Newsweek published their annual edition/list of Top 500 U.S. High Schools and Irvine’s University High School ranks #8 in the country. This is quite an achievement and one worth considering if you are planning a move to South Irvine, University High School is the neighborhood school for the following villages in South Irvine, CA: Quail Hill, Rancho San Joaquin, Turtle Ridge, Turtle Rock, University Town Center and University Park. 

One of the most affordable neighborhoods near University High for purchasing or renting a condo or townhome, as well as conveniently located within walking or biking distance, would be those found in the village of the University Town Center. This village offers condos/townhomes for lease or for sale in the neighborhoods of Cambridge Court, Columbia Square, Oxford Court, and Princeton Townhomes  as well as those offered by the Irvine Apartment Community (for lease only).

Past experience suggests that you should double check with the Irvine Unified School District’s enrollment map (plug in the actual address) to be absolutely certain that your residence address falls within the school of your choice, as neighborhoods may be subject to changing enrollment stats, and your new residence just may be gerrymandered out of the existing neighborhood school area.

Robin and Eric : Specializing in the University Town Center Since 1986

Robin has been representing buyers and sellers in their purchase of townhomes and condos within the University Town Center’s communities of Cambridge Court, Columbia Square, Princeton Townhomes, and Oxford Court since 1986, and would delight in assisting in any way possible your move to the community. Eric has been involved in the financial, business and investment side since 1979. Together we are proud to have raised two children, Luke and Jed,  in the local school district, including graduates of University High School. Luke went on to graduate from Harvard College and earn his Juris Doctorate at Cornell University. Jed graduated from U. C. Berkeley in the fields of Economics and Computer Science and is currently working in finance in San Francisco

If Robin or Eric can further elaborate on anything contained herein or if you have any questions regarding the University Town Center’s neighborhoods of Cambridge Court, Columbia Square, Princeton Townhomes, or Oxford Court or any of the adjoining Villages of Quail Hill, Rancho San Joaquin, Turtle Rock, or Turtle Ridge please do not hesitate to e-mail Robin. Robin and Eric Fenchel would be delighted to assist in any way possible your move to the community in and around the University of California at Irvine.

Return to The Home Page, Irvine Real Estate and Homes for Sale and Surrounding Cities at Robin4Homes.com.

Copyright ©2006-2011 Robin  and Eric Fenchel  -  All Rights Reserved.  

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Overview:

Most of the sales during 2010 in the University Town Center occurred in the first half of the year. The extension of the Federal Home Buyer Tax Credit of $8,000 for escrows opened in November of 2010 through April 30 2010 and closed by the end of September 30, 2010 coupled with the California State of California Tax Credit of $10,000 over three years for “first time homebuyers” (those who had not owned a home or condo for 3 prior years) initiated on May 1, 2010 through midnight on August 15, 2010 saw a frenzy of activity which resulted in multiple offers and price increases during the period January 1, 2010 through June 30, 2010. The highest prices for each of the floor plans sold were during the first half of 2010 with 24 sales (almost 3%) out of a possible total of 888 potential properties in the University Town Center.

July 1, 2010 began a decline in both number of sales and property values throughout the University Town Center, as the traditional summer home buying season sputtered and stalled. During this quarter, we saw inventory rise to double what it had been (approximately 20 listings versus 10) for the prior year. With more properties from which to choose some of which were distressed (short sales), the summer quarter from July 1 through September 30, 2010 saw only six (6) condos sold and closed and all but one closed at a lower price point which was a view property.

The last quarter of 2010 from October 1 through December 31, 2010, saw further price reductions and declines even though interest rates fell below 5% for 30 year fixed mortgages and overall sales priced dropped again as sellers capitulated to the investor buyers some of whom were “all cash” in order for owners to get their condos sold before what sellers had come to perceive as a flat or declining market. The last quarter of 2010 saw five of the six sales close at a lower price point with the exception of an emotionally charged sale.

