Recently, I’ve come across several buyers who deliberate on whether they should buy a condo/townhome or a traditional single family home (you know, the kind that usually have bigger back yards and are NOT in an association). So what exactly are the pluses and minuses of owning a condo/townhome and owning a single family residence? Condos (which include townhomes as far as the MLS is concerned) are good for the following reasons: Most are “low maintenance,” meaning the yards (if it has one) are usually small, less grass to cut, less weeds to pull, less greenery to water, etc. This is attractive for busy people who don’t have time to deal with it and don’t need the bigger yard. The HOA (Home Owners Association) is actually a PLUS sometimes. Let me give you an example: Some HOA’s cover the roof of the property. So, let’s say we have heavy rains. The roof leaks. The HOA property manager is contacted, who, in turn contacts the roofing vendor. The work is done at the expense of the HOA. Roof repair for Orange County, CA homes can run extremely high, especially in extreme situations where the roof needs to be completely replaced. This would be a HUGE out-of-pocket expense for someone who owns in a traditional neighborhood. The buyer of a condo is advised to look into exactly what the HOA covers. Some cover a TON, some cover very little and you’re scratching your head wondering why the dues are $333 a month. Condos in Orange County tend to be newer on average than traditional home-homes. Now, that isn’t to say that there aren’t older condo tracts, but condo/townhomes generally are newer than sfr’s. Newer construction equates to less potential problems with the plumbing, electrical, etc. Condos can be bad for the following reasons: The HOA’s can be horrible…some run over $300 per month and you’re looking around asking, “For WHAT?!?” Some HOA’s can be excessive in terms of rules and regulations and oppressive. I’ve heard stories of HOA’s writing up violations for silly things like plants growing to large or dogs peeing in wrong places. Don’t get me wrong…sometimes rules can be good and in the best interest for everyone, but I’ve seen when the Board members are sheriffs on the look out for anything out of line….like the lady in Over the Hedge who measured the grass of her neighbor’s lawn, 2″ height requirement. Because of the HOA, you are limited to what you can do to your property. Especially on the outside of the property, visible from the street. So, no painting that cracked wheat color, no addition to the home without the HOA’s approval via architectural request. Individual creativity and expression is usually not encouraged in an HOA. On the positive side, however, this limiting of artistic creativity or color preference can be a good thing — Do you really want your neighbor to paint their house turquoise? Size. Condos and townhomes generally are smaller than your traditional family home. This obviously is not always the case, but is a generalization. Single Family “Home Homes” are good for the following reasons: They usually have bigger yards. This is good for the person or family that likes to entertain a lot of people and need space for the pool, BBQ, sport court, lawn activities, etc. Some people like the wide open space, the distance between their home from their neighbor’s house. There usually aren’t restrictions on what you can do (city must approve additions, improvements, however). It’s nice to know you can paint the home YOUR favorite color or park your car in the driveway or next to the curb or have people stay over the night, weekend, or week. For pet lovers, they can have as many pets as the city ordinance allows. Neighborhood. You usually find the “settle down” kind of people in neighborhoods of single family homes. These are neighborhoods that have history. Sometimes people look after each other, take care of the pets and yard when you go on vacation. Community block parties…and these neighboring families can become so close that they actually become like an extended family. This is very attractive to the outgoing people that love community and interaction with people. Single Family Homes can be bad for the following reasons: The bigger yards mean more TIME spent gardening (if you don’t have a gardener). It means more up-keep and responsibility. Some care, and some don’t. A pool is awesome for kids and their friends in the summer, but can be a liability if someone gets hurt or drowns. No HOA means no insurance coverage for the exterior of the dwelling…you’re on your own if there is a flood in the home or a leak in the roof or a fire breaks out in the master bedroom. It’s you and your invidual insurance company. Need help selling your home? Need to find a home? Call or email me!!! Nic Petrossi, Prudential CA Realty in Brea (714) 272-3646 npetrossi@yahoo.com http://www.NicPetrossi.com
Posts Tagged ‘yorba linda condos
Kerrigan Ranch Yorba Linda
Kerrigan Ranch is a prestigious neighborhood of fine homes located in the hills of Yorba Linda. These highly-coveted homes often come with a view and boast very large lot sizes in comparison to most new construction in Orange County. Below is a market update for Kerrigan Ranch homes on the market (listed as an “A” status); homes that are in escrow (listed as a “B” or “P”) and homes closed (listed as “C”) since 6/1/2009.
