This Blog has Moved!!!

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?

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

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

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

CA Tax Credit Update

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

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

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!

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

Get more info here.

California Won't Tax Forgiven Mortgage Debt

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

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

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

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

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

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

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

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?

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!

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

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

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

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

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

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

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

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%

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!

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

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

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

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

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!

Top 5 Home Inspection Problems that can Ruin a Deal

The transaction has made it through almost every hurdle, but a potential deal breaker still lurks—the property has to make it past a home inspector. Buyers typically request an inspection to determine the condition of a home prior to closing, and what is uncovered during the examination may force costly repairs upon the seller, or, in cases of extreme neglect, cause a deal to collapse.
Here are a few of the most common defects revealed during inspections and what home owners can do to prevent them from scuttling a sale:
-Improper electrical wiring. The most serious problems often stem from faulty electrical wiring done by home owners or unqualified contractors. A host of issues is often found, such as insufficient electrical service to the house, inadequate overload protection, or wires tied together without being housed in a box, which poses a potential fire hazard, Richardson says. Prepare for the inspection: Ensure that the home owner had the proper building permits for any jobs requiring electrical work. Without adequate permits, home owners may face municipal penalties and may have to rip open walls so that the inspector can view the job. Check with the local building department to see what permits are needed.
-Roof deterioration. Old or damaged shingles can lead to leaks. If home owners don’t routinely check the roof for damage, they might face costly repairs later on (average replacement cost on a mid-level roof: $19,731, according to Remodeling Magazine’s 2009–10 Cost vs. Value Report). However, easy and inexpensive repairs to damaged tiles and shingles, as they arise, can stave off costly fixes. Residents of warmer climates need to be extra vigilant about inspections since the sun and heat can cause the roof to deteriorate faster than roofs in other parts of the country. Prepare for the inspection: Use binoculars to check for damaged, loose, or missing shingles. ASHI also recommends cutting back tree limbs growing near the roof that may pose a threat.
-Plumbing problems. Dripping faucets are literally money down the drain. And there’s no excuse for ignoring a drip that often can be fixed by replacing a 50-cent seal, Richardson says. Corroding or mismatched piping materials, faulty fixtures, and improperly installed hot water heaters are sources of common plumbing troubles. Rocking toilets—caused by loose bolts in the floor—can also cause water damage to the floor. Prepare for the inspection: Make sure toilets are securely bolted. Check sink faucets, hose bibs, and valves regularly for potential leakage. Fix leaks right away because even slight problems can lead to a host of other difficulties, including mold, mildew, and structural damage to a home.
-Improper surface grading or drainage. Water can enter a home and cause major damage if proper drainage, which takes water away from the home, isn’t in place. Basements and crawl spaces tend to be the most vulnerable. Gutters or downspouts outside the home can help keep moisture away. Prepare for the inspection: When it rains, grab an umbrella and observe how the home sheds water. Does it disappear into a window? You might need to install, realign, or repair a damaged gutter and downspout system to ensure proper drainage.
-Poor overall upkeep. Cracked, peeling, or dirty painted surfaces and broken fixtures or appliances can signal overall neglect. Decayed caulking around doors and windows may be more than just an eyesore; it can compromise the efficiency of your heating and cooling systems and needlessly hike up utility costs. Prepare for the inspection: Walk around the house at least once a year with a scrutinizing eye. Many home inspectors can conduct a maintenance inspection to point out what’s starting to fail and what conditions may lead to more serious defects later. Richardson recommends home owners get such inspections every three to five years. Source: www.realtor.org

New Home Buyer Tax Credit Guidelines

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!

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!

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?

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

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!

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!

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

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

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!

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

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!

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!

Click here to watch video.

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

Coronado Best Buys List for February 2, 2010

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!

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!

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

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

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

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

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

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!

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

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

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%

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!

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!

Coronado Best Buys List for January 18, 2010

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
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