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