Monday, May 31, 2010

I'm proud to be an American - American Soldier Tribute




One of the Things I am Most Grateful for is My Freedom...and I Embrace it Everyday! Thank You to all The Men & Women who have served and are still serving, to keep our country safe and free. Happy Memorial Day!

And thank you for making me Your Orange County Real Estate Connection.

Sincerely,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI 2007 President, Orange County Association of Realtors (949) 753-7900

Friday, May 28, 2010

Caruso's OC Happenings ~ North County


NORTH COUNTY

ANAHEIM
LAST DAY THIS MONDAY! From April 16 to May 31, 2010, join Disney's California Adventure for the 5th annual Food & Wine Festival. For 46 days, Disney's California Adventure Park and select locations at the Disneyland Resort will host "The Art of Flavor," one of the most anticipated events of spring! Enjoy cooking demonstrations, seminars and recipes that reflect the Golden State's regional and culinary diversity. Many Festival favorites are returning, in addition to new events and activities including the all-new Festival Showplace!

BREA
Nothing to report

BUENA PARK
Registration for weekly summer camp begins June 28. The camps are for ages 7 to 14 and will run from 8am to 5pm Monday through Friday. For more information call 714-236-3860

CYPRESS
Nothing to report

FULLERTON
Monday May 31st, Memorial Day come and join Fullerton in their 72nd annual Memorial Day Ceremony featuring a special salute to the U.S. Marine Corps. Guest speaker will be Lt. Gen. Joseph F. Dunford, commander of the U.S. Marine Corps Forces Central Command and commanding general of the 1st Marine Expeditionary Force. Ceremony presented by the American Veterans Memorial Association starting at 10am. For more information call 714-871-2412

GARDEN GROVE
Could you be the next Miss Garden Grove? The Miss Garden Grove Scholarship Organization is currently seeking contestants for the 2010-2011 Miss Garden Grove and Outstanding Teen Pageants. There will be an Orientation Meeting June 2, 2010 at 7:00pm at the Garden Grove Community Meeting Center, B Room. For more information call 714-342-6510

LA HABRA
Nothing to report

LA PALMA
June 11 Walker Jr. High School is planning a tea to celebrate parent volunteers. The tea takes place from 3:00-4:00 pm. Volunteers are invited to RSVP by June 4 to Janice Goldsberry at 714-220-4051 or email golds-berry_j@auhsd.us

PLACENTIA
Nothing to report

STANTON
Nothing to report

WESTMINSTER
Registration for cheerleading and basketball camps has begun. The camp runs from June 28-July 2 at Liberty Park. For more information call 714-895-2860

YORBA LINDA
Tomorrow Saturday May 29th, teens in grades 7th-12th are invited to join your friends in some friendly competition playing Super Smash Bros Brawl. Prizes will be awarded. They will start checking in participants at 10:00 a.m. Sign-ups are recommended. For more information or to sign up please visit the Reference Desk or call 714-777-2873 ext. 6.

And thank you for making me Your Orange County Real Estate Connection.


Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900



For more information visit orangecountyregister.com

Caruso's OC Happenings ~ Central County


CENTRAL COUNTY

COSTA MESA
Bonjour! June 3-24 on Thursdays from 7-9pm come to the Costa Mesa Library to learn French in a fast-paced-introduction way. The fee is $59. For more information visit http://www.octickets.com/ or call 714-432-5072

FOUNTAIN VALLEY
Nothing to report

HUNTINGTON BEACH
Swim lesson signups will be held at Golden West College from 8am-11am on June 12 and 19 on the pool deck. For more information visit http://www.gwcswim.com/ or call 714-895-8228

IRVINE
Monday May 31st, Memorial Day from 10-11:30am join the city of Irvine is holding a special Memorial Day ceremony at Colonel Bill Barber Marine Corps Memorial Park, to commemorate the men and women who have given their lives in defense of our nation and the ideals we cherish. Join us in memorializing their noble sacrifice by honoring a family member or friend who has died in the line of duty by writing a brief remembrance to be posted on a memory board at the event. Cards will also be available for well-wishers to send a message of appreciation and support to members of Irvine's adopted Marine Battalion, the 2/11. For more information call 949-724-6606.

LOS ALAMITOS
Summer 2010 Guide will be available starting today. You can pick up your copy at the Community Center or you can also view it at http://www.ci.los-alamitos.ca.us/

NEWPORT BEACH
Starting Saturday May 29th Newport Dunes is hosting a FREE concert series, with styles ranging from New Wave and Soul to Classic R&B to Tropic Rock. The series will kick off Saturday with Barry Rillera Group. All shows run from 6 to 8 p.m. Parking is $10.00.

ORANGE
Nothing to report

SANTA ANA
There will be a FREE Soccer expo this Saturday and Sunday at Centennial Regional Park. The expo will feature clinics and tournaments, resource booths and entertainment. Its runs from 9am-10pm. For more information you can visit http://www.supersoccerexpo.com/

SEAL BEACH
Nothing to report

TUSTIN
Nothing to report

VILLA PARK
Sunday May 30 the Villa Park Family Picnic will be held from 11:30am-4:30pm at Irvine Lake. There will be a cupcake decorating contest. For more information please visit www.villa-park.org/familypicnic.html

And thank you for making me Your Orange County Real Estate Connection.



Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

For more information visit ocregister.com

Caruso's OC Happenings ~ South County


South County

ALISO VIEJO
Nothing to report

DANA POINT
Saturday-Sunday May 29-30th from 9am-5:00pm at the Dana Point Harbor located between Harpoon Henry's and the Jolly Roger there will be an Art Show and Sale exhibit out along the walkways adjacent to the boats. Stop by on Sunday and see the beautiful art work of Karen Joy Jackson a local OC artist whose photographs has won numerous awards.

LADERA RANCH
Nothing to report

LAGUNA BEACH
Sunday at Main Beach come for a FREE exhibition of original Arts and Crafts by local Laguna Beach artists. Variety of mediums displayed including ceramics, glass art, jewelry, paintings and much more.


