Todd's Blog

Who pays for what in a California Real Estate Transaction?

Todd Armstrong (Windermere Pacific Coast Properties) — Wed, 07 Jan 2009 13:10:55 -0600

Who pays for what?

The Seller generally pays for...

Real Estate Commission
Escrow Fees (50%)
Document Preparation Fee
Zone Disclosure Report
Payoff of All Loans in Seller's Name
Interest Accrued to Lender Being Paid Off
Termite Inspection (according to contract)
Home Warranty (according to contract)
Any Judgements, Tax Liens, etc. Against the Seller
Tax Proration
Any Unpaid Homeowner's Dues
Any Bonds or Assessments (Check Contract)
Any & All Delinquent Taxes
Homeowner's Title Insurance Policy Premium
Homeowner's Association Transfer Fee - Doc Fees
Documentary Transfer Tax ($1.10 per $1000 of Sale)
Any Loan Fees Required by Buyer's Lender
(Government Loans)
Recording Charges to Clear all Documents of Record
Against Seller

The Buyers generally pays for...

Title Insurance Premium for Lender's Policy
Escrow Fee (50%)
Document Preparation (if applicable)
Recording Charges for all Documents in Buyer's Name
Termite (according to contract)
All New Loan Charges (except those paid by seller) -
Government Loans
Interest on New Loan from Date of Funding to 30
Days Prior to First Payment Date
Assumption/Change of Records Fee for Take-over
of Existing Loan
Inspection Fees (proper inspection, roofing,
geological, etc.)
Fire Insurance Premium (1st year)
Next Month's HOA Fee(s)

What's the purpose of title insurance and why should I have to pay for it?

Todd Armstrong (Windermere Pacific Coast Properties) — Tue, 06 Jan 2009 09:39:38 -0600

What's the purpose of title insurance and why should I have to pay for it?

A recent question from one of my many first time home buyers....

ANSWER:
When you buy a home, you're really buying "title" to the property--the right to occupy and use the space. And "title" can be limited by the rights and claims of others, which can infringe or even nullify your rights. Such hazards include:

- Deeds, trusts, or will with incorrect wording or names
- Incorrect notary acknowledgements
- Outstanding judgements, liens, or loans against the property
- Pending legal action against the property impacting the buyer
- Forged deeds
- Invalid instruments executed under an expired or bogus power of attorney
- Unknown heir of a previous owner claiming ownership
- Mistakes in public record

What protects you from these types of title hazards? Title insurance. The "owner's policy" is a one-time fee that protects you and your heirs. Good News: In southern California, this fee is traditionally paid by the seller.

The "lender's policy" is a protection that all lenders require to make a loan against your property. That much lower fee is traditionally paid by the buyer.

There's Nothing "Short" about a Short Sale

Todd Armstrong (Windermere Pacific Coast Properties) — Mon, 08 Dec 2008 22:07:27 -0600

Instead of short sale, they should call it, a "Long, Drawn out, Frustrating, Difficult Sale" because the process is anything but "Short". In San Diego, the short sale process can be extremely frustrating when you are representing a buyer or a seller. On the other hand, if you have patience, it can be extremely rewarding experience. If you are a seller and the bank agrees to a short sale, it can be an awesome experience by helping the seller save his credit rating by using the short sale process rather than getting hit by a damaging foreclosure mark. On the other hand, a patient buyer can get a super great deal on a property if they are willing to jump through all the lender hoops.

The average process here in San Diego takes about 90 days from offer submission to close. It all depends on the lender. Once you submit an offer to the lender, it takes an average of 6-8 weeks to have someone assigned by the bank to look at the offers. Once they choose to accept an offer, it can take several more weeks of negotiation by the Realtors, Buyers and Sellers to finally close the deal. For those willing to wait it out, it can mean a successful sale.

I implemented a new search feature on one of my website that now allows my clients to Search for Short Sales and Foreclosures in San Diego and all other properties in the MLS at www.FreeHomeSearches.com.

I'm not a Professional Stager, but I watch a lot of HGTV

Todd Armstrong (Windermere Pacific Coast Properties) — Mon, 11 Aug 2008 03:01:10 -0500

Here's the results of one of my listings before and after which resulted in a huge influx of showings. See below for before and after pictures. Most of it was paint, a couple light fixtures and I staged it with my own furniture. Total Cost of transformation? $1200 ! I'm not a stager, but a real estate agent that knows what sells a property.

