New Listing!!!
Hillcrest Mid-Century Modern Masterpiece with Balboa Park views
3200 6th Avenue #2c $965,000-$1,000,000
Location & style! Historic Mid-Century architecture with floor to ceiling glass walls with commanding Balboa Park views. Building completely renovated in 2005. One of only two 3 bedroom/3 bath units with 1513 sq ft of living space. Upgraded unit features travertine showers, stainless steel appliances & Expanko cork floors. Mills Act approved for significant tax savings. Call Gil for Open House and showing information. (619) 318-4651
NATION'S HOUSING KENNETH HARNEY
Sales and prices are up in select 'micro' areas
August 12, 2007
WASHINGTON – Though real estate sales and prices are flat or down in dozens of metropolitan areas, micro-markets within them are performing very differently: Prices and sales are up this year over last, and plenty of buyers still want to move in.Call them real estate oases – neighborhoods and ZIP codes that defy national and regional downturns, and remain in demand as long as the local economy keeps generating jobs and rising incomes. Housing analysts say they can be found in most major markets whose local economies display moderate to strong fundamentals.
As a group, oasis micro-markets share some key characteristics. They are often:
Close-in, established neighborhoods convenient to the urban center's employment and cultural attractions. They don't require residents to make long commutes, sit in traffic for hours or worry about gas prices.
Above median income – often well above – with home prices to match. Typically these are not entry-level, first-time buyer markets, nor do they have lots of new subdivision construction. Educational levels of residents exceed regional norms, local school systems are highly regarded, and crime rates generally are low.
Prime, not subprime, mortgage territories, with little to none of the negative neighborhood impacts of rising foreclosures caused by payment-shock loans going sour.
A few examples: In the Washington, D.C., metropolitan area, the ZIP codes 20815 (Bethesda-Chevy Chase, Md.) and 20015 (portions of Northwest D.C.) are avoiding most of the down-market trends in the larger metropolitan area that surrounds them. In the 20815 ZIP code, which borders the District of Columbia on the north, headlines about housing market distress don't capture what's happening on the ground.
Dollar volume of sales was up 22 percent from June 2006 versus June 2007, average selling prices were up 11.5 percent, and median selling prices were up 6 percent, according to multiple listing service data provided by veteran broker Dale Mattison of the Mattison Group at Long & Foster Realtors. The only hints of strain, he said, have been in total houses on the market – which were up by 9.7 percent – and average days on the market, which increased to 47 from last year's 33.
Just across the D.C. line, in the contiguous 20015 ZIP code area, average sale prices were up 6.6 percent and median prices up 3.5 percent during the 12-month period, though total dollar volume of sales was down 2.5 percent.
Contrast these two micro-markets' performances with the nation's capital as a whole, where dollar volume was down by more than 16 percent, the average sale price was down 6.8 percent, and the median price dropped by 3.5 percent.
Move to Florida: In the Miami-South Dade metropolitan area, a number of oases exist. Close-in communities such as Coral Gables are handling the downturn far better than more distant, lower-cost communities such as Homestead and Florida City, which have seen extensive new construction in recent years.
Maurice J. Veissi, owner of Veissi & Associates Realtors of Miami, tapped into MLS statistics and found that Coral Gables has seen average sales prices rise from $1.2 million in January to about $1.4 million as of June 30. In Homestead, the average sales price has remained relatively flat – around $320,000 – while prices in Florida City have declined on average. Inventories of unsold homes in the latter two areas exceed three years, according to Veissi.
“In my 38 years in real estate,” he said, “I have never seen a market where more expensive properties have stayed relatively healthy, while entry-level houses are the toughest to sell.”
Other metropolitan areas where similar patterns can be found include San Francisco, where highly regarded in-town neighborhoods such as Pacific Heights and the Marina continue to outperform the metropolitan area and the state as a whole, with nearly 8 percent median price gains for the first six months of the year, according to John Asdourian of McGuire Real Estate.
In the sprawling Los Angeles metro area, close-in “high-end neighborhoods are more robust at the moment than entry-level,” says Pat “Ziggy” Zicarelli, CEO of Style Realty of Tarzana. Moderate-priced and distant communities – especially those where large numbers of buyers used creative financing to purchase more than they could afford – “are really struggling” and experiencing declines in prices, sometimes in the double digits for the first six months of the year.
The bottom line here? Real estate value patterns and sales performances are uniquely localized – right down to ZIP codes, neighborhoods and even individual streets. In the current national correction phase following the unprecedented boom years of 2001-2005, even adjacent micro-markets may be performing very differently.
Smart buyers and sellers know that, and adjust their strategies – on pricing, timing and bargaining – with a micro perspective, no matter what the metropolitan headlines may be.
Kenneth R. Harney is a nationally syndicated real estate columnist with the Washington Post Writers Group. His e-mail address is kenharney@earthlink.net.
© Washington Post Writers Group
Housing prices in county hold their ground
June sales volume is lowest since 1997
Despite concerns over a mushrooming number of foreclosures and a continued steep decline in sales, San Diego County’s housing prices still ended the first half of the year on surprisingly stable ground, statistics from DataQuick Information Systems reveal. Last month’s median price for all homes, including condominiums, stood at $495,500, down nearly 2 percent from a year earlier, but up by $3,500 compared with May, DataQuick reported.
However, sales activity remained anemic, with the total number down nearly 23 percent last month compared with June 2006 as skittish buyers took their time deciding when to jump into the slumping market. At 3,510 sales last month, it was the slowest June since 1997 and the 36th consecutive month of year-over-year declines in sales volume. While the median home price last month was off more than 4 percent from its peak of $517,000 in November 2005, San Diego County may well have dodged the sharp declines that some real estate forecasters had been predicting, DataQuick analyst John Karevoll said. “The big issue here is that with the slowdown, you would have expected prices to come down much more than they have, and it’s very likely now that most of the decline off the peak for San Diego has already occurred,” he said. Released yesterday, June’s data provided a convenient check-in point on the market’s performance this year.
For the six months, the county’s median home price was down 4.3 percent, at $485,000, according to DataQuick. The median represents the midpoint of all sales, with half above and half below that figure. “As perceptions change and buyers understand that what they’re buying will keep its value or go up, you should see between now and the end of the year the number of sales tick up off this floor level,” Karevoll said. “The big IF there is what happens in the broader economy. The big one there is mortgage interest rates.”
