The Begining Of A Crown Jewel: La Jolla’s History & Current Real Estate Statistics -Rina Podolsky Carmel Valley Real Estate_

La Jolla’s zip code 92037 has remained for many years in the list of Most expensive Real Estate areas in the Country and the World. Today, the Real Estate Market in La Jolla has slowed down quite a bit just like many of the other most exclusive markets in the world, however it has not lost so much of its value. Here are the current statistics for the Real Estate market in La Jolla according to the Multiple Listing Service:

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Active Listings: 400

Detached-217

Attached-183

Contingent Listings: 27

Detached-13

Attached-14

Pending (In escrow): 63

Detached-38

Attached-25

Sold in last 30 Days: 42

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Of those sold in the last 30 days:

Average Days on Market-96

Average of Sale Price vs. asking price 96%

Average price per S.F.-$540.81

Average Price- $1,216,964

The most expensive Home Sold so far in 2010 was sold for $10,000,000

The most expensive Home Currently listed for Sale has an asking price of $29,500,000

This is what La Jolla Real Estate Market happens to look like today, but if you ever wonder, how did it all begin? Here is a brief look at the History of this Jewel so many people call home.

La Jolla is believed to have been inhabited by Native American cultures and there have been some artifacts that were found and conform this idea, however, there is no clear knowledge of who they were, and what happened to them. The earliest written records that have been found, are scattered records back from 1870, in which the spelling of the area was “La Joya” Which is consistent with the Spanish spelling of the word “Jewel, so it was called “The Jewel”. Some people have argued that the real name comes from the Native American term “Woholle” which means hole in the mountain.

Although there is no certainty of where the name came from, the idea of the area being called La Jolla after the word Jewell does make a lot of sense, it is certainly considered to be one pf the crowning Jewell’s to San Diego, with it’s breathtaking views of the ocean and its mansion lined streets, this area really shines.

This city was incorporated in the year 1850. 1869 is the year where they had the first recorded sale of land in this area, the purchase of these lots, called the “Sizer” lots, was made by two brothers. The cost of the land was $1.25 per ACRE, each brother bought a 80 Acre parcel of land on what is now Downtown La Jolla.

However, the first man to start auctioning pieces of land was Frank Terril Bostford, that earned him the nickname of “Father of La Jolla”.

La Jolla Country Club

This area went from having 350 residents in the year 1900 to having 4000 by the end of the World War I. The economic basis for this area was tourism.

Regarding it’s Architecture, it shifted from being mainly cottages to a Spanish Mission Style. However by 1929 with the Market crash and the economy collapsing, the area saw almost no new construction for the following 10 years. It was until the beginning of World War II that the area saw a new boom, this time the hills adjacent to this area were also includes in the new development of the area. At the end of the War, many people made thi area their home and a new growing spur was visible. The surrounding areas were made into subdivisions.

By 1960 La Jolla had 17,000 people calling it home and today there are about 40,000 residents.

Another historical fact that put La Jolla in the History books, was the fact that Charles Lindbergh learned to fly his gliders, flying out of the top of Mt. Soledad. Today, there are no Gliders flying out that same spot however there is very well known Glide Port in the Torrey Pines area right above the Scripps Institution of Oceanography.

And speaking about area attractions, there is the 7 caves at La Jolla Cove, today only 1 of the caves remains accessible but it is a favorite exploration spot for scuba divers and kayakers, there are many people who come to the area for both water activities.

AS far as Hotel’s go, Downtown La Jolla is home to “La Valencia Hotel” which was a destination hotel for many of the movie stars of the  Golden Era, and it still remains today as one of the most exclusive hotels with a magnificent view of the ocean and a lavish Sunday Brunch that has become a tradition for localites.

Hotel La Valencia

It is no surprise that La Jolla, with its natural beauty has been the home and inspiration of many  artist and writers. Perhaps one of the best known in the area would be Theodore Geisel A.K.A Dr. Seuss, his paintings can still be seen in some of the Gallery’s on Prospect St.