LAGUNA HILLS
Noting to report

LAGUNA NIGUEL
OPEN HOUSE SATURDAY FROM 11-4 AT 22 OLD RANCH ROAD; Receive a $100,000 spending spree when you buy this home EXCLUSIVELY with Michael Caruso; can be used for a new car, a luxurious vacation, a boat, jewelry, or even college tuition! See how home buying can be fun again?! Call Michael NOW @ 949-753-7900!

LAKE FOREST
Nothing to report

MISSION VIEJO
Nothing to report

RANCHO SANTA MARGARITA
Lotus 7 is offering classes for children this summer which combined play and yoga. The classes coast $5 and will be offered every Tuesdays and Fridays from 3:30-4:30. For more information visit http://www.lotus7yoga.com/

SAN CLEMENTE
Monday May 31st, Memorial Day from 10:30am-12:00 join the City of San Clemente to remember our fallen soldiers of war. All public and local organizations are invited to participate in the wreath and floral presentation. The event is free and open to the public. The observance will be highlighted with patriotic songs by San Onofre Elementary School Children, Color Guards from Sons American Revolution in full uniform dress, and the San Clemente High School Orchestra. We are also pleased to feature bag pipers, taps buglers and singer Bill O'Neill who will lead us in traditional American Anthem and community sing along. For more information, call (949)361-8264.

SAN JUAN CAPISTRANO
DON'T MISS OUT! From May 7th-July 2nd, 2010 our own local OC artist Karen Joy Jackson will have her work featured at The San Juan Capistrano Library. Displayed will be 8 matted and framed photographs of Paris and Provence in France. There is also an Architectural Walking Tour each Saturday morning.

And thank you for making me Your Orange County Real Estate Connection.


Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900


As seen in www.ocregister.com

Wednesday, May 26, 2010

So you signed up for Twitter...Now What??


So you just signed up for Twitter. But now what do you do? Heres some tips on how to find people to connect with and tweet with.

There are several tools out there for searching Twitter, including Twitter's homepage itself, but I seem to have had the best success with four simple tools:

1- Twitter Local: this Adobe Air application runs tweets in real time based on the criteria you supply. You can follow area codes and when someone new shows up in the stream you follow them and say hello.

2- Local hashtag: Every area has at least one hashtag in population. For example #lagunaniguel. But if it doesn't then be a self starter and get one going! Follow everyone who tweets with that hashtag.

3- Tweetdeck search: A Twitter application is essential to your sanity if you are going to follow more than 100 people (which you should). There are many out there, but I am a Tweetdeck fan. The ability to have columns open for specific search terms, like your town name, is revolutionary to your Twitter experience.

4- Twitter Lists: You dont have to make your own, just follow several other people's lists. Other people in my area have taken it upon themselves to create lists populated with local businesses and people. I follow these lists and add them as columns in Tweetdeck.

Ok so now your following locals, then what?

Now you are following all these new people in your local area...that is great, but what is next?


Well, you will hear this all over the place, but next is ENGAGEMENT.

Engagement is NOT stuffing the fact that you are a real estate agent down each person's throat and it is NOT send an auto DM (or any DM for that matter) to people that you haven't even said hello to.

Engagement is sending them a tweet to say, "Hi, I started following you today and notice we live in the same town" or something equally friendly.

Talk as yourself, not as a real estate agent at least 80% of the time. Be yourself and use your real voice. The 20% of time spent on business tweets should be doled out carefully.

It is important to remember that clients and customers are screening you and to keep that front of mind when you are posting on twitter (or anywhere else for that matter). Everyone has a different idea of what their social media "voice" should be. For me, I try to be consistent in my personality online and offline.

Good luck and happy tweeting!

And thank you for making me Your Orange County Real Estate Connection.


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Sunday, May 23, 2010

save the whales

Mark your calendar -- Sunday, June 6, 2010 @ 9:00 am
If you are in Orange County consider coming to the gathering at Baby Beach in Dana Point Harbor, to honor the Baby whale Lily and to thank those who attempted to help her. Lily the whale was entangled in fishing nets, ropes and other ocean debris injured her and kept her from migrating north with her Gray Whale family. She was undernourished and weak .

This gathering will bring awareness to 'Gray Whale Migration" and remind people to keep our beaches clean and "Clean the Ocean" of nets and other trash that injure sea mammals.

Click here for more information:
http://www.meetup.com/Clean-the-Oceans-For-Lily-the-Whale-Group/calendar/13528595/?value=Gathering+for+Lily+at+Baby+Beach%2C+Dana+Point+Harbor%2C++Sunday+a.m.%2C+June+6

Location

Dana Point Harbor Dr

Dana point, CA 92629

Have a great Sunday!

Best Regards,

Michael Caruso, Broker ABR ABRM CRB CRS GRI GREEN

2007 President, Orange County Association of Realtors

www.michaelcarusorealestate.com

949-753-7900

Saturday, May 22, 2010

Caruso's Quote of the Day!


When one door closes another door opens; but we so often look so long and so regretfully upon the closed door, that we do not see the ones which open for us.

And thank you for making me Your Orange County Real Estate Connection.


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Friday, May 21, 2010

Caruso's OC Happenings ~ North County


NORTH COUNTY

ANAHEIM

From April 16 to May 31, 2010, join Disney's California Adventure for the 5th annual Food & Wine Festival. For 46 days, Disney's California Adventure Park and select locations at the Disneyland Resort will host "The Art of Flavor," one of the most anticipated events of spring! Enjoy cooking demonstrations, seminars and recipes that reflect the Golden State's regional and culinary diversity. Many Festival favorites are returning, in addition to new events and activities including the all-new Festival Showplace!

BREA
Nothing to report

BUENA PARK
Registration for weekly summer camp begins June 28. The camps are for ages 7 to 14 and will run from 8am to 5pm Monday through Friday. For more information call 714-236-3860

CYPRESS
This Sunday at 4:00 the Cypress Masterworks Chorale will be presenting the Manzoni Requiem at the Cypress College Campus Theater. For more information call 714-484-7140

FULLERTON

Nothing to report

GARDEN GROVE

Nothing to report

LA HABRA

Nothing to report

LA PALMA

Tomorrow May 22nd from 9am-3pm there will be a car show and barbecue at Central Park, 7821 Walker St. There will be food, live music, face painting, a 50/50 drawing and other activities in addition to classic cars. Admission is FREE. For more information call 714-228-1214

PLACENTIA

First ever downtown farmers market will take place tomorrow May 22 at Santa Fe and Bradford from 9am-1. Placentia plans on having the market every Saturday in the same location year round.

