San Diego Previews Makes Top 10!
June 5th, 2010 Categories: Carlsbad Real Estate, Encinitas Real Estate, San Diego Real Estate
Who might have imagined?
I fetched the San Diego Union Tribune from the driveway this morning and noted the front page announcement encouraging all to vote for San Diego’s Best 2010. All we had to do was go to the SDBestPoll and vote for the top nominees in each category.
Couldn’t resist logging in and checking, first and foremost, the top 10 rankers for San Diego real estate brokerage. And there we were, right along with the big guys like Prudential, Coldwell Banker, Century 21, Keller Williams and Windermere. The dais was also shared with some four other independents including Ascent, Connect, Coastal Rock and the Coshow Group.
I think my 7 a.m. Saturday morning screech awakened not only the family, but startled some neighbors as well.
Now, says the U-T, it’s times to vote for the “best of the best” –until June 27. And on Sunday, August 29, we’ll all be able to discover, via their announcement, everything from San Diego’s best Greek restaurant to the best movie theater, skate park, wi-fi hangout…and San Diego real estate brokerage (please?).
Vote daily if you wish–and big congrats to all San Diego businesses and services that share the nominations for San Diego’s Best.
I am still pinching myself….
Carlsbad–Roberta Murphy
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Comparing 92009, 92011, 92010, 92008 and 92024….
May 2nd, 2010 Categories: Carlsbad Real Estate, Encinitas Real Estate
We are always on the lookout for cool online tools–and an easy link for juicy zip code demographics can’t be ignored.
Carlsbad and Encinitas Zip Code Data
Zip Skinny provides a lot of information drilled down to zip codes and gives you the chance to see how how your zip code compares to neighboring ones in such areas as:
- Levels of education
- Median household income
- Population density
- Number of singles
- Racial demographics
- Employment levels
I am already comparing North San Diego communities in Carlsbad, Encinitas, Rancho Santa Fe, Del Mar, Solana Beach, Cardiff, San Marcos, Oceanside, Vista and Escondido.
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San Diego Real Estate Buyers Win Again
November 5th, 2009 Categories: Aviara Real Estate, Carlsbad Real Estate, Encinitas Real Estate, San Diego Real Estate, la costa real estate
It’s official:
The $8000 first time homebuyers income tax credit has been extended by Congress — and (hallelujah!) buyers who have owned their homes for at least five years may be eligible for a $6500 tax credit for move-up purchases. President Obama is expected to sign it into law in the next day or so.
Both buying groups must have signed a purchase agreement April 30, 2010 and closed escrow by June 30.
It appears the credits will be good on primary home purchases up to $800,000, while vacation homes don’t count. Qualifying income limits are $125,000 per year for individuals and $225,000 for joint filers. Military members serving outside the United States for at least 90 days are expected to have these credits extended an additional year–until June 30, 2011.
As an added bonus, taxpayers may be able to retroactively claim the credit on home purchases completed in 2010 on their 2009 income tax returns. At the same time, buyers must remain in their newly-purchased homes (as primary residence) for 36 months after purchase or face repayment of the credit. This latter requirement is waived for active military personnel who are transferred due to military orders.
The passage of this legislation will help relieve much of the pressure for San Diego first time home buyers.
Through August, 2009 1.2 million first time home buyers have qualified for this income tax credit and the National Association of Realtors estimates that 350,000 of these purchases are directly attributable to the first time home buyer credit. –Roberta Murphy Carlsbad, CA
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The Siberian Dilemma: Foreclosure or Short Sale?
October 27th, 2009 Categories: Aviara Real Estate, Carlsbad Real Estate, Encinitas Real Estate, San Diego Foreclosures, San Diego Real Estate, la costa real estate
Carlsbad, CA–When considering the hard choices faced by distressed San Diego real estate owners, it’s not too difficult to recall what is called the Siberian Dilemma:
If you are stranded on a frozen lake in Siberia and fall through the ice, you have four minutes to live. If you crawl out of the hole into the frozen air, you have two minutes to live. Neither are good choices.
The frozen dilemma may seem out of place in sunny San Diego, but some make the mistake of assuming that the long term consequences of short sales and foreclosures are essentially the same. That assumption could be disastrous.
If you are faced with the dilemma of pursuing a short sale or allowing your distressed property to go to foreclosure, there are some important factors to consider:
Credit Issues
If you lose your San Diego home to foreclosure, your credit or FICO score may be dinged 250 to over 300 points and will typically harm your score for at least 3 years. A short sale, on the other hand, may only reflect late payments–and after sale, the mortgage will be reported as paid or negotiated. If all other credit payments are being made on time, the credit score hit could be as little as 50 points.