Where are we headed in 2011?

From January 1, 2011 through the beginning of February 2011, the inventory declined to twelve (12) active listings. The most compelling and credible reasons for this decline in inventory in the University Town Center are related to homeowners/sellers taking their condos/townhomes off of the market (as witnessed by cancelled, withdrawn, expired, or condos placed on hold in the Multiple Listing Service) rather than sellers further reducing their prices to get their condos sold. Some of these properties that were removed from the market were “short sales,” and most likely will come back on the market as REO’s (real estate owned/bank-owned) or “investor-owned”). Other homeowners may decide to rent their condos out (if there is still equity in the property and the seller can hold on until a market turn-around). Still others may come back on later this year as homeowners perceive sales prices to be firming up.

Market price stabilization or decline will depend on whether or not inventory in the University Town Center increases dramatically this spring, whether interest rates climb (as they usually do during the peak home buying season), whether banks continue to tighten their credit stranglehold on mortgages, whether the job market improves, and, whether the so-called sellers further capitulate because they can no longer hang on, and whether the “shadow inventory” flood gates (namely, the distressed properties that banks have withheld from the market) are opened up.

Check back with me again for another University Town Center Market Analysis next month.

University Town Center Specialists Since 1986 (Silver Anniversary Year), with more personal sales and leases than any other Realtors® in Cambridge Court, Columbia Square, Oxford Court & Princeton Townhomes

Robin and Eric Fenchel

http://Robin4Homes.com

949.929.4800 (cell)   949.334-7373 (off)

It is fitting that a discussion of debt relief should take place on April 15th–the date for filing ones Federal and State income taxes. Good grief, we all can use tax relief!

Well, on Monday, Governor Schwarzenegger signed SB 401 (Wolk) into law providing distressed homeowners with state tax exemption on debt forgiven in a short sale, foreclosure, or loan modification. So what does this new bill mean in plain English, and how can you, Mr./Ms. Seller take advantage of this new debt relief?

California State Tax Law is now Aligned with the Federal Tax Law

Bear in mind, that California homeowners generally were exempt from owing federal taxes on the forgiven mortgage debt, but still were required to pay California taxes on the so-called “phantom income.” For debt forgiven on a loan secured by a “qualified principal residence,” borrowers now will be exempt from both federal and state income tax consequences.

What is a Qualified Principal Residence?

“Qualified principal residence indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence, including both first and second mortgages. It also includes refinance loans to the extent the funds were used to payoff a previous loan that would have qualified under these guidelines”

What Do I Do If I’ve Already Filed My 2009 Tax Returns?

If you’ve already filed your 2009 tax returns –and if you haven’t, you have a few short hours in which to do so without penalty–(unless, you have filed for an extension),  you may amend your returns and claim the exemption by filing a Form 540X amendment. This tax relief applies to debts discharged from 2009 through 2012.

How Do I Know if I Qualify for California Tax Relief SB 401?

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) still may be exempt from paying taxes on forgiven mortgage debt under other provisions. Most notably, bankrupt taxpayers are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

To read the full story, please click here: http://bit.ly/cR2hrS

Photo courtesy of Irvine Ranch Conservancy

Join in on a docent-led mountain bike ride through the Irvine Open Space Preserve. This is a moderate-paced mountain bike tour through the picturesque hills of Bommer and Shady Canyons with a combination of ranch roads and multiple intermediate level technical singletrack trails, and many steep climbs and descents. Over 2000 feet of accumulated climbing elevation is experienced on this route. Participants should be physically fit and possess above-average mountain biking skills. Mountain bike, helmet, and 32 oz. of water (minimum) required.

Please note, this is an intermediate ride. This ride features only a few, short rest stops, steep climbs and rocky descents. It requires above average fitness, and a mountain bike with a minimum of front suspension. If you are unsure of your abilities, please call first. There are beginner rides for those who are new to the sport which are offered as well.

