San Diego Home Info by Gretchen Pagnotta

Archive for the 'Foreclosures/Short Sales' Category

Santaluz Home Sales Year to Date 2012

Santaluz Home Sales Picking Up in 2012

We are finally seeing some buyer confidence which has been reflected in the market in the past few months.  Just last week 2 short sales came on the weekend and went into contingent sale status. They each had multiple offers with some being “all cash.”  The prices are bid up when these homes come on at low prices so we will not know the true sales price until they are approved by the lenders and the home closes escrow.   This is actually detrimental to traditional sales (non distressed). Buyer see the list prices and assume they are sold in this range. Therefor they reflect this on their offers with other homes.  Consumers need to be reminded that all short sales need to be approved by the lenders which includes a lender appraisal. We have seen lenders deny prices on offers made if they believe the pricing is too far below market.  Although someone owning a short sale does not care about their price and therefore neighborhood values, we as Santaluz homeowners do care! Therefore if you or someone you know is in distress we welcome the opportunity to talk with them. We price these homes appropriately so the short sale will be approved in a timely fashion and neighborhood values are maintained!

 To see pictures and more detailed data on closed sales

 ACCESS MY FULL SANTALUZ CLOSED SALE REPORT!

To see the most recent listings in 92127 click here!

To see overall Market Trends click here!

If you are considering a purchase or sale let us know as we have specific buyers looking for various properties in Santaluz! GBPagnotta@gmail.com

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New Short Sale Guidelines Will Help San Diego Homeowners

New Short Sale Guidelines Will Speed Up The Process

Some recent new guidelines have been passed so lenders will be required to respoind to struggling homeonwers in a more timely fashion. We are always working with lenders with the short sale process and have found the most frustrating part of the porcess is timely (untimely) communication. Days, weeks, mnths go bay with little progress. So many lenders are just understaffed and cannot meet the demands and have nonexistant systems in place within their organization.  Let’s hope this leads to an improvement.  This what NAR has published:

WASHINGTON (April 18, 2012) – The National Association of Realtors® applauds the Federal Housing Finance Agency for issuing new guidance requiring servicers of Fannie Mae and Freddie Mac loans to speed responses to short sale requests.

The guidelines would require servicers to acknowledge receipt of short sale purchase offers within three business days; respond to short sale requests within 30 days (with a possible 30-day extension); and make a final decision within 60 days of receiving purchase offers.

“As the leading advocate for housing and home ownership, NAR knows that delays in approving short sale requests remain a significant challenge for Realtors® and consumers and often results in canceled contracts and the property going into foreclosure,” said NAR President Moe Veissi <http://www.realtor.org/bios/moe-veissi> , broker-owner of Veissi & Associates Inc., in Miami. “Realtors® greatly appreciate FHFA’s efforts in establishing a time frame for responding to sellers and potential buyer offers to help streamline the short sales process.”

NAR has long urged the lending industry to improve the process for approving short sales. When a family is absolutely unable to stay in their home, a short sale minimizes the negative impact on sellers and communities, and NAR believes that streamlining the approval process will reduce the amount of time it takes to sell the property, improve the likelihood that the transaction will close and reduce the number of foreclosures. Short sales also help stabilize home values and neighborhoods by keeping homes occupied, which benefits the housing market and aids in the recovery.

pefully help close short sale transactions at higher rates, we believe legislation is still needed to impose mandatory deadlines on all loan servicers,” said Veissi.

           Implementation of the new guidelines should begin after June 15, 2012. For more information, visit www.realtor.org/topics/short-sales <http://www.realtor.org/topics/short-sales> .

Do You Need Help With a Short Sale in San Diego

If you or someone you know needs some advice as to whether a short sale might be an option please let us know; GBPagnotta@gmail.com,  We represent both buyers and sellers with short sales and have considerable experience doing so.

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The Pagnotta Team Gets Coldwell Banker Award for Sales in 2011!

Gretchen and Alan Pagnotta Lead Sales in North San Diego County

Last year was one of the most challenging years we have worked in Real Estate.  The short sales were more than challenging with delays and hurdles to jump and traditional sales had to compete with the distressed sales.  Emotions were high with both buyers and sellers. No one was really happy!  Sellers felt they are giving their home away and buyers need to be sedated to sign a contract thinking the market will fall further. Many times the appriasals came in below the contracted sales price causing another set of problems.  So far 2012 has seen a welcome change! The inventory is down, buyers are purchasing and not saying they want to rent and sellers have come to terms with their values. There has never been a better time to sell and make another move! Granted if you are selling and cashing out I would wait a few years. 

Coldwell Banker President’s Circle Award

Alan and I will receive our award this next Tuesday. Year after year we consistently maintain a high sales volume. Our focus ia always San Diego North County.  Each year we seem to sell homes in Rancho Bernardo, Poway, Carmel Valley, Escondido, Encinitas, Carlsbad, Fallbrook, Vista and also work with new home builders in these areas. We always enjoy first time buyers and work also with people scaling down, moving up, investors and luxury home buyers and sellers in North San Diego County.    It takes tenacity, a huge amount of positive thinking and optimism, skillful negotiation and knowledge of the market.  Thankfully with the help of Coldwell Banker we are given all the latest tools to help both buyers and sellers. Our global internet marketing and search engine optimization is outstanding.  Currently we are working with 4 relocation buyers who found us on the internet. We just returned from the Gen Blue Coldwell Banker Training event in New Orleans.  We have a whole new bag of tricks to implement.  Social media is playing a huge part in how real estate is being marketed.  We plan to launch a series of community videos and focus on lifestyle marketing for both buyers and sellers.

