Archive for September, 2009

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Market Statistics for Oceanside for Week of September 28th

Wednesday, September 30th, 2009

The median list price in Oceanside, California this week is $359,000.

Demand for housing in Oceanside as measured by the Market Action Index is increasing and average days on the market is trending downward.  Even though there is quite a bit of inventory, these statistics are positive trends for the Oceanside market.

Home sales have been exceeding new inventory for several weekes. If this trend continues, the market will move into the Sellers’ zone (it will become more of a Sellers market), and prices may begin to trend upward. The San Diego market as a whole has seen price increases over the past three months, and if this trend continues, we may begin to see prices start to move upward.

Prices specifically in Oceanside have been hovering around the same levels for a few weeks, but they are starting to bump up. This is consistent with a projected upward trend in the Oceanside market.

Posted in Community Information, Oceanside Community | No Comments »

Market Statistics for Vista for Week of Sept. 28th

Wednesday, September 30th, 2009

In Vista this week, the Market Action Index has been climbing (meaning a better market for Sellers) and the average days on the market are going down. All of this gives a positive short-term outlook for the Vista market.

For several weeks in Vista, home sales have been exceeding new inventory. Until this inventory is consumed, prices will not yet move higher. But San Diego has recorded three months of home price increases, and if this supply and demand trend continues, prices may start to move up.

Prices in the three Vista zip codes are bouncing around so are not giving any steady signs yet. If you are a homeowner in Vista, watch the inventory and home sales. Signs are good for a recovery!

Posted in Community Information, Vista Community | No Comments »

San Diego Posts 3rd Straight Month Rise in Housing Prices: What Does It Mean?

Wednesday, September 30th, 2009

According to an article in the San Diego Union-Tribune, housing prices in San Diego rose for a third straight month in July. Economists believe that three straight months of increase should indicate that the market has hit the bottom and will soon go into recovery. But analysts throughout the area disagree.

The Standard & Poor’s Case-Shiller Home Price Index rose 2.5 percent from June to July for San Diego, the biggest one-month boost in four years. But analysts agree that now is the time to be cautions. They say that increases in the coming months will depend on three factors: the impact of the Nov. 30th end to the $8000 federal tax credit for first-time buyers; anticipated higher unemployment rates; and an expected increase in foreclosures.

The President of the San Diego Association of Realtors said that the end of the tax credit would be a “tragedy” because it would diminish the ability of first-time buyers to purchase a property. But he also said that the expected increase in foreclosures could help the first-time buyers.

The big question is if the 3-month increase in home prices really signals a turnaround. Here is the most optimistic opinion from Jennifer Lee, an economist at BMO Capital Markets. “No matter how you measure it, house prices look to have bottomed, which is the much-needed ingredient required to bake this housing market recovery.” Let’s hope she’s right!

Posted in My Real Estate Blog | No Comments »

First-Time Buyers Want Extension of Tax Credit

Saturday, September 26th, 2009

According to a new Zillow survey, nearly 20% of first-time home buyers say that extending the $8000 tax credit would be a primary influence on whether they would buy a home in 2010.

In the survey: “18% called the credit the primary influence in their decision; 25% said it would be a significant influence; and 27% said the credit would have some influence.”

The 18% translates to about 334,000 first-time buyers who would buy a home in 2010. The addition of that number of buyers could make the difference between a substantial increase in home sales and a flat or negative change in home sales.

The current $8000 tax credit for first-time buyers is set to expire on Nov. 30, 2009. Home buyers who do not currently own a primary residence or who have not owned one for the past three years are eligible for the credit.

Posted in Buyers, First-Time Buyers | No Comments »

Come See an Artist Carving 400-pound Blocks of Marble

Thursday, September 24th, 2009

At the Lux Art Institute at 1550 South El Camino Real in Encinitas, art is interactive. Not only can visitors see an exhibit of the current artist’s works, but they can also see the artist creating the art.

The Lux Institute is a contemporary art venue in North San Diego county where people can see “art happen.” The Artist in Residence series focuses on the living artist and the creative process.

The first artist in residence this year is Elizabeth Turk, a native Southern Californian, who brings a new vision to the art of stone carving. Using a chisel, she transforms 400-pound blocks of marble into fantastic and improbable shapes such as collars, pinwheels, and ribbons. While in residence, Turk will be working on a sculpture for her “Collars” series.

Don’t miss Elizabeth Turk at the Lux Institute!

Posted in Community Information, Encinitas Community | No Comments »

Should You Consider a Short Sale?

Thursday, September 24th, 2009

Every day I visit home owners who have Notice of Defaults recorded on their property, and they say, “I want to save my house. I don’t want to consider a short sale.”

If you have received a Notice of Default on your property, you should immediately begin to learn about the options you have. First, you need to be aware that the average time from Notice of Default to the time the bank issues a date for a Trustee Sale is 90 days.  So if you want to begin work on a loan modification, you need to start right away. Be sure that you choose a reputable, ethical professional to help you with your loan modification and make sure they understand the timeframe of the banks.

