October in Surf City

No Shame in the Fall Game
Huntington Beach's delightfully non-touristy secret

For locals and those in the know, here's the secret tourists and the global fans of Huntington Beach don't fully grasp: Huntington Beach is a year-round-town.  Home owners in Surf City know they have something to look forward to within their city borders and surrounding communities all year long. Sellers, this is a great time to drive this point home. Buyers, take note, you won't have the crowds of summer, but you will still have lots of fun things to choose from throughout the year.  And I'm not just talking about the world class, world renown, internationally recognized Old World Village Oktoberfest, either.

Let's talk Old World

Arguably the biggest draw to Huntington Beach outside of summer is the Oktoberfest at Old World, featuring something for every member of the family (at least, before 9 pm). History records Oktoberfest's origins as being no more than a 16 day festival beginning in late September and ending in early October, with legend suggesting the extension of the festival to mid October in order to celebrate the wedding of the Crown Prince Ludwig of Bavaria to Princess Therese of Saxony-Hildburghausen, who later became the king and queen of Bavaria. No such excuse is necessary for Huntington Beach: if it is an October date on the calendar, it is Oktoberfest. Weiner dog races (really, a must-see), and a ridiculous cacophony of authentic German food, music and of course, beer, make for one of the largest celebrations of its kind on the west coast.

Feeling a little paranoid this October?

Golden West College is putting on an amazing stage adaptation by Michael Gene Sullivan of George Orwell's 1984, directed by Tom Amen. Consider it a Halloween scare for tweens-to-grown-ups, the dystopian nightmare come to life on stage is highly literary way to spook your way toward Halloween if you are a member of that aforementioned age range.  For those of the younger set, the Huntington Beach Central Park Library Theater presents Huntington Beach Magic Show with Johnny Ace Palmer which will astound and amaze, followed by a Halloween costume parade all around the Huntington Beach Central Park Library afterword, so save the date of Wednesday, October 23rd, shows at 4 and 7pm.

Tacos taste just as good in October...

Up the road in Surfside, Taco Surf (home of the Surfside Margarita, which like their world renown tacos taste just as good in the fall as they do in the summer) presents local favorites Mid Life Crisis (or "MLC" by their impossibly hip fans) performing 60's and 70's hits with ridiculously tight harmonies. A perfect way to end the month for those who feel music and food of a non-Germanic nature is a better way to enjoy October, MLC will be joining the patrons of Taco Surf from 5:30 - 9:30 on October 26th.

Buy the Beach in Huntington Beach, the year round town!

Ann Stefanucci

562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

Fall Fun in Huntington Beach

Just Because it's Fall
Doesn't mean you have to stop having fun!

An eventful summer comes to a close.  The mortgage interest rate hike a third of the way into summer set a new plateau which reduced the buying power of potential home buyers, but didn't slow down the market until after Labor Day when overall buyer interest slowed significantly but not unexpectedly.  The height of the tourist season has come and gone in Huntington Beach. The Susan G. Komen Race For the Cure, for which I am still training to join the San Diego race in early November, is running the Orange County race this weekend in nearby Fashion Island, Newport Beach to kick off the fall.  But that doesn't mean the family fun has to come to an end!

Adventure Playground is ready to receive your young adventurers

The summer fun continues well into the school year at the amazing Adventure Playground http://www.ci.huntington-beach.ca.us/residents/parks_facilities/parks/huntington_central_park/adventure_playground.cfm, where kids can build, explore, create and generally get dirty in a relatively regulated environment.  Although it won't detract from the experience, expect a decent sized crowd especially on weekends, as Huntington Beach's Adventure Playground remains open while the Irvine counterpart is closed for remodeling.  The hours and hours of fun and exercise for your 7-12 year olds will be worth the heavy laundry you may have to do as a result of your visit.  Adventure Playground is located in the Huntington Beach Central Park near the Central Park Library at 7111 Talbert Avenue between Beach and Goldenwest and is open from 10 - 4.  Kids are $3 and adults are free.

The islands are calling you this Saturday

Right in the same vicinity,at the Huntington Beach Central Park Amphitheater, an island-flavored event is taking place which is certain to make you feel like summer hasn't really gone (as if the temperature doesn't do that already).  The 6th Annual Pacific Islander Festival http://www.huntingtonbeachevents.com/annual/pacific-islander-festival.html is this weekend, and promises a fantastic celebration of the music, dance, crafts and savory foods of the Pacific Islands.  The event begins at 9 am on Saturday and 10 am on Sunday and is sure to attract crowds longing to extend their summer vibe.

Huntington Beach may be known for it's historic and iconic summers, but Surf City homeowners have long found ways to hang on to summers well into the fall.  Enjoy your not-so-fall, still-kind-of-summer weekend in Huntington Beach!

Ann Stefanucci

562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

Being Prepared Is Not Just For Boy Scouts

Common Sense Preparation
Some things every homeowner should have ready

I watched the summer unfold, resisting the urge to use my blog to remind beach goers and visitors to my beloved Huntington Beach (and it's many events) to come prepared for long days, lots of traffic and parking congestion, and ultimately not to forget to apply sun screen for their little ones.  This was no easy accomplishment, as I watched routinely many families walk longer and farther from the beach than they anticipated, stroller in hand, with no hint of sun screen application or additional water.  With the typical August into September heat-and-humidity wave in full effect, I have shown remarkable restraint, though if I were to be completely transparent I've simply been busy with my own corner of the most promising summer in residential real estate to come along in six years.


