Directory —
Real Estate —
Blog Details for "Lansner on Real Estate"
Lansner on Real EstateLansner on Real EstateLansner on Real Estate covers news and views for and about the Orange County housing market from Orange County Register columnist Jon Lansner and other Register reporters. Articles
Housing ills add to fast food’s woes
2008-05-15 04:30:00 Jack-In-The-Box CEO Linda Lang had this to say during a conference call with Wall Street analysts. Thank you, Seeking Alpha … Brian Moore, Wedbush Morgan Securities: Linda, you certainly have been in the industry a long time. Can you give any kind of macro view on, I guess what we’ve seen has been a trade down or deceleration of sales within fast food or (quick-serve restaurants)? It seems casual diners have suffered for so long and (quick-serve restaurants) has held up well. Now we just get negative retail sales numbers yesterday for (quick-serve restaurants.) Sales appear to be softening. Any thoughts on your experience during previous kind of downturns? Linda Lang: If you go back to 2000-2001, where some of it was self inflicted because we were doing aggressive discounting at that time, and there is a little fear of that. If you have read about Taco Bell, they are rolling out a very aggressive value menu. I think it is all related to the economic conditions; and you hav... More About: Food , Fast Food
OC/LA rent increases near 8-year low
2008-05-14 22:41:00 April’s Consumer Price Index showed a continued slide in the SoCal rental market, with rents rising 4.2% from April 2007, the lowest annual increase since September 2000, according to the numbers crunchers at the U.S. Bureau of Labor Statistics. A year ago, rents were going up at a 6.4% pace. Landlords in the Los Angeles-Orange County-Riverside area, however, still were raising rents. In 1995, at the height of the last big recession, rents declined at a 0.4% annual rate. Annual rent increases for homeowners renting out their house were 3.6% higher in April than in April 2007. Last year, the so-called owners’ equivalent rent of a primary residence grew at a 6% pace in April. The price overall to keep a roof over your head (minus purchase costs) rose 2.5% over the last year, the slowest rate since March 2004 when it was 2%. Other local consumer housing price news: Fuels and utilities overall jumped 7.2% in the last 12 months Residents using natural gas saw prices surge ...
Newport Beach bayfront mansion listed for $38.5 million
2008-05-14 09:21:00 It’s palatial and French neoclassic. Big dock on the water. You can find it in Newport Beach now up for sale for $38.5 million. And if that price target is hit, this sale could break the record $35 million price paid for actor Nicolas Cage’s Newport Bay home nearby in January. Agents with HÔM Real Estate Group said their brokerage just got the listing along with Willis Allen Real Estate of La Jolla. This big-ticket listing follows news that an O.C. price record was just set for an off-water home: a $27.1 million sale of a Corona Del Mar house. This pricey waterfront property new to the market, at the tip of Harbor Island whose residents include Irvine Co. boss Don Bren, is described by HÔM’s listing on the Catalist Web site as a 23,000 square-foot lot hosting a house having 10 bedrooms and 12 bathrooms within 18,000 square feet of living space. Willis Allen’s Web site described the Harbor Island home, completed in 1990, this way: “Spectacular and eleg... More About: Newport Beach
O.C. aids builders. Why not small fry?
2008-05-14 09:21:00 Joining the growing roster of government agencies helping housing-ravaged fat cats (say, perhaps, Bear Stearns?) … O.C.’s Board of Supervisors Tuesday unanimously approved deferring certain development fees for builders in what the board is calling — now get this — “an economic stimulus package.” For the next year, the county will now charge developers when they actually build a home, not when they file building plans. (Fees waived include some road, library, park and other development taxes.) To read more, CLICK HERE! Your blogger dialed up John Moorlach, chair of the Board of Supervisors who dreamed up the builder break. Not that we begrudged builders any help, I was asking when the county’s small fry might see county financial aid. Moorlach did note that builders employ people who’d be considered small fry, and what’s good for the building companies might be good for their worker bees. And Moorlach was fairly cool to my consu... More About: Aids
Tell us ‘Is $27 million sale sign of housing bottom?’