Last week, the 30-year fixed-rate mortgage averaged 6.73 percent, based on an average lender fee of 0.4 point, according to Freddie Mac, the government-sponsored mortgage company. That was up from the week before when it averaged 6.63 percent. Last year at this time, the 30-year mortgage rate was nearly the same as now, averaging 6.74 percent. Economist Edward Leamer, director of the UCLA Anderson Forecast, agreed that a continued flat or slightly declining market is the more likely scenario than a prolonged, sharp drop in housing prices.
“My advice for a buyer is now’s the time to shop carefully when there’s no pressure, and pick a place you really want to live in,” he said. “Don’t think in terms of flipping,” he said. “The continuing news may be disturbing but there’s not going to be a dramatic drop in the value of a home.” In the single-family resale market, which accounted for more than half of all sales last month, the median price varied little from a year ago, hitting $565,000, or $2,000 less than the median last June, according to DataQuick. Still, few neighborhoods in the county have escaped the market’s downturn.
During the first half of the year, 13 of 91 ZIP codes posted an increase in prices compared with a year earlier, based on 50 or more sales. And seven communities had single-family resale prices hit their all-time peak in that same time frame, Karevoll found. Two of the five ZIP codes with the highest appreciation for resale homes this year were in the county’s north coastal area. Those included Cardiff and southeast Carlsbad. Also among the top ZIP codes were western Escondido, Rancho Santa Fe and El Cajon. “A lot more buyers are looking at what they see as the superior areas and leaving behind areas that aren’t as good in their mind,” said real estate broker Jim Klinge, who specializes in North County coastal properties. “Oceanside is really struggling, there are a lot of houses for sale, hardly any selling, but in Carlsbad, the buyers who are looking in North County coastal want to hold out and buy there first even though it costs more because they view those as better properties.”
Agent Jennifer Locke, also a specialist in North County, says the properties selling the fastest are those with qualities such as a good view, a large lot or appealing upgrades. That was the case, she said, with a Solana Beach home she sold last week that had a nearly full-price offer the day after the open house for brokers. Its large lot and view of nearby hills quickly drew interested buyers, she said.
The San Diego Association of Realtors said the average number of days a resale home spent on the market was 66, compared with 60 a year earlier. Competing in the mix of properties on the market is an increasing number of homes taken back by lenders when owners who bought their homes with risky adjustable rate loans were unable to make their payments when the rates reset.
The spike in foreclosure activity that began last year has dramatically increased the number of distressed homes on the market. Agents who specialize in selling homes reclaimed by lenders report a brisk sales pace that hasn’t been seen since the housing recession of the mid-1990s. “That was our heyday,” said Rose Avedisian, who sells real-estate-owned, or REO, properties in East County. “Back then, we carried 60 or 70 properties at any one time. It is closely approaching that now.”
Home-search Web site ZipRealty reports that about 4 percent of homes now for sale in San Diego County are owned by lenders, up from less than 1 percent a year ago. Lenders are motivated because they “want to sell rather quickly,” said San Diego agent Marc Carpenter, an REO specialist. “The longer they hold onto the property the more money they lose.” Union Bank of California senior economist Keitaro Matsuda, though, said that concerns about foreclosures dragging down overall home prices may be misplaced. So far “prices don’t seem to be affected all that much.”
DataQuick has yet to tally June foreclosures, but analyst Andrew LePage says there’s no evidence yet that the surge is ending. A record 532 dwellings were taken back by lenders or sold at auction in May, a slight rise over April, DataQuick reported. County foreclosures for the first five months of the year totaled 2,240 compared with 336 for the same period in 2006. The 91977 ZIP code, which includes La Presa and Spring Valley, has one the region’s highest concentrations of foreclosures.
There, the homes range from abandoned dwellings filled with trash to high-end view properties. On Clamath Street north of Jamacha Boulevard, three adjacent single-story houses are undergoing distress sales. Two have been reclaimed by lenders. One is being offered as a “short sale,” in which the lender has agreed to accept less than a full mortgage repayment. Such clusters are unusual, and they can hurt neighborhoods, said Avedisian, who represents one of the properties. “People begin to wonder if there is something inherently wrong.” Rodney McHone, a father of four who bought his Oceanside home three years ago for $609,000, has put the four-bedroom house up for sale, hoping he can get $475,000 for it in a short sale. He says he knows there’s no guarantee his lender will let him stave off foreclosure by accepting a lesser price, but McHone says he has little choice as he faces mortgage payments that could soon balloon to more than $5,000 a month. “This was my wife’s dream house,” said McHone, who is trying to work his way back up from a substantial pay cut in his job as a sales manager for a fitness company. “I’m not going to walk into a foreclosure. I worked too hard to build up my credit. I’m not going to let no house screw up my family.”
Lori Weisberg & Emmet PierceSan Diego Union Tribune · July
Daily Real Estate News | June 21, 2007
3 Reasons to Be Happy About Housing Market
The worst of the housing bust may be behind us, some economists say. Here are three reasons for their somewhat optimistic look on housing.
1. Fewer houses built mean fewer houses waiting to be sold.
In May, the number of new housing units completed fell to 1.534 million from 1.542 million in April and 1.61 in March. "The numbers [of starts] are at a low enough level that the inventories can start to be worked down," says National Association of Home Builders Chief Economist David Seiders.
2. Mortgage rates are going up, but the economy is strong enough that people can afford the increase. "The economy appears able to absorb these subtractions, especially since they remain on track to be smaller than what the market grew accustomed to over the past year," says Action Economics Chief Economist Mike Englund in a June 19 note.
3. There’s no improvement yet, but the decline has slowed.
"I don't think we're out of the woods here, but we may not be that far from the bottom. Since late last year things have been trending downward but not nearly as rapidly now as during 2006," says Seiders.
Source: BusinessWeek Online, Maya Roney (06/20/2007)
Caravan Highlights 6/20/07
Mission Hills
3163 Eagle St $615,000-$675,876 
Here we have a Cape Cod charmer! This 2 bed/1ba South Mission Hills home has a very spacious living/dining room with hardwood floors. There is also a French Country eat-in kitchen. The outdoor space has a brick patio and landscaped backyard. I think that this is one of the best deals in Mission Hills. It has a little bit of everything in a small but comfortable living space.
4410 Hermosa Way $1,260,000-$1,375,000
This home is located on one of the best streets in Mission Hills. This 3bed/2ba 1,760 sq ft craftsman was built in 1936. There are a lot of windows which bring in plenty of natural light. The kitchen remodel was tastefully done while still keeping the craftsman theme. Views of canyon and Mission Valley can be seen from the dining room and front porch.
2105 W. California $2450,000-$2,795,000
Breathtaking downtown & ocean views from this extensively renovated Spanish Revival. Panoramic views from almost every room. The architecture is impressive and one of a kind. Several decks and patios totaling almost 1,500 feet of additional outdoor space. 4 bedrooms and 4 baths in 3235 sq ft. are included in the showcase home.
