The Real View

8 Steps to Help Preserve Your Neighborhood From Foreclosed Homes

Tue, 30 Sep 2008 11:54:16 -0500

Sacramento Realtor Gena Riede has some outstanding suggestions for preserving neighborhoods from the visual and health ravages of foreclsoed homes.

Via Sacramento Real Estate and Luxury Homes, Assoc. Real Estate Broker,Gena Riede:

Are there foreclosures in your neighborhood? Sacramento, CA has certainly had its fair share of real estate foreclosures. Some neighborhoods worse off than others. The steps to be a pro-active neighbor are not just for Sacramento neighborhoods but can be applied all over the country.

Have homeowners moved out on your street? Are there vacant homes on your street? Have renters moved out and no one has moved in?

Have you seen the remnants of a Foreclosure in your neighborhood? Are you sick of seeing burned-up grass in neighborhoods?

I recently saw what could be a solution to help sell a house where the banks have decided to turn off the water and no one is taking care of the lawn.

Here are some solutions neighbors can do to help preserve their own neighborhoods:

Form a Neighborhood Watch through your local Police Department

Become familiar with your neighbors and know who is living in the houses on your street

Be aware when neighbors move out (many times a house stays vacant for months before a bank is aware that the owner has even moved out.

When a house is vacant, check for trash and put it out for pick-up. Remember, no one is there to do it and trash brings rats into your neighborhood

Park one of your cars in the driveway and rotate them to keep pilfers at bay

Pull weeds and mow the lawn...take turns in your neighborhood and keep up your street

Report broken windows etc to your County officials

Report any suspicious cars or people on the property

It's time that neighbors took back their neighborhood and become pro-active. Don't try to use the water or figure out a way to turn on what has been shut off at a vacant house. As this may cause major flooding inside a winterized house. If water is needed, use your own water.

A proactive approach is always less stressful and will lend itself to being a "good neighbor," while helping yourself in the process.

Solution: Let's Revive Assumable Loans

Mon, 29 Sep 2008 20:43:05 -0500

There are very profound fears that our credit markets are crumbling, and that life as we have known it may be in for serious change.

Now, as never before, we as real estate professionals need to help create solutions for our clients and bring sense to the market wherever and whenever we can. We need to know not only available mortgage programs (and savvy mortgage pros), but also become familiar with creative financing and alternative ways of selling real estate.

One thing lenders could do immediately is to allow existing loans to become assumable.

Many agents are unfamiliar with assumable loans, and might wonder how they work.

Let's use a simple example: Home Seller has an outstanding mortgage balance of $150,000 and is willing to accept a $195,000 sales price. Home Buyer pays $45,000 plus closing fees and assumes the existing financing. Seller exits the transaction with that amount, less closing costs. Future mortgage payments are now made by Home Buyer to the loan servicer.

In some cases, lenders (and sometimes the Seller) might offer secondary financing to help with the difference between asking and sales price--as long as the buyers had a cash stake in the deal. This could be done via a simple second, an all-inclusive trust deed or wrap-around mortgage.

I can't help but wonder why mortgage lenders don't revive the assumable loan, help kick start the real estate market, and save at least a portion of their own and investors' portfolios in the process? Their investors would surely rather have their loans paid off by another borrower, rather than suffer near-certain loss in a foreclosure sale.

In many cases, sellers have no equity. Why not allow them to offer their mortgage debt (or renegotiated debt) as assumable financing for potential buyers? Lenders might be relieved to have mortgage payments brought current--and might even require the new buyer to deposit two or three month's payments with them as insurance against future default.

By allowing assumable financing, lenders would fare much better vis-à-vis short sales and foreclosures--and more homeowners would be able to save their credit and exit their homes with dignity. Most lenders now force homeowners to be in default with their mortgage before they will even consider a short sale or modification of terms.

It just makes sense to get the mortgage debt seamlessly transferred before it ever goes default.

And with the strangled liquidity in financial markets, it makes more sense than ever to transfer debt rather than forcing buyers to secure new financing--which may or may not be available.

Tighter Licensing Requirements for Real Estate Agents?

Fri, 05 Sep 2008 10:07:53 -0500

Louis Cammarosano at the Home Gain Blog just posted this on Active Rain. The Home Gain Blog is another great site I visit for interesting real estate reading--and for which I sometimes write.

The issue of tightening real estate licensing is critical. Far too many untrained licensees (along with equally foolish folk on Wall Street) have done far too much damage to American homeowners and the real estate market.

