San Diego Real Estate Cafe by Krista Lombardi
Foreign buyers have accounted for $92.2 billion in sales in the last year which is the highest sales number in the last four years. Wow, why are so many buying in the States, and where are they buying?
First of all the majority were Chinese buyers, they accounted for $22 billion which is 24 percent of the total, apparently that number has doubled in the last year.
In regards to where they are purchasing, there are four states which made up the majority, those were: Florida (23 percent of purchases), California (14 percent), Texas (12 percent) and Arizona (6 percent).
The National Association of Realtors analyzed data on international client purchases of U.S. homes between April 2013 and March 2014. International clients were those who either had a permanent residence outside of the U.S. or were recent immigrants who had been in the U.S. less than two years.
“We live in an international marketplace; so while all real estate is local, that does not mean that all property buyers are,” said NAR President Steve Brown in a statement.
Five countries accounted for 54 percent of international sales: Canada, China, Mexico, India and the United Kingdom. While Canadian buyers continued to be the top source of international sales by transaction volume, Chinese buyers accounted for the largest sales volume by far: $22 billion compared with Canadian buyers’ $13.8 billion.
Surprisingly 2014 inventory is fairly high for San Diego real estate, with the increase in the interest rate from last year we are up roughly 3,000 homes on the market giving us a smaller buyer pool and larger inventory of homes compared with a year ago which is not ideal for sellers.
So why are the international buyers purchasing so rapidly this year?
“Foreign buyers are being enticed to U.S. real estate because of what they recognize as attractive prices, economic stability, and an incredible opportunity for investment in their future.”
Now let’s hope that our fellow countrymen can also take advantage of the rates and price tags and have an opportunity to invest in their futures.
Now, the Berkshire Hathaway name will be even more visible in San Diego County, and throughout the United States, as it will be found on real estate “for sale” signs.
As of Monday, Sept. 23, 2013, an established California real estate firm took on the prestigious company’s name. Prudential California Realty was purchased by Warren Buffett and Berkshire Hathaway.
“We’re the first ones to be able to use that brand name in the real estate world. It’s quite an honor,” said David Cabot, president and CEO of Berkshire Hathaway HomeServices California Properties. “It’s a unique opportunity.”
With its headquarters in Carmel Valley, the company has a network of 62 offices and 3,200 agents in Southern California and the Central Coast. Many of those agents have been with the company for a substantial portion of its 20-year existence under Prudential California Realty.
California Properties focuses on the luxury market in such areas as Rancho Santa Fe, Del Mar, La Jolla, Newport Beach, Beverly Hills, Palisades and Brentwood, said Cabot.
The list of questions every buyer asks about the various properties during a house hunt can change with each person. Color of granite? How much landscaping? Where can I put the doggy door?
Agents in San Diego are prohibited from discussing this and will refer you to law enforcement sites. As buyers, we assume that neighborhoods are either “good” or “bad.” The truth unfortunately is never black and white. Looking at details a little closer helps, which in turn allows us to make smarter decisions about which home we buy and how we live in it, once we buy it.
Here is a quick list of the right questions to ask about crime before buying a home.
1. What sorts of crimes happen in the area? Where and when do they happen? Crime truly happens everywhere. But the details of crime patterns vary widely in various neighborhoods especially San Diego because we have such diverse pockets within one zip code and the next. Some areas may have more stay at home workers or entrepreneurs and more break ins during the night and other areas may have day time workers and more day time crime.
This sort of information can be highly useful to a buyer-to-be, as it can help you make decisions not just about whether or not to buy, but also about whether to park your car outside (or not), whether to get an alarm and where in a given neighborhood you might prefer your home to be (interior cul-de-sac vs. thoroughfare in the same area).
“House hunters looking for bargain properties in the new year
will probably be disappointed.” – Los Angeles Times
A new report by CoreLogic shows that shadow inventory fell 12.3%
from the year prior to stand at 2.6 million units nationwide. Split among 50 states that does not
constitute a large number.
The housing recovery that began last year was dominated by tight inventory and strong demand from cash
investors and buyers capitalizing on record interest rates.
Those factors have pushed up prices in recent months.
According to CoreLogic
analysts, the strong demand from investors means that the current shadow supply is unlikely to drag
down the market in 2013.
It happens sometimes, it’s not intentional, I mean let’s say that you inherited an old house in a distant location and want to put it on the market. You may not have the time, resources or energy to make it perfect and just want a quick sale.
Or, maybe you had renters at your property who did substantial damage and you don’t have the money to make necessary renovations.
Fear not. Just because the house needs work doesn’t mean you can’t sell it.
Many homebuyers today are shopping for deals and want to see the potential in your home. In that case, leave brochures for new cabinets in the kitchen, color palates around the bedrooms and even create computerized images of what updates could look like.
In addition, secure bids from licensed contractors on necessary fixes and provide them to your potential buyers. People may overestimate the cost of a new roof, shower stall or drywall repair and fresh paint. Estimates will bring the home into clearer perspective.
I thought I would share this morning’s great find while looking through properties for my clients. Out of 4 photos, this was one of them, and possibly one of the worst I’ve seen in awhile. Would you buy this house?
The brave die never, though they sleep in dust:
Their courage nerves a thousand living men.
~Minot J. Savage
1. Sunday, May 27- Memorial Day Pool Party with DJ Dan
Fortune’s Holiday Pool Party series is back again for 2012 and building off the amazing energy of last summer! We’ll be celebrating all our holiday Sundays six stories high on the Ivy Rooftop at the Andaz Hotel again this year. Read the rest of this entry »
I believe in manicures. I believe in overdressing. I believe in primping at leisure and wearing lipstick. I believe in pink. I believe happy girls are the prettiest girls. I believe that tomorrow is another day, and… I believe in miracles. ~Audrey Hepburn
Every weekend (weather permitting) COAL Gallery member artists display their paintings, glass work, photography, and sculpture at Art on the Green. Read the rest of this entry »
Everything in creation has its appointed painter or poet and remains in bondage like the princess in the fairy tale ’til its appropriate liberator comes to set it free. ~Ralph Waldo Emerson
1. Sunday, May 20- Northpark Festival of The Arts
Come sing, dance and revel in the streets alongside 35,000 people in the historic North Park neighborhood at the 16th Annual North Park Festival of Arts on Sunday, May 20, 2012 from 10:00 AM to 6:00 PM along University Avenue! Read the rest of this entry »
Art is the most intense mode of individualism that the world has known. ~Oscar Wilde
1. Sunday, May 20- Watercolor in the Garden
Embrace the day exploring botanical details with watercolor, collage, and ink journaling style. This workshop taught by Helen Shafer Garcia, will focus on combinations of drawing and painting botanical elements with thoughtful descriptive words. Read the rest of this entry »