Need a Single Story?

Senior Communities Are A Popular Option

With the baby boomer generation and their parents living longer, The recent Census Report shows that over 25% of adult Californians are now over the age of 55! If this includes you or someone close to you then you should find this article helpful.

Many in this age group have purchased the big two-story homes years ago and are now facing the dilemma about how to manage those stairs with their arthritic knees and joints. These people are finding the vacant 4th and 5th bedrooms upstairs are using more utilities and upkeep than desired.

Due to this scenario, single story homes are highly sought after on the market now and the rare newer ones, (less than 20 yrs. old), are in the most demand. Prices between $500-800 are being snatched up by the fortunate cash buyers moving their equity into smaller single story homes.

Taking advantage of Proposition 60 allows a homeowner that is 55 years or older a one time opportunity to move your existing property taxes to a lesser value residence. (If you desire more details on this, give me a call.)

Another option for this age group is moving into a 55+ designated community. After showing and previewing many of these throughout Orange County recently, I no longer think of them as "old people" places. Maybe that is because I am now over 55! The 55 + person of today may have back or joint pain from all those past sporting opportunities, but still is very active mentally and physically. These associations provide many classes, activities, and social events to keep people involved with each other and away from the TV and the couch.

Recently, I have had the opportunity to research all of the 55+ communities in Orange County for a senior couple. Since these developments are only available to less than 20% of the serious buyers in the market, they are priced very attractive compared to a single story home in a regular neighborhood. The association dues are very reasonable when you consider what a typical homeowner pays in yard upkeep, insurance, roof and exterior maintenance, etc.

Here is a list of the cities that have 55+communities in O.C.

City/ Asking Price/ Total Active For Sale Now

Corona Del Mar/ 759,000-1,030,000/ 3

Fullerton/ 165,000 /1

Huntington Beach/ 200,000-430,000/ 16

Laguna Beach/ 261,000/ 0

Laguna Woods/ 3,000-729,000/250

Laguna Niguel/ 425,000-700,000/ 0

Mission Viejo/ 320,000-650,000/ 25

Santa Ana/ 89,000-140,000/ 2

San Clemente/ 239,000-999,000/ 16

San Juan Capistrano/ 325,000-550,000/6

Seal Beach/ 62,000-410,000/ 172

Yorba Linda/ 140,000-200,000/ 2

If you are interested in receiving updated lists of homes for sale for either single story single family residences or the 55+ communities in Orange County just send me an email at kathy@kathykampman.com or call 714-854-7777.

I will be happy to guide you through this very big move!

So Cal So Swell - Sunset Balloon Ride Over Del Mar, California

Want to spice up your life a little? Try an exhilarating hot air balloon ride over Del Mar, Rancho Sante Fe and the Pacific Ocean! This will truly take your breath away. This has got to be the best location to enjoy this experience. Sailing at 4500 feet above sea level, the incredible vistas are of some of the most expensive real estate in the nation. The expansive view includes large mansions on acres of rolling hills with lush vegetation culminated with a sunset over the Pacific Ocean! Champagne in hand, the twelve of us celebrated the excitement and the quiet, windless, floating feeling. Even in February, it was not cold at that altitude. The Skysurfer Balloon Company was "all pro" with the handling of the balloons and providing us with one of the most memorable experiences of our lives for only $175. This is an endangered activity since the balloon companies are being challenged by government agencies for adequate landing spaces. I sincerely hope that this sport in this area does not go extinct. It provided me, and I am sure the others in the basket, a lifetime top memory that left me exhilarated for at least a couple days. I still review the pictures often.

Bucket List- Hot Air Balloon Ride- check!

Watch this short video on landing the balloon.

So Cal So Swell- Black Gold Golf Course

If your desire is to live on a golf course in Orange County and Pelican Hill in Newport Beach hits your pocket book too hard, then take a look at real estate in Yorba Linda at Black Gold Golf Course. Hosting the most elevated tee in Orange County, the 12th tee provides wide angle vistas through the eastern canyon to Saddleback Mountain and panning more than 180 degrees to the north west where you can see the towers in downtown LA. In the afternoon the Pacific Ocean reflects the sun creating a golden mirror in front of the the expansive full length island of Catalina. This is a very challenging course with narrow fairways and wild land rough edges. You often tee off over a sage brush filled drop off to a slanted hillside fairway. The course is very well maintained.

Beautiful homes line the course edge enjoying the gorgeous vistas and beautiful sunsets. Real estate in Black Gold ranges from $545-700k for attached homes and 700k-2 million for single family residence. This is truly a neighborhood and golf course not to overlook.

So Cal So Swell - Lido Beach in Newport

While the Metro Dome in Minesota caves in from a snow overload and the Snowbowl in Chicago is played in 32 degrees with snow showers, southern California experiences an Indian Summer in December carolling the Christmas season at a high of 86 degrees in Newport Beach! Those that can break away from the Holiday preparations can celebrate the season in California fashion taking advantage of it's secrets.

Just a 25 minute drive from our home town, Yorba Linda, is a destination that my husband and I enjoy many months of the year. Turning left off of Newport Blvd., just before the bridge to Lido Isle, is a quiet little sandy beach overlooking Newport Bay. A few metered parking spots are usually available allowing for a great spot to launch a Kayak or just settle in for a picnic and gawk at the passing yachts.