If you own a home, or want to, be prepared for emergencies


Another thing I noticed apart from the real estate market improving this summer; the apocalyptic summer blockbuster movie.  I feel at least somewhat vindicated that my underlying sense of preparedness is somewhat echoed in the subject matter of Hollywood's summer movie fare.  I may not know how to stave off hordes of marauding zombies (they've gotten into my television, too, I've noticed over the last four years), genetically altered super-mercenaries, planet-conquering aliens, or the like, but I can make some good suggestions for coping with more "real-life" potential disasters; suggestions which everyone who has or wants to own a home should take note.


Essentials everyone should have whether you rent or own your home


I read a fantastic article published by Smart and Final some months back, which indicates what no home, apartment, or dwelling of any description should be without, set aside for the real world crisis Hollywood's metaphorical monsters only represent on screen:

• A week's supply of water, given one gallon per person per day.  
• A complete first aid kit including a first aid book and an extra supply of any essential medication
• Non-perishable food (Military "Meals Ready to Eat" MRE's come to mind), with can opener and preferably plastic utensils and disposable plates
• Extra set of baby food and supplies including formula, bottle, appropriate soap, wipes and diapers
• Camping supplies such as tent, blankets, sleeping bags, portable stove/grill, cutting knives, tools, radio, batteries and flashlights can double as disaster preparedness items
• Food, water and restraints/leash/carrier for pets 
• Fire Extinguisher types A, B, C or combination thereof
• Extra clothes for all, including sturdy shoes and heavy gloves
• Toilet paper, not to be understated, along with all relevant hygiene supplies
• Duct tape

Your home is supposed to be a safe place for you and your family (as well as the primary asset in the 'bank of you'), but it can't protect you from everything.  Otherwise, you wouldn't be required by lenders to purchase homeowner's insurance!  Being prepared is not just a boy scout trait; in a world of life-claiming tornadoes, hurricanes, earthquakes, fires, landslides and man made catastrophe, preparedness is a responsibility.

Ann Stefanucci

562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

Mortgage Application Absolutes

Applying for a Mortgage is Serious Business


The rules are important and not to be taken lightly when applying for a mortgage

Yes, there are already all kinds of equally crucial rules to follow concerning home buying which have to do with the home itself, neighborhood and the impact on your current life such as proximity to work.   But mortgage lending, especially in an environment where interest rates are "ratcheting" slowly upward (three steps up, two steps down, two steps up, one step down, etc), has a very important set of rules which must be followed to make sure you are really able to step into the home which you are likely to be pursuing with competition at your heels.  The rules are the same for refinance mortgage loans; even without the time urgency of a low inventory market like the one we will still have until at least summer 2014, the urgency is there for rate locks and the threat of still-overcompensating skepticism from mortgage underwriting.  I can tell you from first hand experience the anguish of all parties when a problem which could have been avoided ends up derailing a transaction.  Here are the fundamentals one should remember when applying for a mortgage loan, heed them well.

Employment

Have you ever felt like up and quitting your job because you are so fed up for whatever justifiable, rational, perfectly understandable reason?  Great.  Do it after you close your loan; until then, do what you have to in order to make it to the closing, however intolerable your working conditions.  Similarly, nothing can be more flattering and exciting than having a more favorable job opportunity fall on your lap.  Wait to jump ship until after your loan closes, even if the income or other aspects of the job change will make you look more favorable for underwriting.  Just avoid rocking the employment/income boat if at all possible from the time of taking an application to the time your loan funds.

Credit Activity

Don't buy anything new, or originate any new "trade lines" as they are called on your credit report.  I mean any line of credit including debt secured by furniture (especially for a home you do not yet have); a car, truck, van, plane, boat, tractor, jet ski or recreational vehicle of any kind.  If this rule is followed correctly, the following rule should be followed by extension: no credit inquiries of any kind either.  A minor exception: regarding (what is currently thought to be) a 30 day window for multiple mortgage inquiries, considered by the credit bureaus (Experian, Equifax and Trans Union) as one inquiry. This takes time to "reset" and bear in mind any inquiries outside the 30 day time frame will at least require a letter of explanation and an unnecessary opportunity for an underwriter to find fault.  A final and seemingly obvious but often forgotten piece of credit wisdom; during your loan application process, don't "co-sign" for any financing for anyone.

Income Trail

Yes, it's a shame I have to mention these, but there are often all-too-overlooked rules regarding your income and savings which must be adhered to in the mortgage loan process as well.  Some of you may be surprised how often these rules in particular are ignored, and how quickly a transaction falls out because of not following income trail rules.  Do not make any large deposits into your bank accounts (at least not the ones you are using to qualify you for the loan).  Similarly, don't change the bank account or accounts you are using to qualify for the loan.  Lastly, don't spend the money you have saved for the down payment.  When the mortgage lender goes to verify your funds to close the loan and nothing is there, you can be certain things will go wrong.

Following these rules won't guarantee your loan closing, but not following them will most certainly guarantee your loan will not close.  Contact me if you have any specific questions and want to make sure you are prepared to keep and maintain your credit and income profile through the entire loan process.

Ann Stefanucci562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

How To Tell You're In A Bad Relationship (With Your Client)

Indicators You're Relationship Has Gone Sour
(at least with your clients)

Even in my frenzied pace during a rapid fire real estate summer like the one we're having now, I manage to stumble on an article with crucial wisdom applicable to real estate practice.  Sometimes, as is the case for the source material I was inspired to use for this blog as well as the one forthcoming, I discover an article that is of equal importance to both real estate professionals and would-be clients.  While the points discussed were written as a caution to professionals as to how they treat their clients and the business implications thereof, they can easily be criteria for the would-be client as a barometer for their relationship with any service provider.  For real estate clients, buyers or sellers, most of these points I am about to discuss can help you determine whether or not to even engage in a long term relationship with the real estate agent with whom you've begun your interaction.

