San Diego Ca - MarketPoint announced the other day that San Diego Renters should expect another rent increase this year. In their most recent survey of over 114,000 rental units they found that the average San Diego Rental property is now renting for $1387. Although this survey is somewhat flawed in that is only looked at San Diego CA Rentals in complexes with at least 25 units. So, for all of you who are considering renting a San Diego California home or Condo you can check out San Diego Home rental prices here...
San Diego Vacancy Rate less then 4%
In other San Diego County Rental news the Union Tribune recently reported that vacancy rates have dipped to 3.6%. The March 2008 vacancy rates were a full percentage point below the vacancy rate reported in March of 2007. Several things have contributed to the lower vacancy rates and increases in San Diego County Rents...
So I got off the phone with another "Real Estate Expert" just now and it makes me ill just thinking about how miss-informed that person was about the San Diego Real Estate Market. It really reminds me of the "Stock Market Experts / Day Traders" that were so common at the end of the 1990's. You know, right before the market went into a 6 year stagination...
Anyway... This "Real Estate Expert" explained in depth why the San Diego Real Estate Market was headed for a major correction. How "Everyone" who has their home in the San Diego mls is in "Major Panic Mode", and how San Diego County Home Values have already gone down double digits over the last 12 months.
Where do these people get their information?
The first question I alwayse ask these self discribed "Real Estate Experts" is... Where are you getting all of your information? Of course the number one place each and everyone of these yahoo's comes up will this info
San Diego County Real Estate Prices Increased in 2006!
After the "Real Estate Daytrader" got done telling me what he thought about the market he finally got to the question he called about... What did I think his San Diego Real Estate investment would do in 2007? Well, I said... I don't have a crystal Ball, but I can tell you that your assesment of 2006 was almost completly WRONG... In 2006 San Diego County Real Estate Prices went up in the majority of Zip Codes. I then directed him to the number one authority site on Home value information DataQuick.A quick look at DataQuick and you will see that San Diego County is broken down into 91 zipcodes and 5 areas. Of the 91 zipcodes only 38 zipcodes had total home sales that depreciated in 2006 and only 4 of 91 zipcodes depreciated more then 10%!
12 of the 91 Zipcodes in San Diego County had Double Digit Price Increases!
Ok, so of the 91 zipcodes in San Diego County 12 had double digit price increases. This news is being reported by DataQuick, By Sandicor, and Should be reported by the newspapers. Yet it is not. Historical price appreciation across the nation over the last 100 years is around 5.6%. 24 of the 91 zipcodes were up over 5.6% or about 26% of the zipcodes in San Diego County appreciated more then the historic national average. Yet, because home prices didn't go up across the board some how these Daytrader Real Estate Experts seem to think the bottom is falling out of the market???
Recently I took a listing in one of the lovely Gated communities of San Elijo Hills, a community called Westridge. This San Elijo Hills won the master planned community of the year award in 2001 and sits about 6 miles inland from some of the best Southern California Beaches. The homes are well built, the schools and parks are just down the street, and it has been a very popular development to purchase a home in. Dispite this, shortly my clients listed their Westridge townhome, there were 24 other town homes out of 117 on the market!
Well, this community is going through what I call the TWO Year itch!
What is the two year itch you might ask? In 1997 our government passed an extensive tax reform act that impacted how people sell homes. If a married couple lives in a home as their primary residence for two out of the last five years then they can sell that home and receive up to $500,000 in appreciation as a TAX FREE gain (single people can receive up to $250,000). So, how is this empacting newer communities through-out San Elijo Hills, San Diego County, and around the Country? “The Two Year Itch” basically gives sellers added incentive to place their homes on the market even when they really have no Real Intention of selling their home. This is happening in almost ever newer community, you may have seen the sprouting of real estate yard sign sighns at the 23rd or 24th month of a new communities existance. This is a mass exodus of people who are trying to take advantage of their two years of appreciation.
What impression does this give potential buyers?
Two main questions come across the lips of many buyers who drive into a two to 5 year old community: Why are there so many yard signs, and what is going on here? Imagine driving up to a lovely gated community and seeing 23 listing signs outside the gate! Many buyers just turn and run. What was created as a great stimulation to our economy has turned into a nightmare to those few sellers who really need to sell their homes, the 10 to 15% who may have gotten in over their heads when they purchased their home.
So Sellers, here is a little Econ 101, the basic laws of supply and demand state that if there is too much supply then prices go down. If you really don’t have any intention of selling (i.e. if you are telling yourself that if you can get your over inflated price you would CONSIDER selling) take your home off the market!!! Because all you are doing is driving down prices. How do you know if your home is priced too high? This is very easy. Your listing agent should keep you updated of what has SOLD Recently (note that I didn't say what was listed) in your neighborhood. The most recent and closest Sales to your home are those that matter the most.