Banker's Hill
2710 First Ave $1,350,000
A recently completed rowhome is the las available unit in the exclusive 4 home development, Four On First. This 2000 sq ft home contains 2 bedrooms + den with 2.5 bathrooms with a side by side oversized 2 car garage with a courtyard for guest parking. This contemporary styled home has a generous sized upstairs master with a very private balcony with canyon views. This home is classified as a rowhome and has no HOA fees.
Bay Park
4545 Napier St. $975,000
Sophisticated contemporary meets relaxed beach in this completely remodeled entertainer's dream home. This beautifully remodeled custom home features a wrap around patio, built in barbecue, new landscaping and recessed lighting and views of mission bay and the evening lights of mount soledad.
Hillcrest
3812 Park Blvd #609 $799,000
This is a top floor 2 story penthouse in the Egyptian building. Expansive South, East & West Views abound to Mexico, Balboa Park, Downtown and more. Features: Santos Mahogany Wood floors, Custom kitchen w/ built-in stainless steel appliances, floor-to-ceiling windows, 2 master suites & a HUGE top floor Terrace.
6/18/07
I thought I'd share a recent email response to a gentleman in Idaho who is seriously considering moving to San Diego. He was concerned with the real estate market here and wanted my honest opinion on the matter since he had read in the weekend edition of the Wall Street Journal that home sales were still spiraling downward. The following is my response.
The WSJ article really isn’t news to me. I’m even surprised that some economists thought we would be pulling out of the real estate slump so soon. In fact I think it is the WSJ’s attempt to create a news story versus reporting on one. I’ve been very optimistic about the real estate economy and by no means did I ever feel that it would recover any sooner than a couple of years. The article also gave a generalized view of the real estate slump across the nation instead of a particular city. San Diego was only mentioned in a few sentences and it stated that at auction “homes typically sold for around 25% less than their most recent sales prices or appraised values”. Also it didn’t mention where in San Diego these auctioned homes were. San Diego is a huge county and most of the foreclosures are in the North and East Counties where home values were superficially inflated and have since seen the most price correction in the past year. Take the city of Oceanside which is a coastal military community about 45 minutes north of Downtown San Diego. Nearly a quarter of the homes for sale there are already bank owned, in a short sale situation, or nearing foreclosure. Take my word for it. I’ve been inside of these homes and quite a few are abandoned flipper homes with half completed remodels. Some might worry about the rise in foreclosures. It is only the market correcting itself and we are seeing foreclosure levels rise back to pre-real estate boom days. In the past 5 years, home equity had escalated so fast that no ever had to go into foreclosure because they could always sell and make more money. Another great thing with this market downturn is that it removed the speculators and investors. We have them to thank for our still outrageously priced California homes. Do I see a huge price drop in the future? No. Homes are still selling as long as they are priced with the current market. Is it the right time to buy? Yes. It’s a buyer’s market and there is room for negotiating. I also think I can find a better deal than any foreclosure.
No one has a crystal ball but everyone likes to make their own predictions. My personal and professional feeling is that San Diego will be the first to come out of this real estate slump since it was the first to go in. Everyone is keeping their eye on San Diego because we had such a rapid increase in prices for many years and the rest of the nation started to follow our lead. The only difference is not all areas in the U.S. will have the soft landing that we’ve had. Many parts of the country, I believe, will take many years to recover from this downturn. Much of SD’s market correction already happened last year. Earlier this year I attended a meeting with a local real estate economist. He believes (as do I) by the middle of 2008 there will be an upswing in market activity and by 2009 we should be completely recovered. By 2010 real estate prices should out pace the previous year since all the downtown projects will be completed and sold out thus creating demand for housing throughout San Diego.
I’m in the business of selling homes not newspapers. I live and work in this market everyday in the most beautiful city in the world. Let me know when you plan on coming to town and I’ll show you the homes you need to see. I look forward to meeting you. You may email or call me anytime.
I have since talked to this gentleman several times over the phone and I will be showing him homes when he comes into to town.
Full commissions making a comeback despite trend
WASHINGTON – Tough times selling homes may be spurring a surprise side effect on real estate commissions: For the first time in years, the average commission rate on closed sales nationwide rose slightly last year. According to a review of revenue and cost data from hundreds of brokerages by the industry publication Real Trends, the average commission rose by nearly one-fifth of a percentage point last year to just under 5.2 percent. That turnaround came despite the growing numbers of realty firms that offer discounted standard commissions or limited-service options where consumers pay lower fees but perform some of the tasks traditionally handled by full-service realty agents. Though a new study released June 4 by the Consumer Federation of America found that large numbers of Americans are not aware that realty commissions are negotiable, they are. You can always bargain for a lower rate than the quoted standard, but agents and brokers are also free to reject your request and turn down your listing. During the 1980s and early ‘90s, 7 percent was considered the standard full-service commission rate in many large metropolitan areas. During the late ‘90s and into the housing boom years, average commissions dropped steadily through the 6 percent level and stabilized around 5 percent.
One key reason for the decline was the relative ease of selling houses at ever-billowing prices. In the hottest markets, buyers lined up and fought bidding wars
for houses. Some sellers asked: Why pay 6 percent to a realty agent when houses almost sell themselves – often for more than the asking price? Now the market is starkly different – sales are down, inventories up, prices anemic – and a different approach to commissions may be gaining ground. More realty agents are refusing listings that don’t come with full 6 percent commissions. A handful of high-octane agents are even charging 6½ percent to 7 percent as their standard rates – and they are doing well. Take Jay Coles of RealtyUSA in Orchard Park, N.Y. He heads a five-person sales team active in the suburbs of Buffalo. Though the local market has been sluggish, Coles’ sales volume has jumped by 40 percent in the past 12 months, despite his insistence on 7 percent commissions. How could that be? Coles is blunt about it: “We aggressively sell houses, we put a lot of effort into it, and people know that we will sell their house at the best possible price.” Among the extras that clients get: “Premium positioning” on popular Internet sites such as Realtor.com, Homes.com, HarmonHomes.com and RealtyUSA.com. Premium positioning means that Coles pays the Web site operators extra to ensure that his listings pop up prominently whenever consumers shop the site. He estimates that 30 percent to 40 percent of his new sales clients are generated through his team’s heavy Internet marketing presence. Gina Piper, an associate broker at Prudential California Realty in Pleasanton, charges a commission of 6 percent, despite a local market environment where the unsold inventory is up by 60 percent. Though some clients object to the full commission, she argues that her “enhanced services” give sellers a far better chance of bringing in ready and willing buyers. Among her enhancements: “I professionally stage every listing, and we use only professional photographers” toproduce full-color brochures that she distributes widely. Piper also pays premium prices for “enhanced listings” on major Web sites.