For Irvine Ranch Conservancy and Irvine Open Space Preserve Programs, registration for weekday programs closes at 4 p.m. on the day prior to the event. Weekend program registration closes at 4 p.m. on the Friday prior to the event. For policies of other organizations, please contact them directly using the links on the home page.

Photo courtesy of the Irvine Ranch Conservancy

Take a break and get some fresh air!  Join in on a mid week hike through Quail Hill.

$8000 Federal Tax Rebate Updated

First-time home buyers and move-up buyers have another great reason to get off the fence, pre-approved and on the road to purchasing a home! The benefit to first-time homebuyers is a tax credit up to $8,000 and for move-up buyers a tax credit up to $6,500. But this opportunity ends in April.

• Between November 7, 2009 and April 30, 2010, homebuyers that have a signed binding contract to purchase a home may be eligible for the tax credit. The transaction must close no more than 60 days after April 30, 2010.
• First-time homebuyers may receive a credit of 10 percent of the purchase price, up to the $8,000 tax credit amount. If you have never owned a home before or have not owned a principal residence in the last three years, you are considered a first-time homebuyer.
• For home-owners, a tax credit of $6,500 is available for homeowners who have lived in their current residence for at least five of the past eight years. Homebuyers can also receive a 10 percent credit up to $6,500 when they contract to purchase a home between now and April 30, 2010, provided they close no more than 60 days after this deadline.

The tax credit does not have to be repaid provided you live in the new home for a minimum of three years. Military families are exempt from this stipulation.

For an exhaustive and detailed Q & A by Sonia M. Younglove, Esq., see the latest California Association of Realtors extensive article on this subject.

Turtle Rock, Bonita Canyon, Canyon View and Alderwood Basics Plus Elementary Schools ranked #2, #5 ,#6, and #7 respectively, and Rancho San Joaquin Middle School ranked #9.

Turtle Rock elementary is the district school for the part of Turtle Rock village located in the 92612 zip code as well as the University Town Center. Bonita Canyon elementary encompasses homes located in Turtle Rock within the 92603 zip code.

Canyon View elementary is located in a newer part of Northwood villlage in the 92620 zip code.

Alderwood Basics Plus elementary, located in Quail Hill, serves Quail Hill and the Spectrum area residents.

Rancho San Joaquin Middle School is the district school for the villages of Quail Hill, Turtle Rock, Turtle Ridge, Rancho San Joaquin, University Park and University Town Center.

To ensure that the desired school falls within your neighborhood, please look up the street address at: http://www.iusd.org/asp-bin/whichschool

To see how your schools rank among all of Orange County, go to:

http://school.hiwhy.com/orange-county

First published yesterday in http://robin4homes.activerain.com

1. Who is a First-Time Buyer? The bill defines a first time home buyer as anyone who has not owned a property/home/real estate for the past three (3) years.

2. How does the Tax Credit Work? The tax credit is received when you file your taxes the year after your home/real estate purchase. In other words, the first time home buyer does not receive any cash at the time escrow closes, nor does the 1st time home buyer receive any assistance with closing costs through the escrow. Instead it is added to any refund you would be due on your taxes in the year following your home purchase.

3. Can I Receive theTax Credit of $8,000 Even If I Owe No Taxes?: You, as a first-time home buyer, can still qualify even if you own little or no taxes.

4. Do I Have to Pay Back the $8,000 Tax Credit?: In a previously conceived bill, the first time homebuyer had to repay the $8,000 tax credit. In the current Stimulus Bill, the 1st time home buyer need not repay the $8,000 tax credit as long as the home buyer resides in the property for at least three (3) years.

5. Are There Time Limitations Attached to the $8,000 Tax Credit?: The $8,000 Tax Credit is available to buyers who purchase a property/home/condo/residence between January 1, 2009 and December 31, 2009.

