Tuesday, August 25, 2009
San Diego Home Sales Increase Compared to '08
Home sales in San Diego jumped to twelve percent compared to last year, while prices dropped almost fifteen percent. I just posted an article on my San Diego real estate news section on my website. Read the entire article.
Monday, August 24, 2009
Median Sales Price for Southern California Rises Again
Southern California home sales for July were 20% lower than July 2008. The median
price of homes for the region rose from June to July, the third consecutive monthly
increase. The median is just one percent above June’s median, but still 22% below
July of 2008.
July home sales across the six counties of Southern California totaled more than
24,000. Still almost 9% lower than the average number of home sales in July since
1988.
The increase in sales can be attributed to the lower prices, lower interest rates,
abundance of FHA backed loans. Foreclosures accounted for about 44% of all sales in
July, the lowest percentage in 13 months. The highest proportion of foreclosures to
home sales was 58% in February.
Search La Jolla real estate, or Downtown San Diego condos
price of homes for the region rose from June to July, the third consecutive monthly
increase. The median is just one percent above June’s median, but still 22% below
July of 2008.
July home sales across the six counties of Southern California totaled more than
24,000. Still almost 9% lower than the average number of home sales in July since
1988.
The increase in sales can be attributed to the lower prices, lower interest rates,
abundance of FHA backed loans. Foreclosures accounted for about 44% of all sales in
July, the lowest percentage in 13 months. The highest proportion of foreclosures to
home sales was 58% in February.
Search La Jolla real estate, or Downtown San Diego condos
Tuesday, August 11, 2009
Local Home Builder Going Under
A local home builder, Barratt American, switched its bankruptcy filing from Chapter 11 to Chapter 7 last week because the company’s creditors claimed that any attempt at reorganization would be unsuccessful.
Through June, there were only 908 building permits issued in San Diego County, compared to 1,409 from January to June 2008. During the hpising boom, in 2005, there were 4,795 permits issued through June. Yet, surprisingly, Barratt is one of just a few builders to go under. Barratt is chiefly known as the developer for the master-planned Fanita Ranch community in Santee. Approved for 1,400 homes in 2007, the community is in jeopardy itself. The two mortgage holders are currently in the beginning stages of foreclosure. Search La Jolla foreclosures, or other La Jolla real estate
Through June, there were only 908 building permits issued in San Diego County, compared to 1,409 from January to June 2008. During the hpising boom, in 2005, there were 4,795 permits issued through June. Yet, surprisingly, Barratt is one of just a few builders to go under. Barratt is chiefly known as the developer for the master-planned Fanita Ranch community in Santee. Approved for 1,400 homes in 2007, the community is in jeopardy itself. The two mortgage holders are currently in the beginning stages of foreclosure. Search La Jolla foreclosures, or other La Jolla real estate
Friday, August 7, 2009
Coronado Naval Base Going Solar
Synergy Electric Company, Inc. was awarded a $3.93 million contract to install roof-mounted solar power systems(SPVPS) at Naval Base Coronado, as part of the American Reinvestment and Recovery Act.
The company will be installing more than 133,000 square feet of SPVPS on three buildings at the base. The project includes the demolition of the existing roof, installation of the new roof, and installation of the SPVPS.
The SPVPS will supply electrical power to the buildings and divert the excess power back into the local civilian power grid. The work is scheduled to be completed by January next year.
The company will be installing more than 133,000 square feet of SPVPS on three buildings at the base. The project includes the demolition of the existing roof, installation of the new roof, and installation of the SPVPS.
The SPVPS will supply electrical power to the buildings and divert the excess power back into the local civilian power grid. The work is scheduled to be completed by January next year.
Thursday, April 23, 2009
All the Home is a Stage
Well, I finally found someone in San Diego to repair my computer. My hard drive blew and I had to have data recovered. So, I finally have some time to write this post. Ok, here we go. What is staging? And why do you need it? If you need to sell your house quickly whether because of a new job, a divorce or if you are simply upgrading to a larger home then here are some tips to attract buyers as soon as possible.
Experts agree that sellers in a buyer's market have to take the extra steps to make their property stand out from the others. Buyers need to feel an emotional connection immediately upon entering a home, and then they will desire to continue to tour the home as opposed to hesitation.
Since there are fewer qualified buyers in the housing market today, then sellers need to get serious about presenting their property much like a stage. This is not to be confused with decorating. Decorating shows the skill and personality of the home owner, while Staging showcases the property for the potential of the home for the new owner. This is showcasing the personality of a home and you are looking for a match for a potential buyer. For example décor, art, and the use of color are all exhibiting the style of the owner, not the home, and should be downplayed to find the charm of each property.
