A year in review. 2010 San Diego Real Estate Market Analysis -Rina Podolsky Carmel Valley Homes For Sale-

Here we are once again at the close of a year. I find it helpful to look back and see how the Real Estate Market in San Diego, specially in the areas where I do most of my business trended. I am sharing with you a very brief summary of the Real estate Market of homes that sold in Carmel Valley, Del Mar, La Jolla, Rancho Santa Fe, Solana Beach and Coronado. I am hoping you find it useful or at the very least interesting. In a future blog post I will be talking about the Real Estate Forecast for 2011.

• CARMEL VALLEY 92130

Sold Homes :

Detached

# sold 411

Price:

High: $5,100,000    Low: $522,000   Average: $1,026,345

Price per S.F:

High: $573.03             Low: $221.07      Average: $337.78

Selling Price vs. Asking Price :  Average 96%

Days on Market: Average 51

Attached

# sold 256

Price:

High: $712,000  Low: $198,100 Average: $408,806

Price per S.F:

High: $447.76             Low: $251.91      Average: $339.13

Selling Price vs. Asking Price :  Average 97%

Days on Market: Average 68

Most Expensive Home Sold in Carmel Valley in 2010. Sale price was $5,100,00

• DEL MAR 92014

Sold Homes :

Detached

# sold 93

Price:

High: $8,000,000    Low: $685,000   Average: $1,726,665

Price per S.F:

High: $2580.65             Low: $241.63      Average: $637.40

Selling Price vs. Asking Price :  Average 93%

Days on Market: Average 101

Attached

# sold 44

Price:

High: $1,850,000  Low: $182,500 Average: $534,783

Price per S.F:

High: $1.013.22             Low: $248.80      Average: $437.55

Selling Price vs. Asking Price :  Average 97%

Days on Market: Average 68

Most Expensive Home Sold in Del Mar in 2010

• LA JOLLA 92037

Sold Homes :

Detached

# sold 254

Price:

High: $10,000,000    Low: $100,000   Average: $1,337,000

Price per S.F:

High: $1,550.39             Low: $221.07      Average: $619.74

Selling Price vs. Asking Price :  Average 92%

Days on Market: Average 96

Attached

# sold 276

Price:

High: $5,950,000  Low: $175,000 Average: $648,893

Price per S.F:

High: $1,574.07             Low: $206.55      Average: $439.66

Selling Price vs. Asking Price :  Average 95%

Days on Market: Average : 80

Most Expensive Home Sold in La Jolla in 2010. Sold for $10,000,000

• RANCHO SANTA FE 92067

Sold Homes :

# sold 174

Price:

High: $9,575,000    Low: $650,000   Average: $2,470,799

Price per S.F:

High: $907.41             Low: $152.85      Average: $430.21

Selling Price vs. Asking Price :  Average 90%

Days on Market: Average 151

Most Expensive Home Sold in Rancho Santa Fe in 2010. Selling Price was $9,575,000

• SOLANA BEACH 92075

Sold Homes :

Detached

# sold 90

Price:

High: $4,550,000    Low: $499,500   Average: $1,241,699

Price per S.F:

High: $1,481.60             Low: $239.59      Average: $537.09

Selling Price vs. Asking Price :  Average 95%

Days on Market: Average 88

Attached

# sold 75

Price:

High: $1,600,000  Low: $195,000   Average: $637,313

Price per S.F:

High: $1,074.75             Low: $201.48      Average: $426.29

Selling Price vs. Asking Price :  Average 95%

Days on Market: Average 64

Most Expensive Home Sold in Solana Beach in 2010. Sale price was $4,550,00

• CORONADO 92118

Sold Homes :

# sold 225

Price:

High: $10,500,000    Low: $479,900   Average: $1,452,743

Price per S.F:

High: $4,506.07             Low: $246.44      Average: $728.82

Selling Price vs. Asking Price :  Average 92%

Days on Market: Average 119

Most Expensive Home Sold in Coronado in 2010. Sale price was $10,500,000

If you want any more information on the data shown here or how to best use and interpret this information, feel free to contact us. You can reach us thru our web site www.SanDiegoExclusiveProperties.com where you can also search for all the listings and foreclosures available in San Diego.

Wishing you a happy healthy 2011!!!

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Best Priced Homes In Rancho Santa Fe 92067 – Rina Podolsky Carmel Valley Real Estate-Rina & Sergio San Diego Exclusive Properties-

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Being a Real Estate agent, there are some questions that I get asked very often, most of them can be summed up basically in How is the market? Have we hit bottom yet? Is it the right time to buy or sell? and, How much is my Home worth? That is as far as people’s questions for me go. Now the most common answer I get is when I ask a buyer, what are you looking for? the most common answer has to be…A deal! There is no, I want to buy a 4 bedroom home in Carmel Valley or a single story house in La Jolla, no I want a home in Rancho Santa Fe with 2 acres of land, it is a one answer fits all!

