Real Estate San Diego

This Blog has Moved!!!

2010-06-16T14:25:00.000-07:00

Greetings! This blog has moved to our new website. You can check it out here:
http://www.coronadoislandhomes.com/blog/

Thanks for visiting! Hope you enjoy the new website!

Christine Van Tuyl
Prudential California Realty
HONOR SOCIETY AWARD WINNER
Coronado, CA 92118
http://www.coronadoislandhomes.com

Missed the Tax Credit?

2010-05-27T13:49:00.001-07:00

Not to worry! Even if you missed the first-time homebuyer tax credit, you will probably save more money buying now--without the credit! Here's why.

San Diego Home Prices up for 11 Straight Months

2010-05-25T15:18:00.001-07:00

Good news for San Diego. A recent report shows that home prices in San Diego County are up 11 months in a row.

Click here for the full story.

San Diego Mortgage Defaults are Down

2010-05-25T15:15:00.000-07:00

Mortgage Defaults are down in San Diego. Click here for the full story.

CA Tax Credit Update

2010-05-23T13:17:00.000-07:00

Click here for an important update on the California Tax Credit!

2 Great Deals on Condos for Sale at the Coronado Landing!

2010-05-19T13:21:00.000-07:00

Greetings!Just got back from broker's open in Coronado, CA and spotted 2 great deals at the Coronado Landing complex, right on San Diego Bay.

Click here for details.

Check out the new Coronado Best Buys List for Monday, May 10, 2010!

2010-05-10T13:48:00.001-07:00

Click link below to check out the best deals on Coronado Island!

http://www.trulia.com/blog/coronado/2010/05/coronado_best_buys_list_for_may_10_2010

Trends in Home Pricing in Coronado, CA

2010-04-22T14:12:00.000-07:00

Get more info here.

California Won't Tax Forgiven Mortgage Debt

2010-04-15T11:17:00.000-07:00

Governor Schwarzenegger on Monday signed SB 401 (Wolk) into law providing distressed homeowners with state tax exemption on debt forgiven in a short sale, foreclosure, or loan modification. Effective immediately, this bill generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a qualified principal residence, borrowers now will be exempt both from federal and state income tax consequences. The tax exemptions apply, with certain restrictions, to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment. Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

2 New Foreclosures in Coronado, CA

2010-04-14T13:54:00.000-07:00

Two new bank-owned foreclosures just came on the market in Coronado, CA.

Check out this link for more info.

http://www.trulia.com/blog/coronado/2010/04/two_foreclosures_in_coronado_ca

Current Market Trends in Coronado

2010-04-12T09:30:00.000-07:00

THIS WEEK IN CORONADO:

The median list price in CORONADO, CA this week is $2,150,000.
Demand measured by the Market Action Index is increasing and
days-on-market is trending downward. Even as more properties
come available, these are positive trends for the market.

SUPPLY AND DEMAND:
Home sales have been exceeding new inventory for several weeks.
However because of excess inventory, prices have not yet stopped
falling. Should the sales trend continue, expect prices to level off
soon and potentially to resume their climb from there. Watch prices
as the market transitions from a Buyer's market to a Seller's market.

PRICE:
Again this week we see a downward notch for prices. Pricing has
been weak in recent weeks and versus their absolute-high levels.
The Market Action Index is a good leading indicator for the
durability of this trend.

Tax Rules for Second Homes/Vacation Homes

2010-04-10T09:38:00.001-07:00

Purchasers of second homes should be aware that, according to the IRS, taxpayers who are married and filing jointly can’t deduct interest on more than a combined total of $1 million of “home acquisition debt” for a primary and a secondary residence.

Taxpayers also may deduct up to a combined total of $100,000 of home-equity debt on their first and second homes. After refinancing, a home owner can only deduct interest on the original amount of the loan at the time they refinanced, plus $100,000.

Buyers and refinancers also can deduct loan fees – "points” – if the money was used to buy or improve their home. They can’t deduct them if they refinanced to lower the interest rate.

Source: Inman News, Tom Kelly (04/07/2010)

More Wealthy Home Owners to Face Foreclosure

2010-04-09T20:20:00.001-07:00

Houses costing more than $5 million will be part of the next foreclosure boom, according to a study by RealtyTrac for The Wall Street Journal.

In 2009, 1,312 homes costing more than $5 million faced foreclosure auctions. In February 2010 alone, 352 homes were on the auction block. First American CoreLogic tracks 1,700 homes nationwide that have mortgages greater than $4 million. Of those, 14.8 percent were 90 days or more past due as of Jan. 31.

That is almost double the 8.7 percent of homes with lesser mortgages that were similarly past due.These pricey properties are difficult to sell because there are fewer buyers and financing is hard to get, but there’s a psychological element to the problem too.

"It's very, very difficult for these [home owners] to believe they've had such a severe reversal of fortune," says Maggie Navarro, an associate with Coldwell Banker Old Pasadena in Southern California.

Coronado Best Buys List for April 9, 2010

2010-04-09T15:22:00.001-07:00

Greetings!
There are 32 properties currently in escrow in Coronado right now. 12 of the listings in escrow are from our Best Buys List. Some Best Buys in pending include:
$525,000—414 G, 1/1, condo.
$749,000—10 Antigua, condo, 2/2.
$979,000--401 E Avenue, house, 3 / 4.

Average sales price in Coronado for the last month is $1,428,000.

Here is the complete BEST BUYS LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!

Check out our NEW CORONADO BEST BUYS LIST HERE:

http://www.trulia.com/blog/coronado/2010/04/coronado_best_buys_list_for_april_9_2010

California Extends Homebuyer Tax Credit

2010-03-26T14:10:00.000-07:00

California has re-established and extended a $10,000 home buyer tax credit, allocating $200 million to the credit for homes purchased between May 1 and Dec. 31, and between Dec. 31 and Aug. 1, 2011.

Steve Goddard, president of the California Association of REALTORS®, said the tax credit will help create incentive for first-time home buyers to purchase abandoned and foreclosed homes.

"It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities," Goddard said.The credit will be split between first-time buyers and buyers who have lived in their home for at least two years."

The tax credit will help push prospective buyers off the fence, clear out inventory, and jump-start the homebuilding industry, which will help create jobs and reinvigorate the state's economy," said Liz Snow, CEO and president of the California Building Industry Association, in a statement.
Source: Inman News (03/25/2010)

Defaults up 24% in San Diego

2010-03-26T14:09:00.000-07:00

Homeowners in San Diego County defaulted at their highest monthly rate in more than a year in February, MDA DataQuick reported Friday.

Defaults totaled 2,166, up 24.4 percent from January’s 1,741, the biggest one-month jump since the figure jumped 121.3 percent from November to December 2008.

Meanwhile, there were 973 foreclosures, down from 986 in January in the sixth month-to-month decline in the past year. The number was down 21 percent from year-ago levels.
More notices of default normally signal spreading distress in the housing market. As owners fall three months or more behind in their monthly payments, lenders usually file this first formal action that often leads to foreclosure. The number spiked a year ago, when lenders were catching up on a backlog of defaults delayed through extended noticing requirements and moratoriums.

DataQuick analyst Andrew LePage said the default rise last month might be a fluke.
“You can’t just read too much into a single month,” he said. “There’s been a very irregular (pattern) of notice-of-default filings.”

Click here for the whole story.

http://www.signonsandiego.com/news/2010/mar/19/notices-of-default-up-24-in-county/

WSJ: California High-End Housing in Trouble?

2010-03-21T14:49:00.001-07:00

While sales of low-priced foreclosed homes are sparking bidding wars in some areas and there’s talk of healing in California, a huge storm cloud hovers over the Golden state: The high-end real estate market.

In California, delinquencies on jumbo mortgages, which are too large for government backing (and start at anywhere from $417,000 to $729,750) rose for the 33rd consecutive month in February, according to a report out from Fitch Ratings on Thursday.

Fitch says that 11.6% of prime jumbo loans in the state are 60 days or more delinquent.Click link for more.

http://blogs.wsj.com/developments/2010/03/12/is-californias-high-end-housing-market-in-trouble/

Thanks for reading!
Christine Van Tuyl
Prudential California Realty
Coronado, CA 92118
http://www.coronadoislandhomes.com

Great Deal in the Coronado Cays!

2010-03-21T14:47:00.001-07:00

Check out the great price on this waterfront condo in the Coronado Cays: $695,000-$775,000!This east-facing, 2 bed/2 bath condo has more than 1500 square feet, along with a private slip for a boat. Enjoy amazing waterfront views and relax on the balcony overlooking the Bay.

2 car garage, pool, club house, and other great amenities. Wow! We haven't seen the inside yet, but for a price like this, it's hard to go wrong!

Thanks for reading!

Christine Van Tuyl

Prudential California Realty

Coronado, CA 92118

http://www.coronadoislandhomes.com

First-Timers Snap up 47% of Homes

2010-03-21T14:45:00.000-07:00

Nearly half of home purchases statewide last year went to first-time buyers, the highest since 1995, the CALIFORNIA ASSOCIATION OF REALTORS® reported.But its chief economist said first-timer dominance may dip a bit this year because of the pending end to the $8,000 federal homebuyer tax credits.

A survey of 15,000 association members conducted last summer showed that 47 percent of single-family resale purchases went to first-time buyers, up from 35.9 percent in 2008 and the highest since just more than 50 percent in 1995. The survey was not broken down by county or metro area.

The group’s chief economist, Leslie Appleton-Young, said the rise was due to falling prices, low mortgage rates and the tax credit. But when the credit ends this spring, she said popularity may wane among first-timers, although the proportion could still rise above 50 percent given how weak the more expensive end of the market continues to be.
Click here for whole story.http://www.signonsandiego.com/news/2010/mar/11/first-timers-snap-up-47-of-homes/
Thanks for reading!

Christine Van Tuyl
Prudential California Realty
Coronado, CA 92118

Coronado Best Buys List for March 16, 2010

2010-03-16T13:33:00.000-07:00

Greetings!

The sales continue! There are 36 properties currently in escrow in Coronado right now, another jump from last month. A third of the listings in escrow are from our Best Buys List. 5 of the homes in escrow are bank owned foreclosures and 3 are short sales.

Here is the complete BEST BUYS LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!

$525,000—414 G, 1/1, condo. Beautifully renovated Spanish condo with designer finishes! Completely turn-key with no expense spared. Hardwood flooring, open great room, cozy dining area, Gourmet kitchen with European appliances, granite counters, & wine chiller. Custom cabinetry, built-ins and marble bathroom . Condo opens to a lovely covered patio deck wonderful for relaxing. 1 car garage and laundry in unit.
$475,000-$525,000—333 Orange Ave, #30, condo, 2/2, SHORT SALE! Come see this beautiful remodeled bright corner condo with two master suites. Upgrades include, bamboo hardwood floors, granite counter tops and gorgeous bathrooms. Spectacular downtown views from the community roof top deck or go relax by the pool and spa. Located in the heart of the village, you can walk to restaurants, shops and beaches.
$575,000—1112 Second Street, condo, 2/3. SHORT SALE! Negotiator Once Purchase Agreement is received they will order a BPO and have your approval within 3 weeks or less. Views of Bridge and Downtown City Lights. 1st Floor offers open floor plan with HWD Floors and Fireplace. 2nd Floor Offers One Spacious Bed/Bath and Master Bed/Bath with Private Balcony and Fireplace.
$650,000—36 Montego, Condo, 2/3. Views, Views, Views from this 1471 sq Ft. 2bd/2ba Montego Court Condo. Priced to sell, original owner, great opportunity to own property on the water. Views of the bay, bridge and ocean. Boat docks available. Private village, swimming pool, tennis courts.
$749,000—210 B Avenue, condo, 2/3. Spanish Mediterranean 2 bedroom, 2.5 bath townhome. Dual master suite floorplan with vaulted ceilings. Meticulously maintained 4 unit complex. Recent improvements include Milgard windows, synthetic lawn and exterior paint/stucco updates. Interior boasts hardwood/porcelain tile floors, custom built-ins, upgraded kitchen, black granite fireplace, roman jacuzzi tub, central AC/Heat & water filtration system. One car garage.
$749,000—10 Antigua, condo, 2/2. Coronado Cays Antigua Village. Updated East facing unit overlooking the water. Spacious 2 bedroom/2 bath floorplan. Enjoy stunning views of the bay, morning sunrise and distant mountain peaks. More than 1,500 square feet. Second level unit invites abundant natural light and ventilation throughout. Relax, entertain, or lock up and leave worry free. Clubhouse, pool and spa amenities.
$798,000-$898,000—1405 First, condo, 3/3. SHORT SALE! Beautifully remodeled and tastefully decorated! This spacious "townhome style" residence offers 3 bedrooms, 3 baths, wood floors, granite counters, exceptional storage, attached 2 car garage, and much, much more! What a fabulous location situated next to the Ferry Landing. Relax and enjoy the city/bay view from the MB balcony day or evening!
$799,000-$849,000—518 Adella, house, 2/2. A sleeper! A unique property waiting for the right buyer to remodel or rebuild. Hidden behind the wooden gates, an oasis of rest & relaxation awaits you. Live the Coronado lifestyle in the sanctuary of your private home. The secluded back yard features a BBQ area, built in spa, & in-ground pond. Surrounded by lush landscape, this is truly a unique & safe haven. The charming main house's wood finishes accentuate the character of this "boathouse" style residence. Next door is an attached guest house that can home visiting friends & family. Each unit is 1bed/1bath w/ their own kitchens. Nice lot size!
$999,000--1099 First Street #421, condo, 2/3. PENTHOUSE unit on the Bay priced under 1 million…unbelievable! More than 2,000 square feet of living space at the Coronado Landing. In original but good condition. Light, bright unit features fabulous bay views and a wonderful loft on the second level.
$995,000-$1,050,00--611 Fifth Avenue, house, 3/3. PRICE DROP! Step back into simpler days in this adorably and well appointed quaint Coronado Cottage by the sea. Nestled comfortably on a reverse corner 50'x70' lot leaves you with great options for improvement. Currently setup as a 3 bedroom, 1.5 bathroom 'beach house' but could easily be improved upon. Current owners remodeled property including appliances, bathrooms, paint, beautifully finished hardwood flooring and more. Enjoy a short bicycle ride to our Top 10 rated Coronado Beach! Coronado Living....begins here!
$1,199,000-$1,349,000—851 G Avenue, house, 3/ 4. What a deal to be made for the ready and positioned buyer! **BRAND NEW CONSTRUCTION**NEVER BEEN LIVED IN**3 BLOCKS TO CORONADO BEACH!! 3 bedrooms,3.5 bathrooms and over 1,900 square feet of Coronado living. Immaculate “front house.”