Via Louis Cammarosano:

HomeGain Guest Blogger Roberta Murphy thinks so. In her blog post "Weasels Guarding the Chicken Coop" Roberta complains of the former lenders, many of whom helped caused the current housing crisis are now real estate "professionals"

Read more here (opens into a separate browser for your convenience)

A Radical Resolution for Real Estate Recovery

Wed, 03 Sep 2008 00:36:26 -0500

Last week, I had the opportunity to interview Southern Califoria and Nevada real estate legend Bob Dyson. He has been in real estate for 40 years and has a long track record of success--ranging from owning the master national Red Carpet Real Estate franchise to Dyson & Dyson Real Estate in Southern California and Nevada, to Broker for Sotheby's International Realty in San Diego and Riverside Conties.

But the interview wasn't about Bob Dyson.

It was about a radical proposal that is quickly being embraced by Realtors, lenders and local Real Estate Boards. We taped a total of four short interviews, but the last two will probably be of most interest to the Active Rain audience--and I am posting them here.

Why resort to radical resolutions?

Because, says Bob Dyson “This is a real estate depression–a serious, serious issue.”

He sees an immediate need to stabilize real estate markets and neighborhood values. He also believes the mortgage lending industry needs to get out of the “asset management” business, and instead focus attention on new loan originations.

So what to do with all those defaulted loans and pre-foreclosures?

That’s where Dyson’s proposed “American Incentive Resolution” saves the day.

How would it work?

1. The American Incentive Resolution Corporation (as a government entity) would buy defaulted loans from lenders at 50 percent of face value.

2. Re-market these homes through Realtors at retail market value.

3. Offer these homes to first time buyers and those whose credit and FICO scores have been damaged by short sales and foreclosures the last couple of years. The initial terms would be a 12-month lease-purchase, with all payments accruing to a down payment as long as payments are made on time. Lease payments would equal what loan principle, interest, taxes and insurance would be under normal loan terms at 5 percent interest. Initial move-in would entail first and last months’ payments.

4. At the end of 12 months, the lease would become a purchase with all payments made under terms of the lease being applied to the full down payment.

Some will argue "Be careful whom you make your protector lest they shall become your jailer." In other words, keep government out!

Bob would likely reply that "Better we oblige the government to offer these properties to the American public, than to spread the spoils among congressional cronies."

The first video below details Bob Dyson’s proposal for restoring neighborhood values and the real estate market, while the second explains how YOU can involve your local board in helping to create and implement the American Incentive Resolution:

For additional reading: http://sandiegopreviews.com/2008/09/01/a-most-unorthodox-market-bob-dyson/

1756 Verdin Court in Poinsettia Heights, Carlsbad, CA 92011

Mon, 01 Sep 2008 16:27:33 -0500

This Carlsbad home sold in less than three weeks back in 2003, and at that time we set a record for the highest price ever paid for this 1720 square-foot model: $446,000.

And what a Carlsbad listing it was–with a great story to boot.

This highly upgraded Poinsettia Heights townhome with views over Carlsbad to ocean was nothing short of what San Diego real estate buyers were seeking in those days. The wife, in decorating this Aviara home, dismissed all costs. She buffed it out with new diagonally-laid tile flooring downstairs, new granite kitchen, marble master bath, and a powder room whose ultimate cost had yet to be revealed to the husband. To appease him and redirect attention, another king’s ransom was spent on the garage with gleaming epoxy flooring, tool cabinets and over-the-top garage storage.

Located adjacent to the Carlsbad community of Aviara, Poinsettia Heights is a gated community near parks, the South Carlsbad State Beach, good schools and shopping.

At this time and as of this writing, there are 3 active listings in Poinsettia Heights, ranging in price from $499,000 to $585,000.

For current availabilities in gated Poinsettia Heights, Aviara, Carlsbad or other North County homes, call Mike or Roberta Murphy at 760-402-9101/9102 or toll free at 877-818-8197.

Lowest Price Condo in Encinitas: Pacific Pines

Sat, 30 Aug 2008 17:51:38 -0500

We have a great couple looking for a San Diego condo near the beach. They were hoping to locate second-home with a price under $250,000–and were more concerned about a coastal location than the size of the unit.

We looked at condos in Oceanside, in Pacific Beach and Ocean Beach. What we didn’t expect to find was a lovely one-bedroom condo in Encinitas–at the gated community of Pacific Pines. It offers granite surfaces, brick fireplace, dishwasher, refrigerator, stove/microwave and washer/dryer. It is small at 650 square feet, but the price was remarkable at $195,000.

