San Diego Home Info by Gretchen Pagnotta
Santaluz Market Trends Year to Date
I will provide complete year end trend and statistics but today am reviewing uo to 12/23/11. Out of 64 closed sales year to date within the gates of Santaluz, 23 were noted in the MLS as distressed sales. Distressed sales are short sales or bank owned REO). The distressed sales drag down values but are not always the best values due to location and condition. The buyer is purchasing “as is” and may have to make improvements. The short sales require long escrow periods. I know of several short sales where lenders refused offers and yet in the final process and after continued market periods ended up accepting even lower offers. This can be frustrating to both buyers and sellers.
Santaluz Lowest Priced Home Closed in 2011
The lowest price home to close in 2011 was a Spanish Bungalow, Plan 1 single story, 2970 sq ft on 14649 Caminito Lazanja. This was a lovely home that was purchased in 2005 for $1,150,000. It was listed for $850,000 in 2010, lowered to $695-750,000 range and finally closed as a short sale at $618,000. This home was in escrow a few times while awaiting a lenders approval for a short sale. This is a prime example of never knowing what a lender will accept for a sale and when they will accept it. This is why many buyers will make multiple offers on homes and why they “walk” because they may take an accepted offer on another home they have a contract on. If you want more information on purchasing or selling short sales we are always available to guide you in the process.
Factors Affecting Value in Santaluz Homes
Location, location, location is always a huge factor in value. The locations in Santaluz that are least desirable have road noise (Camino Del Sur is only getting busier with increased traffic noise), back to other homes with little privacy as far as angle and landscaping, are in the direct path of golf balls (evidence is the multiple golf balls) and yard size. Naturally the homes that are most desirable have views, lovely backyards with space for entertaining and money spent on hardscape, well planned floor plans (customs can be too ”unique”) and homes that are well maintained with desirable features.
Closings for Santaluz Production Homes in 2011 uder 5000 sqft
The production homes are all the homes that are not “custom.” The total number of production homes are 71 Davidson, 65 Warmington (Belsera), 64 Spanish Bungalow, 63 Garden Homes, 55 Posadas, 50 Hacienda Sur,80 Sentinels and 80 casitas. The average from this list below is a closed sale of $998,636 for 4br/4ba at $291.27 sqft. In determining value we always separate the distressed sales from the o sales and then consider all factors in pricing a home. I will be writing a blog on what Santaluz Home sellers need to do to sell in 2012..stay tuned!
Closings for Santaluz
Closings for Santaluz Homes 5000 sqft+: I will write this blog at a later date..stay tuned!
Santaluz Home Market Trends for Homes $1,500,000
October Property sales were 0, down -100.0% from 3 in October of 2010 and -100.0% lower than the 1 sales last month. October 2011 sales were at their lowest level compared to October of 2010 and 2009. October YTD sales of 23 are running 43.8% ahead of last year’s year-to-date sales of 16.
The Median Sales Price in October was $0, down -100.0% from $1,950,000 in October of 2010 and down -100.0% from $2,000,000 last month. The Average Sales Price in October was $0, down -100.0% from $1,883,333 in October of 2010 and down -100.0% from $2,000,000 last month. October 2011 ASP was at the lowest level compared to October of 2010 and 2009.
The Total Inventory of Properties available for sale as of October was 17, down -29.2% from 24 last month and down -39.3% from 28 in October of last year. October 2011 Inventory was at the lowest level compared to October of 2010 and 2009.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2011 MSI of 0.0 months was at its lowest level compared with October of 2010 and 2009.
Santaluz Home Sales Challenged by The Market
This is activity for homes up to $1,500,000 within Santaluz 92127. Because it is taken from Sandicor date it includes Verrazzano, Mirasol and Santa Monica as well as gated Santaluz. October Property sales were 7, up 40.0% from 5 in October of 2010 and -22.2% lower than the 9 sales last month. October 2011 sales were at a mid level compared to October of 2010 and 2009. October YTD sales of 76 are running -24.8% behind last year’s year-to-date sales of 101.