If you do not receive an acceptable loan modification, then that is time to consider a short sale as your next option. If you do decide to list your home as a Short Sale, your real estate professional should be able to get the date of your Trustee Sale postponed. In the meantime, you will receive offers on your house, choose the most qualified buyer, and send in all appropriate paperwork to the bank to get the Short Sale process started.

And 60-90 days later, if the Short Sale is done knowledgeably, your home should be sold and you should never owe any more money on it.

No, you haven’t “saved” your home in the sense that you can still live in it. But you have “saved” your credit; now you will have about a 200 point deficit on your credit for 2 years, while if the house were sold at a Trustee’s Sale, you would lose about 400-500 points for 10 years.

Short Sales are a viable option, and please don’t walk away from your house without considering one. Call me, Marilyn Dashe, at Century 21 Sea Coast in Encinitas, 760-803-4304, if you’d like some more information about a Short Sale as an option.

Posted in Homes Foreclosure, Short Sales | No Comments »

Market Statistics for Encinitas for Week of September 17th

Thursday, September 24th, 2009

For the week of Sept. 17th, the median list price in Encinitas is $1,299,000. This price reflects many homes on the market west of I-5 and west of 101.

Lately, the inventory has been tightening as more homes have been selling. Since this is a buyer’s market, prices are still not moving upward even though inventory is being consumed. However, as the trend continues for more demand and less supply, the market may move to becoming a seller’s market, and prices will then begin to move up.

The average days on the market in Encinitas has increased to 149 (5 months). 41% of the properties on the market have had a price decrease this week. Sellers seem to be pushing to get an offer on their homes as fall begins.

Now continues to be a good time for buyers to make offers on houses currently on the market. Sellers are motivated to sell and will look seriously at all feasible offers.

Posted in Cardiff Real Estate | No Comments »

Decrease in Foreclosures and Defaults

Wednesday, September 23rd, 2009

The San Diego Union-Tribune reported today, based on information from MDA DataQuick, a striking fall in both foreclosures (down nearly 40% in August of 2009 against August 2008) and notices of default (down nearly 7% over the same time interval) in San Diego County.

This may indicate a stabilization of the housing market, but it will require several months of improvement to be sure. There was, however, no let up in the rising delinquency rate. It is possible that this may reflect an increasing amount of mortgage loan restructuring and/or short sales replacing foreclosures, but it may be that banks are simply too overwhelmed with delinquencies to respond promptly with notices of default.

The key to the stabilization of the residential real estate market will be stabilization or improvement in unemployment. As has been the case recently, there has been a shift in the preponderance of troubled properties from neighborhoods with a lot of subprime loans to higher income neighborhoods, indicating that the primary driving force for delinquency is now unemployment.
Still, the news is encouraging that the market may be bottoming out. Meanwhile the foreclosure and short sale proliferation has put downward pressure on prices and provided a bargain market for buyers.

Posted in Buyers, First-Time Buyers, Homes Foreclosure, Short Sales | No Comments »

Carlsbad City Council Discusses Controversial Subjects

Monday, September 21st, 2009

he Carlsbad City Council returned on Sept. 15th to a packed house.

The Council was presented with new proposals for the ever-changing plans for the desalination plant at the Encina Power Station. As construction draws near, new areas for improvement have been noticed; plans call for changing the building orientation and moving pipelines. Otherwise, most physical aspects of the original plan were maintained.

The Council approved the areas for improvement, but they were challenged by representatives from Coast Law Group who say that changes cannot be improved without another environmental impact study. The proposed changes in pipelines will be in areas that have not been reviewed from an environmental point of view and will also severely interrup traffic during the construction time.

The Council also addressed another controversial issue, the La Costa Town Square Development. The issue has been brought before the Council many times and has been discussed because of the density of the location and the possibility of a “big box” store being part of the development.

The City Attorney assured the Council and audience that the newe provisions have explicity prohibited any large corporate chains from moving into the La Costa Town Square developoment. The provisions will not allow stores with more than 30,000 items in stock to move into the areas. This will prevent a store the size of a Wal-Mart from being part of the development.

Posted in Carlsbad Community, Community Information | No Comments »

Quail Gardens Celebrates Name Change

Monday, September 21st, 2009

On Sept. 12th, Quail Botanical Gardens celebrated their name change to San Diego Botanic Gardens at their annual fundraiser.

Most attendees were enthusiastic about the name change, but others didn’t see any reason for it.  All hoped it would expand the number of people who come to the garden and who appreciate it.

Julian Duval, President and CEO of the Garden, said that the name change came after much discussion and consideration. “We believe the gardens has proven its worth as a leading San Diego regional attraction, and to that end, the name change will expand the reach of the organization,” he said.

Guests explored the grounds while drinking wine and eating food prepared by 25 of the area’s restaurants.

The garden encompasses 30 acres and includes more than 3500 plants representing more than 15 distinct bio-geographical regions.  Emphasis on conservation education has increased with the opening of the Hamilton Children’s Garden.

Posted in Community Information, Encinitas Community | No Comments »

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