2008-05-14 03:19:00 No press release will officially decree when the O.C. housing market’s revival begins. As a public service, we’ve dug up certain bits of fresh evidence (click the links for more details on each trend) that hints that a bottom might be close. That’s “bottom,” as in end of the relentless downturn, not a return to the go-go days. So let’s go bottom fishin’ by grading the chances that the market’s tumble is over. Review our recent catch of trend-hinting news … O.C. price record set for off-water home: $27 million Late April’s homebuying dip smallest since July Demand for O.C. homes nears ‘06 levels Industrial property still hot in O.C. O.C. home market at ‘absolute worst’ What do you think? O.C. near turnaround? It's here Vey near Kinda close Far off Not on radar screen View Results More About: Sale
Drop in Calif. real estate licenses continues
2008-05-13 22:27:00 California Department of Real Estate statistics show that the number of real estate licenses has plateaued. But even though the number of licensees has decreased for a fourth consecutive month, the total remains close to record levels. Real estate licenses peaked in November at 549,244. That’s 1.5 licenses for each house sold in the state in all of 2007 by the California Association of Realtors’ count. Licensee numbers have decreased steadily since then, falling to 546,247 in March, the latest DRE number out. California real estate licenses soared during the housing boom, and people continued taking the state license exam in near-record numbers for a year after sales began to slump. Professionals say that their colleagues have now been forced to leave the business in droves, taking full-time jobs elsewhere. But many are keeping their licenses active and staying in local Realtor associations, either working part-time as agents or hoping to return to the business when the ... More About: Real Estate , Calif
O.C. toll roads traffic falls
2008-05-13 22:26:00 Want to bet the weak O.C. real estate market has something to do with this? To the north, on the 91 Express Lanes, traffic’s off 6 percent in the first 10 months of the current fiscal year through April vs. the previous year. Assuming the trends hold, this will mark the first drop in use since the Orange County Transportation Authority took control in 2003 Head south, and on the Foothill/Eastern tollway, and you find traffic down 3 percent in the same time frame. Previously, the road enjoyed traffic growth ever since it opened in 1993. And near the sea, traffic on the San Joaquin tollway is down 2%, heading toward its second yearly drop in usage since the debut in 1996. The last drop came in 2001 as drivers shunned the road during the dot-com technology bust and ensuing economic turmoil. Today, with gasoline pushing four bucks a gallon, local folks are clearly looking for ways to cut their transportation budgets. Why else would Metrolink train ridership be up 5 percent in the... More About: Traffic
Newer O.C. apartments suffer more vacancies
2008-05-13 15:23:00 REIS Inc. reports that during the first quarter, O.C. apartments built after 1999 had 2.5 times the vacancy rate of the county as a whole. Countywide vacancies were 4% in the 784 O.C. complexes that REIS studied. Units constructed after 1999, however, had a 10% vacancy rate. The oldest apartments — built before 1970 — had the fewest vacancies at 2.8%. Rents made the difference. Apartments built before 1970 rented for $1,359 while those constructed after 1999 went for $2,055. The average county rent was $1,550. Year Built Vacancy Rate Before 1970 2.8% 1970-1979 3.2% 1980-1989 4.2% 1990-1999 3.6% After 1999 10.0% All 4.0% Related items: Investor/attorney sees tough times for landlords Bad O.C. economy hits 1-bedroom apartments Foreclosure refugees head for O.C. apartments O.C.’s high-rent districts suffer higher apartment vacancies
Historic home becomes O.C.’s 4th priciest sale
2008-05-13 03:14:00 A group of investors with “an international perspective” bought the house built by a former Irvine Co. boss on the promontory overlooking the entrance to Newport Bay, listing agent Rob Giem said. Quatre Saisons Real Estate LLC, which lists its address in a Pasadena office building, sees the Corona del Mar home it bought near its $28 million asking price as a bargain investment that will appreciate over time. “They’re very bullish on property in this area,” said Giem, a high-end agent with HÔM Real Estate Group. “They think demand for the best-of-the-best will increase.” Myford Irvine built the 15,000-square-foot “Hale O Pau Hana” house in 1958, intending to use it as his personal estate. Irvine, who ran the Irvine Co. from 1947 to 1959, died shortly before the triangle-shaped residence with a huge great room, 19-foot-high ceiling and spectacular bay views was completed. It has been home to technology executives Wendy and Rick Av... More About: Home , Sale
Is O.C. builder Standard Pacific up for sale?