A word of caution for a real estate professional and their potential clients

Joseph and JoAnn Callaway, co-authors of the amazing book Clients First: The Two-Word Miracle, outline ten bad habits professionals can slip into if they are not careful.  As I mentioned, I not only find these very relevant warnings for real estate people (for which I will paraphrase specifically), but for their potential clients who will be considering the future of their professional relationship.  I will begin with the first and arguably most common bad habit found among real estate practitioners.

It's NOT about you, Mr./Mrs./Ms Real Estate Agent

The Calloways very accurately observe the necessity to have a strong ego, or 'sense of self' in business, to protect you from being taken advantage of by competitors, vendors and even clients.  One doesn't need to notice how fond real estate people are of their name and their picture to recognize how applicable the Calloway observation is for my profession.  But a big ego can weigh you down into a dangerous pitfall if you're not careful.  If you start to believe professional victories and the 'glory' which goes with them are the reason you are in the business and the end goal of your profession, you may be setting a trap for yourself.  Before you know it, and whether you can connect the behavior initially or not, you will run the risk of putting the interest of your clients behind your own and giving into further moral and ethical ambiguities.  A minefield of potentially serious and reputation-harming (not enhancing) disaster awaits.

Check yourself; specifically what you talk about with your clients

Building rapport does not mean finding common interests and subsequently working those interests back into a conversation about yourself.  This kind of arrogance is client-repellent and an indicator that you are engaging in a very bad habit.  Would-be clients who are my readers, you know instinctively when the person you are speaking with has this habit and whether you recognize it or not, a 'red flag' has been raised in your mind.  More on these habits to come in my next blog!

Ann Stefanucci
562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

Realtor Code of Ethics Turns 100

Not A Coincidence Real Estate Ethics is Turning 100

With a shaky economic recovery in effect, all eyes are on real estate professionals

As many Americans attempt to re-enter or enter the real estate market for the first time, after having been financially shaken for an extended period, fear and trepidation are understandable.  However, now is also a time when an experienced real estate professional's expertise is urgently needed in spite of these fears.  I've met enough would-be buyers and sellers in my recent travels to convince me it is time to drive a particular point home.  Realtors have a code of ethics which is no less than 100 years old this year; let this fact stand as an assurance that generally speaking, if you are enlisting the aid of a (preferably experienced) real estate professional, you are in good hands. 

http://www.realtor.org/videos/video-origins-of-the-code-of-ethics

Real Estate is an American tradition, not just a profession

When Thomas Jefferson wrote the Declaration of Independence, and the Founding Fathers decided to "dissolve the political bands"  and become the United States of America, it's a safe bet they did not intend to rent the land the former British colonies were sitting on.  Land ownership, like home ownership, held the real life embodiment of the English Magna Carta-era sentiment "every Englishman's home is his castle" and all the promise of personal financial stability which goes with it.  Specialists in the creation and transfer of ownership of privately held real property (a rather new phenomenon in the 1700's) become welcome fixtures of the new free society emerging out of the former colonies.  The code of ethics for Realtors, established 100 years ago, sought to secure the honor of this tradition in the light of the industrial age.

How you can tell if your Realtor follows the code of ethics

There are at least a few more blogs worth of space which I will dedicate to the very worthy topic of Realtor-client relations, but for the purposes of this blog, I'll narrow some basic expectations outlined in the code of ethics turning 100 this year.   Three points stand out which provide even the most skeptical potential client some assurances.  Protect and promote your client's interest, but be honest with all parties.  Be careful at all times to present a true picture in their advertising and representations to the public.  Assure, whenever possible, that transactional details are in writing.  All of these tenants are not only good indicators of an ethical real estate professional, but their absence is usually quickly noticeable.

So put your fears aside in favor of careful observation and healthy expectation; buyers and sellers alike.  The time for Realtors to live up to their centenarian ethical code is now, while we are all called upon to restore what homeowners have lost and rebuild the economy itself one home at a time.

Ann Stefanucci
562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

Did I Mention This Would Happen?

Mortgage Interest Rates Go UP
A little less home for your buck, but don't give up, get in the game!

The window may be closing to get the best home for your buck, but mercifully enough (for all those I've been urging for months to get off the fence), the window appears to be closing slowly.  In fact, we may have simply reached another mortgage interest rate plateau, but the ratcheting incline in rates is simply inevitable.  A 3.5% 30 year fixed mortgage rate will likely not be seen again in any one's lifetime.  But there's no crying in real estate, just like in baseball.  Today's 4.5% 30 year fixed mortgage rate still seems like fiction prior to 2008, and is nothing to shake a stick at.  In less than two years, rates will be much higher, and so will inventory levels, so home prices will likely not increase rapidly as we saw in 2000 to 2006 (a historically normal rate of appreciation is a welcome sight).  So $500,000 today will be $510,000 in two years, but rates at one to two percent higher will make the $510,000 home that much further out of reach. There is no question about it, the window is narrowing for getting the most home for your buck.  Adjust, re-calibrate, then take action and don't waste another moment thinking about missed opportunity even if it was due to your own hesitation or lapse of judgment.  Get in the game as it is now; the window of opportunity is closing but it isn't shut just yet in terms of getting the best home for your money.

