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Most Amazing Homes | 56 N La Senda

Andy is joined by Jennifer Farrell, host of Most Amazing Homes, to show off the breathtaking, bluff-top property at 56 N La Senda.

JENNIFER FARRELL: We’re in Laguna Beach, California in a newly constructed modern masterpiece, where you’re not just looking at the ocean you’re in it. Let’s take a look!

JENNIFER FARRELL: So we’re here in Laguna Beach and we are at an ‘in the ocean’ home – tell me about this home.

ANDY STAVROS: So the house sits in the Three Arch Bay private gated community of just under 500 homes of brand new construction. The architect was Mark Singer – very well known here in Laguna Beach. [This home] was his last design unfortunately before he passed, but again just a warm contemporary feel that you’ll see once we get inside.

JENNIFER FARREL: This is a multi-level home overlooking/overhanging the ocean… How many bedrooms and bathrooms, and how big is this house?

ANDY STAVROS: The house is just over 5,000 square feet with five bedrooms and seven bathrooms, three levels, an elevator that takes you to all levels including the master… It really is one of those turnkey, lock and go homes.

JENNIFER FARRELL: Well I can feel the ocean breeze behind me, I’m dying to see the ocean view. Lead away!

ANDY STAVROS: All right, let’s go.

JENNIFER FARREL: Wow, we’re not looking at the ocean we’re standing over the ocean. This is unbelievable, it’s a view that I think few people have ever seen.

ANDY STAVROS: Yeah, it feels like you’re on a boat when you walk in… This is the time in a tour where I just stop talking, because everybody’s gravitated towards the view on the deck. I just allow people to take that all in, because it is breathtaking once you walk into this room.

JENNIFER FARREL: You know you’re right, it is like being on a yacht. Even the railings for the balconies are a horizontal metal, so it actually feels like we’re on an ocean liner. I love all of the contemporary beautiful lines here – it’s a very clean color palette, very open space, without crazy high ceilings. Because the ceilings are not overwhelmingly high, you still get a feeling of coziness and intimacy in this house.

ANDY STAVROS: Right you do get the coziness. Because of height restrictions and view obstruction, you occasionally have to compromise high ceilings, but you still get a sense of openness to the house with the colors, the design and the finishes throughout.

JENNIFER FARREL: I happen to love this portico that’s in the middle of the room. It’s such an interesting way to create an indoor veranda space, so you feel like you’re outside in an outdoor covered patio area, and yet you’re right in the middle of the house.

ANDY STAVROS: Right absolutely, and you’ll see a blend of the industrial look with the beams exposed but painted. I’m sure you can tell this house sits on bedrock, so much steel, it’s not going anywhere, and here’s just evidence to prove that it’s a solid house with a solid foundation that was just recently built.

JENNIFER FARREL: Well this home may not be going anywhere, but we are going somewhere – I’m dying to go in that kitchen.

ANDY STAVROS: All right, let’s go.

JENNIFER FARREL: Although I would love to say I’d be doing a lot of dishes here, I may just stand here staring out at the view.

ANDY STAVROS: There is a little bit of a distraction. You might burn your food as you’re cooking here, because you just want to gaze outside.

JENNIFER FARREL: That is true, although there’s a lot to see in this kitchen itself. These counter tops are actually porcelain slabs, which means they’re as durable as a tile, but have the gorgeous look of marble. I also think that the surrounding caesar stone behind us makes a great counterbalance. The materials here are really nicely laid out.

ANDY STAVROS: Right, you’ll see the beautiful contrast with the wood grade finishes, the vertically opening white cabinetry, all the high-end appliances – gagging out melee, sub-zero refrigerators, etc. It’s a very functional chef’s kitchen.

JENNIFER FARREL: We have glass surrounding us. We have beautiful artistic touches, like that porcelain faux marble slab again and unique lighting which I’ve never seen.

ANDY STAVROS: Yeah, throughout the house the light fixtures are all unique, but complement each other. You can also see some of the same materials from the kitchen used here on the fireplace.

JENNIFER FARREL: Well this one’s definitely unique, because you have this frameless glass wet room that becomes part of the bedroom. It’s a very resort feel here.

