According to the National Association of Realtors, the average price of homes sold in the fourth quarter of 2016 in Orange County, CA was $686,018. Obviously, coastal cities like San Clemente, Dana Point, Laguna Beach and Newport Beach are going to have much higher prices. Additionally, this includes not only single family homes, but condominiums as well.
So, what that means for a buyer of such a property, assuming a 10% down payment and a mortgage rate of 4.2%, their mortgage payment would be $3,019 per month. Of course, this does not include property tax, HOA dues, homeowner’s insurance, maintenance and utilities, adding at least another $1,000 per month. No wonder they talk about affordability issues in Orange County. The first $50,000 of someone’s take-home pay goes straight to paying for housing. Small wonder there is such a massive trend toward “affordable housing” with all the apartments being built and the latest development of micro condominiums (under 500 square feet).
Stay up to date on the latest real estate trends.
That's the Way the World Goes 'Round
Stalemate is a situation in the game of chess where the player whose turn it is to move is not in check and has no legal move. The game ends in a draw. Since the start… Read more
This was the sub-heading of a Daily Pilot article I came across as I was sorting through old archives in a home I recently purchased in Laguna Beach. The article was p… Read more
OFF THE CHARTS When compiling year-over-year statistics, economists tend to work in single-digit percentages. For example, the U.S. GDP growth over the past few years … Read more
2020 Hindsight I know I’m one of the lucky ones. No one in my immediate family has been directly affected by COVID 19, although my father’s 92-year-old twin brother an… Read more
Proposition 19 recently passed, amending California’s Constitution by expanding qualifications for the transfer of a property’s taxable value. Beginning April 1, 2021,… Read more
This year has simply been bonkers. And we still have over a month to go! The news of Kobe and Gianna was swept away by the tsunami of events that followed: the pandemi… Read more
SOUTH ORANGE COUNTY COASTAL HOUSING IN DEMAND Despite the economy being shut down for the majority of 2020, housing along the coast of South Orange County has done exc… Read more
I think we can all agree that a bit of good news is welcome. My gig is working in the residential real estate market, particularly along the coastal towns of South Ora… Read more
You’ve got questions and we can’t wait to answer them.