During the 1960’s La Jolla became the home of the prestiged school UCSD and the Salk institute, recognized also for its infamous architecture, designed by Louis I Kahn, one of the great Architects of that century.

Salk Institute

Today, La Jolla remains a breathtaking upscale area where you can go see some of the most magnificent homes in the country.

Homes around La Jolla

Another Beautiful La Jolla Home

Here is a Timeline of other interesting facts:

1893 – Opening of La Jolla Park Hotel

1894 – Railroad extended to La Jolla from San Diego; La Jolla Post Office established; Reading Room opened; Anna Held arrived in La Jolla and created Green Dragon Colony

1895 – First La Jolla Village Improvement Society organized

1896 – Ellen Browning Scripps buys two lots on the ocean side of Prospect Street and builds her first home

1897 – Library Association of La Jolla formed

1899 – Barber Tract development begins (first known as Neptunia); first telephone lines installed

1904 – Wisteria Cottage built

1905 – Marine Biological Association organized, later Scripps Institution of Oceanography

1906 – Ground broken for new bathhouse at the Cove; first La Jolla newspaper is published

1910 – The Bishop’s School is built

1911 – Electricity introduced into La Jolla

1913 – Opening of Colonial Inn (Grande Colonial La Jolla)

1915 – Arsonist sets fire to several La Jolla buildings, including Ellen Browning Scripps’ house; work begins on new home designed by architect Irving Gill

1918 – Scripps Memorial Hospital opens (first known as the Sanitarium); paving of La Jolla streets begins

1924 – Electric railroad starts running; Casa de Manana opens as resort hotel; street lights introduced; summer “Jollification” celebration held

1926 – La Valencia opens; Balmer School started (today La Jolla Country Day); La Jolla Country Club takes shape; The Muirlands begin development

1927 – La Jolla Beach and Yacht Club formed (now La Jolla Beach and Tennis Club)

1960 – Location of University of California San Diego campus determined in La Jolla

1964 – Salk Institute built along with high-rise at 939 Coast Blvd. and Seville apartments at 1001 Genter Street

1974 – La Jolla commercial areas impacted by opening of University Towne Center shopping mall

1983 – BLOB (“Ban Large Office Buildings”) organized to oppose large structures being built through the 1980s by banks and other developers

La Jolla Today

La Jolla Coast

For any information on this post or any other post contained in this Blog please contact me at:

http://www.SanDiegoExclusiveProperties.com

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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

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In Foreclosure… Not Everyone Is There to Help -Carmel Valley Real Estate- Rina Podolsky

 

I was recently at an appointment with a homeowner who wanted to sell his home in Carmel Valley. For people familiar with the 92130 zip code in San Diego, it is an area that has held its value very well through the whole market crash and beyond. Which in turn means that we have less Short Sales than in many other areas in San Diego County and that also has translated into a market where Foreclosures are not as common widespread. Having said that, I do have to say that there are several homeowners that find themselves in a tough situation, and need to make a decision on what to do.

Some of this homeowners will sit down with me or other Real Estate professionals trying to get an idea of what their options are. At this point a reputable professional, will advise them to first talk to their lender, try to work something out and also will ask them as many questions as possible regarding their current situation, their short, medium and long term plans, their wants, their needs. This helps not only the  person asking the question but the homeowner who is forced to go through the excercise of prioritizing and looking at the big picture.

Unfortunately, it is not entirely uncommon for people at this stage to do one of two things after a meeting with a Real Estate professional.

The first one, is for them to still ignore the problem and continue pretending like something will happen that will make things ok at the end. In this case I sometimes get contacted by them when it is imminent that they won’t be keeping the home. Sometimes we can still do something but we are so much more limited at that point and that is if we can help them at all.