Another reason for higher commissions: In slow-moving markets glutted with homes for sale, listing agents seek to entice buyer’s agents with higher “co-op” commissions. Most commissions are split between the listing agent and the selling agent who brings the buyer to the table. Jane Fairweather, head of a top-selling team for Coldwell Banker in the Maryland suburbs of Washington, D.C., describes the co-op issue this way: “You’ve got to have incentives in there for the buyer’s agent.” In a market flooded with unsold listings, she says, a 3 percent co-op split “is always going to attract more attention than 2 percent. We call (inadequate splits) ‘getting eliminated at the office.’ ” Given all the properties available that fit a buyer’s criteria, the agent may be more inclined to show the listings with the 3 percent co-op split before the competing houses with lower splits. Not all agents agree that tougher times justify full commissions, however. Erin Campbell, a spokeswoman for Assist-2-Sell, a discount realty franchiser that operates in 45 states, says her firm’s agents provide “full service” representation for fixed fees ranging from $2,995 to $4,995. “One of the biggest misperceptions consumers have,” she said, “is that you need to pay full price to get great service in challenging markets.” Kenneth Harney
San Diego Union Tribune
Market Update 10/01/06
Where did September go? This month just flew by for me. The present state of the real estate market in San Diego is this: Homes sales are down compared to this time last year. Most homes sales have sold for less than asking price. Homes that are priced right are still being snatched up in record time. With the softening market home prices are still in a slow state of decline. No one knows for sure how far prices will go down but it's highly doubtful it will be any where near the level we were seeing in the recession plagued early 90's.
Foreclosures are not drastically going up despite what many thought would be an onslaught of foreclosed properties due to home buyers who bought at the high end of the market and took out risky mortgages. In fact, foreclosure levels have been at an all-time low in recent years and have steadily risen back to pre-buying frenzy levels. Buyers that were hoping to cash in on the foreclosure market may want to think twice. Foreclosed properties can sometimes sell for more $$$ than what's already on the market. There are other opportunities to be had in this market.
Instead of focusing on foreclosures shift the focus to short sales. Short sales are becoming more common in this market. A short sale is when the seller comes up short on the money owed to the bank after the sale of the property. In many cases the bank is willing to forgive the shortage or money owed by the seller. At the same time the bank is willing to look at any offers to avoid the home going into foreclosure. The buyer on the other hand gets a great deal on a home under market value.
If you haven't already heard. It's a buyer's market and what I really mean is that it is a first-time buyers market too. It truly is. Once priced out of the market, first-time buyers have many opportunities that they must take advantage of now. The oversupply of condo conversions have made them extremely attractive to first-timers. Developers have slashed the price of their units to sell. There are many incentives available ranging from 6 months to 1 year homeowner fees paid to 6 months of free mortgage payments. This is your chance to get you foot in the door.
Buyers also have the added bonus that interest rates have been lowered again in the past week. With increased inventory, motivated sellers, low interest rates, lowered prices, and an increase in short sales it couldn't be a better time to buy.
Caravan Highlights 9/30/06
North Park
2530 Vancouver Avenue $799,000
This 3 bed/3bath home offers exposed beamed ceilings, wonderful landscaping, pecan flooring, and a remodeled kitchen. An inviting tropical oasis awaits you outside with a large private pool. I loved the detail of this home. The flow of the home was a bit uneven. I missed the first two bedrooms when I walked in the door because it was so close to the front door. On the other hand the kitchen seems to flow right into the living room then right outside to the patio and pool. Great home for entertaining. I'd price this home in the high 600's to mid 700's.
3077 Vancouver Ave $859,000
This Spanish style home has a main house that includes 3 bedrooms and 2 bath. There is also a private in-law suite on a lower level with a separate entrance. The home sits on a huge double lot of 11,996 sq ft on a canyon. The interior would benefit with a more Spanish style remodel. The floor plan seems to be one long continuous hallway with various rooms punctuating your path. Ironically I found the in-law unit to be the best feature of the home. Priced above market.
2630 -32 Montclair St. $750,000
Looking for a 2 on 1 in North Park? Here's one for you. The first unit has a 2bed/1bath at 980 sq ft with a fireplace and original hardwood floors. Unit 2 has a 2bed/1bath at 846 sq ft which has been updated with a spacious kitchen. Both homes share a private yard that separates the 2 homes. Parking (4 parking spaces) and alley access can be found behind unit 2. Could use more competitive pricing in the low 700's. Other than that it's a very attractive income property.
3054 Walton Place $499-575k 3054 4545
4545 Ohio St
Two newly constructed 3 story townhomes that share the same wall but have different street addresses. Each townhome has 2 bed/2bath with some panaromic views from the top floor with 1340 sq ft and 2 car garage with 2 additional parking spaces. Of the 2 homes I had a preference for the one on Ohio St. The floor plan was better with it's own private patio and a larger kitchen than its sister. The Walton St. townhome had very tight spaces including a stairway and a noticeably smaller kitchen and a private outdoor patio. Market price range should be high 400's to low 500's.
Burlingame
3155 Kalmia $1,350,000
This 2 story, fully restored Prairie influenced Arts and Craftshome has generously proportioned rooms with hardwood floors, high ceilings, and spacious entry way. Historically designated with Mills Act tax reduction in place. Approximately 3,000 sq ft with 4 bedrooms and 2.5 baths. Vintage kitchen comes with stainless steel appliances. Too many great details to list. Priced right with market and neighborhood.
Mission Hills
4216 Albatross Drive $
889,000
- $ - $939,000
Behind the limestone rock courtyard wall veiling this home lie dancing pools and gentle waterfalls visited by butterflies, hummingbirds and scarlet dragonflies. You enter by way of a custom art deco gate flanked by eight-foot-tall columns capped with overflowing plants, cross a stone bridge...you know you will be entering a very ecclectic home. Kitchen needs updating with modern appliances. The downstairs bedrooms are rather small. The upstairs master bedroom encompasses the entire top floor and unfortunately has a small master bath. Way overpriced.
