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The O.C

The O.C Real Estate

Orange County Realtors

History of The OC

The colorful pageantry of human history in The O.C began at some undetermined point in the distant past when Shoshone Indians came to dwell along the coast and in the lower canyons of the mountains. Theirs was a simple form of existence: they lived off of the abundance of the land.

In 1769, Gaspar de Portola, a military man and Spanish aristocrat, was appointed governor of Lower California. He commanded an expedition traveling northward into the literally unmapped and half mythical territory of Alta California. His assignment was to seek out the legendary Bay of Monterey. He was also to secure the Spanish claim to his vast frontier against any invasion from Russian trappers or British colonizers. Portola called upon Father Junipero Serra, president of the Mexico City Missionary College, to assist in this monumental undertaking.

It was late in July in 1769 when this first party of European explorers reached the boundaries of present-day The O.C. Members of the expedition named the region "The Valley of Saint Anne" (Santa Ana). It was to this valley that Father Serra returned six years later, where he proceeded with the work of establishing the Church and converting the local people.

While the East Coast of North America was engaged in revolution and spectacular change, the West Coast too was undergoing a quiet and almost undetected transformation. Father Serra dedicated the Mission of San Juan Capistrano, The O.C's first permanent settlement, on November 1, 1776. The Mission became a self-sustaining unit based upon an agricultural economy. Its chapel and adjoining structure were the first signs of civilization erected upon the fertile, virgin soil of the Santa Ana Region.

In 1801, Jose Antonio Yorba, a volunteer in the Portola expedition, also returned to Santa Ana. He established the county's first rancho (Santiago de Santa Ana) in what are today the cities of Villa Park, Orange, Tustin, Costa Mesa and Santa Ana.

Following Mexico's liberation from Spanish rule in 1821, the extensive land holdings of the Capistrano Mission were subdivided and awarded to a number of distinguished war heroes. By this time Yorba's Rancho Santiago de Santa Ana had grown to resemble a feudal manor, and the romantic rancho era of The O.C had been ushered in.

Cattle were introduced into the area in 1834. A prosperous hide and tallow industry developed. Southern California became a virtual suburb of New England as sailing ships loaded with cargo traveled back and forth between coasts. In 1835, author-seaman Richard Henry Dana arrived at what is today known as Dana Point. He later immortalized Spanish The O.C in his book "Two Years Before the Mast" by describing it as "the only romantic spot on the Coast." The Spanish California tradition of a carefree lifestyle, fiestas with music and dancing, bear and bull fights, rodeos, and gracious hospitality, survived until the 1860.

A severe drought brought an end to the cattle industry. Adventurous pioneers, such as James Irvine, capitalized on the economic downfall of the ranchos. Irvine, an Irish immigrant, established a 110,000-acre sheep ranch that is today one of the most valuable pieces of real estate in America.

In 1887, silver was discovered in the Santa Ana Mountains. Hundreds of fortune seekers flocked to the "diggings." Land speculators and farmers came by rail from the East to settle in such boomtowns as Buena Park, Fullerton and El Toro.

The O.C was formally organized as a political entity separate from the County of Los Angeles in 1889. The wilderness had finally given way to irrigated farmlands and prosperous communities. A year-round harvest of Valencia oranges, lemons, avocados, and walnuts made agriculture the single most important industry in the fledgling county. And with orange groves beginning to proliferate throughout the area (150,000 orange trees), the new county was named for the fruit: "The O.C."

The twentieth century brought with it many industrious individuals such as Walter Knott, a farmer turned entrepreneur, who founded the Knott legacy in Buena Park.

During the years that followed, The O.C witnessed the discovery of oil in Huntington Beach, the birth of the aerospace industry on the Irvine Ranch, and filming of several Hollywood classics in the Newport area.

In 1955, Walt Disney opened his Magic Kingdom in Anaheim. Noted as the pioneer of animated films, Disney revolutionized the entertainment world again with his "theme park" recreation concept.

