Newport Coast is a Great Place to Call Home

Selecting a city to live in Southern California is a difficult choice. There are dozens of fabulous options and each city has its own unique set of special features that makes choosing where to move your family a complex decision. Because I’ve grown up in Southern California and have been in real estate for the past fifteen years, I like to think that I know the area quite well. I can confidently say that each and every time I’m in Newport Coast, I realize and appreciate just how special the community is.

Newport Coast sees approximately 340 days of sunshine every year, making coastal living all the more enjoyable. The community encompasses over 9,500 areas of rural open space including sheltered natural trails, 3.5 miles of pristine beaches, spectacular golf courses and gorgeous landscapes. Newport Coast is home to the remarkable Resort at Pelican Hill featuring two 18-hole golf courses masterfully designed by world renowned architect, Tom Fazio, state of the art villas and bungalows, lavish pools and spas including the 136-foot circular Roman-inspired coliseum pool, four delicious restaurants and the award winning spa. The Resort is uniquely positioned near some of the most singular pursuits in southern California. First-class shopping is close by at the Crystal Cove Promenade and the renowned high-end specialty retailers of Fashion Island. Newport Harbor offers excellent sailing and deep-sea fishing. The tranquil beach at Crystal Cove is perfect for sunbathing and swimming.

The neighborhoods of Newport Coast offer some of the finest residential estates available. With nearly every amenity within reach of your fingertips, residents take pride in calling the dazzling community home. Whether you wish to build your home or purchase an existing property, I can guarantee you will find the home of your dreams in Newport Coast.

When deciding where to purchase a home, I encourage you to consider the community of Newport Coast. To schedule a private tour of the area or to learn additional information, please contact me at 949.717.4711 and I will be happy to share with you why I feel Newport Coast is the perfect place to call home.

Get the Insider Scoop on Shady Canyon

Over the past six months, there have been 13 homes in Shady Canyon that have sold for an average price of $3,860,982. Of the 13 properties that closed in Shady Canyon since the beginning of 2010, the average time the property spent on the market was 206 days and the average size of the property was 7,286 sq ft. The average number of bedrooms was five and the average number of bathrooms was six. The average cost per sq ft was $529.92 I have personally sold two of those 13 listings including 28 Golden Eagle and 36 Black Hawk. 28 Golden Eagle was sold in 143 days and was sold for a price of $3,250,000. The home has four bedrooms and five baths. 36 Black Hawk was sold in 161 days and was sold for a price of $3,000,000. The home has four bedrooms and five baths. In this specific transaction, The Smith Group represented both the buyer and the seller.

There are currently 33 active listings in Shady Canyon. Of those 33 listings, The Smith Group is representing three of the properties including 21 Jewel Flower, 97 Canyon Creek and 53 Boulder View. 21 Jewel Flower is a five bedroom, six bathroom 6,389 sq ft home and is listed for $3,999,900. 97 Canyon Creek is a six bedroom, eight bathroom 10,000 sq ft home and is listed for $5,999,000. 53 Boulder View is a five bedroom, eight bathroom 8,503 sq ft home and is listed for $7,799,000. The average home for sale in Shady Canyon is listed for $5,439,599 with an average size of 7,654 sq ft. The average listing is $710.69 per sq foot.

There are currently eight land lots for sale, three of which The Smith Group is representing including 23 Tree Fern, 21 Needle Grass and 58 Boulder View. 23 Tree Fern is 32,204 sq ft and is listed for $1,499,000; the price per sq foot is $46.55. 21 Needle Grass is 32,281 sq ft and is listed for $2,399,000; the price per sq ft is $74.32. 58 Boulder View is 28,834 sq ft and is listed for $1,699,000; the price per sq foot is $58.92. The average lot for sale in Shady Canyon is 38,781 sq ft and is currently listed for $2,695,250; the average price per sq ft is $69.50.

Shady Canyon has been recognized as one of the top premier residential neighborhoods in all of Orange County. The area is set to blend harmoniously with the rolling hills, natural land forms and rocky terrain, and homes within the neighborhood are designed to respond to the mild climatic conditions of an idyllic rural environment. Home owners in Shady Canyon come home to not only their beautiful properties, but also the private golf club, designed by world renowned architect Tom Fazio, spectacular clubhouse, and fitness, tennis and swim club.

