OC Lofts Blog

Fannie Mae recently updated its policy related to the minimum waiting periods following a short sale or deed-in-lieu of foreclosure, making it easier for distressed borrowers to re-enter the housing market.

 

Under the revised policy, all loans with application dates on or after August 16th may be eligible for a new loan in as little as 4 years instead of the previous wait time of 7 years.

Fannie still requires borrowers to demonstrate that they have re-established credit following a significant derogatory credit event such as a foreclosure, bankruptcy, short sale or deed-in-lieu of foreclosure.

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Effective January 1st, 2014, Senate Bill 407 requires that property owners who obtain permites to remodel a property that was built prior to 1994 are required to retrofit with toilets that use no more than 1.6 gallons per flush, showerheads with flow rates of no more than 2.5 gallons per minute, and other interior fixtures that use less than 2.2 gallons of water per minute.

This applies to all single-family property permits, as well as multifamily and commercial property permits where 10 percent or more of the square footage is included in the remodel.

 

By January 1st, 2017, all residential properties in California that were built prior to 1994 will need to be in compliance with water fixtures as outlined above, which will

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  269 N Bush St is available for showings by appointment now.  Very large 2,000+ Sq' end unit on N Bush St.  Upgraded interior brick facade, concrete flooring throughout, large walk-in closet and shower at the 1st floor bathroom.  This floor plan also includes a large 2 car, side-by-side garage with lots of room for added storage.    
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Almost through Phase 1

Construction is under way at Taylor Morrison's new Level 1 60 unit live/work townhome community in Costa Mesa, CA right off Newport Blvd near 15th St.

Two model homes are open now from 10am to 6pm and they plan to release the homes through 6 phases.  Right now the Plan A, about 1,775 Sq', starts at about $752k to $802k and the larger Plan B, about 1,995 Sq', is priced around $830k to $840k.

Prices are definitely expected to increase shortly into the 2nd and future phases.  Nearby Sea House by MBK Homes is nearly, if not already, sold out and reached very high pricing in the last few phases so Level 1 will likely explode up $100K or more within the next few phases.

 

Enjoy some images of the two

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  Matt White Custom Homes, who developed the popular Midtown 10 project also in Costa Mesa, is at it again with a similar project.  This time in Eastside Costa Mesa about a block from the Newport Beach Back Bay.  These homes are much larger weighing in around 2,250 Sq' and being offered with sales prices in the low $1 millions.    
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Infill homebuilding specialist, City Ventures, is releasing a handful of new townhomes at very low pricing starting in the mid to high $300s just Northeast and in walking distance of Downtown Santa Ana in the Lacy Neighborhood.

 

Unlike the more urban live/work loft new construction in the area, these townhomes will offer residents more conventional floor plans with 3 bedrooms, 2 car garage and some upscale materials and unique features like the homes having 100% electric power (no natural gas) and a solar photovoltaic system.

Floor plan sizes vary from 1,239 Sq' up to 1,524 Sq' between 5 different plans.  Features include Kohler spec'd for all fixtures and faucets, granite or quartz kitchen counter tops, 9+ foot minimum

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  California Senate Bill 745 - Starting July 1st, 2014, the State Fire Marshall will not approve a battery-operated smoke alarm unless it contains a non-replaceable, non-removeable battery with a 10-year capacity.  This rule was originally scheduled to take effect on January 1st, 2014, but has now been postponed until July 1st, 2014.  This law, however, provides a one-year grace period until July 1st, 2015 for any smoke alarms that have been ordered by, or are in the inventory of, an owner, managing agent, contractor, wholesaler, or retailer on or before July 1st, 2014.     Furthermore, starting January 1st, 2015, the State Fire Marshall will not approve a smoke alarm unless it does all of the following:  
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California Assembly Bill 92 - A new tax law that may give 1031-exchange buyers a good reason to buy an up leg property in California, instead of another state.  For a 1031 exchange occuring on or after January 1st, 2014, a taxpayer who acquires a "like kind" property in an exchange that is located outside of California must file an information return with the Franchise Tax Board (FTB) for that taxable year and every year thereafter until the capital gain or loss from the 1031 exchange is recognized.  If a taxpayer fails to file the required information return and tax returns, the FTB may propose to assess the amount of tax, interest, and penalties due by estimating net income, including gain, from any available information.  The FTB will draft and make

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In 2009, Governor Arnold Schwarzenegger signed into law Senate Bill 407, which defines as "noncompliant" all non-water-conserving plumbing fixtures (generally, faucets, showerheads, and toilets installed in residential and commercial structures before January 1st, 1994) and requires that they be replaced as a part of any building alterations or improvements made after January 1st, 2014.  Also, this law requires that all noncompliant plumbing fixtures in any single-family residence be replaced with water-conserving fixtures on or before January 1st, 2017, and that all noncompliant fixtures in multifamily residential and commercial real property be replaced on or before January 1st, 2019.

 
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