Recent numbers released by the N.A.R. shows homes sales are up across the country.... and they definitely are here in most neighborhoods in San Diego.
The one part of the real estate market being affected right now due to all this economic uncertainty is the higher-end communities of San Diego as loans for those home over $1.5M are needing 30%++ as a down payment and the rates are down right ugly.
Combine that with the stock market taking some huge losses lately, and you could see we could be in for a pullback in high end property values, and what actually sells in the next 6 months in higher-end areas like La Jolla, Del Mar, and Point Loma. All these places had been somewhat immune during this current real estate downturn.
With all that being said, there are terrific buying opportnities for those looking to purchase a home under $1M. Loan rates are competitive, and there are some really motivated sellers out there. Simply put, if a home is listed on the market today, the sellers likely are for real.
The under $1M market seems to be returning to normal and may soon be in equilibrium with absorption rates as low as 3 months in several communities like Scripps Ranch and Rancho Penasquitos.
Wednesday, October 8, 2008
Thursday, August 28, 2008
La Jolla, Del Mar Homes For Sale Inventory Levels
As we head into Fall..... and football season... the most important factor in the high end and central coastal housing market is the rising inventory levels.
What I have noticed lately is that the coastal market activity for homes has slowed in the past few months, but the rest of the market throughout San Diego has seen increased sales and activity due to the amount of bank owned foreclosed homes and condos selling.
Here are current active and pending numbers for La Jolla, Del Mar and Rancho Santa Fe:
La Jolla, 92037: 243 Actively listed homes and 23 currently in escrow
Del Mar 92014: 131 Actively listed homes and just 13 in escrow
Rancho Santa Fe 92067: 271 Actively listed homes but just 22 in escrow
So yes, the coastal area and high end market is slowing down some, but prices are not necessarily dropping yet here. However with the lower absorption rate, I am led to believe prices may come down some in the next 4-6 months because of it.
~JOHN
What I have noticed lately is that the coastal market activity for homes has slowed in the past few months, but the rest of the market throughout San Diego has seen increased sales and activity due to the amount of bank owned foreclosed homes and condos selling.
Here are current active and pending numbers for La Jolla, Del Mar and Rancho Santa Fe:
La Jolla, 92037: 243 Actively listed homes and 23 currently in escrow
Del Mar 92014: 131 Actively listed homes and just 13 in escrow
Rancho Santa Fe 92067: 271 Actively listed homes but just 22 in escrow
So yes, the coastal area and high end market is slowing down some, but prices are not necessarily dropping yet here. However with the lower absorption rate, I am led to believe prices may come down some in the next 4-6 months because of it.
~JOHN
Wednesday, July 30, 2008
Big News on Housing & Economic Recovery Act of 2008!
Great News!! President Bush just signed into law the Housing and Economic Recovery Act of 2008. This is a major victory for REALTORS®, consumers, and our nation - and we all helped make it happen!
Thanks to our advocacy, homebuyers will soon have access to more affordable financing, and first-time homebuyers (those who have not owned a home for three years) will receive a tax-credit to help them enter the market. For more details on all of the provisions in the new law, please use the link below.
http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument
This victory shows just how much we can accomplish when REALTORS®, like myself, get involved in politics.
Regards,
JOHN
Thanks to our advocacy, homebuyers will soon have access to more affordable financing, and first-time homebuyers (those who have not owned a home for three years) will receive a tax-credit to help them enter the market. For more details on all of the provisions in the new law, please use the link below.
http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument
This victory shows just how much we can accomplish when REALTORS®, like myself, get involved in politics.
Regards,
JOHN
Friday, July 11, 2008
BEST OF LA JOLLA.....La Jolla Light Reader's Poll
The La Jolla Light is running their annual Reader’s Poll for 'The Best of La Jolla'. You can vote online at www.lajollalight.com or fill out the ballot in their newspaper.
Your La Jolla realtor,
JOHN TOLERICO
Click this link to vote for YOUR favorite Real Estate Agent and company:
http://www.sdncnews.com/bestof08/bestofinfo.php
Some of my favorites:
Best Yoga Studio: Lila Jolla Studios
Best New Restaurant: Vigilucci's
Best Margarita: Jose's
Best Seafood: The Crab Catcher
Best Chinese: China Chef
Best Real Estate Company: PRUDENTIAL!!