When the new homebuyer finds the personal connection to a home, then they get excited and when buyers get excited they make higher offers. There are persons offering professional staging services available for hire. The money spent hiring a professional can actually help people save money at closing. A typical consultation fee can be in the one hundred dollars to two fifty range, depending on the time the stager invests, the location and size of the home. Some expenses stagers incur are furniture rentals, and thus this can result in a monthly charge as well as the initial consultation fee.
This is one of the most important issues that involve staging a home. An empty house has negative connotations and imagery of abandonment. Filling the home with furniture shows the potential buyer the hope and expectations of the homes. Showing the buyer a furnished home creates for the buyer the sense that there are many possibilities and the home can come to life with expectations of success, style and nesting. Leather furniture can make a nice addition. Sometimes something as simple as a contemporary leather sofa can do the trick.
The use of color has been mentioned as an expression of personal style, therefore professional stagers recommend only the use of neutral colors. This allows the buyer to see a blank canvas for their imagination, as opposed to crashing the deal because a buyer does not connect emotionally to a colorful pallet, or specific décor. For example, if there is a singing fish on the wall, then the buyer's main impression of the home is associated with a singing fish, which can be detrimental to the sale if the buyer can not get past the memory of the fish. The sale can tank especially if the buyer has an unhealthy fear or dislike for fish. But this is the concept of neutralizing the pallet of the home.
One of the final things sellers need to be aware of in order to stage the home for a quick sale, and one of the best reasons for staging at all is the Distressed Seller. When a home is being sold under distress, due to foreclosure or divorce or for any other less than optimal reason, then this sense of desperation and disarray translates in to the ambience of the home. Staging is a way distressed sellers can correct the negative energy, project the inherent value and sell the home.
Experts agree that sellers in a buyer's market have to take the extra steps to make their property stand out from the others. Buyers need to feel an emotional connection immediately upon entering a home, and then they will desire to continue to tour the home as opposed to hesitation.
Since there are fewer qualified buyers in the housing market today, then sellers need to get serious about presenting their property much like a stage. This is not to be confused with decorating. Decorating shows the skill and personality of the home owner, while Staging showcases the property for the potential of the home for the new owner. This is showcasing the personality of a home and you are looking for a match for a potential buyer. For example décor, art, and the use of color are all exhibiting the style of the owner, not the home, and should be downplayed to find the charm of each property.
When the new homebuyer finds the personal connection to a home, then they get excited and when buyers get excited they make higher offers. There are persons offering professional staging services available for hire. The money spent hiring a professional can actually help people save money at closing. A typical consultation fee can be in the one hundred dollars to two fifty range, depending on the time the stager invests, the location and size of the home. Some expenses stagers incur are furniture rentals, and thus this can result in a monthly charge as well as the initial consultation fee.
This is one of the most important issues that involve staging a home. An empty house has negative connotations and imagery of abandonment. Filling the home with furniture shows the potential buyer the hope and expectations of the homes. Showing the buyer a furnished home creates for the buyer the sense that there are many possibilities and the home can come to life with expectations of success, style and nesting. Leather furniture can make a nice addition. Sometimes something as simple as a contemporary leather sofa can do the trick.
The use of color has been mentioned as an expression of personal style, therefore professional stagers recommend only the use of neutral colors. This allows the buyer to see a blank canvas for their imagination, as opposed to crashing the deal because a buyer does not connect emotionally to a colorful pallet, or specific décor. For example, if there is a singing fish on the wall, then the buyer's main impression of the home is associated with a singing fish, which can be detrimental to the sale if the buyer can not get past the memory of the fish. The sale can tank especially if the buyer has an unhealthy fear or dislike for fish. But this is the concept of neutralizing the pallet of the home.
One of the final things sellers need to be aware of in order to stage the home for a quick sale, and one of the best reasons for staging at all is the Distressed Seller. When a home is being sold under distress, due to foreclosure or divorce or for any other less than optimal reason, then this sense of desperation and disarray translates in to the ambience of the home. Staging is a way distressed sellers can correct the negative energy, project the inherent value and sell the home.
Monday, April 20, 2009
“The Donald” Says it's Time to Buy Real Estate
Business mogul and reality television star Donald Trump has always been very forthcoming with his opinions and advice. Whether confronting a celebrity, or advising people on money management issues, he’s never been shy about offering his two cents.
These days, Trump is touting the benefits of stockpiling real estate. He appeared on Good Morning America recently and spoke on a variety of topics. Just as real estate agents have been claiming for months now, he says that today’s rock-bottom prices make it an ideal time to buy a home.
