Archive for July, 2008
A Real Estate Chuckle
July 26th, 2008 Categories: Real Estate Juice, Real Estate News
San Diego real estate isn’t always presented in the best light–especially when homes are listed with bad photography, misspelled descriptions and grammar that would make a fifth grade teacher snarl.
Sitting at lunch yesterday in San Francisco where we had attended Inman Connect, real estate blogger, broker and wit extraordinaire Kevin Boer (at the urging of fellow diners and friends) announced his candidacy for president of the San Francisco Association of Realtors.
Annoyed at association fines and scoldings for nicely writing about other agent’s listings, this San Francisco real estate broker would rather take real estate agents to task for describing and portraying their own listings appropriately.
But let me not steal Kevin’s thunder:
San Diego Foreclosure: Back to 2002?
July 19th, 2008 Categories: Real Estate News, San Diego, San Diego Market Trends, San Diego Real Estate
This was a morning of discovery and indigestion digestion.
We have seen San Diego real estate prices plummet in the suburban communities of Chula VIsta, National City, San Marcos, eastern Oceanside and Fallbrook. After all, these communities are full of newer subdivisions that were financed with liar’s loans and imaginary incomes.
Established San Diego neighborhoods with lower turnover have been immune from steep price declines–or so I thought,
What took me aback today was our showing of a vintage and lovely 1927 home on a large corner lot in Point Loma that is offered as a bank foreclosure–and at a price that falls below its 2002 sales price.
The details?
The last owner purchased the property at $910,000 with 100 percent financing. Neighbors say he tried unsuccessfully to sell it for over $1 million a year or so ago. The sale prior to that occurred in 2002, when this San Diego home was sold for $749,000.
Today this vintage Spanish home with gleaming hardwood floors and manicured landscaping is priced at just $725,000.
Point Loma neighbors and this Realtor are a bit stunned–and still trying to adjust to this new pricing realty.
I have no doubt that this wonderful single level 3-bedroom home with almost 1600 square feet of living space will sell quickly, but it will certainly cripple neighborhood comparables for awhile. But perhaps this abrupt grappling with San Diego real estate realities is what is needed to bring some degree of normalcy back to our real estate market.
Is 2002 an approximate benchmark for San DIego real estate pricing?
It is a sobering thought.
Carlsbad Housing Scam Alert
July 13th, 2008 Categories: Real Estate News
You’d think the San Diego real estate market had enough trouble on its hands, without the incursion of crooks who advertise homes for rent in CraigsList. The rents are reasonable, credit history is no problem and move-in is easy.
The only problem is that thieves are leasing homes in which they have no interest–other than what they can illegally milk from these vacated properties. The property of choice, at least in suburban Carlsbad, appears to be a home that is vacant, not listed with a Realtor, and that is a recent foreclosure.
Two Orange County scoundrels were just arrested for doing this with at least a couple of Carlsbad homes–and possibly more. It is not yet known how many thousands of dollars in deposits were fraudulently collected, but police are investigating and asking anyone with information–or who may have been a victim–to call them at 760-931-2197.
These scams are nothing new and tend to proliferate when rental markets are tight–which perfectly describes the Carlsbad home rental market right now. We just listed a townhome rental in Calavera Hills and had a solid application within 48 hours. Those relocating to the San Diego area and those displaced because of the mortgage meltdown are added to the rolls of those seeking rentals in desirable neighborhoods.
Free Advice:
For Renters: Use a licensed real estate professional if at all possible. It should cost you nothing–and BEWARE of CraigsList rental ads–especially those courting bad credit. Report suspicious ads to CraigsList and the authorities.
For Neighbors: If you live close to a vacant foreclosure, watch out for homemade signs and unusual activity around the home. Call a Realtor or someone in the real estate business and have them check ownership of the property in question–and don’t be timid about calling the police if you feel something isn’t right.
For Scammers: Stay out of San Diego County. You’re not welcome here, we’re on alert for your loathsome activities–and we’ll set you up for a bust any chance we get.
I am one #!%*& San Diego Realtor this Morning
July 10th, 2008 Categories: San Diego Real Estate
At 5:05 am this morning I was rudely awakened by some unidentified call from the 206 area code.
The caller sounded as if she might be in India, but that is beside the point. She wanted to know if I would like to talk about search engine placement and placing higher for San Diego real estate in Google or some such thing.
“Do you know what time it is?” I screeched. “”It’s 5 am and you just jerked me out of bed. You want to talk about search engines?”
Click.
I trudged downstairs, fixed some tea and decided to use the early morning hours visiting other real estate blogs of interest.
Know what I found?
Another irritated Realtor, John Harper, was similarly interrupted by another telephone huckster trying to sell him higher placement for San Ramon real estate or San Ramon homes for sale–I’m not sure which.
How to battle these interruptions?
Any suggestions?
This grumpy Realtor is open to ideas….
–Roberta Murphy (nursing a head cold and feeling out of sorts)
NOTE: I called the 206-203-7278 telephone number and it belongs to the FTC. Double growl: These solicitors are cloaking the originating number with one belonging to the Federal Trade Commission.
San Diego Real Estate: Short Sale, Foreclosure or Deed in Lieu?
July 1st, 2008 Categories: Mortgage News, Real Estate News, San Diego, San Diego Market Trends, San Diego Real Estate
San Diego’s mortgage meltdown has left many stressed and relocating homeowners wondering what to do. Should they just let their home go to foreclosure? Should they see if their lender will accept a deed in lieu of foreclosure? Or should they go through the uncertainties of a short sale on their San Diego home?
Fannie Mae’s recent announcement seems to provide some real clarity for owners of San Diego homes in default.
In a nutshell, avoid foreclosures, bankruptcy and deed in lieu of foreclosure if at all possible. It is far, far better to have a short sale–or a pre-foreclosure sale–as a resolution.
Why?
Under the Fannie Mae Announcement 08-16 (released 06/26/2008), short sales or those engaging in pre-foreclosure sales will be cleared to borrow on another home via Fannie Mae in two years from completion date of the short sale. This may be painful, but two years is far preferable to the alternative….
of 5 to 7 years if the home goes to foreclosure and 4 to 7 years if one opts for deed in lieu of foreclosure.
I am horrified that there are real estate agents advising people that there is no difference between a short sale and foreclosure–or that a deed in lieu of foreclosure may be preferable to either.
If homeowners were to follow this fallacious advice, our country’s real estate market would remain in the tank for at least another five years–and by that time we might have gone through an economic depression of epic proportions.
If your San Diego home is in default, please contact a qualified short sale specialist as soon as possible to help avoid the long-lasting consequences of foreclosure. The best buyer for your home is a cash buyer who is in a position to perform on short notice–at no cost to you.
We work with such a buyer–and are willing to forfeit any real estate commission on the sale to this investor group, because they will eventually turn around and list with us.
For additional information, call Mike or Roberta Murphy at 760-402-9101/9102.