Or the second situation that happens and it pains me as well, is that I get a call back a couple of days later saying that they have not called their bank yet but it is ok because they have found another option. While doing research on the computer they found a company that is guaranteeing they will save their home and solve their problem. Or something along those lines. Here is where I want to be very clear. I am ok with people using other reputable Professionals, I want them to succeed in their aim of solving their problem in the best way possible. However (yes and this is a big one) The are SCAMS galore out there pertaining to Foreclosure aid. If they are promising something that sounds to good to be true…you know the rest.

Now being a homeowner in distress you have heard this before yet how are you supposed to know who is legit and who is not. Why waste a good chance when it can turn out to be a true saving grace? right?

Here are just a few pointers to be aware, if you come across any of these, please, STOP, and do a lot of research or actually, just stop altogether and go somewhere else for help.

The following list was compiled by Brian Olenik from Corinthian Title who has spent ample time researching this matter.

• Anyone asking for a fee in advance, before providing any services
• Instructs you to stop making mortgage payments to the lender and instead start paying into an account that he will set up for you. It might be under his own name or someone else other that yours.
• Instructs you not to contact your lender, lawyer or consult with any of the people you trust in regards to this matter
• Requires payment only in the form of cash, cashiers check or wire transfer.
• Advises you to transfer your property deed or title to his or her company
• Fills out paperwork themselves without allowing you to fill it out.
• Encourages to lease your house and says you will be able to then buy it back at a later date.
• Requests something to be done immediately and without delay. This includes pressuring you into signing something that you do not fully understand or have not had a chance to read, or are not sure you feel comfortable with. In many of this cases, time IS of the essence, but some hours or one day to go over paperwork carefully are time well spent, not wasted.
• Offers to buy your house at a fixed price that is not set by the housing market at the time of sale.
• Requests you to give power of attorney
• Requests signatures in a grant deed or deed of trust.
• Request signatures in forms that are not completely filled out.
• Refuses or fails to give promises or commitments in writing.
• Promises that no matter what the circumstances are, he will be able to stop the foreclosure.

 

These are the most common types of scams that are currently happening, and although there are others not listed here, the main thing is to keep a level head, try to think things through, many of these scammers are amazing at getting people to trust them, they have explanations of why and how to most questions yet disappear two days after they have gotten what they wanted from you. This is the time when you want someone to help you look at thing from a clear perspective. Run it by someone you trust before committing to anything.

There are a few places where you can go for help.  You should go to the HUD web site www.hud.gov there you will find valuable information on scams and foreclosures as well as a list of approved agencies.

There is also a special line created to guide and help homeowners , it is the Homeownership Preservation Foundation their number is 1-888-995-HOPE.

If you do come across a situation where you feel you are being a victim of a scam, you can contact:

California Attorney General  http://ag.ca.gov

California Department of Real Estate www.dre.ca.gov

Department of Housing and Urban Development  www.hud.gov

Federal Trade Commission  www.ftc.gov

Your local Better business Bureau www.bbb.org

You can always start by talking to a trusted Realtor or Real Estate lawyer of your choice, they should be able to help you figure out what your options are and steer you in the right direction and in most cases they will do this as a free consultation, we certainly do this for any of our clients.

Please feel free to contact me even if you are not in the state of California I  help guide you towards someone who is reputable in your area.

You can contact Rina and Sergio by going to our web site at www.SanDiegoExclusiveProperties.com and clicking on the contact us button or on any of our social media links.

But please remember, the sooner you take action the better your chances of having choices.

San Diego 10 Most Expensive Homes For Sale!!! -Rina Podolsky Carmel Valley Home For Sale-

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Here is a look at the most expensive properties currently for sale in the SAN DIEGO area.

The homes were selected by asking price, not by price per s.f.

 

It is interesting to note that the list  is equally divided into 3 areas that are dominating the most expensive chart:

• 3 properties for sale in Rancho Santa Fe
• 3 properties for Sale in Del Mar
• 3 Properties for sale in La Jolla.