We update this list every two weeks based on price, location, square footage, and condition of ALL homes currently on the Coronado MLS. To subscribe to the Coronado Best Buys List and get pictures and additional information, please email christinevt@prusd.com with BEST BUYS in the subject line.

CNNMONEY: Buy a House While you Still Can

2010-03-12T07:18:00.000-08:00

The combination of affordable home prices, low interest rates, and the federal tax credit for home buyers have created an opportune time for many buyers to purchase a home. Many real estate analysts also believe that most housing markets have stabilized, but that some markets may decline further.

IN A NUTSHELL:
-Buyers should keep in mind that housing markets are local and can vary greatly from one neighborhood to the next. Working with a REALTOR® familiar with the area in which the buyer is searching can help the buyer select a house that best suits their needs.
California’s housing market has shown signs of stabilization since early last year. Sales of existing, single-family homes bottomed out in August 2007, and the median home price reached its trough in February 2009. In January, California’s median home price was 17.2 percent above the low for the current cycle.
-The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30, 2010. Repeat buyers may be eligible for a tax credit of up to $6,500. Visit http://www.irs.gov/newsroom/article/0,,id=187935,00.html for more information about the federal tax credit for home buyers, including eligibility requirements.
-The Federal Reserve has helped maintain low interest rates, which, in turn, has assisted home buyers. However, the agency plans to stop purchasing mortgage-backed securities at the end of this month, which likely will increase rates on 30-year fixed mortgages. Buyers may be able to lock in a low interest rate by working with their lender.

Thanks for reading!
Christine Van Tuy
lPrudential California Realty
Coronado, CA 92118
http://www.coronadoislandhomes.com

2010-03-12T07:16:00.000-08:00

This Week:
The median list price in CORONADO, CA this week is $2,195,000.
The Market Action Index has been trending down lately, while
inventory and days-on-market are climbing. The trends imply a
weakening market.
Prices
Prices continue their climb again this week. We're a long way
from the market's price high-point so watch the Market Action
Index as an indicator of how long this trend will last.
Supply and Demand:
In terms of supply and demand, the market is getting cooler - more
supply is coming on the market relative to the sales demand.
However, in recent weeks prices have been moving higher. Since it is
technically a Buyer's market, this price trend may be a result of
improved quality (newer, larger homes) of the homes being listed.
Look at the descriptive statistics where you may notice the homes
being listed are larger and younger than they have been in the past.

Shopping for a Loan? How a Good Faith Estimate Will Protect You

2010-03-08T14:44:00.002-08:00

Beginning Jan. 1, the Dept. of Housing and Urban Development (HUD) required lenders to issue Good Faith Estimates to protect consumers applying for mortgage loans. Some loan officers, however, sidestep the new requirement by giving their initial quotes on informal worksheets that carry no federal consumer protections. It is important that consumers understand the differences between the federally mandated good faith estimate form and a lender’s informal worksheet.

IN A NUTSHELL:
-Last month, HUD told lenders and loan officers that under no circumstances can worksheet quotes be issued to a mortgage applicant in lieu of a good-faith-estimate form.
Under the new law, once a mortgage applicant supplies the essential application information, including Social Security number, property address, and estimated value, among other data, lenders must issue a binding-cost good-faith estimate. Once this information is provided, lenders are required to issue the good faith estimate within three days of the application.
-Loan officers cannot refuse to provide a good faith estimate to an applicant who requests one, nor can they tell applicants that they must commit to moving forward with their mortgage company to obtain a mortgage prior to receiving a good faith estimate.
-Once an applicant has received a good faith estimate, they can take the form with them to comparison shop. The new form includes itemized boxes allowing mortgage applicants to compare quotes from up to four lenders, such as interest rates, loan fees, prepayment penalties, and total settlement expenses.
-The good faith estimate also ties upfront estimates to later charges at closing, and encourages borrowers to check line by line for any discrepancies. The form explains which fees come with zero tolerance for changes between upfront estimates and closing—generally the lender’s own fees and local transfer taxes—and which fees allow a 10 percent fluctuation for changes higher than the estimate, such as certain title and closing-related services.
-Some worksheets resemble good-faith estimates, but have titles such as “estimated settlement costs” at the top of the page. Others indicate on the bottom of the form that the worksheet is not a good faith estimate, so consumers should carefully review documents before making any decisions.

Source: California Association of Realtors & LA Times

Jumbo Loans Getting Easier

2010-03-08T14:44:00.001-08:00

The jumbo loan market is starting to thaw, making it easier for move-up buyers to borrow.Rates on jumbo loans of more than $729,750 in highest-priced markets rose during the financial crisis and lending standards tightened to the point where borrowers couldn’t refinance or get a new loan.

In the last couple of weeks, the average interest rate on a 30-year fixed-rate jumbo fell to 5.79 percent, a five-year low, according to rate tracker Informa Research Services. Rates are even lower on hybrid adjustables.

The availability of these loans suggests that banks are feeling more confident since Fannie Mae, Freddie Mac, and the Federal Housing Administration do not insure them.

Source: Los Angeles Times, E. Scott Reckard (02/28/2010)

Foreclosued Borrowers May Get Loans Again

2010-03-07T15:36:00.002-08:00

Will people who currently face foreclosure or short sales or who walk away from their underwater properties ever be able to get financing to buy another home down the road?

Banks haven’t been very forthcoming on this issue. However, knowledgeable observers of the situation say that while it may take some time, the situation will right itself for most people.

Because bankrupt borrowers have eliminated their debts, they should "constitute attractive fodder for mortgage lenders," says University of Michigan law professor John Pottow, whose specialty is bankruptcy.

As home prices and the mortgage market stabilize, lenders will be motivated to lend to people who previously had financial troubles if they look like they can pay the next time around, says Alan Riegler, a consultant with CCG Catalyst, which advises banks.

"The lender who figures out how to do more of this case-by-case stuff cost-effectively is going to end up ahead of the pack," Riegler says.

Source: Inman News, Matt Carter (03/05/2010)

30 Year Rates Dip Below 5%

2010-03-07T15:36:00.001-08:00

Freddie Mac documented a decline in mortgage rates during the week ended March 4, with 30-year fixed home loans slipping to 4.97 percent from 5.05 percent and 15-year interest averaging 4.33 percent.

Also, the Mortgage Bankers Association reported that its index of home loan applications jumped 15 percent during the week ended Feb. 26. Refinancing activity was up 17 percent, and purchase demand rose 9 percent.

Source: Kansas City Star (03/05/10)

SD County Home Prices Up!

2010-03-06T15:40:00.000-08:00

A widely watched index of housing prices yesterday showed San Diego County’s prices up 0.1 percent from November to December, the eighth straight month of improvement.

That is the longest upward trend among the 20 metro areas monitored by the Standard & Poor’s/Case-Shiller Home Price Index.

But analysts remain cautious that the trend line may not continue upward. Potential obstacles to further recovery include rising interest rates, a generally stagnant economy and weak housing demand.

The December index showed San Diego prices up 2.7 percent from a year earlier. The index, set at 100 for January 2000, stood at 156.29, up 8.2 percent from a low of 144.43 in April.

Click here for the rest of the article.

http://www.signonsandiego.com/news/2010/feb/24/county-home-prices-up-for-8th-month/

Thanks for reading!

Christine Van Tuyl

Prudential California Realty

Coronado, CA 92118

http://www.coronadoislandhomes.com

Building Permits, New Homes Sales Up

2010-03-06T15:38:00.000-08:00

Building permits and new-home sales rose last month in San Diego County, offering a bit of optimism to an industry hit hard by five years of downturn, new reports showed yesterday.

However, in both cases, the numbers are far below historic trends of the last few years and demonstrate how far the home-building industry has yet to go to return to robust activity.

The Burbank-based Construction Industry Research Board reported that local jurisdictions authorized 282 units last month, more than three times the January 2009 level.

But it was still far below the most recent January peak of 1,461 units in 2005.

Statewide, total permits totaled 2,979 units, up 48.4 percent from year-agolevels also far below totals during the early-2000s boom.

Click here for more.
http://www.signonsandiego.com/news/2010/feb/25/building-permits-new-home-sales-up/

Thanks for reading!

Christine Van Tuyl

Prudential California Realty

Coronado, CA 92118

http://www.coronadoislandhomes.com

Hefty tax bill may hit those who lost home

2010-03-06T15:37:00.000-08:00

San Diegans who have lost their homes through foreclosure or short-sales thought they had emerged from the dark times and could start rebuilding their lives.

Then the state tax man came calling.

With less than six weeks before taxes are due, an estimated 16,000 former homeowners statewide will owe $15 million in extra income taxes this year and $29 million through 2012.
The tax applies to what is called the “cancellation of debt” that occurs when property owners lose their homes through foreclosure or arrange a short-sale in which they sell for less than the mortgage balance. The lender sends them a form itemizing the forgiven debt, and the amount is subject to income tax.

Click here for the rest of the article.
http://www.signonsandiego.com/news/2010/mar/03/hefty-tax-bill-may-hit-those-who-lost-home/

Thanks for reading!
Christine Van Tuyl
Prudential California Realty
Coronado, CA 92118
http://www.coronadoislandhomes.com

Coronado Weekly Update

2010-03-06T15:35:00.000-08:00

THIS WEEK IN CORONADO:

The median list price in CORONADO, CA this week is $2,100,000.
With inventory and days-on-market basically unchanged and the
Market Action Index increasing, the market is not sending strong
directional signal for the near-term outlook.

SUPPLY AND DEMAND

Home sales have been exceeding new inventory for several weeks.
However because of excess inventory, prices have not yet stopped
falling. Should the sales trend continue, expect prices to level off
soon and potentially to resume their climb from there. Watch prices
as the market transitions from a Buyer's market to a Seller's market.

PRICES

Again this week we see a downward notch for prices. Pricing has
been weak in recent weeks and versus their absolute-high levels.
The Market Action Index is a good leading indicator for the
durability of this trend.

Thanks for reading! To get weekly PDFs of Coronado real estate market reports, contact christinevt@prusd.com with MARKET REPORT in the subject line.

Coronado Best Buys List for March 3, 2010

2010-03-02T13:44:00.000-08:00

Greetings!

Busy, busy, busy! There are 32 properties currently in escrow in Coronado right now, quite a jump from last month. Sellers are starting to price their properties much lower, and the buyers are taking the bait. The best listings are going fast. 11 of the listings in escrow are from our Best Buys List. 4 of the homes in escrow are bank owned foreclosures and 3 are short sales.

Here is the complete BEST BUYS LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!

$399,000—730 E Avenue, condo, 2/2 , SHORT SALE! Centrally located 2 bedroom, 2 bath Condominium in the heart of the Village. Has recently been updated with slate flooring and new bathroom fixtures. Convenient to all the best that Coronado has to offer.
$475,000-$525,000, condo, 2/2, SHORT SALE! Come see this beautiful remodeled bright corner condo with two master suites. Upgrades include, bamboo hardwood floors, granite counter tops and gorgeous bathrooms. Spectacular downtown views from the community roof top deck or go relax by the pool and spa. Located in the heart of the village, you can walk to restaurants, shops and beaches.
$650,000—36 Montego, Condo, 2/3. Views, Views, Views from this 1471 sq Ft. 2bd/2ba Montego Court Condo. Priced to sell, original owner, great opportunity to own property on the water. Views of the bay, bridge and ocean. Boat docks available. Private village, swimming pool, tennis courts.
$745,000—10 Antigua, condo, 2/2. Coronado Cays Antigua Village. Updated East facing unit overlooking the water. Spacious 2 bedroom/2 bath floorplan. Enjoy stunning views of the bay, morning sunrise and distant mountain peaks. More than 1,500 square feet. Second level unit invites abundant natural light and ventilation throughout. Relax, entertain, or lock up and leave worry free. Clubhouse, pool and spa amenities.
$798,000-$898,000—1405 First, condo, 3/3. SHORT SALE! Beautifully remodeled and tastefully decorated! This spacious "townhome style" residence offers 3 bedrooms, 3 baths, wood floors, granite counters, exceptional storage, attached 2 car garage, and much, much more! What a fabulous location situated next to the Ferry Landing. Relax and enjoy the city/bay view from the MB balcony day or evening!
$979,000—401 E Avenue, house, 3/ 4. Almost 2000 square feet of beautiful new construction in the heart of Coronado. Attic is fully finished. Finished Basement has a full laundry room with granite counter tops, full bathroom, bedroom & extra high ceilings. It is wired for alarm, intercom, internet, cable & central vacuum. The deck/balcony is plumbed for BBQ. The high end tile & granite is simply beautiful.
$999,000--1099 First Street #421, condo, 2/3. PENTHOUSE unit on the Bay priced under 1 million…unbelievable! More than 2,000 square feet of living space at the Coronado Landing. In original but good condition. Light, bright unit features fabulous bay views and a wonderful loft on the second level.
$995,000-$1,050,00--611 Fifth Avenue, house, 3/3. PRICE DROP! Step back into simpler days in this adorably and well appointed quaint Coronado Cottage by the sea. Nestled comfortably on a reverse corner 50'x70' lot leaves you with great options for improvement. Currently setup as a 3 bedroom, 1.5 bathroom 'beach house' but could easily be improved upon. Current owners remodeled property including appliances, bathrooms, paint, beautifully finished hardwood flooring and more. Enjoy a short bicycle ride to our Top 10 rated Coronado Beach! Coronado Living....begins here!
$1,199,000-$1,349,000—851 G Avenue, house, 3/ 4. What a deal to be made for the ready and positioned buyer! **BRAND NEW CONSTRUCTION**NEVER BEEN LIVED IN**3 BLOCKS TO CORONADO BEACH!! 3 bedrooms,3.5 bathrooms and over 1,900 square feet of Coronado living. Immaculate “front house.”
$1,35,000--255 B Avenue, house, 3/2. Charming Cape Cod in excellent condition. Beautiful oak floors throughout, dormers, cubbies, built-ins, bay window, large yard, swimming pool, 2 fireplaces, wheelchair friendly on first floor with bedroom & adjoining bath with wheel in shower, double garage, short walk to bay, ferry landing, shopping & restaurants, note R-1B zoning. Furnishings negotiable. Vistas to the Coronado bridge/evening lights.

