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San Diego County Real Estate News

San Diego Real Estate News

This San Diego Real Estate information is provided by a Licensed California Real Estate Appraiser

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San Diego Real Estate Information



March 8, 2007
The market continues to adjust downward in most of the appraisals I have completed lately in San Diego. But that is pretty much what everyone was expecting. I continue to hear news reports and conversations about increases in appreciation, sales prices, etc... I think there has been a lot of reworking the numbers over past appreciation rates due to all the figures being lumped together for condo's and condo conversions, new homes and reseller homes, etc... But everyone agrees there are lots of homes on the market still. From the latest news I heard about the San Diego real estate market on KPBS and am radio, the numbers look promising for the market to appreciate and the decrease in appreciation rates to slow down. I hope so, I will be listing a lot and land for sale soon!

Apple iPhone Multimedia cell phone

On a more exciting note, Apple has released the latest and greatest multimedia enabled cell phone! I really love this thing. I have always said I would hold out buying another cell phone until there was a completely multimedia enabled with music, camera, wi-fi wireless and internet ready. Well, the phone has finally arrived! I kissed my appraisal camera and current cell phone aside and purchased the Apple iPhone! For more info about the Apple iPhone release to include specifications an how to iPhone purchase - click here.

November 1, 2006
The real estate market in San Diego is still continuing to adjust throughout the county, but many feel that the corrections are almost over with the lowering of interest rates, etc... But I continue to see the news articals painting a gloom picture of the San Diego home market. Many are taking their properties off the market and deciding to rent them until it becomes less of a buyers market with so many comparable properties up for sale at the same time. I have also read some recent news articles about the market in Phoenix making corrections and a very large inventory of homes for sale. Builders are also pulling out at the last minute on new communites that were planned to be built over the next year due to the value of land increasing substantially over the past few years. There are also lots of new incentives and price reductions on new homes throughout California and Arizona. Might be a good time to pick up some rental properties. Rental fees should continue to increase as interest rates rise and the rental market appears to be strong. I am going to start doing some foreclosure research and will let you know the details on my next update.

September 1, 2006
Almost time for all the kids to go back to school and was listening to a discussion about the PPIC Statewide Survey: Californians and the Future, August 2006. Visit the PPIC for this report and others. It has a bunch of great information about the future of California over the next 20 years to include a wide range of issues. 2001 California Adults were surveyed in the making of this report. It is expected that the California population will grow by 10 Million over the next 20 years and the survey gives insight on traffic, pollution, the economy and more.

August 24, 2006
I whip open the business section today and see at the headline:
July home sales sink to 2-year low
The article goes on to explain how how sales are deteriorating month to month and that the record number of unsold houses hit a record high in July. Most of the economists feel this is just part of the cycle where home prices begin a slight decline or a plateau in prices. But many are still devided on what this means. Almost everybody feels a correction was in order with the insane amounts of appreciation homes have produced over the past few years. I tend to believe there will be additional adjustments. We are only seeing the beginning.

I still think back to when I purchased my home back in 2001 in an improving area of San Diego for $390K. It only has 3 bedrooms, 1 bath and no garage. The garage was converted in the past to add a family room and bump the square footage up to 1100SF. When I purchased the home, this place looked like army barracks and I thought for sure they were built by the military for all the soldiers coming back from WWII. It does look a little better now, and the neighborhood is still going through quite a bit of change. Houses are looking better, but as one of the more affordable areas of San Diego since these price increases, I think there has been a small influx of crime. I can sell the place easily these days at about $525K. But I could easily see the value of my home drop down to the mid 400's after the market corrects. I guess that is where I think the value really sets on this home until the up cycle in Real Estate begins again.

The article continues on to the next page with Experts predict prices will not fall very far. That sounded a little scary to me. What is 'not very far'? I guess we will see. Data Quick reported sales in july of 3,370 homes, down 29.3% from last july and median prices fell 1.8% in San Diego County. Condos and New Homes are already getting hit the hardest with drops of 3.6% and 4.7% from a year ago. Major builders are backing out of projects and offering more incentives than seen previously. Joshue Shapiro, chief U.S. economist with MFR wrote in a research note the prior day "While certainly a change in trend, so far the offical data are not corroborating some of the more alarmist stories being bandied about recently." I hope we see that official data soon!


August 14, 2006
The adjustment period has not ended and we continue to see adjustments all around San Diego County. Primarily the resale condo's seem to be getting hit the hardest and there is a rise by media organizations covering the falling prices and record number of properties for sale throughout Southern California.
I feel that the market still has reasons for adjustments between 5-15%. But I have also seen homes for sale with just .05 - 1% lower price than similar properties listed in their neighborhood selling within 1 - 2 weeks. I have advised many sellers if they have any offers to take what they can and don't hold out for that special buyer over a period of 3-6 months.

I will continue to monitor the situation and report my findings. For all you sellers out there, clean up your houses, make them really good showing properties and price them a little lower than the comparable properties in your neighborhood. Make sure curb appeal is as high as it could possibly be. $5000 spent on landscaping might pay off in the short run with a quick sale! Good luck out there!

Also, I have a property in Clairemont Mesa, a real contractors dream. I am currently about half way through the lot split process in San Diego. I will start posting information regarding the lot split on a blog to teach others how to initiate a lot split and the requirements for San Diego County.

May 18, 2006
The floor hasn't fallen out yet, but I continue to see price adjustments and negative appreciation over last years sales. A couple of really good reads are by Bruce Norris of The Norris Group about current market conditions. Click here to read the report as featured in Forbes and Yahoo.

It is really amazing to see the actual appreciation numbers as reported by DataQuick for San Diego. Follow the links below to see the latest numbers.