The gated community of Pacific Pines offers a pool, spa, tennis courts, club house, BBQ areas, picnic tables, sandy volleyball court, racquetball court, nearby hiking trails, and a location exquisitely close to the San Elijo Lagoon and Cardiff by the Sea.

We quickly wrote a full price offer on this Encinitas condo and submitted it this morning. It’s another one of San Diego County’s real estate foreclosures, so we are prepared for the inevitable bank and bureaucratic delays.

Below is the quick video I made for the clients prior to their drive down to Encinitas:

Dreaming of a Better IDX for All

Sat, 30 Aug 2008 17:46:38 -0500

I awoke this morning feeling grouchy, of all things, about the IDX system on my San Diego real estate site. I am tired of being charged exorbitant "set-up" and monthly fees for every improvement they offer.

They is not an exotic custom programmer, but a large company that provides IDX search solutions for a large number of agents here on Active Rain.

You see, I had called this IDX provider a week or so ago wanting to know how I could create a specialized property search. With my former IDX provider, I could create a search link for about anything I wanted. All homes under $200,000 in San Diego County? Easy. All $2 million and up estates in Rancho Santa Fe? Simple--and free.

"Sure, we can do it," said the rep. "It will be $200 for the set-up and $20 per month."

"What???" I screeched.

"Well, we can reduce the set-up down to $100, but it will still be $20 per month."

After grumbling that with my prior provider, this was a simple task I could do myself--and that I had already paid them an additional $XXX set up fee for the foreclosure search link (and $XX per month)--and please just have someone from management give me a call....

And no one did.

And I just remembered that before opening my eyes this morning. Which got me to thinking a perfect IDX solution would look something like this--at least for starters:

1. Easy MLS search that can be as detailed as the client wants. Agent can set the bar for viewer registration.

2. A robust back end, where agents can manage their client database, registrations, emails, visits, saved searches and the like. Maybe some SEO features as well?

3. An easy-to-manage MLS alert system that allows us to manage client search criteria from the back-end, without having to login as the client with password. When clients call and ask to remove a city or area from their search, please let it be a simple task.

4. If we are going to pay a subscription fee of $XX per month (and set-up fees as well), please don't try to charge us separately for every improvement you make to your proprietary system. We expect a continually improved product, because that gives us a good reason to stay with you and become raving fans (instead of those who bitch and blog;-).

5. Have someone on tech support duty during weekends. That is when many of us find time to work on our sites. (And why is it always easier to reach someone in sales than in support?)

6. Database compatibility. No one yet has developed the whizbang technology to make database migration from one vendor to another a seamless one. This is not about creating a csv file and transferring basic information like name, address, telephone and email. How about migrating complex entries like property preferences, correspondence and notes? Whoever provides this technology first will win the hearts and credit cards of agents from everywhere.

What features would you add to this wishlist?

Carlsbad Apple Store Opens to Throngs and Cheers

Sat, 16 Aug 2008 22:57:48 -0500

This morning, I thought I would drop by the Grand Opening of Apple's new store at the Carlsbad Forum before heading out to show properties.

As I pulled into that large parking lot, I couldn't believe my eyes. There was a line four-deep that stretched from one end of the Forum to (and around) the other. There were young and old and every age in between.

Black-coated security guards maintained crowd control, and Jimbo's Market from around the corner offered crisp organic apples to those waiting in line. Everyone seemed in good spirits, and I heard cheering in the distance coming from within the store, which had not yet opened. Orange-shirted Apple employees were lined up ready to greet excited customers, one group at a time.

When asked, one of the security guards volunteered that the queue had started before 4 a.m.--and I was astounded.

Why?

Because most people I know use PC's--if only because Windows-compatibility is require for our San Diego MLS and some other real estate programs--and I thought most everyone already had an i-Pod:-)

The long lines were a definite surprise, but then I recall hearing some background buzz on CNBC this past week about Apple overtaking Google.

Thoughts?

First time buyer credit - Housing Bill provides a tax credit for First Time Home Buyers

Tue, 12 Aug 2008 22:56:19 -0500

For San Diego homebuyers, Richard Smith offers some great suggestions!

Via Richard Smith Mortgages Home Loans FHA TN GA AL:

The $7500 tax credit for first time home buyers is a significant incentive to purchase. It is a major positive provision in the Housing Bill that passed Congress over this past weekend. This is a credit not a deduction, which means it directly reduces the taxes owed - dollar for dollar.

This gives the new home owner directly as much as $7500 cash in the pocket at tax refund time.

The credit incentive is retroactive back to April 9, 2008 and continues through June 30, 2009. The incentive is 10% of the purchase price up to a maximum of $7500.

