Archive for April, 2008
Want to Search for San Diego Foreclosures?
April 30th, 2008 Categories: Real Estate News
San Diego foreclosures and bank REO’s are quickly becoming the top request among many of our San Diego home buyers–so we decided to add a tool that we could use as well.
It has become a necessity, because until banks can quickly expedite their short sales and offer them at reasonable prices, most buyers are better off with foreclosure pricing.
Now, when you come to this San Diego real estate search site, all you have to do is click the little REO House icon at the bottom of each article, and you will be able to drill down to the neighborhood level to see all listed foreclosure. Looking for foreclosures in Carlsbad, Encinitas, Rancho Santa Fe or Oceanside? REO’s in San Marcos, Del Mar, La Costa or Aviara? You can find them with the San Diego Foreclosure link below.
Enjoy your search!
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San Diego First Time Home Buyers are Winners
April 29th, 2008 Categories: Carlsbad, Encinitas, Oceanside, Real Estate News, San Diego Real Estate
We have rediscovered the joy of working with San Diego’s first time home buyers.
It’s not that we avoided them in the past, it was just the pricey nature of San Diego’s real estate that kept most first time buyers out of the market. Occasionally, we would have a well heeled Instapreneur who had been too busy to shop for a home in the past–and was now in the market for a breathtaking home near the beach in Coronado, La Jolla, Del Mar, Solana Beach, Encinitas or Carlsbad.
But that is not the market I am talking about.
I am talking about those buyers who are seeking a home in San Diego under $500,000–or even less than $400,000 or $300,000. In the past, it was a very difficult search–especially in the sub-$400,000 market. Junkers were priced in the $500’s and flimsy condo conversions were selling in the high $300’s and new home builders in San Diego were offering liar loans to anyone those who believed the market could only go up.
Smart first time home buyers in San Diego sat on the sidelines and didn’t get caught up in the real estate greed game.
And those patient buyers are now finding cute remodeled vintage homes at around $300,000 instead of the $400,000 to $500,000 that was paid just a couple of years ago. One couple with whom we are working is considering a builder’s closeout where homes that had sold at close to $900,000 just last fall are now available in the high $600’s–with incentives to boot. It also helps that these properties now qualify for San Diego’s FHA loans that now have loan limits of $697,000. There are also other loan programs and perks reserved especially for first time homebuyers in San Diego.
The best deals, however, are most prevalent when you move a few miles in from the coast, at least in North San Diego County. But it is still possible to be within 10 miles of the beach and enjoy San Diego’s ocean breezes and balmy climate–and live in a relatively new home.
Wonder what San Diego real estate deals are available? Just click the Home Search button below and begin your hunt. Additionally, in the next day of so, we will have a direct link to all listed San Diego foreclosures that can be searched at the neighborhood level.
Stay tuned!
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San Diego Real Estate Foreclosures Hit (Some) New Highs
April 28th, 2008 Categories: Carlsbad, Encinitas, Oceanside, Real Estate News, San Diego Real Estate
San Diego is full of micro-climates, so why not acknowledge its micro-economies as well?
Overall, the San Diego real estate market looks pretty gloomy: There were 3666 foreclosures in San Diego during the first quarter of 2008, compared to 1182 during the first quarter of 2007, and 2296 during the last quarter of 2007. And most of the loans that went into default were originated between August, 2005 and October, 2006.
The bloodiest real estate markets in San Diego County, though, occur in those areas with newer construction, where builders sold homes and condos to thousands of first time home buyers on stated income and ARM loans. Poster cities for the foreclosure mess would have to include South Bay cities such as Chula Vista , where up to 79 percent of recent sales were foreclosures–as well as Spring Valley, Encanto, Nestor, North Oceanside (92057), the College area (92115) and Paradise Hills, where over half of all sales are foreclosures.
Coastal cities, with their micro climates and stronger local economies (tourism helps) are generally populated with more established and more expensive neighborhoods that were off limits to most first time home buyers. Cities such as Coronado, La Jolla, Del Mar, Solana Beach, Encinitas, Carlsbad and West -of-5 Oceanside (92054) have weathered San Diego’s foreclosure storm pretty well with somewhere between 0.3 to 2.0 foreclosures per 1000 homes. Compare that to 14.1 to 15.5 per thousand for South Bay communities in the 91915 and 92173 zip codes.
And as bad as some of these numbers look, San Diego County is still faring far better than truly battered inland Riverside and San Bernardino Counties–and central California counties as well.
So what is a buyer of San Diego real estate to do?
We are advising our real estate clients to stay coastal if at all possible. These are the blue chip properties of San Diego County and tend to hold their value best during tough economic times. The number of affluent home buyers who wish to escape the dark and cold winters in the Midwest–or the desert retirees who can no longer stand the summer heat of the deserts–are still seeking the year round balmy climate of coastal San Diego.
