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WEEKEND EDITION
Real Estate
MARKETPLACE
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ORANGE COUNTY
San Juan Capistrano
Presented by Lee Ann Canaday
of RE/MAX FINE HOMES
For more information see Page 2
LAA3854452-1
NATION HEAD ED FO R ‘NO RM AL B U T
HEA LTHY’ M A RKET IN 201 6
Interest rates, affordability and millennial home buyers
will feature in housing trends this year
— DON JERGLER, Tribune Content Solutions Writer
{ Mar k e t Tr e n d s }
Rising interest rates, affordability issues in California, a “normalized” national housing market and the emergence
of millennial buying power are among the real estate trends buyers and sellers will face in 2016.
Interest rates
The average interest rate for a 30-year fixed mortgage will rise slightly
to 4.5%. That will still be considered near historically low levels, but
the Federal Reserve’s Dec. 16 announcement to raise the federal funds
rate, while it doesn’t directly dictate mortgage rates, may spur lenders
to raise their rates. Expert advice: Buy sooner rather than later.
California
California’s housing market will continue to improve into 2016, but
a shortage of homes on the market will make them increasingly less
affordable, according to the California Assn. of Realtors. It’s 2016 forecast
foresees an increase in existing home sales of 6.3% next year, while the
median home price will increase 3.2% to $491,300.
National
The 2016 housing market is on pace for moderate but solid growth, according to the National Assn. of Realtors. The association forecasts both price
acceleration and existing home sales to slow to 3%. According to N.A.R.,
which credits the slowing pace to higher mortgage rates and lower affordability, “Ee are entering a normal but healthy housing market.”
Millennials
Millennials will be largest demographic of home buyers in 2016, according
to the The National Assn. of Realtors. They already represent 30% of the
existing home market. Powered by increasing income, they will look to meet
the needs of their growing families. Commute time and a preference for
older homes have millennials looking in city centers and nearby suburbs.
CALIFORNIA: THIS SAN PEDRO HOME SOLD IN EARLY DECEMBER FOR $521,000. Photo courtesy of Gary Krill Jr., Keller Williams Realty
Daily Pilot • Advertising Supplement • Saturday, January 2, 2016
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SIMPL E & SO PHI ST ICAT ED
Furniture design takes an elegant turn in 2016
The new year brings a sophisticated palette of soft pinks,
organic materials and metallic accents.
— KATE KASBEE, Tribune Content Solutions WriterWriter
{ H o t Home Deco r }
Tufted Chaise $699
LAMPS PLUS
200 S. La Brea Ave.
323.931.1438 I lampsplus.com
Cascades Onyx Pedestal $1,008
Celine Desk $985
URBAN COLONY
1933 S. Broadway Suite 1030
213.744.0286 I urbancolony.com
DESIGN WITHIN REACH
8612 Melrose Ave.
800.944.2233 I dwr.com
Photos courtesy of Lamps Plus, Design Within Reach and Urban Colony
Daily Pilot • Advertising Supplement • Saturday, January 2, 2016
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Daily Pilot • Advertising Supplement • Saturday, January 2, 2016
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{ Mar k e t For e c a st }
2853 Sunset View Signal Hill:
This 2,710-square-foot home built
in 1990 located in the California
Crown tract of Signal Hill features
vaulted ceilings upon entry, which
leads to a step-down formal living
room that flows into the dining
room. A large kitchen has ample
counter space and a center island
and it overlooks a lush backyard.
Other features of the four-bedroom,
three-bath home include a family
room, fireplace and a three-car
garage. It’s listed for $775,000.
“I’d call it marginal growth.
There’s just not a lot of inventory, and there’s just not
a lot of new home building
to help new home inventory.
201 6 M A RKET TO SEE
SOME IMPR OVEM ENT,
RISING INTEREST RATES
Low housing inventory will continue to make
it a seller’s market for the foreseeable future
Bottom line: There’s just
Jump right in, it can’t hurt. That’s advice one may get from real estate
nothing to buy.”
agents looking for business, and come next year they may be right —
sort of. Experts expect 2016’s housing market for the U.S. and Cali-
RICK SHARGA
executive vice president of Irvine,
Calif.-based Auction.com
fornia to improve slightly, but we’ll continue to see a seller’s market
into the foreseeable future. The looming question is: What happens
when the low interest rates that the nation’s home buyers have been
blessed with for all these years begin creeping up in 2016?
Photos courtesy of Richard Daskam, Keller Williams
sales rate. A six- to seven-month supply is considered normal.
Appleton-Young blames the low supply on the long-lasting effects
of the economic downturn, which has kept homeowners from
moving up in the housing market and has had a lasting impact on
builders’ appetites.
“It really fell off the cliff when we went into the financial crisis,”
Appleton-Young said.
The association’s forecast for 2016 is for California home sales to
rise 6.3% and median home prices to rise 3.2% to $491,300.
“I think it looks O.K.,” Appleton-Young said. “I think it looks a
little bit better than 2015.”
