San Diego Home Info by Gretchen Pagnotta

Archive for the 'Foreclosures/Short Sales' Category

Market Trends in Santaluz 2011 Custom Homes

Santaluz Custom Sales Offered Excellent Values in 2011

 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.  I wrote a blog relating to the Production Homes closing in Santaluz and will focus this blog on the Custom homes although there was a Poasada in this list. If you want to read my first blog go to Santaluz Market Trends in 2011.

There have been tremendous values with the sales of Santaluz custom homes.  Many people who thought they would build made the decision to purchase resale homes.  When the homes become lower in replacement cost the aggravation, time and uncertainty of building has prompted people to purchasing a home already constructed. In addition some of the best lots available in Santaluz have homes already built on them. The lowest price home per sqft sold in 2011 according to Sandicor was a custom on Plein Aire at $260.96sqft  ($1,447,000)   for 5,545 sqft. The lowest price custom was on Illuminado selling for $1,400,000 for 5,329 sqft ($262.72 sqft).  As in the Production homes the sales and value have allot to do with LOCATION, views, quality of construction, floorplan and condition.  Also there are club memberships which can transfer with a sale and have some value to the buyer.

There has never been a better time to purchase a custom home.  Many people are under the false impression that they cannot get a loan.  Lenders do have strict guidelines but there is plenty of money available to qualified borrowers at unbelievable attractive rates.  If you are considering a move please contact me so I can get you in touch with the very best sources for loans available today! If you would like a tour of Santaluz and some information on what is available today in Santaluz let me know! I always know what distressed sales may be coming up when notices are filed but there are also extremely good values on traditonal sales! Again, we live here, sell here and know the values within the Santaluz Community! GBPagnotta@gmail.com

The chart belows shows the closings in 2011 for the Custom Homes in Santaluz.

* data taken from Sandicor and deemed accurate but not guranteed. Sales reflect various  cooperating brokers.

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Santaluz Market Trends 2011

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!

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Santaluz Short Sale Property

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 we couldn't find MLS # 110011139 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

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!

cforms contact form by delicious:days

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Santaluz Home Prices For August 2011

Santaluz Home Prices Challenged for August 2011

August Property sales were 13, up 160.0% from 5 in August of 2010 and 30.0% higher than the 10 sales last month. August 2011 sales were at their highest level compared to August of 2010 and 2009. August YTD sales of 77 are running -8.3% behind last year’s year-to-date sales of 84.

August 1-Sept 22 Closed Sales

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Santaluz Home Sales for August 2011

Santaluz August 2011 Home Sales Up from July

August Property sales were 13, up 160.0% from 5 in August of 2010 and 30.0% higher than the 10 sales last month. August 2011 sales were at their highest level compared to August of 2010 and 2009. August YTD sales of 77 are running -8.3% behind last year’s year-to-date sales of 84. This information is provided by Coldwell Banker/Sandicor.

The current market is challenged by short sales and bank owned properties. For a list of homes that have closed escrow in Santaluz year to date please contact me at GBPagnotta@gmail.com

Inventory: The Total Inventory of Properties available for sale as of August was 73, down -9.9% from 81 last month and down -12.0% from 83 in August of last year. August 2011 Inventory was at the lowest level compared to August of 2010 and 2009.

For a list of homes that have closed escrow from August 1-September 22, 2011 click here.

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Santaluz Home Sales Year to Date

Home Sales in Santaluz 92127 Since January 2011 up to $1,500,000

The resale market in Santaluz has been active since the beginning of the year.  The sales have been a mixture of traditional sales and bank owned and short sales. Many of the distressed sales have been homes with compromised locations. In Santaluz a location backing or near Camino Del Sur warrants a lower sales price. The traffic has increased on Camino del Sur and there is noise from the road and the bridge.  Many of the short sales/bank owned have not been in the condition of the traditional sales.  Buyers have to be aware if they are purchasing homes that need upgrading they are will have to spend large amounts of cash on top of their down payment to improve the home.  I find many buyers underestimate the value of making improvements especially if landscaping is also needed. They would be better off purchasing a well maintained traditional sale home that has been upgraded and fully landscaped. 

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San Diego Homes That Are Deals

These homes have been purchased, renovated and are now on the market. Why waste time with short sales or spend your cash on REO’s when you can jump on one of these homes. They are not my listings but I can represent your best interests as your Buying Agent! Contact me GBPagnotta@gmail.com

Continue to find some “Deals”..tell me what you think!