We update this list every two weeks based on price, location, square footage, and condition of ALL homes currently on the Coronado MLS. To subscribe to the Coronado Best Buys List and get pictures and additional information, please email christinevt@prusd.com with BEST BUYS in the subject line.
Thanks for reading!

New Home Buyer Tax Credit Guidelines

2010-02-28T16:52:00.000-08:00

The Internal Revenue Service (IRS) recently issued new guidelines and clarified documentation that taxpayers must submit to successfully obtain the federal tax credit for home buyers.

IN A NUTSHELL:
-The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30, 2010. Repeat buyers may be eligible for a tax credit of up to $6,500. Click here for more information about the federal tax credit for home buyers, including eligibility requirements.
-To receive the tax credit, home buyers must comply with the IRS’s documentation requirements, including a fully executed IRS Form 5405. On the form, which is available on the IRS’s Web site, taxpayers provide information supporting their claim of eligibility, such as income and home purchase date.
-The IRS also requires home buyers to submit a copy of the closing or settlement statement that proves the transaction took place. The IRS previously said that the statement should show “all parties’ names and signatures, property address, sales price, and date of purchase.” However, since closing or settlement statements vary by state, and in some cases the form does not include both the seller’s and buyer’s signatures, the IRS has revised this requirement. As long as the closing or settlement statement conforms to prevailing local practices, the IRS will accept it.
-One stipulation for repeat buyers is they must provide documentation they lived in their former property for a consecutive five years out of the previous eight years. Accepted documentation may include property tax records, hazard insurance records, or copies of annual mortgage interest statements filed with their federal taxes.Source: California Association of Realtors

2 Great Deals on homes for sale in Coronado, CA!

2010-02-25T12:10:00.000-08:00

Greetings! Just finished up another Broker's Open House and saw a couple fantastic new listings for homes for sale in Coronado, CA.

The first is 97 Antigua--3 bedroom condo for $845,000. This is an incredible price for a 3 bedroom condo ON THE WATER with your own attached boat slip. And more than 1800 square feet, hello! The unit is on the first floor and all one single level. Needs some updating but what a deal for a 3 bedroom in the Cays! And of course you also have access to wonderful amenities like pool, hot tube, tennis courts, etc. If you're looking for a deal in the Cays, this is it.

We also love this charming Spanish style home at 473 D Avenue listed for $1,495,000. This is a 3 bedroom, 2 bath home with a garage on a nice-sized lot. There's plenty of outdoor living space. This home is a real charmer and is move-in ready. Original hardwood floors and plenty of built-ins.Contact me for more info about these homes on other great homes for sale in Coronado, CA!

Christine Van Tuyl

Prudential California Realty

858.405.7264

christinevt@prusd.com

http://www.coronadoislandhomes.com

Don't Forget: Top Homeowner Tax Deductions!

2010-02-22T14:10:00.000-08:00

1. Mortgage Interest. Perhaps the biggest tax break is reflected in the house payment you make each month. For most homeowners, the bulk of that payment goes towards interest. All interest is deductible, unless your loan is more than $1 million.
2. Private Mortgage Insurance. If your lender required you to buy PMI (private mortgage insurance, which is often required when the loan is more than 80% of the home’s purchase price,) the PMI premiums are tax-deductable for mortgages taken out in 2007 thru 2010. Keep in mind the account of the deduction depends on your income—if you earn more than $100,000 a year, the deduction phases out.
3. Points. Your lender will often charge you a variety of fees, one of which is called "points." (One point is equal to 1% of the loan principal.) One to three points are common on home loans, which can easily add up to thousands of dollars. You can fully deduct points associated with a home purchase mortgage. Refinanced mortgage points are also deductible, but only over the life of the loan, not all at once.
4. Equity Loan Interest. You may be able to deduct some of the interest you pay on a home equity loan or line of credit—if you have one. However, the IRS places a limit on the amount of debt you can treat as "home equity" for this deduction.
5. Home Improvement Loan Interest. If you take out a loan to make substantial home improvements, you can deduct the interest, with no dollar limit. However, the work must be a "capital improvement" rather than ordinary repairs. Qualifying capital improvements are those that increase your home's value, prolong its life, or adapt it to new uses. For example, qualifying improvements might include adding a new roof, fence, swimming pool, garage, porch, built-in appliances, insulation, heating/cooling systems, landscaping, or more.
6. Property Taxes. Property taxes are fully deductible from your income.
7. Home Office Deduction. If you use a portion of your home exclusively for business purposes, you may be able to deduct home costs related to that portion, such as a percentage of your insurance and repair costs.
8. Selling Costs. If you decide to sell your home, you'll be able to reduce your taxable capital gain by the amount of your selling costs. These include real estate broker's commissions, title insurance, legal fees, advertising costs, administrative costs, and inspections. In addition, the IRS recognizes that costs ordinarily attributed to decorating or repairs -- painting, wallpapering, planting flowers, maintenance, and the like -- are also selling costs if you complete them within 90 days of your sale and with the intention of making the home more saleable.
9. Capital Gains Exclusion. If you have owned and occupied your principal residence for at least two of the past five years, you can earn up to $500,000 on the sale of your home and pay no federal income tax whatsoever. (That’s if you’re married.) If you’re single, you can get up to $250,000 tax free. And you can do this as often as you want for every two years for the rest of your life.
10. Moving Costs. If you move because you got a new job, you may be able to deduct some of your moving costs. To qualify for these deductions you must meet several IRS requirements, including that your new job must be at least 50 miles farther from your old home than your old job was. Moving cost deductions can include travel or transportation costs, expenses for lodging, and fees for storing your household goods.

We hope you find this information helpful. We compiled this list from a variety of reliable sources, including Nolo, the nation’s oldest provider of legal information, Bankrate.com, and Realtor.com. As always, confirm all tax deductions with your accountant. Thanks for reading!

Christine Van Tuyl
Prudential California Realty
Coronado, CA 92118
http://www.coronadoislandhomes.com

Mortgage Rates Set to Go Up?

2010-02-19T14:22:00.000-08:00

The Federal Reserve is poised to turn off a major money spigot that has helped sustain the ailing real estate sector, as an extraordinary program under which the Fed has pumped $1.25 trillion into the mortgage market is slated to end March 31.

"Housing has been on government life support, and without it the crash would have been much more severe," said Mark Zandi, chief economist with Moody's Economy.com in Pennsylvania. "This spring and summer as those policy efforts unwind, we most likely will see mortgage rates move higher and more house-price declines."

Click here for more.

Weekly Coronado, CA Market Snapshot

2010-02-15T08:16:00.001-08:00

The median list price in CORONADO, CA this week is $2,125,000.
Inventory is tightening and days-on-market is falling. The Market
Action Index shows demand heating up. These are relatively bullish
signs for prices.

Supply and Demand
Home sales have been exceeding new inventory for several weeks.
While still a Buyer's market, prices seem to have responded by
moving upward. If the demand trends continue, expect prices to
keep marching upward, especially once we see a Seller's Market.

Pricing
Despite this week's down tic, price trends have generally been
moving up lately. Prices are below the market's high point, and
so watch the Market Action Index as an indicator of how long this
trend will last.

Just Listed: Short Sale in Coronado, CA!

2010-02-10T14:24:00.000-08:00

Greetings!Yet another short sale has been listed in homes for sale in Coronado, CA. This beautiful home on B Avenue is a 4BR, 3.5BA, 2,900+ sf 'courtyard home' walking distance to Village & quick access to bridge. 2 MASTER BEDROOMS (one in front/one in back), 2 private courtyards (one w/spa & built-in BBQ center), 3 balconies, 2 car attached garage w/direct access PLUS 2 parking spaces. Upgrades include $150k in Italian travertine tiled flooring & bathrooms, marble counter tops, crown moldings, marble wainscotting, built-in TV, fireplace, AC & more! Just a couple of blocks to Spreckles Park.

The listing agent says they have verbal approval from the bank at $1,300,000, and the first offer at the price will go to the bank and no further offers will be accepted.Feel free to contact me for more info and pictures!

To get automatic email alerts when new Coronado short sales or foreclosures come on the market, email christinevt@prusd.com with FORECLOSURES in the subject line.Thanks for reading.

A Great Deal on Coronado, CA!

2010-02-10T14:22:00.001-08:00

Just saw a great home for sale in Coronado, CA this morning on Broker's Open. This home is a charming Cape Cod style home just 1 block from the Ferry Landing. It is a 3 bedroom, 2 bath home on a HUGE 7,000 square foot lot! It has a huge yard and even has a swimming pool. It has beautiful oak floors throughout, dormers, cubbies, built-ins, bay window, and 2 fireplaces, wheelchair friendly on first floor with bedroom & adjoining bath with wheel in shower. Great views of the Coronado bridge/lights!

Listed for $1,395,000!Contact me if you'd like more pictures or more info.
Thanks for reading!

San Diego Apartment Activity on the Upswing

2010-02-08T15:38:00.001-08:00

San Diego County’s apartment market ranks second nationally after Washington, D.C., in its outlook for stability and possible growth in 2010, according to Marcus & Millichap’s annual apartment report covering 44 metro areas. Two other reports came to the same conclusion: San Diego’s rental market is on the way up.
“With property performance expected to be steady throughout much of the metro area, investment activity will likely pick up this year,” said Kent Williams, regional manager of the real estate investment services firm’s San Diego office.

Click here for more info.

New Hotel, Condos Planned for Chula Vista Waterfront

2010-02-08T15:30:00.000-08:00

After nearly eight years of planning, negotiating and waiting, the Pacifica Cos. received a key approval yesterday from the San Diego Unified Port District to move ahead with a land swap needed for a hotel and residential development on Chula Vista’s beleaguered bayfront.

The Port District’s board of commissioners voted 5-1 in support of allowing the company to swap 97 acres it owns on the northern end of the bayfront near the Chula Vista Nature Center for the Port District’s 35 acres just east of the marina.

Pacifica plans to build a 250-room hotel and a 1,500-unit condominium project on the site.

Click here for more.

2 Great Deals in Coronado, CA!

2010-02-05T14:32:00.001-08:00

Just checked out some great homes on broker's open this week in Coronado, CA. A standout is this Coronado Cays Property. This is a two bedroom, 2 bath, waterfront condo with its own boat slip. It is more than 1500 square feet and is a light and bright upper level unit. It's listed at only $749,000. A great deal for the Coronado Cays!

New Coronado Village Bank-owned Foreclosure: $886,900

2010-02-05T14:29:00.000-08:00

Check out this new bank-owned property in the Village of Coronado. It is a 4 bedroom, 2 bath detached, single family home on a 6,000 square foot lot. Original hardwood floors in bed, living, and dining rooms. Needs some updating but what a bargain! Listed for $886,900. Shouldn't last too long!

New Coronado Short Sale Listing--2 Bed/2 Bath Condo, $399K!

2010-02-05T14:24:00.000-08:00

This new listing just came on the market in Coronado as a short sale. It is a charming 2 bed, 2 bath condo for $399,000. It is located in the heart of the village--close to schools, library, park, etc. Has recently been updated with slate flooring and new bathroom fixtures. Convenient to all the best that Coronado has to offer.

2 Great Deals in Coronado, CA!

2010-02-03T14:57:00.000-08:00

Click here to watch video.

http://www.youtube.com/watch?v=gkPFKCEeCCA

Coronado Best Buys List for February 2, 2010

2010-02-02T14:07:00.000-08:00

Greetings!

There are 20 properties currently in escrow in Coronado right now, and 3 of them are short sales and foreclosures. More distress sales are still coming on the market, but you have to be fast. Contact us for email alerts.

Here is the complete BEST BUYS LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!