Real estate agents, even for some of my readers of this blog, have the unfortunate and at least somewhat undeserved reputation of  "exaggerating" market conditions.  It was no exaggeration when the Federal Reserve announced it would scale back on buying bonds later this year; it was a trigger for the spike in mortgage interest rates.  The last month, and in particular the last three business days, have more than proven my point about urgency and lost opportunity.  I won't over use the "I told you so" motif, but unlike many users of that cliched expression, I definitely DO NOT hate to say it.  In fact, we have a gift and a reprieve; buyers and sellers still have a chance to act before the game completely changes.  Real estate agents like myself who have successfully adjusted to all kinds of market changes over many, many years are ready for the game change (which essentially means simply different players), and those real estate professionals like myself will all adjust accordingly.  But a number of you reading these words will simply not be able to be a player after the next significant mortgage rate jump; not for a long while, anyway, and I'd just as soon help you seize the day rather than wait for a second (or third or fourth) best opportunity possibly several years away.  I am not speaking scare tactics, I am not preaching fear, I am speaking from current observation and many years experience.

Buyers, I want you to get the most out of the way things are while there is still time, wherever you happen to be on the buying spectrum.  Sellers, I want you get the most out of the somewhat shallower pool of qualified buyers.  The proverbial iron may have cooled a bit, but it is still hot enough to forge a real estate victory.

Ann Stefanucci
DRE #00635764
First Team Real Estate
562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

Fast Paced Market Means Fundamentals Are Essential

Demands of a High Speed Real Estate Market:

Strong Fundamentals

In any fast-paced professional sport, particularly those in which speed is enhanced by tools such as in hockey or enhanced by machines such as in NASCAR or formula racing, if you have to think about what your next move is you are probably too late already.   Solid, firmly embedded training is absolutely essential; team members without the fundamentals of their lighting-fast sport entrenched in their minds will undoubtedly fail.  In a residential real estate market moving as quickly as the one we are currently experiencing, buyers need to be quick on their guard and home sellers need to be quick (and honest) in their evaluation of their home's weaknesses.  I have been focusing on real estate fundamentals in my blog lately primarily because it has been easy to become complacent due to the lackluster pace of the market in the previous six years.  Fundamentals, though not forgotten, may have been re-prioritized in the minds of buyers and sellers, especially those who have laid low for six or more years.  My recent observations of this near super sonic speed marketplace have made it clear that real estate refresher courses are in order.

Significant and potentially expensive or even dangerous fundamental physical areas of concern in any home must be identified:

1.  Water leaks: the stains are the tell-tale sign, though some significant problems may not leave visible stains.  Still, the fundamental rule is to look for stains on ceilings and near the baseboards, especially in basements or attics.

2.  Shifting foundations: look for large, non-hairline cracks along the home's foundation are worth investigating.

3.  Drainage issues:  look for standing water, either in and around the foundation of the home or in the yard.

4.  Termites:  an underrated problem; look for weakened or grooved wood, especially near ground level, and watch for unusual "piles" of wood "droppings" anywhere in or around the home.

5.  Worn roofs: look for broken our missing copings and buckled shingles, while you're checking out the same area for water spots.

6:  Inadequate wiring:  look for antiquated fuse boxes, extension cords (indicating insufficient outlets), and outlets without a place to plug the grounding prong.  

7.  Plumbing problems:  look for very low water pressure, banging noises in the pipes, etc.  

Obviously, nothing can be better than a full home inspection by a trained pair of eyes, but you can provide your own due diligence by retaining these fundamentals and thereby determining whether or not a professional inspection (and the price tag that goes with it) is worthwhile given the pace of the market.  Don't let the speed of the market intimidate you, there is still a fantastic albeit narrowing window at work through the summer, and to use the analogy of different sport for which my town of Huntington Beach is known, the conditions are ideal to catch an excellent wave.  In fact, while I saw the market conditions emerging for the summer, I admit did not fully anticipate the dramatic jump in activity, but I have experienced first hand the benefits of returning to real estate fundamentals which may have otherwise become rusty over the last five to six years.  Keep your fundamentals at the top of your mind, and you'll end up with (at least) one in the "win" column.

Ann Stefanucci
562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

A Buyer's Dream Town

Huntington Beach: Always A Buyer's Dream Town


I've preached from the hilltops already how this unique period in history is creating an ideal but already closing window of opportunity for residential real estate buyers and sellers.  I have no doubt that homily will resurface here in this blog, though perhaps not until we are facing the next phase in this ever-transforming real estate market (which I anticipate to be a less heated, slower paced, but even more balanced buyer/seller market), and my comments about the soon-to-be-gone urgent conditions of the day will be little more than a "I told you so" diatribe.  For the moment, however, I am done with my ranting as to WHY you should buy and buy NOW.  I want to talk about WHERE you should buy.  I've helped buyers buy and sellers sell homes all over Southern California, but there is a reason why my home and my focus is in Huntington Beach: the city is the perfect balance of everything a homeowner could want in one town.

I'll admit it is easy to brag about Huntington Beach right now.  Summer is here, and summers in Huntington Beach are nothing short of legendary.  People may not know it by name, but when they are thinking of summer just about anywhere in the Northern Hemisphere, they are likely picturing an image which could easily be taken from the beachfront along Huntington Beach.  My Huntington Beach readers who are already residents know one of the main selling points of our town, for anyone who loves the beach and/or surfing, is our role as the perennial home of the US Open of Surfing  http://www.usopenofsurfing.com/ .  Although the event is a month away in the depth of summer, from July 20th to the 28th, Huntington Beach is already getting ready to play host of a global celebration for the ultimate summer event.  Regardless of one's level of interest or understanding of the sport of surfing itself, the sheer numbers of activities and peripheral events (and people from all around the world coming to participate) make this the premier Southern California beach event.