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San Diego Home Info ON Current Loan Rates

This is current information written by Michelle Morris, a Senior Loan Officer with PHH Home Loans. It provides insight into the current rates for loans, changes expected in the money market and a recap of world affairs for the week affecting loan programs. There are expected changes that make it very attractive to find a home and obtain financing today rather than waiting. In addition there are incentives being offered on REO properties. If you are interested in an REO property please let me know so I can assist you! GBPagnotta@gmail.com

For all your lending needs we recommend: Michelle Morris Mortgage Services/SR Loan Officer3810 Valley Centre Drive #906San Diego, CA 92130Cell: 619-850-3600Fax:  858-793-9944CA Broker License 01238196NMLS # 264030

  May 11, 2011~  Loan limits might be going DOWN in October Home Path gives 3.5% credit to buyers if closed before June 30th and 1000 bonus to buyers agents!-Rates are under 5%..call Michelle for the best program and rate which you are qualified to receive! 
 
   
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5 Steps To Get Top Dollar For Your Home Step #4

Attention San Diego Home Sellers!!  Tell me What You Want!

I have written 3 blogs on this subject in the past few weeks.  So far we have covered:

1. Setting The Price

2. Preparing the Home For Sale

3. Creating The Sizzle

Now I want some input from you the customer! I love that word, “customer”. I use it often when seeing all types of people that provide me with a service including my doctors.  Many people use the term “clients” but my belief is that all salespeople need to treat the people who are considering giving them their business as “customers.”  In order to do this effectively we need obtain information as well as provide information. So, San Diego homeowners here is your chance to let me (as well as other real estate agents that read this) what your expectations are in a real estate agent who you are considering contracting with to sell your property.

Let’s explore the following topics:

PRICING YOUR HOME

  Most real estate agents review what is available, what is in escrow and what has sold in the neighborhood their seller lives in. My husband goes 3 steps beyond this and graphs median prices, averages and a standard deviation.  We also have viewed all the homes that are currently on the market the  so we can provide our sellers with accurate information on how those homes compare with location, features and upgrades. Many times we have also seen the homes that have closed escrow.

  Do you feel as a seller you will rely on this information in arriving at a price or do you want an agent to take the figure you have decided to use based on your own opinions/research. Also are you familiar with what we call Value Range Pricing where a range is given; “Seller will entertain offers between $599,900-$649,900.”

STAGING YOUR HOME For A Sale

Do you have expectations that your agents will help council you in staging your home? Are you willing to move furniture, store some items and purchase some items if it will make your home sell faster.  If so what would you consider a reasonable budget for this? WE routinely walk a home and make suggestions room by room, see my blog on staging. Staging may not bring you more money although statistics have shown in most cases it does but I can assure you it leads to more interest and a faster sale. Also do you think this is a skill real estate agents should have or do you think it is reasonable to pay for a consultation from a person who does this for a business?

PREPARING YOUR HOME FOR SHOWINGS

Showing instruction are stated in the MLS for agents to follow when they need to set a time to view a property.There are many ways to schedule showings.  Homes can be shown with a lock-box where agents call the owner and if they do not reach them leave a message for a time they will show the home . The home can be shown with an “Appointment Only” where an agents who has the buyer must contact either the listing agent or the owner to set a specific time to show the home. They may then either use a lock box if one is allowed, be shown the home with an agent or seller.  Some people believe the higher priced homes are shown by appointment with the listing agent but we actually see many luxury homes on a lock-box especially if they are vacant. As a seller what do you think would be your preferred method of having your home shown?

ADVERTISING YOUR HOME FOR SALE

Research has shown a very small percent of homes sell off of print ads. That said the weekend newspapers are full of print picture ads.  As a seller what are your expectations of advertising your home? If you were a buyer how would you begin your home search?

INTERNET EXPOSURE IN SELLING YOUR HOME

The percentage of people searching the web and ending up buying a home from their searches keeps rising. Lets face it, we search for almost everything on line.  The information is everywhere, Realtor,com, Trulia, individual websites, blog sites (your are reading this),zillow and the list goes on.  Same question, if you as a seller were looking for a home where would you look? What are your expectations for your agents. Would you expect a virtual tour, exposure on the major search engines, U-Tube..tell me what your expectations would be.