The actual legislation that implements this tax incentive is called the Housing Assistance Tax Act of 2008 HR 5720. It is included as part of the massive Housing Bill HR 3221, that is waiting to be signed into law.

The incentive is available to individuals who make less than $75,000 and to couples who make less than $150,000. Above these income levels the incentive is reduced and is completely phased out at $95,000 for an individual and $170,000 for a couple.

The tax credit must be repaid over the next 15 years, and more quickly if the home is sold or is no longer the primary residence. Repayment is made by increasing the tax owed in the year the home status is changed (sold or no longer the primary residence). For more details on the tax credit and repayment provisions, please see a tax accountant.

A first time home buyer is defined as not having an ownership interest in a principal residence in the previous 3 years.

This credit can be good news for many first time buyers. Some reports indicate that over 2 million first time home buyers last year, and a large percentage of them would have qualified for such an incentive it had been offered last year.

It may offset some of the less good news for home buyers in the Housing Bill with the loss of seller funded down payment assistance

Richard Smith
Home financing in Tennessee, Georgia, and Alabama.
Experience matters when it is your home loan.

7 Tips for Crack Real Estate Negotiators

Tue, 12 Aug 2008 11:06:07 -0500

If this is the worst real estate market (for sellers) in recent history, then surely it creates some of the best buying opportunities in a lifetime as well.

We are seeing smart money aggressively buying in our San Diego real estate market, and hear reports of the same elsewhere.

The properties are being bought as primary homes, as fix-and-flippers --or are being held as longer term rentals.

We receive inquiries about these homes almost daily; but more recently, we are being consulted about strategies for buying real estate at bargain prices. These buyers may or may not have to sell their existing home to buy another--and may also be open to exchange possibilities.

Listed below are 7 strategies we use to help our home buyers (and others) get some of the best bargains on the market.

Study Market Time: Homes in general may take longer to sell these days because of pricing, percecived seller value and a more cautious pool of buyers. But that doesn’t mean sellers are any less motivated to move on with their lives. At one time, we thought little of homes sitting on the market for 90 days or more. These days, we seek buying opportunities if a home has been on the market over 60 days-- and are seeing some heavy price discounting from our buyers if days on market goes over 90 days.
Check Tax Records and other Sources: Is there more debt on the home than what it is worth? Has a Notice of Default been filed that would indicate a looming foreclosure? If so, and if this is a home of interest for our buyer, we submit an offer contingent upon the successful negotiation of a short sale (where the lender sells the property for less than what is owed). In this case, either we or professional negotiators deal with the lender(s) to reach the best possible price for our buyer.
Did Owners Pay Cash or Have They Owned Their Home for Longer than 10 Years? These sellers may be in a position to sell at a discount or may be motivated to do so due to life transitions or other investment opportunities. They may also be open to owner-financing for all or part of the home mortgage. Become knowledgeable about installment sales and other creative financing strategies.
Are You Open to Remodeling? Homes sold in as-is condition are more likely than others to sell at a substantial discount. Owners, especially when the home has been on the market for some time, are often overwhelmed with the thought of remodeling and updating–and fearful that their decor choices will not suit potential buyers. In many markets, older or outdated homes are sometimes sold at land value.
Foreclosure Sales: The f-word (foreclosure) is occurring even in the luxury home market. Highly leveraged homes purchased in the last few years are more frequently ending up on the courthouse steps. Foreclosure purchases, which require cash and carry no disclosures or guarantees, offer both great potential for profit–and big dangers for the uninformed. Bidding should be non-emotional and it is best to have a professional bidding for you–but only after thorough-as-possible research has been done regarding the home’s condition, its history and resale potential. Cracked slabs, structural defects and boundary line encroachments are unwelcome surprises.
Home Exchanges: This is a rather novel strategy for those trying to sell their luxury home in a bloody market. Life transitions encourage luxury homeowners to make moves. Empty-nesters may wish to relocate from their large estate to something equally posh but far less demanding in upkeep. Others may have expanding families that crave acreage, pools, tennis courts or equestrian facilities. In the Southern California market, Owner-Broker Bob Dyson and Villa Sotheby’s International Realty have set up a property exchange platform that allows homeowners to directly exchange properties and ownership. It is a tactic that helps to support neighborhood values and removes many of the pressures involved in having a home on the market for an extended period of time.
If the property you want is listed, have your agent check the other real estate agent’s listing history. If that agent tends to have listings on the market for a long time, you may wish to lower your offer. On the other hand, if the agent prices properties aggressively and has short “days on market,” you may consider coming in near to, at, or over list price. You will likely find those listings already priced at or below market to attract multiple offers.