STANTON

Nothing to report

WESTMINSTER

Registration for cheerleading and basketball camps has begun. The camp runs from June 28-July 2 at Liberty Park. For more information call 714-895-2860

YORBA LINDA

Calling all lobster lovers! Tomorrow May 22, 2010 the Yorba Linda Rotary Club will cook and serve lobster for the 23rd annual Lobsterfest! For more information visit www.ylrotary.org

And thank you for making me Your Orange County Real Estate Connection.


Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900



For more information visit orangecountyregister.com

Caruso's OC Happenings ~ Central County


CENTRAL COUNTY

COSTA MESA

Nothing to report

FOUNTAIN VALLEY

Nothing to report

HUNTINGTON BEACH
Tomorrow May 22 HP is holding its annual fundraiser at 6pm in Machinists Hall. The event includes dinner, entertainment, silent auction and prizes. Cost is $30. For more information call 714-840-4015

IRVINE
Nothing to report

LOS ALAMITOS

Summer 2010 Guide will be available starting today. You can pick up your copy at the Community Center or you can also view it at http://www.ci.los-alamitos.ca.us/
NEWPORT BEACH

Nothing to report

ORANGE

Nothing to report

SANTA ANA

Tonight at The Yost Theater will be a celebration of the life and legacy of Harvey Milk, the first openly gay man elected to public office in a major US city. The celebration begins at 7:30.

SEAL BEACH

PARTY!! May 22 at the Seal Beach Yacht Club there will be an event to celebrate the 10th anniversary of Save Our Beach. The event will include dinner and entertainment. The cost is $35 a person and the event will sell out once 150 tickets are sold. To RSVP email kim@saveourbeach.org

TUSTIN

Nothing to report

VILLA PARK

Sunday May 30 the Villa Park Family Picnic will be held from 11:30am-4:30pm at Irvine Lake. There will be a cupcake decorating contest. For more information please visit www.villa-park.org/familypicnic.html

And thank you for making me Your Orange County Real Estate Connection.


Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900


For more information visit ocregister.com

Caruso's OC Happenings ~ South County


South County

ALISO VIEJO

Calling all Jr. Football Players and Cheerleaders! This Saturday from 1:30-4:30 sign ups for the Patriots Jr. All American Football and Cheerleading organization will be help at the Aliso Viejo Library. For more information visit http://www.sopatriots.org/ or call Lauren at 949-310-4960

DANA POINT

Saturday-Sunday May 29-30th from 9am-5:00pm at the Dana Point Harbor located between Harpoon Henry's and the Jolly Roger there will be an Art Show and Sale exhibit out along the walkways adjacent to the boats. Stop by on Sunday and see the beautiful art work of Karen Joy Jackson a local OC artist whose photographs has won numerous awards.

LADERA RANCH

Nothing to report

LAGUNA BEACH

The Artists Home Tour planned for Saturday has been CANCELLED. There will not be another tour until the fall. For information you can visit http://www.lagunabeacharttours.weebly.com/

LAGUNA HILLS
Noting to report

LAGUNA NIGUEL
HOUSE 4 SALE! 22 OLD RANCH ROAD; Receive a $100,000 spending spree when you buy this home EXCLUSIVELY with Michael Caruso; can be used for a new car, a luxurious vacation, a boat, jewelry, or even college tuition! See how home buying can be fun again?! Call Michael NOW @ 949-753-7900!

LAKE FOREST
This Sunday from 5-8pm at Pittsford Park, El Toro High music and color guard students will perform a FREE concert. Dinner will be available for purchase, with all proceeds benefiting El Toro's music program.

MISSION VIEJO
Starting today at 8pm eastbound Oso Parkway from Cabot Road to I-5 will be shut down. Lanes are expected to re-open 5am on Sunday.

RANCHO SANTA MARGARITA

Nothing to report

SAN CLEMENTE

This Saturday from 12-3pm at the San Clemente Community Center will host an emergency expo. There will be display tables, demos, and prize drawings. Call Jen Tucker at 949-361-6109 for more information.

SAN JUAN CAPISTRANO

From May 7th-July 2nd, 2010 our own local OC artist Karen Joy Jackson will have her work featured at The San Juan Capistrano Library. Displayed will be 8 matted and framed photographs of Paris and Provence in France. There is also an Architectural Walking Tour each Saturday morning.

And thank you for making me Your Orange County Real Estate Connection.


Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900


As seen in www.ocregister.com

Thursday, May 20, 2010

Caruso's Closed Sales Report!


Is the market is improving or at least stabilizing! Here are the facts...you make the decision!

The Laguna Niguel closed sales report for the month of

April 2010 79 listings closed escrow

Compared To:

April 2009 56 listings closed escrow

April 2008 57 listings closed escrow

Does a sales report tell the whole story about market environment, consumer sentiment and the value of your home? Is it time to sell? Is it time to add a property to your investment portfolio?

Call our office if you have any questions or want more information on a particular neighborhood. Learn What it's Like to Work With Someone Focused on Your Success....not Theirs. 3 decades of experience, education and proven production. Call Michael at 949-753-7900 or 949-495-8600 or email Michael@MichaelCarusoRealEstate.com!

And thank you for making me Your Orange County Real Estate Connection


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Wednesday, May 19, 2010

Real Estate & Kids


Summer is typically the time families make the ‘big’ move. Whether across town, across state, or across the country; it can be a stressful time for all. Here are a few helpful tips I have come across over time.

Get a Head Start.


Before the family comes to town for a house hunting trip, provide them resources on activities and schools to start narrowing down potential neighborhoods.
And, don’t forget the kids. Help them get excited too. Ask their parents what the kids like to do and send a list of entertainment centers and parks that might be relevant. Send local treats or an age appropriate book on the area as well… these small, inexpensive gestures will make a world of difference to the kids who may feel overlooked during these hectic times.

Expect Kids.


House hunting trips in the summer can often mean kids in tow. Confirm beforehand whether they will be along for the ride and if so, involve them in the hunt!
Chances are they are a little nervous about the move and may not have been house hunting before. Some tips to make house hunting with kids a fun experience for all!

