Brea has seen an interesting year so far with inventory and prices. 

The year started off with a lot of inventory and very soft prices.

Over the last couple months buyers were frenzied by the drop in prices combined with low interest rates.  A lot of the good inventory which was priced correctly was sold - leaving us with undesirable homes and overpriced homes.

Here is a chart of the raw data.  It is my prediction we will see an increase in inventory as the year continues coinciding with softer prices.

I am sure if you have been reading my blogs you will see a correlation between all North Orange County cities and they data trend.  We have experienced the same indicators and will most likely have similar trends throughout the year.

Adam Brett
RE/MAX NOC
Fullerton, CA
714-496-8116
www.AdamsMLS.com

Fullerton has seen an interesting year so far with inventory and prices. 

The year started off with a lot of inventory and very soft prices.

Over the last couple months buyers were frenzied by the drop in prices combined with low interest rates.  A lot of the good inventory which was priced correctly was sold - leaving us with undesirable homes and overpriced homes.

Here is a chart of the raw data.  It is my prediction we will see an increase in inventory as the year continues coinciding with softer prices. 

Adam Brett
RE/MAX NOC
Fullerton, CA
714-496-8116    

Here is a banner ad I will be displaying at a local car wash.  It details the total active units, which ones are REO-Short Sales-Equity Sellers.

It shows in the lower price range we have up to 60% short sale listings..... WOW!!!  This is just the beginning of what we have to come in the way for REO listings.  

Beginning July 1, 2008, the California Highway Patrol can pull over and issue a citation to any driver seen using a cell phone without a hands-free device. Chatting could work out to be pretty costly for violators: the fine is $20 for the first offense, and $50 for every infraction thereafter. Speaker phone and BlueTooth/earpiece use is allowed, but an officer can pull over and ticket any driver if, in the officer's opinion, the driver was distracted and not operating the vehicle safely.

Keep in mind that the rules are different for those drivers under eighteen! Since teen drivers are especially susceptible to distractions such as talking to passengers, eating or drinking, and texting or calling on their wireless phones - all factors which GREATLY increase the risk of serious accidents - no drivers under the age of 18 may use any wireless device to speak or text while driving. No, not even if you have a hands-free device. No, not even if your mom said you could. Because the CHP said so, that's why!

Adam Brett
RE/MAX NOC
Fullerton, CA
www.RealtorAdam.com
AdamsMLS.com
714-496-8116
800-977-ADAM   

The title might be a bit misleading but this post is about finding a suitable location for a Church site.

As a commercial listing agent I know the obstacles to finding a location with the requirements to establish a church.  While a lot of buildings would work, parking is usually the problem. 

Most cities will gladly allow general-use commercial office/buildings be used for religious purposes, the traffic generated, ingress - egress, and ability to park legally are the major red flags.

Given you can get beyond these problems - there are multiple approval levels within a church.  Typically they will have an agent who finds prospective sites.  From this point an advisory board usually will review the property and if they approve - it can go to the general membership.

As you can see, it is not as simply as seeing the necessary square footage and proximity to freeways.

I am well versed in procuring these properties for a multitude of clients.  Please do not hesitate to contact me for all your commercial needs. 

Adam Brett
RE/MAX NOC
Fullerton, CA
www.RealtorAdam.com
AdamsMLS.com
714-496-8116
800-977-ADAM

Fullerton has an abundance of historical homes - well maintained with the charm and character intact from the 1920's and earlier.

These homes saw huge appreciation from 2001-2006 - to the tune of 150% in some cases.  A 2 Bedroom - 1 Bath home sold for $675,000 in July of 2006.

Now - the market has changed but the homes have not.  We are seeing homes in the historical neighborhood for as low as $400,000.  That is a 40% decline in price....

What can you get for this price?  Here are some currently listed samples.

They are stunning homes on tree lined streets where the neighbors have block parties for the 4th of July, Halloween, and other major events. 

If you like craftsmanship, unique homes in a great neighborhood - look no further.

These homes will once again be over $650,000..  Now is the time to get an Old-World charmer at historical prices.