2008-05-13 03:01:00 Standard Pacific Chief Financial Officer Andrew Parnes said during this morning’s first-quarter earnings conference call that the beleaguered Irvine-based homebuilder is exploring several “alternative financial and strategic opportunities.” Among them: “… a merger, business combination or sale of the company.” Parnes and other top Standard Pacific execs immediately moved on to other financial matters without elaborating. Nor did the matter come up during the more than 30-minute question-and-answer period afterward. The company’s 10-Q filing with the Securities and Exchange Commission contained this comment on Page 47: “As a result of these uncertainties, and to help position the Company to weather the current market downturn and to be prepared to take advantage of market opportunities when the market strengthens, our Board of Directors has initiated a process to examine alternative financial and strategic opportunities available to us... More About: For Sale , Sale , Standard , Builder
O.C. price record set for near-ocean home
2008-05-12 19:06:00 A Corona del Mar home has been sold for what’s reportedly the highest price for “an off water property in Orange County,” according to Rob Giem of HÔM Real Estate Group. The home, known as “Hale O Pau Hana,” is located at 411 Avocado Avenue in Corona del Mar. Giem would only say that it had an asking price of $28 million. Giem’s people would not give a firm sales price, though the Wall Street Journal quoted “local brokers” (and Giem represented both sides of the deal) saying “about $28 million.” Giem described the house as … A long private drive serves as the entrance to the 1.4-acre landmark estate that extends to a bluff overlooking Newport Harbor. The main living areas comprise 15,000 square feet on one level and are designed around the estate’s centerpiece–an open-air palm-lined pool court with a free-form infinity-edge pool and spa surrounded by palms. Vast banks of glass doors surround the entire p... More About: Home
Standard Pacific loses $216 million, stock drops
2008-05-12 15:52:00 In the first three months of 2008, Irvine-based homebuilder Standard Pacific Corp. reported this morning before markets opened that it boosted its cash supply and paid down its debt in the face of a $216.4 million first-quarter loss. The average price of homes the company sold in Southern California fell 10% in a year to $629,000, according to the company press release. In the first 45 minutes of stock trading this morning, Standard Pacific shares fell 21% to $2.99, a low not seen since January. Why the squeamish investors? A quarterly net loss that was up 431% from the $41 million it posted in red ink for the first quarter a year ago. “Impairments,” or losses due to the declining value of land and homes the company owns, totaled $192.3 million before taxes. Homebuilding revenues were little better than half of the amount generated in the first quarter last year. Closed escrows fell 38% from the year-ago period to 1,036. New sales contracts fell 30% to 1,245 new home o... More About: Stock
Half of 2005-07 O.C. buyers owe more than home’s value
2008-05-12 02:00:00 Online market tracker Zillow reported that roughly half of O.C. homeowners who bought their residence in 2005 through 2007 owe more for their mortgage than their home is now worth. Buyers who purchased in 2005 and 2006 were in the worst shape, figures by Zillow.com figures show. They bought at the peak of the market, and their median down payment was just 10% of their home’s value, hence they had less equity to begin with. (Equity is the amount of a home’s value above the amount owed.) More than 56% of ‘05 buyers were upside down during the first quarter this year. For ‘06 buyers, the number increased to 71%, and 48% of those who bought a home in 2007 were upside down. Here is Zillow’s breakdown of equity numbers for Orange County homeowners in Q1 2008: Purchase Year Median Owner Equity Pct. Upside Down Down Payment 2003 55.9% 0.4% 20.0% 2004 18.9% 18.8% 19.7% 2005 -3.2% 56.3% 10.0% 2006 -11.5% 70.7% 10.0% 2007 0.7% 48.1% 15.0% Read t... More About: Home
Real estate skeptic helps stop Michael Jackson ranch foreclosure
2008-05-12 01:45:00 Long-term readers of this blog will recall much discussion two years ago or so about investor Tom Barrack’s late 2005 interview with Forbes magazine. In the piece, he thought real estate was pretty much toast, saying, “There’s too much money chasing too few good deals, with too much debt and too few brains.”) Well, guess who’s back dabbling in high-profile, California property? Read this press release … Michael Jackson today announced that the foreclosure sale of his Neverland Ranch property scheduled for this week has been cancelled by Colony Capital, LLC, which just acquired the existing loan on Neverland Ranch from an affiliate of Fortress Investment Group. Mr. Jackson said, “I am pleased with recent developments involving Neverland Ranch and I am in discussions with Colony and Tom Barrack with regard to the Ranch and other matters that would allow me to focus on the future.” Need background on the... More About: Estate , Real Estate , Skeptic , Foreclosure