ANDY STAVROS: Right, it gives you an open feel and who wouldn’t want to wake up every morning staring up the coast – from Thousand Steps Beach all the way down to Palos Verdes, Catalina Island, etc.

JENNIFER FARREL: The view here could not be more spectacular. I’d love to see the outdoor space.

ANDY STAVROS: You get 270 degree views in this home, with every room positioned differently.

JENNIFER FARREL: I can’t believe we have a yard here!

ANDY STAVROS: Grass on the bluff front is rare to find! Today you can hear the waves crashing against the rocks. Out here there are multiple entertainment spaces, if you didn’t have enough upstairs; a spa, barbecue area, wet bar, more cooking space, etc. it’s a great level to be on.

ANDY STAVROS: In total the home is 5,041 square feet – five bedrooms, seven bathrooms, elevator, three-car garage, laundry on the ground level… It’s a really fantastic home for somebody that’s looking for a house that’s ready to go with no blood, sweat, or tears. Zero maintenance with a 15 year design and build process, priced just under 20 million.

JENNIFER FARREL: In this area that’s actually a deal.

ANDY STAVROS: We also dropped the price five million dollars, so it’s on discount.

JENNIFER FARREL: This is an amazing home and an unbelievable once in a lifetime property. Thank you so much, Andy.

If are considering buying or selling a home in the Orange County area, connect with us. See how our local, experienced and well-connected team can exceed your expectations. Let’s talk strategy!

Buyer Beware: Red Flags to Look Out for When House Hunting

If you are thinking of buying a home, you have probably already begun your search. It’s easy these days, with up-to-date listing information available on a wide variety of websites. And it’s fun!

House hunting is one of the most exciting parts of real estate, and it draws a lot of interest on TV shows and in-person open houses. Viewing and touring potential new homes means thinking of possibilities and dreaming about your future.

As fun as it is, though, it’s easy to get caught up in the thrill of house hunting — the perfectly staged rooms, the must-have features, the pool or kitchen you always wanted. Focusing too much on the aesthetics and amenities can lead you to miss some warning signs about a property, and a poor decision can lead to years of regrets.

We’re here to help you avoid making any costly mistakes in your home search. Read on for a quick guide on the red flags to spot when house hunting.

No Photos in the Listing

The vast majority of homebuyers start their search online to get a feel for the market and their options. It’s a good way to get a glimpse of the types of homes available, their price, and which neighborhoods might suit you best. However, not all online listings are created equal.

For example, if a listing has few photos (or zero photos), it’s probably not a good sign. Either the homeowner doesn’t want to show you what’s inside, or they don’t care enough to make an effort. Either way, chances are slim that it’s the right home for you.

Don’t just think about what’s shown in the pictures. Consider what’s not being shown.

Signs of Water Damage

Next, while touring homes, keep an eye out for signs of water damage. This can include cracking and bubbling paint, discolored walls and ceilings, pooling water, and moldy/mildewy smells.

Signs of water damage can be especially concerning because they can indicate damage to drywall, flooring, and structural components of the house, all of which may be very costly to remediate and repair. Worst of all, water damage can also mean the presence of toxic mold hidden throughout the house.

Signs of Pests

Recent studies have shown that 84% of homes have some sort of pest presence. Typically, this means small, not-very-significant issues like the occasional bug or insect. However, if the home you visit while house hunting has obvious signs of a widespread infestation, you might want to think again.

Pest infestations can be tricky (and costly) to get rid of. Not to mention, most pests cause multiple forms of damage to a house. Termites chew through wood, rodents destroy materials and leave waste everywhere, etc.

As is the case with all these red flags, you might choose to simply move on and look at other homes. But if you really like some features of the home and think you can make it work, you can always negotiate a lower price, or ask the sellers to remedy the problem.

Obvious “DIY” Renovations

As you house hunt, work on your eye for spotting obvious DIY work. While there’s nothing wrong with a homeowner learning new skills and saving money by completing DIY repairs and updates, you can never be sure of the quality of their work. Additionally, the owners may have failed to follow the proper permitting process for a job.

