La Jolla Real Estate Blog Insider

Sandie Ross...2010 Five Star Real Estate Agent in Overall Satisfaction ~ CONGRATULATIONS MOM!

2010-03-04T23:01:00.000-08:00

What a wonderful surprise for us all when San Diego Magazine named my partner and mom SANDIE ROSS as one of San Diego’s FIVE STAR Real Estate Agent in Overall Satisfaction for 2010!
Sandie Ross is now part of an elite group of real estate professionals that comprises the top 4 percent of the licensed agents in the San Diego area. Results were tabulated from 9000 San Diego Magazine surveyed subscribers–as were the results of 250 surveys sent to San Diego mortgage and title companies.

The results were tabulated and reviewed, then sent to a blue ribbon panel of local industry experts, “which included realty company executives, professional and trade association officers and otherd directly involved in housing-related businesses".

Find Sandie on the web @ http://www.sandieross.com/

View all results from the the San Diego Magazine survey here:

http://www.fivestarprofessional.com/fiveStarAssets/pdfs/sections/section7Agents.pdf

FHA Anti-Flipping Rule REVERSED!!

2010-01-21T10:18:00.001-08:00

Great news for Buyers as the FHA TEMPORARILY SUSPENDS the 90 DAY ANTI FLIP RULE - you can now bid on properties that were recently investor bought.

READ BELOW FOR DETAILS!

HUD No. 10-011Lemar Wooley(202) 708-0685

HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS

In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary Donovan announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.
“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.”
With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.
“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan said.
In today’s market, FHA research finds that acquiring, rehabilitating and the reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.
The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.
“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”
The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website.

Over $3M home sales picking up

2009-10-22T11:16:00.000-07:00

Shown below, sales of $3M homes in San Diego have been dominated by Prudential CA Realty.

Luxury La Jolla Home Sales Picking Up Steam!

2009-07-14T11:26:00.003-07:00

Well, the past few weeks La Jolla has seen lots of activity from higher-end buyers.

Consider these homes that recently went into escrow:

8475 Paseo Del Ocaso ~ $3,495,000
8436 Westway ~ $3,900,000
8335 el Paseo Grande ~ $4,445,876
1761 Colgate Circle ~ $4,990,000
6204 Camino de la Costa~ $12,250,000

SOLD in the past 2 months:

1683 El Paseo Real ~ $2,700,000
7934 Prospect Place ~ $3,550,000
347 Vista de la Playa ~ $3,470,000
6115 Terryhill Dr. ~ $2,700,000
2485 Calle de Oro ~ $4,300,000

Note that most of these sales were by all CASH buyers. And the majority of these high end homes that sold were within walking distance to the beach, or downtown Village area. Great news for the higher end La Jolla real estate market that had been stagnant as of late.

LA JOLLA COVE 4th of July FIREWORKS!!

2009-06-09T10:05:00.000-07:00

In case you haven't heard, George's at the Cove canceled sponsoring this years 4th of July Fireworks at La Jolla Cove.

Read more here and be sure to donate to make sure the show is kept alive!!

http://www.savelajollafireworks.com/

Donate here:

https://www.paypal.com/us/cgi-bin/webscr?cmd=_flow&SESSION=xZypMS5pLFYgr8FMSd5mA26M627odU_8FPPggWx5GUHj5kBRMD-vcFeU6lC&dispatch=5885d80a13c0db1fb6947b0aeae66fdbfb2119927117e3a6765c403f4977abcf

American Recovery and Reinvestment Act of 2009 PASSED by the Senate

2009-02-14T12:10:00.000-08:00

Friends,

Late evening on Friday the 13th of all days, the U.S. Senate passed the American Recovery and Reinvestment Act of 2009 by a 60 to 38 vote. Earlier today, the stimulus package passed the U.S. House of Representatives in a 246 to 183 vote. Today’s votes followed several days of negotiations by the House, Senate, and White House, with the final tab for the stimulus bill coming in at $787.2 billion. On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.

The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years.

It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit. C.A.R. and NAR have long advocated for higher conforming loan limits. The conforming loan limit provisions and other housing elements in the stimulus package are a step in the right direction for our industry and all Californians.