Adam Brett
RE/MAX NOC
Fullerton, CA
www.RealtorAdam.com
AdamsMLS.com
714-496-8116
800-977-ADAM

Dodgeball’s not just for kids anymore!

Adults are invited to participate in a coed double-elimination “6 on 6” dodgeball tournament hosted by the Fullerton Parks and Recreation Department Sunday, April 27.

The tournament, designed for adult teams, will be held from noon-5 p.m. at the Independence Park Gymnasium, 801 W. Valencia Drive, just east of Euclid Street.

Space is limited and teams will be registered on a first come, first served basis.  The tournament fee is $100 per team, and includes referees, commemorative tournament shirts, and trophies.

Teams may register at the park from noon-9 p.m. Mondays through Thursdays, or by calling Candice Lynn Moreno at the park at 738-6586.

Deadline for registration is Monday, April 21.

The dodgeball tournament is just one of numerous adult sport activities and competitions sponsored by the Parks and Recreation Department.  Other upcoming tournaments include volleyball, basketball and “Wallyball.”

Further information may be obtained by logging onto the City of Fullerton website at www.ci.fullerton.ca.us, or by calling Moreno.

Teams with members who require special accommodations to participate in the dodgeball tournament are asked to notify park staff at the time of registration.

Contact : Candice Lynn Moreno    (714) 738-6586
Fullerton Parks and Recreation Department    (714) 738-6575

Adam Brett
RE/MAX NOC
Fullerton, CA
www.RealtorAdam.com
AdamsMLS.com
714-496-8116
800-977-ADAM

Farming a neighborhood is not about immediate return.

First you become an acquaintance - then an adviser - then an expert.  This takes time. 

One of the ways I do this is by putting out 7,000 Door Hangers on a monthly basis.  They are not your standard Door Hangers.  I get them printed in Texas, shipped to California - custom die cut - then delivered.

Consistency is imperative as you cannot expect to send out a flier and have 50 people call you to buy the home you are advertising - unlike Macy's weekend sale.

You have to show you are active - producing - and trustworthy.

Here is my latest flier - showcasing some of my production in 2008...

Adam Brett
RE/MAX NOC
Fullerton , CA
www.RealtorAdam.com
AdamsMLS.com
714-496-8116
800-977-ADAM   

I volunteer with the Orange County Sheriff Department doing anything I can in my areas of expertise which happen to be Computers/Software and Real Estate. When the department asked for assistance with an affiliate - CrimeSurvivors - I was glad to help.

CrimeSurvivors is a victims advocate group and is soliciting money to buy/lease a building dedicated to their purpose. I offered to create a virtual tour for them - something they could pitch to donors.

Below is a flythrough of the front of the building - and some screenshots.

This was created from scratch using a 3d CAD program from a requirements analysis derived from the president of CrimeSurvivors.

California foreclosure "surge": Up 327% from '07 levels

The number of California homes lost to foreclosure in the first quarter surged 327% from year-ago levels -- reaching an average of more than 500 foreclosures per day -- DataQuick said in a report warning that the widening foreclosure problem could "spread beyond the current categories of dicey mortgages, and into mainstream home loans."

From DataQuick's report on California foreclosures in the first three months of 2008: "Trustees Deeds recorded, or the actual loss of a home to foreclosure, totaled 47,171 during the first quarter. ...  Last quarter's total rose 48.9 percent from 31,676 in the previous quarter, and jumped 327.6 percent from 11,032 in first quarter 2007."  That translates into 517 foreclosures every day in the first quarter of 2008.

DataQuick president Marshall Prentice: "The main factor behind this foreclosure surge remains the decline in home values. Additionally, a lot of the 'loans-gone-wild' activity happened in late 2005 and 2006 and that's working its way through the system. The big 'if' right now is whether or not the economy is in recession. If it is, the foreclosure problem could spread beyond the current categories of dicey mortgages, and into mainstream home loans."

From The L.A. Times' Peter Hong: "Sinking home values and the collapse of flimsy mortgages sent a record number of California homes into the foreclosure process in the first three months of this year, a real estate information service reported today."