Normal Heights
3657 Collier Ave $509,000 
An Old World styled 1936 home with 2 bedrooms and 1 bath with a bonus room. Many original details are intact including the front door with original hardware, bathroom tile, interior doorknobs, open beam ceiling, clinker brick chimney, and the original curved rolling garage door! The rear yard is a peaceful retreat with mature landscaping, privacy lattice panels atop a 4' tall custom block wall. I dare you to find a better turn key home at this price! It is also tucked away on a quiet street with like pride of ownership homes but just blocks away from restaraunts and coffee shops of Kensington.
Say Aloha to the Mighty Volcano! The volcano will replace the old 4 Tiki rating. The volcano is the highest rating that a home can recieve on broker's caravan. For a home to recieve this prestigious rating it will have to be priced at or below market value. The home does not have to be in perfect condition (could be a fixer) but has to represent the best in value in the current market place. Also after a constructive complaint about my coconuts being too big I have reduced their size by a smidge.
I'm also introducing the little dancing hula girl on the home page. She will be welcoming you to take part in upcoming community events in San Diego. If you know of an upcoming event email me and I'll post it.
9/26/06 Condo conversion craze grinds to haltThis was the headline on Sunday's front page of the Union Tribune on the condo conversion aftermath in San Diego. I have not been a big fan of the condo conversions in San Diego except that it gives first-time home buyers a foot in the door. Unfortunately stringent regulations were not put into place and condo conversions started sprouting up everywhere. Now we have a glut of condos on the market with too few buyers.
According to Sullivan Group Real EstateAdvisors, San Diego now leads with the most condo conversions on the West Coast with 111 active projects and a total of 11,204 units planned. Phoenix is in 2nd place with 44 active projects and 9,912 units planned. In 5th place, Los Angeles County, with a population more than three times that of San Diego County, has 22 conversion projects with just 1,326 units planned.
Developers are using many different tactics to entice potential condo buyers. Incentives include plasma televisions, cars, zero down payment, no HOA dues for 6-12 months (sometimes even longer), and actually offering no mortgage payments for a full year. With all these great incentives, first-time home buyers are in the driver's seat for a change and there are plenty of financing options available. In most cases the incentives are only available if the buyer prequalifies with the developer's preferred lender.
It truly is a first-time buyers market and it makes sense for them to take advantage of the oversupply. With all the great incentives and financing opportunities available why would you want to continue to pay rent and make your landlord rich? I tell all my clients to buy whatever they can afford now. Your dream home may be a house or two away but at least you've got a start.
San Diego Home Sales Declining 09-20-2006 4:45 AM(La Jolla, CA) -- Home sales in San Diego County have dropped more than 30-percent compared with the same time last year. According to La Jolla based DataQuick Information systems the median price for a home also declined by a little more than two-percent. The median price of a home in the region is 482-thousand dollars. Home sales in Southern California dropped about 25-percent, but prices went up by nearly three-percent. The median price for a Southern California home is 489-thousand-dollars.
Caravan Highlights 9/8/06
Hillcrest
3650 Front Street $1,800,000
This 3bed/3.5 bath home is truly unique. At 2,430 sq ft, this home was built for entertaining. Built in 1980, this canyon home has refinished light hardwood floors throughout. The living area opens up to canyon views leading out to decks, pool, and spa. Quality throughout. Won't appeal to the masses but to the few who are looking for a unique canyon getaway slash party house!
University Heights
4150 Vermont Street $759,000-$829,876
Just blocks from the Vermont St. footbridge which leads to Hillcrest restaurants and cafes. A 1920 Craftsman with 3 bed/2 bath and 1475 sq ft. Great neighborhood. Central location. Priced in a value range, the lower end of that range would be the best price for this home.
Mission Hills
4303 Witherby Street $995,000-$1,100,000
What can I say about this home? It's overpriced and very confusing. The home also has a detached artist studio in the back. It badly needs updating through out including the bedrooms and baths. The neighborhood is fantastic and boasts some of the best homes in Mission Hills. This is not one of them.
4289 Ingleside Avenue $1,595,000-1,695,000
Speaking of great neighborhood and homes in Mission Hills, we have this 3bd/3bath 1912 sq ft home only 2 homes away from the previous home reviewed. This home has appeal inside and out. Original oak hardwood and travertine floors will be found in this amazing home. This home was my favorite on caravan.
1621 Ft. Stockton $1,182,500 
Oh no! It's the dreaded half coconut! I didn't feel like this home deserved a whole coconut. That means that this home is only worth 1/4 tiki point. This home is 3 bed/2 bath and good luck finding them. The entire home needs work. I mean a lot of work. This home has been cut up. The kitchen needs to be gutted. The entire 2nd floor is a huge master bedroom instead of where 2 bedrooms belong. Any orignal charm that had existed is gone. Overpriced!!!! This one will be sitting around for a while.
9/8/06
Why do realtors ask you to sign in at an Open House? There are many answers to this loaded question. First of all, I don't sell your information. I don't spend my time stalking potential buyers or sellers. I don't send a bunch of junk mail or spam. I do send out the occasional "thank you" note or email. I do send out valuable real estate information to only those people ask for it. I only contact those who want my assistance. So please don't sign in with Donald Duck or a phony number. There's a reason for it.
Another reason why I ask people to sign in is so the owner of the open house knows how many people have been through and who's been in their home that day. Wouldn't you? It's a deterent for someone who may have different motives for being in their home. If something is missing from the house I have the list to refer to. Think of it as the honor system and it's only fair that you comply to the owner's wishes. In some states, it's not unusual for a realtor to ask for a driver's license before granting entry.
And probably the most important reason is for safety. Customers freely show identification to grocery store or movie rental clerks. They should be willing to identify themselves to REALTORS® who show homes worth hundreds of thousands of dollars and who need to be concerned for the safety of their clients as well as themselves.
9/2/06
Happy Labor Day!!! I hope everyone is enjoying their long weekend.
Caravan Highlights 9/1/06
Due to the Labor Day weekend Friday's caravan was light on open houses. I will condense both Tuesday and Friday caravans into one caravan highlight.
Golden Hill
3091 A St. $408,000 2 bed/1 ba 699 sq ft.
A good starter home in Golden Hill. This home is only blocks away from Starbuck's and neighborhood shopping. This condo alternative has a nice size kitchen with cathedral ceilings and lots of skylights through out. It could use a little tlc but still a great value for someone just starting out.
Burlingame
For those of you who are not familiar with Burlingame let me tell you about one of the most coveted pocket neighborhoods in San Diego. Burlingame can be found right off 30th St. before you enter South Park. Known for its pink salmon sidewalks and many historically designated homes, Burlingame is a very small neighborhood. Only a few blocks long it consists of some of the most beautiful Craftsman and Spanish style homes. Homes for sale in this neighborhood are usually snapped up due to their rarity and desirability.