The Median Sales Price in October was $405,000, down -51.8% from $841,000 in October of 2010 and down -51.8% from $840,000 last month. The Average Sales Price in October was $483,071, down -38.5% from $785,200 in October of 2010 and down -38.0% from $779,333 last month. October 2011 ASP was at the lowest level compared to October of 2010 and 2009.
The Total Inventory of Properties available for sale as of October was 47, down -6.0% from 50 last month and down -21.7% from 60 in October of last year. October 2011 Inventory was at the lowest level compared to October of 2010 and 2009.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2011 MSI of 6.7 months was at a mid range compared with October of 2010 and 2009.
Are You Interested in Meeting Your Neighbors?
Santaluz has a variety of clubs and interest groups. We think it might be fun to organize a casual Pot Luck Dinner Group. The thought would be to have a group of Santaluz people who want to make new friends and meet more people while having a great time sampling some Santaluz cooking. There are some excellent cooks in Santaluz! Rather than have it a prepared menu it is more casual. The host/hostess can ask people who are planning on attending what they are bringing . This can be a quick email correspondence. The purpose of this to insure there are a even number of appetizers, main courses and desserts. Everyone know they can count on me for a pasta dish!
We would like to kick this off if there is enough interest in January. We would like the first to be Pagnotta’s Pot Luck on Saturday January 21, 6-9 pm and we will host/hostess! If you are interested in participating in this group let us know so we can get a list going. Just email me at [email protected] and share any thoughts you might have. We were debating whether Friday or Saturday nights would be best…again, let’s hear what you think is best! Also let me know if you are willing to host/hostess. Our thoughts were to do this 6x a year!
Extraordinary Cakes by Karen Krasne
Santaluz will present another culinary delight when Karen Krasne comes for a discussion of her book, Extraordinary Cakes. Each Literay Luncheon becomes better and better..this will be an exciting one especially with the holidays around the corner! If you want more information on Karen this is her website: http://www.extraordinarydesserts.com/detailPages/cookbook.htm
Tennis is a Popular Sport at Santaluz
The courts seem to be getting busier all the time. Santaluz offers an active League Play Schedule as well as social tennis . The tennis director ,Doug Bradley, has a impressive history having been the pro at Fairbanks and Del Mar Country Club. If you have specific questions on the tennis program he can be reached at 858-759-3105. Tennis is just one more activity that people can enjoy at Santaluz to stay fit and make friends. The courts are kept in pristine condition. They are conveniently located near the pool and fitness facility. Membership in the Santaluz Club is required. For more information on this let me know! Tours of the facilities are offered with Membership regularly.
Santaluz Has Great Programs for Children
I was at the club today..a rainy Saturday and noticed children playing, singing, running and seemingly having a great time. The fitness room was buzzing with Saturday guilt workouts…spin class was in full swing and all the ellyptical trainers were going full speed. It was another reminder to me of what a great community Santaluz is. While parents get time to work out, shop, enjoy a latte and a current newspaper the kids are having fun with friends. The runnng and jumping looked promising for an afternoon nap also.
Santaluz Mini and Critter Camps
Let’s face it, many families have 2 parents working. It is always a dilemma when schools have holidays or scheduled days off what to do with the children. Santaluz has the answer with Mini Camps on school holidays. They also organize Friday night Movie Nites and Critter Camps. The children get comfortable with popcorn and enjoy making friends and seeing an age appropriate movie. The camps start at age 4 and go up to tweens ages 9-12. Camp Santaluz has a full summer program with swimming, crafts,fitness,tennis and other social activities. If you would like more information on this community, let me know!
There are play grounds throughout the Santaluz Communty.