Sharga’s projections for the U.S. are also somewhat muted.
“We’re forecasting from an existing home sales standpoint we’ll
end up somewhere between 5.3 and 5.4 million units,” he said.
That’s on par with his forecast for the U.S. through the end of 2015
for close to 5.3 million existing homes sold.
Sharga expects a slight uptick in U.S. new home sales — from between 450,000 and 500,000 new homes sold by year end to 500,000
to 550,000 units sold in 2016. “If I had to categorize it, I’d call it
marginal growth,” Sharga said. “There’s just not a lot of inventory, and
there’s just not a lot of new home building to help new home inventory. Bottom line: there’s just nothing to buy.”
Saturday, January 2, 2016 • Daily Pilot • Advertising Supplement
The threat of rising rates could spur early interest in 2016 from
buyers seeking to buy a house before rates go too high. The Federal
Reserve’s Dec. 16 announcement that they decided to raise the federal funds rate may just be the catalyst to make that happen.
While the Fed’s move doesn’t directly dictate mortgage rates, a rate
hike does often spur lenders to raise their rates, said Rick Sharga,
executive vice president of Irvine, Calif.-based Auction.com. “I think
lenders will use it as a rationale for raising rates,” Sharga said. “I’m
speculating they probably won’t go any higher that 4.5%.”
That’s why Sharga’s advice to buyers is to consider getting into
the market in the first quarter of the year. “You’re probably going to
have your best combination of home prices and interest rates in the
first quarter,” he said.
Here’s his bad news: “I believe it’s going to be a seller’s market all
year in California.”
Driving that is low inventory, particularly in California, according
to Leslie Appleton-Young, vice president and chief economist for
the California Assn. of Realtors.
The association’s latest housing report released on Dec. 16 shows just
how thin California’s housing stock is. The group’s Unsold Inventory
Index in November was 4.2 months. The index indicates the number of
months needed to sell the supply of homes on the market at the current
— DON JERGLER, Tribune Content Solutions WriterWriter
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CA PISTRA NO B EAC H
A sleepy seaside town in
the heart of Orange County
Among the many charming beach towns along the California coast,
this community really shines. Capistrano Beach is a slice of heaven
in Orange County.
Far from the reaches of Disneyland and other Orange County attractions, Capistrano Beach offers a quiet retreat on the California coast.
Situated on the southern end of Dana Point, Capistrano Beach is one
of the area’s most exclusive zip codes. With gorgeous seaside bluffs
and luxurious homes, this coastal retreat offers home buyers a highend yet low-key spot to settle down in Southern California.
As if the scenery in this seaside town weren’t enough, Capistrano
Beach offers locals the luxury of a surprisingly calm and uncrowded
waterfront — even during peak tourist months. Of course, living
near a beach virtually unknown to vacationers does come at a price.
Many homes in the neighborhood are priced well into the millions,
boasting large windows, high ceilings and stunning views of Dana
Point Harbor and the Pacific Ocean.
If a home in Capistrano Beach is a tad out of your budget, that
doesn’t mean you can’t enjoy the local amenities. Capistrano Beach
Park, the town’s public beach, is accessible to all. With 62 acres of sand
primed for volleyball and sunbathing, as well as basketball courts, fire
pits, bike rentals, restrooms and showers, it’s easy to spend an entire
day at Capistrano Beach — if you’re lucky enough to find it.
— KATE KASBEE, Tribune Content Solutions Writer
{ Nei g h b or ho o d S po t l ig h t C a p i st ra no Be a c h }
SHORELINE, photo by Neil Kremer; CAPISTRANO HOME, photo by Jeri Koegel
Daily Pilot • Advertising Supplement • Saturday, January 2, 2016
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— ERINN HUTKIN, Tribune Content Solutions Writer
{ Not a b l e H om e }
1601 East Bay Ave.
N e wp o rt Be ach
BERKSHIRE HATHAWAY HOMESERVICES CALIFORNIA PROPERTIES
5 beds / 6 baths
- - - - - -- - - - $ 14.2 m i l l i on
bhhscalifornia.com
THE SITE OF THIS VILLA AT 1601 EAST BAY IN NEWPORT BEACH
HAS A HISTORY THAT DATES BACK TO THE 1920S AND A HOME
WITH A 6,000-SQUARE-FOOT INTERIOR FLOORPLAN.
HISTO RY REVIS ED
Upscale villa occupies
storied Newport Beach site
Today, the villa at 1601 East Bay Ave. carries a price
tag of more than $14 million. It occupies a double lot
on Balboa Peninsula with both water and city views.
The interior is so sprawling and opulent, the owners
dubbed it the “Tuscan Taj Mahal.”
The property has come a long way from when an original house on the land
sold for $25,000 during World War II.
Today, a private sandy beach, rebuilt pier and a deep-water dock slip for
three large boats backs the villa.