Default notices -- which mark the beginning of the foreclosure process -- increased sharply, but not as rapidly as outright foreclosures. From Bloomberg News: "California mortgage defaults more than doubled in the first quarter to the highest in 15 years as a drop in sales and prices prevented some homeowners from selling their properties to pay debt, DataQuick Information Systems said.

More: "Homeowners received 113,676 default notices in the first quarter, up 143 percent from a year ago, La Jolla, California- based DataQuick said today in a statement. The level was the highest since at least 1992, when DataQuick's statistics begin."

Despite well publicized federal efforts to reach out to homeowners in default, the odds that they will ultimately lose their homes appear to be increasing. DataQuick reports that, of the homeowners in default, "an estimated 32 percent emerge from the foreclosure process by bringing their payments current, refinancing, or selling the home and paying off what they owe. A year ago it was about 52 percent.

This article taken from L.A. Times

Adam Brett
RE/MAX NOC
714-496-8116
RealtorAdam.com       

The Fullerton Farmers' Markets have returned!

Wednesdays
8 AM - 1 PM
Woodcrest Park
450 W. Orangethorpe

Thursdays
4 PM -9 PM / April-Oct
Wilshire & Pomona

Both farmers' markets are affiliated with the California Federation of Certified Farmers' Markets, an ongoing effort to re-establish the traditional link between farmers and consumers in California. Put simply, certified farmers' markets (CFM's) are "the real thing," places where genuine farmers sell their crops directly to the public.

Operating year-round, the Wednesday Farmers' Market offers fresh fruit, vegetables, eggs, honey, fish, flowers, plants, nuts, and bread, and is believed to be the oldest farmers' market in Orange County. The market is renowned for the freshness of its produce and its wide variety of fruits, vegetables, plants and flowers - many of which cannot be found at local supermarkets. The vendors/farmers make the trek weekly to Fullerton from as far away as Brawley to the south and Fresno to the north, and many have established friendships with their long-time customers.

The Thursday Farmer's Market is perhaps the showier one - with live music, entertainers, a wide variety of prepared food vendors, a beer and wine garden, and a train ride for the kiddies - but either Farmer's Market is a great opportunity to support your local agrarian community, and have fun doing it!

Adam Brett
RE/MAX NOC
Fullerton,CA
714-496-8116
800-977-ADAM
www.RealtorAdam.com

You heard me right - the South Brea Live/Work lofts will be going to auction.

Twenty-six of these dynamic living spaces are going to be put up for auction on Saturday, May 3.

Combining a beautiful residence with the functionality of an office/workspace, these lofts are perfect for those who work from home. 

Their prices have been dramatically reduced - a minimum bid of $475,000 could get you 2br/2ba and 2175 square feet!

For more information, contact me soon.

Adam Brett
RE/MAX NOC
Fullerton,CA
714-496-8116
800-977-ADAM
www.RealtorAdam.com

Bearing in mind that some of these possibilities may seem farfetched - "insane person" or the reappearance of someone presumed dead sound like something that would happen on an episode of Dallas - we should all operate under the adage "better safe than sorry" (or "stranger things have happened").

1. A fire destroys only the house and improvements. The ground is left. However, a defective title may take away not only the house, but also the land on which it stands.

2. A deed or a mortgage in the chain of title may be a forgery.

3. A deed or a mortgage may have been signed by an underage person.

4. A deed or a mortgage may have been made by an insane person or one otherwise judged mentally incompetent to do so.

5. A deed or a mortgage may have been made by a person other than the owner, but with the same name as the owner.

6. A deed or a mortgage may have been made under a power of attorney after its termination and would, therefore, be void.

7. The testator of a will might have had a child born after the execution of the will, a fact that must entitle the child to claim his or her share of the property.

8. A deed or a mortgage may have been procured by fraud or duress.

9. Title transferred by an heir may be subject to a federal estate tax lien.

10. An heir or other person presumed dead may appear and recover property or an interest therein.

11. A judgment or levy upon which the title is dependent may be void or voidable on account of some defect in the proceeding.

