A La Costa, Carlsbad and San Diego Real Estate Kiosk
October 1st, 2009 Categories: Uncategorized
Welcome to the new LaCostaOnline!
For months, we have been working to create a sister site to San Diego Real Estate Previews that not only offers a full San Diego real estate search, but also focuses on real estate in Carlsbad, La Costa, Aviara, Encinitas–and the entire North County.
As you explore the site, you will be able to not only search homes for sale in La Costa, Aviara, Carlsbad or Encinitas (check upper left corner), but can dig up neighborhood news, market updates, restaurant reviews and so much more.
Ten years ago, I had a vision of an online neighborhood kiosk for La Costa and Aviara communities with babysitting, pet walking, school events and other local services offered–but it just didn’t evolve into the interactive site envisioned. Instead, it became just another San Diego real estate website. And like most of those canned sites, it was nothing but a real estate monologue–and not the dialog we craved.
Please come back often and feel free to interact–or not. We’ll be updating South Carlsbad and Encinitas real estate and neighborhood information regularly and if you have something to share, please chime in! You’ll not only be hearing from me, but also Mike Murphy, Eve Sieminski, Cindy Webb, Scott Murphy, Ilene Brodsky, Cynthia Wade, and Daruish Abedian–all powerful professionals with San Diego Previews International Realty.
Please come back often, make yourself at home–and we’ll leave the lights on!
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San Diego Real Estate Buyers Win Again
November 5th, 2009 Categories: Uncategorized
It’s official:
The $8000 first time homebuyers income tax credit has been extended by Congress — and (hallelujah!) buyers who have owned their homes for at least five years may be eligible for a $6500 tax credit for move-up purchases. President Obama is expected to sign it into law in the next day or so.
Both buying groups must have signed a purchase agreement April 30, 2010 and closed escrow by June 30.
It appears the credits will be good on primary home purchases up to $800,000, while vacation homes don’t count. Qualifying income limits are $125,000 per year for individuals and $225,000 for joint filers. Military members serving outside the United States for at least 90 days are expected to have these credits extended an additional year–until June 30, 2011.
As an added bonus, taxpayers may be able to retroactively claim the credit on home purchases completed in 2010 on their 2009 income tax returns. At the same time, buyers must remain in their newly-purchased homes (as primary residence) for 36 months after purchase or face repayment of the credit. This latter requirement is waived for active military personnel who are transferred due to military orders.
The passage of this legislation will help relieve much of the pressure for San Diego first time home buyers.
Through August, 2009 1.2 million first time home buyers have qualified for this income tax credit and the National Association of Realtors estimates that 350,000 of these purchases are directly attributable to the first time home buyer credit. –Roberta Murphy Carlsbad, CA
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San Diego Real Estate Hunt: Trick or Treat?
October 31st, 2009 Categories: Uncategorized
Carlsbad, CA–This past year has been tough for both San Diego real estate sellers–and buyers–and both sides of the fence have had to wonder if they are being tricked or treated by market conditions.
On one hand, home sellers hear that we are in the toughest market for San Diego home sales in years. Prices have dropped off the cliff and these home sellers have heard of neighbors who finally took their home off the market after trying to sell for a year or more.
On the other hand, we have buyers who have made multiple offers on multiple properties (usually San Diego’s fabled short sales and foreclosures), and have given up hopes of ever being able to buy a home in San Diego County. Their exhausted real estate agents are also about to throw in the collective towel.
So what is really selling in San Diego–and who are the succesful home buyers?
The successful home sellers are those whose homes are not only well-priced, but are also squeaky clean and show better than their neighbors. They fortunately are also able to advertise their homes as having equity–and can brag that they are neither a fabled San Diego short sale or foreclosure. They allow lockboxes, and make showings simple for both agents and their buyers.
Successful San Diego home buyers are realistic. They acknowledge those fabled short sales and foreclosures–but more frequently, they are requesting to see realistically-priced foreclosures and homes that are NOT in the foreclosure or short sale process. These buyers have money for down payments, have good credit histories and are realistic in home buying expectations.
In our practice, these buyers are experiencing great success–and those who qualify as first time home buyers are also reaping the $8000 tax credit–an additional treat.
Our successful home sellers have homes priced to the market and work hard to make them as attractive as possibleto picky buyers. They know these two elements will do more than anything to bring themselves and qualified buyers to the closing table.
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The Siberian Dilemma: Foreclosure or Short Sale?
October 27th, 2009 Categories: Uncategorized
Carlsbad, CA–When considering the hard choices faced by distressed San Diego real estate owners, it’s not too difficult to recall what is called the Siberian Dilemma:
If you are stranded on a frozen lake in Siberia and fall through the ice, you have four minutes to live. If you crawl out of the hole into the frozen air, you have two minutes to live. Neither are good choices.
The frozen dilemma may seem out of place in sunny San Diego, but some make the mistake of assuming that the long term consequences of short sales and foreclosures are essentially the same. That assumption could be disastrous.
If you are faced with the dilemma of pursuing a short sale or allowing your distressed property to go to foreclosure, there are some important factors to consider:
Credit Issues
If you lose your San Diego home to foreclosure, your credit or FICO score may be dinged 250 to over 300 points and will typically harm your score for at least 3 years. A short sale, on the other hand, may only reflect late payments–and after sale, the mortgage will be reported as paid or negotiated. If all other credit payments are being made on time, the credit score hit could be as little as 50 points.
It’s also important to note that a foreclosure will remain as a public record reflecting one’s credit history for 10 years or more, while short sales are currently NOT reported as such on credit histories.