1. A Planned Day is a (relatively) Peaceful Day.

Map out the route, the time in the car, and the number of houses you plan to see that day and ask the parents to review the schedule. They know their kids the best. If they know the kids need a snack around 10 a.m. you can schedule accordingly. Remember, GPS is your friend. Have it handy so you can quickly find convenience stores and potential potty stops.

2. Keep Kids in the Know.

Let them know how many houses will be seen and what to expect from the day. It can be frustrating being a kid and not knowing what’s ahead. Give them a tick sheet so they can see what’s coming up. Older kids can rate the houses as they visit them.

3. Entertain & Excite.

Keep kids busy and excited about the move. Have the kids draw or color pictures of the house after they look at it. Keep some paper and some colored pencils and crayons available. And be prepared. Accidents can happen.

4. Take a Break.

Not only for the kids, but it’s awfully helpful for the parents too. Looking at several houses in a row can get overwhelming. Stop at a park or a family friendly snack shop. Let the kids’ burn off some energy and regroup with the parents. What are their feelings so far? Have they refined their wish list based on what they’ve seen? How are the kids holding up? Reassess the remaining schedule and see if a few houses can be crossed off the list; or, if there’s time for just one or two more visits, prioritize and plan for tomorrow.

Leverage Resources.


Once the house has been found, the offer has been accepted, and it’s a done deal, this is when the real work starts for most families. They need to notify friends, determine job transitions, arrange for school enrollment, familiarize themselves with the new neighborhood, etc.
This is another point in their relocation where you as their REALTOR can provide additional value.

Refer your clients to resources that can help them save time and money. The Move Advocate, for example, is a free program that reduces the time, expense and uncertainty when planning and executing a long distance move of household goods.

The Move Advocate does the homework for your clients to find the best, most reputable van lines to meet their needs; arranges multiple estimates; and ensures the process goes smoothly.
In addition, because of the volume of moves managed by the Move Advocate, they have the clout to ensure aggressive pricing and attentive customer service from the van lines.

Last but definitely not least, don’t forget the kids. Help them accept their new home and the adventure that awaits them. Give them a closing gift of their own to keep them excited about the move. A toy truck and miniature furniture is a unique idea, or even an activity book about the move is sure to be appreciated.

With a little advanced planning, a family relocation can be a fun adventure for the parents, kids, and their realtor.

And thank you for making me Your Orange County Real Estate Connection


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Tuesday, May 18, 2010

Facebook Thoughts With Caruso!


Is a facebook page really worth all the effort you put into it? These days all the social media experts are telling you you have to have a Facebook page for your business. To most it sounds like a good idea. But then theres a catch. They tell you to invest time and resources into customizing said Facebook page. They tell you to brand it with your colors and add listing data. They even tell you to direct your non-Facebook Web traffic to your Facebook page via some badge on your Web site, or mention it in your marketing material.

Sure, most of this advice will produce some success, but some are not convinced it's worth the return on investment.

Branding and Customization of a Facebook Page:

There's two big reasons why some don't see this as a priority. One, very few people will ever think to visit your page. They will see the content you post in their own news stream, and they can comment or like it right from that stream. They don't need to go to your page and probably don't want to as they didn't log in to Facebook with you in mind.

Even if they do end up on your page, people who are surfing Facebook are expecting a Facebook user experience. A non-customized page looks like the rest of Facebook. That's often a superior user experience to customizing Facebook to sort of look like your brand. The quality of a Facebook page is in its content, not the fancy colors. Nobody cares about your custom Facebook page.

Also some think the idea of publishing your listings on a Facebook page is overrated. If you get someone on Facebook who really does want to look at homes, your first goal should be to get them off of Facebook and onto a platform where you make the rules and can properly ask for the sale. This is most usually an independent Web site.

Finally, the part that seems to get the most negative opinions is: promoting your Facebook page through other mediums. This might work for Coke, or Toyota, or even the National Association of REALTORS, but you are selling real estate. Your sales cycle is far too great to be directing traffic off of your real Web site and onto Facebook. You make the rules on your site. You can ask for the sale there. You have the most control over moderating user content and delivering a proper real estate search. Why on Earth would you want to throw that away be sending this traffic off to Facebook?

People feel that if you want a successful Facebook strategy for real estate and not have to waste a lot of time to just deliver lots of interesting content to the wall of your Facebook page and encourage those reading that content to visit your Web site.

But my question to you is do you agree or disagree??

And thank you for making me Your Orange County Real Estate Connection


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Saturday, May 15, 2010

Appraisals with Caruso!


The Home Valuation Code of Conduct (HVCC) was supposed to result in better, more honest appraisals. But a year after it was put in place there is still a question of whether home buyers are getting their money's worth.Real estate professionals, home builders, mortgage brokers and even some appraisers themselves complain that lenders are using appraisers who lack experience, sometimes travel great distances to divine values in unfamiliar jurisdictions or base their determinations on sales that are not similar to the property they are appraising.


The code effectively blocks anyone who has a financial stake in a transaction from pressuring the appraiser to "hit the number" necessary for the lender to approve the loan.However, the antagonists say their issues aren't with the HVCC itself but how the lending community has implemented it.Instead of erecting their own firewalls between real estate agents and loan brokers on one side and appraisers and underwriters on the other, most lenders have turned the appraisal-ordering task over to third-party appraisal management companies. And, not surprisingly, they say the complaints are way overblown.


The Title Appraisal Vendor Management Assn., says that on average its member appraisers travel only short distances and have 15 years of experience. And maintain that they use only licensed and certified appraisers who, under industry standards, must refuse assignments in unfamiliar markets.On first blush, buyers and sellers may not think they have a role in this fight. But they do. Buyers need to know they are not overpaying for a property, and sellers, at least in the current down market, sometimes have to come to grips with the possibility that the old homestead isn't worth as much as they think it is. So if an appraisal isn't accurate, both sides suffer.To some extent, agents, brokers and builders have to get real, too.