12. Title insurance covers attorney's fees and court costs.

13. Title insurance helps speed negotiations when you're ready to sell or obtain a loan.

14. By insuring the title, you can eliminate delays and technicalities when passing your title on to someone else.

15. Title insurance reimburses you for the amount of your covered losses.

16. A deed or a mortgage may be voidable because it was signed while the grantor was in bankruptcy.

17. Each title insurance policy we write is paid up, in full, by the first premium for as long as you or your heirs own the property.

18. There may be a defect in the recording of a document upon which your title is dependent.

19. Claims constantly arise due to marital status and validity of divorces. Only title insurance protects against claims made by non-existent or divorced "wives" or "husbands."

20. Many lawyers, in giving an opinion on a title, protect their clients as well as themselves by procuring title insurance.

    If you've driven by the University Heights housing project on the six-acre hillside property northeast of Brea and Harbor boulevards in Fullerton and wondered what they look like inside, or what the view from the top might be...now's your chance to find out.

    I've been assigned by the Cal State Fullerton Housing Authority to be responsible for the sales and marketing of the University Heights affordable housing project, and am hosting an Open House on Saturday, April 12, 2008.

    Twenty-six of the paired homes are still available and are attractively priced from the high $400,000s to the mid $500,000s with great financing options. Offering panoramic views of lush hillsides and sparkling city lights, this exclusive enclave offers three well-designed floor plans. Homes range in size from 1,706 to 1,975 square feet and boast three bedrooms, 2 ˝ - 3  ˝ baths, spacious rooms, attached two-car garages, private decks, patios and landscaped yards.  The homes feature distinctive California architecture with creative floor plans, contemporary interiors and upscale appliances and amenities. A private pool and spa with landscaped patio area provides a community amenity for relaxing under the sunny sky at day and the velvet sky at night.

     Located close to CSUF and within one mile of Fullerton's eclectic and vibrant downtown, University Heights residents can enjoy a nearby variety of fine dining, entertainment and shopping options. It's also within walking distance of Hillcrest Park as well as hiking and biking trails. The site is served by the Fullerton School District and the  schools of Beechwood Elementary, Ladera Vista Junior High, Fullerton, Troy and Sunny Hills High schools.

    The Housing Authority was launched in 2000 to help recruit faculty for Cal State Fullerton by offering more affordable housing choices. Originally, University Heights homes were available only to Cal State Fullerton faculty  and staff, but now opportunity to buy these beautiful, new homes is being extended to employees of the Fullerton Workforce Housing Consortium (which includes the Fullerton School Districts, local colleges and St. Jude Hospital) and employees of the city of Fullerton.  Employees of educational institutions neighboring the City of Fullerton are also eligible, but on a priority basis. 

               The newly constructed Fullerton Elks Club adjacent to the development will also be hosting its grand re-opening on April 12, so it's a perfect opportunity for area residents to stop by and see what's new and exciting in Fullerton. The catered event will be held from 10-5 p.m. Additional parking is available at the RE/MAX office located at the bottom of the hill.

            For more information contact Adam Brett at 714 496-8116 - 800-977 ADAM - visit the web site www.RealtorAdam.com - or visit the enclave Web site www.CSUFUniversityHeights.com


-Adam Brett
714.496.8116
www.realtoradam.com

It may be tempting, but don’t do it.  Foreclosures are nearly always sold “as is.”  This can lead to disaster without professional assistance.  Short sales can linger for months and jeopardize your deposit if you are not careful.  If you do need to sell, there are ways to make your home more enticing to buyers and protect the price integrity.  I would love to talk to you about all these issues.  Please feel free to call me anytime. 

There were 1,471 sales in February ‘08, the latest statistics available.  That is 14.4% up from December ’07.  That breaks down to 975 single-family resale, 345 condos, and 151 new homes. The sales were evenly divided by price range which reflects the lowering prices because people could buy more house with less money. There were 1,739 Notice of Default filed but far fewer actual foreclosures at 732.  

WHAT SHOULD YOU DO?  If I haven’t had an opportunity to visit with you about your real estate aspirations, now might be a good time.  The Wall Street Journal had an awesome article in its Personal Finance section entitled, “PLAYING THE HOUSING SLUMP:  IS IT TIME TO MAKE YOUR MOVE?”  Although I won’t recapitulate the whole article here, it makes some excellent points about trading up, doubling down, and helping hand.  The latter is a reference to helping your kids buy a home. 