Call or email Nic Petrossi with Prudential California Realty (Brea office in Home Depot Shopping Center).
Nic Petrossi is your Kerrigan Ranch listing agent AND buyer agent.
(714) 272-3646 Direct (714) 257-3606 Office www.NicPetrossi.com npetrossi@yahoo.com
| RES | MLS # | Status | P | V | H | T | Q | Type | A/D | Address | City | Area | Zip | TGNO | Trct/M | Bd | B t/f | Sty | Gar | SqFt | Yr Blt | Price | DOM | |
| 1 | P689462 | A | 11 | H | T | Q | SFR | D | 19399 Steeplechase Way | YL | 85 | 92886 | 740D2 | YRLH/1 | 5 | 6/5 | 2 | 4 | 4,170 | 2005 | $1,250,000 | 41 | * | |
| 2 | P687763 | A | 8 | H | T | Q | SFR | D | 19495 E Shetland Ln | YL | 85 | 92886 | 740E2 | CVHT/2 | 5 | 6/5 | 2 | 4 | 4,200 | 2004 | $1,375,000 | 53 | * | |
| 3 | MRM-W09035245 | A | 10 | V | H | T | Q | SFR | D | 4103 DAPPLE GRAY | YL | 85 | 92886 | 740D2 | / | 5 | 6/5 | 2 | 3 A | 5,500 | $1,399,000 | 105 | ||
| 4 | P673601 | A | 20 | H | T | Q | SFR | D | 3873 Breton Ln | YL | 85 | 92886 | 740D2 | COVH/4 | 6 | 6/5 | 2 | 3 | 5,600 | 2005 | $1,399,999 | 170 | *v | |
| 5 | P691229 | A | 16 | H | T | Q | SFR | D | 4077 Oldenburg Ln | YL | 85 | 92886 | 740D2 | CVHT/3 | 5 | 5/4 | 2 | 2 A | 4,800 | 2005 | $1,498,000 | 26 | ||
| 6 | P654833 | A | 20 | V | H | T | Q | SFR | D | 3921 Paso Fino Way | YL | 85 | 92886 | 740D2 | CVHT/2 | 5 | 6/5 | 2 | 4 | 4,182 | 2005 | $1,550,000 | 307 | * |
| 7 | P668020 | A | 10 | H | T | Q | SFR | D | 19442 CONNEMARA Ct | YL | 85 | 92886 | 740D2 | OTHR/2 | 6 | 7/6 | 2 | 4 | 4,625 | 2005 | $1,550,000 | 173 | * | |
| 8 | P684347 | A | 12 | H | T | Q | SFR | D | 19636 Morgan Ct | YL | 85 | 92886 | 740E2 | CVHT/2 | 5 | 6/2 | 2 | 4 | 4,200 | 2005 | $1,598,950 | 79 | ||
| 9 | MRM-H09008381 | A | 17 | H | T | Q | SFR | D | 19676 MORGAN Ct | YL | 85 | 92886 | 740E2 | / | 6 | 7/6 | 2 | 4 A | 5,870 | 2005 | $1,699,000 | * | ||
| 10 | S563202 | A | 10 | H | T | Q | SFR | D | 19484 Shetland Ln | YL | 85 | 92886 | 740E2 | OTHR/- | 5 | 5/4 | 2 | 2 A | 4,400 | 2005 | $1,790,000 | 150 | * | |
| 11 | P647976 | A | 20 | H | T | Q | SFR | D | 19596 Connemara Ct | YL | 85 | 92886 | 740D2 | CVHT/2 | 5 | 6/5 | 2 | 4 A | 4,170 | 2005 | $1,849,000 | 355 | *v | |
| 12 | P655540 | A | 8 | H | T | Q | SFR | D | 3733 Quarter Horse Dr | YL | 85 | 92886 | 740F2 | OTHR/1 | 5 | 6/5 | 2 | 4 A | 5,033 | 2005 | $1,849,000 | 304 | * | |
| 13 | P690191 | A | 20 | H | T | Q | SFR | D | 19876 Trotter Ln | YL | 85 | 92886 | 740E2 | OTHR/1 | 5 | 6/5 | 2 | 4 A | 5,033 | 2005 | $1,890,000 | 35 | ||
