Archive for the 'San Diego county Real Estate News' Category
San Diego housing market heating up
February 18th, 2010 Categories: Real Estate News, San Diego County Community News, San Diego county Real Estate News, San Diego homes for sale
SAN DIEGO- I spent some time with clients from TCSD in the Carlsbad area looking at detached
homes in the high 400’s to mid 500 range. There were two homes out of the seven that stood out from the others.
One, on Vancouver Street, was a single story with a three car garage located on hilltop cul de sac location in a great established community. The other, on Valley Place near the high school, was the classic 1960-70’s beach cottage with the awesome knotty pine tongue and groove ceiling that too was located on a large pie shaped lot on a cul de sac also.
There was some interest in these homes and in follow up with the other agent, I learned that they were both going in to escrow within 5 days of being listed and these were not homes being sold under market value.
I saw this as a great sign since both of these homes were listed in the mid 500K range. Taking it one step further, I was curious to see how the San Diego market faired over the weekend.
Looking at all homes listed between 2/11 to 2/16, 805 total, almost 10% were in escrow or contingent status for short sales!! 78 listings went off the market within the first week. Now looking back to the same period in 2009 the rate was approximately 7.5% with 68 out of 892 homes going off market in the first week.
I would suggest if you see a home of interest you may want to do your “research” sooner than later. The good ones go quick!!
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HUGE drops in foreclosure related activities reported for January
February 9th, 2010 Categories: Real Estate News, San Diego County Community News, San Diego County Fixer of the Week, San Diego county Real Estate News
SAN DIEGO NORTH COUNTY- Foreclosureradar.com reported that notice of default filings were down 44% in San Diego’s north county when comparing January’s 2009-2010 numbers. Additionally homes sold at auction for the region in the same time period were down 76%.
In an article in today’s North County Times they suggested that the “efficiency” of short sales was a contributing factor to this reduction.
"The stress of default is still there," said Mark Goldman, a real estate instructor at San Diego State University. "But we’re starting to hear a lot more buzz about the efficiency of short sales."-nctimes.com
While I do not necessarily see an increase in the number of short sales, I certainly am not experiencing or hearing of an increase in efficiency. Short sales are still very dependent on the short amount, the ability of the seller to show the need for the short sale and to provide the paperwork required by the bank and probably the most weighted aspect, is the number of lenders in the decision making process.
“Approximately one-third of the short-sale listings on the market don’t close, either because the lender won’t approve a realistic price, or because there are multiple liens secured against the property”-Dyan Hymer,2/9/1010,”The truth about short sales”, Inman News
If you think you may be losing your home, I strongly encourage you to try to short sale. Give me a call with any questions. 760.415.3329
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California to add $10,000 to first time buyer’s tax credit?
January 7th, 2010 Categories: Real Estate News, San Diego County Community News, San Diego county Real Estate News, San Diego homes for sale
SAN DIEGO- It’s like deja vu all over again.Today Governor Arnold Schwarze
negger proposed and has sent to the state legislature a new round of state first time buyer tax credit. The tax credit as proposed would be for new or existing construction and would be paid out as a $3333.00 tax credit over a three year period. The state tax credit could be combined with the federal tax credit, but would be limited to 20,000 qualified purchase as it will be only funded with $200,000,000.
Schwarzenegger administration officials said conditions of their proposal would be similar to last year’s credit. That had no income limits, made all buyers eligible and required that buyers live in their homes. No dates have been set yet for eligibility. Buyers qualified last year by closing escrow after the credits became available on March 1.- www.sacbee.com/business
We’re still broke and as much as I wish this would be a good thing, it is just plain dumb.
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Will January deliver YOUR new home?
January 3rd, 2010 Categories: Client Testimonials, Real Estate News, San Diego County Community News, San Diego county Real Estate News, San Diego homes for sale
SAN DIEGO- Well another year is behind us and hopefully we continue to move closer to our economic recovery. While there is much to write about over the past couple years, I continue to look forward and concern myself with the present and presently, inventory is getting low in affordable/ median housing.
