As a 30-year real estate veteran, it never ceases to amaze me how quickly technology changes the housing landscape. One minute I’m opening my own Facebook profile, then the next minute, I’m watching Coldwell Banker launch an iPad application that delivers Yelp! neighborhood ratings and thousands of property tour videos. As a leader in the real estate technology space, Coldwell Banker’s talented digital team keeps us here in Orange County updated on everything from online search trends to smartphone usage. So when the team recently informed us of a survey reporting that more time is now spent on mobile applications than web browsers, we took notice.
The survey, conducted by mobile app analytics firm Flurry, found that the average user now spends 9 percent more time using mobile apps than the Internet. In June, users spent an average of 81 minutes daily on mobile apps, compared to 74 minutes on the web. This compares to 66 minutes on mobile apps daily in December of 2010, and 70 minutes spent daily on the web.
But are we seeing the same trends within real estate and the walls of Coldwell Banker? Are consumers significantly shifting their real estate search habits from coldwellbanker.com to our mobile applications?
“The short answer is yes,” said Gustavo Gonzalez, an Interactive Production Specialist in the Marketing Department of Coldwell Banker. “We are undoubtedly seeing a more than significant shift. From January to May 2011, our Mobile Apps have experienced a 275 percent increase in share of traffic when compared to the same period in 2010. It’s clear that mobile usage will continue to grow astronomically, which is why we are more committed than ever to offer consumers mobile apps that deliver an experience that is both fun and extremely useful.”
As the survey reinforces Coldwell Banker’s almost bullish position in the real estate digital space, it also underscores the importance of what our agents are doing on the ground in Orange County. Our agents are not only among the most professional and seasoned, but they also recognize the importance of empowering their clients so they can ultimately make the right financial decision. Plus, they arrive at your doorstep with a repertoire of powerful digital tools that no other local real estate company offers. In an age where mobile apps may one day reign supreme, which company would you rather have representing you in the sale of your most important life investment?
If you want to learn more about what we’ve got going on in the mobile space, visit ipad.coldwellbanker.com.
More Homebuyers Embracing the Power of Apps
July 8th, 2011Tags: coldwell banker ipad, coldwell banker iphone, real estate apps, real estate technology
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Newport Beach: Most Expensive Market in U.S.
June 21st, 2011If I looked on a map, I couldn’t imagine a better place to live than Newport Beach: it’s on the beach, between Los Angeles and San Diego, near the mountains and the desert, close to resorts and parks, and surrounded by all kinds of interesting professionals at the top of their game, from athletes to actors. Newport Beach may be counted among the most desirable destination markets in the world—but what about the most expensive market in the country?
For the second consecutive year, Newport Beach has topped the Coldwell Banker Home Listing Report* as the most expensive real estate market in the U.S., where the average home listing price for a four-bedroom, two-bathroom home costs $2,537,126. Steve High, Newport Beach-based executive vice president of Coldwell Banker Previews® International, wasn’t surprised by his town’s second appearance on the list.
“Of course, there are other places in Southern California that have more expensive homes, but we have a higher average price point when it comes to four-bedroom homes,” he said.
A typical Newport Beach home in the $2.5 million price range might be newer construction, located in a guarded or gated community, with amenities like a pool, spa and three-car garage. Typical community amenities at this price point might also include a gym, tennis court, putting green, pool, spa, concierge or neighborhood activities coordinator. Teri Hardke, associate broker at Coldwell Banker’s Newport Beach-Newport Center office, says that it’s also possible to have an ocean view in that price range.
While it’s helpful to show consumers what a typical four-bedroom home in Newport Beach might look like, it’s also important to remember that hyper-local sections do exist. Several neighborhoods in Newport Beach offer four-bedroom single-family homes under $1 million or in the low $1 millions, including Dover Shores, Bonnie Bay Highlands, Harbor Highland, Westcliff, Baycrest, Newport Shores and Newport North Villas. On the other end of the spectrum, the priciest four-bedroom homes can be found on the bayfront or oceanfront in the communities Harbor Island, Linda Isle, Shorecliffs, Cameo Shores, Balboa Island, Ocean Boulevard, China Cove and Peninsula Point. Four-bedroom homes in Newport Coast and Crystal Cove can reach in the $3 millions.