Insider Q&A hears of tough times for landlords
2008-05-10 09:05:00 Stephen C. Duringer at Duringer Law Group PLC in Anaheim is a longtime attorney who specializes in landlord tenant law. He also owns residential and commercial rental properties throughout California. He is past president of the Apartment Association of Orange County and serves as a Superior Court judge pro tem. With dueling pro- and anti-rent control measures on the next state ballot, expensive rents and a slowing economy, Duringer provided this take on the state of the apartment biz … Us: What are some of the changes you’ve seen in the apartment industry since you started? Duringer: The rental housing industry has experienced strong and sustained growth over the past 20 years. Even with the current revaluation cycle, multifamily properties have maintained their values. Throughout the state we’ve seen troubling increases in governmental oversight of housing, expansion of rent control jurisdictions and eviction controls. These cities quickly become stagnant, e... More About: Tough , Landlords , Insider
Homebody’s décor fix for your weekend
2008-05-10 05:01:00 The Register’s ace home design and gardening guru Cindy McNatt, author of the ‘Homebody’ blog (CLICK HERE), joins us with must-read ideas for those destined for a weekend fixing up the house … Rent like you really mean it Art and other hang ups Love red? Click here New DIY drapery store in Costa Mesa Mixed up flooring materials
Home/condo rentals not hurting apartment rentals
2008-05-09 21:00:00 The National Multi Housing Council says large apartment complexes aren’t seeing a lot of competition from condos and homes now coming onto the rental market. “Even though there has been an increase in the number of condo and single-family rentals, these properties do not typically compete for the same renters as professionally-managed apartments,” says Mark Obrinsky, NMHC’s chief economist. “In fact, professionally-managed properties may become even more desirable in the current market as renters of many of these individually-owned condos and houses find themselves without housing because the owners of these properties have lost the property to foreclosure.” The mortgage meltdtown also appears to have put the brakes on tenants moving out to buy homes. Thirty-one percent of apartment industry executives surveyed nationwide said they have seen a big decrease in the number of renters leaving to become homeowners. That compares to 22% six months ago.... More About: Home , Condo , Rentals
Late April’s homebuying dip smallest since July
2008-05-09 09:01:00 Late April stats from DataQuick show a modest slowing in the depth of O.C.’s homebuying slump. Completed sales activity was down 31% vs. a year ago for the 22 business days ended April 22. If that holds, it’ll mean April had O.C.’s slowest rate of sales decline since July , just before the credit crunch zapped the ability to get easy mortgages. But just 10 of 83 O.C. ZIP codes had year-over-year sales gains. (ZIP-by-ZIP data IS HERE!) Plus, April will certainly be the 31st straight month where O.C.’s buying pace failed to meet last year’s activity levels. (See chart of the losing streak above of how April would shape up, if trend holds for full month.) Do note, though, the latest inventory stats from Steve Thomas of Re/Max that show O.C.’s pending deals rising in recent months to a level just below 2006’s buying patterns. That’s a hint that when many of these pending deals close in the coming months, O.C.’s homebuying losing stre... More About: Late
Webb out as CEO at Laing Homes
2008-05-09 02:31:00 Emaar, the real estate giant from Dubai, is replacing veteran local builder Larry Webb as CEO at John Laing Homes in Newport Beach. Webb and an investor group made a well-timed sale of Laing to Emaar near the home market’s peak in mid-2006. A company statement says …. Symbolizing John Laing Homes’ ongoing commitment to growth in the United States, Robert Booth will assume the position of Chief Executive Officer of John Laing Homes effective May 21st. Larry Webb, who has served as CEO of John Laing Homes since 1995, will remain with the company to help with the leadership transition through late May. “Larry’s leadership and passion have helped make John Laing Homes an industry leader and laid the foundation for future growth,” said Robert Booth, who is also Managing Director of Emaar Canada. “We’re grateful for all of Larry’s contributions, and excited to pursue new opportunities for growth.” The transition to new leadership will take the partnership ...