6. Are There Income Limitations Attached to the $8,000 Tax Credit? If you are single, first time home buyers must make less than $75,000 Adjusted Gross Income; if you are married, first time home buyers must earn less than $150,000 combined Adjusted Gross Income. If you earn more than this amount, then the total tax credit is reduced.

In sum, if you are a first time homebuyer and are considering purchasing a home, you may want to take advantage of this tax credit. Home values have declined on average between 25% and 40% from the highs, interest rates are extremely low (hovering around 5%), and the government is giving you an $8,000 tax credit to purchase a home.

Here is A First Time Home Buyer Fact Sheet on the major changes that have occurred as of January 1, 2009.

Here is the IRS Form you will need to complete in order for you to receive the first time homebuyer credit.

Here are frequently asked questions regarding the $8,000 Tax Credit:

Here are some tips from the IRS on First-Time Homebuyer options in order to maximize the new tax credit

On February 18, 2009, President Obama announced his Homeowner Affordability and Stability Plan. The plan has two components to it–one offers homeowners who qualify a plan that would refinance mortgages that are greater than the current market value of their home or condo into a more affordable monthly payment thereby reducing the possibility of a future foreclosure.

The second component offers homeowners a way to modify their existing mortages into a housing payment that would enable the borrower to stay in their home/condo and avoid possible mortgage default and/or foreclosure.

Beware of Foreclosure Rescue Scams–Help is Free! Let me preface by saying there are many scams out there that prey on troubled homeowners. There are people who purport to be experts in loan modifications and ask homeowners to pay for their services when you can obtain all the information and help you need for free.

This is one reason why I prefer to pass along the real source of information, so that you, the consumer, can determine after reviewing the eligibility requirements of each of these government sponsored programs whether you are a candidate for either one or the another.

The following web site explains in detail each of the programs–the Home Affordable Refinancing and Home Affordable Modification–eligibility requirements and the information you will need to gather before you contact your mortgage/loan servicer.

Go to: http://www.makinghomeaffordable.gov/

If you would like to read the detailed report released by the U.S. Department of the Treasury on March 4, 2009:

See: http://www.ustreas.gov/press/releases/reports/housing_fact_sheet.pdf

When you, the buyer, purchase a condo in a multi-unit/hi-rise building, you may not be aware of the unintended consequences that can arise due to your neighbor(s) defaulting on their mortgage(s) and/or condo/association fees.

Depending upon how many homeowners in your condominium building are in default–those of whom have stopped paying their mortgages and association dues–will directly impact the condominiums reserves and the funds necessary to operate and maintain the integrity of the building. As a result, the HOA (Homeowner’s Association) may have to vote to increase the association dues/and or propose a special assessment for each and every homeowner in the building to cover the short fall resulting from your neighbors’ defaulting on their loans and/or dues. This problem can be compounded depending upon how many of the condos in the building are in default.

You may be faced with having to cover the shortfall along with the remaining homeowners who continue to pay their obligations or be left with a building that cannot provide the basic services such as water, electricity, maintenance that you expected would be there without question when you first purchased your condo. This is not a pretty scenario, but it is one of which you should be aware.

If you are considering a purchase in a multi-unit building, you should review the Homeowner’s Association documents, such as C,C,& R’s (Covenants, Conditions, and Restrictions), Articles of Incorporation, the last 12-months of minutes, and the annual budget and audit to make sure that the association has adequate reserves which should give you an idea of the financial well-being of the building.

Moreover, you should consult with a Realtor who can give you valuable information on the number of active listings in the building that are in the process of foreclosure (short sales, notices of default), or REO’s (real estate/bank owned properties). This should send up a red flag as to the health of a particular condominium building.

Remember that what appears to be today’s good deal or “steal” may wind up being tomorrow’s bank owned property. It is wise to consult a real estate professional who is active in the local neighborhood before you jump in and become collateral damage in the future wave of further defaults.