Archive for November, 2007
San Diego Real Estate on Par with Detroit?
November 28th, 2007 Categories: Communities, Real Estate Juice, Real Estate News, San Diego
Say what?
In 2004, San Diego real estate was ranked as the least affordable in the United States. Thousands of San Diegans, priced out of the coastal market, moved to Temecula, Murietta and other outlying and inland areas where homes were more affordable.
These days, according to the National Association of Homebuilders, San Diego has slipped to 16th place in California, with an improved 10.1 percent affordability for median income earners. That is just a whisper above San Bernardino-Riverside and Ontario Counties’ 10.2 percent.
This is phenomenal news, because San Bernardino County has traditionally been home to some of the most affordable real estate in California–and few might have imagined that coastal San Diego would approach the Inland Empire’s affordability levels.
In searching for a market bottom, San Diego has now tied with Detroit in ranking third in the nation for dropping home prices, sharing a staggering 9.6 percent drop in pricing during the past year. This is according to a recent Standard & Poor/Case-Schiller study just reported in the San Diego Union Tribune.
All of this might lead one to think that the San Diego economy is in the same tank as Detroit, or that it has lost its perfect balmy climate and turned into a windy high desert.
But that just ain’t so….
And I don’t know of any period in recent history when San Diego real estate has been compared to Detroit’s.
By my calculations, something is maladjusted when San Diego real estate has nearly the same affordability level as that in San Bernardino or Riverside Counties–and has the same drop in home prices as depressed Detroit. This occurs despite San Diego’s strong economy, low unemployment, and being a premier destination for tourists and affluent international retirees.
Bubble bloggers and others may take aim at me for this prediction, but I believe the bottom of the San Diego real estate market is near.
After all, when San Diego gets thrown into the same tub with Detroit and San Bernardino, we just might have a perfect example of the baby being thrown out with the bathwater.
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Holiday Wonderland in Del Mar
November 27th, 2007 Categories: Del Mar, Events
San Diego Christmas and holdiay spirits will come to life in Del Mar on Sunday, December 2 from noon to 5:30 pm
Bring friends, loved ones or the entire family for an afternoon of San Diego fun. The entire downtown Del Mar will be turned over to strolling carolers, Santa Claus, the famous Del Mar Holiday Cake Walk, On the Edge dance performance, holiday gift bazaar, horse and carriage rides, face painting, musicians, kid’s activities and Tastes at Del Mar Retaurants.
Be sure to stop by the L’Auberge Del Mar Ampitheater (northwest corner of 15th Street and Camino Del Mar / Pacific Coast Highway 101) between 4 and 5:30 p.m. for the music and tree lighting ceremony
This Holiday Wonderland event is sponsored by the Del Mar Village Association with support from the City of Del Mar. If tickets are purchased prior to the event, the cost will be 420 for 25 ticket, which covers 2-10 food items and/or activities. The same tickets will be available the day of the event for $25. For additional information, visit http://www.DelMarMainStreet.com
Sponsors for this wonderful Del Mar event include L’Auberge Del Mar, Time Warner Cable, the Del Mar Thoroughbred Club, the 22nd Agricultural District, Bob and Kathy Angello with Willis Allen Real Estate, Backstage Boutique, Celine’s Boutique and Gifts, Chiquita Abbott Realtors, Clone Printing and Duplicating, Crepes and Corks Cafe, Del Mar Heights School PTA, Del Mar Hills School PTA, Dexter’s Deli, DiCaro, Coppo & Popke, www.DiscoverSD.com, En Fuego Cantina Bar and Grill, Joel Politzer and ITZ Fixed Computer, Kim Filanc with Coldwell Banker Real Estate, J Carl Shoes, Jimmy D’s Sports Bar and Restaurant, Ryan’s Collection, Pacifica Del Mar Restaurant, Soul Shine, Jim Watkins and Stratford Square, Union Bank of California and Willis Allen Real Estate.
A big, merry thanks to these Del Mar sponsors and we look forward to seeing you in Wonderland!
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Valley Center Golf Course Fire Sale (Not really)
November 26th, 2007 Categories: Golf Courses, Real Estate News
by Blake Cory
I couldn’t believe my eyes when I saw A.P.’s report that the popular North San Diego County Woods Golf Course was sold last week for a paltry $3.2 million to an undisclosed buyer.
My amazement stems from the fact this is a highly-desired North San Diego County community with excellent schools and a relatively close proximity to freeways and colleges.
The Woods Valley Golf Course is a 163-acre, par 72, 18-hole course located close to Harrah’s Casino and is central to the Newlands Community project in Valley Center. This new housing development will eventually host 270 country homes spanning a 430-acre territory. Pricing for these North San Diego County homes in Valley Center will range from $450,000 to $1.2 million.
This Valley Center golf course is located at 14616 Woods Valley Road–and is part of the Newland Communities project in Valley Center.
Stay tuned for further developments!
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1756 Verdin Court in Poinsettia Heights, Carlsbad, CA 92011
November 26th, 2007 Categories: Aviara, Carlsbad
This Carlsbad home sold in less than three weeks back in 2003, and at that time we set a record for the highest price ever paid for this 1720 square-foot model: $446,000.
And what a Carlsbad listing it was–with a great story to boot.
This highly upgraded Poinsettia Heights townhome with views over Carlsbad to ocean was nothing short of what San Diego real estate buyers were seeking in those days. It offered new diagonally-laid tile flooring downstairs, new granite kitchen, marble master bath, and a powder room whose ultimate cost had yet to be revealed to the husband. To appease him, another king’s ransom was spent on the garage with gleaming epoxy flooring and over-the-top garage storage.
Located adjacent to the Carlsbad community of Aviara, Poinsettia Heights is a gated community near parks, the South Carlsbad State Beach, good schools and shopping.
For current availabilities in gated Poinsettia Heights, call Mike or Roberta Murphy at 760-402-9101/9102 or toll free at 877-818-8197
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Tax Relief for San Diego Fire, Landslide and Market Victims
November 25th, 2007 Categories: Market Trends, Real Estate News, San Diego
This has been a tough year for America’s Finest City. There has been destruction of homes by wildfires and landslides. Then there’s the San Diego real estate market which has taken a needed serious slide that has resulted in a record number of foreclosures and short sales.
But all is not gloom and doom for San Diego County property owners.
Those whose homes were damaged or destroyed by the 2007 fires and La Jolla landslides–and who suffered at least $10,000 in damages–should file a claim with the Assessor’s Office within twelve months of the damage occurrence.
This tax relief also extends to mobile homes if they have property tax assessments (versus state license fees) as well as citrus, nut and avocado groves if at least $10,000 in damage occurred to the trees, irrigation systems and other appurtenant structures. Crops are not included in damage assessments because they aren’t assessed for property taxes.
Once a home is rebuilt, San Diego property owners will be able to retain their original assessed value as long as the home is rebuilt in a manner similar to the original construction. Added square footage and substantial extras such as additional bathrooms will be added to the base year valuation at full market value.
If you are one of the San Diego home buyers who purchased in the last couple of years and your home’s value has declined below its assessed value, you can also appeal to the County Tax Assessor for an adjustment in your property tax basis. Once the market recovers, the property will be reassessed at its original value.
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