Newport Beach will always be a destination for upscale families and entrepreneurs searching for a slice of the O.C. life. High points to the area’s “variety of lifestyle offerings” as the reason for its continued appeal; Georgina Jacobson, a Coldwell Banker sales associate in Newport Beach, agrees.
“Multi-millionaires make this area their primary residence, and there are many affluent individuals who have vacation homes here,” said Jacobson. “We are blessed with pristine beaches, gorgeous hillsides, unbelievable sunsets, great shopping and dining, thriving large and small businesses, a fluid infrastructure and fantastic public schools. Who would ever want to leave?”
* The Coldwell Banker Home Listing Report provides the average home listing price for properties of this size listed on coldwellbanker.com between September 2010 and March 2011 from more than 2,300 U.S. markets.
Tags: coldwell banker home listing report, newport beach four-bedroom homes, newport beach homes, newport beach housing, newport beach most expensive housing market
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Orange County’s Best Value Neighborhoods
June 6th, 2011When people talk about Orange County real estate, cities like Newport Beach and Laguna Beach usually pop up in the conversation. No doubt, these cities capture the spirit of the Orange County lifestyle, but there are other neighborhoods that offer the same quality of life that makes Orange County one of the most sought-after places to live. Some people might call these neighborhoods “hidden gems” or “best value neighborhoods” because they offer a location near conveniences and amenities, acclaimed schools and home prices that are surprisingly low compared to other premium neighborhoods in the area.
In North Tustin, Cowan Heights and Lemon Heights are established communities with large lots, equally large homes, stunning canyon and ocean views and a location within the acclaimed school district of Tustin Unified School District. Properties typically range from $1 million to $4 million with up to 6,000 square feet, while lots can span from a 1/2-acre to 4 acres.
“Cowan Heights and Lemon Heights are the Beverly Hills of Orange County,” said Ed Blatchford, a sales associate with Coldwell Banker Residential Brokerage in Tustin. “Generations of families have lived in these communities, investing their time, money and care in the neighborhood. Compared to other high-end areas like Newport Beach, you get more house, more land, great schools…and you’re only five minutes away from major freeways.”
As an example, Blatchford recently sold a 5,300 square-foot home in Cowan Heights set on more than an acre for $2.3 million. A comparable house in Newport Beach could have cost $8.9 million or more.
About nine miles from Tustin, Silverado Canyon is another O.C. “best-kept secret,” according to Mary Schreiber, a sales associate at Coldwell Banker Residential Brokerage in Tustin. A historic mining town and resort community in the Cleveland National Forest, Silverado Canyon offers plenty of hiking and riding trails, natural creeks and starry skies at night for the nature-loving buyer who wants to escape the hustle and bustle of city life.
“It’s like being on vacation when you come home every night,” said Schreiber, who has been a resident for 11 years. “We’ve got community movie nights, music concerts and old fashioned holiday picnics. When people come here, they say, ‘Gee, I didn’t know a place like this existed in Orange County.’”
Homes in the area range from quaint creek side cottages to Tuscany-style estates, priced anywhere from $100,000 to $3.5 million. Starter homes typically range from $250,000 to $300,000—about $230,000 less than the median home price of an existing home in Orange County.
While Silverado Canyon, Cowan Heights and Lemon Heights may not instantly conjure up visions of the O.C. lifestyle, they are examples of the many “unsung” local neighborhoods that offer a great location, amenities, quality schools and comparatively low home prices. If you haven’t already done so, I encourage you to log onto www.californiamoves.com to expand your real estate search today. You might be surprised to find a hidden gem of your own.