While this tax change has made many people hundreds of thousands of dollars, particularly those homeowners who bought their home in San Diego County prior to 2004, it has also forced some homeowners to take a loss because of an over supply in inventory was on the market when the HAD to sell. This over supply has brought down prices in communities with a glut of listing on the market, even in markets where the prices have trended up they could have gone up even more if there was less inventory!
The Two Year Itch effects communities that are between 2 and 5 years old and what strikes us agents is we see an influx of sellers who have no real intention in selling their home. Because these "Sellers" have no real intention of selling their home this pushes up the market times in these newer communities. Furthermore, the increased number of listings reduces the barganing power that those sellers who really Need to sell have. In some newer communities I have seen up to 50% of the active listings being listed at what I would consider overpriced. Within 3 to 6 months in those communities the majority of these overpriced listings eventually Expire or are Canceled but not after doing damage to the market.
In purchasing your new home, your future monthly payments will be made up of principal, interest, real property taxes and insurance, but what is the tax for the Community Facilities District, otherwise known as a Mello-Roos District? The CLTA has answered some of the questions most commonly asked about the Mello-Roos Community Facilities Act.
What is a Mello-Roos District?
A Mello-Roos District is an area where a special tax is imposed on those real property owners within a Community Facilities District. This district has chosen to seek public financing through the sale of bonds for the purpose of financing certain public improvements and services. These services may include streets, water, sewage and drainage, electricity, infrastructure, schools, parks and police protection to newly developing areas. The tax you pay is used to make the payments of principal and interest on the bonds.
Are the assessments included within the Proposition 13 tax limits?
No. The passage of Proposition 13 in 1978 severely restricted local government in its ability to finance public capital facilities and services by increasing real property taxes. The "Mello-Roos Community Facilities Act of 1982" provided local government with an additional financing tool. The Proposition 13 tax limits are on the value of the real property, while Mello-Roos taxes are equally and uniformly applied to all properties.
What are my Mello-Roos taxes paying for?
Your taxes may be paying for both services and facilities. The services may be financed only to the extent of new growth, and services include: Police protection, fire protection, ambulance and paramedic services, recreation program services, library services, the operation and maintenance of parks, parkways and open space, museums, cultural facilities, flood and storm protection, and services for the removal of any threatening hazardous substance. Facilities which may be financed under the Act include: Property with an estimated useful life of five years or longer, parks, recreation facilities, parkway facilities, open-space facilities, elementary and secondary school sites and structures, libraries, child care facilities, natural gas pipeline facilities, telephone lines, facilities to transmit and distribute electrical energy, cable television lines, and others.
When do I pay these taxes?
By purchasing an interest in a subdivision within a Community Facilities District you can expect to be assessed for a Mello-Roos tax which will typically be collected with your general property tax bill. These special tax payments are subject to the same penalties that apply to regular property taxes.
How long does the tax stay in effect?
The tax will stay in effect as long as it is needed to pay the expenses of services or until the principal and interest on the bonds are paid off along with any reasonable administrative costs incurred in collecting the special tax or so long as it is needed to pay the expenses of services, but in no case shall exceed 40 years.
What happens if a general tax payment is not made on time?
Because the Mello-Roos tax is typically collected with your general property tax bill, the Facilities District that obtained the lien may withdraw the assessment from the tax roll and commence judicial foreclosure.
What is the basis for the tax?
Most special taxes levied on properties within these districts have been structured on the basis of density of development, square footage of construction, or flat acreage charges. The act, however, allows for considerable flexibility in the method of apportionment of taxes, and the local agencies may have established an e3ntirely different method of levying the special tax against property in the district in question.
How much will the Mello-Roos payment be?
The amount of tax may vary from year-to-year, but may not exceed the maximum amount specified when the district was created. In the case of the purchase of a new house within a subdivision, the maximum amount of the tax will be specified in the public report. The Resolution of Formation must specify the rate, method of apportionment, and manner of collection of the special tax in sufficient detail to allow each landowner or resident within the proposed district to estimate the maximum amount that he or she will have to pay.
How is the special tax reflected on the real property records?
The special tax is a lien on your property, essentially like a regular tax lien. The lien is recorded as a "Notice of Special Tax Lien" which is a continuing lien to secure each levy of the special tax.
How are Mello-Roos taxes affected when the property is sold?
The Mello-Roos tax is assessed against the land, but is not based upon the value of the property, therefore the possible increased value of the property does not affect the amount of the tax when property is sold. The amount of the tax may not exceed the original maximum amount stated in the Resolution of Formation. Any delinquent payments must be satisfied before the sale of the real property since the unpaid amounts are a lien against the property.