| 14 | P678334 | A | 20 | H | T | Q | SFR | D | 19872 RED ROAN Ln | YL | 85 | 92886 | 740E2 | OTHR/5 | 5 | 6/5 | 2 | 4 A | 5,412 | 2005 | $1,950,000 | 127 | ||
| 15 | P660054 | A | 20 | V | H | T | Q | SFR | D | 20303 FAIRMONT Blvd | YL | 85 | 92886 | 740E1 | CUST/0 | 5 | 8/5 | 2 | 4 | 8,700 | 2008 | $6,350,000 | 272 | *v |
| 16 | P660150 | B | 2 | H | T | Q | SFR | D | 19985 Winners Cir | YL | 85 | 92886 | 740E2 | CVHT/1 | 5 | 6/5 | 2 | 4 | 5,100 | 2005 | $1,300,000 | 272 | * | |
| 17 | P629075 | P | 16 | H | T | Q | SFR | D | 4116 Dapple Gray Ln | YL | 85 | 92886 | 740D2 | COVC/3 | 5 | 6/5 | 2 | 3 | 4,892 | 2004 | $1,350,000 | 361 | * | |
| 18 | P689235 | S | 4 | H | T | Q | SFR | D | 19471 Cleveland Bay Ln | YL | 85 | 92886 | 740D2 | OTHR/1 | 5 | 5/4 | 1 | 3 | 3,850 | 2005 | $950,000 | 12 | ||
| 19 | P687538 | S | 6 | H | T | Q | SFR | D | 19377 Steeplechase Way | YL | 85 | 92886 | 740D2 | CVHT/2 | 5 | 6/5 | 2 | 4 | 4,170 | 2005 | $1,170,000 | 17 |
Isn’t THAT the million dollar question…
Well, no one has the crystal ball, but we all have our sources of knowledge and expertise to try to gauge when we’ll see the up-swing.
Some are saying that the bottom has already come.
Some are saying that we won’t see it for some time.
I say, I don’t know for sure, but what I do know for Orange County, CA is this:
The Below $500K Market is already there.
We are seeing good properties under $500K being snatched up within a week in Northeast Orange County (Placentia, Yorba Linda, Brea, Fullerton, Anaheim, Anaheim Hills). There are multiple offers on properties that are in good condition. So, essentially, we are THERE for that price range.
What about the over $500,000 range? When will we see the bottom for THOSE homes?
A great article came out in the Orange County Register (our local newspaper) by Jonathan Lansner. He interviewed a private banker, Ray Dellerba, CEO of Pacific Mercantile Bank in Costa Mesa. Dellerba nailed the downturn by getting OUT of residential lending late 2005. He just started lending on residential properties again. Four decades of banking and that kind of foresight makes you listen when he talks. When asked his prediction of the “bottom,” Dellerba replied “November” without a flinch. His reasoning? People are sick of being in the dumps and tight with their money and those with jobs will want a good Christmas for their family.
What is MY prognostication?