$430,000-$475,000—333 Orange Avenue #11, condo, 2/2, SHORT SALE! Great opportunity for first time buyer to own in Coronado an upgraded two bedroom two bath condo. Corner first floor unit in gated building with pool and spa. Beautiful downtown views from community roof top deck. One assigned parking space and three ample private storage cabinets. Subject to lender approval.
$550,000--725 D Unit B, condo, 1/1. 700 square feet! Delightful, airy, bright upper unit with Southern exposure, move-in ready in the center of the Village with short walk to all.Completely remodeled/upgraded in 2005 with beautiful hardwood floors, new kitchen & bath, electrical & plumbing. Full size washer/dryer. Cozy balcony with sunset views over Pt. Loma. Perfect Coronado starter or vacation get away. Private garage.
$650,000—36 Montego, Condo, 2/3. Views, Views, Views from this 1471 sq Ft. 2bd/2ba Montego Court Condo. Priced to sell, original owner, great opportunity to own property on the water. Views of the bay, bridge and ocean. Boat docks available. Private village, swimming pool, tennis courts.
$699,000—376 H Ave, House, 2/1. Postcard 1930’s beach bungalow at a great price! Beautifully upgraded, traditional sale. Outstanding features include gated entrance, courtyard and patio, living room with beamed ceiling and fireplace, refinished original hardwood floors, arched doorways, new kitchen and appliances and other special touches!
$725,000—570 G #A, condo, 2/3, SHORT SALE! Short sale-one lender. One of 3 units, this house like contemporary townhome has great outdoor space and is located in the heart of the Village. No units above or below and only attached on one side. Beautiful remodeled kitchen w/granite counters & stainless appliances. Large living room opens to a private patio. The central stairway brings you to the den at mid level which opens to another private deck. A few more steps takes you to the master bedroom suite with beautiful bath (also laundry) & 2nd BR/BA.
$798,000-$898,000—1405 First, condo, 3/3. SHORT SALE! Beautifully remodeled and tastefully decorated! This spacious "townhome style" residence offers 3 bedrooms, 3 baths, wood floors, granite counters, exceptional storage, attached 2 car garage, and much, much more! What a fabulous location situated next to the Ferry Landing. Relax and enjoy the city/bay view from the MB balcony day or evening!
$799,000-$849,000—518 Adella, house, 2/2. A sleeper! A unique property waiting for the right buyer to remodel or rebuild. Hidden behind the wooden gates, an oasis of rest & relaxation awaits you. Live the Coronado lifestyle in the sanctuary of your private home. The secluded back yard features a BBQ area, built in spa, & in-ground pond. Surrounded by lush landscape, this is truly a unique & safe haven. The charming main house's wood finishes accentuate the character of this "boathouse" style residence. Next door is an attached guest house that can home visiting friends & family. Each unit is 1bed/1bath w/ their own kitchens. Nice lot size!
$850,000—810 2nd Street, house, 3/2. Coronado village home with three bedrooms and two full baths. Quiet neighborhood close to the Ferry Landing. Priced to sell! Garage with alley access. Fenced in back yard. Deck off master bedroom. More than 1,400 square feet.
$875,000—257 Alameda, house, 2/3. SHORT SALE! This home boasts more than 1,900 square feet. 2 deluxe master suites. Tranquil setting and back yard.
$889,000—247 D Ave, house, 3/ 4. PRICE DROP! Highly Upgraded Unit Built by Owner for Owner. Custom Entertainment Built-in and Additional Built-ins at Fireplace. Hardwood Floors in All Rooms. No Carpet. Beautiful Decorator Tiles in Kitchen and Bathrooms. Much Thought put into Window Placement to Maximize the City Views. No Other Two-Stories on Either Side. Lots of Light. Gorgeous City Views from Rooftop Deck.
$890,000—8 Kingston Court, condo, 2/2. Only Cays property with attached boat slip under 1 million! Over 1600 square feet. This is a beautifully remodeled East Facing Waterfront condo with a Boat Slip that can accommodate up to a 50' Yacht with up to a 15.5' Beam! The stainless steel, granite countertops and hardwood floors in the kitchen help perfectly accent this move in ready condo! This second story unit boasts breath taking bay views, vaulted ceilings, a warm fireplace and plenty of natural light. Kingston also has a common area Clubhouse with a Pool & Spa shared with Trinidad Village.
$1,095,000--611 Fifth Avenue, house, 3/3. PRICE DROP! Step back into simpler days in this adorably and well appointed quaint Coronado Cottage by the sea. Nestled comfortably on a reverse corner 50'x70' lot leaves you with great options for improvement. Currently setup as a 3 bedroom, 1.5 bathroom 'beach house' but could easily be improved upon. Current owners remodeled property including appliances, bathrooms, paint, beautifully finished hardwood flooring and more. Enjoy a short bicycle ride to our Top 10 rated Coronado Beach! Coronado Living....begins here!
$1,520,000—49 Green Turtle, house, 3/3, PRICE DROP! WATERFRONT-- 1 BLOCK TO BEACH, MOVE IN READY. THIS HOME IS ON A BOAT CHANNEL WITH A GREAT VIEW OF WATERFRONT HOMES AND BOATS, DAY OR NIGHT. BOAT SLIP FOR TWO 45FT BOATS-- SLIP CONVEYS WITH THE HOME. UPGRADES.
$1,699,000--900 2nd Street, house, 4/3. PRICE DROP! Redesigned from the ground up in 2006 by local firm The Jackman Group, this home exudes classic style with modern amenities and an island appeal. Features including marble countertops in the kitchen and baths, hardwood floors, high end appliances, custom cabinets and millwork throughout. Bright floor plan with large balconies, porch and BBQ area.

We update this list every two weeks based on price, location, square footage, and condition of ALL homes currently on the Coronado MLS. To subscribe to the Coronado Best Buys List and get pictures and additional information, please email christinevt@prusd.com with BEST BUYS in the subject line.

Thanks for reading!

Christine Van TuylPrudential California RealtyLeading Edge Award Winner
101 Orange Avenue
Coronado, CA 92118
858.405.7264
christinevt@prusd.com
Search properties free on our website:www.sandiegosurfandsand.com
Check out our blog at:
http://realestatesd.blogspot.com

Coronado Market Weekly Update!

2010-02-01T14:36:00.000-08:00

The median list price in CORONADO, CA this week is $2,195,000.

Inventory is tightening and days-on-market is falling. But demand
as measured by the Market Action Index is also trending down. The
market is not giving strong up or down signals from these data.

Supply and Demand

In terms of supply and demand, the market is getting cooler - more
supply is coming on the market relative to the sales demand.
However, in recent weeks prices have been moving higher. Since it is
technically a Buyer's market, this price trend may be a result of
improved quality (newer, larger homes) of the homes being listed.
Look at the descriptive statistics where you may notice the homes
being listed are larger and younger than they have been in the past.

Price

Prices continue their climb again this week. We're a long way
from the market's price high-point so watch the Market Action
Index as an indicator of how long this trend will last.

10 Things Buyers Want in a House...and it's Not Size!

2010-01-31T14:12:00.000-08:00

Houses are getting smaller, according to data released last week by the National Association of Home Builders.The association said that the average size of a new home in 2009 was 2,480 square feet, down from 2,520 square feet in 2008.

"The era of easy money is over. You really have to think before you go out and decide you need that five-bedroom, five-bath home," said Rose Quint, the organization's assistant vice president for survey research.

Despite smaller home sizes and tightening credits, there are still some features that are expected in new houses. Builders say the following are most likely to be standard in homes built in 2010:
Walk-in closets in the master bedroom.
Laundry rooms.
Insulated front doors.
Great rooms.
Energy-efficient windows.
Linen closets.
Programmable thermostats.
Energy-efficient appliances and lighting.
Separate shower and tub in master bathrooms.
Nine-foot ceilings on the first floor.

Source: MarketWatch, Steve Kerch (10/22/2010)

10 Home Components Buyers Should Pay Attention To

2010-01-31T14:10:00.000-08:00

Many aspects of a home last little more than a decade. Home buyers should be especially vigilant about inspecting these household components because they have a relatively short lifespan, says the National Association of Home Builders.

Aluminum roof coating: 3-7 years
Enameled steel sinks: 5-7 years
Security systems: 5-10 years
Carpet: 8-10 years
Smoke detectors: fewer than 10 years
Faucets: 10-15 years
Garage door openers:10-15 years
Air conditioners: 10-15 years
Asphalt: 12-15 years
Termite-proofing during construction: 12 years

Source: Bankrate.com, Marcie Geffner (01/22/2010)

10 Inexpensive Ways to Wow Buyers

2010-01-31T14:08:00.000-08:00

Now is the time for home owners contemplating a spring sale to spruce up their properties in anticipation of what Mike Larson of Weiss Research calls a potentially vibrant home-selling season.

"If you have been beating your head against a wall, this is going to feel a lot better,” he says.

Here are 10 cheap ways to make a property more attractive to shoppers:
-Improve first impressions. Touch up the paint on the front door and other areas that buyers see first.
-Clean up the landscaping. Trim the hedges and trees and plant some annuals in the flowerbeds.
Paint the interior. A coat of light yellow or cream with contrasting white woodwork looks fresh and clean.
-Refurbish the floors. Buff the hardwoods. Install new carpets – or at least get them professionally cleaned.
-Take care of the big problems. If the house needs a roof or the front stoop is crumbling, get them fixed.
-Buy warranties. Putting appliances under warranty gives homebuyers a secure feeling.
-Improve energy efficiency. New windows or improved insulation tells a potential buyer the seller is on top of things plus they come with tax benefits.
-Replace light fixtures. Updated fixtures, especially at the entrance way and in the foyer, create a good first impression.
-Buy a stove. Home owners whose kitchen isn’t top of the line can jazz it up for a few hundred dollars by buying a new stove, which gives the room a fresh feel.
Tidy up the bathrooms. Get rid of mildew, replace caulking, and replace stained sinks.

San Diego Home Prices Edge Upward

2010-01-23T15:25:00.000-08:00

San Diego County home prices rose $5,000 to a median $330,000 in December after staying flat at $325,000 for four months, MDA DataQuick reported this week. Sales totaled 3,652, up 16 percent from November in the usual year-end burst of activity.

The latest median represented a 10 percent increase from a year earlier, the best such boost since April 2005 at the height of the real estate boom. It was up $50,000 or 17.9 percent from the $280,000 low reached in January but still far below the all-time high of $517,500 set in November 2005.

Single-family resales saw no change in the $365,000 median, though that figure was 9.8 percent higher than in December 2008. Sales totaled 2,185, up 20.7 percent from November and up 7.5 percent from December 2008’s 2,033. Sales typically rise in December as buyers and sellers seek to complete transactions before the end of the year. They then settle down in January and February before rising again in the spring and summer.

The resale condo median slipped to $219,750 from $225,000 in November but was up 12.7 percent from year-ago levels. Sales totaled 1,084, compared with 963 in November and 971 a year ago.

The new-home category, which includes both new construction and new condo conversions, turned in a median of $425,000, up 28.4 percent from November but down 12.8 percent from December 2008. It was the best month-to-month showing since August 1997 and possibly reflected a surge in closings of new, higher-priced single-family houses as developers sought to close out dwindling inventories in subdivisions.

San Diego Leads Region in Home Price Gains

2010-01-23T15:17:00.000-08:00

San Diego County, with a 10 percent increase, led Southern California in home price improvement last month, although Los Angeles had the highest sales growth on a year-over-year basis, MDA DataQuick reported yesterday.

Overall, the six-county region had a 4 percent increase in median price, rising from $278,000 in December 2008 to $289,000 last month. It was the first year-over-year improvement since summer 2007. The one exception was the Inland Empire, where prices in Riverside and San Bernardino counties were lower in December than a year earlier.

Click here for more.

Foreclosures Rise 21% in 2009

2010-01-23T15:10:00.002-08:00

Foreclosures rise 21 percent in 2009 Foreclosures rose 21 percent in 2009 compared with 2008, as nearly 3 million properties received a foreclosure filing, according to RealtyTrac®’s Year End 2009 Foreclosure Market Report.

Foreclosure filings were reported on 349,519 U.S. properties in December, a 14 percent increase from November and a 15 percent increase from December 2008. Despite the increase in December, foreclosure activity in the fourth quarter decreased 7 percent compared with the third quarter, according to the report.

California continued to lead the nation in foreclosure activity by volume, with 632,573 California properties receiving a foreclosure filing in 2009. Following four consecutive month-over-month declines, California foreclosure activity increased approximately 9 percent in December compared with November. Foreclosure filings declined 17 percent in California in the fourth quarter compared with the third quarter, the report found.

FHA 90 Day Flipping Rule Waived!

2010-01-23T15:10:00.001-08:00

FHA 90-day anti-flipping rule waivedThe Dept. of Housing and Urban Development (HUD) announced Friday it will eliminate for one year the Federal Housing Administration (FHA) 90-day anti-flipping rule.

FHA’s anti-flipping rule generally prohibits insuring a mortgage on a home owned by the seller for less than 90 days. That rule already has been waived for certain transactions, including REOs. Beginning Feb. 1, buyers may use FHA-insured financing to purchase properties resold through private developers and investors. This one-year waiver will give FHA buyers access to a broader array of recently foreclosed properties.

Under the temporary waiver, all transactions must be made at arm’s-length and may require additional documentation of improvements and justification of certain price increases. Additional documentation may include a second appraisal and a property inspection ordered by the lender.
C.A.R. recently submitted a letter to FHA Commissioner David Stevens detailing the challenges facing many FHA home buyers, such as the lack of housing inventory available to them, and the need to revise this rule to reflect current market conditions. The reexamination of the 90-day anti-flipping rule was passed as an action item during C.A.R.'s board of directors meetings in October.

New Rules for FHA Buyers

2010-01-23T15:05:00.000-08:00

The Federal Housing Administration (FHA) today outlined future changes to the FHA home loan program. The changes first were proposed last month by Secretary of Housing and Urban Development (HUD) Shaun Donovan.

Rising defaults on FHA loans have led to the FHA’s cash reserves falling below federally mandated levels. FHA officials hope that policy changes will ensure borrowers have a stronger equity position and are less likely to default.