I've said it before, and I'll say it again: the other unique advantage to living in Huntington Beach is not only it's own events, or its personality kept relatively intact while still being able to constantly reinvent and regenerate itself; Huntington Beach enjoys a fantastic proximity to just about anywhere you would want to go in Southern California.  San Diego's many attractions?  South on 405 will take you there.  Get some skiing in?  Multiple routes inland and to the north.  Want to see what's happening in the other Orange County beach communities? Take Pacific Coast Highway due south, each city has a distinct personality as you go down to San Onofre.  Want to walk on the wilder side of beach communities (that is, get out of Orange County)?  Head due north on Pacific Coast Highway.  In fact, if you'll like the US Open of Surfing, you'll love some of the events going on with our neighbors to the north, such as the South Bay International Surf Festival from July 31st to August 4th.  Hermosa Beach, Manhattan Beach, Redondo Beach and Torrance explode with surfing and surf-related beach events during this beach lover's dream festival.  Getting there from Huntington Beach is a gorgeous summer ride, with windows or convertible top down, along the longest stretch of beachfront or beach-close highway in California; so rare is the "getting there' as good as the arrival.

To reiterate a few previous blogs: buy now.  To reiterate this blog in three words: buy Huntington Beach.



Ann Stefanucci
714-822-9453
annstefanucci@gmail.com

No More Room on the Fence

(I don't mean to sound pushy, but)

"Get In or Get Out Time" is Hitting the Real Estate Market!
Too Many Indicators Say "Get Off The Fence"

Summer is at your doorstep, and I mean to be blunt and urgent, but not pushy:  You are in the market to buy a home, or sell your home, or you're out of the market, starting pretty much as soon as you read this.  The current market conditions are already making this happen, and the summer peak of the market is still months away. A year's worth of uptick in prices, including recent local sales of homes well and above asking price, tell me it's a growth market for sellers. There is urgency for sellers, specifically, because the conditions of this market are unique and inevitably short lived. The residential building permits being issued at a rate not seen in nearly six years indicates to me that this upward tick in home prices will eventually level off, but probably not in time for mortgage interest rates to remain as low as they are now.  The eventual mortgage rate increase is an obvious, looming urgency for buyers and it is two-fold: homes aren't likely to come down in price (even if home prices do increase at a slower rate due to increasing inventory) and rates are likely to go up.  Put another way, a buyer's ideal home which presents an affordable payment today may literally not be affordable within a week.  Everything about the current real estate market is pointing to a frenzied, fast-paced, win-win whirlwind of a summer.

There is no room on the fence, to again put it bluntly, homeowners and future homeowners who want to grab a piece of this very rare market and the benefits which pertain to it need to do so immediately.  Cash offers/investors are still common, but mortgage lenders are lending again, provided borrowers/buyers can jump through the many additional hoops and safeguards now in place.  Buyers who qualify can qualify for more of a home by way of the lower payment available for not much longer as mortgage rates will with certainty be rising even more than in recent days.  Sellers can take advantage of a significant rise in equity before it levels off, and while they themselves can still capture a still-ridiculously-low mortgage rate.  For the first time in my blog I'm speaking to both buyer and seller more directly than ever before because the market is demanding immediate action: If you were considering buying, get started now!  If you were considering selling, get started now!

I will be having a different conversation with clients, and a different discussion on this blog, in three month's time, of this I am certain.  Among my many mortgage banking friends and the experts I follow regularly, all seem to agree that at best, mortgage rates will rise consistently before the end of the year and may downtick briefly by around this time next year or slightly earlier, but not long enough to have the impact low mortgage rates are having at this very moment; with all the other dramatic circumstances surrounding them.  There are many conversations to have at any given time (even the worst of times, as we've had until last year) in real estate, and when it comes to the American Dream it ultimately knows no interest rate (relatively speaking), but today's conversation is unparalleled and speaks very loudly toward action.  Fence sitters, observers and the watchtower vigilant observers of the real estate market, let me help you get down and get going; if you have had reason enough to watch what is happening, you know the time is now to be a doer and not merely a watcher.



Ann Stefanucci
714-822-9453
annstefanucci@gmail.com

Building Into Another HB Golden Age

Building Again in Huntington Beach

Arguably the lifeblood of real estate, if not the foundation of the economy itself, is building.  Whether it is building, rebuilding, developing, re-developing, or some combination thereof, the act of hammer meeting nail has profound implications on many levels.  For Huntington Beach, as I've often said, it is a signal that the always-resilient town known for regenerating itself while still retaining its personality is doing so yet again.  I've long admired Huntington Beach for many reasons, not the least of which is the city's ability to bounce back in spite of economic adversity, as evident by the construction engine having been ignited once more with some of the many important projects I've been chronicling here.  I thought it was particularly important to share some key Huntington Beach projects which are in full swing and show no signs of slowing down until their respective ribbons are cut.

Construction has begun on the long-proposed Merrill Gardens, a state of the art assisted living community on  Goldenwest Street, just south of Warner and next to the thriving Home Depot location.  Merrill Gardens brings the proven success of 22 vibrant assisted living communities already in California, and several more throughout the country, to Huntington Beach.  Similarly, construction on the Greystar project for the Elan Apartments is in full swing at their intended location on the Southeast corner of Beach and Ellis (coming up on your left as you exit the 405 freeway heading toward the beach along Beach).  The 274 units of 1 and 2 bedroom models along with 8,500 square feet of commercial space is another example of duplicating similar state-of-the-art communities built across the country.  The "duplication effect" of these vital communities from elsewhere in the country holds the same promise for Huntington Beach.

Not to be merely a recipient of duplicated success, Huntington Beach is also an originator of it's own successful real estate endeavors.  The duplication effect of Bella Terra promises to extend the success of one of Huntington Beach's greatest re-inventions across the street in the Edinger Plaza.  Many new anchor tenants including the smart shopper's mecca Nordstrom Rack have committed to Edinger Plaza, along with the plans for an extensive makeover of the center including all-new landscaping.  Without exaggerating, Huntington Beach is entering into a new golden age as a city, the likes of which not seen since the oil and surfing booms of ninety and sixty years ago respectively.  Let's make it your golden age as well.