As the tax credits associated with economic stimulus package approach their end date, I doubt there will be a second extension, I have quite a few buyers that are trying hard to get into their new homes. Unfortunately, there has been a sense that not too many new listings coming on the market and the data supports that intuition.
Now this could be construed as a positive sign that the number of homes or homeowners in “distress” is slowing down or it could just be the banks just are not foreclosing on distressed properties. Some believe the banks are hoarding homes they have already foreclosed on anticipating listing them at some future date when the market is more favorable.Whatever the case the net effect is the reduction in new listings.
When looking at the past two years of the areas I primarily work in, the steady decline is quite evident with the exception of the “central” area consisting of University City, Clairemont, Linda Vista, etc, which has held up pretty well. North County coastal, essentially Oceanside to Carmel Valley, has really experienced a great impact on new listings. In 2008, with the exception of February because of the shorten month, January through July saw a least 1050 new listings a month. In 2009, the highest month was January with 949 new listings, which represents about a 20% reduction when compared to 2008. The lowest month was December with only 517 new listings.
If you are considering taking advantage of the tax credits being offered you have a little less than 4 months. With the clock running out, I strongly urge you to stay away from short sales, UNLESS they already have bank approval. If you do want to write an offer on a short sale you need to make certain you have the right to cancel that offer at any time in order to maintain your ability to write an offer should a better opportunity present itself.
In 2009 I closed numerous homes with first time buyers and would appreciate the opportunity to help you with your first home purchase!!
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First time home buyer tax credit extension signed by the President
November 6th, 2009 Categories: Real Estate News, San Diego County Fixer of the Week, San Diego county Real Estate News
SAN DIEGO- It was just announced the President Obama has signed the bill that includes the 
extension and changes to the first time home buyer tax credit.
The first time home buyer tax credit extension allows a buyer to enter an agreement with a seller by April 30, 2010 and close on the house by the end of June 30, 2010. First time home buyers are defined as anyone who has not owned a home for the past 3 years. First time home buyers will get an $8,000 tax credit, similar to the tax credit for much of 2009. Other home buyers, who have owned their current home for at least five years, are eligible for a $6,500 tax credit.
Income limitations have been increased to $125,000 for single filers and $225,000 for joint filers. The purchase price of the home must be less than $800,000. The estimated loss in tax revenue to the government comes to $10.8 billion. – creditunionsonline.com
While there was some speculation over whether the first time home buyer’s tax credit would be extended or not, I never waivered in my belief that it was coming. With banks that have used or are still using stimulus money handing out huge bonuses, there was no way the American public was going to lose this. If so, there would have been a march on Congress with pitchforks and torches!!
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Aviara detached loft home for sale @ $475,000
November 5th, 2009 Categories: Real Estate News, San Diego county Real Estate News, San Diego homes for sale
CARLSBAD- Here’s your chance to own a wonderful single level loft home in the Aviara community of Carlsbad listed by Windemere Properties. This home, located at 1790 Blackbird in the Avocet is
definitely worth a look.
At approximately 2244 square feet, this 3 bedroom 3 bath home is approximately boasts an outstanding location for all, but especially for the family. The location in across from Aviara Oaks elementary and middle school and is just around the corner from shopping, restaurants, the movie theatre and the new Carlsbad Dove library.
The home itself features many desirable features such as cathedral style ceilings, crown molding, french doors leading to the LARGE back yard, a huge loft area that could accommodate both an office and game/recreation area while the master is spacious and private with a walk in closet complete with a organizer system. Again this home is a single level.
Check out more about the home below and if you would like to schedule a showing I can be reached at 760.415.3329.
Square footage estimate taken from the SANDICOR MLS. Brian Long’s DRE license number is 01368841
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San Diego’s real estate inventory at less than one month?