Policy changes include:
-Raising the up-front mortgage insurance premium: The premium will rise to 2.25 percent from its current 1.75 percent. HUD is expected to release a Mortgagee Letter on Jan. 21 making the premium increase effective in the spring.
-Raising the minimum credit score requirements: New borrowers will be required to have a minimum FICO score of 580 to qualify for the FHA’s 3.5 percent down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10 percent. FHA expects this to take effect in early summer after it goes through the normal regulatory process.
-Reduce allowable seller concessions: The agency is lowering the maximum permissible level to 3 percent from its current 6 percent limit. FHA expects this to take effect in early summer after it goes through the normal regulatory process.

6 Surprising Facts about the Homebuyer Tax Credit

2010-01-22T14:01:00.000-08:00

The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.

-To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.
-Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
-Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms on line. The wait for a refund is three or four months.
-The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
-The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
-A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.

30 Year Mortgages Slide Below 5%

2010-01-22T13:56:00.001-08:00

Long-term mortgage rates fell for the third straight week, pushing the average rate on 30-year fixed home loans below 5 percent again, according to Freddie Mac.

This week, average interest on 30-year mortgages was 4.99 percent, compared to 5.06 percent last week and 5.16 percent a year ago. Rates on 15-year fixed loans also followed bond yields lower, averaging 4.40 percent, compared to 4.45 percent last week; and adjustable-rate mortgages also fell this week.

Source: Los Angeles Times, E. Scott Reckard (01/22/10)

Just In: Latest Coronado Sales Statistics!

2010-01-22T13:41:00.000-08:00

The latest Coronado, CA sales statistics are in...courtesy of Altos Research.

Summary:

Inventory is tightening and days-on-market is falling. The Market
Action Index shows demand heating up. These are relatively bullish
signs for prices.

Price:

This week saw relatively little price change from last week.
However, prices continue demonstrate a nice up trend in general
over the last several weeks.

Supply & Demand:

Home sales have been exceeding new inventory for several weeks.
While still a Buyer's market, prices seem to have responded by
moving upward. If the demand trends continue, expect prices to
keep marching upward, especially once we see a Seller's Market.

Coronado Real Estate Alert!

2010-01-19T17:06:00.000-08:00

Coronado Best Buys List for January 18, 2010

2010-01-18T13:41:00.000-08:00

Greetings!

There are 18 properties currently in escrow in Coronado right now, and 11 of them are BEST BUYS! Do we know how to pick them or what? Short sales and foreclosures are still coming on the market, but you have to be fast. Contact us for email alerts.

HERE ARE SOME FORMER BEST BUYS IN ESCROW:
418 E Avenue, condo, 2/2--$615,000.
457 E Avenue, house, 2/1--$699,000.
23 Delaport Court, House, 3/3, $744,000—FORECLOSURE.
102 Tunapuna, house, 2/3, $895,000.
741 Olive, house, 2/2, $899,000-$990,000.
1121 Star Park Circle, 4/5, $1,900,000—FORECLOSURE.

19 homes closed escrow the last month—the average sales price was $1,063,000, which shows that sales are still highest in the lower price ranges.

Here is the complete BEST BUYS LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!

$550,000--725 D Unit B, condo, 1/1. 700 square feet! Delightful, airy, bright upper unit with Southern exposure, move-in ready in the center of the Village with short walk to all.Completely remodeled/upgraded in 2005 with beautiful hardwood floors, new kitchen & bath, electrical & plumbing. Full size washer/dryer. Cozy balcony with sunset views over Pt. Loma. Perfect Coronado starter or vacation get away. Private garage.

$650,000—36 Montego, Condo, 2/3. Views, Views, Views from this 1471 sq Ft. 2bd/2ba Montego Court Condo. Priced to sell, original owner, great opportunity to own property on the water. Views of the bay, bridge and ocean. Boat docks available. Private village, swimming pool, tennis courts.

$649,000—864 E Avenue, condo, 2/1. Fantastic opportunity to own a completely remodeled condo in the middle of the Village. Just blocks to the ocean and two blocks to Orange Ave. Just far enough from the hustle and bustle of the city streets. This 10 unit complex is expertly maintained and the HOA reserve is large and healthy. This unit faces southeast so there's plenty of morning sunshine streaming in. Every surface of this unit has been touched. Completely remodeled in 2007, large and open floor plan. Feels much bigger than 1000 sf.

$725,000—570 G #A, condo, 2/3, SHORT SALE! Short sale-one lender. One of 3 units, this house like contemporary townhome has great outdoor space and is located in the heart of the Village. No units above or below and only attached on one side. Beautiful remodeled kitchen w/granite counters & stainless appliances. Large living room opens to a private patio. The central stairway brings you to the den at mid level which opens to another private deck. A few more steps takes you to the master bedroom suite with beautiful bath (also laundry) & 2nd BR/BA.

$798,000-$898,000—1405 First, condo, 3/3. SHORT SALE! Beautifully remodeled and tastefully decorated! This spacious "townhome style" residence offers 3 bedrooms, 3 baths, wood floors, granite counters, exceptional storage, attached 2 car garage, and much, much more! What a fabulous location situated next to the Ferry Landing. Relax and enjoy the city/bay view from the MB balcony day or evening!

$799,000-$849,000—518 Adella, house, 2/2. A sleeper! A unique property waiting for the right buyer to remodel or rebuild. Hidden behind the wooden gates, an oasis of rest & relaxation awaits you. Live the Coronado lifestyle in the sanctuary of your private home. The secluded back yard features a BBQ area, built in spa, & in-ground pond. Surrounded by lush landscape, this is truly a unique & safe haven. The charming main house's wood finishes accentuate the character of this "boathouse" style residence. Next door is an attached guest house that can home visiting friends & family. Each unit is 1bed/1bath w/ their own kitchens. Nice lot size!

$875,000—257 Alameda, house, 2/3. SHORT SALE! This home boasts more than 1,900 square feet. 2 deluxe master suites. Tranquil setting and back yard.

$890,000—8 Kingston Court, condo, 2/2. Only Cays property with attached boat slip under 1 million! Over 1600 square feet. This is a beautifully remodeled East Facing Waterfront condo with a Boat Slip that can accommodate up to a 50' Yacht with up to a 15.5' Beam! The stainless steel, granite countertops and hardwood floors in the kitchen help perfectly accent this move in ready condo! This second story unit boasts breath taking bay views, vaulted ceilings, a warm fireplace and plenty of natural light. Kingston also has a common area Clubhouse with a Pool & Spa shared with Trinidad Village.

$1,150,000—1099 First Street #220, condo, 2/3. A bay and downtown skyline view welcomes you every time you come home to this beautiful bayfront condo. Two master suites, one with fireplace and a walk in closet. Spacious, gracious living with two fireplaces, air conditioning, designer upgrades and a fantastic balcony for taking in the view.

$1,459,000-$1,509,000--27 Blue Anchor Cay, house, 3/3. Least expensive waterfront detached home in the Cays with its own boat slip! More than 2,300 square feet of waterfront living.

$1,750,000-$1,950,000--900 2nd Street, house, 4/3. Redesigned from the ground up in 2006 by local firm The Jackman Group, this home exudes classic style with modern amenities and an island appeal. Features including marble countertops in the kitchen and baths, hardwood floors, high end appliances, custom cabinets and millwork throughout. Bright floor plan with large balconies, porch and BBQ area.

We update this list every two weeks based on price, location, square footage, and condition of ALL homes currently on the Coronado MLS. To subscribe to the Coronado Best Buys List and get pictures and additional information, please email christinevt@prusd.com with BEST BUYS in the subject line.
Thanks for reading!
Christine Van Tuyl
Prudential California Realty
Leading Edge Award Winner
101 Orange Avenue
Coronado, CA 92118
858.405.7264
christinevt@prusd.com
Search properties free on our website:www.sandiegosurfandsand.com
Check out our blog at:http://realestatesd.blogspot.com

What's Ahead for San Diego Home Prices?

2010-01-18T09:31:00.001-08:00

California remains ahead of the nation in market recovery with many first-time home buyers entering the market due to affordable home prices, low mortgage rates, and first-time home buyer tax credits from the state and federal governments. However, credit still is tight and unemployment remains high, which could hinder a full market recovery until 2011.

Some Points to Remember:
-Home sales in California hit bottom more than two years, and the median home price of an existing, single-family home reached its trough in February, according to data collected by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). In November, the state’s median home price rose in year-to-year comparisons for the first time since August 2007.
-C.A.R.’s closely watched "2010 California Housing Market Forecast,” projects that the median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 in 2009.
-Some economists are forecasting another surge of foreclosures in 2010. However, C.A.R.’s economists expect that foreclosures will remain flat this year compared with 2009. In 2008, many lenders flooded the market with foreclosures, and as a result, the state’s median price declined by historic levels. By comparison, in 2009, lenders listed properties for sale at a more measured pace, which helped moderate another home price decline.
-Government efforts to maintain a low interest rate environment have stabilized the market. However, a mortgage analyst at a financial publishing company predicts that rates likely will rise to 5.5 percent by mid-2010 and close the year at 5.75 percent to 6 percent.

Click here for more.

MSNBC.com: Housing Headed for a Double Dip?

2010-01-12T11:42:00.000-08:00

A recent real estate report indicates that consumers may be taking their time house hunting this winter, which some economists believe could lead to a “double dip” in home prices. A recent report from the NATIONAL ASSOCIATION OF REALTORS® (NAR) showed that its pending home sales index declined 16 percent in November to a reading of 96, the first decline after nine consecutive months of gains.

Some key points to remember:
-NAR’s Pending Home Sales Index (PHSI) is a barometer of future sales. Typically, there is a one- to two-month lag between the signing of a sales contract and the close of escrow. Although government incentives, low interest rates, and affordable home prices have lured many buyers, especially first-timers, to the market, historically sales decline during the winter months and begin to rise in the spring.

-Because of the government’s efforts to stimulate the housing market, some economists believe that housing prices will decline once the incentives come to an end. However, the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) closely watched "2010 California Housing Market Forecast,” projected that the median home price in California will rise 3.3 percent to $280,000 in 2010 compared with a projected median of $271,000 in 2009.

-According to C.A.R.’s Vice President and Chief Economist Leslie Appleton-Young, unlike the rest of the nation, home sales in California already bottomed out more than two years ago, and the median home price reached its trough in February 2009.

-Although home buyers should not focus solely on future home price appreciation, according to data collected by C.A.R. over the last 40 years, homeowners who purchase and live in their home for at least five years, have averaged an annual rate of return of nearly 12 percent

Click here for the whole story.

Median San Diego Home Price Up 48% since 2000

2010-01-04T10:22:00.000-08:00

For all the talk of the housing bust, San Diego County’s median price ended the decade up 48.4 percent from 2000.

If in January 2000 you bought a home at the median price of $219,000 and went to sleep like Rip Van Winkle, you awoke at the end of 2009 to see your home worth $325,000.

This means that many longtime homeowners are still sitting on big gains even after seeing the market skyrocket to a peak of $517,500 in November 2005 before plummeting.

Take the Krumweide family in University City. The family bought a 2,800-square-foot home for $432,000 in June 2000, took out a small amount of equity for home repairs when they refinanced and now could sell the house for about $850,000, according to their neighbor and original real estate agent, Ann Throckmorton.

“We’re just relieved we stayed with our guns, stayed with our heads,” Molly Krumweide said.
Click here for more.

San Diego is Nation's Third Fastest Recovering Housing Market

2010-01-02T14:05:00.000-08:00

San Diego County ranked as the nation’s third-fastest-recovering housing market in October, though the increase in prices is slowing here and elsewhere, according to the closely watched Standard & Poor’s/Case-Shiller Home Price Index.

Data released yesterday showed San Diego’s index up 0.4 percent from September — the sixth straight monthly boost — and up 1.1 percent on a seasonally adjusted basis. Phoenix was up the most at 1.3 percent, followed by San Francisco, up 1.2 percent.

The index, which is based on comparing resales of the same properties and was set at 100 as of January 2000, stood at 155.37 for San Diego, meaning homes are selling for 55 percent more than they did at the start of the decade. Only Los Angeles and Washington had higher index numbers than San Diego’s, at 168.43 and 179.71, respectively, among the 20 metro areas Case-Shiller monitors.

Click here for more.

San Diego Home Prices Doing Better than Other Cities

2009-12-30T13:01:00.000-08:00

San Diego County home prices have fallen less than than all but two other metropolitan areas over the past year, according to the closely watched Standard & Poor’s Case-Shiller Home Price Index for October that was released Tuesday.

That’s an improvement from fifth or sixth place in the last few months.

San Diego prices were down 2.4 percent from a year earlier, with only Denver and Dallas down less, 0.1 percent and 0.6 percent respectively. San Diego home prices rose 0.4 percent from September to October, behind Phoenix’s 1.3 percent and San Francisco’s 1.2 percent boost.
The national index for 20 metro areas stood at 146.58, unchanged from September and down 7.3 percent from October 2008. The index, set at 100 in January 2000 for all areas, is based on paired-sales data of single-family resale homes.

Index Chairman David Blitzer took note of San Diego’s improvement, noting it had seen six consecutive months of improvement, compared with San Francisco’s seven and five each for Los Angeles and Phoenix.

Renting to Students is Good Business

2009-12-30T12:59:00.001-08:00

Off-campus student rental housing is surviving the recession nicely, say landlords who rent apartments and rooms to students near campuses all over the country.

"I wouldn't say it's recession-proof, but it's recession-resistant," says Jim Arbury, an executive with the National Multi-Housing Council, a Washington, D.C.-based trade group for the apartment industry. "It's still one of the bright spots in the housing market."

For instance, Brad Hastings, whose company Walk2Campus rents 400 units in South Carolina, has about a 94 percent occupancy rate.Hastings says it’s not a business for everyone because it’s management-intensive. "You have a customer base who, possibly for the first time, are living out on their own. There's a certain amount of hand-holding, teaching of life lessons.”