The HVCC is now firmly embedded in the mortgage-approval system, and the market is what it is.At the same time, though, their complaints have some validity, which raises the question of what to do if you have some reason to doubt the value an appraiser ascribes to your house.For starters, if you or your agent believes the appraiser has violated the standards of his or her profession or is downright incompetent, by all means, report him - to his company, to your state licensing agency and even to the police or FBI if you think he may be involved in some type of fraud. Each has a procedure for filing complaints.If you think the valuation has come in way too low, you need to appeal, but with as much finesse as possible. Realize that if the lender orders the appraiser to take a second look, it's like telling him he was wrong the first time.Of course, you can always ask for a second opinion from another appraiser. But you'll have to pay for that one, too. Moreover, to stand any chance of winning your point, the second valuation must be more than 5% higher than the first. Anything less is considered an acceptable difference.


Besides, even if the second appraisal is far above the first, it's the lender, not you, who gets to pick the appraisal on which the loan is based. Although it may seem as though the cards are stacked against the customer, you can even the playing field by suggesting the appraiser assigned by the lender erred and requesting that he be asked to take a second look. And you can do some of the homework on your own searching out "comparables" that the appraiser may have missed the first time around. Cast the net widely by finding newly built homes and those marketed by agents who are not Multiple Listing Service members.


Look at the comps cited by the appraiser. Although the appraiser is required to go inside the property, he does not have to do that with the comps upon which he bases his valuation. More often than not his knowledge of them is based entirely on their description in the MLS or the public land records.If a comp or two was sold at foreclosure, you have to make sure that the previous owners didn't gut them. Properties that have been mistreated not only sell for less, but they are also hardly similar to well maintained houses.


However, the appraiser won't know that unless he gets inside.The trick here is to find as many differences as possible in your favor, differences the appraiser may not have known about or failed to consider.

And thank you for making me Your Orange County Real Estate Connection


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Friday, May 14, 2010

Caruso's OC Happenings ~ North County


NORTH COUNTY

ANAHEIM
From April 16 to May 31, 2010, join Disney's California Adventure for the 5th annual Food & Wine Festival. For 46 days, Disney's California Adventure Park and select locations at the Disneyland Resort will host "The Art of Flavor," one of the most anticipated events of spring! Enjoy cooking demonstrations, seminars and recipes that reflect the Golden State's regional and culinary diversity. Many Festival favorites are returning, in addition to new events and activities including the all-new Festival Showplace!

BREA
Nothing to report

BUENA PARK
Registration for weekly summer camp begins June 28. The camps are for ages 7 to 14 and will run from 8am to 5pm Monday through Friday. For more information call 714-236-3860

CYPRESS
Nothing to report

FULLERTON
Nothing to report

GARDEN GROVE
Family Movie Night! Tonight at The First Presbyterian Church starting at 7 the church will be showing The Princess and the Frog for free. For more information please call 714-534-2269 or visit http://www.fpcgg.org/

LA HABRA
Nothing to report

LA PALMA
May 22nd from 9am-3pm there will be a car show and barbecue at Central Park, 7821 Walker St. There will be food, live music, face painting, a 50/50 drawing and other activities in addition to classic cars. Admission is FREE. For more information call 714-228-1214

PLACENTIA
First ever downtown farmers market will take place May 22 at Santa Fe and Bradford from 9am-1. Placentia plans on having the market every Saturday in the same location year round.

STANTON
Nothing to report

WESTMINSTER
There will be a Skateboarding Contest this Saturday May 15 from 11:30am-4:30pm at Liberty Park. Prizes will be awarded to the first, second and third places in each division. For more information call 714-895-2860 or visit http://www.westmin4sq.org/

YORBA LINDA
Calling all lobster lovers! May 22, 2010 the Yorba Linda Rotary Club will cook and serve lobster for the 23rd annual Lobsterfest! For more information visit http://www.ylrotary.org/

And thank you for making me Your Orange County Real Estate Connection.


Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900


For more information visit orangecountyregister.com

Caruso's OC Happenings ~ Central County


CENTRAL COUNTY

COSTA MESA
Nothing to report

FOUNTAIN VALLEY
Nothing to report

HUNTINGTON BEACH
Monday May 17 from 10am-5pm a fundraiser supporting Edison High grad night will be held at Ooh la la Salon and Spa. All haircuts will be $25 and all proceeds from the event will be put towards grad night. You must make an appointment by SATURDAY. For more information call 714-968-8669 or visit http://www.oohlalasalonspa.com/

IRVINE
Movie on the Lawn kicks off this Saturday May 15 at the Great Park. Come for a free showing of 2009's Star Trek starting at 8pm.

LOS ALAMITOS
Nothing to report

NEWPORT BEACH
Sunday, May 16th, 2010 from 9am to 5pm is The Balboa Island Artwalk! The premier showcase is for talented local artists and marks the start of the Island's summer season. The Artwalk will take place along the South Bayfront Promenade of Balboa Island. Admission is FREE. This fine art show features artists exhibiting paintings, fine jewelry, blown glass, sculpture, and photography. Spectators will enjoy live music throughout the day. Limited-edition Artwalk posters and t-shirts will be available for purchase at Sapphire & South Bayfront. For questions regarding Artwalk, please contact Mary Beth at 949.548.1758 or mbsaucerman@roadrunner.com

ORANGE
Tuesday May 18 at 10:30 am will be the next monthly meeting of the Orange Republican Women. Cost is $24 and you must make reservations to attend. For more information please call 714-731-2460

SANTA ANA
Nothing to report

SEAL BEACH
PARTY!! May 22 at the Seal Beach Yacht Club there will be an event to celebrate the 10th anniversary of Save Our Beach. The event will include dinner and entertainment. The cost is $35 a person and the event will sell out once 150 tickets are sold. To RSVP email kim@saveourbeach.org

TUSTIN
Nothing to report

VILLA PARK
Sunday May 30 the Villa Park Family Picnic will be held from 11:30am-4:30pm at Irvine Lake. There will be a cupcake decorating contest. For more information please visit www.villa-park.org/familypicnic.html

And thank you for making me Your Orange County Real Estate Connection.


Best regards.


Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI

2007 President, Orange County Association of Realtors (949) 753-7900


For more information visit ocregister.com

Caruso's OC Happenings ~ South County


South County

ALISO VIEJO
May 22 from 6-11pm come to the Conference Center for a Casino Night hosted by AV Little League with Blackjack and Craps. Tickets on sale now! For more information visit http://www.avll.org/

DANA POINT
Saturday-Sunday May 29-30th from 9am-5:00pm at the Dana Point Harbor located between Harpoon Henry's and the Jolly Roger there will be an Art Show and Sale exhibit out along the walkways adjacent to the boats. Stop by on Sunday and see the beautiful art work of Karen Joy Jackson a local OC artist whose photographs has won numerous awards.

LADERA RANCH
Nothing to report

LAGUNA BEACH
The 15th annual Taste for Charity is coming up May 20th. Buy your tickets now for the event which features local restaurants offering samples of their menus. Tickets are $30 and are available at 939 Glenneyre St.

LAGUNA HILLS
Nothing to report

LAGUNA NIGUEL
Nothing to report

LAKE FOREST
Nothing to report

MISSION VIEJO
May 20th Capistrano Valley High School is offering a college-planning seminar to discuss how to get into college and finish. A free SAT study program, valued at $399 will be given away. For more information call 949-485-2632

RANCHO SANTA MARGARITA
Nothing to report

SAN CLEMENTE
Saturday May 15th The San Clemente City Junior Lifeguard Program will be hosting their annual tryouts from 7:30am-10:30am at Ole Hanson Pool (105 W. Ave Pico). The tryouts include 100 yards (4 laps) in two minutes or less. This is a great opportunity for young people, ages 10 to 17. Applicants should be in good health and physical condition. For more information call 949-361-8261.

SAN JUAN CAPISTRANO
From May 7th-July 2nd, 2010 our own local OC artist Karen Joy Jackson will have her work featured at The San Juan Capistrano Library. Displayed will be 8 matted and framed photographs of Paris and Provence in France. There is also an Architectural Walking Tour each Saturday morning.

And thank you for making me Your Orange County Real Estate Connection.


Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI

2007 President, Orange County Association of Realtors (949) 753-7900


As seen in www.ocregister.com

Thursday, May 13, 2010

Caruso's Home Loan Update!


The impact of the widely publicized mortgage meltdown appears to have caused little change in borrower behavior during the past two years, according to a new Zillow Mortgage Marketplace survey of 2,729 adults conducted on its behalf in April by Harris Interactive. Borrowers report they are spending no more time researching a home loan today than they did in 2008 and those who obtained a loan in the past five years are soliciting fewer quotes -- an average of three quotes versus four in 2008.

A home purchase is one of the largest investments most people will make in a lifetime, yet borrowers who obtained a home loan in the past five years typically spent just five hours researching their options, which is unchanged from March 2008. Nearly one-third (31 percent) spent two hours or less. This is on par with the typical time spent researching a vacation or computer purchase, and half the time consumers typically allocate to research a car purchase yet these items cost just a small fraction of the average cost of a home. For example, the average home loan costs five times more than the average car and 80 times more than the average vacation as outlined in the table below.

Not understanding a home loan can have catastrophic consequences. Starting from their very first survey two years ago, it is surprising that people spend more time shopping for cars and televisions than they do researching mortgages. It is even more surprising that they spend no more time shopping for mortgages now than they did two years ago, even in the midst of an unprecedented foreclosure crisis. People spend countless hours shopping for the perfect home, yet few realize that small differences in the interest rate or discount points can add tens of thousands of dollars to the overall cost of the home.


In an area like mortgages, where the lender has so much more information that the typical borrower, getting multiple offers from lenders and being able to compare them relative to one another is critical to leveling the playing field.

In fact, borrowers who shop around and get a number of mortgage quotes can save thousands over the life of the loan -- even half of a percentage point in loan rate can save the buyer of a $300,000 home more than $26,000. On a $500,000 home, the savings can be more than $44,000(ix). Even over a shorter period of time, the savings from a half of a percentage point can be substantial: in five years, the buyer of a $300,000 home can save nearly $4,500 and the owner of the $500,000 home could save closer to $7,500.

And thank you for making me Your Orange County Real Estate Connection.


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Wednesday, May 12, 2010

Caruso's Quote of the Day!


"Our lives are not determined by what happens to us but by how we react to what happens, not by what life brings to us, but by the attitude we bring to life. A positive attitude causes a chain reaction of positive thoughts, events, and outcomes. It is a catalyst, a spark that creates extraordinary results."


And thank you for making me Your Orange County Real Estate Connection



Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Tuesday, May 11, 2010

R.E.S.P.A.


Recently, The Work Number(R) conducted a survey of its mortgage and banking customers on the impact of the new Real Estate Settlement Procedures Act (RESPA) regulations on their loan origination volume and process. The Work Number surveyed 3,000 of its customers to determine how lenders, brokers and borrowers are reacting to the new changes that took effect January 1.

The new RESPA regulations require lenders and brokers to provide customers with a standard Good Faith Estimate (GFE) that clearly discloses all loan terms and closing costs. Closing agents are then required to provide borrowers with the new HUD-1 Settlement Statement that clearly compares consumers' final costs with the originally quoted costs. The final price for several services, including the credit report, must be within 10 percent of the quoted price or lenders may face penalties beginning May 1.

Based on the information collected from 105 completed surveys, 56 percent of respondents have adapted to the new RESPA changes and have completely implemented the technology necessary to comply with the regulations. However, while the technology is in place to comply, the impact of these changes has caused some borrower confusion and increased application time. Approximately 72 percent of respondents stated that they are seeing borrowers confused about the multiple sets of documents they receive for disclosure and 79 percent say it now takes longer to take an application and disclose to the borrower.

RESPA regulations are having a negative impact on some organizations. According to a large financial services provider participating in the survey, "We are experiencing some negative impacts of RESPA. The first is absorbing the cost when we are unable to recoup additional fees from incorrect GFE fee quotes. Any disclosure change mandates a waiting period of three-business days before closing. Re-disclosure not only impacts the lender but more so the borrowers on purchases. Usually disclosure errors are found at or just before closing, thus postponing the borrower from taking possession of their new home."