 

This homes, have been on the market for  an average of 338 days, ranging from 78  to 1,170 days listed

 

The average asking price per s.f.  is $5462.79. ranging from $1,335 to $17,191.78

 

Another area that is noteworthy although non of the properties for sale in Coronado did not make it to the list, if we extended the list to the top 20 we would certainly see a few homes in the Coronado market making it to the most expensive properties for sale list.

 

To view information on each one of this homes, click on each of the images.

 If you would like more information on any of these or other homes s well as more data and statistics, please contact us, we will be happy to assist you!

 

 

 



 

$18,000,000 to $21,000,000

Rancho Santa Fe 5,487 sf $21,000,000

Del Mar 2,885 sf $21,000,000

Rancho Santa Fe 12,889 sf $21,950,000

La Jolla 11,000 sf $25,000,000

Carlsbad 10,000 sf $29,000,000

La Jolla 10,000 sf $$29,950,000

Rancho Santa Fe 3,000 sf $29,950,000

Del Mar 6,551 sf $39,000,000

Del Mar 10,164 sf $61,000,000

The information fron this post is appromiate and was based on MLS data. Should be checked by buyer.

Foreclosure Moratorium Lifted

The ink wasn’t even dry on the newspaper (or this blog for that matter) regarding some of the largest banks putting all foreclosures on hold for what analyst thought would be a long time, and here comes Bank Of America proving them wrong and making us re-write our news and commentary pieces.

What happened? On Monday BOFA announced that it is lifting the foreclosure halt Partially, only on those states that have judicial foreclosures, that is, states that require a court to approve the Foreclosure, the ban will be lifted, these states, were the first ones to be put on a foreclosure freeze last week and the first ones to be put out of it.

BOFA said is that they will resume foreclosures in 23 courts starting october 25. They also said they are very confident and have reviewed their process and find it to be sound. As for the rest of the foreclosures in non-judicial states, those will resume soon after the bank begins refilling amended affidavits.

It is estimated that 30,000 foreclosures will resume now and 102,000 will resume thereafter the corrected affidavits are in place.

GMAC who also declared a temporary moratorium is also lifting the halt and moving forward with the foreclosure process.

The question remains, why halt the foreclosure process one week and bring it back to working order the next? Could they really have sorted out the state of this foreclosures in a short week? I highly doubt it specially when we are talking about institutions that have continued to make mistakes, and who take 9 months to approve a short sale.

Now don’t get me wrong, I did not want a moratorium knowing that it would mean for these homes to start accumulating on the banks  inventory, instead of them coming at a steady pace into the market. We learned that lesson already. However, Now that the fact that there might be serious questions about the banks process not only on the foreclosure end, but on the ownership of some loans, even if it is a small technicality, has hit the mass media, there WILL be reactions from many ends, legal reactions that is. And that will only tie up and bring more complications and cost more money. So, in conclusion, I am glad they lifted the moratorium but I hope that their process is really as clean as they say and that the banks are as confident as they claim to be because they will have to prove it in court.

TimesFootnote:
Since I last published this last night, there is already an update that I deemed pertinent to this note. This morning there was an article on the LA Times http://www.latimes.com/business/la-fi-bank-of-america-loss-20101020,0,5193498.story , it states that some of the investors that bought faulty mortages from BOFA have sent a written request to the bank, asking that they buy back improperly procesed loans. BOFA has so far refused to do so.

Now What? The foreclosure halt and its consequences explained

First it was GMAC halting foreclosures in 23 states, then JP Morgan Chase said it will delay the process of more than 56,000 foreclosure proceedings and from there all the way to Bank Of America announcing last week that it was pausing foreclosure proceedings in all 50 states while they review the process and paperwork for “defects”.

Today it was announced that California will be joining a task force created as a multi-state inquiry into foreclosures.