September 29th, 2009 Categories: Client Testimonials, Real Estate News, San Diego County Community News, San Diego county Real Estate News
SAN DIEGO- I received an email from a client this morning in which they expressed concern that my home search notification was not working as they had not received any updates since last Saturday. Knowing that ‘things happen’ I checked out their profile and delivery information which was all accurate and the expiration date of the search was still current.
The area search parameters for this particular client are pretty large in scope. We are using a map overlay from the 15 down the Sorrento Valley traffic corridor to the coast up to Carlsbad. While on the coast it does only run about 5 miles inland, but this is still a fairly large slice of real estate.
For the home itself, we have detached and attached with a garage, one or two car attached or detached, at least 2 bedrooms and 2 baths and no less than 1100 square feet in size up to $450,000. Now that is not asking alot! Consider the average home price in San Diego for August 2009 ranges from $255,000 in the South Bay area to $450,000 in the North County coast region.
So the culprit was not the system, it was the simple fact that there have not been any new listings for the system to deliver. Currently in their search there are only 40 active listings, yes only 40, and that represents less one month of inventory which is currently running at 49 sold homes a month. According to Housingtracker.net, the number of active listings in August 2008 were 11,774 versus 20,748 in August of 2007. This is definitely a seller’s market and may be a great window of opportunity if you are looking to sell.
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Cardiff homes for under $400K?
September 14th, 2009 Categories: Real Estate News, San Diego County Fixer of the Week, San Diego county Real Estate News
CARDIFF- I am blessed to have great clients. Currently, I am working on building a
relationship with a local builder that could be a long term benefit to us both.
There are a couple homes for sale in the Cardiff area of late that are coming in at under $400,000. While researching one of these as an investment possibility, it’s a fixer, I came across this sold listing that clearly states our current market.
FORECLOSURE! 5 BEDROOM HOME, ONE BLOCK EAST OF I-5. BANK WILL FINANCE YOUR HARD TO QUALIFY BUYER W/ONLY 5% DOWN! CALL VICTOR FOR DETAILS, THIS HOUSE HAS FREEWAY NOISE, BUT AT $102/PER SQ FT YOU CAN BUY EAR PLUGS!
This was a home listing in 1994!!! While $102 a square foot is long gone and hard to qualify buyers are just that, it really struck a chord with me. It is a very accurate depiction that the real estate market is a cycle. Today this home is valued at just under $580,000.
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Could we lose the mortgage interest deduction?
September 3rd, 2009 Categories: Real Estate News, San Diego County Community News, San Diego county Real Estate News
SAN DIEGO- Back in March, I wrote a blog post about a proposed mortgage interest deduction change by the Obama administration. The proposed plan would limit the deductible amount of both mortgage interest and property taxes for those earning more than $250,000 a year. I wrote that in San Diego county the effect of this proposal would not be as damaging to our real estate market as the California Association of REALTORS was portraying. The overwhelming majority of San Diego homeowner’s make less than $250,000 a year.
Now there is a new proposal be presented to help raise much needed government revenue. Under this new proposal the impact would be felt by a much larger percentage of our county’s populous as this new proposal is based on the amount of debt associated with the property. The impact CAR feared with this first proposal would be much more justified with this new one.
Tops on the CBO’s hit list for housing: Slash deductions for homeowner mortgage interest from the present $1.1 million limit to $500,000, phased in with $100,000 annual reductions starting in 2013 and extending to 2019. Under current law, taxpayers can write off mortgage interest on their principal home debt up to $1 million, and on home equity debt up to $100,000.
Under the CBO’s option, that maximum mortgage debt amount would shrink yearly until it hit $500,000. Over a 10-year period, this change alone would boost federal tax collections by an estimated $41 billion.
