The Latest San Diego Remodel: Staircases
October 15th, 2009 Categories: Aviara Real Estate, Carlsbad Real Estate, San Diego News, la costa real estate
Carlsbad, CA–Over the past decade, there has been a flurry of home remodeling in San Diego County–particularly in coastal areas, where building activity first blossomed. During the last ten years, tile and formica surfaces in kitchens and baths have been replaced with natural stone products, while stainless steel appliances dominate kitchens. Popcorn has been scraped from ceilings and energy efficient dual-paned windows are replacing their single-paned predecessors.
Now, the staircases in 1970’s and 1980’s homes are being replaced.Being torn down are enclosed staircases, along with those stem walls with
wrought iron toppers and 2×6 handrails (see photo at right). Some are being replaced because of safety issues that could result in a child’s head could get stuck between the stair rails–or a disastrous fall .
We had the opportunity to interview San Diego’s original staircase replacement expert, Gregg Kuzara, who happened to spend a few days in our home performing his wood and metal magic. He explains that because of the advancement in tools, technology and trade that what might have cost $30,000 (or much, much more) just 15 years ago can now be had for perhaps $10,000.
Where once wrought iron staircase pickets had to be handcrafted, they can now be largely manufactured offshore. Cordless tools, computer drafting and other construction advances have made staircase replacement far more efficient–and far more affordable, than we had imagined. Count on teardown and reconstruction taking at least a week–and probably longer.
The results, though, might add an entirely different dimension to your home. As we show homes throughout North San Diego County, it is easy to see the difference newer wrought iron, railings and woods can make to older barriers. And finally, this article has nothing to do with what we are paying for our staircase replacement. Consider this a heartfelt and unpaid endorsement.
Would we recommend Gregg Kuzara and his San Diego staircase replacement services? We would–in a heartbeat!
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Lose a Job; Keep Your Home
June 10th, 2009 Categories: San Diego News
Carlsbad, CA–These are tough economic times, even in sunny San Diego. With unemployment running at 9 percent here, many fear not only the loss of their jobs, but the loss of their San Diego homes as well.
So what’s a homeowner to do when facing unemployment?
Besides filing for unemployment, checking 401(k) balances, securing health insurance coverage and polishing the resume and LinkedIn profile, the newly-unemployed homeowner should also assess outstanding debt–including the mortgage. This is not the time to slack off on payments; rather, every step should be taken to keep payments current. Don’t bury your head in the sand. Instead:
1. Pick up the phone and call your credit and bank card companies. Advise them of your situation and try to negotiate for a lower interest rate as well as lower payments. Increasingly, these creditors are more willing to negotiate terms.
2. If you have a mortgage on your San Diego real estate, call your mortgage lender(s) and inquire about mortgage loan modification. You may be able to not only reduce your interest rate, but possibly reduce the principal balance on your mortgage as well. Be persistent–and patient, as you sit on hold for what seems like an eternity. And before even thinking of forking over money to a loan modification company, visit HomeFreeUSA where you can receive mortgage loan modification assistance for free.
3. If you think you may need to leave the area for employment elsewhere, consider calling a reputable San Diego Realtor immediately. He or she will be able to advise how to sell your home quickly and at the highest price–but will be able to market it to the broadest buying market possible.
When or if unemployment hits, fear will be the worst enemy, More than ever, this will be the time to be alert to alternative career possibilities, assertive in seeking financial solutions and aware of the life’s potential ahead.
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Don't Miss Fiesta Del Sol in Solana Beach
June 5th, 2009 Categories: San Diego News
by Scott Murphy
2009 Fiesta Del Sol
Solana Beach, CA–Come join us for the 30th annual Fiesta Del Sol event in Solana Beach on June 6th and 7th. Over 50,000 people are expected to attend–and there are a lot of reasons why. Even I will leave behind–at least for a few hours–my obligations as a San Diego real estate agent.
The arts and craft booths are totally sold out, and as usual, you can expect to find some crafty buys ranging from unique jewelry to garden whirligigs. Additionally there will be some great music and bands such as Common Sense and West Indian Girl who are playing on Saturday, with Donovan Frankenreiter headlines on Sunday.
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Invisible Black Drape Lifted
June 3rd, 2009 Categories: San Diego News
Perhaps I should have put a black drape over this blog on April 24, 2009 because that’s the day Dad died in Encinitas, CA–and my sister Gayle and I became orphans. It’s really tough when the last parent exits, especially if the relationship has been a close one.
Our mother, Edith Michelson, died in 2006. Her husband of 59 years and a heroic pilot of three wars, Retired Lt. Col Robert Michelson, would spend the next three years of his life gently counseling and encouraging the dreams of his two daughters and five grandsons. On a personal level, Bob Michelson in his 80’s also abandoned a lifetime of agnostic views, and to our absolute amazement, developed a wondrous faith in God.