Ann Stefanucci

714-822-9453

www.annopoly.com

News From the Beach

On the Beach Side of Huntington Beach

Part of my anxiousness regarding the many real estate developments and re-developments in Huntington Beach is knowing when to report and when not to report as I am observing a roller-coaster mixture of plans for action, actual action, and actions halted.  I have decided to err on the side of my enthusiasm for the significance of even having a roller coaster ride like this to observe in our fair city.  Arguably the most iconic portion of our icon-laden community is the beachfront itself, and perhaps the reason I am very interested in what is happening in the beachfront development of Huntington Beach is due to the lasting, citywide, real estate-strengthening impact the beachfront projects represent.  In other words, I welcome the ideas for beachfront development, and celebrate their implementation, eagerly awaiting news regarding either.

A quick flashback to the very early nineties as the country had lumbered squarely into a recession (sound familiar?).  The stretch of Huntington Beach beachfront real estate along Pacific Coast Highway from Beach Boulevard to the south all the way up to 1st street (almost up to the pier) remained relatively undeveloped unlike the downtown area which saw a massive revitalization effort just prior to the late eighties/early nineties economic decline.  A long-abandoned hotel sat along this prime location until the Hilton Waterfront Beach Resort broke ground in the early nineties, boasting 290 luxury rooms with 24 suites and the world renown Shades Restaurant and bar featuring nearly two decades worth of one of Orange County's most admired Sunday Brunch experiences HiltonWaterfront.com .  Since it's opening, the resort has continuously rated at the top by hotel guests and critics alike.  The exciting news?  Earlier this year, plans were submitted for the building of a second tower with 156 additional rooms on the east portion of the parcel owned by the Hilton, fronting Pacific Coast Highway and promising more of the same luxury for which the resort has a well-established reputation.

Pacific City, the proposed uber-development for the stretch of waterfront property just a little further up Pacific Coast Highway toward Main Street and the pier, has as I've mentioned previously, been stalled.  Crescent Homes, the developer of the residential portion of this amazing parcel of beachfront real estate, has still no word on a start date. On a positive note, DJM, the developer of the commercial portion of this development which fronts Pacific Coast Highway has identified Newport Beach's Olson Company to work specifically on the boutique hotel parcel, removing the long-speculated "W Hotel" from the mix.  DJM submitted revised plans for the commercial space roughly six weeks ago, with the approval process expected to last another month or two.  In short, all of these commercial developments, in spite of residential delays, spell a strong and welcome influx of financial strength into Huntington Beach, insuring Huntington Beach homeowners and potential homeowners a highly attractive real estate marketplace.  While I hope to avoid restating the obvious implication, the time to develop a good Huntington Beach real estate strategy with an local expert such as myself is right now!

Ann Stefanucci

714-822-9453

www.annopoly.com

Forward Momentum in Huntington Beach Housing

Key Projects in Huntington Beach Move Forward; Pacific City Stalls
Overall Trend is Still Onward and Upward in HB

I admit that ever since the golf course was removed in the early 1990's from the location of the now proposed development of Pacific City, which I discussed excitedly in a previous blog, I have been hopeful that something would be made use of this ridiculously gorgeous piece of real estate just off of Pacific Coast Highway.  Nearly twenty years there has been a vacant lot of land begging to be utilized between Huntington Street to the south and 1^st street to the north, with Atlanta Avenue forming the ‘inland’ border along PCH.  I hoped there was at least going to be some broken ground by now for "Pacific City" to begin taking shape, but alas, there are delays in the project.

I am consoled by the many other projects which have been permitted and are in full swing to bring some real estate and overall economic vibrancy in their wake.  One such project is the Boardwalk Apartments on the old Levitz department store site at Edinger and Gothard near both Bella Terra shopping center and Golden West College.  Construction is already underway and scheduled completion for the 487 apartments with 10,000 square feet of commercial space on the ground level by Fall of 2014.  Apartments will range from 594 to 1,357 square feet and will feature studio, one and two bedroom floor plans.

Nearby, the Residneces at Bella Terra are nearing the completion of their first phase by the end of May this year.  The apartments adjascent to the world renown mall will range in size from 500 to 1,400 square feet and will represent studio, 1, 2 and 3 bedroom floor plans.  Bella Terra has already reiimagined the entire "freeway close" section of Huntington Beach and while remaining distinctly 'HB' in personality, brings a powerful new shot of residential real estate energy into the community with the Residences project well on its way to completion.

There are many more projects to discuss, all of which signal an exciting time to get into the Huntington Beach real estate market as buyer, seller, or both!

Ann Stefanucci
DRE #00635764
First Team Real Estate
562-244-8021

714-822-9453
annstefanucci@gmail.com

beachareasspecialist.com

Ever Improving Huntington Beach

The Ever Improving City

Exciting New Projects in Huntington Beach

Huntington Beach is rallying fast with new community enhancing projects currently in development; reflecting an ideal time to join the Huntington Beach community, or to ‘trade up’ your home within the neighborhood.  Acting Manager for the Huntington Beach Planning Department Jane James recently announced several greenlit projects ready for breaking ground this year.  I’ll start with some of the highlights in this initial blog, but there is more to come.  In Huntington Beach, as with most of the rest of the United States, the housing market is suffering from a lack of inventory to meet demand, but here and everywhere else the engine of development is firing up again on all cylinders. 

