San Diego Real Estate Cafe by Krista Lombardi
Archive for January, 2010
Where is Mission Hills?
From time to time we may discuss different areas and neighborhoods on this blog, a popular one is the Mission Hills neighborhood, located in the 92103 zip code.
Mission Hills is a neighborhood of San Diego, CA. It overlooks Old Town (my home and the birthplace of California), and is close to the bay and North of Downtown. The Mission Hills area was home to many pioneers so you will note the historical and architectural renderings throughout the neighborhood.
Captain Henry Johnston’s daughter (who guided his ship to Inspiration Point ) built the very first home inMission Hills naming it Villa Orizaba. More homes followed and if you take a drive through the Mission Hills area, you will see that many homes have applied for the Mills Act and subsequently have the not only had the advantage of paying less tax but have a placard placed on their home.
Below is a picture of the Mission Hills area. Please let us know of any restaurants or shops you recommend!
Is this a San Diego Home for Sale or Are They Selling the Weeds?
Thankfully for San Diego Home Sellers, Sandicor (San Diego’s MLS System) requires at least two photos of each house.
In this case, I believe that this second photo was shot for our entertainment and not to sell the home.
- MissionHillsHome
Keep in mind, you’d have to spend upwards of 600K for this. (Still not quite sure what it is….)
First Time Homebuyer Credit is Almost Up But the Homes In San Diego Are Not Making Me Jump Up and Down.
And here we are….April 30th you need to have your offer accepted to get this credit. Now you’re in a rush to find a home and there isn’t much out there.
San Diego First Time Homebuyer Credit
Do you compromise?
Disadvantages:
You haven’t found your dream home and time is running out. You know that you will probably be paying more than you would for rent and if something happens with the home, who’s responsibility is it? Homeowners Associations will take care of some issues if they apply to the comples or the structure, with a single family detached home it is all your own responsibility.
In San Diego you will not pay for trash but you will pay for the water bills. Those can be expensive.
And let us not forget that as a first time buyer, you may be battling all cash investors or have to deal with fixing up the property if the last occupants let it go by the wayside.
So why buy real estate now?
Advantages:
Let’s be honest, no Realtor should ever push you to buy a property one minute before you are ready. Having said that, be very clear about your timeframes: this is NOT a flip, be sure that you can AFFORD the house, and to discuss loan programs.
Now, here is a little more honesty: You are already paying a mortgage! Yes, your landlord’s, actually he is probably just putting money in the bank by now. Wouldn’t it feel good to do the same thing?
More homes are available on the market today, for more reasonable rates, at lower prices than ever before. this is a once in a lifetime experience.
Now, it is up to you to go out there with your agent, look at these properties, and make lemonade out of lemons. Paint and carpet doesn’t cost a lot of money and can make a home look really nice.
Call me 10 years from now and tell me how happy you are that you bought that home, I dare you!:)
Does a Synthetic Lawn Help San Diego Homeowners with the Water Drought and Would You Buy One?
I was out a few days ago previewing properties and I came across a home that had a synthetic lawn and pondered if a potential home buyer would be okay with that.
If you were buying a home here in San Diego, and it had a synthetic lawn, would you still consider purchasing it? Would you replace it with live plants even if it’s not a lawn? I myself would probably replace it with real plants even if they were drought resistant. In California, especially San Diego, because of the water shortage, people have been installing these lawns and saving immensely on their water usage.
San Diego Lawn?
That’s great for the environment and San Diego home owners but, how does that feature affect the home when it comes time to sell it? I’ve had mixed reviews from clients when it comes to synthetic lawns. I guess, like most of the time, it falls in the lap of the person interested in purchasing the home.
The interesting part of all of this is that you may not save as much on your water bill as you might think. I was walking in my area, Mission Hills in San Diego a couple of days ago and was talking to a home owner who opted to plant drought resistant vegetation instead of having a bare front yard or planting a natural lawn. She began conserving a considerable amount of water and this lead to a substantial decrease on her water bill.
Is this Building Exploding?
This is one of two photos taken for this normally adorable condo complex in Hillcrest called Cliffbridge. The other photo was also, of course of the exterior.
Now, I understand that sometimes tenants are uncooperative when you want to get in and take pictures, but I checked the listing and the owners are currently occupying the property.
Hey, don’t you want some nice pix of your cozy kitchen, the interior of the building, a few bedroom or bath shots?
