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Real Estate @ a Glance: April 2013 Edition

April 11, 2013

Here is the most recent information on the San Diego housing market. For specific information on your neighborhood or a market analysis on your home, please send me an email or call me at 619-325-4192.

March :: SAN DIEGO ASSOCIATION OF REALTORS®

Attached Homes

  • Total Sales Volume: $347,385,859 = 45.506% higher than February and 40.303% higher than one year ago
  • Average Sales Price: $347,039 = 10.765% higher than February and 23.063% higher than one year ago
  • Average days on the Market: 63 Days = 14.865% lower than February and 34.375% lower than one year ago

soldby

Detached Homes

  • Total Sales Volume: $1,157,334,221 = 47.039% higher than February and 27.248% higher than one year ago
  • Average Sales Price: $554,014 = 6.144% higher than February and 15.248% higher than one year ago
  • Average days on the Market: 59 Days = 15.714% lower than February and 32.184% lower than one year ago

median

The following graphic charts San Diego County’s market data for Active, Contingent and Pending listings over the last year – further evidence that housing inventory has decreased; increasing marketplace competition between home buyers, and increasing home prices for home sellers.

actconpen

February :: CALIFORNIA ASSOCIATION OF REALTORS®

  • Existing Home Sales 0.9% lower than February and 5.9% lower than one year ago
  • Median Home Price: $333,880 = 1.0% lower than February and 24.2% higher than one year ago
  • Median Days on the Market: 34.1 Days = 6.6% lower than February and 40.4% lower than one year ago
  • California Housing Affordability Index: 48% = 1.0% lower than February and 7.0% lower than one year ago

San Diego County market statistics provided by CAR and SDAR.

For up-to-date information on the market, please contact me.

What makes a property historically significant

April 11, 2013

Historic home

 

 

In the course of serving my clients who show interest in older San Diego communities, we often talk about historic preservation, the Mills Act, renovation costs and other related issues to consider when investing in older properties.

The issue became more personal to me in the last year when I purchased a home in a historic district in San Diego.  Since then, I have navigated through the renovation process of the home while keeping within the historic resource guidelines in order for the property to qualify for the Mills Act, a tax reduction incentive for designated historic resources.  The whirlwind of renovation is coming to an end. Soon, I will be moving into and maintaining my new home!

What makes a property historically significant?

In order to be designated as a historically significant site at the local level, the historical study must show that a site meets at least one of the following City of San Diego historical designation criteria.

    1. Exemplifies or reflects special elements of the City’s, a community’s or a neighborhood’s historical, archaeological, cultural, social, economic, political, aesthetic, engineering, landscaping or architectural development.
    2. Is identified with persons or events significant in local, state or national history.
    3. Embodies distinctive characteristics of a style, type, period or method of construction or is a valuable example of the use of indigenous materials or craftsmanship.
    4. Is representative of the notable work of a master builder, designer, architect, engineer, landscape architect, interior designer, artist or craftsman.
    5. Is listed or has been determined eligible by the National Park Service for listing on the National Register of Historic Places or is listed or has been determined eligible by the California State Office of Historic Preservation for listing on the California Register of Historical Resources.
    6. Is a finite group of resources related to one another in a clearly distinguishable way or is a geographically definable area or neighborhood containing improvements which have a special character, historical interest or aesthetic value or which represent one or more architectural periods or styles in the history and development of the City.

Mills Act Program - City of San Diego 

The Mills Act Program agreement is a legal contract binding the owner of a designated historical resource to maintain the subject property and to provide visibility of the historical resource from the public right-of-way, and to improve or rehabilitate the property based on specific conditions included in the agreement.  The average savings is 50 percent with a range of property tax reduction between 25 percent and 75 percent.