DIY repairs and renovations that violate the city coding laws could come back to haunt you, even if it was the previous owner who did them. More importantly, they may not be completely safe or sound.

Weird Odors

Weird smells are never a good sign while house hunting. Cleaning is an important part of the listing process, so if a home for sale still has lingering odors, they may be hard to fix or foretell deeper problems.

As noted previously, musty smells could be an indication of mold and mildew. Additionally, questionable smells could point to pests, pet accidents that weren’t properly cleaned up, rotting food lying somewhere and so on.

Similarly, if the home is covered in air fresheners, it might indicate lingering, foul smells. Of course, it could just be the seller and listing agent trying to make the home more inviting. But an excessive amount of scents could mean they’re trying to mask an unpleasant odor.

Your Real Estate Agent is Also the Listing Agent

When looking for a house to buy, it’s always a good idea to hire a real estate agent. They can help you find the right house based on location, size, features, property size, etc.

However, if your real estate agent is also the listing agent for the house you’re looking at, make sure that they have your best interests at heart. Agents are only people, after all. Most are good folks and they try to do right by their clients. But buying a home that’s also listed by your agent/agency can open things up to a conflict of interest.

When you buy that listing, the agent makes double the commission since they represent both parties. If you have a good agent, this is not typically a problem. But an unscrupulous agent might be willing to withhold information or negative details about the home that might otherwise deter you from placing an offer.

The bigger lesson here is to work with an agent you trust!

Negative Drainage

When house hunting, it’s not just the interior of homes you should examine. You should also take a walk around the property to look for anything disconcerting.

For example, take a look at the landscaping around the foundation of the house. Does the ground slope away from the house, toward the house, or is it flat? Ideally, the foundation should slope down away from the house to ensure positive drainage.

Negative drainage will drain water back toward the foundation, which can cause water leaks in the basement/crawl space, damages to the foundation, etc. All of these problems can be expensive and frustrating to deal with.

Questionable Roofing

The roof of a house is one of the most important components. It’s the primary defense for your home against the elements.

That means your roof is also the part of your home most susceptible to incurring damage. Inevitably over time, the wind, rain, hail, snow, ice and sun can break down a roof.

If the roof needs to be replaced due to regular wear and tear, it won’t be covered by most insurance companies. This means the seller is less likely to invest in roof repairs or a replacement before selling. The last thing you want to do is buy a house that needs thousands (or tens of thousands) of dollars in roof repairs.

An Insanely Low Price

We all know the importance of comparing house prices while house hunting. Comparable sales are the chief way that home values are determined by appraisers and other real estate pros.

When a sale price seems too good to be true, it probably is. In other words, a super cheap home is likely super cheap for a reason.

If the home sounds too good to be true, there’s likely something fundamentally wrong. This is more common in homes that have been listed on the market for more than four or five months.

If you run into this situation, ask your Realtor to find out why the listing price is so low. Alternatively, you could place a contingent offer on the home based on the results of a home inspection. It will cost you some money to get answers, but at least you’ll know what you’re dealing with.

Ready to Start House Hunting?

It’s exciting to house hunt and think of the possibilities in your new home! Just make sure you keep an eye out for the red flags listed in this article while house hunting. A home is a huge investment, and the last thing you want is for an oversight to come back and haunt you.

Whether you’ve been searching real estate listings for a while, or you’re just getting started or mulling your options, we’re here to help. Connect with us today to start the conversation and discuss your options to buy, or sell and buy, a home! We would love to help you achieve your goals and find a home that’ll make you happy for years to come.

Buying Orange County Real Estate: Which Loan is Right for You?

Interest rates are low, low, low, and that means it’s a great time to be a home buyer! While median home prices haven’t dropped much nationwide, the costs you save with a low rate over the course of your loan more than make up for any monthly market swings. So, if you’re ready to take the plunge, and if you’ve saved for a down payment (more on that below), it’s time to consider your financing options!

These days, the 30-year fixed-rate conventional mortgage remains the predominant form of financing for home purchases around the country. At an average interest rate of just 3.61% in September of this year, standard terms on these loans are currently quite favorable to buyers. However, as consumers grow more sophisticated or seek more help through other alternatives, we are beginning to see a rise in the percentage of purchases financed through non-conventional means.

