San Diego Home Info by Gretchen Pagnotta

Archive for the 'Seller Info' Category

San Diego Real Estate and Coldwell Banker

Gretchen and Alan Pagnotta Believe in The Power Of BLUE!

Real Estate agents have many choices when it come to the Broker they elect to work with. If an agent is licensed as a Broker, which Alan happens to be, they can work independently. Many people wonder why we don’t set up our business model this way. We have a very simple explanation. It is not what is best for us or our clients.  There are several leading franchises the public recognises, Prudential, Soothby’s, Keller Williams, Century 21 and ReMax to name a few. The new kids on the block are RedFin and Zip Realty who have attempted to experiment with discounting commissions.

  Our decision to be associated with Coldwell Banker is based on our belief in  The Power of Established Branding. We believe the consumer wants to have some sense of recognition with a product and also a sense of trust.  In addition we have found no other company can come close to offering the global marketing,luxury home representation and agent networking that Coldwell Banker has to offer. They are an industry leader and in Southern California as well as other areas of the country they have the statistics to prove the Power of Blue. 

  Coldwell Banker was established 100 years ago and remains a global leader in the real estate market.  To give you some perspective this is a brief history of the company that I took off our main  Coldwell Banker website:

“Over 100 Years of Excellence in Real Estate

Coldwell Banker was founded in 1906 when Colbert Coldwell, a young real estate Sales Associate, observed families trying to piece their lives together following the disastrous San Francisco earthquake.

Disapproving of Sales Associates who acquired property from vulnerable sellers and then resold it at huge profits, and seeing a need for honest, knowledgeable real estate professionals, he formed his own company.

The new company was based on a revolutionary philosophy: the client’s best interest above all. In 1914, Benjamin Arthur Banker, another real estate professional, joined Colbert Coldwell as a full partner. Together, Coldwell and Banker forged a tradition of integrity, exceptional service and customer satisfaction that became the company’s hallmark. The company was far ahead of its time in its focus on customer service.”

Buyer and sellers have choices today in selecting who will represent them. Purchasing a home or selling one is a huge financial decison.  Why not go with a leader who has  100 year history of representing your best interests! Let us know how we can help you!

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3 Steps to Sell Your Santaluz Home in 2012

3 Steps To Sell Your Santaluz Home in 2012

1. Price it right. Review comparables in past 90 days with an agent that knows Santaluz.  You may not agree and want to try “higher” but experience has shown us these listings linger and will sell even lower because this market is not going up any time soon!  The home has to appraise and appraisers use the same comps agents have access to. There are no “magic” homes in this market. The other misnomer is “I am in no hurry…” Homes that are priced right sell faster and for a higher price. A home that lingers because the seller ”is in no hurry” will become tired and statistics show us will sell at a lower price.

 It is very  important to use  an agent who lives in Santaluz and knows the community. Many people do not realize values between each production home neighborhood;  Warmington’s, Spanish Bungalows,Garden Homes, Hacienda Sur, Posadas, Sentinels, Casitas and customs.It is critical to select an agent who has a history of consistent production which The Pagnotta Team has (25 years!) Read this blog…  So many factors come into play; views, floor-plans, location, condition, upgrades and presentation. We just closed a home on Doug Hill and View was a large factor of value.  If you would like an opinion of value on your home please let us know (no obligation!) GBPagnotta@gmail.com

2. Stage it to Perfection.  As Realtors we use the expression; “It has to be pretty.” Not only pretty but presented in such a way that the space is visual, the floor-plan shows flexibility, accessories create emotion and the home is appealing to all senses. Vacant homes are a challenge as they lack emotion. I am certified as a Staging Professional and guide my sellers to make their home as buyer appealing as possible. For more on staging read:http://sandiegohomeinfoblog.com/2010/06/09/staging-homes-part-1-accessorize/