All this comes when it seemed like foreclosures where starting to ease up.

But what is this latest crisis all about. What is it that the banks are corned with at this point of the game?

Lets start by a quick explanation of the life of a mortgage .

Once a mortgage is created, it does not usually stay with the bank or institution that originated it. Mortgages will change hands several times through its life span. When a mortgage gets sold and changes hands the new owners have to get an “assignment”  from the buyers. An assignment is a document signed by both buyer and seller acknowledging the sale of the loan, this note has to be attached to all other documents and delivered to the new owner.

It gets a little more complicated from here. Many mortgages are the “securitized” this means that it get pooled in with a a large number of other mortgages by an investment firm and becomes part of a pool of mortgages that will be sold off in slices to different investors as an investment vehicle. Then someone is assigned with being the one in charge of properly dividing the money that comes in from the monthly mortgage payments and also of foreclosing on the ones that have stopped paying. This person is called the “servicer” . When a mortgage is securitized, what happens to the note, who gets the note? Neither the investor nor the servicer gets this note or assignment, not even the investment vehicle has the assignment, instead they go to a repository company and the transfer is noted in an electronic base.

So where did the break down occur? well, at the height of the mortgage wave, Notes were coming in at such a fast pace and paperwork was not being filed, revised or monitored. This was the barely -doc to no-doc era and so paperwork was more of an afterthought in many cases and this lack of concern went from the origination of the loan all the way to all the transfers.

Making matters even more complicated is the  fact that some of the institutions went under or were acquired by larger ones.

You might ask, how does dis impact the foreclosures and why if that had been happening for all this years, why the halt now?

Well, there were warning signs and some people did raise their concerned voices but they were not paid attention to, probably because the crisis  and the bubble burst seemed so large and that was the main concern, so it was until  Jeffrey Stephan a loan officer for GMAC admitted in a deposition to the signing of about 10,000 foreclosure proceedings per month for five years straight without reviewing the paperwork properly, that serious cracks in the process were revealed in a very public way that caught so many people’s attention and brought forth a probe into  GMAC (Ally) foreclosure proceedings starting a chain reaction to other banks since Jeffreys signed foreclosures for other institutions as well.

Initially the halt was done in 23 states that had what is called Judicial foreclosures. This means, that their foreclosure process, requires the lender to go through a court process and file a claim and turn in the appropriate paperwork which includes  a sworn and notarized affidavit of a loan officer and submit the mortgage documents.

Often, however, judges will issue foreclosure orders without the mortgage documents so long as the borrower doesn’t contest this point.Once the do this the get the court approval to move ahead with the foreclosures.

As I said not all states require this, some states, like California, do not need to get a court approval in order to complete a foreclosure. So the first states where the pause was enacted where those where the bank had to initiate a court process and had been required to turn in paperwork which in many cases was nowhere to be found, so how could they have foreclosed with court approval without all of the paperwork in order?

In many cases the foreclosures were not contested by anyone and so in those cases the banks went ahead and foreclosed even with the missing assignment documents, but in some other cases there are allegations of banks  and evidence has been produced to show that notarizations have been faked, documents forged.

Even though the situation looks worse in judicial states because there is forgery that was sent to court involved, this dies not exempt the other states from misdoings so, that is why the halt was extended in many cases to all 50 states.

In many cases, the notes do exist it will just take a big effort to find them and complete this files propperly. So this might sound like it is simply a case of paying to much attention to a paper trail. However, the fact that all this got through the banks, that there are allegations of forgery and in many cases there simply are no notes or assignments, this has the potential to become a huge mess.

There is lawsuit written all over this one from so many sides that it will look like lawyers playing fields.

Homeowners who have been paying their mortgage regularly are wanting to make sure the one they are paying actually owns the note, and if it turns out they don’t, well they will be suing for money paid to an institution that had no rights. Now there are those who properly securitize the loan and did not get the assignment note, they are looking into lawsuits from investors because tis bonds usually include a representation and warranties that the bank has obtained all documentation related to the mortgages included in the loan.