Best Dentist: Dr. Nakamura
Your La Jolla realtor,
JOHN TOLERICO
Click this link to vote for YOUR favorite Real Estate Agent and company:
http://www.sdncnews.com/bestof08/bestofinfo.php
Some of my favorites:
Best Yoga Studio: Lila Jolla Studios
Best New Restaurant: Vigilucci's
Best Margarita: Jose's
Best Seafood: The Crab Catcher
Best Chinese: China Chef
Best Real Estate Company: PRUDENTIAL!!
Best Dentist: Dr. Nakamura
Sunday, July 6, 2008
A True INSPIRATION in La Jolla!!
Well, I am proud to present this =just listed= magnificent Olde Muirlands Estate. Recently remodeled, it affords you all that one could possibly ask for: 8,000 square feet of living space, 1/2 acre of level land, prestigious La Jolla address, 2 pools, spa, Guest Quarters, the ultimate entertainer's room with pool table, theatre, bar, wine room, workout room, spa... the list goes on and on. If you know of someone looking for the ultimate dream estate in La Jolla.... well, look no further!
www.Inspiration92037.com
John
www.Inspiration92037.com
John
Wednesday, May 28, 2008
Proposition 98
Friends,
There’s an important measure on the ballot that, if approved, would provide essential protection for anyone who owns private property, including homes, businesses, and farms, from having their property taken through the use of eminent domain by local municipalities for private – not public – gain.
I’m urging you to vote “YES” on Proposition 98, the California Property Owners & Farmland Protection Act, which calls for restoration of fundamental property rights by prohibiting governments from taking property from a private property owner and giving it to another private property owner.
Cash-strapped local governments are currently employing their eminent domain powers to make land grabs across the state, taking homes, mom and pop shops, and long-standing businesses, and replacing them with large retail complexes and other projects in order to boost their tax revenue base. Passage of Prop. 98 will ensure that eminent domain laws be employed only to obtain land for public infrastructure projects, such as new freeways, parks, roads, and schools. The measure would create protection for two critical components of the American dream – homeownership and the small business sector – and will go a long way to ensure that eminent domain laws are restored to their original purpose: public land improvements.On the same ballot is Proposition 99, which calls for some eminent domain protections, but only for owner-occupied single-family residences where the owner has lived for at least one year. The limitations of this measure are dangerously exclusive and will undo the provisions of Prop. 98 if both measures are passed. Please vote “NO” on Prop. 99 to ensure a clear path to victory for Prop. 98.
Thank you!
JOHN
There’s an important measure on the ballot that, if approved, would provide essential protection for anyone who owns private property, including homes, businesses, and farms, from having their property taken through the use of eminent domain by local municipalities for private – not public – gain.
I’m urging you to vote “YES” on Proposition 98, the California Property Owners & Farmland Protection Act, which calls for restoration of fundamental property rights by prohibiting governments from taking property from a private property owner and giving it to another private property owner.
Cash-strapped local governments are currently employing their eminent domain powers to make land grabs across the state, taking homes, mom and pop shops, and long-standing businesses, and replacing them with large retail complexes and other projects in order to boost their tax revenue base. Passage of Prop. 98 will ensure that eminent domain laws be employed only to obtain land for public infrastructure projects, such as new freeways, parks, roads, and schools. The measure would create protection for two critical components of the American dream – homeownership and the small business sector – and will go a long way to ensure that eminent domain laws are restored to their original purpose: public land improvements.On the same ballot is Proposition 99, which calls for some eminent domain protections, but only for owner-occupied single-family residences where the owner has lived for at least one year. The limitations of this measure are dangerously exclusive and will undo the provisions of Prop. 98 if both measures are passed. Please vote “NO” on Prop. 99 to ensure a clear path to victory for Prop. 98.
Thank you!
JOHN
Tuesday, April 29, 2008
Save Some Money on Property Taxes
Friends and clients, if you purchased a home in 2003 or later, you may be able to save money on property taxes!
All homeowners can request "Property Tax Relief" from the County Assessor but.... for practical purposes, this will affect those property owners who purchased their property at the height of the most recent Real Estate Market.
If you believe your property value has fallen below it's assessed value:
1. Go to the your county assessor's website for the Property Tax Relief instructions and Application for Review of Assessment. This will clearly explain what needs to be done.
http://www.sdcounty.ca.gov/cob/aab/index.html
2. Ask your trusted Real Estate Agent to assist you in coming up with a new value and comparables to support that value. You can also go to one of the many valuation websites to come up with an estimated value of your home.
Take advantage of this no cost method to save on your property taxes!!
~JOHN
All homeowners can request "Property Tax Relief" from the County Assessor but.... for practical purposes, this will affect those property owners who purchased their property at the height of the most recent Real Estate Market.