It’s also important to note that a foreclosure will remain as a public record reflecting one’s credit history for 10 years or more, while short sales are currently NOT reported as such on credit histories.
Future Mortgages
A foreclosure may wreak havoc with your attempt to obtain a mortgage in the next 5 to 7 years. The standard 1003 mortgage application currently asks, “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” One whose primary home has gone to foreclosure is not eligible to receive a Fannie Mae-backed mortgage for 5 years. And it’s even worse for the investor, who cannot receive a Fannie-backed investment mortgage for 7 years.
Short sales are treated quite differently. A homeowner or investor who has sold via short sale will be unable to obtain a Fannie-Mae back home or investment mortgage for just 2 years. Quite a difference!
Employment
This will hopefully change in the future, but currently a foreclosure in one’s background can create real challenges with federal, state and local security clearances. This could be a real problem for both prospective and active military, police, FBI and other positions requiring security clearance. Additionally, many employers require credit checks for all job applicants as well as periodic checks on employees in sensitive positions. A foreclosure could result in loss of employment—or none altogether.
Meanwhile, a short sale is currently NOT reported on credit reports and therefore presents NO challenge to current or future employment.
San Diego County homeowners who are under huge distress with escalated mortgages, homes that are worth less than what was originally paid, and/or loss of income may feel that all is lost–including their homes and future possibilities.
Dismiss those defeating thoughts.
After much research and personal experience, we have determined that a leap out of freezing water (pre-foreclosure) might offer hope of salvation if immediate action (short sale) is taken to settle old mortgages so that distressed homeowners can eventually reclaim their lives.
We are now aggressively seeking San Diego area home sellers who wish to avoid foreclosure. On a selfish level, we believe that a successful short sale might result in a lifelong client.
On a realistic level, we know that each home saved from foreclosure saves not only a future homeowner, but potentially our entire economy.
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Unemployment Rate to Help San Diego Real Estate Market?
July 9th, 2009 Categories: Carlsbad Real Estate, Encinitas Real Estate, San Diego Real Estate, San Diego Relocation
Mike Murphy
Carlsbad, CA –My husband and partner, Mike Murphy, was once a mortgage banker who dealt directly with Wall Street. He tracked the markets like a hawk, and almost crowed when ugly unemployment numbers were announced. He wasn’t happy that people were losing jobs; rather, he knew that interest rates would go down–and that makes real estate more affordable.
Though Mike is now devoted exclusively to San Diego real estate sales, he still realized the significance of last week’s jobs report, which is the latest data point to drag down rates for today’s home buyers and would-be refinancers.
The numbers reported by the government are ugly, with the national Unemployment Rate rising to 9.5 percent in June — which represents a 25-year high.
As the percentage of out-of-work Americans grows, households will have less disposable income to pump back into the economy. And San Diego is no exception. You see, consumer spending represents a whopping two thirds of our economy and the swelling ranks of unemployed are forcing markets to adjust expectations about when the U.S. and San Diego will reach full recovery.
Inflation is the mortal enemy of mortgage rates. So, the perceived absence of inflation can therefore be its friend.
With fewer working Americans, we can expect slower economic growth plus a smaller probability for inflation over the medium-term. This is why mortgage rates are lower of late, off by as much as a half-percent from the peak.
And that helps to make San Diego real estate more affordable–at least for those with jobs. –Roberta Murphy
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2009 Encinitas Street Fair
April 22nd, 2009 Categories: Encinitas Real Estate
by Scott Murphy
Encinitas Street Fair
Encinitas, CA–The Encinitas Street Fair is an event enjoyed by tens of thousands, and the 26th annual Street Fair to be held this weekend (April 25 and 26) in Encinitas promises to be an all-time winner
Over 100,000 shoppers and visitors are expected to attend the Encinitas Street Fair event which will feature 450 arts and crafts vendors, four live stages, rides for children and the Stone Brewing Beer Garden. The event runs from 9 a.m. until 5 p.m. so bring your comfortable attire, leashed dog if you have one, and come spend the day wandering along Highway 101 between D and J Streets in Downtown Encinitas.
Plan to arrive early as parking will be difficult as the day goes on. For a Green alternative, consider taking the Coaster which will be running on Saturday and stops just outside the event.
I’ll be there with camera, catching candid shots of San Diego enjoying what promises to be a sun and fun-filled weekend.
Bring sun block, bottled water, camera and kids!
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Help for San Diego's Marine and Navy Homeowners
March 26th, 2009 Categories: Coronado Real Estate, Encinitas Real Estate, Oceanside real estate, San Diego Real Estate, San Diego Relocation
by stejan @flickr.com
Carlsbad, CA–I grew up a military brat, and our youngest son Mark enlisted in the Armed Forces last fall. Hence, it should come as no surprise that I have a big soft spot in my heart for military folk–and especially for those who are in financial trouble because of the collapse in the San Diego real estate market.