RIGHT NOW WITH THE NEW FHA LOAN LIMITS, it is again an exciting time in real estate.  FHA has a 3% down program.  Although it is a fully documented loan, it does allow that 3% to be a gift.   Fannie Mae also has raised loan limits based on median price for your area.  To find out more about the limits you can visit www.efanniemae.com.  With the median prices coming down, you can get a lot of house for the money right now.  It is something to seriously consider for your kids or yourself. 

THESE LOAN LIMITS MAY ONLY BE WITH US FOR A YEAR!  Don’t miss out!  Please call me and let’s talk about short sales, foreclosures, or many other opportunities.

That’s a great question because everyone is weighing in on this issue.  Traditionally a recession is defined as two consecutive quarters of a declining Gross National Product. According to the LA Times, “The National Bureau of Economic Research, a private association of leading economists, makes the formal determination of a recession.  The bureau defines recession more broadly than two negative quarters of GNP.  It says a recession is ‘a significant decline in economic activity spread across the economy, lasting more than a few months.”  UCLA economists say it will be close, but no recession.  David Leonhardt, a columnist for the New York Times says, “If history is a reliable guide, the recession of 2008 is now unavoidable.”  The crux of his argument is the jobs report and the fact that, “American households are still not earning as much annually as they did in 1999 after inflation adjustments.”   The Wall Street Journal agreed with the jobs data suggesting recession.  The problem we have with our economy right now is that the spending frenzy was fueled by a run up in housing prices.  People spent their equity.  How will we recover?  Where will the next expansion be providing real jobs and real growth? 

I’ll tell you exactly where it will be: Environmental Capitalism.

Saving the planet will create huge industries and jobs.  Remember you heard it here first.  It will be the next internet, .com, and techno etc, business boom.  Real estate, on the other hand, is a cycle.  It always has been; it always will be.  However, the circumstances of each cycle are usually different.  This time around it seems everyone, and I mean everyone, from Governors to state senates to the Fed, the American Congress and in between, ignored the warnings of the sub prime crescendo until it reached critical mass.  No one wanted to “interfere” with the “free market.”  Therefore, it ultimately comes to an end and we are suffering a heavy correction.  But make no mistake; housing will recover as it is slowing doing right now, believe it or not.  Most of the prognosticators of the housing slump are speaking of a national scenario.  Regionally, our outlook is different.  Why?  We do have jobs, we have weather, and we’re nearly built out so we don’t have a lot of extra land sitting around like Las Vegas or Texas.  Southern California will always be where the rest of the country would like to be.

The surge is caused plain and simple by buyer demand.  Right now, if a home is properly priced for its condition, it will sell.  Because of incredibly bad publicity, buyers have sat and sat and sat on the sidelines.  Many of them can wait no longer to buy.  AND THEY SHOULDN’T WAIT ANY LONGER.  RIGHT NOW IS A GREAT TIME TO BUY PROPERTY!  That’s not to say it couldn’t get even better in terms of prices declining, but the unknown quotient there is interest rates.  Right now, we know that interest rates are great.  We know the Fed has been very proactive in trying to guard the market from a true crash and all indications are it will continue to do so.                               

Right now is the best inventory.  As this buyer cycle peaks, less desirable property will be available and in less quantity.  According to Dataquick Information Services we so far have seen a 12.9% median price drop in LA county, 16.1% drop in Orange county (bringing it back to 2004 levels), and 21% down in the Inland Empire.  Some buyers are targeting foreclosures, looking for that great deal.  There are some deals out there, but you may also find yourself in a multiple offer situation because if it’s a deal, others will sniff it out as well.  The big difference to this market, compared to the blow out of the 90’s is that this time around, people have jobs.  We lost almost 1,000,000 jobs in the 90’s.  This market is nothing like that.  This time we have people waiting for the affordability index to rise so they can buy a home.  BIG DIFFERENCE!  When the housing market peaked, the affordability index was 11%.  Today it is 32%.  BIG DIFFERENCE!