Source: Inman News, Mary Umberger (12/30/2009)

Loan Modifications Can Hurt Your Credit

2009-12-29T15:59:00.000-08:00

According to a recent report. applying for a mortgage modification and being in a months-long trial period can devastate a home owner’s credit score.

Under the government plan, troubled borrowers can have their mortgage payments reduced to 31 percent of their pre-tax income. They are first put in a trial modification for several months to test whether they can meet the requirements of the new mortgage.

Borrowers who were previously current on their mortgages will see their FICO scores fall about 100 points while they are in the trial period, according to the Treasury Department. Borrowers who were previously late or missed payments will see their scores fall more, the government says.

The longer a borrower is in the trial period, the greater the impact on their credit scores, Once the modification is approved, the borrowers’ mortgage credit status will be listed as current and that should improve their scores, the Mortgage Bankers Association explains.Even so, the delinquency remains on credit reports for up to seven years and can make getting credit for something else like a car difficult and expensive, borrowers report.

Source: CNNMoney.com, Tami Luhby (12/28/2009)

Interest Rates to Go up to 6%?

2009-12-28T18:53:00.001-08:00

Interest rates are likely to rise to 6 percent by the end of 2010, predicted Amy Crews Cutts, deputy chief economist at Freddie Mac.

The end of the Federal Reserve program that buys mortgage-backed securities will drive rates higher because private buyers will demand more return than the Fed.

"Extraordinary resources have been put into keeping the rates down and supporting the mortgage markets and it's hard to imagine that the rates can go much lower than they are," Crews Cutts said. "Anything we get at or below 5 percent is a gift at this point."

Source: Washington Post, Dina ElBoghdady (12/26/2009)

Luxury Home Owners Use Short Sales as Exit Strategy

2009-12-26T07:25:00.000-08:00

Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers.

“The rich aren’t as rich as they used to be,” said Alex Rodriguez, a Miami real estate agent with JM Group USA Inc., whose listings include a $2.9 million property marketed as a short sale because the price is less than the mortgage, leaving the bank with a loss. “People have reached the point where they can’t afford the carrying expenses of a $2 million home.”

Payments on about 12 percent of mortgages exceeding $1 million were 90 days or more overdue in September, compared with 6.3 percent on loans less than $250,000 and 7.4 percent on all U.S. mortgages, according to data from First American CoreLogic Inc., a Santa Ana, California-based research firm. The rate for mortgages above $1 million was 4.7 percent a year earlier.

Click here for more.

California Median Home Prices Up 5.8%

2009-12-24T08:44:00.001-08:00

Home sales in California increased 4.7 percent in November compared with the same period a year ago, while the median price of an existing home rose 5.8 percent, according to a report released yesterday by C.A.R.

The median price of an existing, single-family detached home in California during November 2009 was $304,520, a 5.8 percent increase from the revised $287,880 median for November 2008, C.A.R. reported. The November 2009 median price rose 2.4 percent compared with October’s $297,500 median price.

The median home price in California has risen nine consecutive months in month-to-month comparisons, but November marked the first time California’s median home price has risen in year-to-year comparisons since August 2007.

Top 10 Projects that Will Add Value to Your Home

2009-12-22T16:20:00.000-08:00

Realtor.com just listed 10 big impact, low cost remodeling projects that will bring value to your home. Check them out!

1. Tidy up kitchen cabinets.
"Potential buyers do open kitchen cabinets and look inside," says Morrissey. "Home owners can add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff."

2. Add or replace tile.
"By retiling very inexpensively, you make a room look way cleaner that it was," says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz. "Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. We also use inexpensive tile to upgrade bathrooms."

3. Add a breakfast bar.
When a wall separates a kitchen from a family room, suggest cutting out an opening to create a breakfast bar. "In one home, there was a cutout in the wall between the kitchen and living room," explains Matthew Quinn, a sales associate at Quinn’s Realty & Estate Services in Falls Church, Va., who handles estate and real estate sales for family members whose loved ones have passed away. "We left the structure of the cutout, added an oversized granite breakfast bar, and put chairs in front of it. That cost about $600."

4. Install granite tile instead of a slab.
"Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade," says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. "Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money."

5. Freshen up a bathroom without retiling.
"With a dated bathroom, I recommend putting in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300," says Wilder. "And instead of replacing the tile, the existing grout can be lightly scraped and regrouted, which leaves a haze that can be buffed out and will make the tile look brand new. Also install glass shower doors. A French door adds a lot of panache and elegance for $250, and people will notice the door, not the tile. With all that, you’ve done a bathroom remodel for $1,000 to $2,000."

6. Freshen up the basement.
"If home owners have cement block or poured concrete walls in the basement, suggest they have a contractor fill in cracks with hydraulic cement and then paint with waterproofing paint," recommends Wilder. "They can then add a top coat to add color. They can also paint the basement floor with a good floor paint, which spiffs it up. The basement may not be finished, but it’s no longer a damp dungeon."

7. Add a room.
Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. "One time, we closed off a half-wall to an office and added a door to the other side of the room, thus creating another bedroom," says Quinn. "That $400 procedure, which took a contractor one day, netted about $40,000 in the sales price." Zuluaga has also added bedrooms inexpensively. "In a two-bedroom house, there was an archway that led to a third room that was used as a den," he explains. "It had a dry bar where there would have been a closet, so we took out the dry bar and created a closet so the owners had a third bedroom."

8. Spruce up cabinet fronts.
Suggest home owners update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1,000. "If the wood is starting to look shabby from use or contaminants in the air, we take out the nicks and scratches, recondition it with oil, and put new hardware on," explains Heidi Morrissey, vice president of marketing and sales at Kitchen Tune-Up in Aberdeen, S.D. For $1,500 to $4,000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all the cabinets refaced. "With refacing, owners can change the color of the cabinets by replacing the door and having a new skin put on the boxes," says Morrissey. "If they have oak cabinets today, they can have cherry the next day."

9. Replace light fixtures.
"In a foyer and in bathrooms and kitchens," says Wilder, "replacing overhead light fixtures provides a lot of pop for a little money." If the kitchen has track lighting, Zuluaga suggests the home owner spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, Zuluaga also suggests installing pendant lights over a kitchen island or peninsula.

10. Tech-up the garage.
"Sometimes we replace the garage door opener with a remote touchpad entry system," says Zuluaga. "That costs about $425 and makes it look like a high-end system."

Source: Realtor.com

More Luxury Shortsales/foreclosures on Horizon for San Diego

2009-12-18T11:55:00.001-08:00

Owners of properties with mortgages greater than $1 million are feeling pain the same as—if not worse than—less well-heeled owners.

More than 12 percent of mortgages exceeding $1 million were 90 days or more past due in September, compared to 6.3 percent of loans less than $250,000 and 7.4 percent of all U.S. mortgages, according to research firm First American CoreLogicThe reason for the shortfalls seems apparent.

The number of U.S. households with a net worth of more than $1 million, not counting their primary residences, fell to a five-year low of 6.7 million last year from 9.2 million in 2007, according to consulting firm Spectrum Group.

While holders of ordinary mortgages can hope for government help, there is no such thing for holders of big mortgages and it’s also difficult to find a re-fi. “There is no refinance market for you if you are underwater and outside the Fannie and Freddie framework,” says Keith Gumbinger, vice president at mortgage data firm HSH Associate. The answer for some is a short sale. While there are no official statistics, practitioners like Adrian Heyman, owner of Property

Advisors in Scottsdale, Ariz., is seeing increasing numbers of luxury short sales. “A lot of wealthy people are upside down in their mortgages and they just can’t afford the second or third vacation home anymore,” Heyman says.

Source: Bloomberg, Kathleen M. Howley and Dan Levy (12/17/2009)

What you Need to Know about Obama's New Short Sale Plan

2009-12-18T08:03:00.001-08:00

Obama’s standardized short-sale plan could help troubled homeownersThe U.S. Dept. of the Treasury recently announced the Home Affordable Foreclosure Alternatives Program (HAFA), which provides instructions for lenders and servicers participating in the Making Home Affordable Program and Home Affordable Modification Program (HAMP). The purpose of HAFA is to create an alternative to foreclosures for homeowners unable to successfully modify their troubled mortgage under HAMP, and to streamline the short-sale process.

In a nutshell:
-A short sale is when the lender agrees to accept less than the amount owed on the mortgage instead of foreclosing. Many homeowners and REALTORS® have expressed their frustrations in the short-sale process, criticizing lenders for the amount of time it takes to process and approve a short sale. The CALIFORNIA ASSOCIATION OF REALTORS® listened to members’ concerns, worked with other industry groups, and responded by helping to create provisions to streamline the short-sale process.
-The HAFA program simplifies and encourages short sales and deeds in lieu of foreclosure. It will permit pre-approved short sale terms before a property is listed; release borrowers from future liability for the debt; provide financial incentives to borrowers, servicers, and investors; and prevent servicers from attempting to reduce real estate commissions established in the listing agreement as a condition for short sale approval.
-Under terms of the program, the borrower and/or listing broker have three business days to submit an executed purchase offer and related documents to the servicer on a short sale, and the servicer has 10 business days to respond to an executed purchase offer.
-The servicer also will determine the minimum net proceeds for a short sale. If an offer presented to the servicer by the borrower or listing broker meets the net proceeds requirement, then the servicer must accept it.

The program currently is available only for non-Fannie Mae- or Freddie Mac-owned loans up to $729,750 and is scheduled to take effect April 5, 2010. However, C.A.R. expects that many lenders will choose to implement it before the deadline.

Click here for the full story.

Pending Home Sales Up for Nine Consecutive Months

2009-12-16T13:09:00.001-08:00

Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the latest survey.

The Pending Home Sales Index increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing.

“Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future."

15 Year Loans Increase in Popularity

2009-12-16T13:04:00.000-08:00

Home buyers and home owners who are refinancing are increasingly enthusiastic about 15-year, fixed-rate mortgages.

Originations of 15-year mortgages at Wells Fargo & Co. are up 55 percent through November compared to a year ago. At J.P. Morgan Chase & Co., 20 percent of refinances are 15-year loans, up 10 percent in 2008.

One reason is that rates on 15-year fixed-rate conforming mortgages averaged 4.46 percent in early December, according to HSH Associates in Pompton Plains, N.J.Source:

The Wall Street Journal, Ruth Simon (12/09/2009)

A Picture's worth a thousand words!

2009-12-14T13:42:00.001-08:00

House Flipping Makes a Comeback? The Wall Street Journal Says it Is.

2009-12-14T13:30:00.001-08:00

Don't try this at home. Flipping houses is a risky business!

But, according to an article from the Wall Street Journal, an increasing number of investors are bringing cold, hard cash to foreclosure auctions and scoring homes at bargain-basement prices. Then, they are reselling them for a profit!

Click here to read more of the article.

Thinking of Collecting on Your Tax Credit? Read this first.

2009-12-14T13:23:00.001-08:00

Reporting from Washington - If you're thinking about applying for the new $6,500 home buyer federal tax credit or the extended $8,000 version, the Internal Revenue Service has just issued its first formal guidelines for you.

Tops on the agency's list of advice: Cool it for a couple of weeks. Even if you qualify for one of the credits, don't send in any requests to the IRS quite yet. Wait until later this month when the agency publishes its revised Form 5405 with the key instructions needed to get you a check from the government.

The forthcoming version of the form will incorporate the major changes to the tax credit program made by Congress in legislation signed by President Obama on Nov. 6. These include expanded income limits, a cap on home prices, additional documentation requirements and prohibitions against claims by dependents.In a tax bulletin issued just before Thanksgiving, the IRS emphasized that all home purchasers after Nov. 6 "must use this new version [of Form 5405] to claim the credit."

Put another way: If you send in the old version -- the one you can currently download from the agency's website, www.irs.gov -- your request for the credit will probably go nowhere.

Click here for more.

How Mortgage Defaults Will Actually Help the Economy

2009-12-12T12:19:00.000-08:00

The increasing willingness to abandon home ownership in favor of renting could, in a counterintuitive way, be an important step in the economic recovery, some analysts say.

The U.S. home ownership rate has declined to 67.6 percent as of September, down from its peak of 69.2 percent in 2004. Much of the reason for this decline is the number of foreclosures.

Deutsche Bank Securities expects 21 million U.S. households to be underwater by the end of 2010. If 20 percent of these homeowners default, loses to banks and investors could exceed $400 billion.

While these losses are definitely bad for banks, relief from paying a mortgage makes more money available—an estimated $5 billion a month—for consumers to purchase other things.

"It's a stealth stimulus," says Christopher Thornberg of Beacon Economics, a consulting firm specializing in real estate. "The quicker these people shed their debts, the faster the economy is going to heal and move forward again."

Source: The Wall Street Journal, Mark Whitehouse (12/10/2009)

FHA Helps Condo Buyers

2009-12-12T11:59:00.000-08:00

New Federal Housing Administration condo-loan guidelines that took effect Dec. 8 could make it much easier for condo buyers to get a loan.

Under previous guidelines, half the units in a new condo development had to be sold before the FHA would underwrite a mortgage in the complex. New guidelines cut the requirement to 30 percent and raise the ceiling on FHA loans in a development to 50 percent from 30 percent.

Source: Investor’s Business Daily, Marilyn Alva (12/10/2009)

Where's the Refund?

2009-12-12T11:49:00.000-08:00

First-time home buyers who bought as long ago as last winter are still waiting for their $8,000 tax refund.As of mid-September, more than 1.4 million taxpayers had requested the credit by amending their federal tax returns.

The IRS announced in October that it expects 5.1 million claims by year-end. That count doesn’t reflect the extension and expansion of the credit in November.

IRS spokeswoman Carrie Resch says the agency is experiencing a higher-than normal number of amended returns and because amended returns are reviewed by hand, the process is delayed.U.S. Sen. Amy Klobuchar (D-Minn.) has been fielding constituent calls for weeks from irate home buyers.

