VIEW Magazine: 22 Pelican Crest Drive, Newport Coast ~ Ocean View Home for Sale

VIEW Magazine: 22 Pelican Crest Drive, Pelican CrestNewport Coast ~ Ocean View Home for Sale!

View Magazine: 22 Pelican Crest Drive Newport Coast Home for SaleMy awe inspiring, Pelican Crest, Newport Coast, panoramic ocean view home for sale on this weekend’s cover of VIEW Magazine. Make sure to pick up your copy!

Double bonus: My photograph is the cover shot!

22 Pelican Crest Drive, Pelican Crest, Newport Coast ~ Ocean View Home for Sale!






Loan Modification Secrets

Loan Modification Secrets

Getting a loan modification can be confusing. People wonder; are there Loan Modification Secrets that would help?

For some homeowners in danger of losing their home to foreclosure, real estate short sale or considering attempting Chapter 11 Bankruptcy, there has been a lot of incomplete information out there. Many believe that a loan modification is a “cure-all” for distressed homeowners. While it can be a good option for some people, it isn’t always the best solution.

For homeowners near Newport Beach California there are many more options available such as a mortgage refinance, owner-financing a sale or a reverse mortgage.

As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, I have put together a list of 5 questions that anyone who is in danger of losing their home should ask before they make a decision.

Download a copy of my free report entitled “Loan Modification Secrets” and then contact Michael Salas for a free, confidential consultation.

Orange County Property Tax Assessment Appeal ~ My Story

Recently I received a call from a reader. Mark told me he is appealing the 2010 property assessment for his Newport Beach home. He asked if I could supply "Sold" information to help with his case. No problem, was my response. I supplied the information, Mark was satisfied.  I have not heard from him about the results. This things take time. Right? Well maybe not.

I told Mark about my experience of trying to do the same thing last year. I decided to appeal my "Investment" property's Tax Assessment. The duplex is located in San Clemente. I jest when I use the word, "Investment". I purchased the property in 2005. Perfect timing – Top of the market. Ouch!

Suffice to say the value plummeted. My 2009 tax  assessment came in way over the current value.  No way! I decided to roll up my sleeves and go for an appeal. It was late August.  The deadline for filing an appeal was September 15. So I thought, if I'm going to do this, I better get started, the wheels of government grind slowly.

Here's how it went…

Friday, about 3:30 PM, I check out the Orange County Tax Assessor's online form for making an appeal. So far, so good. When I reviewed my tax assessment notice, it said if I wanted to appeal, to call and talk with a appraiser. Great! Talking with an appraiser, I am feeling comfortable with that notion. Hey, I talk with apprasier's all the time. We speak the same language. So, I called. Within a couple of minutes, I hear a friendly voice saying, "Hi, this is Wendy".

I told Wendy my story plus, I let Wendy know I am a real estate agent and could pull "Comps" for her. She said, "Great!"

I pulled the comps, faxed them in Friday about 5:30 PM. Monday, I called. Wendy was out of the office.  Tuesday, Wendy called. She reduced the valuation! During our conversation I just start talking about some of the comps on the list and Wendy stops me and said, "Oh, I didn't realize the location of that one. I'll bring it down some more." Wow! And that was it. Over. Done with the process of getting the property valuation reduction. The overall reduction amounted to 32%!

I have to say, you hear a lot of people knocking "City Hall" and complaining about the Tax Assessor's Office, but I'm here to tell you, the experience exceeded my expectations. I could have not been happier. I thanked Wendy and told her how impressed I was about how easy this was. She said that my timing was right. Her work load eased up a little and she was able to fit me in just fine.

If you have tried or plan on trying to get a new valuation for your property, post a comment below and share your experience.

Newport Coast Real Estate – Median Price Statistics for Zip Code, 92657

Here is the recent real estate activity showing the Median Price for Newport Coast, CA, 92657.

To see more statistics, better yet, to get them delivered weekly, click on this link and sign up today!

The definition of the Median Price is the price of the house that falls in the middle of the total number of homes for sale in that area.

The Median price of 101 sold homes would be the price which is lower than 50 of the prices and also higher than 50 of them. Do not confuse this term with average.  The difference between average and median can be quite different. For example, if you are looking at a “sold” market analysis and the homes are evenly distributed, the median and average might be similar. But, if the homes sold were more to one end of the price range, then the median and average could be different.

Let me know what you think the local Newport Coast Real Estate market is doing…post a comment and get the conversation started.

CA Governor Signs Home Tax Credit Bill

Great news for California home buyers!

Governor Schwarzenegger today signed AB 183 providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes.

Eligible taxpayers who close escrow on qualified principal residences between May 1, 2010 and December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit.

This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). Buyers also must be at least 18 years old and be unrelated to the seller. First-time buyers are defined as those who have not owned a home in the past three years.

To learn more about the California Home Buyer Tax Credit, click here.