Santaluz Davidson Plan with Pool
There are several properties on market that are excellent values. One is a short sale that seems to attract the “cold feet” buyers. It has been in escrow and just when they seem ready to close it comes back on the market. This is a fairly common event with short sales. It is very frustrating for agents as well as the lenders. It takes considerable time and effort to get short sales approved so having a transaction cancelled requires starting all over again. This leads to extended market time which can affect comparable for apprising purposes. If you want more information on short sales feel free to go to my website www.sandiegohomeinfo.com and at the top header.
The property is a Davidson Plan with @ 4400+ square feet. It is a very pretty homes, full of upgrades and features including a backyard that could be out of Sunset magazine! It is listed in a value range of $999,900-$1,099,888.
There are several new listings with various brokers that have come onto the market. There are 2 Posadas which are larger homes on large lots and both lovely 2 story plans. There was a brand new home listed (custom) over 7000 sqft for under $3 million. To see the newest listings in 92127 click on link on right of screen. The lisiting below is listed by a cooperating broker with the MLS.
We're sorry, but it seems that we're having some problems loading MLS # 110011139 from our database. Please check back soon.
Santaluz Home Tour with Resident Specialists The Pagnotta Team
If you would like to see this home and others currently schedule your Santaluz Tour with us!
Santaluz Home Sales for October 2011
The name of the game in Santaluz for October is “watch and wait.” There have been few closings as we wait for a number of homes to close escrow. We are one of the agents that have been waiting for a closing. The lenders are giving us reasons for sleepless nights as they delay loan approvals. When speaking with a well known and respected loan officer just yesterday we were in agreement on one thing, “preapproval means nothing.” It has become a standard practice in real estate to request buyers to be “preapproved” for a loan. In the past it was “prequalification.” Currently we have lenders run a credit report and obtain detailed information on a buyers employment history and assets. Somehow even going through a preliminary process does not insure the buyer will in fact pass all underwriting requirements and obtain a loan in a timely fashion. Our 17 day contingency periods stretch on leaving sellers frustrated and wondering if they really are going to close an escrow on their homes.
Santaluz Shorts Sales and Bank Sales Slow The Escrow Process
The homes that are offered as short sales require a longer escrow period. Once an offer is obtained on a short sale a Short sale package is submitted to the lender. This package has information on the owner such as a “hardship Letter”, their assets and justification for requesting a short sale and the offer on the property. The lender will request comparable sales and eventually the lender will do their own appraisal of the property. In the meantime, time marches forward. Many buyers simply will not wait for the process. When this happens the home goes back on the market and process starts all over again. The homes that are awaiting a lenders approval of the short sale is reported in Sandicor (MLS) as “Contingent.” Once the lender approves the offer it can be reported as “Pending.”
Santaluz Homes Currently in Escrow
The following homes are currently waiting to close an escrow. Let’s hope I can report them as a closed sale on a future blog!