3075 Burlingame Dr. $700,000-$745,000
A beautiful historically designated 2bed/2bath California Bungalow. Every inch of this home has charm with period integrity throughout. With the Mills Act, the current tax rate transfers to the buyer. The tax savings is substantial. Yearly property taxes are close to $1400 compared to $8000 without the historic designation. The kitchen is very small in a galley like space. Also includes a small side yard.
2434 Capitan Avenue $775,000
Built in 1934, this home has 2bed/2bath at 1320 sq ft. This vintage bungalow has it's original kitchen and hall bath tile. As with the last home this home also has the Mills Act property tax benefits. Features also include a huge backyard. 3075 Burlingame Dr. home has curb appeal, the style of this home doesn't quite have the same appeal. On the other hand this home has a nice spacious feel that the other doesn't. The large kitchen and large backyard are big pluses. Both homes are priced correctly. If I had to choose between the two I'd chose this one.
North Park
3560 29th Street $900,000
Close to Morley Field, a 1911 Oriental Craftsman with 3 beds and 2 bath at 1700 sq ft. This home is a beauty inside and out. Box beam ceilings, clawfoot tub, buit-ins with beveled glass, enclosed side sunroom porch are the many features of this home. With all those wonderful features I couldn't get past the pricing. I didn't think it was realistically priced for this market. I don't even think it would have sold in last year's market at this price. This is a prime example of unrealistic pricing. I'd price this at mid 700's to low 800's, doing so would earn it an extra tiki.
Normal Heights
5317 Wilshire Drive $925,000
A 4 bed/2.5 bath fixer. A 2 story canyon home with 2228 sq ft with hardwood floors on a 11,020 sq ft lot. Home offers panoramic mountain views and valley views. Lots of potential. This home has the potential to be a showcase. A little overpriced but overall a diamond in the rough. Sale pending as of this writing.
South Mission Hills
1343 Sutter Street $980,000
"Classic"3 bed/2 bath Mission Hills Craftsman. "Classic" is a term I'll use loosely here. The outside of this home is classic but the interior is a different story. Priced close to 1 million this is a "classic" example again of unrealistic overpricing. This home should have a completely updated kitchen with new appliances with this kind of price tag. Hardwood floors exist under the blue carpet. The positives: Great curb appeal, generous room sizes. Negatives: Needs updating badly and that price.
3536 Lark Street $1,095,000-1,195,000
This is truly another diamond in the rough. This Spanish Revival is full of possibilities. The original kitchen is in dire need of a facelift nothing a new countertop and new appliances couldn't fix. You'll find all 3 bedrooms downstairs. All bedrooms are decent in size. The basement adjacent to the bedrooms could be opened for more space. I can't forget to mention the awesome Downtown/Harbor and Pt Loma views. Another showplace in the making.
My favorites:
My special picks for this week go to the diamonds in the roughs, 5317 Wilshire and 3536 Lark. Of the two homes, 3536 is my favorite with its spectacular views. If you're willing to look past the flaws of a property and see it's true and future potential you will see that there are many real estate opportunities to be had.
8/21/06
Here is the new caravan rating scale that I've been hinting at for months. I felt it would be fun to implement a rating scale on the homes I preview on broker's caravan. I've also made some improvements as well. I will now be calling this section of my blog Caravan Highlights. I will also be including more pictures of the homes I review when possible.
It's important to let everyone have an opportunity to see my perspective on the homes I preview on caravan. Some of the homes I see are not available for viewing by the general public or can only be viewed with an accepted offer or by appointment only. As always, I appreciate any feedback from my blog readers. Questions and comments are always welcome.
New Caravan Rating Scale
1 coconut=1/2 tiki point
1 tiki=Above market value and/or may require a lot of work
2 tikis=At market value, good neighborhood, may need updating
3 tikis=Great value, excellent neighborhood, move-in condition
4 tikis=Highest rating,
Caravan Highlights 8/18/06
Here are highlights from last Friday's metro caravan encompassing Mission Hills, Hillcrest, University Heights, Kensington, and North Park. This caravan had a great mix of properties.
Mission Hills
2707 State St. $1,200,000 3 bed/3 bath
South Mission Hills 2 story home with hardwood floors throughout. At 1991 sq ft it has 3 bedrooms and 3 baths all generous sized rooms and living area. This hillside property has many stairs and limited usable flat land.
1152 Sutter $870,000 3 bed/2 bath 
Great spanish home with curb appeal with a small backyard. I don't feel that this home is priced correctly though. With some improvements this house could be fantastic and worthy of its asking price. A good place to start would be trading out the back aluminum windows with windows matching the quality and character of this house.
Hillcrest
3912 Centre St. $665,000 2bed/1.5bath
This craftsman home is small but cozy. Situated only a block from University and walking distance to fine dining, shopping, and nightlife. At 919 sq ft. this home packs a lot of charm. It also comes with an unexpected surprise in the backyard. The large backyard has a pool and built-in BBQ with alley access.
University Heights
1635 Madison Ave $475,000 1bd/1ba
A great condo alternative. This 1bd/1bath craftsman has a new kitchen, a garage and a backyard. The house is 540 sq ft. The garage is In a good neighborhood of University Heights. The problem is that this home is competing directly with 2bd/2bath condos. A 2bd/2bath condo in Mission Hills can be had for the same price with nearly twice the square footage.
4274 Maryland St. $799-$835,000
2 level canyon home. No usable land except for front yard. Move-in ready with lots of character. Nice updated kitchen. Not a family friendly home but would be a great home for two.
4318/20 Maryland St. $1,095,000
3 unit income property on canyon. Updated units with hardwood floors and built-ins. 3BR/1BA at front and rear building with 2BR/1BA and studio including 3 garages. Priced a little on the high side but a rare income opportunity in University Heights.
I have two top picks this week.
1152 Sutter in Mission Hills
With a price reduction, it would get 3 tiki's. This home has the most future potential. With some quality updating, as mentioned above, this home could be a showcase in a great neighborhood to boot. A future 4 tiki contender.
My other favorite.
3912 Centre St. in Hillcrest
This home is centrally located and walking distance to all. A definite rarity in Hillcrest to have a house on a decent sized lot with a pool. I don't think this one will last long.