To schedule a private tour of the neighborhood, please contact me at 949.717.4711 or by email tim@timsmithgroup.com. Your dream home is waiting!

The Laguna Beach Sawdust Art Festival

It’s that time of year again! The 44th annual Laguna Beach Sawdust Art Festival Summer Show is set to open on Friday, June 25th. The show will run until Sunday, August 29th and is open daily from 10am-10pm. The festival is a 5-10 minute walk from downtown Laguna and the main beach and is located at 935 Laguna Canyon Road. Laguna Beach residents receive FREE admission with ID on Thursday evenings after 5pm and the first Friday of each month. All military and their family members receive FREE admittance every day with military ID. The art festival will feature over 200 local Laguna Beach artists displaying their art work including hand-blown and fused glass, paintings, jewelry, ceramics, surf art, clothing and textiles, wood and metal sculptures, photography and much more.

The festival began in 1966 as a very small and unsuccessful art show. Today, the Sawdust Art Festival has grown to be a well-known and highly anticipated event both by the residents of Laguna Beach as well as art enthusiasts, collectors and novice artists from all over. Thousands of people will attend the summer show in search of great art, fabulous musical entertainment and lasting memories.

The Sawdust Festival’s participating artists pride themselves on the fact that they keep up with the tradition that was established 44 years ago. Each exhibiting artist builds an exceptional booth from the ground up to create a village-like atmosphere that is as unique and intricate as the art itself. Part of what makes the show so great is the wide array of differing art work. Each booth varies greatly keeping attendees guessing what piece of treasure is awaiting to be discovered around the next corner. Whether you wish to admire the work of enthusiastic amateurs or purchase a piece of artwork from an accomplished veteran, the Sawdust truly has something for everyone and is an event to remember.

Alternatives to Foreclosure

So, your house is in foreclosure… now what?!? As difficult as it is, try to look at the situation without attaching your emotions. If viewing the situation from a strictly business viewpoint, you can more successfully analyze which option might best suit your needs and desires and move you towards resolving your financial difficulty. One very important thing to remember: Time is of the essence, so sit and take serious thought of your situation and take quick action in order to allow yourself enough time to complete the chosen process.

There are nine different options to choose from when facing foreclosure:

1. Do Nothing – If a homeowner does nothing, they most likely will lose their home at a foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information. Not the best option.

2. Payoff/Refinance – Completely paying off the entire loan amount plus any default amount and fees. Usually this is accomplished through a refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home.

3. Reinstatement – Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

4. Loan Modification – Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.

5. Forbearance – Lender may be able to arrange a repayment plan based on the homeowner’s financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.

6. Partial Claim – A loan from the lender for a 2nd loan to include back payments, costs and fees.

7. Deed in Lieu of Foreclosure – Give the property back to the bank instead of the bank foreclosing. Banks generally require that the home be well maintained and all mortgage payments and taxes must be current. Most loan applications ask if this has ever happened.

8. Bankruptcy – This option can liquidate debt and/or allow more time. I can refer you to a qualified bankruptcy attorney.

• Chapter 7 (Liquidation) To completely settle personal debt.
• Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.
• Chapter 11 (Business Reorganization) A business debt solution.

9. Sale – If the property has equity (money left over after all loans and monetary encumbrances are paid), the homeowner may sell the home without lender approval through a conventional home sale. In this case, the homeowner will get cash from the sale. On the other hand, a Short Sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your Real Estate Professional if what is owed is MORE than the property’s value.

At The Smith Group, we have successfully completed 57 transactions in the last 12 months. With our proven track record, coupled with the fact that we have a team of 8 professionals working on your behalf, we can successfully mitigate your potential losses and make you next move as simple as possible. If you or someone you know is considering a short sale, call us for a FREE confidential one-hour consultation at 949.678.1070. We have the tools to help provide you with the best situation possible, based on your needs. Remember, in today’s economy, who you work with matters.