The Title Consumer is published by the California Land Title Association. Member companies of the California Land Title Association are dedicated to facilitating the transfer of real property throughout California and increasing the public's awareness of the value and purpose of title insurance.
I have known George for over five years now and we go back to my days as a junior loan officer at Teamwork Mortgage. George has been a licensed Real Estate agent and top producer his entire career. In fact over the last few years George has closed over $250 million in escrows.
George is a current and actually one of the origional residents of San Elijo Hills and has extensive knowledge of the San Elijo Real estate market along with the La Costa Real Estate Market. If you would like to see one of George's Spears current listings contact George at 760-518-0400 for a private showing.
Well it looks like the market is beginning to slow a little here in San Diego County. Could it simply be a Supply and demand issue? Check out the total number of San Diego County Real Estate listings on our San Diego MLS Map and you decide... 24,831 actives as of this post.
To see any of these homes right on our mls map click on the link above.
Believe it or not; not everyone is interested in living in San Diego County for the rest of their lives.
So as part of our commitment to being our clients "Real Estate Consultants for Life" we have established a Real Estate Referral network with internet savvy Real Estate brokers and agents from all over the world.
A common question we are asked by buyers who are relocating... "Does it cost anything to use your relocation Agents?"
The answer is NO, we do not charge our clients to connect you to any of the agents in our network.
How does an agent become a member of the Luxury Home Real Estate Referral Network?
There are some really simple guide lines that we require every agent to follow to join our network.
Your site must have your contact information displayed on the Home page.
Your site must have access to the local Real Estate Listing.
You must have the ability to email listing information to out of area clients.
Buying a new home is a complicated undertaking that involves more decisions than buying an existing home.
Here are some questions to consider:
How can I find a reputable builder?When using The Crain Group in most cases We will be working as a buyer’s agent representing your needs.The Crain Group will be glad to give you our opinion of the builder's track record. We may register you at their project and go so far as to show you their homes. Howeve,r we will do our best in representing your needs and explain how the development, the homes, the builder and the demographics compare today and for future value.
What factors should I consider in selecting a lot within a new subdivision? The first step is to get a broad overview of the development and find out where various types of buildings will be constructed. Be wary of buying a home in a community that's largely unplanned and undeveloped.
Why should I pay an upgrade price for a LOT? Location is the cornerstone of what holds true value. If you have the ability to pay more for location do so. That is something you can always recoup. Water lots, oversized lots, a golf-courselots etc. are all desirable and will cost extra.
How can I Find a floor Plan that suits my lifestyle. This is sometimes difficult in that the homes may only be on drawings, but Andrew can usually make that home come to life for you . The understanding of blueprints and the resale market can allow for finding similar looking re sales and show the similarities.
Is it a good idea to use the builder’smortgage financing package?Sometimes.It depending on your personal financial situation and needs. "A lot of builders have incentives [to encourage buyers to use the builder's financing]. The builder may pay for the title policy or pay a portion of the closing costs. Sometimes, they will run a special if they need to sell [certain homes] within a certain time period: Andrew can certainly help you in finalizing that decision.
Should my new home be inspected by a third-party professional home inspector? Some say "Definitely," and others say it is not necessary.An inspection is a smart-money investment even though the home is new. The home should come with a builder's warranty. Read the warranty carefully and note what's covered and for how long.
Will my new home be ready prior to my scheduled move-in date?We will help you understand the move in time frame. Do not count on it ever being early.
Great Location- Walk to Center of Township! Model Quality Upgrades & Designer Touches - Close to schools, pool, spa, parks, and down town.
This Home Features:
1,656 ESF
4 Bedrooms 3 Baths
1 Bedroom and Full Bath on 1st floor
Designer Touches through out
Custom Paint
Large Kitchen with Island & Bar
Lots of Cabinets!
Fireplace with Mantel & Crown Molding
Ceiling Fans
Deep Soaking Tub in Master Bath plus Large Closet
California Closet Organizers
Private balcony off master suite
Pool, Spa, and Water fall
San Elijo Schools right down the street
2 Car Garage - Garage has large storage room.
Beautiful private back yard!
Located in Gated Community
Walking distance to schools, parks, and San Elijo town center!
About The Westridge Community in San Elijo Hills
Located approx. 6 miles from the ocean, Westridge offers resort style amenities with a fablous pool, spa, walking trails, parks and lots of greenery for a great feeling of living in nature yet close to everything...Great schools are just outside the gate: With the New San Elijo K-8th grade just down the street.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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