Tags: best orange county neighborhoods, best real estate value orange county, best values in orange county, orange county best value neighborhoods, real estate market orange county
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Embracing the Power of Video
May 13th, 2011Over two years ago, Coldwell Banker embarked on creating a YouTube channel for videos of real estate listings, communities and agents. Today, “On Location” has logged tens of thousands of videos and more than 2.5 million visits. Many of our agents here in Orange County, such as Tim Smith, Liz Comerford & Ray McAfoose, and Galen Colwell, continue to use it with great success. As our two-year anniversary for “On Location” recently came and went, I was inspired to think about the power of video and why Coldwell Banker continues to value it as an essential marketing and information tool. To help me examine this issue, I turned to David Marine, Director of Consumer Experience for Coldwell Banker, who recently visited us in Southern California.
Jeff Culbertson: Why do you believe video is so important in real estate today?
David Marine: There are a few reasons. Today, 51 percent of all web content is video. The popularity of tablets such as the iPad has also increased demand for video content. Tablet users consume 400% more video content than traditional web users. For real estate agents, those numbers paint a clear picture. If they’re not already producing videos, it’s time to get started. They have a chance to show their listings and their unique market expertise through a very powerful medium. For buyers and sellers, it’s the difference between reading the text of a property description vs. watching the details of a home move across their screen. Video leaves a much greater impact in a shorter amount of time.
JC: Have you seen any other trends lately that support your views on video?
DM: We’re also seeing a convergence of the Internet and the television set. I went to the International Consumer Electronics Show earlier this year, and it seemed like every manufacturer was showcasing a new television that connects to the Internet. When I think about how our homes are built around where we place our televisions, I am convinced that online videos will be a greater part of our daily lives in the not so distant future.
JC: There has been an assumption that affluent buyers in places like Newport Beach and Laguna Beach are not on the Internet, and therefore not searching for video content. What do you say to that?
DM: It’s not true. In a survey by L2, 56 percent of affluent Internet users had watched a YouTube video in the last 24 hours, compared to 19 percent who still read a traditional newspaper or a magazine. Affluent buyers are going online to find more video content, and they are searching for real estate content.
JC: Coldwell Banker has been bullish on video marketing. Why is that an advantage for a homebuyer or seller?
DM: In a recent report by Postling that was featured on Mashable.com, 73 percent of homeowners said they are more likely to list with a Realtor offering to do a video, yet only 12 percent of the Realtor population is doing video. However, Coldwell Banker is the exception. We were the first real estate company to launch a YouTube channel dedicated to real estate video. Of all the real estate brands, no one is producing and uploading video content on such a broad scale like Coldwell Banker. If I were a seller, who would I rather choose to represent me in the sale of one of my most important investments? A real estate company that hasn’t fully embraced the technology that matters to today’s consumers? Or a company that has invested resources to support the growth of technology? There is no question. I would choose Coldwell Banker, the leader in the digital marketplace.
Tags: coldwell banker real estate video, coldwell banker technology, coldwell banker video, real estate technology, real estate video
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Spring Home Buying Season Heats Up in Orange County
April 29th, 2011Spring is my favorite time of year—and not just because it brings pleasant weather and more chances for golf. It’s the time of year when homeshoppers come out with renewed interest in the hopes of beating out potential buyers on their dream home. It’s also the time of year when home sellers who’ve been renovating properties for months are finally ready to place them on the market.
Orange County is expected to have a late spring housing boom, buoyed by improving economic factors. The county’s annual job growth of 15,800 payrolls is leading the entire state of California…even ahead of Silicon Valley! Prices and interest rates are also prime for the picking; while affordability is at 60 percent—the highest it’s been since 2000 when the California Association of REALTORS began keeping record. As Dr. Esmael Adibi, Director of the A. Gary Anderson Center for Economic Research, recently shared with Coldwell Banker Residential Brokerage: “It’s a golden opportunity for first-time buyers. Prices at the low end of the market have most likely stabilized, and there is the advantage of low interest rates. Affordability is the highest it’s ever been.”
