There have been many issues that have arisen as the result of the increasing short sales, foreclosures, and REOs in communities throughout the country.
- Property values have dropped
- Appraisals come in low resulting in deal falling apart or needing renegotiation
- "Stephen King" pools are common leading to health concerns such as West Nile Virus
- Neighborhoods once attractive and well-kept take on a rather disheveled appearance with multiple vacant homes on the block
- Vandalism of vacant homes has increased
- Folks break into vacant homes to have parties
- Squatters sometimes take over vacant properties
You get the idea.
The other issue that is increasingly causing concern to homeowners about the distressed are the mini-dorms which are cropping up in neighborhoods in San Diego, including San Elijo Hills in San Marcos, in areas near college campuses.
Vacant homes (perhaps investments, but some are homes in foreclosure) are being rented out to groups of students, or other individuals, and becoming rooming houses with 4, 5 or more boarders. While common in some neighborhoods in town near the various campuses, mini-dorms appear are becoming more commonplace in some of the more upscale neighborhoods in the San Diego suburbs; San Marcos has several college campuses including Cal State San Marcos which is close to San Elijo Hills.
Here is just one article addressing this issue of mini dorms in San Diego becoming a problem.
Parties, noise, excessive trash, more traffic and other issues are creating concerns among area residents. Of course these issues can be a problem where a homeowner chooses to rent a home to larger groups and is not necessarily just a by-product of the increase in distressed homes. But it seems that more of these homes are becoming used in this way in some areas.
Some communities, such as San Marcos and San Diego, now have rooming house ordinances that require a permit (about $7200) and have certain restrictions. There are both opponents and proponents of these types of ordinances.
Finding affordable housing is tough, for students and other folks, and these living situations can work out well. And owners might argue they have a right, within reason, to rent to whoever they wish. On the negative side are the issues mentioned above, lack of monitoring and care of the rental by owners, and perceived impact on the neighborhood.
I have been in some of these types of foreclosure properties in a number of areas as I suspect others have.
What trends are you seeing with regard to short sale, foreclosure and REO properties in communities you service?
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If I can provide more information about La Jolla, Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.
All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
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