As to any impact on lenders' volume of applications, 74 percent of respondents are not seeing any backlog of applications to be processed as a result of the new RESPA regulations. Many lenders are taking fewer applications, but that is due to economic factors (interest rate and unemployment) rather than any RESPA impact. A survey participant said, "RESPA is forcing us to implement new compliance policies, while a down turn in volume (outside of RESPA), allows us to manage the changes without impacting application volume. Currently, our main concern is the impact on profitability due to incorrect fee quotes and re-disclosure impact on the borrower."

The Work Number also asked questions about any downstream effects of RESPA on verification of the borrower's application information in underwriting. Lenders stated that the volume of requests for borrower verification of employment and income (4506-T, VOI, VOE) has not changed for 57 percent of respondents, but 37 percent are seeing more requests for verified borrower information. The timing of these requests has not changed for 66 percent of respondents, but 23 percent are performing employment and income verification sooner in the loan process to rapidly mitigate any risk posed by RESPA allowing for only a credit report at application. Approximately 66 percent of respondents are requesting the 4506-T, VOI and VOE just prior to underwriting.

"In the current environment of ever-changing regulatory requirements, it is crucial that lenders have a reliable third party source to provide verified information when implementing technology solutions to meet the government requirements," said Janet Ford, senior vice president of The Work Number. "It is our mission to work with our customers to ensure our solutions meet their internal requirements, enable them to remain in compliance with new guidelines and regulations and help them manage risk."

And thank you for making me Your Orange County Real Estate Connection.


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Saturday, May 8, 2010

Caruso's Mothers Day Cartoon!

I hope Everybody has a Happy and Wonderful Mothers Day Weekend!
Now go out and spoil your mom!

And thank you for making me Your Orange County Real Estate Connection

www.MichaelCarusoRealEstate.com

Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900


Friday, May 7, 2010

Caruso's OC Happenings ~ North County


NORTH COUNTY

ANAHEIM
From April 16 to May 31, 2010, join Disney's California Adventure for the 5th annual Food & Wine Festival. For 46 days, Disney's California Adventure Park and select locations at the Disneyland Resort will host "The Art of Flavor," one of the most anticipated events of spring! Enjoy cooking demonstrations, seminars and recipes that reflect the Golden State's regional and culinary diversity. Many Festival favorites are returning, in addition to new events and activities including the all-new Festival Showplace!

BREA
Nothing to report

BUENA PARK
Registration for weekly summer camp begins June 28. The camps are for ages 7 to 14 and will run from 8am to 5pm Monday through Friday. For more information call 714-236-3860

CYPRESS
Nothing to report

FULLERTON
May 7-8 CSU Fullerton Sigma Kappa Sorority will be hosting a charity golf game. The event will be held at Riverview Gold Course. To register for the event email skfoundations@hotmail.com

GARDEN GROVE
Nothing to report

LA HABRA
Pre-Mothers Day Event! This Saturday May 8 from 11am-1 pm the Children's Museum is hosting a Mothers Day event called The Queen Bee Tea. The event includes a tea menu, keepsake craft, a surprise guest and admission into the Children's Museum. For more information and reservations call 562-905-9793

LA PALMA
Nothing to report

PLACENTIA
Nothing to report

STANTON
TONIGHT from 5:30-8 p.m. come to the Stanton Community Services Center for a Cinco de Mayo Celebration. There will be live entertainment, vendor fair, games, arts and crafts and refreshments!

WESTMINSTER
Children ages 5-12 are able to participate in the variety of sports being offered by the city. Basketball, soccer, t-ball and softball are all included. The program begins June 12. Registration is required. For more information call 714-895-2860

YORBA LINDA
Calling all lobster lovers! May 22, 2010 the Yorba Linda Rotary Club will cook and serve lobster for the 23rd annual Lobsterfest! For more information visit http://www.ylrotary.org/

And thank you for making me Your Orange County Real Estate Connection


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900



As seen at ocregister.com

Caruso's OC Happenings ~ Central County


CENTRAL COUNTY

COSTA MESA
Nothing to report

FOUNTAIN VALLEY
Tonight May 7 there is a Spring Dance for seniors. The dance will take place at The Center at Founders Village Senior and Community Center. The dance goes from 7-9:30pm and tickets are $7.00. For more information please call 714-593-4446

HUNTINGTON BEACH
Saturday May 8 starting at noon is the 11th Annual Home Tour & Luncheon hosted by the HB Art Center. Come for this great opportunity to view some of HB's most prestigious homes and gardens! Tickets are available at the Art Center for $50 each. During the tour, guests stop at the Art Center for a luncheon and a shopping boutique. For more information call (714) 863-7752

IRVINE
Noting to report

LOS ALAMITOS
Nothing to report

NEWPORT BEACH
Coming up Sunday, May 16th, 2010 from 9am to 5pm is The Balboa Island Artwalk! The premier showcase is for talented local artists and marks the start of the Island's summer season. The Artwalk will take place along the South Bayfront Promenade of Balboa Island. Admission is FREE. This fine art show features artists exhibiting paintings, fine jewelry, blown glass, sculpture, and photography. Spectators will enjoy live music throughout the day. Limited-edition Artwalk posters and t-shirts will be available for purchase at Sapphire & South Bayfront. For questions regarding Artwalk, please contact Mary Beth at 949.548.1758 or mbsaucerman@roadrunner.com

ORANGE
Nothing to report

SANTA ANA
Nothing to report

SEAL BEACH
PARTY!! May 22 at the Seal Beach Yacht Club there will be an event to celebrate the 10th anniversary of Save Our Beach. The event will include dinner and entertainment. The cost is $35 a person and the event will sell out once 150 tickets are sold. To RSVP email kim@saveourbeach.org

TUSTIN
Nothing to report

VILLA PARK
Sunday May 30 the Villa Park Family Picnic will be held from 11:30am-4:30pm at Irvine Lake. There will be a cupcake decorating contest. For more information please visit www.villa-park.org/familypicnic.html

And thank you for making me Your Orange County Real Estate Connection.


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900


As see at ocregister.com

Caruso's OC Happenings ~ South County


South County

ALISO VIEJO
May 22 from 6-11pm come to the Conference Center for a Casino Night hosted by AV Little League with Blackjack and Craps. Tickets on sale now! For more information visit http://www.avll.org/

DANA POINT
Saturday-Sunday May 8-9 from 9am-5:00pm at the Dana Point Harbor located between Harpoon Henry's and the Jolly Roger there will be a Mothers Day Art Show and Sale exhibit out along the walkways adjacent to the boats. Stop by on Saturday and see the beautiful art work of Karen Joy Jackson a local OC artist.