Now, a deal is something that needs to be defined carefully, it does not mean the same thing to everyone, you have to pay close attention to different variables. However, I will be putting together periodical postings of  “Great Deals”. This time I am starting with incredibly great priced Homes for Sale in Rancho Santa Fe, California. As you very well may know, Rancho Santa Fe is considered one of the most expensive zip codes in the country.  In today’s market, that is precisely where any expert will agree, you will find the best opportunities in our current market, The high end Real Estate Market was slow to feel the crash of the housing market, yet it has felt it by now and continues to do so. There are multiple reasons that explain this but the most important ones would be the lack of jumbo loans and the fact that many people who own expensive homes held on longer to their properties but have started falling into foreclosures a little later in the game.

Here are my top picks por great priced properties in Rancho Santa Fe:

*Click on any of the images bellow for more detailed information.

Deal #1 @$191 per S.F.

1.- $191 per S.F.!!!!

Pool

Entrance

Living Room

Deal #2 @$299 per S.F.

Pool

Kitchen

Kitchen

Family Room

Deal # 3 @ $307 per S.F.

$307 per S.F.

Backyard

Pool

Expansive Yard

Tennis Court

Balcony/View

Kitchen

Office

Deal #4 @ $311 per S.F.

$311 per S.F.

Indoor / outdoor Living

Exposed Beams

Kitchen

Indoor Pool

Deal # 5 @ $316 per S.F.

$316 per S.F.

Unique Adobe Style Entrance

Vega Wood Beams

Living Room

Kitchen

Master Bedroom

Outside Detail

Deal #6 @ $339 per S.F.

$339 per S.F.

Pool

Foyer

Family Room

Kitchen / Nook

Dining Room

Dining Room

Master Bedroom

Office

Deal #7  This is more of a special mention. It is NOT yet completed!!! It will require some money to be built out. $156 per S.F.

Bank Owned Home $156 per S.F.

If you would like any details on any of these Homes for Sale please contact me and I will be happy to provide them for you. This are great buying opportunities in a a very exclusive area that will eventually get back up. It has the name, the great schools and prices won’t stay low forever, and even though the high-end market it’s not expected to come back for a year or so, this homes are way bellow market value so that even with falling prices you are still buying a great deal!

As far as Market Statistics for Rancho Santa Fe, there are currently 213 Homes listed for Sale 9 Homes listed as being Contingent, 27 Homes in Escrow and 11 Homes that have Sold in the last 30 days. Of the homes that Sold in the last 30 days They had the Following averages: 130 Days on Market, Sold for 89% of Asking Price, at $424.67 pers S.F. $2,946,172 was the average selling price.

Please leave a comment or if you have any questions you can contact us at www.SanDiegoExclusiveProperties.com or Follow us on Facebook http://www.facebook.com/?ref=logo#!/group.php?gid=123662939207 and twitter http://twitter.com/RinaPodolsky

How You Can Transfer Your Lower Property Tax Basis To Your New Home -Rina Podolsky -Carmel Valley Real Estate Homes For Sale

For some people, the idea of buying a NEW HOME sounds appealing. They have their finances in order, qualify for a loan and have the Down Payment ready to go, but if they purchased their current home many years ago, they might end up paying a much higher property tax, and that might be stopping them from going forward with the purchase. For example, lets say a couple purchased a home in Rancho Santa Fe in 1995, they might have paid $800,000.00  and now they want to sell their Rancho Santa Fe property and  buy a home in Del Mar. The new home has a price of $1,500,000.00 and their current home will be selling for $2,500,000 so even though they are downsizing the property tax that they will be paying on the new house is almost double of what they are currently paying.

There are two Propositions in the state of California that allow you to transfer your current tax base to your new property, those are prop 60 and prop 90.

Now there is a catch, actually more than a catch there are several restrictions in order to qualify for either one of this propositions.

1. One of the owners must be 55 years or older at the time of the sale of the original Property

2.Both Properties have to have been or will be your principal residence.

3.The Replacement property must be of “Equal or Lesser current market value” than the original property. You are not allowed to combine two separate properties as a total value even if both of you are selling two homes to purchase a new one together.

4.The replacement property must be built (If new construction) or purchased, within two years of the sale of the original property (This may be two years before or after)

5.The owner has to complete and file an application within 3 years of the purchase of the replacement property, or new construction completion date.

This benefit can only be used once in your lifetime, unless you become severely disabled in which case there is a different exemption that applies (Proposition 110).

So what is the difference between proposition 60 and Proposition 90?  Proposition 60 allows the tax transfer benefit only within the same county(intracounty). Whereas Proposition 90, will alow  transfers from one county to another county in California (intercounty) It is however at the discretion of the county to allow such transfers. Not all counties will accept applications for this proposition and you are required to fill out a form and follow a process, this transfer will not happen automatically.