In honor of the season, I asked our sales staff to do a quick search on ColdwellBanker.com for O.C. listings that bring out the best in spring and of course, Southern California living. Here is what they found:
• 272 Orange County homes—with a median price of $1,790,993—have pools.
• 45 homes have or are near “beach access,” with prices ranging from $150,000 to $17,950,000.
• More than 40 homes are located on or near a golf course.
• Nearly 30 homes across the county are described as great for watching sunsets—perfect now that sunsets stretch later into the evening.
• 19 homes across the county have tennis courts (or access to one nearby).
• 10 O.C. homes have private boat docks—ideal for enjoying spring weather or harbor sunsets right on the water.
No matter what springtime activity appeals to your home buying sensibilities, Coldwell Banker Residential Brokerage in Orange County is here to help guide you through the process. Even if you’re not ready to start writing the down payment check yet, I encourage you to head over to ColdwellBanker.com and plug in your search requirements into the Bluescape tool. My bet is you’ll be pleasantly surprised by the caliber of homes currently on the market—and for unforgettable prices. If I were you, I wouldn’t let the window of opportunity close on what could arguably be the hottest, most promising spring we’ve had in years.
Tags: spring buying, spring home buying, spring homebuying season, spring in orange county
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Mortgage Rates Ease for First Time in a Month
April 23rd, 2011Source: Inman News
Mortgage rates eased this week for the first time in a month, as signs of inflation remained subdued, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
Rates on 30-year fixed-rate mortgages averaged 4.8 percent with an average 0.7 point for the week ending April 21, down from 4.91 percent last week and 5.07 percent a year ago.
Tags: mortgage rates
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Orange County’s Most Common Luxury Housing Market Myths
April 15th, 2011There is not a week that goes by that I don’t see contradictory real estate headlines, especially when it comes to the complex and often misunderstood Southern California luxury housing market. One newspaper will claim luxury home sales are “down,” then will print another story the following week, claiming the luxury housing market is booming. While it’s impossible to cover all of the nuances that characterize the rarified luxury housing space in a single page of the View, I would like to talk about two of the most common misconceptions people have about the affluent housing market.
Myth #1 - The Luxury Market Is Stagnant
The market is anything but stagnant. In California last year, 22,529 homes sold statewide for $1 million-plus, a 21 percent increase from 2009—the first increase in five years. (And who can forget about the $100 million Silicon Valley estate that reportedly sold to Russian billionaire Yuri Milner earlier this month?)
In Orange County’s most affluent neighborhoods of Laguna Beach, Newport and Corona del Mar and Newport Coast, 42 properties listed at over $2 million are presently in escrow, compared to 32 properties at the same time last year. Steve High, a Coldwell Banker Previews agent in Newport Beach, says foreign investors from Asia and Russia are primarily leading the charge.
“Luxury real estate is an investment they can touch and feel, and they believe in its financial potential—often more than their own stock portfolios,” said High. “There are a lot of opportunities for luxury buyers here—they have some of the best quality properties at their fingertips at discounted prices.”
When looking at sales numbers, it’s always important to remember that some luxury home listings and corresponding sales transactions may not appear in the MLS—which means the number may actually be greater than the news media reports if they are only using the MLS as a source.
Myth #2 - Luxury Home Mortgages Are Not Available
Since the beginning of the recession, the jumbo mortgage market—which typically includes mortgages valued at $500,000 or more—was essentially frozen due to tighter loan qualifications. But in 2010 and first quarter 2011, the jumbo mortgage market bounced back.
“For the first time in the last 18 to 20 months, we have seen our jumbo loans at the luxury high-end become 50 percent of our business,” said Jay Robertson, president of First Capital Mortgage, which serves all of Southern California. “That’s a significant jump. For folks who are looking to buy a home over $1 million, that’s really good news.”
While it’s true that lending constraints are tighter than years past, prestige buyers with good credit and income generally do not have difficulty securing loans—but rather, they choose to pay cash for their properties and “sometimes miss the opportunity for a great rate on a jumbo loan,” says Robertson.