LADERA RANCH
Nothing to report

LAGUNA BEACH
Nothing to report

LAGUNA HILLS
Nothing to report

LAGUNA NIGUEL
Confused with Facebook? You're in luck! This Monday May 10 from 11:30am to 1 pm there will be a workshop for anyone interested in how to get started with Facebook. The workshop will include hands on tutorial of how to set up a Facebook account. For more information call 949-363-0136

LAKE FOREST
Nothing to report

MISSION VIEJO
Nothing to report

RANCHO SANTA MARGARITA
On Saturday at the Upper Oso Reservoir from 10am-2pm there will be free hotdogs, popcorn, sod, and snow cones to celebrate water awareness month.

SAN CLEMENTE
Tomorrow May 8 from 12-6 come to the 20th Annual Cinco de Mayo Celebration. The event will showcase live entertainment featuring Mariachis, Aztec Dancers, Ballet Folkloric and live bands along with an art contest and exhibit, children's activities, authentic food and drinks, and lots of fun! For more information, please contact 949-361-8264.

SAN JUAN CAPISTRANO
From March 5-May 27, 2010 The San Juan Capistrano Library will be showcasing art work from locals around town. Karen Joy Jackson, a local photographer has a current exhibit at the library along with two other local artists Renuka Pillai and David Evans. Jackson's artwork will be exhibiting 10 photographs of the Greek Islands. The other two artists are oil painters. There is also an Architectural Walking Tour each Saturday morning because of its architectural awards. Other events will be scheduled in the future.

And thank you for making me Your Orange County Real Estate Connection.


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900


As seen in ocregister.com

Thursday, May 6, 2010

Caruso's Positive Equity!


Recently the decline in home prices and the rise in negative equity have been well documented. First American CoreLogic research indicates that more than 11.3 million, or 24 percent, of all residential properties with mortgages, had negative equity at the end of the fourth quarter of 2009. A borrower is in negative equity if he or she owes more on the mortgage than the home is worth. Given that the largest home price declines have already occurred and negative equity is not expected to continue to increase significantly, the question going forward is: "how long will these borrowers will remain underwater?" To answer that question, future home values and unpaid principal balances were projected for a selected set of Core Based Statistical Areas (CBSAs) to gauge how long it will take for the average underwater borrower to return to positive equity.

For the typical underwater borrower in the U.S. it will take until late 2015 or early 2016 for negative equity to disappear. In certain markets, it will take another five to 10 years or even longer to return to positive equity. For example, Detroit is not projected to recover even by 2020, because of its depressed economy. In markets with low shares of negative equity, the recovery time will still be long because the few borrowers that are upside down are deeply in negative equity and these are typically not high appreciation markets. Although house price appreciation will, over time, offset negative equity, amortization (the paying down of loan balances) will in most cases be a more significant remedy to negative equity. Over the next 10 years, the average loan balance will decrease by an annual rate of 3.3%; meanwhile home price are expected to increase at a 3% annual rate over the next decade.

Of the ten markets studied, the Washington-Arlington-Alexandria CBSA is expected to reach positive equity by 2015; Atlanta-Sandy Springs-Marietta, Dallas-Plano-Irving and Riverside-San Bernardino-Ontario are projected for 2016; Boston-Quincy by 2017; and Cape Coral-Fort Myers, Pittsburgh, Las Vegas-Paradise and Lancaster, PA by 2020. It is estimated that Detroit will not reach positive equity until after 2020.

Alternative scenarios - using higher and lower long-term price appreciations and alternative speeds for the recovery in home prices to the long-term average - were also considered. Assuming a 5% nominal price appreciation nationally (which would be much higher than historical appreciation, given today's low inflation environment), the early markets will approach positive equity by 2013 and the majority will be positive equity by 2017.


Assuming 1.5% nominal price appreciation, which would be fairly low relative to history, the earliest markets will not reach positive equity until 2017. When alternative scenarios of how long it takes home prices to revert to the long-term average were tested, they had a moderate impact, but not as large as the absolute level of home price appreciation or amortization assumptions.

And thank you for making me Your Orange County Real Estate Connection


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Wednesday, May 5, 2010

Happy CAT de Mayo!


HAPPY CINCO DE MAYO EVERYONE!


Now go out and have a margarita..or two!


And thank you for making me Your Orange County Real Estate Connection


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Tuesday, May 4, 2010

Caruso's Quote of the Day


"It's nice to be the best, but not when being the best brings out the worst in you."


And thank you for making me Your Orange County Real Estate Connection


Best regards,

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900

Saturday, May 1, 2010

Medicare Tax!



Contrary to reports and newspaper articles circulating widely on the Internet, there is not a 4.0% “sales tax” or “transfer tax” on the sale of a home included in the recently signed health care reform bill.


The analysis underlying these reports is incorrect and fails to take into account the interplay of the bill’s provisions with already existing real estate tax laws that remain unchanged.

What was included in the health bill is a provision that imposes a new 3.8% Medicare tax for some high income households that have “net investment income.” Any revenue collected by the tax is dedicated to the Medicare hospital insurance program.


This new tax will only apply to households with Adjusted Gross Income (AGI) of more than $200,000 for individuals or more than $250,000 for married couples. Since capital gains are included in the definition of net investment income, an additional tax obligation might result from the sale of real property.

In the case of the sale of a principal residence, the existing $250,000/$500,000 exclusion from capital gains on the sale of a principal residence remains unchanged. Consequently, even when the AGI limits are met, the new tax would not be applied to all capital gains that result from the sale of a home. Rather, it would only apply to any home sale gain realized in excess of the $250K/$500K existing primary home exclusion that pushes the filer’s AGI over the $200K/$250K adjusted gross income limit.

The new Medicare tax will not take effect until January 1, 2013.
And thank you for making me Your Orange County Real Estate Connection.
Best regards,
Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI
2007 President, Orange County Association of Realtors (949) 753-7900
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