Another secret and reason So Cal is so swell!

SO CAL SO SWELL- The World of Color

To some Southern California is a la-la land of fruits and nuts, cliches, flashiness, and beautiful people. To others it is a gorgeous coastline of breathtaking vistas, white sandy beaches, luscious golf courses, pinefilled mountains, and unusual desert oasis'. To me it's home, and an amazing map of energy, color and hidden gems spread through dozens of unique neighborhoods. There is something for all tastes and interests.

Today I want to share my experience at the Disney's California Adventure, "World of Color Show". I had the pleasure of experiencing this a couple of days ago. This was truly a gorgeous array of water features, color, and entertainment. As I viewed the show I was thinking that this was being presented as professional as a Broadway show in New York, but even more unique. The outdoor stage takes place on the lagoon at Paradise Pier. The Disney movies are projected on two and sometimes three 100 foot high water screens created by a wide shimmering veil of mist. Dazzling videos of characters, like Pocahontes paddling down a water fall, (which is what she is actually doing since she is on water screen), and Arial and Nemo, both of which are protrayed underwater on this waterscreen, is the ultimate display of creative technology! Meanwhile, along side these very large screens portraying Disney movies to music are hundreds of beautifully colored fountains that are constantly changing colors and shapes and sizes to the music. There is even periodic pirotechnics that shoot high in the night sky and warm the mist from the tall fountains that truly out shine the ones at Bellagio in Las Vegas. This kaleidoscope fantasy water show lasts 25 minutes, which is about as long as I could physcially stand, (since there is no seating). I plan on doing it again in few weeks. Of course I have a Disney pass, which helps. But two admittances pay for the pass. You must reserve around a week in advance to observe the show from terraced grounds around the lagoon called the preferred viewing area.

The best way to obtain a "fast pass" to this, you must eat at one of three locations. There is really no way to stand around and view it otherwise. After you have been escorted to your spot and during the 1hr and 20 minute wait you can sit on the ground in the viewing area and be entertained by the 20 foot high "Lion King type" lit-up, Pixar puppets like; Aladin's genie, Lumiere, Mike, the eyeball from Monsters, Inc., and others that walk through the crowd. These are also very amazing to see. To keep the approximately 2500 people entertained while waiting, there also is a talented singer on a high pedestal in the middle of the crowd. The "World of Color" left everyone awstruck. This is another one of those sparkling gems in the center of Orange County that makes So Cal so swell!

HOME PATH- FANNIE MAE

Most realtors and buyers are not aware that low cash home buyers can purchase condos or homes for less than the FHA minimum down loan. And the real attraction is that there is no PMI! Which means NO PMI approval! The only restriction is that the property has to be an approved HOME PATH home. The sellers of these properties is Fannie Mae.

BENEFITS:

• Down payment - at least 3% can be funded by your own savings, a gift, a grant, or a loan from a nonprofit organization, state or local government or employer.
  
• No mortgage insurance
  
• no appraisal or fee
  
• fixed, adjustable rate, or interest only mortgage terms
  
• credit can be less than perfect
  
• available to owner occupied and investors
  
• Do not have to be first time buyers

Another awesome feature of this loan is that up to 6% of the buyers costs can be credited to the buyer by the seller which is Fannie MAE.

Here is an example of a recent Home Path Property and loan that I have closed in Mid March 2010.

• Condo purchase price: $290,000
  
• Down Payment $8700=3%
  
• Principal & interest = 1600.= at 5.5%
  
• Total payment including piti + assoc. dues =$2040.
  
• Total cash including down payment and closing costs for buyer to get into property=$10,400
  
• First time buyer tax credit =$8500
  
• Total cash to get in=$1900

This condo was a 2 bedroom, 2bath, 2 car attached gar., fireplace, 1200 sq.ft. new kit cabinets, new wood floors, very clean, needed new heater, stove and oven. built in 1980 near Cal State Fullerton.

Most HOME PATH homes are in Riverside and San Bernardino, but there are many in Orange County. The best way to find them is on the website http://www.homepath.com/

I have learned most lenders that service these Fannie Mae loans struggle through the transaction but I have someone that will provide quality service and can close the transaction 20 days after the buyer provides all of the necessary documentaion to qualify.

Most realtors have not used this purchase opportunity. You will need guidance to get through it. You can't beat the total cash investment to obtain real estate! Call me I can help you.

More About Short Sales

Short sales are for people that need to sell not for people that only want to sell. Unless a person has a specific financial issue that the bank will accept as a hardship, a short sale will not be negotiated. (See a list of acceptable hardships in my previous blog.) The seller must not be able to Pay Down his mortgage. A short-sale homeowner must be financially insolvent. For the purposes of a short sale this means that he has to owe more than he has or that the owner does not have liquid cash assets that could be used to buy-down the mortgage. If the owner does have liquid cash or assets they will be expected to use them to pay down their mortgage.

While negative credit items fall off of an individual's credit report after 7 years, the one question that is asked on every mortgage applications "Have you ever had a foreclosure?" This item has staying power and will follow a person around indefinitely.

Another consequence of a short sale is that there are possible tax consequences and losses may be subject to a Deficiency Judgement.