For more detailed information you can go to the California Board of Equalization Web Site http://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm#2 or ask your trusted CPA or Real Estate Lawyer.

For any other questions or comments please feel free to contact us at www.SanDiegoExclusiveProperties.com

How is the Market? Understanding The Case Schilling Report – Rina Podolsky Carmel Valley Homes For Sale-

As a real estate agent I often come in contact with people who ask me, How is the market? followed by a statement, I just saw the latest report saying…. Although some people do get the idea behind what the numbers show, often times they have either taken that information to be a prediction or have trouble understanding what the numbers really mean. What they really want to know most of the time is;  is it the right time to buy? should I sell my home now or wait a bit? Is it the right market to invest?  So I thought I share with all of you a glimpse as to how and why you should interpret this indicators with care, specially because what happens to Real Estate in New York City is very different than what happens to Real Estate in Carmel Valley Real Estate or La Jolla Real Estate or Rancho Santa Fe Real Estate.

Case Schilling reported their numbers for the September behavior of the Market and it is calling it a “weak report” in fact they believe it is even weaker than last months report. However it is important to understand that they believe that this results are believed to be highly influenced by the end of the government’s incentive programs.  I believe this numbers were to be expected, many of the people who were ready to buy, did so in time to take advantage of all the government credits and incentives, pushing the number higher for several months. Another fact that might have influenced the numbers is the fact that the interest rates have been going down and people keep hearing of a new wave of foreclosures, and a possible second dip in home prices and because they have no time concerns after the credits expired, many people have gone back to sitting on the fences and waiting to have a clearer picture of how the market will be trending.

Another important fact to take into consideration is that Case Schilling is reporting what has happened in the past few months, since this report came out, there has been some better than expected numbers from different indicators, Wall Street broke to pre crash levels, unemployment has started to shift, the government has said it will be pumping 600 million to re-invest , consumer confidence is higher than expected and so are the results of gains of many of the large corporations.

I would like to point out that if you look at the graph, you can see that the 20 city index shows that the market is up above 2003 price levels. ” From their peak in June/July of 2006 through the trough in April 2009, the 10-City Composite is down 33.5% and the 20-City Composite is down 32.6%. Through September, they have recovered by +7.2%and +5.9%, respectively. The peak-to-date figures through September 2010 are -28.7% and -28.6%,respectively.” 

Lastly, Case Schilling is a snapshot of the country, taken from 10 or 20 cities, it is important to understand that each market behaves differently. For example, if you look at the local San Diego market, you see that it actually is showing a 5.0% GAIN from the 2009 levels, not a loss by any means and if you take it a step further you can see that even within San Diego, you have to look at each area separately, some have had bigger gains, some have shown a steadier path through the whole crisis and some have shown some losses in the last months. This is why it is very important to know what you are looking at and be careful when you interpret any charts or information to make decisions based on them. Be sure to always ask an expert.

If you would like to see more detailed information you can go to:  http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldocumentfile&blobtable=SPComSecureDocument&blobheadervalue2=inline%3B+filename%3Ddownload.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1245262947491&blobheadervalue3=abinary%3B+charset%3DUTF-8&blobnocache=true

Please feel free to contact us for any questions or you can go to our web site www.SanDiegoExclusiveProperties.com

our facebook page : http://www.facebook.com/?sk=messages&tid=457977665291#!/group.php?gid=123662939207

or follow me on twitter: http://twitter.com/RinaPodolsky

Most Expensive Homes That Have Been Sold In San Diego In The Last Year – Carmel Valley homes for Sale Rina Podolsky-

 

 

 

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Here are the most expensive homes that have SOLD in San Diego County in the last 12 months.

Most of this houses are in:

• La Jolla (2 )
• Rancho Santa Fe (1)
• Del Mar (1)
• Coronado (1)

If we look at prices per square foot the most expensive one would be the one in Del Mar.

Also out of these 5 homes, 5 are ocean front and only 1, the one in Rancho Santa Fe is not, it also happens to be the one with the largest lot and that sold for less money per s.f.

To view the information on each of these houses, including:

• Size
• Lot
• Days On Market
• Price per s.f.
• Description

Just click on each image.

La Jolla / $18,1500,000

Del Mar / $12,000,000

Coronado / $10,500,000

La Jolla Farms / $10,000,000

Rancho Santa Fe / $9,575,000

For more information or to look at homes currently for sale you can go to our web site www.SanDiegoExclusiveProperties.com

Or, contact me directly.

How to buy a Short Sale….Succesfully Carmel Valley Real Estate

In past posts we have talked about the different type of sales, covering Foreclosures, Short Sales, Deed in Lieu, and regular Sales. However we have done so from a seller’s perspective mainly.