Eligibility Requirements

This property tax reduction is an incentive offered citywide (San Diego) to property owners of designated historical resources that are listed on the City of San Diego Register. In exchange for the reduction in property taxes, the owner is required to maintain their property and its historical significance in accordance with the U.S. Secretary of the Interior’s Standards and to rehabilitate or restore portions of the property if necessary. There are limitations on the use of this program within some redevelopment areas. Incentives other than the Mills Act tax reduction may be available in these cases.

What are my new responsibilities as an owner if my property is on a site that has been historically designated, in contrast to what they were before designation?

A project review to assess adherence to the Secretary of the Interior’s Standards for Treatment of Historic Properties would be needed before doing major alterations to the exterior of your building that are visible to the public, such as building an addition or second story, changing the exterior wall material, removing original features, or changing windows. The proposed changes would have to be compatible with the style or character of your home, so that it would continue to maintain its historical character. Some of these things may not require a building permit, but you need to obtain historical approval for them before you commence the work. Before your site was designated, you had to obtain a permit to do most of these things, but proposed changes didn’t have to be compatible with your existing house and didn’t need the historical review.

(Resource: City of San Diego)

If you know someone who is interested in purchasing property of any vintage please send them my way!

Curb appeal, get the house ready to sell

March 28, 2013

Real estate tips on how to get your house ready to sell in San Diego.

It comes up all the time. A seller will want his/her house to sell, sell fast and, with luck, the seller will be happy with the sale price. Most real estate professionals will tell you, it takes more than luck. There are things that every seller should do to improve their chances of attracting the potential buyers.

Get the House Ready  by Realtor.com
From experience, REALTORS® also know that a “well-polished” house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is maintained, what they can’t see has probably also been maintained. In readying your house for sale, consider:

  • how much should you spend
  • exterior and curb appeal
  • preparing the interior

In preparing your home for the market, spend as little money as possible. Buyers will be impressed by a brand new roof, but they aren’t likely to give you enough extra money to pay for it. There is a big difference between making minor and inexpensive “polishes” and “touch-ups” to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen. Your REALTOR®, who is familiar with buyers’ expectations in your neighborhood, can advise you specifically on what improvements need to be made. Don’t hesitate to ask for advice.

Maximizing exterior and curb appeal
Before putting your house on the market, take as much time as necessary (and as little money as possible) to maximize its exterior and interior appeal.

  • Keep the lawn edged, cut and watered regularly.
  • Trim hedges, weed lawns and flowerbeds, and prune trees regularly.
  • Check the foundation, steps, walkways, walls and patios for cracks and crumbling.
  • Inspect doors and windows for peeling paint.
  • Clean and align gutters.
  • Inspect and clean the chimney.
  • Repair and replace loose or damaged roof shingles.
  • Repair and repaint loose siding and caulking.
  • In Northern winters, keep walks neatly cleared of snow and ice.
  • During spring and summer months consider adding a few showy annuals, perhaps in pots, near your front entrance.
  • Re-seal an asphalt driveway.
  • Keep your garage door closed.
  • Store RVs or old and beaten up cars elsewhere while the house is on the market.
  • Apply a fresh coat of paint to the front door.

Maximizing interior appeal

  • Giving every room in the house a thorough cleaning, as well as removing all clutter. This alone will make your house appear bigger and brighter. Some homeowners with crowded rooms have actually rented storage garages and moved half their furniture out, creating a sleeker, more spacious look.
  • Hiring a professional cleaning service, once every few weeks while the house is on the market. This may be a good investment for owners who are busy elsewhere.
  • Removing the less frequently used, even daily used items from kitchen counters, closets, and attics, making these areas much more inviting. Since you’re anticipating a move anyhow, holding a garage sale at this point is a great idea.
  • If necessary, repainting dingy, soiled or strongly colored walls with a neutral shade of paint, such as off-white or beige. The same neutral scheme can be applied to carpets and linoleum.
  • Checking for cracks, leaks and signs of dampness in the attic and basement.
  • Repairing cracks, holes or damage to plaster, wallboard, wallpaper, paint, and tiles.Replacing broken or cracked windowpanes, moldings, and other woodwork. Inspecting and repairing the plumbing, heating , cooling, and alarm systems.
  • Repairing dripping faucets and showerheads. Buying showy new towels for the bathroom, to be brought out only when prospective buyers are on the way.
  • Sprucing up a kitchen in need of more major remodeling by investing in new cabinet knobs, new curtains, or a coat of neutral paint.