If you believe your property value has fallen below it's assessed value:
1. Go to the your county assessor's website for the Property Tax Relief instructions and Application for Review of Assessment. This will clearly explain what needs to be done.
http://www.sdcounty.ca.gov/cob/aab/index.html
2. Ask your trusted Real Estate Agent to assist you in coming up with a new value and comparables to support that value. You can also go to one of the many valuation websites to come up with an estimated value of your home.
Take advantage of this no cost method to save on your property taxes!!
~JOHN
Friday, March 28, 2008
Has the Real Estate Market Started to Rebound??
Spring is here and many Buyers who have seemingly been waiting for the best buying opportunity seen in years are out in force.
Although La Jolla has had very few if any Bank Owned Homes listed for sale, and Pacific Beach has been limited to a handful, I have recently noticed lots of Buyer activity on many homes throughout coastal San Diego being offered for sale as an REO.
Multiple offers, sometimes as many as 25 on one single home the first day listed, have been common. And one Pacific Beach home drew 12 offers in 2 days! With this many Buyers making offers I am led to believe the housing market in San Diego is making an upswing.
The N.A.R. this week reported an increase in sales nationally for the first time in seven months. This gain is encouraging because increases in sales were not expected until the second half of this year. According to a C.A.R. report, February sales volume in California was up 9.5 percent compared with January, marking that the fourth month in a row that figure inched higher!
So has the market start to rebound and will the market return to a more balanced one? We will see. But one thing for sure is there are some terrific buying opportunities out there right now and many Buyers are jumping off the fence.
If you are in the market for a home be sure to call me. I cover the Coast and look forward to working with you!
Happy Spring.
~John
Although La Jolla has had very few if any Bank Owned Homes listed for sale, and Pacific Beach has been limited to a handful, I have recently noticed lots of Buyer activity on many homes throughout coastal San Diego being offered for sale as an REO.
Multiple offers, sometimes as many as 25 on one single home the first day listed, have been common. And one Pacific Beach home drew 12 offers in 2 days! With this many Buyers making offers I am led to believe the housing market in San Diego is making an upswing.
The N.A.R. this week reported an increase in sales nationally for the first time in seven months. This gain is encouraging because increases in sales were not expected until the second half of this year. According to a C.A.R. report, February sales volume in California was up 9.5 percent compared with January, marking that the fourth month in a row that figure inched higher!
So has the market start to rebound and will the market return to a more balanced one? We will see. But one thing for sure is there are some terrific buying opportunities out there right now and many Buyers are jumping off the fence.
If you are in the market for a home be sure to call me. I cover the Coast and look forward to working with you!
Happy Spring.
~John
Thursday, February 28, 2008
La Jolla Area Market Update Early Spring 2008
Well, all this doom and gloom coming from the media has not affected the La Jolla Coast.
Home prices have actually held their ground and have not fallen during this latest market slowdown. Sure, sales numbers are down this past year, but many properties are still selling in weeks or less!
Condos are doing just as well. However, truth be told, some complexes in proper La Jolla, specifically condo conversions and units priced less than around $800,000 are seeing some short sales and even foreclosure activity. Seems like some people got in over their head even here in La Jolla.
As for nearby commuties like Mission and Pacific Beach.... the booze ban has definitely cleaned the coast up. Have you been on the boardwalk as of late?? WOW is all I can say. Having grown up here, I can honestly say it is the cleanest and safest I have ever seen it.
Look for property in Mission Beach to only get more valuable as it appears to becoming a version of Newport Beach South. One real estate company is leading the change and with the cigarette and booze ban, more baby boomers will be looking to purchase second homes there for sure.
As always, my personal website affords you a free property search with addresses so be sure to check it out!
Until next time....
~john
Home prices have actually held their ground and have not fallen during this latest market slowdown. Sure, sales numbers are down this past year, but many properties are still selling in weeks or less!
Condos are doing just as well. However, truth be told, some complexes in proper La Jolla, specifically condo conversions and units priced less than around $800,000 are seeing some short sales and even foreclosure activity. Seems like some people got in over their head even here in La Jolla.
As for nearby commuties like Mission and Pacific Beach.... the booze ban has definitely cleaned the coast up. Have you been on the boardwalk as of late?? WOW is all I can say. Having grown up here, I can honestly say it is the cleanest and safest I have ever seen it.
Look for property in Mission Beach to only get more valuable as it appears to becoming a version of Newport Beach South. One real estate company is leading the change and with the cigarette and booze ban, more baby boomers will be looking to purchase second homes there for sure.
As always, my personal website affords you a free property search with addresses so be sure to check it out!
Until next time....
~john
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