Without going into detail on this one, there is also a problem between senior and junior liens, and when the froze the foreclosure process, senior leans are responsible to pay junior liens some money even when the mortgage is not bringing in any, until this mortgage is foreclosed, so this puts senior liens in a delicate position.

And then, what happens if a note is never found? who owns that mortgage? Is the homeowner free and clear? who is he supposed to make payments to? If they stop making payments, who will have the right to foreclose?

Now let’s take it a step further. What will happen with all those people whose home was foreclosed and sold? If they come after the bank and actually prove that the foreclosure was improperly done? Their home was already sold, there is a new owner who might be facing a legal battle he did not sign up for.

Finally, if this situation takes a year to correct, once the halt is lifted, we will find ourselves with a wave of foreclosures that had been accumulating instead of slowly coming into the market at a regular pace, how will this new flood be absorbed by a weakened market?

 

 

Since the news on this one broke I have also been hearing some homeowners not currently in default that are not happy to hear that so many people will be living rent/mortgage free for a year (or two) while they are doing things correctly.

We should be paying attention to this one closely!

Top 10 Restaurants in San Diego

This past week I asked on Facebook and twitter for peoples top 10 restaurants in San Diego. Although I have not tried all of them I decided to pass along the most frequently recommended ones along with mt own favorites. I have ordered them according of number of times each one was recommended. I have also set the goal of going to each and everyone of this restaurants and giving you a review.

1.- PIATTI

2182 Avenida De la Playa, La Jolla

858-454-1589

http://www.piatti.com

2.CUCINA URBANA

505 Laurel St, San Diego

619-239-2222

3. MARKET RESTAURANT & BAR

3702 Via De La Valle, Del Mar

858-523-0007

http://www.marketdelmar.com/

4.-BENCOTTO ITALIAN KITCHEN

750 W Fir Street, San Diego

619-450-4786

http://lovebencotto.com

5. ACQUA AL 2

322 Fifth Ave, San Diego

619-230-0382

http://www.acquaal2.com/

6.- BUSALACCHI”S ITALIAN RESTAURANT

3682 5th Ave, San Diego

619-298-0119

http://www.busalacchisrestaurantssd.com/

6. SAVORY

267 N. El Camino Real # A, Encinitas

760-634-5556

http://savorycasualfare.com/

7. HASH HOUSE A-GO-GO

3628 5th Ave, San Diego

619-298-4646

http://www.hashhouseagogo.com/

8.- KENSINGTON GRILL

4055 Adams Ave, San Diego

619-281-4014

http://www.kensingtongrill.com/

9.- EL BIZCOCHO @ RANCHO BERNARDO INN

17550 Bernardo oaks Dr, Rancho Bernardo

858-675-8550

http://www.ranchobernardoinn.com/bizcocho/

10.- ISLAND PRIME

880 Harbor Island Drive, San Diego

619-298-6802

http://www.cohnrestaurants.com/restaurants/islandprime/

There are some restaurants that I do want to mention even if they did not make the top ten because they were mentioned and/or because They are long time favorites.

• Urban Solace
• Kitchen 1540
• Lou and Mickey’s
• Blue Boeheme
• Hanae sushi
• Bankers Hill
• Q’ero
• El Callejon
• The Prado
• Oceanaire
• Baleen
• Sky Room
• Taka
• The Palm
• Romesco
• Poseidon
• Sbicca
• Delicias
• Thyme
• Candelas

If you have a review in any of these restaurants or any other ones that you think should have been on this list please let me know.

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.

San Diego County Top Schools

The scores used to calculate the ranking the schools in the San Diego area, are based on their API score , this is a number that ranges from 200 to 1,000 and it is derived from the performance of public school students in grades 2 to 11 that take the California standards Tests. API Scores are the categorized by sub-group, this relates to their, ethnicity, race, origin and special conditions such as: English learners, Economically disadvantaged and or students with special needs.

