San Diego Rents Up 4% From Last Year

Good news for investment property owners...rents are up, and vacancies are down.

Despite a weakening economy, rental rates in San Diego County are up 4 percent from a year ago, fueled in part by strong demand as fewer people buy homes and mushrooming foreclosures turn homeowners into renters.

A survey of nearly 800 apartment complexes of 25 units or more revealed that the average monthly rent this month was $1,311, up $50 compared with a year ago, according to MarketPointe Realty Advisors, which released its semiannual report. In September, the average rent was $1,291.

Meanwhile, the vacancy rate stood at 3.6 percent, which is about a percentage point less than it was a year ago.

“The rental rate increase is consistent with what we've seen over the last several years,” said Russ Valone, president of MarketPointe. “With people hesitating to go into the for-sale marketplace, they're staying in rentals, so that's keeping the demand up. There's still a limited number of vacant units, so the rental market is not oversupplied; in fact, it remains a little undersupplied.”

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New Conforming Loan Limits

And the magic number is....$697,500!

In a move that could help thousands of distressed San Diego homeowners, the Federal Housing Administration announced that it will raise the limits on mortgages it guarantees from $417,000 to $697,500 within the county.

Mortgage-purchasing giants Fannie Mae and Freddie Mac are likely to soon adopt the same new limits as the FHA. If so, that will greatly ease the national credit crunch for borrowers who need to refinance adjustable-rate mortgages or risk losing their homes to foreclosure.

Government-sponsored Fannie Mae's and Freddie Mac's limit for “conforming” loans is $417,000. Loans below that limit have carried lower interest rates and better terms than larger “jumbo” loans.

Something to rememember: it may not last forever! While the stimulus act will raise lending limits for Fannie Mae, Freddie Mac and the FHA, all of the new limits are scheduled to expire at the end of the year.

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Country's Richest Zip Codes

The wealthiest zip codes in the United States, based on 2006 median price for real estate:

07620: Alpine, N.J., with a median sale price of $3.4 million
33109: Miami Beach, Fla., with a $3.4 million median price
92067: San Diego County's own Rancho Santa Fe, with a median price of $2.6 million
SOURCE: FORBES.COM

No More Free Parking in Pacific Beach?

First the ban on beach drinking, now this?

It's not just La Jolla that's considering charging for street parking. A nascent debate is brewing in Pacific Beach over whether to install meters to increase turnover in parking spaces near the surf and raise money for public improvement projects.

A citizens advisory committee is studying a consultant's report that recommends metered parking and parking permits for residents and employees of Pacific Beach businesses.
The $26,000 report was paid for by a business improvement council. Ever since it was released last month, it's been a hot topic of discussion, generating strong reactions from residents – most of them negative.

Click here for the article in the San Diego Union-Tribune.

Why You Need a Buyer's Agent: 10 Desperate Lies Home Sellers Tell

Sellers can be ... let’s say, “flexible,” with the truth. A creative omission here, a slight exaggeration there, and before they know it, they’ve told more porkers than Pinocchio. The more desperate they are to sell, the more likely they are to gloss over the cracks.

This is why you need an experienced buyer's agent who can guide you through the process of home inspections, reports, and disclosures, so you know as much as possible about the home you are purchasing.

Click here for the list of 10 Desperate Lies that Home Sellers Tell.

Coronado's First Street Rests Easier without Big Trucks

It's quieter these days on First Street in Coronado, where for years residents put up with hundreds of big rigs rumbling toward North Island Naval Air Station starting at 4:30 a.m. most weekdays. Relief arrived with the opening last summer of a new main entrance to the base on Third Street, where many vehicles and all commercial trucks heading there have since been directed.

And in December, the city “de-designated” the two-laned First Street a truck route, officially ending what had become for many residents a nightmare.

Click here to read the rest of the article from the San Diego Union-Tribune.

Slide Show: America's Most Expensive Homes

Holy cow! Check out Newsweek's slide show of America's most expensive homes.