Real Estate Information

Bankers Hill--I think it has the best of Downtown and Hillcrest all rolled into one quiet neighborhood with easy access to everything from great restaurants, all that Balboa Park has to offer--and maybe, well, work! 

I've just listed a wonderfully chic condo in Le Parc Chateau which is a complex located at 3rd Avenue between Walnut and Upas Streets.  Check it out:  http://www.sandiegoselectproperties.com/property/3450-3rd-Avenue-309-San-Diego-California-3

Located on the 3rd floor, this 2 bedroom, 2 full bath property has everything for a simple, sophisticated lifestyle.

Open houses are going to be Friday, February 3rd from 10-1 and Sunday, February 5th from 1-3.  Stop by and see for yourself!

What do the Millennials and Baby Boomer's have in common?  More than you think. 

Both groups are increasingly choosing urban living and according to the U.S. Census Bureau, the trend is expected to peak in 2015.  These two population groups seem to be synchronized with their choices in housing and  they are finding that the urban home fits their lifestyle a bit better.

The Millennial Generation are people born in the late-1970's through the mid-1990's and the Baby Boomers are those born between the mid-1940's through the mid-1960's.  Together they make up the majority of the population in the United States and are around 160 million strong...the two biggest generations.

Both the Millennials and the Boomers are moving back to the cities and simplifying their lives.  Searching for an urban condo seems to be the solution for both.  The cost of transportation has increased as we have seen gas prices exceed $4/gallon in San Diego--making it the second biggest household expense.  These groups are both moving closer to work and downsizing at the same time creating a greater desire for the perfect condo Downtown.  Some of the most desirable areas of Downtown San Diego include:  Banker's Hill, Hillcrest, Marina District, Little Italy, Gaslamp, East Village and even Mission Hills.

I've noticed this trend in my business and I love working with both groups--listening to their needs and noticing just how often they are in sync with their parameters even though their rationale is different.   Millennials like the convenience to restaurants, parks and possibly work, while also appreciating the amenities and the ability to lock and leave a condo when they travel for business or pleasure.   Boomers like that everything they need is usually very close by and they also love the idea of living in a single-level environment where they do not have to care for the yard or the exterior of their home--they also love the idea that they won't have to move again if their mobility becomes limited in the future.

Stay tuned for information about my new listing in Banker's Hill...the perfectly chic 2 bedroom, 2 bath condo that has it all!

Please make sure to stop by my open house on Sunday, January 8th and start off 2012 right!  I'll be at 1106 Barcelona Drive in Sunset Cliffs from 1-4 where you will find forever views!

Take a look at the listing details:  1106 Barcelona Drive, San Diego, CA 92107

This is one you will definitely need to see...see you there!

Buying a home from a conservatorship in San Diego County is much the same as going through the Probate process with the exception that the conservatee is still alive and well, just unable to care for themselves or their affairs.  In this case, the court appoints a conservator for the person and the estate--these roles can be combined for one person or the jobs can be done by two individuals.

When purchasing a home through a general conservatorship, there is a process the conservator must go through before offering the property for sale to the general public.  After the court appoints the conservator, letters will be filed and then there must be an accounting for the estate.  In addition, the probate referee will need to establish the value of the home and once this is done, they will also publish the notice of intent to sell the property.

Once the home goes on the market, the conservator may accept an offer--written on the probate contract--but, it will be subject to overbid and court confirmation.  It must also be understood by the buyers that there will be only very limited disclosures and the sale will be As Is--with no repairs or allowances.  Therefore, financing options will be limited depending upon the condition of the property.

To learn a little more about conservatorships in San Diego County, please visit the website for:  The Superior Court of California San Diego County

The property I have listed at 704 Tarento Drive in Point Loma is being sold through a conservatorship and it is presently in the phase of waiting for the probate referee to assign value and publish the notice to sell.  Therefore, the listing price is subject to change.

Here's your chance...this fixer at 704 Tarento Drive has just been listed in one of the best neighborhoods in Point Loma--the Wooded Area.  This particular home is a 3 bedroom, 1 1/2 bath home with approximately 1,338 sf of living space on a 10,201 square foot lot and it backs up to Point Loma Nazarene University.  It is in original 1951 condition--with only one owner--and will need a bit of TLC to make it shine.  It features hardwood floors in all three bedrooms and a very nice floor plan with a wall of windows looking out onto the covered patio and expansive backyard.  It also has a 2-car attached garage...all this for only $590,000.  This home is being sold through a conservatorship and will be subject to court confirmation.  Contact me directly for any questions or for an appointment to visit the property.  You saw it here first.

UPDATE:  January 4, 2012 - No showings are being scheduled at this time.  Please check back for updates.  The listing price is subject to modification as the conservator is awaiting the probate referee's valuation.  Additionally, this sale will be subject to court confirmation and is subject to overbid.

This Sunday, November 4th, you'll be able to take a look at this amazing ocean front property in beautiful Sunset Cliffs between 1 -4 pm.  Located at 895 Sunset Cliffs Boulevard, this property offers a rare opportunity to live so close to the natural preserve near the end of the Sunset Cliffs.  Don't miss this 5 bedroom, 5 bath estate with 4178 square feet for $3,600,000.