The Huntington Beach Lofts, formerly known as the Red Oaks project, will be built on the Southeast corner of Gothard and Center streets, behind Golden West College and very close to the Beach Boulevard freeway exit.  The development is a 5-story building with 385 apartments on floors 2-5 and 10,000 square feet of commercial space on the ground level.  Size specifications on the apartments are to be a range of 500-1400 square feet.  Construction is scheduled to start this year, with an estimated completion by 2015.

Regular visitors to Huntington Beach’s famous “Old World” Village will soon see a new neighbor to the west, the proposed Vans skate park which includes an extensive skate bowl, shops and a hospitality area with the rights to hold 15 special events per year.  Nearby Bella Terra mall, and the Costco directly across the street from the planned skate park, make this a new vibrant center of activity for Huntington Beach which will correlate well with the excitement of Main Street, the Huntington Beach Pier, and the beach itself.  I have more to share with you soon as the housing and development recovery spells an especially bright future for the personality-rich Surf City.

The ‘sweet spot’ is now to put into place your Huntington Beach real estate plan, let me help you with the details as your Huntington Beach expert!

Ann Stefanucci
DRE #00635764
First Team Real Estate
562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

Opportunity (Door) Knockers

Questionable Practices in Distressed Real Estate are Alive and Well


Economic times are still difficult enough to where homeowners may be tempted to work with an "attorneys office" specializing in "loan modification" or similar promise of a mortgage loan re-write.  The California bill which was meant to stop the mad feeding frenzy of 'loan modification' opportunists, SB 94, passed the state assembly on September 2nd, 2009, passed the state senate on September 8, 2009, finally to be approved by the governor and officially filed on October 11, 2009.  There were some possible unintended, "baby out with the bath water" consequences to this bill, as outlined by mortgage-implosion prophet Martin Andelmen ( http://mandelman.ml-implode.com/2009/09/california-sb-94-passes-assembly-62-10-ab-764-passes-senate/ ) as well as a potential to breed a new breed of loan modification scammer who happens to have a little more patience and a network of salivating investors waiting for their foreclosure 'leads' to ripen, but like it or not the bill drove out many of the more grotesque opportunists from distressed homeowners.  So why am I writing about this three and a half years later?

In addition to having a recent experience reported to me by one of my clients, a horror story on par with any pre-SB 94 loan modification scam scenario, there is an important provision in SB 94:

"This bill would, until January 1, 2013, prohibit any person, including a real estate licensee, who negotiates, attempts to negotiate, arranges, attempts to arrange, or otherwise offers to perform residential mortgage loan modifications or other forms of mortgage loan forbearance, as specified, for a fee or other compensation paid by a borrower, from demanding or receiving any preperformance compensation, as specified, requiring any security as collateral for final compensation, or taking a power of attorney from a borrower, and would make a violation of that prohibition a misdemeanor or subject to specified fines."

This quotation I wanted to share depicts two very important things to the homeowner: 1. The nature of what was made illegal by the passing of the law (and what wasn't, which I'll get into shortly) and 2. The expiration date for the law which if you'll notice came and went at the beginning of this calendar year.  In a nutshell, here is what loan modification scammers devolved into after SB 94 passed: reputable-looking attorney offices convince a homeowner to give them authorization to represent them and actually "push" the homeowner into a short sale.  In addition, these attorneys are buying the property with the sole purpose of flipping and putting them back on the market.  In other words, the attorneys are not interested in 'representing' the homeowners interests with regard to negotiations with the banks, but rather, in acquiring and flipping the homeowner's property.  What's more, they can charge up front fees to do it, technically speaking.  

Let the homeowner beware, check the attorneys office to find out what kind of law they actually practice, who the firms owners are, and know what kind of authorizations you are giving to this 3rd party supposedly representing your interests.  If you as a homeowner are, through whatever circumstance, tempted to engage the services of an attorney to represent you in negotiation with your mortgage lender or servicer, please perform your due diligence.  Remember also there are other professionals who should receive an equal amount of your attention in said circumstances, namely a mortgage lender with a strong awareness of the many government loan programs available to distressed homeowners as well as having strong resources to aid borrowers in improving their mortgage credit profile in spite of current or prior circumstances.  Obviously, your local real estate professional such as myself should be consulted as well, as there are some amazing non-investor/predator related options available to downsize or relocate.

Ann Stefanucci
DRE #00635764
First Team Real Estate
562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

 

Racing Legends Meet The Beach

Racing Fans Rejoice! Grand Prix in Two Weeks

Just Up the Road, Racing History Begins Again

A well-known fact regarding Huntington Beach residents is the presence of a large community of car enthusiasts.   It does not take the many car shows alongside the beaches or at Huntington Beach Central Park and other locales in the city to make this obvious, one can simply spend a half hour driving around town and by observation find a larger than usual density of classic cars and souped-up vehicles.  Already part of the landscape and personality of Huntington Beach, and part of its charm, is the aficionados of the motor vehicle as a form of art.  What these individuals no doubt know, as well as many other residents who are not necessarily as vehicular-inclined but like myself enjoy exciting events packed with raw energy, is the joy of being in close proximity to the historic Long Beach Grand Prix running April 19^th – 21^st. 

For racing fans of all types in Southern California, the Long Beach Grand Prix now in its 39^th year, represents a similar exhilaration as a chance to run with the bulls.  Granted, you’re not actually out there on the track testing driving mettle with literally the best drivers in the world, but from nearly every vantage point you can find it certainly feels like you could be.  Racing fans from around the world converge on a town roughly 15 miles from Huntington Beach; a pleasant drive up Pacific Coast Highway.  The nearby international racing event underscores yet another of one of the many benefits of living in Huntington Beach: proximity to amazing events and locales apart from those already within the city.  If it is amazing and happening within Southern California, but not in Huntington Beach, rest assured you can likely get there from Huntington Beach.