The CBO offered up a second option if Congress wants to raise a lot more money: Replace the current mortgage interest deduction with a flat 15 percent tax credit for everybody with mortgage amounts below the declining limits in the first option. Rather than taking write-offs that are tied to your personal income tax bracket, every homeowner would get a credit worth 15 percent of mortgage interest paid. – San
Diego Union, 08/30/2009
So in the first proposal, only those with earnings over $250,000 would face reductions in their ability to write off interest. In this latest proposal, which would phase in starting in 2013, the impact would be almost universal as the average San Diego county home would most likely exceed $500,000 by 2019. This is when the full effect of the proposal would be in effect. Remember in November of 2005 the San Diego county median home price peeked at $517,500 according to Dataquick.
This type of change will directly impact home values as potential buyers will not be able to borrow as much knowing their is less of a tax incentive. Additionally, if implemented as written, the timing will most likely coincide with our markets climb out of the lows we are setting now thus prolonging a stagnation in home values many years beyond the predictions.
The good news here, yes there is a silver lining, is that this type of thing has been proposed in many different forms.
According to news reports, including The Los Angeles Times, the panel "tentatively agreed to recommend a substantial reduction in the limit on mortgage interest that homeowners can deduct from their taxes." Californians are concerned because the median home price in the state — where one out of nine Americans live — is already well over a half million dollars. Others are concerned that a cap on mortgage interest rate deduction could lead to an elimination of the benefit for all homeowners. – Blanche Evans,Realty Times, October 15, 2005*
Yes, the above was written about in 2005 after then President Bush formed a panel to "simplify Federal tax laws to reduce the costs and administrative burdens of compliance with such laws, among other purposes including recognizing the importance of homeownership and charity in American society."*
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Terramar beach: Why homeowners association can be a blessing
August 30th, 2009 Categories: Real Estate News, San Diego County Bike Rides, San Diego County Community News, San Diego County Fixer of the Week, San Diego county Real Estate News
CARLSBAD- I have had quite a few clients who avoid communities with homeowners association 
like the plague. This has nothing to do with the fee levied by the association, but everything to do with not liking to be told what you can and can not do with your private property.
I have often times suggest that buyer’s view a communities HOA as a form of an insurance policy protecting property values. By maintaining uniformity in construction and colors, maintaining and improving common areas and preventing your neighbor’s teenage son from starting a mechanic’s garage in his driveway, they truly can be a blessing. Yes, I have hear the arguments about property rights and the lack of common sense board member’s often use in decision making, but I do believe they perform a very beneficial function for the community unfortunately at times at the individual’s expense.
Here is a great example of why at least one owner wish they had an association.
The Terramar beach community in Carlsbad was first developed in the late 1940’s. The community boasts the only private beach in the city of Carlsbad and while they have the Terramar association, I am not aware of this association having any powers over individual homeowners. As is the case up and down San Diego’s coast, they ranch style homes that once were a simple of southern California are being replaced by massive homes worth millions.
On a recent bike ride down the coast I almost crashed doing a double take as I rode past the intersection of Tierra Del Oro and the coast highway in the Terramar community. Crossing the intersection to this bluff top community, the first thing you now see is a freshly painted classic ranch home in PINK. And not all of it, just the front!!! It’s hard to imagine that this homeowner is not trying hard to make some type of statement at the detriment to their community at large.
Now, to the north of the ho me is an ocean front lot which recently sold for 2.7 million dollars. To the south, is a newly constructed, 5019 Tierra Del Oro, home currently listed for sale for $9.9-10.8 million dollars.
Imagine the impact on this seller!!
With an HOA the chances of this one homeowner being able to hold their neighborhood hostage would be prevented thus protect the other homeowners from the impact this action can have on a neighborhood. Imagine the hesitancy anyone would have in dropping any amount of money to live next door to this “problem”, which by the way is for rent.
This may be the perfect time for the homeowners of Terramar to come together and institute an association to prevent this type of thing. It’s always someone else’s problem until it is not and then it’s usually too late.
So the lesson here is, when looking for your next home consider EVERYTHING a homeowners association can do to help maintain the value of your home!!!
If you are in the market for a $10. milllion dollar beach home or a $100K condo, call me. I appreciate all my clients large and small!! 760.415.3329
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