PORTOLA HILLS LIVING by Kelly Turbeville

OK, this is disturbing... According to a report in the Orange County Register this morning, Portola Hills has the highest percentage of homes currently on the market that are in distressed situation.  First, Distressed is identified as any property that is either being sold as a Short Sale/ REO /or has a Notice of Default. Currently in Portola there are 16 active properties listed on the market and 10 of the properties are listed as Distressed. So if you do the math, 10 of 16 equals 62%, which is high!    But there is a key point missing in this report and that is there are only 16 homes for sale in Portola Hills.   Overall in Orange County the number of distressed homes on the market equals 30%. So what does this mean.  There is no doubt Portola Hills like everywhere else is being effected by the current market.   The difference however is the low inventory. With only 16 homes on the market the demand for the area does tend to out weigh negative perception, especially i

I think the term "a successful short sale" is a bit of an oxymoran.   Why you may ask.  Because for any homeowner who has to go through the decision of short selling their home, finding success comes with letting go of some dreams.   My goal in real estate has always been to help my clients succeed with their real estate possibilities.  But I struggled with finding success in loss.  But there is success, when a client can move forward with their lives and helping them is a privelage and a responsibilty I don't take lightly. I want to thank my clients for giving me the opportunity to help them close one chapter of their life and breath as the next chapter begins.  Thank you!

This makes me mad. When speaking to clients regarding Short Sales the majority do not understand the tax consequences of a Short Sale. Alot of that confusion comes from the fact that the Federal Gov't is not currently requiring a tax, but depending on the state you live in the homeowner may still be liable for the loss as is the current rule for California homes. Below is a great article that spells out the difference between the Federal and State requirement. Lost Money On Your House, Short Salers Face Huge Tax Bill Please ensure if you are considering a short sale the tax issues and I highly recommend you speak with a Tax Accountant regarding this liability.

I am pleased to announce that after careful consideration, I will be offering a new service Mortgage Review for my clients. Throughout the past year, I have been asked by our valuable clients on what is the best move with their mortgage and have been happy to provide directions. With the current market conditions the number of short sales and foreclosures have increased and this makes me sad. I hate seeing the first response this crises, I guess we will need short sales or foreclose or the feeling of frustration when you call your lender and get no help. So in response I have decided to include as one of my services the option of Loan Modification and have aligned my self with a company who has great success in just that. Our goal is to save your home ! If you currently have negative equity, worried about your loan being reset, see trouble on the horizon and would like to KEEP YOUR HOME, then we may be able to help. As always my goal and service pledge is to understand your

Wow, can you believe it, we are almost half way through 2008. What a year in the Real Estate market, there is no denying Portola Hills has been hit just like everywhere else in Orange County , but there is good news out there. Below is a quick look at the Real Estate market in Portola Hills. Current Active Properties: 41 Current Short Sales: 12 Current REO (Foreclosures): 7 Currently In Escrow: 15 Number of homes sold YTD: 23 Condo Closed Sales: Amenities: 3 bed/3 bath/1100 sq.ft Average Sold Price: $344,000 Average Price per Sq. Ft.: $307. Attached SFR Closed Sales: Amenities: 3 bed/3 bath/1550 sq.ft. Average Sold Price: $461,721 Average Price per Sq. Ft.: $2