Per the National Association of Home Builders’ analysis of 2018 Census Bureau data, in 2018 nearly 30% of financing secured by home buyers was non-conventional. FHA loans led the pack at 11%, followed by cash purchases at around 10%. While you may or may not have the stack of dough on hand to make an all-cash offer, loans such as an FHA first-time buyer loan may be perfect for you.

Let’s take a look at the loan type options, conventional and non-conventional, that you can consider for your Newport Beach, Laguna Beach, or other Orange County home purchase:

Fixed-Rate Loan

The big daddy, the standard by which all others are judged. Accounting for over 70% of loans originating in 2018, conventional fixed rate mortgages are far and away the most common form of financing. These loans offer a single interest rate over the course of the loan, from day-one to day-ten thousand, nine hundred and fifty seven (and a half – thanks leap years!). A conventional fixed-rate loan is perfect for buyers who want a predictable payment and who intend to stay in their new home for the long haul. A down payment is required, so be sure to pad your savings account if this loan sounds right for you.

Adjustable-Rate Mortgage (ARM)

As the name implies, adjustable-rate mortgages do not remain constant like a fixed-rate loan. Typically offered at lower starting rates compared to fixed-rate loans, an ARM offers a better deal for a period of time such as five to ten years, and then the rate “adjusts” to the current market. So, if you’re planning to sell the home two or five or even ten years down the line, this financing option may be a great option for you to save money during that period. Considering the incredibly low rates offered these days, it’s unlikely that your ARM rate will remain as low once the initial fixed period runs out, so make sure that the terms of your ARM coincide well with your long-term plans.

FHA Loan

Backed by the Federal Housing Administration, an FHA loan offers the opportunity for qualifying buyers to pay as little as 3.5% down on their home purchase instead of the typical recommended 20% on a conventional loan. While 20% is not required by all conventional financing, conventional guidelines tend to be more stringent, so FHA loans are a perfect option for prospective buyers with decent credit but lower savings to make a purchase. FHA loans are fixed-rate over 15- or 30-year terms, with a maximum loan amount that varies by state and county. Note that buyers of FHA loans must use the home or investment property purchased as their primary residence, and they are required to pay for mortgage insurance over the course of their loan.

VA Loan

Veterans who have served for 90 consecutive days during wartime, 180 days during peacetime, or spent six years in the reserves are eligible for a VA loan with no down payment and no mortgage insurance requirements. These loans, backed by the Department of Veterans Affairs, do have some additional requirements, however: The home must serve as the buyer’s primary residence, and the home must fit within certain standards set by the program. That means no fixer-uppers are allowed!

USDA Loan

If the bustle of city living no longer suits you and you’re looking to start a “Green Acres” life of your own, consider a Rural Development loan from the US Department of Agriculture. These loans are backed 100% by the government, meaning you don’t need to pay a down payment, and the program offers discounted mortgage rates for those looking to lay down roots in a rural area. Guidelines include restrictions on buyers’ debt-to-income ratio (not to exceed 41%), and property purchased must be in an eligible rural area as designated by the USDA. Learn more about the various types of USDA loans.

Bridge Loan

If you’re looking to buy a new home but your money is tied up in your current home’s equity, then a bridge loan is your answer. Like its namesake, a bridge loan spans the gap between the home you currently own and the home you want to purchase. Lenders will combine your current and your new mortgage payments into one, and when you sell your current home you will use those proceeds to pay back the bridge loan. These loans are great for buyers who currently own a home, have good credit and a low debt-to-income ratio.

Bucking Convention(al Loans)

We hope that this brief overview helps to give you an idea of your options for financing the purchase of your next home. As local real estate experts, we have seen it all, and we know how important it is for you to consider all your options. For a good portion of buyers, a conventional fixed-rate loan makes the most sense. But for many others, these alternatives are worth considering! Let us know if you’re in the market to buy a home, and we’ll be happy to hook you up with a trustworthy lender offering competitive rates. It’s our pleasure to assist in anything real estate related, from the first steps of securing financing to the day you move in and for years to come.