FROM THE PUBLISHERS OF “Our Town-Our Paper” coastalrealestateguideoc.com | Serving Laguna Beach & Newport Beach Communities MARCH 20, 2015 | VOL. 5, ISSUE 12 FEATURED PROPERTY: NEWPORT BEACH Where Birdie’s Roost This contemporary three-level home is located in the Pelican Hill neighborhood on a pie-shaped front row lot with views to Catalina, Palos Verdes and Newport Harbor as well as the seventh fairway. The home’s amenities include a gourmet kitchen, subterranean garage, theater, wine room, game room with bar, master retreat with sitting area and an elevator. Offering price: $14,900,000 Address: 3 Masters Circle, Newport Coast Agent info: Rex McKown, Surterre Properties, (949)689-5018 firstname.lastname@example.org, www.NewportCoastProperties.com ONE ON ONE WITH MICHAEL AND PHILLIP CARUSO: It’s All in the Family By Gina Dostler Father and son Michael and Phillip Caruso discuss the family enterprise, the Michael Caruso Real Estate Group, now partnered with Surterre Properties. Phillip, 23, who also has broker’s license, joined the family team in 2013. It’s a family partnership that unites young ideas with sound experience. Q: Michael, you made it through the 2008 mortgage crises. How did you do it? A: We were no strangers to shifts Q: How did this help your situation? A: The housing market between and changes and several times we’ve had to make marketing corrections. We thought we had a pretty good grasp on it until the melt down proved so disastrous to people at all levels. Like many in the real estate business, we had dozens of clients that had property to sell but the market had stalled. During the tough times we worked with short sales to help our clients lease homes they really preferred to sell. 2008 and 2010 didn’t allow a sale without substantial loss. Instead we leased about 50 properties to maintain equilibrium. By leasing, a breakeven point was maintained so the seller could hold on to the property until the market found its hold again. Our goal was to get our clients through the tough times and at the same time keep bread on our table. We also hired on a fulltime short-sale assistant to handle foreclosures. The strategy worked and now that the market is much better, the whole family is setting out to sell homes for our clients. Q: Even in tough times, you found time to give back. A: It’s simply part of our family committee as well as various committees for National Association of Realtors. Together, our family is committed to Habitat for Humanity and at various times we have helped to build homes such as in New Orleans after Katrina and locally in San Juan Capistrano. When my wife and I get too old to swing a hammer, we will pass it on to Phillip to keep our commitment going. Q: What is happening in the housing market now? A: It is a better market, for sure. So many positive signs in California overall, improved employment and population growth are bringing people back. There was an exodus where families and companies relocated outside the state. But now we see executives returning, companies rebuilding. I also believe the companies that stayed put during those times like Allergen and Pimco kept a significant amount of employment here and prevented hard times that sadly hit other cities. Continued on page 2 culture. Of my 32-year career in real estate, 16 years of it have been presiding as president of the OC Association of Realtors and vice chair on the California Association of Realtors’ professional standards The Carusos, Cristine, Michael and Phillip, work together in the family real estate business.