By 1960, the neighboring metropolis of Los Angeles was "bursting at the seams." As the population spilled over the county line and across the rural Santa Ana Valley, it left in its wake an urban landscape of homes, shopping malls, and industrial parks.

Today The O.C is the home of a vast number of major industries and service organizations. As an integral part of the second largest market in America, this highly diversified region has become a Mecca for talented individuals in virtually every field imaginable. Indeed the colorful pageant of human history continues to unfold here; for perhaps in no other place on earth is there an environment more conducive to innovative thinking, creativity and growth than this balmy, sun bathed valley stretching between the mountains and the sea in The O.C.

LOS ANGELES (Jan. 25) – The median price of an existing home in California in December increased 15.6 percent and sales decreased 17.6 percent compared with the same period a year ago, the California Association of REALTORS® (C.A.R.) reported today.

“Sales fell last month compared with December 2004’s record-setting pace, prompted by consumers’ concerns about rising interest rates,” said C.A.R. President Vince Malta. “The last few months of 2005 marked the first time since mid-2004 that the fixed-rate mortgage was above 6 percent on a sustained basis and the adjustable-rate mortgage was above 5 percent for three months in a row.

“Consumers also were rattled by both the spike in energy costs and the hurricanes late last year,” he said. “Looking ahead, we expect those concerns to impact transactions completed in January as well.”

Closed escrow sales of existing, single-family detached homes in California totaled 531,910 in December at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 17.6 percent from the 645,860 sales pace recorded in December 2004.

The statewide sales figure represents what the total number of homes sold during 2005 would be if sales maintained the December pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

The median price of an existing, single-family detached home in California during December 2005 was $548,430, a 15.6 percent increase over the $474,270 median for December 2004, C.A.R. reported. The December 2005 median price remained nearly unchanged compared with November’s $548,680 median price.

“We are experiencing a return to a more balanced market, in line with our expectations, although unsold inventory is still near historical lows, with a 3.6 month supply of homes for sale,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “Time on the market also is nearly unchanged at 44 days in December compared with 40 days for the same period last year.

“Housing affordability in the state remains at record lows, which also is impacting the robust sales trend we experienced throughout much of 2005,” she said.

Highlights of C.A.R.’s resale housing figures for December 2005:

. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in December 2005 was 3.6 months, compared with 2 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.

. Thirty-year fixed mortgage interest rates averaged 6.27 percent during December 2005, compared with 5.75 percent in December 2004, according to Freddie Mac. Adjustable mortgage interest rates averaged 5.17 percent in December 2005 compared with 4.18 percent in December 2004.

. The median number of days it took to sell a single-family home was 44 days in November 2005, compared with 40 days (revised) for the same period a year ago.

Regional MLS sales and price information is contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 95.5 percent or 379 of 397 cities and communities showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)

Note:  Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at http://www.car.org/index.php?id=MzU4OTg=.

. Statewide, the 10 cities and communities with the highest median home prices in California during December 2005 were: Los Altos, $1,427,500; Calabasas, $1,295,000; Newport Beach, $1,080,000; San Clemente, $1,025,000; Rancho Palos Verdes, $1,020,000; Santa Barbara, $1,000,000; Los Gatos, $972,500; Danville, $960,000; Cupertino, $924,000; Mill Valley, $918,000.

. Statewide, the 10 cities and communities with the greatest median home price increases in December 2005 compared with the same period a year ago were: Twentynine Palms, 81.8 percent; Taft, 79.9 percent; Yucaipa, 56.4 percent; Upland, 56.1 percent; Ridgecrest, 51.9 percent; Ceres, 48.2 percent; San Dimas, 46.9 percent; Atwater, 46.2 percent; Merced, 46.2 percent; Moorpark, 45.7 percent; Barstow, 45 percent.

Leading the Way...® in California real estate for more than 100 years, the California Association of REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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