A combination of patience, perseverance and the ability to move quickly will serve all astute buyers of real estate these days, but the greatest potential of all may lie with properties whose replacement value could far exceed the purchase price--or those with exquisite locations.

Pricing Rollbacks to 2002?

Fri, 01 Aug 2008 17:46:23 -0500

San Diego real estate offers ripe opportunities for discovery and information indigestion digestion.

We have seen San Diego real estate prices plummet in its suburban communities of Chula Vista, National City, Escondido, San Marcos, eastern Oceanside, Fallbrook and others.

After all, these communities (and other like them throughout the country) are full of newer subdivisions--many of which were financed with EZ loans and fictional incomes.

Established San Diego neighborhoods with lower turnover have been largely been immune from steep price declines or so I thought--until recently.

We recently had a showing of a vintage and lovely 1927 home on a large corner lot in Point Loma that was offered as a bank foreclosure--and at a price that fell below its 2002 sales price.

The details?

The last owner purchased the property a couple of years at $910,000 with 100 percent financing. Neighbors say he tried unsuccessfully to sell it for over $1 million a year or so ago. The sale prior to that occurred in 2002, when this San Diego home was sold for $749,000.

Today this vintage Spanish home with gleaming hardwood floors and manicured landscaping is priced at just $725,000.

Point Loma neighbors and this Realtor are a bit stunned--and still trying to adjust to this new pricing realty.

I have no doubt that this wonderful single level 3-bedroom home with almost 1600 square feet of living space will sell quickly (if it hasn't already), but it will certainly cripple neighborhood comparables for awhile.

But perhaps this abrupt grappling with San Diego real estate realities is what is needed to bring somedegree of normalcy back to our real estate market.

Is 2002 an approximate benchmark for San Diego real estate pricing?

It is a sobering thought.

Kevin Boer for NAR President?

Sat, 26 Jul 2008 14:14:26 -0500

It's about time that someone like Kevin Boer steps up to the podium (of sorts) and offers to commit his considerable energy, wit and intelligence to improving the on and offline presence and perceptions of Realtors.

Kevin at lunch yesterday (after close of Inman Connect) buckled under pressure--and agreed to run for President of the San Francisco Association of Realtors. There also appears to be a groundswell of support for his presence at a national level.

Under Kevin's presidency, we can expect to see improved literacy and photographic resiults in the real estate profession--and the welcome burial of trite adjectives like cute, gorgeous and charming.

Kevin Boer's classic speech?

The F-Word in Luxury Real Estate

Tue, 10 Jun 2008 23:22:02 -0500

Forecl-----.

It’s a word softly whispered when luxury homeowners in luxe communities like Palm Beach (33480), Beverly Hills (90210), Greenwich (06831) and Rancho Santa Fe (92067) discuss their local real estate markets.

Real estate prices have been declining in many of these markets throughout the country, and some of the heavily mortgage homes are ending up as foreclosure sales. The most prominent foreclosure victim of late is Ed McMahon, whose $5 million Beverly Hills mansion was recently lost to foreclosure.

This morning, CNNMoney reports that three of the richest US zip codes saw nasty declines in home prices for the three-month period ending April 30, when compared with the prior three months.

The three biggest losers?

Continue reading for some interesting surprises!

San Diego Real Estate

Luxury Home News

San Diego Nude Beach Threatened

Sat, 07 Jun 2008 00:17:27 -0500

I’ve never really given much thought to San Diego County’s two nude beaches: Black’s Beach in La Jolla and San Onofre State Beach at the northern tip of San Diego County. Both are pretty remote-- and it appears the nudists are a pretty peaceable lot.

At least until this morning.

It was reported in this morning’s San Diego Union Tribune that San Onofre park rangers will start enforcing a ban on nudity September, 1, 2008. It seems there have been public complaints, and some park employees objected to working in a place where not everyone is clothed–which specifically targets the Trail 6 beach area at San Onofre.

And like other beach workers who object to picking up cigarette butts, used baby diapers and assosrted foul debris, maintenance workers at San Onofre State Beach object to occasionally having to pick up sex toys, condoms and other “paraphernalia.”

Guess it’s a long trek to carry those bags of debris up a remote and steep path that goes up a 60-foot cliff.

Can’t blame either group of park employees for their complaints–and many would personally campaign for users of all San Diego beaches to never leave any debris behind.

On the other side of this issue, nudists are proclaiming that their nudity is protected under First Amendment rights as “free speech” and the Naturist Society has issued an action alert, encouraging its members to email and send letters to politicians protesting the nudity ban.