Inside, there’s 6,000 square feet of open floor plan surrounding a natural-light-drenched courtyard. There are stone fireplaces, arched doorways, a
chef’s caliber kitchen and his-and-hers bathroom suites.
The home was built in 2006, replacing a structure that stood since the
1920s. Back then, few people lived on the peninsula, but a prominent Whittier
lemon-ranching family, the Leffingwells, bought and built along the coast.
Fast forward to WWII and Pearl Harbor. Fears of an attack — and a lack of
gas vouchers to get the Leffingwells from the beach house to their ranch —
prompted them to lease the home. One leasing family, the Allens, were offered
the house for $60,000 — a number that was haggled down to $25,000 in 1942.
The Allens’ son owned the site until 2009, when it was sold to Sue and Donald
Hecht — founder and president emeritus of online California Southern University.
“Obviously, [the house] plays to a specific lifestyle and a specific person,”
said James Cameron, manager of the Irvine Berkshire Hathaway office. “It’s
very, very high-end.”
Photos courtesy of Berkshire Hathaway Homeservices California Properties
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{ Are a Ar ch i t e ct u r e Sa n Jua n C a p i st ra no }
MISSI ON REVIVAL AN D MO R E
The styles of San Juan Capistrano
San Juan Capistrano boasts the largest concentration (and
diversity) of vintage architecture between San Diego and Santa
Barbara — design that runs a broad gamut from Spanish colonial
Founded in 1776, Mission San Juan Capistrano is an original example of the
Spanish mission style that bred so many hybrids in later years. Of particular
note is the ruined Great Stone Church — the only one of the Spanish missions
constructed with rock rather than adobe.
The city’s Los Rios Historic District safeguards 31 structures from the 18th
and 19th centuries, including a row of adobe homes along Los Rios Street that
constitutes California’s oldest continuously occupied residential street.
After the turn of the 20th century, Mission Revival was all the rage, an imitation
of the Spanish mission style that gave birth to buildings like Forster Mansion and
the Ferris-Kelly commercial complex across the street from the mission.
Keeping up with the times, local developers experimented with futuristic
Streamline Moderne in the 1930s on structures like the Esslinger medical
building and the Old Union High School.
IN SAN
JUAN CAPISTRANO RUNS THE
GAMUT FROM SPANISH COLONIAL TO
POSTMODERN.
Above and left: THE GREAT STONE
CHURCH IS THE ONLY ONE OF THE
SPANISH MISSIONS CONSTRUCTED
WITH ROCK INSTEAD OF ADOBE.
Top Photo: ARCHITECTURE
Photos courtesy of Berkshire Hathaway Homeservices California Properties
and Victorian to postmodern.
Saturday, January 2, 2016 • Daily Pilot • Advertising Supplement
— JOE YOGERST, Tribune Content Solutions Writer
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— HEATHER TURK, Tribune Content Solutions Writer
{ Thin gs t o d o Ana h e i m }
DIS COVER TH E MAG IC OF AN AHEIM
Orange County’s second largest city is always big on fun
Anaheim may be home to the Happiest Place on Earth, but there’s much more to the city than just Disneyland
Resort. Boasting some of Orange County’s most exciting attractions, locals know all too well that you don’t
need any pixie dust to create magical memories in Anaheim.
Shop
ANAHEIM GARDENWALK
400 W. Disney Way
714.635.7410 I anaheimgardenwalk.com
Featuring a distinctive collection of trendy shops, this 460,000-square-foot
outdoor dining, shopping and entertainment destination is blossoming into
one of Orange County’s most popular places to shop ’till you drop. Guests will
find familiar favorites like Harley-Davidson, Skechers and O’Neill alongside
a variety of unique boutiques like the fun women’s and men’s clothing store
Geeky Mamas, guaranteeing something for every shopper.
Part of the Anaheim Packing District, which houses more
than two dozen eateries, this revived pre-Prohibition
brewery offers eight brews on tap. Guests can enjoy the
selection inside the Tasting Room or in the 100-seat Beer
Garden looking out onto Farmers Park. Be sure to try the
signature Anaheim 1888: a copper-colored, pleasantly
hoppy lager with hints of caramel in the finish.
Drink
ANAHEIM BREWERY
336 S. Anaheim Blvd.
714.780.1888 I anaheimbrew.com
Watch
HONDA CENTER
2695 E. Katella Ave.
714.704.2500 I hondacenter.com
One of the country’s premier entertainment and sports venues, this arena
has hosted more than 3,500 events since opening in 1993. In addition to
being home to the NHL’s Anaheim Ducks, it’s welcomed some of the
biggest names in music and sports, including the Rolling Stones and
Harlem Globetrotters. Upcoming events include Janet Jackson on Jan. 16
and “WWE Monday Night Raw” on Feb. 15.
THE TASTING ROOM AT ANAHEIM BREWERY, photo by Ryan Giron; ANAHEIM GARDENWALK, photo courtesy of Anaheim GardenWalk; HONDA CENTER, photo by Robert Mora from Mora Creative Studio (moracreativestudio.com)
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