He was also enormously curious about new technologies. Dad was the first person I knew to download Window’s Vista–and wished for stem cell technologies that might one day cure his own illness as well as those of others. He loved our country, watched Wall Street closely, was an Astros and Padres fan, and hated Nancy Pelosi. Dad’s idea of a perfect meal would be a bowl of spicy bean soup and a crusty piece of bread. He was modest, generous to a fault, and promised to be a guardian angel for us all.
We miss him terribly.
And that is probably why my writing gears have been frozen this past month or so. And though our real estate business continued and even flourished, I just couldn’t bring myself to write about San Diego real estate, market conditions or luxury homes–and remain indebted to my husband and partner Mike as well as associates in our company who so kindly aided me and our clients during this personal and unprecedented period of grieving.
I spoke with a Philadelphia food writer a few days ago and she could not understand how I could abandon writing during this grieving period–because writing would be her salvation. I didn’t write because I feared alienating you with my sadness and the process of putting a deceased parent’s affairs into final order. At the same time, I didn’t feel able to write about the things I usually favor because of this big life transition. A simple diagnosis might be writer’s block. And that is something that just has to work itself out.
Those writing gears, though, have begun to thaw and life’s rhythms are returning to normal. Laughter is easier, tears have subsided and reconnecting with friends–and you– is now a priority. It feels good to be home. –Roberta Michelson Murphy
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San Diego Realtors Asked to Help Bust Real Estate Fraud
April 5th, 2009 Categories: Carlsbad Real Estate, Oceanside real estate, San Diego Foreclosures, San Diego News, San Diego Real Estate
It’s a sad fact of life, but unscrupulous vultures are always ready to pick at the flesh of the most financially distressed.
It is also refreshing to hear that San Diego County District Attorney Bonnie Dumanis is asking San Diego Realtors to help her track down and prosecute real estate fraudsters operating in our county.
We have written before about the foreclosure and loan modification scams that prey upon distressed San Diego home owners who are struggling to stay in their homes. The DA’s office is aggressively trying to warn homeowners to stay away from these San Diego real estate crooks and their fraudulent offers of mortgage and loan modification assistance–and is asking us, as San Diego Realtors, to report any suspicious activity.
All too often, unwitting and desperate home owners will pay an upfront fee to a person or company who promises to prevent foreclosure–or to modify existing mortgage loan terms. And all too often, people are paying for services they never receive–and might be better off with a do-it-yourself loan modification.
San Diego real estate agents are also advised to be wary of “sanctuary” scams, where these real estate vultures claim ownership of vacant or foreclosed homes via the filing of phony (but official-looking) grant deeds with the County Recorder’s Office. And even though these documents don’t actually transfer title, they do cloud ownership and create havoc with the law enforcement agencies.
In California, it is illegal for foreclosure consultants to acquire distressed real estate from their clients, and it is also illegal for California real estate licensees to charge upfront fees for loan modification services without first meeting strict requirements laid out by the California Derpartment of Real Estate.
Michael Groch, chief of the District Attorney’s Economic Crimes Division, is asking San Diego Realtors and citizens to report all potential real estate scams to his office. The San Diego County District Attorney’s Office can be reached online or at (619) 531-4475.
If you are interested in a short sale for your San Diego home, or other loan modification resources, feel free to call Mike or Roberta Murphy (877)818-8197 or 760-402-9101/9102.
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North San Diego County Real Estate on Rebound?
March 13th, 2009 Categories: Carlsbad Real Estate, Market Trends, Rancho Santa Fe Real Estate, San Diego News
Carlsbad, CA–There might be some small cause for celebration for owners of single family homes in North County with the news that median home values increased 1 percent from January, 2009 to February, 2009–from $361,250 to $364,900. And the reason that small increase might warrant at least a small sigh of relief is that year over year (02/2008 to 02/2009), home prices in this area have declined by a whopping 29.15 percent from $515,000 in Febuary, 2008.
So, any increase, no matter how small, could represent the beginning of a thaw in the San Diego real estate market. Read the rest of this entry »
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San Diego Loan Modification News
March 4th, 2009 Categories: Carlsbad Real Estate, San Diego Foreclosures, San Diego News, San Diego Real Estate
Carlsbad, CA–We’ve been scouring rumors, prophesies and commentary everywhere, trying to get an advance handle on Obama’s loan modification program that was released this morning.
And which says:
- The home must be an owner occupied, single family 1-4 unit property (including condominium, cooperative, and manufactured home affixed to a foundation and treated as real property under state law).