It’s tempting to take my camera and authenticate this Active Rain blog article with photos, but I’ll pass on the assignment because I’m just not dressed for the terrain.

Search San Diego Real Estate

High School Break Up with Plastic Bottles

Tue, 27 May 2008 16:41:12 -0500

Trash cans at La Costa Canyon High School in Carlsbad, CA are emptier now that students, faculty and staff are switching to reusable water bottles.

And that is all because students with LCC's Social Justice Project came up with a plan that is succeeding beyond all expectations, according to students and Christopher Greenslate, the LCC Social Justice teacher who also teaches journalism and English at the school.

Students sent out emails and made posters on recyclable paper to educate fellow students on the hazards of plastic water bottles, which are disposed of at the rate of 60 billion per year-and is the leading source of plastic pollution in the United States. They also sold recyclable bottles, which student and faculty quickly bought.

When that supply sold out, reformed plastic bottle users found other off-campus sources. It is hoped that the ubiquitous plastic water bottle will be replaced with reusable ones that won't trash our planet so needlessly.

As a result of this successful effort, La Costa Canyon High School's video about their breakup with bottled water has been selected as a finalist in Quantum Shift's $50,000 contest for best environmental project.

Please, I beg you, visit this site and cast a vote for La Costa Canyon's Social Justice program.

Perhaps their efforts will spread to other area schools, colleges and workplaces. In addition to lessening environmental impact, there will be significant cost savings. Home filtered water put in glass bottles is not only healthier, but runs just 1/10 the cost of bottled water.

All of San Diego and the neighboring communities of Carlsbad, Encinitas, Olivenhain, Cardiff, and Rancho Santa Fe should be proud of La Costa Canyon High School and their very green project.

And perhaps it is a project that could be adopted by other schools as well!

Should I Pull the Trigger?

Sun, 18 May 2008 12:06:39 -0500

A Zillow questioner asks if he or she should wait to buy a home in San Diego--or until the market levels out.

It is a question that seemed to beg an answer from me, if only because we are personally struggling with that very issue as I write this post.

We have an opportunity to buy an Oceanside property that should yield a mildly positive cash flow with a 20 percent down payment. It is new construction, close to Oceanside beaches, and the only hurdle is finding financing that is reasonably acceptable for our circumstances.

(But that is another story.)

This Zillow questioner is asking about the advisability of buying San Diego real estate as his or her home in today’s market. So much depends on location and local market conditions.

My advice?

You may want to explore home financing options available today that might not have worked just a couple of years ago--primarily because San Diego home prices have become so much more affordable.

The ACORN loan (available through Bank of America and Chase) is great for buyers earning less than $92,000 per year and who own no other real estate. The down payment is low and there is no PMI (private mortgage insurance). Loans are available up to $500,000, and buyers must attend a one-day class on home ownership prior to receiving an eligibility certificate.

FHA loans in San Diego are also making a recent strong appearance, and we are using them with a number of our buyers (even with new homes). These loans offer 3 percent down payments on mortgages up to almost $700,000. There are additional fees involved with FHA loans, but motivated sellers may be willing to assist with these costs–and may also be willing to reduce the home price to meet FHA loan maximums.

The best strategy is to find a very well-priced home (compare to area comparables)–or perhaps even a San Diego foreclosure– and secure the best available mortgage financing.

Cool New Tech: VoiceCloud

Sat, 17 May 2008 20:13:58 -0500

I called Pat Kitano a couple of weeks ago and left a message on his cell phone. Moments later, I received an email back stating he was in a meeting, but that I should go and check out Voice Cloud asap.

I went, I saw --and was conquered. (Can someone translate that to Latin?)

In fact, it has become my favorite new cell phone technology. Now when a voicemail come in, it is automatically converted to text and sent to my email.

From my Blackberry, I can respond via text or simply return the call.

Setup is easy. Just go to VoiceCloud and follow the simple instructions. I never bother to check voicemail again--and can see what's coming in when I'm with clients or in a meeting.

Oh yes: You will need to re-record your greeting via VoiceCloud.

The cost? FREE!

NOTE: Try "Cloud Today" as password and see if that will work

MOVING UP in Downtown Oceanside

Thu, 15 May 2008 12:31:42 -0500

Earlier this month at a Carlsbad Cinco de Mayo fest, I met two wonderful ladies who had spent the last 20 years with their families living in downtown Oceanside.

Their kids went to school in Oceanside–and for the umpteenth time, I heard rave reviews about the downtown Oceanside community spirit, and the friendliness and caring of its residents.