Aug 19, 2006
I have heard and read the news about how "bad" the real estate market is right now. The reality is this. The market has definitely slowed. But the market is still a healthy one and it has stablized. Many people are waiting to see what is happening in this changing market. Many seem to think that prices are dropping and are waiting until it hits rock bottom. Chances of that happening are not likely. What we should be wondering is how long this slowing of the market will last. Should I buy or should I wait? Should I sell or should I wait? This seems to be a common question many are asking themselves. My answer is that if you plan on living in your home for several years then buy. It really couldn't be a better time with interest rates still low and all of the inventory available. Can you remember the last time buyers had so many housing choices and the luxury of time to decide? Homeowners that are holding out for a higher sales price might want to stay put for now and sell in the next year or two. Homeowners who need to sell need to be realistic about their sales price and price it competitively and be patient.
July 27, 2006
Here's some good news that I thought I would share.
For release
Tuesday, July 25, 2006
C.A.R. reports median price of a home in California at $575,800 in June, up 6.2 percent from year ago; sales decrease 26.3 percent
LOS ANGELES (July 25) – The median price of an existing home in California increased 6.2 percent in June and sales decreased 26.3 percent compared with the same period a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
“While home price appreciation has slowed over the past few months, the median price continues to climb in most areas of the state and reached $575,800 in June, a new record for California,” said C.A.R. President Vince Malta. “For the first time since November 2001, we experienced back-to-back months of single-digit price appreciation, moderated in part by increased inventory levels.”
Closed escrow sales of existing, single-family detached homes in California totaled 483,690 in June at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 26.3 percent from the 656,310 sales pace recorded in June 2005.
The statewide sales figure represents what the total number of homes sold during 2006 would be if sales maintained the June pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during June 2006 was $575,800, a 6.2 percent increase over the revised $542,330 median for June 2005, C.A.R. reported. The June 2006 median price increased 2 percent compared with May’s revised $564,440 median price.
“Mortgage interest rates continued to edge up for the fifth consecutive month in June, contributing in part to a slowdown in sales,” said C.A.R. Chief Economist Leslie Appleton-Young. “June 2006 was the first time since late 2001 that the sales pace fell below 500,000 for two consecutive months. Home sales declined 26.3 percent last month compared with June 2005, when they hit the third-highest monthly pace on record.”
Highlights of C.A.R.’s resale housing figures for June 2006:
. C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in June 2006 was 6.2 months, compared with 2.5 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
. Thirty-year fixed mortgage interest rates averaged 6.68 percent during June 2006, compared with 5.58 percent in June 2005, according to Freddie Mac. Adjustable mortgage interest rates averaged 5.71 percent in June 2006 compared with 4.24 percent in June 2005.
. The median number of days it took to sell a single-family home was 46 days in June 2006, compared with 28 days (revised) for the same period a year ago.
Regional MLS sales and price information is contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 78.7 percent, or 322 out of 409 cities and communities showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at http://www.car.org/index.php?id=MzY0Mzc=.
. Statewide, the 10 cities and communities with the highest median home prices in California during June 2006 were: Beverly Hills, $1,877,500; Burlingame, $1,725,000; Manhattan Beach, $1,575,000; Los Altos, $1,543,500; Newport Beach, $1,347,250; Saratoga, $1,309,000; Mill Valley, $1,294,500; Palos Verdes Estates, $1,225,000; Orinda, $1,207,500; La Cañada Flintridge, $1,150,000.
. Statewide, the 10 cities and communities with the greatest median home price increases in June 2006 compared with the same period a year ago were: Delano, 94 percent; Beverly Hills, 44.9 percent; Barstow, 36.9 percent; Culver City, 35.5 percent; Porterville, 34.6 percent; Paramount, 31.7 percent; Inglewood, 31.3 percent; Laguna Hills, 30.6 percent; Arroyo Grande, 30.5 percent; California City, 28.3 percent.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with more than 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
June 2006 Regional Sales and Price Activity*
Regional and Condo Sales Data Not Seasonally Adjusted
|
June-06 |
Median Price |
Percent Change in Price from Prior Month |
Percent Change in Price from Prior Year |
Percent Change in Sales from Prior Month |
Percent Change in Sales from Prior Year |
|
|
Jun-06 |
May-06 |
Jun-05 |
May-06 |
Jun-05 |
|
Statewide |
|
|
|
|
|
|
Calif. (sf) |
$575,800 |
2.0% |
6.2% |
-0.9% |
-26.3% |
|
Calif. (condo) |
$430,600 |
-0.1% |
1.3% |
-5.1% |
-28.5% |
|
|
|
|
|
|
|
|
C.A.R. REGION |
|
|
|
|
|
|
Central Valley |
$362,960 |
2.1% |
2.6% |
3.9% |
-34.5% |
|
High Desert |
$334,790 |
0.8% |
15.2% |
6.8% |
-14.2% |
|
Los Angeles |
$580,140 |
2.0% |
11.9% |
-3.7% |
-17.8% |
|
Monterey Region |
$732,250 |
1.2% |
0.2% |
1.8% |
-30.3% |
|
Monterey County |
$687,500 |
0.4% |
1.9% |
-4.5% |
-44.0% |
|
Santa Cruz County |
$760,000 |
0.7% |
-4.2% |
8.8% |
-10.6% |
|
Northern California |
$426,370 |
2.3% |
-1.7% |
17.8% |
-23.4% |
|
Northern Wine Country |
$637,870 |
0.6% |
-0.5% |
1.6% |
-33.6% |
|
Orange County |
$725,190 |
0.1% |
3.2% |
1.7% |
-31.4% |
|
Palm Spgs/Lwr Desert |
$373,350 |
-0.4% |
-5.1% |
3.9% |
-15.7% |
|
Riverside/S. Bernardino |
$400,390 |
1.6% |
7.4% |
0.8% |
-33.5% |
|
Sacramento |
$384,240 |
0.4% |
0.6% |
0.2% |
-38.7% |
|
San Diego |
$615,630 |
-1.1% |
0.2% |
5.9% |
-23.3% |
|
San Francisco Bay |
$760,930 |
1.1% |
3.6% |
11.4% |
-21.0% |
|
San Luis Obispo |
$620,540 |
11.5% |
8.7% |
14.6% |
-24.3% |
|
Santa Barbara County |
$778,850 |
14.9% |
10.6% |
-3.3% |
-42.9% |
|
Santa Barbara S. Coast |
$1,300,000 |
0.0% |
4.0% |
5.5% |
-38.9% |
|
No. Santa Barbara Cty |
$459,090 |
1.3% |
-0.9% |
-15.5% |
-49.3% |
|
Santa Clara |
$819,950 |
2.5% |
7.9% |
8.6% |
-25.7% |
|
Ventura |
$707,690 |
2.8% |
3.2% |
5.7% |
-31.1% |
na – not available
*Based on closed escrow sales of single family, detached homes only (no condos). Reported month to month changes in sales activity may overstate actual changes because of the small size of individual regional samples. Movements in sales prices should not be interpreted as measuring changes in the cost of a standard home. Prices are influenced by changes in cost and changes in the characteristics and size of homes actually sold.
sf = single family, detached home
Source: CALIFORNIA ASSOCIATION OF REALTORS®
July 16, 2006
Condo or house? Which is better? One of my clients is dealing with this dilemma. She recently asked me which I thought would be best for her. I told her she would have to make that decision on her own but I would be more than happy to give her the pros and cons of each. What it really boils down to is your lifestyle. People who tend to live in condos prefer not to worry about the cost and labor involved in maintaining the exterior and landscaping of their homes. Many condo owners have very active lifestyles and prefer to not spend their time weeding, painting, remodeling, etc. Condo complexes also can come with amenities such as swimming pools, spas, BBQ areas, tennis courts, and exercise rooms to name a few. Will you ever use any of these?