Just a building that was photograped so that it looks like it is ready to explode…oh well. I wonder how many buyers decided not to look at this property based on the lack of pictures:(
The Secret to San Diego Short Sales for Buyers
Are Short Sales Deals or Not Deals?
Curious and mysterious are just two words that come up about short sales. Frustrating and infuriating are also some words I have heard at the watercooler. Below is some information you will need to know if you are getting into the San Diego real estate market and have not had a lot of experience with them.
Quick Overview
About half our market is made up of short sale listings. The process from the seller’s side is intricate and there are many t’s to cross and i’s to dot. For this reason, when you see a short sale that has just been listed, often times you can assume that about 3 months will go by before you can expect some type of answer.
Yes, this is the infuriating part…many a buyer has fired an agent for having to wait so long.
Is there a way to shorten that process?
Yes and no. You can receive an answer from the seller (note that the seller and the bank are not the same person). With an acceptance from the seller, you will be the offer that the bank looks at when they are ready to begin looking at offers. Does the time from when the seller accepts your offer and the bank looks at it take long – absolutely – now to play devil’s advocate, a client of mine recently bought a short sale for 60K less than fair market value. He waited about 4 months. That means that he made $15,000.00 per month. That is probably more than the last raise you got from your boss.
There are tricks to getting your offer accepted quicker and ensuring that your offer is the one that the bank will see. As long as you do that and have realistic goals about the timeframes, you can get a phenomenal deal.
Why isn’t San Diego ranked #1 on this list?
As a native San Diegan I’ve been fortunate to have lived here all of my life and I have this questions for all of us, whether you’re a native or transplant from another city; why isn’t San Diego atop the list of the top 25 fittest cities?
I was sitting at my desk looking at my gym’s class schedule to pick a time to go and workout when the thought of the lastest fittest cities rankings came to mind. I remember that San Diego is always somewhere on the list; so what does it take to be #1?
Which is the Best San Diego Beach for You?
Different People Have Different Preferences for Beaches
There are some that may love Dog Beach to bring their dog, those that prefer to play volleyball or surf. Here is a list of what each beach can offer you.
Oceanside City Beach
This place has space! There is a full supply of sandy beach here with small crowd . This means easy access, no parking hassles, and plenty of room to spread out your beach towel.
Carlsbad State Beach
You absolutely have to stop by the Village after visiting the beach in Carlsbad, you couldn’t ask for a cuter place with shops and restaurants. The north half of the Carlsbad coast is composed of a series of small beaches divided by sea walls. The cliffs here are relatively low and in most places the Coast Highway passes right next to the shore, offering an unobstructed view of the sea and open access to the beach, it’s a treat.
Leucadia
This is located South of Carlsbad and is full of vintage stores, luxury homes, and a strip of surf shops, taco shops, and restaurants along South Coast Highway 101. Excellent surfing, swimming, and fishing. Read the rest of this entry »
7 Tips for Move Up/Repeat Home Buyer Credits
Who Knows What the Move Up/Repeat Homebuyer Tax Credit Entails?
We hear about the First Time Homebuyer Credit everyday, this program has been fueling the housing market for over a year and has been the stimulus for many killer opportunities for those looking to get into the real estate market. So what about the Move Up/Repeat buyer. Not talked about nearly as much, is it?
Here Are 7 Tips that You or a Friend Can Benefit From
1. Who is eligible and for how much? Move-up or repeat home buyers purchasing any kind of home, condo or dwelling are eligible to claim this credit.
2. How long do I have to live in my current home? You have to have owned and resided in the same home for at least five consecutive years of the eight years before the purchase date. If you are married, both spoused must have been in the home for at least five years.
3. How much of the credit is allotted? The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.
4. Is there an income limit? Darn. Yes. The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. There are adjusted gross income limits, etc. but as a disclaimer I must always recommend that you consult a tax expert to figure this out for you. We know a few and would be happy to provide contacts if you need one.
5. Do I have to live in the house? Yes, this is a credit designed to open the opportunity to a new home in a historic buyer’s market.
6. How much can the home cost? The credit limits you to no more than a purchase price of $800,000.00.
7. My cousin is short selling her home, can I buy it and get the tax credit? It is important to note that you cannot purchase a home from, among other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members. Please consult with your tax advisor for more information.
To sum it all up, when inventory is high, demand is low, which gives you the negotiation power to get a screamin’ deal. No need to sound like a broken record, folks, if it feels like your time to move, get out there and seize the opportunity!
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