I very often work with buyers and in this market, most people who initially approach me to help them find and purchase a home, will bring up the idea of snatching a great Short Sale for them to purchase at an amazingly discounted price. Some of them will have already heard some of the horror stories of people waiting months on end for the bank to approve the sale, yet many have no idea what it really implies and all the emotional and labor intensive process that a short sale can be. As an agent, a very important part of my job is to prepare my clients to what lies ahead, so when any new client approaches me, I ask them to give me at least 20 minutes of their time just so we can go over what I consider the ABC’s of buying : 1) A Short Sale  2)Foreclosure  3)Regular Sale. Only after they have heard what each of them entitles will we come up with a specific search plan for them.

So when it comes to the Short Sale portion, there are basically 6 points that I consider crucial for them to understand and be aware:

First, The timeline is what we call a moving target, it is NOT set in stone and will shift as we move along, so if they are in a situation where they have a set date by when they have to be living in their next home, short sales might not a good choice. Banks are taking anywhere from 60 to 130 days average to approve a short sale. Although some lenders like World Savings have set up faster programs where they are able to approve a short sale in as little as 7 days, and then on the other end of the spectrum I have seen others take as long as 9 months to approve a short sale, specially in the higher end loans where the bank will be forgiving a considerably higher amount of  debt.

Second, although it varies greatly in each case, I have seen a trend lately of banks not covering closings cost of a short sale and most of the time they will not pay for money owed to the Home Owners Association So it will be up to you as the buyer to bring some extra cash to the table and cover those extra expenses, this sometimes makes that initial price you offered and got an acceptance on, not such a great deal after all. Be very careful that you ask all the  necessary questions before you open escrow, have the listing agent disclose to you what the bank has agreed to pay for as soon as they know and most of all, ask them if there are any back payments to the HOA, any other liens, back taxes, etc.

Third, Don’t assume that because it is not a foreclosure the home will be left in good shape. Many of the short sales will have delayed maintenance issues, some will come up during the inspection face, and some will come out a little while after living in the home so it is highly advisable to buy a service insurance policy at least for the first year after purchase. Also, you will need some extra cash to fix up the property once you buy it, it is a house that has been lived in and that will need some repairs.

Fourth, Don’t fall in love with this property, an acceptance of your offer does not mean it is yours. Although your chances of buying this home did increase by getting an acceptance, it still has to go thru a long approval process and then there is the pending auction date you have to beat, many people assume that since the bank has approved the short sale, that means that they have cancelled the foreclosure proceedings and that the home is now ready to close. Sadly, one is independent of the other, sometimes the bank will grant you an extension on the auction date just so you can close a sale however more and more lately, banks have started to be less agreeable to grant extensions, they will allow one but no more than that and they WILL sell it in auction two days and even one day prior to the closing escrow date, so be very vigilant of those auction dates and if there was an extension on the auction date, make sure that it has gone into effect.

Fifth, On a typical transaction you have 17 days to complete all of your inspections before you are required to remove your contingencies, in many short sales situations, since ironically you are running against the auction date clock and some times because the bank has requested it so, you only have 5 days to do all your inspections, so make sure you have all your inspections ready to go in a moments notice as soon as you open escrow and know beforehand what you are willing to accept and what will make you pull out of the deal.

Sixth, Expect to be making offers along with people who are looking for investments and are all cash. If a short sale is looking like it is a good deal, there will be some competition so make sure that along with your agent you know how to write an attractive offer that will increase your chances of getting accepted. There are some key points that banks and therefore listing agents are looking at to select the offer that will get the house.

Probably right about now you are ready to give up on short sales altogether, however, the fact is that many of the homes that are for sale in today’s market, are short sales and they will be around for many years to come still, so it is not the best idea to discard any short sales as an option unless you are really pressed for time. Short Sales are a reality so it is wiser to learn how to deal with them and what to expect, it is also smart to have an experienced agent guiding you to the process and even better yet if there is a solid qualified short sale negotiator dealing with the short sale part of the process, one that knows exactly how to deal with the specific bank that holds all of the loans on this property and that has a proven track record of succesful closings. Be aware that sometimes, the agents will have NO information from the bank for a long period of time, so bear with them but stay on top of it.

The one thing that I tell my clients is to keep their emotions in check and to keep looking, hope for the best but don’t close your options just yet. Once you are in escrow and have a clearer picture you can stop actively looking but don’t start mentally placing the furniture just yet…keep a clear head and be realistic that this deal might not happen.

And last, please, whatever you do, DON”T make any big purchases that will disqualify you or affect your income debt ration making your own loan a new issue to deal with, this sometimes only comes up at the eleventh hour when there is not enough time to correct it, so help and don’t hurt your chances when you are trying to close an escrow on a short sale.