Military homeowners who were relocated to Camp Pendleton, North Island Naval Air Station, Miramar Naval Air Station and the Marine Corps Recruit Depot may be relieved to hear that they may be eligible for special and deserved relief for their real estate troubles–thanks to the recent stimulus package.
The Department of Defense Homeowners’ Assistance Program is administered by the US Army Corps of Engineers and was initially established to aid military homeowners displaced by base closings (BRAC 2005). Seeking ways to assist military families who have fallen victim to the near-pandemic real estate crisis and falling home values, the HAP may be able to assist military homeowners with PCS orders who are unable to sell their homes without sustaining a substantial loss.
The aid may also be available for wounded soldiers who need to relocate for medical reasons, as well as the surviving spouses of fallen military men and women. According to Military.com, a temporary $555 million has been allocated to help cover private home sale losses of both military and civilian Department of Defense personnel. The program will help reimburse the losses sustained by those who lose money on the sale of their homes due to forced relocation.
It is reported that the Department of Defense may elect to cover up to 95 percent of the real estate losses sustained (if home was purchased prior to 07/01/2006)–or may elect to purchase the home at 90 percent of “fair market value.”
I would advise San Diego military homeowners to watch the HAP site closely for developing news regarding these real estate benefits–and would appreciate a heads-up from any readers who have more updated information.
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Touch-Up Topper: A Savior for San Diego Laundry Rooms
January 12th, 2009 Categories: Carlsbad Real Estate, Encinitas Real Estate, La Jolla Real Estate
San Diego homeowners should rejoice over this clever solution because 
Ironing boards can be bulky and awkward — especially in a cramped laundry room.
Instead of fumbling with a folding board for a quick press, why not consider this inexpensive the Touch-Up Topper instead.
The Touch-Up Topper is a heat-resistant, portable ironing surface that rolls or folds for storage. Using sewn-in magnets, the quilted pad fastens to the top of most washers and dryers, turning any metallic surface into an instant ironing surface.
At 32″ x 18 1/2″, the Touch-Up Topper has a larger ironing surface than traditional ironing boards and it costs less, too. The Touch-Up Topper costs $14.95 and is available for sale at SkyMall.
I am off to order one for my home:-)
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San Diego Home Builder Files for Bankruptcy
December 29th, 2008 Categories: Carlsbad Real Estate, Encinitas Real Estate, San Diego Real Estate
As a sad ending to this dismal year in San Diego real estate, Barratt America, a prestigious home builder headquartered in Carlsbad, sought Chapter 11 bankruptcy protection on Christmas Eve. One of San Diego’s larger local builders, Barratt America has reduced its staff from about 140 employees to around 15, but hopes to resume new home construction again in 2010.
According to the San Diego Union Tribune, Bank of America has foreclosed on seven of Barratt’s subdivisions and condo developments and will be taking back four other projects in San Bernardino and Riverside Counties. Bank of America claims Barratt owes them around $79 million.
Excluded from this high-profile San Diego bankruptcy will be Santee’s proposed 1400-home Fanita Ranch development, which is part of a separate limited partnership. It is not out of the woods, though, because Guaranty Banks has issued a Notice of Default, claiming that Barratt owes them nearly $27 million
Barratt projects lost to Bank of America include Magnolia Estates in Carlsbad, Nantucket in Encinitas, Aragon in La Mesa and award-winning City Square in Escondido.
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Lowest-Priced Condo in Encinitas: Pacific Pines
August 30th, 2008 Categories: Encinitas Real Estate
We have a great couple looking for a San Diego condo near the beach. They were hoping to locate second-home with a price under $250,000–and were more concerned about a coastal location than the size of the unit.
We looked at condos in Oceanside, in Pacific Beach and Ocean Beach. What we didn’t expect to find was a lovely one-bedroom condo in Encinitas–at the gated community of Pacific Pines. It offers granite surfaces, brick fireplace, dishwasher, refrigerator, stove/microwave and washer/dryer. It is small at 650 square feet, but the price was remarkable at $195,000.
The gated community of Pacific Pines offers a pool, spa, tennis courts, club house, BBQ areas, picnic tables, sandy volleyball court, racquetball court, nearby hiking trails, and a location exquisitely close to the San Elijo Lagoon and Cardiff by the Sea.
We quickly wrote a full price offer on this Encinitas condo and submitted it this morning. It’s another one of San Diego County’s real estate foreclosures, so we are prepared for the inevitable bank and bureaucratic delays.
Below is the quick video I made for the clients prior to their drive down to Encinitas:
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