O.C. builder sees slump persisting to 2009
2008-05-08 21:30:00 California Coastal Communities Inc., the developer of the shore-view homes overlooking the Bolsa Chica wetlands, said in its latest earnings report today it expects the housing downturn to continue “throughout the remainder of 2008 and into 2009.” The forecast comes amid mixed news. On the one hand, the Irvine-based company continues to slash prices for homes it’s building in Lancaster and the Inland Empire, according to a company press release. It’s available supply of cash has dwindled to $1.2 million during the first three months of the year, down from $24.3 million in the same quarter of 2007. But nine homes in the company’s Brightwater project in Huntington Beach’s Bolsa Chica preserve (see photo) went into escrow in March with an average sales price of $1.8 million. The company maintains it has low carrying costs for the project and expects profit margins of 30% to 40% on those homes once the market turns around. But that turnaround remains ... More About: Builder , Sees , Slump
Builders gets 24% less in March deals for new homes
2008-05-08 14:28:00 Hanley Wood Market Intelligence reports that O.C.’s median selling prices fell at a 24% annual rate for all types of new home contracts signed in March . The median price for townhomes and small complexes of one-to-four units fell the most, declining 16.5% from contracts signed the same month in 2007, the real estate research firm reported. The single-family home median fell 11.4% and the median price for contracts to buy new condos declined 5.2%. Overall, the median price paid for a new Orange County home declined 24% to $553,000, Costa Mesa-based Hanley Wood reported. Many of these contracts won’t complete escrow and close in the three-to-six months it typically takes to finish a new-home deal. Hanley Wood says the cancellation rate in March was 18.4%, up from 16.8% in March 2007. The numbers provide more insight into the latest DataQuick figures that showed declining new-home prices, confirming that the declines aren’t due merely to a change in the mix of sales t... More About: New Homes , Builders , Homes
Do staged homes sell five times faster?
More articles from this author:2008-05-08 03:45:00 Twenty-seven home-staging students descended on a Dove Canyon house last week to put into practice the theories they’d been learning in their classroom. Their challenge was to stage the two-story home in one hour. The exercise was the culmination of a three-day course taught by staging guru Barb Schwarz, founder of StagedHomes .com, who claims that professionally staged homes are on the market an average of 33 days vs. 161 days for non-staged homes. Pandemonium erupted as students fanned through the house while its owners were away, going through closets and drawers, rearranging their most personal keepsakes, according to a recent Register story: The movers are sweating, their blue United Van Lines shirts soaked through as they lug furniture downstairs. A wall of family photos is cleared. Personal items are a big no-no in staging since you want to draw attention to the house, not its occupants. Carole Sikora of Clarksville, Md., directs her team as she moves the queen-size... More About: Times , Sell 1, 2, 3, 4, 5, 6, 7 |
|