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The Pagnotta Team Home Sale Incentives

Thinking of Selling Your San Diego Home?

If you are considering selling your San Diego home this spring we have some incentives for you.  To get the most money and the fastest market time your property needs to be clean, the  yard maintained and your home  staged  for sales success! We have a great team that can help you.  Once they are done we will do the rest with our Global Marketing Internet Marketing Program and all our professional gallery photography!

Pacific Carpet and Tile Cleaning

The LOGO these business owners use is “Best Cleaning on Earth.”  I have used them for my personal residence and also have referred them to clients.  They get outstanding results.  My carpet looks like new after they are done. They are professional in every sense of the word.  I found them on the  Yelp site and after reading positive reviews gave them a call. Glad I did!

Keep It Green Pacific Carpet and Tile Cleaning  uses a product that is soap free, odor free, all natural, colorless, non-allergenic, non-toxic and no VOCs according to their advertising.

  They are offering free family room cleaning with 3 room minimum. If you have other cleaning  needs they will offer you a discount  if you call them for The Pagnotta Team Incentive 760-908-6795 or go to their website; www.PacificSteamClean.com

Modern Image Landscape

It is so important to have good curb appeal.  This starts with having your yard looking its best.  You may need to add some color with some fresh flowers at the entry to greet buyers and your lawns in their best condition.  I have personally used Modern Image Landscape on several occasions to landscape my entire yard including building a pool.  The quality of workmanship is fabulous. Chris O’Quinn is wonderful to work with; professional, polite and he communicates openly and frequently.  He is offering 1 free month of landscape maintenance with a six month contract. To read more go to http://www.modernimagelandscape.com/ or call 619-247-3628. Jus mention The Pagnotta Team to get the white glove treatment!

Stage To Success

Many times people think of staging as decorating.  Many times it is “un-decorating.”  That said it takes a decorator/designer to see what needs to be done.  Staging allows buyers to see space and imagine their lifestyle to be complimented by your home.  Once your home is listed we will provide you with a complimentary staging service!  If in the meantime you need help please call Catherine Smith at 858-442-1889 and let her work her magic!

We are Top San Diego agents and would be happy to provide you with a current opinion of value on your home or condo.   We work in the coastal and inland communities of Poway, Rancho Bernardo, Santaluz, Del Sur, 4S Ranch, Rancho Penasquitos, Vista, San Marcos, Carlsbad and Scripps Ranch.

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San Diego Home Owners May Reduce Property Tax

Propositon 8 Helps Home Owners Who Purchased During Peak Market Periods

Many people are unaware of a new State Law which is called Proposition 8.  Under this new law, property owners that own homes that have fallen below their assessed value can request a temporary reduction in their tax bill. When the market value as of January 1, 2012 falls below the assessed value established by the  the Assessor’s Office,  home owners can file for an Application for Review of Assessment prior to April 30, 2012. They must complete this form and also provide data such as comparable sales, a recent appraisal and/or current market activity.  The closed sales need to be of similar properties and ideally occur between 10/1/11-3/31/12. Many neighborhoods have had a significant impact on values due to short sales and bank owned properties selling at very low prices.

The Pagnotta Team May Be Able To Help You

If you have interest in doing this we are happy to help you!  Just contact us with your address and we can send you closed sales that are most like your home! You may receive solicitations for people who will charge you for this.  A homeowner can easily complete the form and if you live in our service areas we will help you with closed sales. For further information please go to: www.sdarcc.com.

To determine your assessed value refer to your current tax bill focusing on the upper right hand corner.

It is important to note you still may disagree with the response you receive from the assessor.   At that time you can pursue your requests by filing an application with the Clerk of Assessment Appeals between July 2 and November 30.

Further information can be obtained here.

If you need our help with a list of closed sales please contact us at GBPagnotta@gmail.com

This is not intended to be tax advice. Please consult your CPA or tax professional to obtain tax advice.

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9 Reasons to Purchase a Home in 4S Ranch

4S Ranch is a master planned community located just 30 minutes north of San Diego and about 15 minutes from the beaches of Del Mar.  It is 2 miles west of I-15 but can also be accessed by taking 56 from the coast and Camino del Sur.  I own property in 4S Ranch because I knew it would be a fabulous area that would be popular for years to come. Here are my 10 reasons why people need to consider calling 4S Ranch their new neighborhood.

4s Ranch Homes Have Value

With the change in the market and because 4S is a relatively new community where many people purchased during the height of the market there are fabulous values.  This holds true for both resales and new construction. There have been quite a few distressed sales; shprt sale and bank owned properties. We monitor the distressed properties so if this is what you are looking for please let us know! The “traditional” sales have been well priced. The new construction is a tremendous value with builders offering incentives.

4S Ranch Has Excellent Schools

Rancho Bernardo is part of the acclaimed Poway Unified School District.  The schools in 4S are newer and have received high grades on testing. The schools include Monterey Ridge, Stone Ranch Elementary, Oak Valley Middle Schools and Del Norte High School. Read the rest of this entry »

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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!

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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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