Are you interested in selling property?  If so,  feel free to contact me.   I can answer your questions and discuss your best options.

If These Walls Could Talk…

March 18, 2013

Pamo-Front-Full View-Exterior


The house welcomed new owners in 1926.  The Taylors would keep it in the family until 1944.  One of these days I will do some research on this family and share tidbits of their history with you.  Work is coming along nicely, we are about six weeks out from final sign-off by the City!  Notice the new chimney and fireplace? The lovely new arches?  New walls have appeared and are ready to talk!


Enjoy the latest slide show:



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Here are some milestones that occurred in San Diego between 1926-1944 as shared by the San Diego History Center.  To see photos of these events and read biographies of influential people visit their website:


1927: Charles Lindbergh successfully begins his trans-Atlantic flight from the Dutch Flats in San Diego.

1928: George Marston creates the San Diego Historical Society and hires William Templeton Johnson to design the Junipero Serra Museum.

1929: The Junipero Serra Museum opens to the public, housing the Historical Society’s collection.

1931: State Normal School moves from Normal Street to present location in East San Diego.

1934: Marine Fleet Force expands to Camp Kearny renaming it Camp Holcomb.

1935: Plans announced to host a second world exposition in Balboa Park.  The California-Pacifica Exposition highlighted Progress of Man and advances in technology, industry and business.  Plans are submitted by Louis Gill to construct the County Administration along the waterfront.

1938: County Civic Center is completed.  Franklin D. Roosevelt comes to San Diego for the dedication of the facility.

1940: McNeil & Zoss are contracted by the government to build 3,000 homes in 300 days for $9 million dollars.  This community becomes knows as Linda Vista.

1941: Pearl Harbor is bombed.  Within 24 hours San Diego prepares for possible invasion by air.

1942: Naval Hospital in Balboa Park is fully operational.  Remaining exhibition halls from the 1935 Exposition are converted into hospital wards and nurses dormitories.  Area became know as Camp Kidd named after Admiral Isaac C. Kidd, who died at Pearl Harbor.

1942-1945: Navajo Code Talkers involved in all assault activities conducted by the Marines in WWII.  Code Talkers stationed at Camp Elliott.

If you know someone who is interested in purchasing property of any vintage please send them my way!

Real Estate @ a Glance: March 2013 Edition

March 12, 2013

Here is the most recent information on the San Diego housing market. For specific information on your neighborhood or a market analysis on your home, please send me an email or call me at 619-325-4192.

February :: SAN DIEGO ASSOCIATION OF REALTORS®

Attached Homes

  • Total Sales Volume:  $238,742,755 = 15.841% higher than January and 28.362% higher than one year ago
  • Average Sales Price: $313,311 = 2.311% higher than January and 26.172% higher than one year ago
  • Average days on the Market: 74 Days = 6.329% lower than January and 26.733% lower than one year ago

Sold

Detached Homes

  • Total Sales Volume: $787,093,892 = 0.492% higher than January and 14.972% higher than one year ago
  • Average Sales Price: $521,946 = 3.891% higher than January and 14.667% higher than one year ago
  • Average days on the Market: 70 Days = 4.109% lower than January and 22.222% lower than one year ago

Median

The following graphic charts San Diego County’s market data for Active, Contingent and Pending listings over the last year – further evidence that housing inventory has decreased; increasing marketplace competition between home buyers, and increasing home prices for home sellers.