After

Before

After

Before Laundry room

Converted Laundry room to home office

Before Master Bath

After Master Bath

Before

After 2nd Bath

View looking in

after

Don't forget Outside

Patio After

Tell the Truth and Lose the Listing!

Todd Armstrong (Windermere Pacific Coast Properties) — Sat, 09 Aug 2008 03:49:02 -0500

Losing the listing because you tell the truth? Happens all the time and I'm fine with it. Over the years I have lost several listings to a competing agent because they agreed to list an overpriced home. When I arrive at my listing appointment, I am always fully prepared to "walk away" from a seller who is unwilling to budge from "their" price. It seems there is always an agent willing to take an overpriced listing either from lack of experience, desperation, or they have infinite supply of marketing dollars to waste. I do not have the time or the money to waste on an overpriced home. Marketing a home correctly is expensive and time consuming.

It's amazing to me that in this day in age of the internet and the statistics available to sellers, that they will still pick the agent who agrees to a high price rather than listen to an experienced agent with cold, hard market FACTS. I'm straight forward with sellers and tell them "like it is" rather than "what they want to hear". The current market determines the value of a home, not the agent or the seller.

I have turned down more listings in the past year than any other. My experienced sellers realize I'm watching out for their best interests and they appreciate my candid approach. You will demand more respect in the long run by turning down business today. Many times, the property is listed with another agent who agreed to the higher price and it sits on the market "unsold" and then I get a call from the seller later. I love listing properties on the second go around. Respect the experienced agent's advice and price the home correctly the first time.

Can't find yourself on Google?

Todd Armstrong (Windermere Pacific Coast Properties) — Wed, 30 Jul 2008 11:55:59 -0500

Is it me or is the active rain blogs the quickest way to get yourself promoted on the web? Google seems to "crawl" active rain blogs every minute of the day. I can literally post a message about a listing or an open house and "Bam"; it's listed in Google within days. After I posted my new San Diego real estate website, it only took a few days before it was listed.

I'm finding the best and quickest way to get your name established on the web is through blogging. You can boost your website rankings this way as well. The more sites that list or "link" to your website, the better. If you promote yourself on several sites like Active Rain, Zillow, Vflyer, Craigslist and many others, always have a link to your website. I always try to slip a link in everywhere. This will be one of the quickest ways to get your real estate website listed in the search engines. The best part, it does not cost you a dime!

It still pays big dividends to have your site and yourself professionally marketed, but there are many free things you can do quickly to improve your SEO. (search engine optimization) of your site. Another way to boost your site rankings is an easy one. It's time. The longer you have been on the web with information rich content, the better your SEO will be. Keep updating your site, keep it fresh and keep blogging! I even slipped a link in this blog.

Search the entire San Diego MLS by clicking HERE!

Recenty asked question: How do I get the comparables changed?

Todd Armstrong (Windermere Pacific Coast Properties) — Sun, 13 Jul 2008 10:33:39 -0500

How do I get the comparables changed?

I have a home that is on a golf course and has a Puget Sound view. My house is being compared against homes that have neither. How do I get the compariables changed?

To answer your question, You cannot change sales comparables. The only way sales comparables show up is when a home sells. If there are homes that are similar to yours in number of bedrooms, baths and roughly the same square footage, then they will all count as sales comparables. However, a good real estate agent or appraiser with experience will account for your golf course frontage and view of Puget Sound and adjust the suggested sales price to reflect your added amenities. The key here is to get the sound advice from a a few EXPERIENCED agents. What your home is worth is not determined by the agent, it is determined by the market. The agent should be telling you what price your home will sell for in the current market, not what its worth. In your mind, it could be worth 5 million dollars, but if the market does not support that price, then it will never sell at that price. Hope this helps.

My New Real Estate Website is LIVE at www.DwellSanDiego.com

Todd Armstrong (Windermere Pacific Coast Properties) — Sat, 12 Jul 2008 14:37:16 -0500

Finally got the new website up and running and I'm very pleased with the way it turned out. I use all of the latest, state-of-the-art features and one of the best MLS search features I've ever seen.