- The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill).
- The home may not be investor-owned.
- The home may not be vacant or condemned.
- Borrowers in bankruptcy are not automatically eliminated from consideration for a modification.
- Borrowers in active litigation regarding the mortgage loan can qualify for a modification without waiving their legal rights.
- First lien loans must have an unpaid principal balance (prior to capitalization of arrearages) equal to or less than:
o -1 Unit: $729,750
o -2 Units: $934,20
- The mortgage to be modified must have been originated on or before January 1, 2009–and will be available until 12.31.2012.
And the loaded question: Just how much of the original loan can be modified?
In mortgage underwriting talk, lenders will first have to reduce payments of mortgages to no greater than 38% Front-End-Debt-to Income (DTI) ratio. Then, the US Treasury will match further reductions in monthly payments dollar-for-dollar with the lender/investor, down to a 31% Front-End DTI ratio for the borrower.
In plain and simple speak, the Front-End DTI is arrived at by dividing one’s primary housing expense by income. Lenders generally like to see a front end ratio of 28% or less. The back-end Debt-to-income ratio combines almost all monthly debt (or at least what shows up on credit reports) and divides that by monthly income. A ratio of 38% or less is preferred for back end DTI’s.
Finally: What if the front end ratios are 50 percent or more? Will lenders be willing to drop the principal balance of the loan or its terms to bring down the ratios to the required 38% Front-End DTI to make the loan modification work?
Still searching for answers….
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San Diego Real Estate Disclosures: New Hazard
February 21st, 2009 Categories: Carlsbad Real Estate, San Diego News, San Diego Real Estate, la costa real estate
I always advise our real estate sellers to reveal everything they know about their home in the mountain of disclosures we have them sign. It is a time for true confessions–and we do this for two very good reasons:
1. Buyers need to be fully informed by sellers regarding the home they are buying.
2. We wish to protect our sellers from legal consequences for failing to do so.
It turns out that sellers may now be held liable for partial disclosures–and could end up in court for half-truths. In the recent appellate court case of Calemine v. Samuelson, Seller Samuelson owned a condo which had a long history of lawsuits against the builder and subsequent contractors for water intrusion into some of the units in the condo development. Read the rest of this entry »
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San Diego Real Estate Investors Rejoice!
February 11th, 2009 Categories: Carlsbad Real Estate, San Diego, San Diego News, San Diego Real Estate
Carlsbad, California–According to Fannie Mae and effective March 1, 2009 real estate investors can once again own and finance up to 10 individual properties–instead of the current four.
San Diego real estate investors, though, will have to meet new minimum requirements:
Those buying a 5th, 6th, 7th, 8th, 9th or 10th home must meet the following standards set forth by Fannie Mae:
- 720 credit score
- 25% down payment for a 1-unit (30% for a 2-4 unit)
- No mortgage delinquencies in the last 12 months
- 6 months of reserves for each investment property
In other words, Fannie Mae is re-opening the lending spigot for real estate investors having good credit, ample reserves and a sizeable down payment . Logically, Fannie Mae believes that this change will allow investors to “play a key role in the housing recovery.” That is because under current guidelines, investors with four or more properties–and who are going to foreclosure auctions–were unable to obtain mortgage funds under Fannie Mae guidelines. Instead, they were forced to use “hard money” loans–or cash reserves to complete their purchases.
This change should help expedite the San Diego foreclosure liquidation process–and provide more support for the San Diego housing market.
And finally, homeowners with more than four properties will be able to participate in the ongoing conforming mortgage Refi boom. Until now, they, too, have been stymied by the four-property restriction.
For additional reading:
Let’s Resurrect Assumable Loans
Want to Modify Your San Diego Home Loan?
San Diego Real Estate News Upbeat–Sorta
San Diego Foreclosures Take a Holiday
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How Fares the Rancho Santa Fe (92067) Real Estate Market?
February 1st, 2009 Categories: San Diego News
Wall Street and pundits have been buzzing about how the luxury real estate market has turned cold–even in Manhattan, San Francisco…as well as Rancho Santa Fe. And more than a few are whispering about the great buys to be found in the luxury real estate market.
As of this writing, there are 256 homes on the market in Rancho Santa Fe’s 92067 zip code, and of those, only four are attached dwellings. A full third of those Rancho Santa Fe homes have had price decreases from the original dates of their listing–and we are even beginning to see short sales and pending foreclosures within this wealthy community.
Still, the average price for a home in Rancho Santa Fe runs $4,984,596, while the median comes in at $3,420,000–and the average price per square foot rings in at $699. Of course, most of these homes sit on precious acreage, which is not counted in that figure. Read the rest of this entry »
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