
90621 |
$357,500 |
-1.9% |
22 |
-12.0% |
| Corona del Mar |
92625 |
$1,410,000 |
-16.7% |
27 |
+35.0% |
| Costa Mesa |
92626 |
$517,045 |
-6.0% |
45 |
+12.5% |
| Costa Mesa |
92627 |
$437,500 |
-0.6% |
43 |
+53.6% |
| Cypress |
90630 |
$407,500 |
-19.1% |
40 |
+73.9% |
| Dana Point |
92624 |
$475,000 |
-50.8% |
4 |
-20.0% |
| Dana Point |
92629 |
$655,000 |
-5.5% |
29 |
-12.1% |
| Foothill Ranch |
92610 |
$395,000 |
+19.7% |
20 |
+33.3% |
| Fountain Valley |
92708 |
$600,000 |
+10.1% |
36 |
-21.7% |
| Fullerton |
92831 |
$380,000 |
-24.0% |
27 |
+22.7% |
| Fullerton |
92832 |
$280,000 |
-17.6% |
16 |
-33.3% |
| Fullerton |
92833 |
$345,000 |
-14.8% |
64 |
+36.2% |
| Fullerton |
92835 |
$518,000 |
-7.5% |
24 |
-22.6% |
| Garden Grove |
92840 |
$352,000 |
+5.1% |
45 |
-19.6% |
| Garden Grove |
92841 |
$350,000 |
-4.9% |
22 |
-21.4% |
| Garden Grove |
92843 |
$290,000 |
-17.1% |
30 |
+7.1% |
| Garden Grove |
92844 |
$247,500 |
-28.8% |
21 |
-27.6% |
| Garden Grove |
92845 |
$465,000 |
+6.9% |
17 |
+0.0% |
| Huntington Beach |
92646 |
$477,000 |
-13.6% |
59 |
+40.5% |
| Huntington Beach |
92647 |
$530,000 |
-2.9% |
32 |
+10.3% |
| Huntington Beach |
92648 |
$693,500 |
-6.3% |
46 |
-4.2% |
| Huntington Beach |
92649 |
$668,500 |
+13.8% |
31 |
+6.9% |
| Irvine |
92602 |
$775,000 |
+17.4% |
31 |
+24.0% |
| Irvine |
92603 |
$668,000 |
-10.9% |
30 |
+3.4% |
| Irvine |
92604 |
$530,000 |
+9.3% |
42 |
+180.0% |
| Irvine |
92606 |
$537,500 |
+21.8% |
15 |
+7.1% |
| Irvine |
92612 |
$520,000 |
+7.2% |
24 |
-27.3% |
| Irvine |
92614 |
$460,000 |
+2.2% |
19 |
+11.8% |
| Irvine |
92618 |
$644,500 |
+33.6% |
25 |
+150.0% |
| Irvine |
92620 |
$542,500 |
-19.0% |
48 |
-5.9% |
| Ladera Ranch |
92694 |
$505,000 |
-1.9% |
52 |
+15.6% |
| La Habra |
90631 |
$325,750 |
+6.8% |
59 |
-4.8% |
| La Palma |
90623 |
$517,500 |
-1.4% |
15 |
+87.5% |
| Laguna Beach |
92651 |
$1,180,000 |
-14.5% |
37 |
+60.9% |
| Laguna Hills |
92653 |
$449,000 |
+3.9% |
31 |
-24.4% |
| Laguna Niguel |
92677 |
$515,000 |
-8.0% |
109 |
+39.7% |
| Laguna Woods |
92637 |
$216,000 |
-10.0% |
27 |
-15.6% |
| Lake Forest |
92630 |
$437,500 |
+37.6% |
58 |
-23.7% |
| Los Alamitos |
90720 |
$770,000 |
+28.9% |
18 |
+200.0% |
| Midway City |
92655 |
$360,000 |
-4.6% |
7 |
-22.2% |
| Mission Viejo |
92691 |
$450,000 |
-9.0% |
60 |
+15.4% |
| Mission Viejo |
92692 |
$475,000 |
+3.3% |
72 |
+33.3% |
| Newport Beach |
92660 |
$850,000 |
-29.2% |
37 |
+76.2% |
| Newport Beach |
92661 |
$1,695,000 |
+78.4% |
11 |
+266.7% |
| Newport Beach |
92662 |
$4,075,000 |
n/a |
1 |
n/a |
| Newport Beach |
92663 |
$810,000 |
-11.0% |
30 |
+114.3% |
| Newport Coast |
92657 |
$1,725,000 |
-7.4% |
25 |
+257.1% |
| Orange |
92865 |
$430,000 |
-12.2% |
33 |
+37.5% |
| Orange |
92866 |
$432,500 |
+9.5% |
10 |
-16.7% |
| Orange |
92867 |
$479,500 |
+2.0% |
41 |
-2.4% |
| Orange |
92868 |
$330,000 |
+2.3% |
14 |
+0.0% |
| Orange |
92869 |
$427,000 |
+4.1% |
39 |
+14.7% |
| Placentia |
92870 |
$479,000 |
-2.2% |
44 |
+22.2% |
| Ran.S. Margarita |
92688 |
$331,250 |
-26.6% |
73 |
-7.6% |
| San Clemente |
92672 |
$550,000 |
+7.0% |
40 |
+135.3% |
| San Clemente |
92673 |
$660,000 |
-9.0% |
49 |
+4.3% |
| San Juan Capo |
92675 |
$370,000 |
+15.2% |
38 |
-13.6% |
| Santa Ana |
92701 |
$161,500 |
-6.1% |
48 |
+4.3% |
| Santa Ana |
92703 |
$230,000 |
-15.1% |
56 |
+1.8% |
| Santa Ana |
92704 |
$283,000 |
-0.7% |
59 |
-26.3% |
| Santa Ana |
92705 |
$567,000 |
+14.0% |
41 |
+51.9% |
| Santa Ana |
92706 |
$410,000 |
+12.6% |
29 |
-12.1% |
| Santa Ana |
92707 |
$252,500 |
+7.0% |
46 |
-39.5% |
| Seal Beach |
90740 |
$825,000 |
+23.1% |
10 |
-23.1% |
| Stanton |
90680 |
$250,500 |
-8.1% |
29 |
-12.1% |
| Trabuco/Coto |
92679 |
$671,750 |
+6.6% |
44 |
-12.0% |
| Tustin |
92780 |
$455,000 |
+13.8% |
47 |
+6.8% |
| Tustin |
92782 |
$580,000 |
-5.3% |
38 |
-9.5% |
| Villa Park |
92861 |
$1,000,000 |
-11.9% |
8 |
+33.3% |
| Westminster |
92683 |
$419,500 |
-3.6% |
66 |
-4.3% |
| Yorba Linda |
92886 |
$575,000 |
-3.0% |
58 |
+56.8% |
| Yorba Linda |
92887 |
$572,500 |
+1.8% |
28 |
+12.0% |
| Total O.C. |
|
$435,000 |
+3.6% |
3,103 |
+4.8% |
Posted in: Selling patterns • DataQuick • ZIPs | 3 Comments »
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