You can search every available property in San Diego for Free and with NO REGISTRATION REQUIRED. All I ask in return is you refer everyone you know to my site and give me a call when you are ready to start looking. Search all you want, anytime you want with no pressure from a Realtor. Please give me a call if you have any questions.

The new site is : www.DwellSanDiego.com.

If you want a quick link straight to my "Search The MLS" feature, then go to: www.FreeHomeSearches.com

Buy One Home - Get One FREE !

Todd Armstrong (Windermere Pacific Coast Properties) — Wed, 04 Jun 2008 05:20:17 -0500

I just had to post this article I read. Can you believe this? I've given a new car away with a house, but never anything close to this. Read on.

In a sign of how difficult it is to sell new homes in Southern California right now, a San Diego developer is offering a "buy one, get one free" deal, pairing million-dollar homes with less expensive homes.

"We thought, 'Why does it just have to be on Pop Tarts and restaurants? Why not buy one home, get one free,'" Dawn Berry of Michael Crews Development told 10 News in San Diego.

More: "Michael Crews Development is offering new, 2000-square foot cityscape row-homes worth $400,000 in Escondido for free -- if you buy one Royal View Estate home in San Pasqual Valley starting at $1.6 million. 'You know it's a straight-up legit deal; no prices have been increased, there are no hidden costs. Michael is just giving away a free home for people that buy at Royal View,' said Berry."

"Adam Rossman of Michael Crews Development added, 'People have been coming in saying, 'How can you do this?' Well, it's our way of dealing with current market conditions to move some inventory.' "

Is the Market Turning the Corner?

Todd Armstrong (Windermere Pacific Coast Properties) — Thu, 21 Feb 2008 13:40:12 -0600

I'm not sure what's happening in the San Diego Real Estate market, but I think there may be light at the end of the tunnel! Just in the past month, I've been working with several legitimate "REAL SERIOUS BUYERS". I know it's hard to believe but its true. In addition, my listings have been bombarded by showings upon showings. I think the buyers are finally waking up from hibernation. This market is "Ripe" for the picking for all types of buyers. What I am seeing most is "All Cash" buyers. Unbelievable as it sounds, just in the last week I've had dealings with buyers on my listings that are offering "All Cash". I am hearing similar accounts from my friends in the industry too. Most of the top agents here are reporting higher than normal showings and buyer interest. Has the tide finally started to turn in San Diego? Only time will tell, but my gut tells me that it is. What a perfect time to buy....interest rates are at an all time low, tons of homes to choose from, and best of all....rock bottom prices.

Paul Pastore's Top 10 Reasons It's a Great Time To Buy

Todd Armstrong (Windermere Pacific Coast Properties) — Tue, 29 Jan 2008 13:21:35 -0600

1. Selection, selection, selection. Regardless of price range, there are plenty of houses from which to choose. There's a great selection of attached homes, condos and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. You have many options. When resale inventories are low, buyers are forced to make compromises. Not today. 2. No bidding wars. In 2005, we knew one family who made offers on 10 homes. They lost the first nine to the feeding frenzy that existed in the market - other buyers bid the properties up substantially from the original listing prices. There were even escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There's no competitive bidding in the buyer's market of today. 3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price you should reach in hopes of being the best offer on the table. Today the sell price vs. list price ratio is about 96 percent. Sellers won't be insulted if you "make them an offer they can't refuse." 4. Patience is tolerated. In the hot seller's market, everything was rushed. You had to find a house before other buyers did, then hurry up and make the offer. Today, buyers can take their time. They can look at several homes and think about their decision for a while. 5. Due diligence is welcomed. In this market, a buyer is encouraged to obtain a home inspection, termite inspection and appraisal. In 2005, many buyers waived these contingencies in order to gain an advantage. 6. Plenty of specs. Buyers sometimes had to play games if they wanted a newly built home. There were lotteries and waiting lists. Some buyers even slept in their cars in order to get to the head of the line. 7. Repair requests are accepted. After buyers complete a home inspection, they're allowed to submit a repair request to the sellers. But in the past, sellers often insisted the home be sold as-is. Many times, there were back-up buyers waiting for the primary buyers to upset the sellers, whose home was increasing in value almost daily. 8. Few, if any investors. It's estimated that one third of all sales in 2005 were to investors. These buyers caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords. 9. Location, location, location. Today's buyers can find homes closer to work. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines and relatives. 10. Real financing is available. The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first-time homeowner bond programs, and special loans for teachers or police officers are back in business. The bottom line: It's a great time to buy real estate!