Future Mortgages
A foreclosure may wreak havoc with your attempt to obtain a mortgage in the next 5 to 7 years. The standard 1003 mortgage application currently asks, “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” One whose primary home has gone to foreclosure is not eligible to receive a Fannie Mae-backed mortgage for 5 years. And it’s even worse for the investor, who cannot receive a Fannie-backed investment mortgage for 7 years.
Short sales are treated quite differently. A homeowner or investor who has sold via short sale will be unable to obtain a Fannie-Mae back home or investment mortgage for just 2 years. Quite a difference!
Employment
This will hopefully change in the future, but currently a foreclosure in one’s background can create real challenges with federal, state and local security clearances. This could be a real problem for both prospective and active military, police, FBI and other positions requiring security clearance. Additionally, many employers require credit checks for all job applicants as well as periodic checks on employees in sensitive positions. A foreclosure could result in loss of employment—or none altogether.
Meanwhile, a short sale is currently NOT reported on credit reports and therefore presents NO challenge to current or future employment.
San Diego County homeowners who are under huge distress with escalated mortgages, homes that are worth less than what was originally paid, and/or loss of income may feel that all is lost–including their homes and future possibilities.
Dismiss those defeating thoughts.
After much research and personal experience, we have determined that a leap out of freezing water (pre-foreclosure) might offer hope of salvation if immediate action (short sale) is taken to settle old mortgages so that distressed homeowners can eventually reclaim their lives.
We are now aggressively seeking San Diego area home sellers who wish to avoid foreclosure. On a selfish level, we believe that a successful short sale might result in a lifelong client.
On a realistic level, we know that each home saved from foreclosure saves not only a future homeowner, but potentially our entire economy.
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La Costa Town Center (Dis) Approved
August 24th, 2009 Categories: Uncategorized
Carlsbad, CA–The La Costa Town Center at the intersection of Rancho Santa Fe Road and La Costa Avenue won final approval from the City of Carlsbad last week–leaving a number of La Costa residents prepared to fight city hall. They are concerned about safety issues–and also the values of their La Costa and Carlsbad real estate.
The proposed development will offer 284,400 square feet of shopping, banks, two gas stations, a large office project and a couple of medium density neighborhoods on the 83-acre site that fronts residential La Costa Avenue and heavily-traveled Rancho Santa Fe Road. The builder, Aspen Properties, will be limited to a 100,000 square-foot anchor store (which would diminish the possibility of a WalMart). Instead, the builder claims the La Costa Town Center will be something closer to the upscale Carlsbad Forum or the Del Mar Plaza.
The proposed center is situated to serve all of La Costa, South Carlsbad, San Elijo Hills, Rancho Santa Fe and Encinitas–but local residents fear the impact of more than 25,000 extra cars on roads that would service the center. Over the last few years, La Costa Avenue residents have already complained to the City of Carlsbad about: Read the rest of this entry »
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When are La Costa Villas not La Costa Villas?
March 31st, 2009 Categories: La Costa Condos La Costa Vacation Rentals La Costa Villas
La Costa Resort Villas
Ever since a few years ago, when La Costa Resort and Spa decided to enter the hotel condo business–and call these units La Costa Resort Villas–there has been confusion for outsiders about the differences between the newer units on the grounds of the La Costa Resort and Spa– and that other condo development just three blocks away that have for years been referred to as the La Costa Villas.
Just recently, we received an email from a reader who was confused about the two–and wondered about the differences between the two.
We responded:
Your confusion is understandable, because there are indeed two La Costa projects called “The Villas.”
One is an older condo development a few blocks from the resort with several units that are frequently rented out. Most of these condos are multi-level, though a handful are single story–and somewhat smaller. These homes roughly range in price from the high $300,000’s to the mid-$500,000’s–with square footage ranging from around 1200 to over 1900 square feet. There are HOA rules, but no limitation on days of owner usage.
The La Costa Resort Villas are another story entirely.
These are on the grounds of La Costa Resort and Spa and currently range in price from $625,000 to $1,650,000. These hotel condos are sold turnkey furnished and limit owner’s usage to 120 days per year. Monthly fees are substantially higher (depending upon size of unit), because maid service and routine maintenance is included. These units range in size from 650 to 2526 square feet. Owners here have the option of allowing the La Costa Resort to manage rental of their Villas and share in the income.
In short, for those who want the ability to use their La Costa condo on a full-time or substantial part-time basis, it would probably be wise to consider La Costa real estate that does not limit owner usage. On the other hand, there are investors who love the hotel condo concept and split their time between various homes. When not there, they appreciate the income provided by the managing hotel. In that case, La Costa Resort Villas would be a perfect choice
And to add to the confusion, there are also the La Costa Chateaus which are privately-owned condos behind the gates and on the grounds of La Costa Resort. Many of these are privately rented out as vacation rentals by the owners. These run just under 800 square feet with prices that currently start in the $300’s and have run up to $1.2 million for double units.
Click to search La Costa condos for sale, or feel free to call me at 877-818-8197 or 760-402-9101.
You may also wish to read:
Searching for a Home in Aviara?
La Costa Canyon: Break Up with Plastic Water Bottles
Carlsbad FSBO’s and Short Sales: Carlsbad Real Estate Scoop
Carlsbad and San Diego Real Estate a Bargain for Foreign Investors
La Costa Chateaus: A Tale of Two Sisters
Carlsbad, La Costa and San Diego a Bargain for $1 Million Luxury Homes?
Pricing Your Carlsbad or San Diego Home in a Range
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