“People here don’t just come home from work and pull down their garage doors. We truly connect and socialize with our neighbors,” one explained.

Oceanside, CA is a great place to spend a weekend, a two-week vacation, or even a lifetime (say local residents). It offers a great coastal climate, broad sandy beaches, relatively affordable homes, condos and townhomes, and lots of activities for all ages.

Visitors to Oceanside (many arriving via the new Sprinter train from East County) marvel at the downtown building and bustling activity. High rise condominiums, such as the newly-constructed Oceanside Terraces, are reshaping the local skyline, while the historic Oceanside Pier continues to draw fishermen, sightseers or those out for a lengthy ocean stroll.

Long Tails and Long Shots

Thu, 15 May 2008 09:59:29 -0500

I use Site Meter and Get Clicky to track search terms people use to miraculously land on one of my sites. Search terms like San Diego Real Estate, or Carlsbad Real Estate or Luxury Homes on Google's revered Page One are logical and rewarding, but it's the odd stuff that snares fancy and fascination.

I mean, what are the chances of ending up up on Google's Page One for something as cool as golf ball stats--all because of a tongue-in-cheek blog on California's Errant Golf Ball Disclosure (written at the urging of Kevin Boer and Pat Kitano). Cheez...I wonder how much that would be worth to Callaway, Titleist or some other golf ball manufacturer?

(Now let's translate that placement into a $2 million golf course frontage buyer in La Costa. That would indeed be a long tail long shot).

And then there was a Google Page One placement a year or so ago for ways to shave pubic hair because of a Green and ecologically-sensitive blog written about the 6 Ways to Shave Your Carbon Footprint. Google couldn't help but reveal its sense of humor.

(A $6 million ocean front buyer from either Gillette or Hustler Magazine would be appreciated).

If we are proficient real estate bloggers, we'll (sometimes) hit our desired keyword placement in Google, without irritating our readers with too much repetitive blah-blah real estate, real estate in blah-blah, blah-blah condos and blah-blah homes. But that is a significant challenge and one that is probably best met by consistent blogging, targeted blogging and lots of commenting in the blogosphere.

Still, the long tail and long shots can sometimes be more fun (though not as profitable) as the short tail.

Have you checked your long shots lately?

Are You Dealing with Phantom Agents?

Mon, 12 May 2008 20:00:42 -0500

I’ll never understand the process by which lenders choose to list their San Diego REO’s and foreclosures.

Many are represented by professional real estate agents; but more and more, it seems these REO’s (bank-owned properties) are administered by absentee agents who rarely respond to phone calls or emails.

Should we be looking for some logic in the lender’s decisions to list with these phantoms?

There again, these may be the same investors who lent mortgage funds to ghosts in the first place. They loaned million$ to phantom borrowers who said they earned $20,000 a week as a gardner or insurance salesman– or whatever suited their imaginations.

Their homes, haunted by unsustainable debt and a plummeting real estate market, floated back to the lenders…who then turned to phantom agents to market their foreclosed properties.

I suppose if lenders didn’t bother to check the reality of their borrowers in the first place, why should they now take to time to check the substance of their real estate representation for their REO’s? The logic seems insane, but sometimes it's difficult to assume otherwise.

We've worked with a number of foreclosure buyers, and are appalled at the abysmal level of representation offered for a number of these foreclosed properties. In several cases, we have ended up faxing offers to the listing agents, and waited for a response from…someone or anyone.

No reply was forthcoming, even though our offers were at and above the listed price.

We have an offer in on one foreclosure now, and it cannot be presented to the lender because the agent is on a two week vacation. (Uh…isn’t there an assistant, or another agent who is taking care of this absentee’s business?)

Are the banks/lenders aware of this non-representation?

And do I feel we are in deja-vu all over again? I hoped thought most of these agents would have left the business after the plummet of the 2003-2006 real estate market.

Regrettably, those same agents seem to have taken another get-rich-quick course and are now in the foreclosure business--and it seems many lenders ended up with the same type agents who helped get them into their current mess.

Is this is a phenomenon that is isolated to San Diego–or is it more widespread?

For the sake of our national economy, I hope not.

Real Estate Predators on the Prowl

Mon, 12 May 2008 10:38:00 -0500

The real estate predators are always there–in good times and in bad.

There are whispered stories in San Diego real estate circles of certain escrow and loan officers who, in the heady days of real estate, slipped deeds into the stacks of papers homeowners were signing as they refinanced their homes.

The deed, of course, moved the property into the predator’s claws.