The stimulus package also contains $308.3 billion in appropriations spending, including $120 billion on infrastructure and science and more than $30 billion on energy-related infrastructure projects. It also allocated an additional $267 billion for direct spending, including increased unemployment benefits and food stamps; and provides $212 billion in tax breaks for individuals and businesses.

Now that the stimulus package is approved and is on its way to President Obama for signature, it is our hope that Congress will turn its attention toward helping homeowners remain in their homes and will take immediate steps directed specifically at stemming the ongoing foreclosure crisis.

**Originally posted by James Liptak; 2009 President of C.A.R

Just What Does the Stimulus Bill Mean for Buyers and Sellers....

2009-02-13T14:15:00.000-08:00

So here's what we Realtors have achieved with regard to the Stimulus Bill:

1) Loan limits will be raised to $727,000 in high cost areas,
2) The tax credit will be raised to $8,000 with NO payback (a true credit!)
3) Interest rates have come down 125-150 basis points
4) The Stimulus bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

In addition, we preserved what we already have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).

So hopefully this will be a great start for our housing market turnaround.

Economic Recovery Package NEWS!!!

2009-01-29T13:59:00.000-08:00

Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS® :

Jan. 29, 2009

Last evening, the U.S. House of Representatives passed H.R. 1, the Economic Recovery Package, by a 244 to 188 vote. Amid all the negative economic news we’re hearing on a daily basis, this is good news, as the bill contains a number of issues critical to REALTORS® and the industry, including extending all 2008 Metropolitan Statistical Areas’ (MSAs’) Fannie Mae, Freddie Mac, and FHA loan limits through the end of this year.The extension prevents an MSA’s 2008 loan limit from being reduced in 2009 for Fannie Mae, Freddie Mac and the FHA. Language in the bill also specifies that if an MSA’s loan limit is set to change, it can increase, but is prohibited from declining.

The proposed legislation also will eliminate an existing payback requirement on the first-time home buyer tax credit for qualified buyers who purchase a home between Dec. 31, 2008, and July 1.Congress included these provisions as a direct result of the grassroots efforts put forward by REALTORS®, and the advocacy efforts of both NAR and C.A.R. Congress elected not to include numerous housing provisions beyond those previously mentioned. It looks like Congress will begin to address other housing issues next week when the Financial Services Committee meets.The legislation also contained a laundry list of appropriations for various affordable housing programs, neighborhood stabilization programs, and other housing and/or real estate-related issues, including:

Public Housing Capital Fund
Native American Housing Block Grant
Home Investment Partnership Program
Self-help & assisted homeownership
Elimination of lead paint in homes
Repairing leaking underground storage tanks
Low-income home energy assistance
Rural Housing Insurance Fund

In addition to tax credits for individuals and married couples, other provisions in the bill include funds for increasing access to high-speed and broadband Internet; highways and roads; railroads; alternative energy incentives; unemployment insurance; Medicaid insurance; health care technology upgrades; childcare; education; and low-income and affordable housing programs.

The Senate now is working on its version of the stimulus legislation, and is expected to vote on it next week. Congress would like to get a bill to the President’s desk by President’s Day, Feb. 16.

C.A.R. e-Blasts are published by the CALIFORNIA ASSOCIATION OF REALTORS®, a trade association representing nearly 200,000 REALTORS® statewide.

The Worst May Be Over for Most

2008-10-08T10:08:00.000-07:00

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.

La Jolla, Del Mar Homes For Sale Inventory Levels

2008-08-28T13:32:00.000-07:00

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

Big News on Housing & Economic Recovery Act of 2008!

2008-07-30T10:02:00.001-07:00

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

BEST OF LA JOLLA.....La Jolla Light Reader's Poll

2008-07-11T17:13:00.000-07:00

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

A True INSPIRATION in La Jolla!!

2008-07-06T15:28:00.001-07:00

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

Proposition 98

2008-05-28T10:41:00.000-07:00

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

Save Some Money on Property Taxes

2008-04-29T08:30:00.001-07:00

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

Has the Real Estate Market Started to Rebound??

2008-03-28T22:08:00.001-07:00

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

La Jolla Area Market Update Early Spring 2008

2008-02-28T15:32:00.000-08:00

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