The Long Beach Grand Prix features the IndyCar Series, with racing luminaries like Scott Dixon, Marco Andretti (with a last name synonymous with racing) and Graham Rahal on the historic 1.97-mile, 11-turn seaside street circuit.  Call (888) 82Speed or 562-981-2600 for more information.  With your plans to attend any one of the racing events over the weekend (Sunday April 21^st is the actual race day), make it a point to speak to me about making nearby Huntington Beach your home!  We may see eachother at the races, but it will be difficult to speak over the sound or roaring engines and screaming fans.

Ann Stefanucci
DRE #00635764
First Team Real Estate
562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

History Meets Future on Main Street, HB

Main Street, Huntington Beach

Main Street in Huntington Beach has, like the city itself as a whole and with its many parts, has reinvented itself multiple times while still retaining the innate personality originating from the residents who began flocking to the city in the oil boom of the 1920’s.  Today, Main Street is equal parts vibrant local scene and tourist mecca, culinary center and beach pub crawl; a quasi-urban night life within a surf community.  There is something for just about everyone almost all hours of the day, all one needs to do is pull in to town from Pacific Coast Highway as you near the world famous Huntington Beach Pier, which serves as a kind of ‘extension’ of Main Street directly into the Pacific Ocean.  From the less picturesque 405 freeway, one merely exits the equally famous and historic Beach Boulevard heading toward the beach, hanging a right on Ellis Street, and within the span of a short series of lights you will find yourself engulfed in the Main Street vibe. 

One of the most rewarding aspects of living in Huntington Beach is the direct and immediate access to this incredibly rich and diverse center of activity one finds along Main Street.  There are about a solid dozen places with a similar level of active culture and night life in Orange County, but none with the unique personality for which Huntington Beach is known.  While many generations have come and gone, each one building on the last, the rugged entrepreneurial spirit of the oil boomers still echoes in the year round crowds between the stores, restaurants and overlooking offices on historic Main Street.  Put another way, there is no excuse for being bored in Huntington Beach.

At the turn of the last century, the area now known as Huntington Beach was called Shell Beach, but in 1901 the name changed to Pacific City when P.A. Stanton formed a local syndicate and purchased 40 acres along the beach; 20 acres on each side of Main Street.   As a testimony to Huntington Beach strong awareness if its own history, Pacific City is literally resurrecting itself along the Huntington Beach coast, which is the topic of my previous blog.  Stanton’s turn-of-the-last century motive was to create an “Atlantic City” on the west coast, and with the absence of casinos, this vision may yet be fulfilled.  When one makes their home in Huntington Beach, one inherits a piece of history as well as an exciting present and promising future.  Contact me, and together we can find your part of the Huntington Beach legacy.

Ann Stefanucci
DRE #00635764
First Team Real Estate
562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com

Pacific City, Huntington Beach

Pacific City, Huntington Beach

An exciting new chapter in the pages of the legendary “Surf City” Huntington Beach is beginning to open as I write to you.  For those who don’t know the history behind the gorgeous but undeveloped piece of real estate in Huntington Beach designated to be Pacific City, let me give you a quick geography lesson.  The stretch of Pacific Coast Highway from Huntington Street to the south and 1^st street to the north, with Atlanta Avenue forming the ‘inland’ border, has been designated for some kind of development time and again for decades but until recently still remained essentially empty.  Until the recent promise of the conceptual “Pacific City”, that is.

Stenn Parton is the Director of Acquisitions and Development at DJC (DJM Properties), and he recently presented the construction plans for approximately 190,000 square feet of commercial and restaurant space along an ocean view promenade spanning Pacific Coast Highway toward Huntington Street.  The retail space will be comparable in size and concept to the Grove in Los Angeles, and will boast similar renovation effect as the other well-known Huntington Beach development from DJM Properties, the Bella Terra Shopping Center.

DJM’s objective is to combine the distinctive Huntington Beach lifestyle and personality with specialized product boutiques, gourmet foods and upscale restaurants.  With move in dates for restaurants and retailers expected in early 2015, anticipate seeing some vibrant construction activity in this part of the 34 acres fronting Pacific Coast Highway between 1^st Street and Huntington; the long awaited new Huntington Beach community of Pacific City.  Adding to the striking new Pacific City development are additional plans scheduled for even sooner completion.

Look forward to a 250-room, 4-star hotel along Pacific Coast Highway and 1^st street, to be built by a boutique hotel operator.  DJM has received all the required approvals from the many relevant parties such as Huntington Beach City Hall and the EPA; the existing footprint, pad, concrete and steel can be used so DJM sees no delay in construction which they expect to start in the next 2-3 months.  Another piece of Pacific City is soon to appear!

Crescent Heights, a luxury condominium developer with offices in NY, Florida and LA is poised and ready to build on the 22 acres at the rear of the parcel designated for Pacific City.  They will erect a 4-story apartment complex with 516 apartments featuring underground parking and world class amenities for which they are known.  The building will be built to condominium specifications and will eventually be converted and sold as condos.  The apartment complex is scheduled for completion between July and December of 2013.  The exciting transformation of Huntington Beach shoreline which Pacific City represents is well underway and unfurls an intoxicating welcome mat for those who want to celebrate the best in beachfront living by making Huntington Beach their home.  Contact me for more details and a lifetime of Huntington Beach expertise at your service.

Ann Stefanucci
DRE #00635764
First Team Real Estate
562-244-8021

714-822-9453
annstefanucci@gmail.com

www.annopoly.com