COMMUNICATION THROUGHOUT THE LISTING

My husband and I pride ourselves on this topic.  We communicate because time and time again our customers have told us they did not get adequate communication from a real estate agent they had formerly worked with.  We like to discover what our sellers prefer, email or phone contact with updates.  Updates include hits on the internet (Realtor.com makes it super easy), our personal websites, showing feedback, market activity and suggestions for price adjustments and objections to overcome.  Your are in the drivers seat…how often would you like to hear from your agent and what information do you want them to provide and in what format?

OPEN HOUSES SELL HOUSES

So many times we hear that sellers think Open Houses” are good for the agent in bringing them buyers but not in selling their home.  I agreed with this up until the Internet provided so much information. My husband and I hold regular open houses as we see so many buyers preferring to come to open houses once they have researched the Internet.  Most have not established a loyal relationship with a real estate agent.  We strongly feel it gives a seller a strong advantage to let their neighbors know their home is for sale and to take a peek.  Neighbors can be a huge source of potential buyers as they tell their friends, business associates about a home for sale in their neighborhood. After all most people do like where they live! In addition it is a way for busy working people to view homes in neighborhoods they are considering without necessarily having to make an appointment with an agent. As a seller do you value or see the importance of Open Houses? Would you want them and at what frequency? Have you ever sold one of your homes from an Open House?

So these are some of the hot topics but please, don’t hold back! Tell us what you want when selling your home!  Oh, and by the way we know you want to pay 1%  but that was not part of the discussion. Just a reminder though on this subject. Commissions are negotiable with brokers.  That said you will not get Nordstrom Service and Quality for Kmart pricing.  You do however deserve the highest degree of service from full service brokers and that is why we want to hear from you, THE CUSTOMER! Email me!

If you live in Del Sur, 4S Ranch, Santaluz, Penasquitos, Poway or Rancho Bernardo and need to have an evaluation on the value of your home please let us know! No obligation!

For Market Trends in North County click here!

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Foreclosure Warnings for Sellers in Rancho Bernardo

This was written by the title representative I use and very informative….

Quick Tips on Foreclosure From Brian Olenik
 

FORECLOSURE RESCUE SCAMS

With the recent rise in foreclosures, foreclosure-related scams have increased significantly.  So-called “foreclosure rescue companies” claim they will help save your home, but in reality are out to make a profit – at your expense.

THINGS TO WATCH FOR…

• Requests money up-front before providing any service

• Instructs you not to contact your lender, lawyer, housing counselor, family, friends or others

• Requests mortgage payments to be made directly to his or her company or a bank account set up by that person, rather than your lender

• Requires payment only in the form of cash, cashier’s check or wire transfer

• Promises to stop the foreclosure process, no matter the circumstances

• Advises you to transfer your property deed or title to his or her company

• Offers to fill out paperwork for you

• Encourages you to lease your house and buy it back over time

• Requests something to be done immediately and without delay.  This includes pressuring you into signing paperwork that you have not had the chance to read thoroughly or do not fully understand

• Offers to buy your house for a fixed price that is not set by the housing market at the time of sale

• Requests you to give a power of attorney

• Requests signatures on a grant deed or deed of trust

• Requests signatures on a document that has lines left blank

• Refuses or fails to put an oral promise in writing

Report Fraud

If you or someone you know has been a victim of a foreclosure-related scam or approached by a scam artist, you may report the incident to the following organizations and government enforcement agencies:

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

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

• Department of Housing and Urban Development (HUD)            www.hud.gov

• Federal Trade Commission (FTC) www.ftc.gov

• Your local Better Business Bureau www.bbb.org

Resource Tools

• If you are at risk of foreclosure or have already received a foreclosure notice, you should contact
  your lender immediately.

• Homeowners also may seek the advice of a reputable housing, financial or credit counselor,
  attorney, or other qualified professional.

• Visit the HUD website at www.hud.gov to view its Guide to Avoiding Foreclosure and its list of
  California HUD-approved housing counseling agencies.

• The non-profit Homeownership Preservation Foundation has a 24/7 toll-free Homeowner’s HOPE
  Hotline at (888) 995-HOPE.

If you would like to discuss any real estate situation with me I am here to help. GBPagnotta@gmail.com

To get some ideas of fun things to do in San Diego read my blog: 52 Weeks of Fun in San Diego!

For More Details Visit: www.BrianOlenik.com

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