She sent a letter to the IRS that said in part: "The full and immediate economic impact of the tax credit is lost when it takes up to four months for people to get the money due to them ... such lengthy delays are unacceptable and erode the public's trust in the competence of the government.”

Source: Minneapolis-St. Paul Star Tribune, Kara McGuire (12/10/2009)

Coronado Best Buys List for Dec 12, 2009

2009-12-12T11:38:00.001-08:00

Greetings!
If you’ve been waiting for prices to drop in Coronado…we’ve got news. They’ve dropped! Savvy buyers are scoring great deals this holiday season—taking advantage of anxious sellers who want to have a deal locked in before the end of the year.

20 properties are currently in escrow in Coronado right now. 7 of them are have made our Best Buy List.

15 homes also closed escrow the last month—6 of them were Best Buys. The average sales price was $1,211,110.Here are is our complete BEST BUY LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!

BEST BUY LIST FOR DECEMBER 11, 2009
$455,000--730 E, condo, 2/2. SHORT SALE! Charming upgraded condo. Sweet deal on the island!579,000—1830 Avenida Del Mundo, #1714, condo, 1/1. Fantastic deal on the least expensive 1 bedroom at the Coronado Shores! Great views of Glorietta Bay all the way to Mexico.

$615,000—418 E Avenue, condo, 2/2. A beautifully maintained, move-in ready, 2 bedroom, 2 bathroom condominium in the Village of Coronado. Open and bright with an extra special roof-top deck boasting views of Point Loma and city lights. Unit offers central air conditioning, a fireplace, and an attached 2-car tandem garage.

PRICE DROP--$759,800—23 Delaport, house, 3/3. FORECLOSURE! Don't miss this terrific opportunity to own a Coronado Cays, BANK-OWNED, detached town home in 'Mardi Gras' at a below market price! Just fell out of escrow, will go fast, don’t hesitate! Most recently listed pre-foreclosure at $999,999! Great end-unit locale with terrific ocean views across the highway from the second level, updated kitchen with travertine floors, a warming living room fireplace and an expansive master suite with bay nook and private terrace taking in the ocean views-this is just the start! More than 1800 square feet.

$785,000--801 G Ave, #A, condo, 2/2. Very private townhouse seems like a SFR. Corner unit on Corner Lot give open views in two directions. Two car attached garage, cozy fireplace in Living room. Can be purchased furnished. Hardwood floors through out, laundy in attached garage. Has central Air. Seller may carry 1st TD.

$797,000—14 Antigua Court, Condo, 2/2. The Coronado Cays welcome you to the prestigious Antigua Community! This upper view unit provides the most desirable eastern views with a large patio over the Bay (great for entertaining) along with your personal boat slip! Relax in the inviting cozy living room with fireplace. The kitchen opens to the dining area facing the water view. Mirrored wall provides beautiful bay reflections & lots of light. Private master suite with large full bath and generous closet space.

$798,000-$898,000--1405 First Street, condo, 3/3. SHORT SALE! Bay views and highly desirable location just steps away from world famous Coronado shops, restaurants, fishing pier and more. Incredible value for this highly upgraded town home including granite kitchen, Brazilian hardwood floors throughout, marble bath rooms, community pool and more. Please see supplement and property website for more about this amazing value.

$899,000—247 D Ave, house, 3/ 4. Highly Upgraded Unit Built by Owner for Owner. Custom Entertainment Built-in and Additional Built-ins at Fireplace. Hardwood Floors in All Rooms. No Carpet. Beautiful Decorator Tiles in Kitchen and Bathrooms. Much Thought put into Window Placement to Maximize the City Views. No Other Two-Stories on Either Side. Lots of Light. Gorgeous City Views from Rooftop Deck.

$920,000—257 Alameda, house, 2/3. SHORT SALE! Almost 2,000 square feet. Rare opportunity to buy a short sale in Coronado.

$998,000—425 E house, 3/3. SHORT SALE! 2,000 square feet of home. Beautiful Spanish-style. Buyer lost patience for short sale—great chance for new buyer to jump in an take advantage of great price!

$1,085,00—452 C Avenue, house, 2/2. Charming Spanish Bungalow in beautiful village neighborhood. Immaculate 1,344esf floor plan seated on 5,227esf lot. Two bedrooms, one bath, front and back porches, oversized double garage. Fireplace in living room. Multiple windows allow entry of natural light. Coved ceilings, oak plank floors, granite kitchen counters and ceiling fans. Additional studio retreat with full bath. Prime location.

$1,150,000--611 Fifth Avenue, house, 3/3. Step back into simpler days in this adorably and well appointed quaint Coronado Cottage by the sea. Nestled comfortably on a reverse corner 50'x70' lot leaves you with great options for improvement. Currently setup as a 3 bedroom, 1.5 bathroom 'beach house' but could easily be improved upon. Current owners remodeled property including appliances, bathrooms, paint, beautifully finished hardwood flooring and more. Enjoy a short bicycle ride to our Top 10 rated Coronado Beach! Coronado Living....begins here!

$1,450,000—468 B Ave, house, 4/3. PRICE DROP! Great open floorplan with 10ft. ceilings, lots of natural light and hardwood floors. Custom kitchen opens to large family room with french doors to the cute backyard. Terrific family home. Close to Spreckels Park and the heart of the village.

$1,575,000—420 J, house, 3/3. PRICE DROP! Gorgeous Like New..."Tommy Bahama Style" Interior... Nothing 'ordinary' here! Warm & wonderful home, w/ 3 spacious bedrooms including a beautiful master suite. Plenty of closet space & storage. Warm granites & designer features. Kitchen w/breakfast bar & built in nook. Sound system, Backyard w/fountains, BBQ area + 2 car garage w/ storage & epoxy floors.

We update this list every two weeks based on price, location, square footage, and condition of ALL homes currently on the Coronado MLS. To subscribe to the Coronado Best Buys List and get pictures and additional information, please email christinevt@prusd.com with BEST BUYS in the subject line.

Thanks for reading!
Christine Van Tuyl
Prudential California Realty
Leading Edge Award Winner
101 Orange AvenueCoronado, CA 921188
58.405.7264
christinevt@prusd.com
Search properties free on our website:
www.sandiegosurfandsand.com
Check out our blog at:http://realestatesd.blogspot.com

Top 5 Reasons to Buy a House During the Holidays

2009-12-07T14:17:00.000-08:00

Shop for Christmas presents, decorate the tree, and buy a house? That’s right. You might think its nuts to buy a home during the already jam-packed holiday season, but the holidays are actually a fantastic time to score an incredible deal on a new property.

December is typically a very slow month for sellers and they’re more motivated than ever. So whether you’re looking for a new principal residence, a vacation home or an investment property, the holidays are an amazing time to find a killer deal.

Top 5 Reasons to Buy a House During the Holidays

1. Interest rates are usually lower. Experts say that interest rates typically drop every December through January. Combine cyclical drops with already incredibly low rates, and you’re looking at a phenomenal opportunity.
2. Sellers are more motivated. With high unemployment and holiday expenses looming around the corner, many home sellers are especially motivated to negotiate a lower sales price. In addition, many sellers are anxious to sell before the end of the year because it helps on their taxes.
3. Less competition. While everyone else is shopping, traveling and entertaining, smart buyers can score great deals on the most desirable homes. Bypass bidding wars while everyone else is at the mall!
4. Buyer tax benefits. When you buy a new home before the end of the year, you'll be able to report items such as mortgage interest, points, closing costs, property taxes and more on your tax return.
5. Faster closings. Fewer transactions mean faster closings. Experts say that financial institutions and lenders might be more willing to accept offers on short sales properties and foreclosures

How to Score a Good REO Deal in San Diego

2009-12-03T14:02:00.000-08:00

REO and short-sale properties can be money pits when offers take forever to close and vacant properties are trashed. Here are some suggestions for expediting the deals:

-The best short-sale deals are those where the bank has pre-approved the sale price. The property may still take a long time to close, but not as long as it would otherwise.
-Buyers of a short-sale should be prepared for multiple offers. If the short-sale property is an attractive one, the lender will continue to market the property even after signing a sales contract. And if it gets a better offer, it may sell the property without giving the original buyers a chance to negotiate.
-Seek out houses protected by the Cash for Keys program, which gives short-sale and foreclosed owners money to prevent them from trashing the place on the way out.
-Inspections are important. If a home has been vacant, get the property re-inspected prior to closing.
-Buyers shouldn't focus on price alone. Homes that are in poor neighborhoods, have serious maintenance issues, or have terrible floor plans aren’t bargains despite the price.

Source: Inman News, Bernice Ross (11/30/2009)

Trouble on the Horizon for San Diego Buyers: FHA Loan Requirements to Get More Difficult?

2009-12-03T13:48:00.000-08:00

Are things going to get more difficult for San Diego buyers using FHA loans?

U.S. Housing and Urban Development Secretary Shaun Donovan on Wednesday asked Congress for authority to raise borrower premiums and down payments in order to bring the Federal Housing Administration’s reserves above the mandated 2 percent minimum.

The agency plans to reduce the maximum permissible seller concessions from 6 percent to 3 percent. The minimum borrower FICO score will be raised above the current 500, although the final number has not yet been determined.

It also will likely increase the down payment to 5 percent, but that number hasn’t been decided either.

Donovan also wants lenders to take responsibility for losses associated with loans not underwritten to FHA standards and to be accountable for origination quality and compliance.Critics said tightening up FHA could slow the housing recovery.

"What would cripple the housing market is the FHA changes its down payment requirement," said Rodney Anderson, a broker with Supreme Lending in Plano, Texas, the top individual originator of FHA loans in the country.

Source: Reuters News, Lucia Mutikani (12/02/2009)

Option ARMS Borrowers Facing Resets

2009-12-02T19:46:00.000-08:00

About 93 percent of option-ARM buyers chose to pay a minimum amount less than the interest due, according to a report released last week by Standard & Poors.

That means that nearly all of the 350,000 option-ARM borrowers now owe more than they owed when they first purchased their homes.

Many of these loans were written in 2004 and are close to their five-year reset when the loans convert to a standard amortization. Some more recent loans will reset early if the accumulated interest has pushed the loan-to-value ratio above 110 percent.I

n one example outlined in the S&P report, the payment on a $400,000 mortgage goes from $1,287 to $2,593.The authors of the report say that many ARM borrowers aren’t good candidates for refinancing or modification because their loan-to-value ratios are too high for the government’s Making Home Affordable program.

Also, about 80 percent of option-ARM loans were stated-income loans and borrowers could be held legally liable for deliberate inaccuracies on their original applications.

Source: CNNMoney.com, Les Christie (11/26/2009)

Short Sales to Get Easier? Government Releases New Short Sale Guidelines!

2009-12-02T18:57:00.001-08:00

The U.S. Treasury Department announced new guidelines this week designed to make short sales go more smoothly.

To qualify under these new guidelines:
-The property must be the home owner’s principal residence.
-The home owner must be delinquent on the mortgage or close to defaulting.
-The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
-The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.

Under the plan, borrowers will receive $1,500 from the government for selling homes for less than the amount of their mortgages. Mortgage-servicing companies will get $1,000 for each completed short sale. Second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgage can collect up to $1,000 from the government for allowing the payments.Borrowers who complete a short sale under the program must be "fully released" from future liability for the debt, according to the guidelines.

Source: Associated Press, J.W. Elphinstone (11/01/2009) and The Wall Street Journal, Ruth Simon (11/01/2009)

CNNMoney.com: 50% of Home Buyers are First-Time Buyers

2009-11-29T13:24:00.000-08:00

Propelled by the first-time homebuyers tax credit, nearly half of home sales are now being made by first-time purchasers, according to an industry report released Friday.

In fact, 47% of all Americans who purchased homes this year had not owned one during the previous three years, according to a press release Friday from the National Association of Realtors (NAR). That was up from 41% of sales in 2008 and 36% in 2006.

The tax credit boosted markets by giving first-time buyers a credit of up to $8,000 they could deduct from their income taxes. The credit is fully refundable: Even a buyer who pays less than $8,000 in income tax gets the full amount of the credit back.

The credit was recently extended through the middle of 2010 and expanded to include many existing homeowners. That has the industry buzzing.

"The credit is working better than first projected -- it now looks like we'll have 2.3 to 2.4 million first-time buyers this year," said Lawrence Yun, chief economist for NAR. "With expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3% and 5% in 2010."

Click here for the full story.

What is the $6,500 Federal Tax Credit for Move-Up Buyers?

2009-11-29T13:11:00.000-08:00

The new $6,500 federal tax credit for “move-up” home buyers may benefit home buyers in San Diego, CA.

The federal government recently extended and expanded the federal tax credit for home buyers. The tax credit now concludes June 30, 2010 instead of Nov. 30, 2009, and also includes existing homeowners who meet certain qualifications.

Here's what you need to know, in a nutshell:
-Current homeowners are eligible for a $6,500 federal tax credit if they have lived in their current home for a consecutive five out of the last eight years, and the adjusted household income does not exceed $125,000 for single files or $225,000 for join filers.
-The expanded tax credit went into effect Nov. 6, the day President Obama signed the bill. Homes that close escrow between Nov. 6, 2009 and June 30, 2010 are eligible to apply for the tax credit.
-The legislation does not require homeowners to sell their current residence; however, the new home must be the primary residence and the price of the home must not exceed the limit of $800,000. Homeowners who plan to retain their current home as a rental or second home are advised to move into the new home the day escrow closes so there is no question it was the principal residence at the time of the tax credit.
-Almost all housing types are eligible, including new and existing single-family homes, condominiums, manufactured or mobile homes, and boats that serve as the owner’s principal residence. Second homes and investment properties are not eligible.
-Home buyers in 2009—those who close after Nov. 6, but no later than Dec. 31, can claim the $6,500 credit on their 2009 federal tax returns, or amend their 2008 returns. Similarly, eligible buyers in 2010 will be able to file for the credit on their 2009 returns or 2010 returns. All home buyers should talk to a tax advisor regarding timing decisions.