SANTALUZ CONTINGENT SALES
1. Caminito Lazanja: 3892 sqft listed for $850,00-$875,000
2. Sentinel: 2545 sqft listed for $999,000
3. Tierra Tesoro: 4735 sqft( listed at 4259 sqft but it is a Plan 3 Belsera) listed at $1,100.000
4. Doug Hill: 4854 sqft listed at $1,499,000-$1,699,000
5. Northern Lights: 6336 sqft listed for $1,900,000
6. Northern Lights: 6990 sqft listed for $2,000,000-$2,200,876
SANTALUZ HOMES IN PENDING STATUS
1. Run Of The Knolls: 2900 sqft listed for $830,000
2. Santaluz Village Green East: 2,248 sqft listed for $839,900
3. Garden Ct: 3,323 sqft listed for $945,000
4. Briza Placida: 3,851 sqft listed for $$1,098,000
5. Caminito Camelia: 4,453 sqft listed for $999,000-$1,098,888.
6. Entrada Lazanja: 3,990 sqft listed for $1,199,000
7. Doug Hill Ct: 3,706 sqft listed for $1,199,900-$1,299,900
8. Montien Rd: 6,337 sqft listed for $$2,495,000
9. Cmto Santaluz East : 6,364 sqft listed for $2,749,000
10. Run Of The Knolls: 7,659 sqft listed for $2,995,000
11. Northern Lights: 8,859 sqft listed for $3,495,000
12. Doug Hill: 7,846 sqft listed for $3,995,000.
If you are curious about the current value of your home we are always happy to meet with you and provide a detailed market analysis. If you would like more information on Santaluz please review some of my Santaluz blogs including Market Trends. We live in Santaluz and are your Santaluz Resident Agent Realtors!
* The above information was taken from Sandicor on 10/30/2011 and is accurate but not guaranteed. It reflects activity by various participating brokers.
Rancho Bernardo Residents Pass 4th Year Anniversary of Witch Fire
In October 2007 Rancho Bernardo residents lost 365 homes due to the Witch fire. Poway was affected with the loss of 90 homes and in 2003 Scripps Ranch experienced the loss of 312 homes in the Cedar fire. I had a client who lost everything in the Scripps fire. Thankfully I had taken pictures of their home which were helpful when they dealt with their insurance company in negotiating replacement of their home. It is a reminder at this time of year throughout San Diego that we have to be watchful and prepared as it is not “if” a fire will again sweep through our canyons but “when.” The Santa Ana winds fuel the fires and embers travel up to 3 miles ahead of the fire igniting grasses. The importance of clearing at least 100 feet around structures cannot be over stressed.
Santaluz Residents Forming Interest Groups for Disaster Preparation
Some of our communities have been planned to be “stay in place” areas. The landscaping has been regulated to deter the rapid spread of fire and lessen the chance for residents to be evacuated. Santaluz residents have now formed resident interest groups to plan for major disasters including fires. Communication amoung residents is of vital importance. Some common guidelines in case of fire are the following:
- Shut off gas at the meter. Only a qualified professional can safely turn the gas back on
- Seal attic and ground vents with pre-cut plywood or commercial seal
- Turn off propane tanks
- Place combustible patio furniture inside
- Take down hanging plants and move them away from the house
- Connect garden hose to outside taps. Place lawn sprinklers on the roof and near above ground fuel tanks. Wet the roof
- Wet or remove shrubs within 15 feet of your residence
- Gather fire tools such as a rake, axe, handsaw or chainsaws, bucket and shovel
- Back your cars into the garage or park it in an open space facing the direction of escape. Shut the doors and roll up the windows. Leave the key in the ignition and the car doors unlocked. Close garage windows and doors but leave them unlocked. Disconnect automatic garage doors.
- Open fireplace damper, and close fireplace screen.
- Close windows, vents, doors, blinds or other non combustible window coverings and heavy drapes. Remove flammable drapes and curtains.
- Move flammable furniture into the center of the residence away from windows and sliding glass doors.
- Close all interior doors and windows to prevent drafts
- Place valuables that will not be damaged by water in a pool or pond.
- Open your wooden gate and leave it open, so the fire cannot run along your fence to your home.
This time of year take the time to make sure your fire alarms are in working order..replace batteries. Place fire extinguishers in various locations as a general fire safety measure. Make sure your landscaping is under control with extra vegetation removed from your property and away from your home. Discuss your “escape” plan with your family so in the event of a fire when sometimes minutes count you are together in youir plan if evacuation is needed. This should also a plan for pets. It is a good idea to place notices at your homes entry points that state if you have animals in your homes. The thought of my Max (black lab) being in my home if a fire occurred while I was away would break my heart. At least if someone came to the home a notice might insure he was removed.
Santaluz Resident Town Hall Meeting
If you have some other suggestions let me hear from you! For Santaluz Residents come to the SMA Meeting Novemeber 2nd 6:30 for an update on the Disaster Preparedness as well as other subjects. Let’s all be safe and take the time to plan ahead!