Now, however, these same relocating Americans are competing with smiling foreign buyers who can buy the San Diego beach lifestyle with Euros, Loonies, Yuan and Yen and cash in on the battered US Dollar.
You may also wish to read:
San Diego Real Estate a Bargain for Foreign Invevstors
Homes for San Diego Baby Boomers
Rancho Santa Fe Real Estate Bargains
San Diego Real Estate Irresistible to Foreigners and Expats
Luxury Builder Claims 2007 Worst in 40 Years
La Costa Villas: Great Real Estate Investment Bonus
Moving or Relocating to La Jolla, CA
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The Encinitas Short Sale from Hell: Closed
April 27th, 2008 Categories: Encinitas, Mortgage News, Real Estate News
It was group hug time Friday afternoon when we received confirmation that our 10-month short sale ordeal in Encinitas Ranch had successfully recorded and closed.
Kudos to the patient buyers of this Encinitas home, because they truly got a terrific deal ($890,000).
Welcome relief is also due the out of area young seller, who had been unwittingly pulled into a raunchy real estate transaction by a couple of sleazy mortgage brokers (one of whom was the seller) , a credit “packager” –and escrow, title and appraisal personnel who surely knew better than to facilitate such a sham.
Our first time home buyer-turned-seller from Los Angeles, with excellent FICO score (and no savings), was lured by the promise of buying an “undervalued” $1.2 million home (100 percent financing) in San Diego that he could profitably sell 6 months later–while someone else made the payments. It was to be his stepping stone to riches. Or so he thought.
Instead, it turned into 16-month nightmare:
. The “credit “packager” forged our client’s name and leased the property at under-market rent. He collected rents and deposits for about four months, until we listed the Encinitas home for sale. At that time, the tenants began paying rent to their attorney and barred us from showing the home. Now, we were dealing not only with a short sale, but a listing that could not be shown.
. Because we had priced the property aggressively, because Encinitas Ranch is a very desirable community, and because we marketed the home everywhere possible, we were able to secure 8 offers–ranging from ridiculous to credible. This in spite of the fact that the
tenants and their attorney would not allow anyone in to see the home.
. Foreclosure sale for this Encinitas home had to be stopped three times because the loss mitigation department of this major lender has a major interdepartmental communication problem.
Real estate commissions were slashed by the short sale lender, but that is nothing new. They also refused to pay HOA fees that were in serious arrears, the home warranty for the buyer, utilities in our name, and a list of other necessities required for closing. But sometimes achieving the impossible is almost worth more than monetary compensation.
Monday morning, I will order the sign removed from this Encinitas property, where it has probably set a record for the longest-standing Realtor’s sign in Encinitas Ranch.
The neighbors will breathe a sigh of relief–and so will we.
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Encinitas Street Fair this Weekend
April 23rd, 2008 Categories: Encinitas, Events, San Diego Activities
If I can tear myself away from Oceanside Terraces real estate this weekend, you will probably find me wandering around in comfortable shoes, eating fun food and shopping for funky jewelry at one of the 450 vendor booths on Highway 101( between D and J Streets) in wonderful downtown Encinitas.
Hopefully, though, I will be an early visitor (they open at 9 am) because over 100,000 shoppers are expected at the 25th Annual Encinitas Street Fair and parking will be tight. If I didn’t need to have a car for the Oceanside trip, I would consider taking the NCTD Coaster to this fun Southern California beach town event. For the Coaster schedule, go to: http://www.gonctd.com/coaster_schedules.htm
Entertainment will be available on both Saturday and Sunday, and will be staged at both the Karl Strauss Beer Garden Stage and the Beer Garden Stage in the Lumberyard parking lot on the corner of Hwy 101 and I Street.
The Encinitas Street Fair entertainment schedule?
Beer Garden Stage
Saturday, April 26th
11:30am- 2pm The Blues Gypsies
2:30pm-5pm Cash Cats
Sunday, April 27
11:30am-2pm The Corvettes
2:30pm-5pm Bozzani Brothers
Karl Strauss Lumberyard Center Courtyard Stage
Saturday, April 26
11:00am- 1:30pm Super Strings
2:00pm-4:30pm Uplift Band
Sunday, April 27
11:00am-1:30pm Adrienne Nims & Spirit Wind (a personal favorite)
2:00pm-4:30pm David Correa & Cascada
There will be additional performances by La Costa Dance and Cheer, the California Music Studio, ESOM Big Band, the Rocking Falcons, the Republic of Letters, CoMotion Dance, Ke Hulili O Kailani, Stage Door Dance & Performance, Mudfish, Peter Hall, Russell Castiglione, and the Prodigy Visual and Performing Arts School.
For additional information, call 760.943.1950
Our Encinitas real estate endeavors will likely be put on hold this weekend!
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