To read the full story from the L.A. times, please click here.

Wall Street Journal: One in Four Borrowers is Under Water

2009-11-28T13:49:00.000-08:00

Although recent indicators that the housing market is improving, a new report shows that one in four mortgage borrowers are underwater, meaning they owe more on their mortgage than their home currently is worth. According to First American CoreLogic, nearly 10.7 million households had negative equity in their homes in the third quarter, accounting for about 23 percent of all U.S. homeowners. Most homeowners, however, still have equity, and nearly 24 million owner-occupied homes do not have a mortgage, according to the U.S. Census Bureau.

A study by credit-scoring company Experian shows that approximately 588,000 borrowers strategically defaulted on their mortgages last year, even though they could afford to pay—more than double the number in 2007. Homeowners with negative equity are more likely to strategically default if they live in a state where the bank cannot pursue their assets in court, according to a study by the Federal Reserve Bank of Richmond. California is an example of a state with anti-deficiency laws protecting homeowners from personal liability under certain circumstances.

“Borrowers who are less than 20 percent underwater are likely to maintain their mortgage if their loan is modified and the payments reduced," said an official with Citigroup’s mortgage unit. “Beyond 120 percent, the most effective modification is a complete loan restructuring, including a principal reduction.”

Click here for more.

Coronado Cays Waterfront Foreclosure!

2009-11-28T13:42:00.000-08:00

Check out this SHORT SALE in the CORONADO CAYS...currently listed for $1,400,000. Compare to similar properties listed for $2-3 million!

DRASTIC PRICE REDUCTION $600,000 OFF ORIGINAL PRICE MUST SELL IMMEDIATELY!This is a short sale. Sale subject to seller and lender approval of offer. One loan. Fantastic waterfront home in desirable Coronado Cays. Large dock in your back yard can accomodate two 50 ft. yachts. Even if you don't own two yachts you will enjoy the gorgeous views from your living room, master bedroom and private patio. Hardwood floors, custom cabinetry, granite countertops,this house has it all! 4 bedrooms, 3 baths. More than 2,200 square feet.

Contact Christinevt@prusd.com for more info.

15 Year Rate Hits Record Low

2009-11-20T13:18:00.000-08:00

The average rate for 15-year mortgages reached a new bottom this week, dipping from 4.40 percent to 4.32 percent—the lowest level since Freddie Mac began tracking rates in 1991.

Rates for 30-year mortgages approached the all-time low of 4.78 percent again last week, falling to 4.83 percent from an average of 4.91 percent a week ago.

Wellesley College economist Karl Case says the Federal Reserve's efforts to purchase mortgage-backed securities from Fannie Mae and Freddie Mac is lowering rates on home loans.

Source: Boston Herald, Thomas Grillo (11/20/09)

Deliquent Mortgages Reach All-Time High

2009-11-20T13:15:00.000-08:00

Almost 10 percent of all mortgages on one- to four-unit properties are in some stage of foreclosure, up from 2.65 percent a year ago on a seasonally adjusted basis, according to the Mortgage Bankers Association’s National Delinquency Survey released this week.

The combined percentage of loans in foreclosure or at least one payment past due was 14.41 percent on a non-seasonally adjusted basis, the highest ever recorded in an MBA delinquency survey.

The bankers blamed the high foreclosure levels on unemployment.

“Over the last year, we have seen the ranks of the unemployed increase by about 5.5 million people, increasing the number of seriously delinquent loans by almost 2 million loans and increasing the rate of new foreclosures from 1.07 percent to 1.42 percent,” says Jay Brinkmann, MBA’s chief economist.

Brinkmann points out that prime fixed-rate loans represent the largest share of foreclosures and are the biggest driver of the increase in foreclosures.Home builders and housing analysts mostly shrugged at the high foreclosure-rate information.“

My prediction is we’ll probably recover on a seasonal basis,” Robert Toll, chairman and CEO of Toll Brothers, the largest builder of luxury houses, said yesterday at a conference in New York sponsored by Citigroup Inc. “It’s generally accepted that the homebuilding industry is off the mat and on the road to recovery.”

Josh Levin, a housing analyst at Citigroup Global Markets Inc. in New York, said he expects sales to continue to be slow until January or early February, followed by a surge as buyers try to beat the April 30 expiration of the tax credit.

“The bouncing along the bottom is distorted by government policies,” he said in an interview with Bloomberg News yesterday.

Source: Mortgage Bankers Association (11/19/2009) and Bloomberg, Kathleen M. Howley and John Gittelsohn (11/20/2009)

What Happens when I stop Paying My Mortgage?

2009-11-19T13:10:00.000-08:00

Some homeowners underwater on their houses—who owe more on their mortgages than their homes are worth—wonder what would happen if they were to stop paying their mortgages.

When lenders do not receive payments, the first action taken by the lender is to report the missed payment to the credit bureaus by the first day of the next month. Sometimes this can happen in as little as two weeks from the due date, depending on when the payment is due. Generally, this action will leave a negative mark on a credit report and decrease the homeowner’s credit score by as much as 200 points.

Because of the negative mark on the homeowner’s credit report, within the next 30 days, homeowners can expect their other creditors to take note of the late payment and to take action. Credit card issuers may raise interest rates, lower credit limits, or close credit card accounts. The borrower’s auto insurance, student loans, and other forms of credit also may change, as these are tied to the borrower’s credit score as well.

If the homeowner does not pay for 90 days, the lender likely will start calling, trying to persuade the homeowner to enter into a loan modification. If a loan modification cannot be agreed upon between the homeowner and the lender, and the homeowner continue missing payments, the homeowner likely will be served with a foreclosure notice. After the foreclosure notice is received, the lender asks a court to issue a judgment against the homeowner, and a county sale is arranged.

Homeowners at risk of defaulting on their mortgages, or those who already are behind, should contact their lender immediately to work out a repayment plan and/or loan modification.

Click here for more.

Top Tips to Score a Great Foreclosure Deal

2009-11-19T12:53:00.001-08:00

Foreclosures can be good deals for homebuyers, but with 1.5 million of them on the market, shopping carefully is important. Here are some tips for anyone navigating the foreclosure market:

Don’t pay too much. With so many exuberant buyers, bidding up a property beyond its worth can be easy to do.
Get to know the banks. Practitioners who establish relationships with asset managers at banks can facilitate good communication.
Factor in fix-up costs. Most banks would rather sell a property as-is. Buyers should consider what shouldering that responsibility will cost. Touring the properties with a contractor can be a good plan.
Bid smartly. Help the buyer get the inside track by gathering as much information as you can about other bids.

Source: CNNMoney.com, Les Christie (11/19/2009)

More Buyers want to Buy Investment Properties

2009-11-18T15:48:00.000-08:00

A new survey found that 12.1 percent (one out of eight) of today’s home buyers plan to purchase a home as an investment property, compared with 5.6 percent in March 2009, according to the Move.com Homeownership Survey. Of those interested in buying a home as an investment, 15.8 percent were men and 8.1 percent were women.

The survey also found that buyers who plan to purchase foreclosures expect to profit both from deeply discounted purchase prices, as well as healthy appreciation rates over the next five years. Most foreclosure buyers (58.2 percent) expect to pay 20 percent or less than market price for a foreclosure, while 38.5 percent expect a discount of 25 percent or greater. While, 73 percent expect their properties to appreciate ten percent or more in five years, 28 percent expect their purchases to appreciate 20 percent or more during that same investment horizon.

Click here for more.

California Home Affordability Up to 64%!

2009-11-18T15:41:00.000-08:00

The percentage of households that could afford to buy an entry-level home in California stood at 64 percent in the third quarter of 2009, compared with 55 percent for the same period a year ago, according to a report released last week by C.A.R. The Index is the most fundamental measure of housing well-being for first-time buyers in the state.

The minimum household income needed to purchase an entry-level home at $247,150 in California in the third quarter of 2009 was $43,500, based on an adjustable interest rate of 4.79 percent and assuming a 10 percent down payment. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price. The monthly payment including taxes and insurance was $1,450 for the third quarter of 2009.

At 85 percent, the High Desert region was the most affordable area in the state. The San Luis Obispo County region was the least affordable in the state at 47 percent, followed by the San Francisco Bay region at 49 percent.

Click here for more.

Fed to Leave Key Rate Unchanged

2009-11-12T13:16:00.000-08:00

The Federal Reserve last week announced it will maintain its target for the federal funds rate in the 0 percent to 0.25 percent range, and expects economic conditions to warrant exceptionally low levels of the federal funds rate for an extended period of time.

“Information . . . suggests that economic activity has continued to pick up,” the Fed said in a prepared statement.

“Conditions in financial markets were roughly unchanged and activity in the housing sector has increased over recent months. Household spending appears to be expanding, but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment and staffing, though at a slower pace; they continue to make progress in bringing inventory stocks into better alignment with sales,” the Fed said.

To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve also said it will purchase a total of $1.25 trillion of agency mortgage-backed securities and nearly $175 billion of agency debt, and will gradually slow the pace of these purchases in order to promote a smooth transition in markets.

Click here for more info.

Does the New Tax Credit Extension Apply to Me?

2009-11-10T14:00:00.000-08:00

Here it is: in a nutshell, the new rules of the tax credit!

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline.

First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Still confused? Check out this handy chart from the National Association of Realtors. NAR's Government Affairs Division has compiled facts on the changes made to the current tax credit.

Obama Signs Extended Tax Credit into Law!

2009-11-09T13:36:00.000-08:00

Great news for San Diego home buyers! Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.

The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today.

More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

NAR's Government Affairs Division has compiled facts on the changes made to the current tax credit.

Sources: NAR and The Associated Press, Julie Hirschfeld Davis (11/06/2009)

Real Estate San Diego

This Blog has Moved!!!

Missed the Tax Credit?

San Diego Home Prices up for 11 Straight Months

San Diego Mortgage Defaults are Down

CA Tax Credit Update

2 Great Deals on Condos for Sale at the Coronado Landing!

Check out the new Coronado Best Buys List for Monday, May 10, 2010!

Trends in Home Pricing in Coronado, CA

California Won't Tax Forgiven Mortgage Debt

2 New Foreclosures in Coronado, CA

Current Market Trends in Coronado

Tax Rules for Second Homes/Vacation Homes

More Wealthy Home Owners to Face Foreclosure

Coronado Best Buys List for April 9, 2010

California Extends Homebuyer Tax Credit

Defaults up 24% in San Diego

WSJ: California High-End Housing in Trouble?

Great Deal in the Coronado Cays!

First-Timers Snap up 47% of Homes

Coronado Best Buys List for March 16, 2010

CNNMONEY: Buy a House While you Still Can

Shopping for a Loan? How a Good Faith Estimate Will Protect You

Jumbo Loans Getting Easier

Foreclosued Borrowers May Get Loans Again

30 Year Rates Dip Below 5%

SD County Home Prices Up!

Building Permits, New Homes Sales Up

Hefty tax bill may hit those who lost home

Coronado Weekly Update

Coronado Best Buys List for March 3, 2010

Top 5 Home Inspection Problems that can Ruin a Deal

New Home Buyer Tax Credit Guidelines

2 Great Deals on homes for sale in Coronado, CA!

Don't Forget: Top Homeowner Tax Deductions!

Mortgage Rates Set to Go Up?

Weekly Coronado, CA Market Snapshot

Just Listed: Short Sale in Coronado, CA!

A Great Deal on Coronado, CA!

San Diego Apartment Activity on the Upswing

New Hotel, Condos Planned for Chula Vista Waterfront

2 Great Deals in Coronado, CA!

New Coronado Village Bank-owned Foreclosure: $886,900

New Coronado Short Sale Listing--2 Bed/2 Bath Condo, $399K!

2 Great Deals in Coronado, CA!

Coronado Best Buys List for February 2, 2010

Coronado Market Weekly Update!

10 Things Buyers Want in a House...and it's Not Size!

10 Home Components Buyers Should Pay Attention To

10 Inexpensive Ways to Wow Buyers

San Diego Home Prices Edge Upward

San Diego Leads Region in Home Price Gains

Foreclosures Rise 21% in 2009

FHA 90 Day Flipping Rule Waived!

New Rules for FHA Buyers

6 Surprising Facts about the Homebuyer Tax Credit

30 Year Mortgages Slide Below 5%

Just In: Latest Coronado Sales Statistics!

Coronado Real Estate Alert!

Coronado Best Buys List for January 18, 2010

What's Ahead for San Diego Home Prices?

MSNBC.com: Housing Headed for a Double Dip?

Median San Diego Home Price Up 48% since 2000

San Diego is Nation's Third Fastest Recovering Housing Market

San Diego Home Prices Doing Better than Other Cities

Renting to Students is Good Business

Loan Modifications Can Hurt Your Credit

Interest Rates to Go up to 6%?

Luxury Home Owners Use Short Sales as Exit Strategy

California Median Home Prices Up 5.8%

Top 10 Projects that Will Add Value to Your Home

More Luxury Shortsales/foreclosures on Horizon for San Diego

What you Need to Know about Obama's New Short Sale Plan

Pending Home Sales Up for Nine Consecutive Months

15 Year Loans Increase in Popularity

A Picture's worth a thousand words!

House Flipping Makes a Comeback? The Wall Street Journal Says it Is.

Thinking of Collecting on Your Tax Credit? Read this first.

How Mortgage Defaults Will Actually Help the Economy

FHA Helps Condo Buyers