Posted on June 29, 2010 by fredtheremodeler
A recent article in the OC Register points out that nearly 1 in 4 sales in the O.C. are short sales. Not only are home owners looking for bargains, but also buy and hold investors are swooping up homes in records numbers. The article points out that,
Almost one out every every four Orange County homes sold in May went for less than was owed on the mortgage, new figures from the Southern California Multiple Listing Service show.
Of the 2,778 homes sold through the MLS, 672 or 24.2% of them were so-called “short sales.”
By comparison, homes seized by lenders through foreclosure accounted for 13% of all May sales, or one out of every eight. Altogether, “distressed sales” accounted for almost 40% of all homes sold through the MLS in May.
How has this affected the home remodeling business? We have two large investors that we work with that have requested more work on homes they have bought at great prices. Orange County Home Remodeling is alive and well, even with investors. What we do is fix their homes, primarily in Huntington Beach and Newport Beach for them to prep them for a solid flip. We also have worked with other clients that have recently bought a new home and want to have them updated. It’s important to note that going forward real estate can not move down forever, in the same way that it was impossible for it to move higher forever as it did a few years ago.
While we see positive moves in the remodeling business, based on our interactions we are happily helping owners that have purchased great homes, in great neighborhoods with great schools. These houses tend to hold value and rise faster. As the market stabilizes owners with move in ready homes will be primed to reap the immediate benefits of increased equity and homes ready to sell.
What do you see happening in the local markets where you are? Once a short sale is made are you seeing more investors or owner occupiers? I would love to have your feedback.
Fred, “The OC Remodeler”, 714.289.2600.
Filed under: Local News, remodeling | Tagged: newport beach home remodeling, orange county investors, orange county short sales | Leave a comment »
Posted on June 24, 2010 by fredtheremodeler
Our new showroom offers many exciting new features.
I want to start off by saying that I truly missed keeping all the faithful readers of this blog up to date. I made a lot of great friends and even created some of our finest remodeling projects from readers of this blog. Simply stated, as the economy took a turn, I as owner of the company had to focus my attention on two things; increasing our level of service and making sure that my company did not go under as so many of our local competitors in Southern California have gone. However I want to communicate that now I am back and want to fill you in on what is to come and what I have been up to at Signature Design Center.
Growing, Growing, and Growing Again.
What a difference a couple of years can make. The real estate market in the Orange County has seen better days and so has our business, however many indicators point to better days ahead. Ill get into that more in my next article. However, even with the challenges of the economy our design firm has continued to take market share and we have fought to keep our good name in the minds of the residents of southern California. We have grown and completely redesigned our main showroom at 329 N State College Blvd, in Anaheim. And we are currently in the process of remodeling our Batavia showroom for a really big announcement coming in the Fall of 2010.
Focus on Service Excellence.
We have changed our focus from simply kitchen and bathroom remodeling to now being an upscale remodeling firm for the masses. We like to think of ourselves as the Macys of Remodeling Firms in Orange County. While our prices are not the most expensive in Orange County, we have overwhelmingly won most of our customers from our great level of service. Our A+ Better Business Bureau Rating is a testament to that as well as the business we have attained even in a down economy. In fact we have become so consumed with service, I have consistently upgraded materials on our clients’ projects to ensure that our service is without competition in the county of Orange.
I will keep you up to date with the many new happenings of Signature Design Center and as we are starting a newsletter, we will start asking for you to sign up to stay up to date on our partnerships, upcoming events and monthly promotions.
It has been too long, but now that we have a solid direction I promise to keep you up to date.
Filed under: Fred, Local News, renovation projects | Tagged: anaheim home remodeling, newport beach home remodeling, signature design center | Leave a comment »