Trump does acknowledge that it’s difficult to obtain financing these days and chastised banks for not being more willing to approve loans. He says that banks have billions of dollars of taxpayers’ money but are unwilling to loan that money back to the taxpayers. The answer, according to Trump, is to buy up bank-owned properties. Banks gain ownership of properties after they are foreclosed, something that has been happening at an escalated pace in the recent housing crisis. Banks are more willing to help a potential buyer get a loan for a home that they, themselves are trying to sell. He says that the banking industry is flooded with homes that they neither want, nor know what to do with.
Trump has also suggested that if banks receive money under the Troubled Assets Relief Program, then they should be subject to compensation restrictions. He says that in effect, when these banks receive Federal Assistance, they are working for the government. Trump voices many of his opinions and advice in his recently-released book, "Think Like a Champion: An Informal Education In Business and Life." Noteworthy topics which he discusses in the book are keeping your eye on the big picture, creating one’s own luck, going against the tide, and giving yourself another chance.
These days, Trump is touting the benefits of stockpiling real estate. He appeared on Good Morning America recently and spoke on a variety of topics. Just as real estate agents have been claiming for months now, he says that today’s rock-bottom prices make it an ideal time to buy a home.
Trump does acknowledge that it’s difficult to obtain financing these days and chastised banks for not being more willing to approve loans. He says that banks have billions of dollars of taxpayers’ money but are unwilling to loan that money back to the taxpayers. The answer, according to Trump, is to buy up bank-owned properties. Banks gain ownership of properties after they are foreclosed, something that has been happening at an escalated pace in the recent housing crisis. Banks are more willing to help a potential buyer get a loan for a home that they, themselves are trying to sell. He says that the banking industry is flooded with homes that they neither want, nor know what to do with.
Trump has also suggested that if banks receive money under the Troubled Assets Relief Program, then they should be subject to compensation restrictions. He says that in effect, when these banks receive Federal Assistance, they are working for the government. Trump voices many of his opinions and advice in his recently-released book, "Think Like a Champion: An Informal Education In Business and Life." Noteworthy topics which he discusses in the book are keeping your eye on the big picture, creating one’s own luck, going against the tide, and giving yourself another chance.
Friday, April 10, 2009
San Diego County Rental Market in Flux
As the deepening recession puts pressure on tenants, as well as landlords, a recent survey of San Diego County apartment complexes revealed that rental occupancy is down. Experts say that even though rental rates have remained stable and complexes are loosening just a bit, the overall market is still pretty tight. Sales of downtown San Diego condos are on the rise compared to previous months, however, rentals are not. Other markets in the Southern California area, meanwhile, have been doing even worse as renters who’ve lost their jobs move to more affordable areas or take on roommates to split expenses. One official said that the occupancy rate in the county dropped below 95% compared to almost 98% a year ago. The average rent increased almost 2% to about $1,330. Rent is expected to continue this trend and rise another 1% over the next 2 years. In spite of growing layoffs in the construction industry some sectors of the local economy are actually fairing decently.
One plus is the military bases all over the county because military are commonly renters. Some
have left the rental market and are buying homes due to the lower prices brought on by rampant foreclosures and other factors.
Many analysts have been surprised by how well San Diego County’s rental market has fared, while others say that the county will hold up much better than other regions through the rest of the current recession. Last quarter the average rent for one-bedroom apartments in the county was a little over $1,160, 2-bdrm units averaged $1,415, and 3-bdrms $1,735. The new supply of rental apartments for 2008 was 1,430. Compare that to the forecasted 1,510 for the coming year.
In Los Angeles County the average apartment rental rate fell almost 4% from last year. Orange County saw its first drop in rental rates in thirteen years with the average dropping 2%. In Riverside and San Bernardino counties average rent fell 4% while the occupancy rate fell from just over 95% to just over 91%.
One plus is the military bases all over the county because military are commonly renters. Some
have left the rental market and are buying homes due to the lower prices brought on by rampant foreclosures and other factors.
Many analysts have been surprised by how well San Diego County’s rental market has fared, while others say that the county will hold up much better than other regions through the rest of the current recession. Last quarter the average rent for one-bedroom apartments in the county was a little over $1,160, 2-bdrm units averaged $1,415, and 3-bdrms $1,735. The new supply of rental apartments for 2008 was 1,430. Compare that to the forecasted 1,510 for the coming year.
In Los Angeles County the average apartment rental rate fell almost 4% from last year. Orange County saw its first drop in rental rates in thirteen years with the average dropping 2%. In Riverside and San Bernardino counties average rent fell 4% while the occupancy rate fell from just over 95% to just over 91%.
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