Changes to Conforming Loan Limits Begin October 1, 2011

Barring Congressional action, the maximum FHA, Fannie Mae, and Freddie Mac conforming loan limits will revert back to loan limits determined under the Housing and Economic Recovery Act (HERA) on or after October 1, 2011.  For San Diego County, the new limit will be $546,250. 

The conforming loan limit determines the maximum size of a mortgage that FHA, Fannie Mae, and Freddie Mac--government-sponsored enterprises (GSEs) can buy or guarantee. 

Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan and require a higher down payment, increasing the monthly payment and negatively impacting housing affordability for California home buyers.

If you are looking around for a deal on your first home, you may have come across many short sales, REOs-or bank owned property.  In fact, you may come across properties that are listed as HomePath properties.  These are REOs or bank owned specifically by Fannie Mae.

Right now, there is a programs for buyers to take advantage of if they are looking for a good deal and help with some closing costs on these HomePath properties.

One special offer going on right now is the HomePath® Buyer Incentive.

Currently, when you buy a HomePath property, or a Fannie Mae REO (bank owned), Fannie Mae is offering up to 3.5% to buyers in closing cost assistance now through June 30, 2011.  It is advisable to get your contract accepted no later than May 15, 2011, to take advantage of this program.  You can check out www.homepath.com to see a list of all Fannie Mae bank owned properties in San Diego County.

There are a number of qualifications a buyer must meet to be eligible, so take a look at the list:

1.      Remember that your agent needs to request the incentive when they submit the initial offer in order for you to be eligible.

2.      Your offer must be submitted between now (May, 2011 and close by June 30, 2011.  The program started April 11, 2011.

3.       No exceptions will be made to the closing deadline of June 30, 2011.

4.      The HomePath property must be purchased as a primary residence to receive the incentive.  You will not qualify if you are shopping for an investment property or second home.

5.      When completing your contract, make sure you sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.

6.      If your total closing costs are under 3.5%, the difference will not be available as a credit.

Give me a call today if you would like to know more and get into a home now.  Time is running out to take advantage of this program!

SURPRISE: FHA Announces a Premium Hike for April, 2011

The Department of Housing and Urban Development is planning to increase annual premiums for FHA-insured loans by 25 basis points in April, 2011.  The Federal Housing Administration premium increase is contained in the President's budget proposal for fiscal year 2012.  Secretary Donovan noted that FHA has the authority to raise the premium and does not have to wait for Congress to approve it.

Current FHA buyers should seriously consider trying to get a property into escrow prior to April 1st, 2011.  Read on to find out why.

What exactly does this mean to the typical FHA buyer?  The 25 basis point increase will raise the annual premium to 115 basis points on FHA-insured single-family loans with loan-to-value ratios greater the 95%.  FHA loans are usually done for 96.5 percent of the purchase price, making a home purchase possible for many 1st time buyers.

To illustrate what this change means to a typical FHA buyer, on a $350,000 loan amount the proposed Mortgage Insurance Premium in April will be $335/month vs. the current amount of $263/month ($72/month more). The current number already had a recent increase in October, 2010 (when it would have been $160/month).

As part of the housing finance reform proposal, the Obama administration supports allowing the $697,500 loan limit on FHA loans in high cost areas (including San Diego County) to expire on October 1st, 2011.  This will mean the loan limit will drop back down to $546,250, further limiting the availability of home purchases for many buyers with limited funds for down payment.

Please stay tuned for more FHA updates as this issue continues to develop.

You are about to make one of the most important financial decisions of your life...you are about to list your home for sale or purchase one--or both.

How do you decide who will help you through this process?  All too often, sellers base their decision on who to list their home with on who tells them the highest price and the lowest commission.  It is, afterall, all about your net proceeds.  When sellers do their homework, they will find out that the market will tell you what your home is worth and that most agents will negotiate their commission--to a point.

First time buyers, however, often follow the advice of a more experienced friend to guide them to a professional they trust--a good move!

Some of the keys to finding a professional licensed real estate agent are to look for the some of the following: 

1. Make sure you connect with the agent and that they listen to what is important to you.
2. They should truly know their market and understand the comparable sales.  They also need to be able to calculate the adjustments that will need to be made in assisting you in determining the best price.
3. Ask about their professional background and experience.  Do they have professional designations, like Certified Residential Specialist- CRS, Short sale and Foreclosure Resource - SFR?  These show a commitment to the profession, including a proven track record, as well as a desire to stay current with professional education and the issues facing many buyers and sellers today.
4. Don't be afraid to ask for references or testimonials.  There is no better source to tell you how well-served someone was than by reading what they had to say about their real estate professional.
5. Lastly, if they are listing your home, make sure you understand exactly how they plan to market the home.  Do they have an idea, based on area statistics, about where the buyer is most likely to come from?  Targeted marketing is key.

More to come on this topic and others...stay tuned!