Summer of this year, July. Government incentives, especially for first time buyers, still-high FHA loan limits, low interest rates, and considerably less REO / short sale inventory in Northeast O.C. will fuel the best housing market we’ve seen since 2004.
I welcome your comments.
Nic Petrossi, Prudential CA Realty
(714) 272-3646
Click Here for WEBSITE —>
This is a complete list of foreclosures (bank owned) properties in the Land of Gracious Living, Yorba Linda from your favorite Yorba Linda Realtor, Nic Petrossi. You can contact me at my website at www.NicPetrossi.com to set up a time with me to go see any of these homes. Have a great day!
| Residential | ||||||||||||||||||||||||
| RES | MLS # | Status | P | V | H | T | Q | Type | A/D | Address | City | Area | Zip | TGNO | Trct/M | Bd | B t/f | Sty | Gar | SqFt | Yr Blt | Price | DOM | |
| 1 | P650699 | A | 12 | H | T | Q | CONDO | A | 19057 Rockwood Dr 12 | YL | 85 | 92886 | 740D6 | KELT/A | 2 | 2/2 | 1 | 0 | 921 | 1982 | $229,900 | 89 | * | |
| 2 | P654458 | A | 7 | H | T | Q | CONDO | A | 4536 Valley View Ave | YL | 85 | 92886 | 740A3 | OTHR/0 | 2 | 2/1 | 2 | 2 D | 1,046 | 1965 | $229,900 | 62 | * | |
| 3 | P662711 | A | 2 | H | T | Q | CONDO | A | 5430 Copper Canyon Rd 6e | YL | 85 | 92887 | 741C5 | HILL/0 | 2 | 2/2 | 1 | 1 | 1,128 | 1989 | $254,800 | 6 | ||
| 4 | P657293 | A | 9 | H | T | Q | CONDO | A | 23455 Plymouth Ct 167 | YL | 85 | 92887 | 741D6 | OTHR/0 | 2 | 2/1 | 1 | 2 | 1,017 | 1986 | $279,900 | 43 | ||
| 5 | R808536 | A | 14 | H | T | Q | CONDO | A | 20016 Waverly Glen St 54 | YL | 85 | 92886 | 740F7 | FRHL/0 | 3 | 3/1 | 2 | 1 A | 1,179 | 1977 | $299,900 | 53 | ||
| 6 | P652986 | A | 1 | H | T | Q | CONDO | A | 20003 Clear River Ln 2 | YL | 85 | 92886 | 740F7 | OTHR/0 | 3 | 3/1 | 2 | 2 | 1,179 | 1979 | $310,000 | 49 | ||
| 7 | P655264 | A | 10 | H | T | Q | CONDO | A | 5035 Twilight Canyon Rd 31a | YL | 85 | 92887 | 741C4 | HILL/* | 3 | 2/1 | 1 | 0 | 1,380 | 1989 | $314,900 | 50 | * | |
| 8 | P656576 | A | 1 | H | T | Q | CONDO | A | 5035 Twilight Cyn 31E | YL | 85 | 92887 | 741C4 | HILL/O | 3 | 2/1 | 1 | 2 | 1,380 | 1989 | $314,900 | 42 | * | |
| 9 | R808716 | A | 19 | H | T | Q | SFR | D | 21935 Cimarron Pl | YL | 85 | 92887 | 741A5 | OTHR/0 | 3 | 2/2 | 1 | 2 A | 1,645 | 1983 | $354,900 | 31 | * | |
| 10 | M110109 | A | 12 | H | T | Q | SFR | D | 17362 Yellowstone Ave | YL | 85 | 92886 | 740A5 | OTHR/0 | 4 | 2/2 | 1 | 2 | 1,206 | 1971 | $439,000 | 36 | ||
| 11 | S545231 | A | 4 | H | T | Q | SFR | D | 4742 Via La Primavera | YL | 85 | 92886 | 4472B1 | OTHR/x | 5 | 2/2 | 1 | 2 A | 1,832 | 1970 | $490,999 | 72 | * | |
| 12 | P661654 | A | 7 | H | T | Q | SFR | D | 18632 Oaklawn Ln | YL | 85 | 92886 | 740C2 | VIL3/0 | 4 | 4/4 | 2 | 3 A | 3,184 | 2006 | $787,900 | 5 | ||
Here are the numbers for Yorba Linda homes, condos and townhomes as of October 28, 2008:
(This is for 92886 and 92887 zip codes combined)
Total Active Homes (including condos & townhomes) : 368
Total Active Single Family Homes: 309
Total Active Condo / Townhomes: 58
Total Short Sale Properties (All Property Types) : 69
Total Bank Owned (REO’s) : 12
Total Homes in Escrow (Pending or Backup Offers): 92
Percentage of Homes in Escrow vs. Total Homes on Market: 20%