TAX BREAK FOR MORTGAGE DEBT FORGIVENESS

Todd Armstrong (Windermere Pacific Coast Properties) — Fri, 21 Dec 2007 11:00:57 -0600

TAX BREAK FOR MORTGAGE DEBT FORGIVENESS

President Bush signed into law today a new measure giving tax breaks to homeowners who have mortgage debt forgiven. Under preexisting law, the debt forgiven by a lender, such as for short sales and refinances, was generally taxable to the borrower as debt discharge income. With the passage of the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence.

This tax break applies to debts discharged from January 1, 2007 to December 31, 2009. Qualified principal residence indebtedness is debt incurred in acquiring, constructing, or substantially improving the residence (up to $2 million for refinances).

For purposes of calculating capital gains, any debts discharged excluded from income under the new law must be subtracted from the basis of the taxpayer's principal residence (but not below zero). However, taxpayers may generally exclude from capital gains income up to $250,000 (or $500,000 for married couples filing jointly) for properties owned and used as their principal residence for at least two of the last five years.

This article published by the CALIFORNIA ASSOCIATION OF REALTORS®

BY FAR the BEST VIEWS IN SAN DIEGO!

Todd Armstrong (Windermere Pacific Coast Properties) — Sat, 08 Dec 2007 13:52:06 -0600

NEW LISTING!

One of a Kind Luxurious Residence! NOT IN THE MLS! You will not find a view that compares to this in Downtown or Banker's Hill. Breathtaking views from every room and over 1000 square feet of outdoor terraces. Where else will you find this much outdoor space? There is a private terrace off the master bedroom, another off the kitchen and another massive wrap-around deck with plenty of room for outdoor dining and entertaining.

SEE IT HERE: http://armstrong.vflyer.com/11/index.html

This Residence encompasses the entire 13th floor on the South Side. As soon as you walk-in, you will notice the beautiful cherrywood floors, highly upgraded kitchen and plenty of island seating. The dining area is truly a sight to see with recessed under-lit dome above your table next to a custom built-in wet bar and wine cooler.

The highly upgraded gourmet kitchen features top of the line built-in appliances, walk-in pantry, double dishwashers and large granite countertop half-island. Full walk-in Laundry room with sink and plenty of cabinet space.

SEE IT HERE: http://armstrong.vflyer.com/11/index.html

The Master Suite has tremendous views to the Prado in Balboa Park as well as downtown. It also features a Luxurious Master bath with marble flooring, dual sinks, and massive 2 person shower. The large walk-in closets will satisfy the largest wardrobe! The large guest bedroom also has some of the best views in the residence looking out on the terrace to Point Loma, the Ocean, bay and City Skyline. Work from home? You may never want to leave home when you sit down at this desk. Plenty of parking with 4 assigned side-by-side spaces and 2 extra storage units in the parking garage.

Alicante is one of the most sought after residences in Banker's Hill or Uptown. Solid steel and concrete construction, 1 block to Balboa Park, 5 minutes to the Airport and downtown is even closer. Walking distance to some of the top restaurants in San Diego. Walk over and enjoy the beauty of Balboa Park with its numerous museums, jogging trails, Zoo, and The Prado.

SEE IT HERE: http://armstrong.vflyer.com/11/index.html

San Diego Fires and the Real Estate Business

Todd Armstrong (Windermere Pacific Coast Properties) — Fri, 26 Oct 2007 21:50:26 -0500

Fires and the Real Estate Business

The effect of the fires have been devastating. I also realize that this week's events has caused our market to slow to a crawl. As a result, the next few weeks will be challenging. Here is a list of what we in the industry can expect:

Sales will be slow as people reorganize. Over 500,000 people were evacuated this week; it will take a few weeks for households to get back to normal.
The rental market should heat up with as many as 1,200 families may be seeking more permanent shelter after having lost their homes or suffered damage. If you have clients whose houses are vacant and are not seeing any activity, this may be a good time for them to enter the rental market and wait out the buyer's market. As a result, we may some prices stabilize as properties leave the sales market for the rental market particularly since the most affected properties (sub-prime mortgages) were the lesser expensive homes and would make the best rental properties.
Finally, and perhaps most frustrating for those of you with escrows about ready to close, closings will come to a halt for the next week to 10 days. Lenders are not going to lend and insurance companies will not be issuing policies unless they have verification that the house is still standing. As long as the fires are burning, it will be tough to get funding. Please let your buyers and sellers know what is going on; even though a buyer may technically be in breach for not closing, this failure to close is the direct result of an "Act of God" and no court of law is going to find the buyer in breach of contract.