As we enter the 2nd quarter of 2011, Coldwell Banker Residential Brokerage remains optimistic about the luxury housing market’s resilience in Orange County. While we can’t predict the future, we can say with confidence that our Coldwell Banker Previews agents are the most trusted, knowledgeable and well-connected agents with all the right tools. They are ready to assist you with your next luxury dream home.
Tags: housing outlook, luxury housing market, luxury housing myths, luxury real estate, OC luxury housing, orange county housing market, orange county luxury housing
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Should Home Ownership Be In Your Financial Plan? Q&A With O.C. Economist Dr. Esmael Adibi
April 5th, 2011Over the past few years, the slowdown of the housing market has brought a surge of pundits questioning the financial sensibility of home ownership. Despite the fact that 89 percent of homeowners and 49 percent of renters feel they would be better off owning a home in the current economy, many aspiring homebuyers are understandably caught between two conflicting points of view. Does home ownership really make financial sense or is it “an unwise investment” as Robert Shiller claimed in Newsweek in 2008?
The answer, of course, isn’t simple—but it’s one I am proud to explore with Dr. Esmael Adibi, Director of the A. Gary Anderson Center for Economic Research and Anderson Chair of Economic Analysis at Chapman University. An economist since 1978, Dr. Adibi is widely quoted in the media and regularly appears as a guest speaker at various professional meetings. In honor of our special open house event this weekend, I asked him about the long-term benefits of traditional home ownership in Orange County.
Rick Jenkins: Has the idea of traditional home ownership—the American Dream—changed in the last few years?
Dr. Esmael Adibi: I will say that the days of buying a primary residence and flipping it two or three years later are over. But that was not the American Dream. Home ownership is not an investment tool like stocks and bonds. A primary residence is a consumption purchase. People should buy a home because they love to live in it, and they plan to live in it for a long time. Appreciation and investment should be secondary to the decision-making process.
RJ: Do you believe traditional home ownership is still a financial benefit?
EA: Right now, there is a short-term setback in the psychology of home ownership. But in reality, home ownership still has economical justification and supercedes renting. First, the tax benefit of being able to deduct mortgage interest—a subsidy the U.S. government has provided since 1913—still makes home ownership attractive. Although most homeowners will pay more than rent during the first few years, they will end up paying less in the long run if they plan to keep their home for seven to ten years. They will have protected themselves against rent increases and inflation.
RJ: Looking at the economic indicators in Orange County, is now a good time to buy?
EA: It’s a golden opportunity for first-time buyers. Prices have gone down, enabling first-time buyers to purchase homes at the median price or below. Prices at the low end of the market have most likely stabilized, and there is the advantage of low interest rates. Affordability is the highest it’s ever been.
RJ: Any other local economic indicators that point upward?
EA: In general, we are seeing positive numbers locally: incomes should increase three percent this year and consumer spending will increase three to four percentage points. In Orange County, the unemployment rate is much lower than other parts of Southern California. Job creation has also been stronger than other parts of the state. This year, we will generate about 22,000 to 25,000 new jobs. Those factors—though modest—should help create demand for homes in Orange County.
Tags: financial planning, home ownership and financial plan, orange county housing market, orange county housing outlook, traditional home ownership
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Quality Home Opportunities Abound for Orange County First-Time Buyers
March 12th, 2011Here’s a piece of positive news you won’t see on the front page of your local real estate section: first-time buyers are entering the Orange County housing market at a record high and they’re purchasing in premiere neighborhoods that were outside of their reach a few years ago.
In Orange County, the percentage of first-time buyers who could afford to purchase an entry-level home in Orange County rose to 60 percent in the fourth quarter of 2010—the highest since 2000 when the CALIFORNIA ASSOCIATION OF REALTORS® started calculating the first-time homebuyer affordability index. These first-time buyers—many of them in their 30s and savvy Internet users—are entering the market in desirable neighborhoods like Costa Mesa, Irvine and even posh Newport Beach and Corona del Mar, poised to take advantage of historically low interest rates, lower home prices and quality first-time buyer mortgage programs. Trisha Marshall, a sales associate in Coldwell Banker’s Newport Beach Coast Highway office, has recently seen an influx of first-time buyers purchasing homes in areas where they would have been priced out a few years ago.