This is HUGE because going into November last year, the ratio was about 7%. Home sales are up almost 3 TIMES what they were a year ago. This is a sign that….. A) People are Buying Homes and B) Yorba Linda’s Home Market is Thawing (Warming Up). The Pent-Up Demand of buyers waiting on the fence is like water against a dam. People are seeing the stock market is NOT the place to put your money and that real estate has ALWAYS been a sound financial investment over time. No matter the decade, real estate has always gone up over time. People who have been trying to time the bottom realize they don’t have to time it perfectly, especially if they plan to stay in the house for more than 2 years.
For a list of bank-owned REO properties (distressed properties) in Yorba Linda, email me at npetrossi@yahoo.com or to search Yorba Linda homes, visit my website —-> CLICK HERE
When I started my career real estate as a Placentia Realtor, Yorba Linda Realtor, Brea Realtor, I wanted to do EVERYTHING in terms of marketing.
I wanted to do the postcards, the newsletters, my wife is a runner so we had a booth at the 5K and 10K races. I did the internet advertising for a Schools website that promised me leads. What this added up to was more money, more money, more money. This was dangerous since a HUGE chunk of the money from the few deals I had were going to marketing ideas that DIDN’T WORK and yielded nothing for me in terms of business.
So, what do I do now? What do you really need? What REALLY works?
Although there is no cookie-cutter recipe to this business, I found that…
A) You have to have a website. Click here for an example. Besides for the obvious features (your name, face, contact info), your website should have something people want or need. They can get a mortgage calculator on a million different websites. What does YOUR website have that others don’t? Wht is unique about your site that will bring people back and make them regular visitors? Make sure that they can search the MLS (search for homes). But that is a given. My website will have a link that will allow prospective buyers to view boundary maps of different schools to see WHERE they need to buy if they want their children to go to ABC Elementary. City Information with restaurant locations / movie locations is also a good idea.
B) Notepads. “Notepads?,” you say…yes notepads. Why? Well, they’re relatively inexpensive, (I think I pay $200 for 1000 shipped to my office). They have shelf-life, meaning they last longer than the trip to the garbage can. AND, people like em. They use em. My uncle saw a random stranger in a grocery store using my notepad to check off their grocery list. Make sure you don’t get cute with your notepads and use some fancy design, sunset, beach scene, mountain scene, so they can’t see what they’re writing down. Think simple for your design. Name, contact info huge at the top, that’s all you need.
The newsletters and postcards are still good, don’t get me wrong, but they just don’t yield much in the way of business. Focus on getting your website up higher in Google / Yahoo! natural search results. Talk to a very good web designer on how to do that with key words. 85% of people are using the Internet to find homes. DON’T SKRIMP on your website…pay extra to make it eye-catching, unique, well-thought out. People get an impression of your abilities and character from your website…it’s where they get to know you anonymously before they decide on actually calling someone.
I hope this helps…maybe even some of you experienced agents pulled something out of this you can use. Good luck!!!
NIC PETROSSI, Orange County Real Estate Advice 