Lower your Property Tax Bill !

Todd Armstrong (Windermere Pacific Coast Properties) — Wed, 24 Oct 2007 20:03:52 -0500

Is your home worth less than what you paid for it? In this down market, there are many homeowners upside down in their mortgages or they lost all of their equity.

If this is the case it's a simple call to the County Tax Assessor to have your property re-assessed at the new lower appraised value. This alone could save thousands of dollars in property taxes in San Diego. Have a real estate agent give you a "fair market value" or pay for a professional home appraisal and simply submit to the County Tax Assessor and ask to lower your property taxes since your home is no longer worth what it was previously assessed for. I recently completed an estimated "home value" based on SOLD comps and my client was able to lower his bill. It works, but you have to ask.

Just Write an Offer !

Todd Armstrong (Windermere Pacific Coast Properties) — Sun, 14 Oct 2007 14:44:58 -0500

In SAN DIEGO, the best and fasted way to get a response to see what the seller's motivation is to just "Write the Offer".

I'm constantly bombarded with questions from buyers asking, "What do you think they will take?", "How low will they go?" or "Do you think the market has bottomed out?" No one in this country can predict what the future holds for San Diego real estate. We can all give our professional "best guess" but that's about it. I try to avoid making predictions because this market is so "unpredictable".

If your Realtor is taking the time out of their busy schedules to drive around and show you properties that meet your search criteria, then you should be prepared to "Write An Offer" when you locate a home you like. In this tough market, I wish I had a dollar for everytime I got a call from a Realtor asking me what I think the seller will take, my answer is always the same, "Write an offer and we will negotiate from there." I think most buyers are scared of writing an offer because they are not well informed of the process.

An offer is simply a binding contract between a buyer and seller with a contingency period or "Free Look". Until you remove contingencies and you are completely satisfied with all your inspections, your deposit is safe.

You can change your mind any time during the contingency period and lose nothing. Ask your Realtor about the process and do not be scared about writing an offer.

TALK IS CHEAP, PUT IT IN WRITING!

RENTAL SCAM ALERT in San Diego

Todd Armstrong (Windermere Pacific Coast Properties) — Fri, 24 Aug 2007 19:32:52 -0500

Rental Scam in Beach Area

SDAR was notified today of a rental scam taking place in the beach areas including La Jolla, Pacific Beach, Mission Beach and Ocean Beach. Someone has obtained the lockbox access codes for combination lockboxes located on vacant rental properties. These are not SentriLock lockboxes, but rather, simple combination lockboxes that can be obtained from retail stores. With a list of properties and lockbox combinations in hand, the scam artists list the properties for rent on Craig's List, show the property, take a deposit and then take off with the deposit money.

Steps that can be taken to limit this type of activity are:

Use SentriLock lockboxes on your rental properties. They require a keycard and a PIN to access them. Never give out your keycard or PIN to anyone.
If you must use a combination box, do not share your combinations with anyone and do not put the lockbox combination in your advertising - especially not on Craig's List. Do not use the same lockbox combination on all of your combination lockboxes

Great Price Reductions and New Listings in San Diego

Todd Armstrong (Windermere Pacific Coast Properties) — Fri, 03 Aug 2007 14:06:15 -0500

WAMU ends Stated Income Sub-Prime Loans

Todd Armstrong (Windermere Pacific Coast Properties) — Wed, 18 Jul 2007 21:15:14 -0500

Just heard some enlightening news. In my opionion, they are a day late and a dollar short.

Subprime Strategy Announcement - Elimination of Stated Income Loans by WAMU Sub-Prime No more subprime stated deals from WAMU, period,..... wait and see the trickle down effect this will have. Wells fargo's subprime is already finished, other banks will follow suit with all the jitters on the secondary market place and mortgage backed securities continuously being downgraded on wall street.......... Wow!!