Act Con Pend

January :: CALIFORNIA ASSOCIATION OF REALTORS®

  • Existing Home Sales 6.0% lower than December and 3.9% lower than one year ago
  • Median Home Price: $337,040 = 8.1% lower than December and 24.1% higher than one year ago
  • Median Days on the Market: 36.6 Days = 3.9% lower than December and 38.6% lower than one year ago
  • California Housing Affordability Index: 48% = 1% lower than December and 7% lower than one year ago

San Diego County market statistics provided by CAR and SDAR.

For up-to-date information on the market, please contact me.

Sellers market developing

March 8, 2013

San Diego Seller's Market
 
The buzz is in the air.   Homes sales are up and phone calls are coming in.  What is going on in the real estate market?

According to the National Association of Realtors, existing-home sales moved up and the signs indicate that a seller’s market is developing.   Home prices are rising steadily compared to last year.  The real estate statistics show that existing-home sales or completed transactions (single-family homes, townhomes, condos, etc.)  are 9.1 percent above January 2012.

Lawrence Yun, NAR chief economist, said tight inventory is a major factor in the market. “Buyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”

“We expect a seasonal rise of inventory this spring, but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth,” Yun explained.

NAR President Gary Thomas, “The typical home is selling nearly four weeks faster than it did a year ago,” he said. “In this environment, Realtors® can help buyers strike a balance between moving quickly and protecting their interests, such as making offers contingent upon a satisfactory home inspection and obtaining a loan; of course, a loan pre-qualification may help too.”

Alan N. Nevin, The London Group Realty Advisors recently presented the *San Diego County 2013 Economic Forecast.

Here are some highlights of the presentation relating to the San Diego residential real estate market:

•New home sales will improve slightly:  2,500-3,000 units (1/3rd of normal)
•Few new lots will be manufactured
•The resale housing market will at least match 2012 with more than 40,000 homes and condominiums sold
•Foreclosures and short sales will diminish substantially
•Interest rates will remain low
•Home prices will increase 8-10%, same as in 2012

 
What does that mean for San Diego?  We’re seeing a rise in sales activity.  Housing inventory is low. The market is such that we are now seeing multiple-bidding on properties and it is not unusual to see 20 bids on a single property.

 
Are you interested in selling property?  If so,  feel free to contact me.  I can answer your questions and discuss your best options.

*If you would like to read the full San Diego County 2013 Economic Forecast, let me know.  I would be happy to share it with you.

Why Use a REALTOR® When Selling

February 28, 2013

Realtor Logo

A real estate agent helps you understand everything you need to know about selling.

(This article was written by Ron Schmeadick – Realtor.com)

The selling process generally begins with a determination of a reasonable asking price. Your real estate agent or REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.


Marketing
The next step is a marketing plan. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the salability of the property. Marketing includes the exposure of your property to other real estate agents and the public. In many markets across the country, more than 50 percent of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer.


Your agent acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.


Advertising is part of marketing. The choice of media and frequency of advertising depends a lot on the property and specific market. For example, in some areas, newspaper advertising generates phone calls to the real estate office but statistically has minimum effectiveness in selling a specific property. Overexposure of a property in any media may give a buyer the impression the property is distressed or the seller is desperate. Your real estate agent will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82 percent of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts.


Security
When a property is marketed with an agent’s help, you do not have to allow strangers into your home. Agents will generally pre-screen and accompany qualified prospects through your property.


Negotiating
The negotiation process deals with much the same issues for both buyers and sellers, as noted above under the buying process. Your agent can help you objectively evaluate every buyer’s proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your agent can help you write a legally binding, win-win agreement that will be more likely to make it through the process.


Monitoring, renegotiating and closing

Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your agent is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).


Why use a REALTOR®?
All real estate licensees are not the same. Only real estate licensees who are members of the National Association of REALTORS® are propertly called REALTORS®. They proudly display the REALTOR® logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that almost 85 percent of home buyers would use the same REALTOR® again.


You be the judge
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®. (Copyright © by Move, Inc.)



Are you interested in selling property?  Looking to buy and renovate?  If so,  feel free to contact me. I am a REALTOR® and I can answer your questions and discuss your best options.



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