June 15, 2012 FRoM tHe PuBlisHeRs oF CoastalRealestateguideoC.CoM “Our Town-Our Paper” 1 Real estate guide coastalrealestateguideoc.com | Serving Laguna Beach & Newport Beach Communities June 15, 2012 | Vol. 2, issue 23 Coastal thoroughly Modern in the Classic style This Northern Italian villa with Big Canyon golf course frontage is steeped in luxury and style: Venetian plaster, coffered and custom ceilings, marble floors, limestone accents, detailed tile designs, custom light fixtures, iron work, milled woodwork, and Bouvet decorative hardware throughout. It’s all balanced with contemporary conveniences: complete smart-home automation, projectors and art-specific lighting for custom illumination, built-in plasma TVs, and central vacuum. Entertain grandly in the breathtaking living area with a soaring 24-foot ceiling and a fireplace with an 18-foot stone mantle, aided by a fully equipped gourmet kitchen, a formal dining area, a butler’s pantry, and a 515-bottle wine room. The home also features a theater, game room, saline infinity-edge pool with spa, multiple patio areas with fireplaces, a nine-hole putting green, and an oversized three-car garage with a lift for a fourth vehicle. More at 6royalsaintgeorge.com. Address: 6 Royal St. George Road, Newport Beach Offering Price: $7,495,000 Agents: : Inge Bunn, HÔM Sotheby’s International Realty Contact Info: : 949-500-6462; email@example.com featured PrOPertY Big CanYOn estate One On One with BOB hOwe What to Know about Mortgage Refinance A house -a home -is really a sacred thing. At the end of a long day, it is so nice to have a home to walk into, grab a cold one out of the fridge, sit down, relax and feel secure and safe. Yet this good feeling is in jeopardy as the pressures of a troubled economy catch people struggling with mortgage payments, unemployment, and higher prices. Our sluggish economy is very evident in the pace of home sales, still well below healthy levels. It could be years before the market heals. And so it is that the average U.S. rates on 30-year and 15-year fixed mortgages have fallen to record lows. Mortgages have become “cheap,” in hopes of boosting home sales. Maybe selling your home is not in the forecast, but it might be a good time to cash in on these low rates by refinancing your mortgage. Bob Howe of Residential First Mortgage, who partners with his daughter Kathy, has a talent for listening to his clients and figuring out financial solutions that go hand in hand with selling, buying or refinancing a home. With more than 30 years of experience in real estate and mortgage financing it was comforting to hear his positive attitude as he explained what to prepare for and understand when refinancing a home. Q: When is it a good time to refinance? A: Interest rates are extremely low, some loan programs down in the 3 percents which are historic lows. Rates have continued to decline as the US economy and our globalized world have witnessed economic challenges. So, considering a refinance could well be a good idea right now. Have your trusted lender analyze your mortgage situation and see if you can capitalize on the low rates. But even though the interest rates are low, some people Continued on Page 2 neW listings/HoMes in esCRoW-Closed • According to the MLS, the number of homes newly listed for sale in Newport Beach during the two-week period of 5/28-611 was 62 homes. • According to the MLS, the number of homes newly listed for sale in Laguna Beach during the two-week period of 5/28-6/11 was 32 homes. • According to the MLS, the number of homes that went into escrow and/or closed in Newport Beach for the two-week period of 5/28-6/11 was 49 homes. These homes were categorized in the MLS as “backup offers,” “pending sale,” or “closed sale.” • According to the MLS, the number of homes that went into escrow and/or closed in Laguna Beach for the two-week period of 5/28-6/11 was 31 homes. These homes were categorized in the MLS as “backup offers,” “pending sale,” or “closed sale.” • Of the 62 new homes on the market in Newport Beach, the highest priced property was listed at $28,500,000. The lowest priced property was listed at $249,000. • Of the 32 new homes on the market in Laguna Beach, the highest priced property was listed at $11,999,000. The lowest priced property was listed at $379,900. The number of homes identified in the MLS as being “short sale offer submitted,” “short sale/subject to lender approval,” “in the foreclosure process,” “notice of default,” “REO/Lender-owned,” or “REO Offer(s) submitted,” currently either active listings, accepting backup offers or pending sales: Newport Beach: 109 homes in the above categories. Laguna Beach: 49 homes in the above categories.