If you have borrowers who need to state their income, they might want to get a move on now before the market takes stated deals away!!

The Fence Post.....Seems like every buyer is on it and they are not budging!

Todd Armstrong (Windermere Pacific Coast Properties) — Thu, 12 Jul 2007 02:21:54 -0500

By Todd Armstrong

Why are so many home buyers on the fence post? What are they waiting for? These and many other questions are racing through the minds of every Real Estate agent right now in San Diego. This downward trend seems so prevalent in our market and it looks as if there will be no end in sight, but the MLS shows that people are still buying real estate every single day in San Diego. Just last month in June, the San Diego Metro area had 59 detached homes SOLD and 123 Condos SOLD. Average market time was about 70 days. What gives?

Buyers are simply worried about the market. They are waiting for the prices to keep coming down. In my opinion, prices will continue to decline because sellers refuse to price their home correctly in the first place. Unfortunately, the foreclosure rate and "notice of defaults" are fueling the declining market, but I believe the biggest factor for scared buyers is bad publicity from mainstream media. All they want to report is negative stories about the market. Statistics show that when the news reports something positive about the market, the real estate market responds almost immediately with an increase in the number of sales. The media need to do their research and finally focus on stories that reflect the positive aspects of real estate ownership.

The key to getting your home sold in today's San Diego market is correct PRICING. Sellers are still under the impression that their home is worth more than it is, even after I show them the FACTS and COMPS in black and white. Every listing presentation I do, I have to explain that I DO NOT set the price of their home, the market does! They all still insist that their place is better than everyone in their neighborhood.

Nothing has changed about selling real estate here in San Diego, if you price your home correctly the first time and it shows well, it will sell quickly. If you overprice it, it will stagnate on the market, become shop worn and then you end up drastically dropping your price later and GIVE your house away.

Todd is a professional Realtor with 8 years experience in the San Diego area.

Highly Recommended Business Tool For Real Estate Professionals

Todd Armstrong (Windermere Pacific Coast Properties) — Thu, 28 Jun 2007 20:23:26 -0500

Just wanted to share one of the best investments I've ever made for my business. It's called a Scanalizer from NeatReceipts. It's a compact scanner that scans and organizes all your receipts and business cards and then organizes the file into an easy to use digital format. It also scans your business cards and uploads all the contact information into your favorite email program like Outlook.

The best place I've found to buy them is at www.ReceiptScanners.com because they give you a $30.00 discount and shipping by UPS is FREE. Check it out.

GO PAPERLESS and THROW AWAY ALL YOUR OLD RECEIPTS. YES, It's IRS approved.

WWW.RECEIPTSCANNERS.COM

Never Waste Money by calling 411 Again !

Todd Armstrong (Windermere Pacific Coast Properties) — Wed, 27 Jun 2007 14:46:47 -0500

I just had to share a great a great new service that blows the "411" info service OUT OF THE WATER! My friend recently introduced me to a service by GOOGLE to replace 411. The best part it's simple to use and its FREE.

Simply send a text message to GOOGLE at 858-558-0244. Type in the name of the business or person you are looking for, plus the city and state. Within several seconds, you will receive a text message back with the Name of the business, phone number and the address.

Hope this helps you all. Let me know what you think.

Regards,

Todd Armstrong

San Diego Plans for a population Boom

Todd Armstrong (Windermere Pacific Coast Properties) — Tue, 26 Jun 2007 22:01:49 -0500

With 1 million people expected to call San Diego, Calif., home over the next two decades, local county officials believe developers need to plan early so that enough housing is available to accommodate demand.

Tony Pauker, Urban Land Institute of San Diego/Tijuana chairman, says multifamily, high-density infill construction will account for many of these new units; single-family homes will make up only 30 percent of dwellings built this year.

"Within a decade, new single-family home developments will be the rare exception as we adopt development models more judicious of our precious land resources," Pauker says. County planners say developers should focus their efforts on erecting affordable housing near jobs and public transit.

"Well-planned compact growth can help provide more housing, while saving the region from the urban sprawl that has overrun and gridlocked other major metro areas," says Garry Bonelli of the San Diego Association of Governments.

Great Deals Everywhere!

Todd Armstrong (Windermere Pacific Coast Properties) — Mon, 25 Jun 2007 18:46:23 -0500