3. Market Locally and  Globally.  The buyer of your home may live in Carmel Valley, Fairbanks or another San Diego area but they may also live in Washington state, Chicago, Georgia, Japan, China or England. It is critical to understand how an agent will position your home on the Internet and what programs their brokerage offers to marketing a home. The days of putting a home in MLS and waiting are over!  That may work for a distressed bank owned priced below market but for a traditional sale the home must be marketed. Our association with Coldwell Banker gives us the very best opportunity to position your home to as many buyers as possible. More than 90% of of home buyers are using the Internet to search for their home. In additon we have written more blogs than my competitors on Santaluz.  People want information and we provide it. If you have not done so please go to www.SanDiegoHomeInfoblog.com/Santaluz and see all the information we have provided to clients on Santaluz. Remember people have a choice in the community they select so marketing the community is as important as marketing the home. The chart below represents the web traffic in November 2011 for our Coldwell Banker Web Traffic. If you want to discuss selling your home in 2011 let us know! GBPagnotta@gmail.com

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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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Rancho Bernardo 92128 Home Sales Year to Date 2011

Rancho Bernardo East Home Sale Trends

Rancho Bernardo 92128 includes some  senior areas; Oaks North and 7 Oaks where many  single family homes sell under $500,000 due to their size and age.  There is no new construction in this zip code therefore no competition with new home builders.  Many of the homes in this area are older and need updating which buyers factor into their decision on offer price and also whether they want to take on the burden of remodeling kitchens and bathrooms. The homes that have been updated sell quickly and at higher prices.

Please see my other blogs on Market Trends!

If you would like an opinion of value on your property please contact us! The first of the year is always a good time to market properties.  People who are relocating start looking at this time with hopes of closing an escrow early in the spring.

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Rancho Bernardo 92127 Home Sales Year to Date

Rancho Bernardo West Home Sale Trends

October Property sales were 24, down -36.8% from 38 in October of 2010 and -36.8% lower than the 38 sales last month. October 2011 sales were at their lowest level compared to October of 2010 and 2009. October YTD sales of 344 are running -11.8% behind last year’s year-to-date sales of 390.

This 92127 zip code includes the newer homes in 4S Ranch which has been challenged by short sales and bank owned properties as well as competing new construction with incentives.

The Median Sales Price in October was $640,500, down -13.4% from $740,000 in October of 2010 and down -4.0% from $667,500 last month. The Average Sales Price in October was $688,329, down -26.8% from $939,776 in October of 2010 and down -12.0% from $782,304 last month. October 2011 ASP was at the lowest level compared to October of 2010 and 2009.

List Price as Compared to Closed Sale Price Trends

 The October 2011 Selling Price vs Original List Price of 96.6% was down from 96.8% last month and up from 96.1% in October of last year.

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Santaluz Luxury Priced Homes Sales Year to Date

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.

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Santaluz Homes In Escrow for October 2011

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.

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Santaluz Home Sales Since June 1,2011

Santaluz Home Sales for September 2011

September Property sales were 8, equal to 8 in September of 2010 and -38.5% lower than the 13 sales last month. September 2011 sales were at a mid level compared to September of 2010 and 2009. September YTD sales of 85 are running -7.6% behind last year’s year-to-date sales of 92.

* see note below

Santaluz Pricing for September 2011

 The Median Sales Price in September was $869,000, down -13.1% from $1,000,000 in September of 2010 and up 5.6% from $823,000 last month. The Average Sales Price in September was $1,046,125, up 15.7% from $904,375 in September of 2010 and up 23.4% from $847,423 last month. September 2011 ASP was at highest level compared to September of 2010 and 2009.

* see not below

Santaluz Home Inventory for September 2011

The Total Inventory of Properties available for sale as of September was 68, down -5.6% from 72 last month and down -20.0% from 85 in September of last year. September 2011 Inventory was at the lowest level compared to September of 2010 and 2009.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2011 MSI of 8.5 months was at its lowest level compared with September of 2010 and 2009.

* This data references Santaluz MLS area which inlcudes Verrazzano, Mirasol and Santa Mionica as well as within the gates of Santaluz.

Santaluz Homes Sold Summer 2011

These properties are all within the gates of Santaluz.

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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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