As the Discovery Channel shows, predators will always pick off the unsteady, the not-so-swift and the elderly because the catch is easy and the herd moves on. No different with these criminals.

But you know what’s scary?

The employers of these predators, when or if they discovered the crimes, fired the perps summarily–and kept their collective mouths shut. They didn’t want bad press, they didn’t want exposure, they didn’t want to field the possible litigation that sometimes come from predator attorneys.

Today, these predators are on the move again.

La Costa Villas: Great Investment Bonus

Mon, 28 Apr 2008 10:15:40 -0500

Investors are moving back into the coastal San Diego real estate market with impatient wallets.

They are seeking well-priced foreclosures, pre-negotiated short sales and real estate investments with income streams.

So-called bargains in sub-marginal areas may not be the wisest San Diego real estate investment move. Perceived bargains in outlying markets may be nothing of the sort, and we persistently advise our clients to stay with blue chip real estate investments--especially in these volatile economic times.

We recently received a whisper from La Costa Resort and Spa that buyers of their Villas will receive up to $125,000 at closing for leasing their properties back to them for two years. And of course, there is always the option of using the condos as well.

This is a very limited offer, as only a few of the La Costa Resort Villas whole-ownership, luxury condominiums remain. Each is fully furnished (just pack a toothbrush) with designer decor and high-end amenities throughout, and is located on the grounds of the world-class La Costa Resort and Spa.

The bonuses included with this offer are remarkable. Click to continue reading

Hauntings at the Hotel Del Coronado

Sun, 27 Apr 2008 20:06:26 -0500

I am putting together a story about hotel hauntings, and surely one to top the list would be reports of hauntings at the Hotel del Coronado, which have circulated for years.

The most famous San Diego and Coronado ghost is a young woman who reportedly committed suicide near the turn of the last century after her husband or lover abandoned her. I don’t remember exactly where she stayed that fateful night at the Hotel del Coronado, but I do recall a desk clerk giving me the room number during a stay at the Hotel Del Coronado a few years ago.

Unable to resist the temptation, I went by that small interior room in the hotel (with windows that opened into the hallway), but the window coverings were drawn shut and I could see nothing. The clerk said that many psychics and ghosthunters reserve the room–either out of curiosity, or the possible opportunity for a Coronado seance.

I am not aware of any threatening gestures made by the ghost or spirit that supposedly roams the halls and grounds of the Hotel del Coronado, but would be very interested in hearing from anyone who has encountered any ghosts or spirits at this legendary San Diego hotel–or from who have their own hotel haunting stories.

(In my original post about this story on San Diego Previews, there were several interesting responses and stories--that were far more interesting than my original article. Unfortunately, during the recent hacking attack these comments were deleted. Perhaps the story can be rebuilt into something even more interesting.)

A San Diego Short Sale Solution

Sun, 27 Apr 2008 16:25:07 -0500

More and more, San Diego real estate bargain hunters are making specific requests:

Show me foreclosures, show me great deals, but forget short sales.

Why?

They have learned that about the cost of lost opportunity while they wait an interminably long time for banks to respond. Banks and loan servicers are absolutely overwhelmed with paperwork and pleading phone calls and it can literally take months for a short sale to close.

During that time, vacant homes may be subjected to vandalism, neglect and the elements. Increasingly, real estate agents also avoid showing short sales because of uncertain pricing, uncertain compensation, and the increasing reality that they will be left holding the bag for costs lenders refuse to cover.

Many San Diego Realtors have been burned by lenders and refuse to go down that road again.

The solution?

Prenegotiate all short sales.

The argument continues here....

Encinitas Short Sale from Hell: CLOSED

Sun, 27 Apr 2008 16:16:16 -0500

It was group hug time Friday afternoon when we received confirmation that our 10-month short sale ordeal in Encinitas Ranch had successfully recorded and closed.

Kudos to the patient buyers of this Encinitas home, because they truly got a terrific deal ($890,000).

Welcome relief is also due the out of area young seller, who had been unwittingly pulled into a raunchy real estate transaction by a couple of sleazy mortgage brokers (one of whom was the seller) , a credit “packager” –and escrow, title and appraisal personnel who surely knew better than to facilitate such a sham.

Our first time home buyer-turned-seller from Los Angeles, with excellent FICO score (and no savings), was lured by the promise of buying an “undervalued” $1.2 million home (100 percent financing) in San Diego that he could profitably sell 6 months later–while someone else made the payments. It was to be his stepping stone to riches. Or so he thought.

Instead, it turned into 16-month nightmare:

Continued....