Owners of houses like the freedom and privacy that go along with owning a house. In most cases they can paint their house any color they choose. There will also be no pet restrictions. If a big home is out of your price range, buy a lot that is big enough and if the city allows it, you might be able to add an addtion on to the house later.
Also you may want to think about what part of town you prefer. In some cases a condo may be the only option. If you have your heart set on a house but it might seem out of reach you're best option would be to buy a condo now and work your way up to a house in a couple years.
You may also want to consider buying with a friend, family member, or roommate. Be creative and buy something! Anything! The important thing is getting into the game.
July 15, 2006
Housing Hangover? Have you read last Thursday's San Diego Tribune headline story? I did and little of it makes sense why it was even written in the first place. It wasn't quite the story that it had promised to be. The story is about how homesellers had overpriced their homes in the past year and that their homes are still sitting on the market unsold. The sellers' have actually been hit hard, twice, by the then changing market and by the current price correction we are now seeing. I'm not sure if I'm upset that the "current" news story was old news or that it was another attempt by the SD Tribune trying yet again to sensationalize the real estate market to sell more newspapers. Nevertheless, it is important for homesellers to talk with their real estate agents and price their homes realistically.
July 13, 2006
A few weeks ago I had my first caravan review in my blog. I've decided to make this a weekly ritual to do a review of my findings from caravan. Also at the end of all my reviews I will have my top pick winner in overall price and value. Did I not do a great job of picking the winner from last caravan? Within 3 days 2735 Boundary went into escrow! Please keep in mind that my reviews are based on the homes that I previewed that day. It's almost impossible to see every dwelling shown on caravan within a 3 hour time span.
First of all, I feel it's of value that home buyer's get a chance to see through my eyes what I view on caravan. Let me briefly explain that broker's caravans are open houses for realtors to view. Caravans are held in certain areas on certain days throughout San Diego. On caravan I will see many different houses, condos, and income properties. My caravan reviews may concentrate on houses but who knows I may have a special review on condos one day. But one thing you can count on is if a property is note worthy you'll be the first to know about it.
July 12, 2006
This past weekend we took a trip up to Paso Robles otherwise known as wine country to visit family. If you are not familiar with the city of Paso Robles, it is about 25 minutes north of San Luis Obispo. Like San Diego, Paso Robles has been a booming town over last 5 years adding new shopping malls, new home construction, and the revitilization of their downtown. Paso has also enjoyed huge increases in home prices and sales.
Unlike San Diego, Paso Robles current real estate market is pretty stagnant. Just about every street we drove down was littered with For Sale signs. Paso's industry is mainly tourism and wine production. I feel fortunate to live in San Diego where we are somewhat insulated from market down-turns and also seen as the national barometer of the real estate market. Sometimes one needs to see first hand how healthy our real estate market is in San Diego compared to other parts of the state.
June 28, 2006
Coming soon: the tiki scale. I'll be rating homes on caravan with this new system. I will unveil how this rating system works next week. Stay tuned.
June 27, 2006
Hello everyone and welcome to the first entry of my real estate web log. I thought I would start by jumping into today's broker's caravan. There were a lot of homes to see today and so little time. The first couple homes may seem like a comparison but it just turned out that way. So let's get started.
North Park
2735 Boundary St. - This was definitely one of my favorites today.
This 1930's Spanish in North Park is a must-see. List price range $599-649,000 gets you a 3bd/2ba w/hardwood floors. 1545 sq ft. 2 car garage. Final comment: Nice neighborhood, nice house and priced to sell.
2610 Montclair St. - Not far from the last home is another Spanish home. This home is listed at $695-774,876. 3bd/2ba, 1500 sq ft. 2 car garage. Final comment: Nice house but I'd rather save $100,000 and buy 2735 Boundary.
2872 Spruce Street- A 2bd/1ba craftsman with a guest cottage w/bathroom. Offered at $695-725k. No permits on bathroom but cottage is a legal structure. Final comment: Large yard and guest cottage is a bonus. Reasonably priced.
El Cerrito
This little pocket neighborhood community is tucked between Talmadge and College Area. El Cerrito is close to all and only 5-10 minutes to downtown. Most of the homes in El Cerrito are 1930's Spanish. It's still San Diego's best kept secret.
5470 Collier Avenue - Built in 1952 this 1,772 sq ft home sits on a 5,300 sq ft lot. 3bd/2ba. List price of $749,000. No garage. Long, narrow lot. Final comment: Go to next property.
5468 Collier Ave - Right next door to the above home is this 3bd/3ba, 1981 sq ft, 2 car garage. Very private landscaped backyard. Large kitchen for entertaining. List price $749,000. Compared to the house above: More usable backyard, garage, 3 baths. Final comment: Slightly overpriced but more ammenities than 5470 Collier.
4850 Baylor- This 3 bd/2ba in the same El Cerrio neighborhood is listed between $538-588. This home offers hardwood floors, fireplace, fenced backyard, 2 car garage and patio with a canyon view. Final comment: Not a bad price for this neighborhood. A great starter home that could be a showcase with upgrades.
Kensington
4307 Hilldale Rd- This home is 3bd/2.5ba with 2720 sq ft was built in 1929. This home has been highly upgraded and completely rebuilt. You won't find any original 1929 charm in this house. It is being offered at $1.6 million.
4755 Vista Lane- The home might look small from the outside but once you enter you realize it's much bigger on the inside. This home is nearly 3,000 sq ft. Boasting 4bd/4ba + an option bedroom. The master suite has it's own private kitchen/dining room. List price $1.497 million.
The house winner of Gil's caravan tour is: Drumroll please.
2735 Boundary Street
What's not to like about this house. Priced great. Nice spanish style home. It won't last long at this price.
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