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© 2006 : Bryan Knowlton : Appraise All Real Estate : http://www.appraiseallrealestate.com

Some of my resources:
San Diego Creative Investors Club : How to become a real estate appraiser

San Diego County Real Estate Blogs

California Real Estate Headline Roundup
XML to RSS conversion by Grouper

  • (no title)
    SFGate.com - "State agency will lend to 1st-time home buyers" (7-22-08)

    "A California agency is offer...
  • (no title)
    Bloomberg - "Bank of America Advances After Profit Beats Estimates" (7-21-08)

    "Second-quarter net inc...
  • (no title)
    Bloomberg - "Stern Says Fed Shouldn't Wait for End of Crisis to Raise Rates" (7-19-08)

    "The Federal R...
  • (no title)
    DQNews - "California June 2008 Home Sales" (7-18-08)

    "A total of 35,202 new and resale houses and con...
  • (no title)
    NAHB - "Dynamic Programs Better Than Mandates, NAHB Says" (7-17-08)

    "'significant increases in costs ...
  • (no title)
    NAHB - "Builder Confidence Declines Further In July" (7-16-08)

    "Builder confidence in the market for ...
  • (no title)
    New York Times - "Scramble Led to Rescue Plan on Mortgages" (7-15-08)

    "Treasury Secretary Henry M. Pa...
  • (no title)
    NAR - "REALTORS® Pledge Support to Finalize Housing Stimulus Bill" (7-14-08)

    "The U.S. Senate has...
  • (no title)
    The New York Times - "Fannie and Freddie Shares Slide, Dragging Down Markets" (7-11-08)

    "Fannie Mae a...
  • (no title)
    Yahoo - "Paulson says US mortgage giants 'adequately capitalized'" (7-10-08)

    "Treasury Secretary Henr...

  • (no title)
    Mortgage Bankers Association - "Mortgage Applications Increase In Latest MBA Weekly Survey" (7-9-08)...
  • (no title)
    NAR - "Home Sales to Vary in Narrow Range, Then Rise in Second Half" (7-8-08)

    "Modest near-term movem...
  • (no title)
    New York Times - "Fannie and Freddie Shares Plunge" (7-7-08)

    "Freddie Mac stock tumbled more than 18 ...
  • (no title)
    Los Angeles Times - "Bitter lessons learned from refinancing" (7-5-08)

    "Discussion of the problem oft...
  • (no title)
    Merced Sun-Star - "Upside to the housing slump: Lower taxes" (7-1-08)

    "As property values continue to...


San Diego County Real Estate News

  • San Diego home to Castillo's castle - San Diego Union Tribune

    San Diego Union Tribune

    San Diego home to Castillo's castle
    San Diego Union Tribune, United States - 14 hours ago
    Linebacker Shawne Merriman joked yesterday that he now knew why Castillo had been talking to him recently about real estate. He was ecstatic that the player ...

  • San Diego Trust Bank Continues to Outperform Despite Industry Woes - Business...

    San Diego Trust Bank Continues to Outperform Despite Industry Woes
    Business Wire (press release), CA - 10 hours ago
    The Bank has strategically reduced its exposure to certain sectors of the real estate market over the past twenty four months given the heightened levels of ...
    Security Busines...

  • City Of San Diego Files Suit Against Countrywide - NBC Sandiego.com

    City Of San Diego Files Suit Against Countrywide
    NBC Sandiego.com, CA - 1 hour ago
    ... predatory real estate lending practices" that has caused numerous San Diego residents "to be in jeopardy of losing their homes through foreclosures. ...

  • Westcore Sells Building in Austria for $39.2 Million - FOXBusiness

    Westcore Sells Building in Austria for $39.2 Million
    FOXBusiness - 4 hours ago
    Westcore Properties, LLC, is a private, entrepreneurial commercial real estate investment firm with institutional scale and capabilities that focuses on ...

  • Beige Book Looks blue - HULIQ (press release)

    AFP

    Beige Book Looks blue
    HULIQ (press release), NC - 3 hours ago
    New York reported increased delinquencies on consumer and residential real estate loans, and San Francisco indicated that declines in loan quality were ...
    (FED) Beige Book Forex Hound
    all 114 news articles

  • 10 things you should know about today?s South Dakota real estate ... - Black ...

    10 things you should know about today?s South Dakota real estate ...
    Black Hills Pioneer, SD - 6 hours ago
    If you read the newspapers you might get the idea that real estate markets are the same everywhere. If conditions are bad in San Diego or Miami they must be ...

  • Foreclosures set new mark - San Diego Union Tribune

    KCBS

    Foreclosures set new mark
    San Diego Union Tribune, United States - 14 hours ago
    Mark Goldman, who teaches real estate finance at San Diego State University, said lenders are awakening to the realization that they need to modify more ...
    Most foreclosures in at least 20 years San Francisco...

  • How To Buy Real Estate And Build Your Home In Nicaragua - NuWire Investor

    How To Buy Real Estate And Build Your Home In Nicaragua
    NuWire Investor, WA - 13 hours ago
    ... from San Diego State University. He founded Water's Edge Realty to help others with Nicaragua Vacation Rentals and purchasing Nicaragua Real Estate. ...

  • She Really Was a Fashion Plate - San Diego Reader

    She Really Was a Fashion Plate
    San Diego Reader, CA - 4 hours ago
    It always was real beautiful.? Alene Austin Cole?s family came to San Diego from Oklahoma in 1929 because of the Depression. ?We were one of those Okies or ...

  • City Attorney Sues Countrywide To Stop Foreclosures - KGTV, 10News.com

    City Attorney Sues Countrywide To Stop Foreclosures
    KGTV, 10News.com, CA - 26 minutes ago
    ... fraudulent or unfair predatory real estate lending practices causing victims of such behavior, in the city of San Diego, to lose or be in jeopardy of ...

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