“They are very tech savvy, and among the most discriminating consumers on the market,” said Marshall. “They really do their homework, and most of the time, they are pre-qualified before walking in my door. I’m often impressed by the amount of knowledge they have about complex real estate transactions like short sales, and if not, they are willing to learn, when they see that the value is there along with attractive low interest rates. One client of mine, a young couple with a new baby, watched the market for more than a year before deciding to buy. We were able to find a short sale home in Eastside Costa Mesa originally priced for $625,000, and we negotiated the price down to $575,000. They could not be happier with the value they got.”
What’s happening on the ground here in Orange County is reflective of what other first-time buyers have experienced across nation. In a recent Coldwell Banker Real Estate survey of 300 consumers who purchased their first home in the last year, 87 percent said finding a move-in ready home is important to them.
• 67 percent said the market afforded them the opportunity to buy a home sooner than expected
• Half said they found a home in a more desirable neighborhood than expected
• 61 percent were able to get the home at a better price than expected
• 40 percent got more space than expected
• 43 percent locked in a lower interest rate than expected
When you look at the fact that the median price of an existing single-family home in Orange County is $415,000—41 percent lower than the peak in 2006, but 3.75 percent higher than 2008—2011 is an opportune time to buy an entry level home. Like many of other happy first-time homeowners, you might be pleasantly surprised to find that your starter home could actually be your dream home.
Tags: entry level homes in OC, first time homebuyers, OC first time homebuyers, orange county housing market, orange county real estate
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Newly Appointed Newport Beach Management Solidifies Coldwell Banker’s O.C. Presence
March 4th, 2011Coldwell Banker didn’t become the nation’s oldest and largest real estate company by accident. Our 105 years of real estate success is the direct result of our ability to place the right professionals in the right positions at the right time. In Orange County, I can personally attest to the fact that our executives and senior management team are some of the most experienced and successful professionals in the real estate business today. They offer our clients and agents a combination of support, guidance, exceptional customer service and local market expertise that is unrivaled by any other real estate company. I am proud to continue this tradition by announcing new management at two of our Newport Beach offices.
Greg Bingham, a 15-year real estate veteran, has been promoted to Branch Manager of the Coldwell Banker Residential Brokerage Fashion Island, Newport Beach office. In addition, Cas Pinkowski has been appointed Branch Manager of Coldwell Banker Residential Brokerage in Newport Center. He has 21 years of experience, and served as Director of the Orange County Association of Realtors from 2001-2010 and the National Association of Realtors from 2005-2010. Together, Cas and Greg bring more than 35 years of combined experience to their positions in Newport Beach, which is among the top luxury housing markets in Orange County. Both professionals offer our affluent clients and Coldwell Banker Previews agents extensive expertise and knowledge about the Newport Beach area, not to mention a track record of leadership and success.
Greg told me earlier this month: “My passion is helping those around me be successful. I am grateful that a real estate career, especially as practiced at Coldwell Banker, provides the outlet for my creativity and passion.”
Cas is equally excited to “help agents and clients achieve their goals” in Newport Beach.
The appointments of Cas and Greg—two professionals who are obviously at the top of their game—further solidifies Coldwell Banker Residential Brokerage as a leading force in Orange County. They are examples of the caliber of leadership that has made Coldwell Banker the enduring real estate brand it is today. When homebuyers and sellers choose Coldwell Banker Residential Brokerage in Orange County, they know they are choosing a senior management team that is 100 percent dedicated to helping them achieve the dream of home ownership.
Tags: branch managers, coldwell banker management, coldwell banker orange county, OC growth, orange county real estate
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