The Standard tests target score was at 800 points and anything over 900 points is considered very succesful. According to an article from Del Mar Times newspaper “”Forty-six percent of all California schools are now at or above the overall statewide target API of 800, up four percentage points from the year before,” according to a press release issued Sept. 13 by the California Department of Education. “This includes 51 percent of elementary schools, 40 percent of middle schools and 25 percent of high schools.” In this article you can also see the breakdown of how the different groups scored in their API in each area , to view this article go to  http://www.delmartimes.net/news/274493-local-elementary-schools-dominate-api-list
This year’s API scores yielded an interesting situation, having 6 of the 10 Top schools concentrated in one single School District. Six of the Top ten schools are within the boundaries of the Del Mar School  Union District, this district encompasses those schools that serve the 92014 and part of the 92130 zip codes, which belong respectively to Del Mar and Carmel Valley areas.

The Del Mar Union School District  (DMUSD) has a total of 8 Elementary schools, out of which, 5 of them have scores of 950 or higher, 2 have a score of 948 and one has a score of 924 being this the lowest score in the district, As a whole the  DMUSD has a score of  961, up 2 point from the previous years scores. This despite some inner political problems that the district has been facing. James Paebody the Districts Superintendent  acknowledged that the Del Mar Union School District has experienced challenging issues and turmoil in the past few years but said the focus never wavered from student learning and achievement.

Del Mar	2010 Growth	2009 Base	Change
Ashley Falls	952	955	-3
Carmel Del Mar	943	948	-5
Del Mar Heights	965	948	+17
Del Mar Hills	923	924	-1
Ocean Air	981	975	+6
Sage Canyon	973	976	-3
Sycamore Ridge	965	959	+6
Torrey Hills	955	962	-7
District overall	961	959	+2

Within the 92130 zip code of Carmel Valley there are homes that are zoned  within the boundaries of the Poway School District and there are 3 schools that belong to the Solana Beach School District, two of them serving grades k to fifth and Solana Pacific which serves fifth and sixth grade students. This school district also includes Solana Santa Fe in Fairbanks Ranch which  is a K-6 school, and the two  more schools in  Solana Beach proper, Solana Vista serving grades K-3 and Skyline with grades 4-6.

Within San Diego this are the Top 13 Elementary Schools according to their API.

Schools in the spots 1,2 and 4 all belong to the San Diego Unified School District yet they are all within the 92037 zip code that belongs to La Jolla.

Rank	API	School	District
1	983	Torrey Pines	San Diego Unified
2	982	La Jolla	San Diego Unified
3	981	Ocean Air	Del Mar
4	974	Bird Rock	San Diego Unified
5	973	Sage Canyon	Del Mar
6	971	Pacific Rim	Carlsbad
7	965	Del Mar Heights	Del Mar
7	965	Sycamore Ridge	Del Mar
8	963	Solana Pacific	Solana Beach
9	957	Dingeman	San Diego Unified
10	955	Torrey Hills	Del Mar
11	954	Deer Canyon	Poway
11	954	Del Sur	Poway
11	954	Scripps	San Diego Unified
11	954	Stone Ranch	Poway
12	952	Ashley Falls	Del Mar
12	952	El Camino Creek	Encinitas
13	950	Curie	San Diego Unified

For more information you can check out the 2009-2010 Accountability Progress report at http://api.cde.ca.gov/AcntRpt2010/2010SchSummary.aspx?allcds=37103716069355

When a family is looking for a home it is very important to take the school boundaries into account, not all districts will accept transfers from other districts easily, some may not even be able to accept intra district transfers within the same school district depending on policies and amount of students attending each particular school so, if schools are an important factor to you in the purchase of your home, be sure to look at boundaries and speak to the particular school district you are interested in before you go ahead and buy a home.