Wednesday, January 26, 2011

3 Bedroom Condo For Sale in El Cajon

Most Foreclosed Homeowners Not Attempting Short Sale...Why?

Today we had an office meeting where I learned some interesting facts that I wanted to share. Many banks have released the next round of foreclosed homes onto the San Diego market. This means there is more inventory for buyers to choose from, which is good for buyers. Unfortunately, this same news is not so good for the sellers. If your home is on the market, you now have more competition. Make sure your home is priced very competitively or the buyers are going to pass it by. Buyers do not care how much you owe, how much you want to net or that you think the paneling in the living room increases the value. They are going to compare it to what else is available. Also, if you think you will just wait until the other houses sell and then are able to get what you want; it isn't going to work that way. You see, as other homes in the area sell for less, you have to understand that these are the numbers the appraisers are going to use when appraising your home for the future buyers.


Another interesting fact is that most of the homes that have been foreclosed on and are now on the market were not previously listed for sale. The distressed homeowners did not attempt a short sale prior to being foreclosed on! I find this remarkable and disturbing. Why would the homeowner just give it up to foreclosure? If the home had been sold through a short sale prior to the foreclosure the owner's credit would not have been hit as hard and they would have positioned themselves to purchase another home sooner into the future. Yes, a short sale requires paperwork and some effort on the homeowner’s part but it would be well worth avoiding the foreclosure.
So what is the main reason people do not do the short sale? It is actually because they are counting on a loan modification to rescue them so they can keep their homes. But the reality is that only 10% of all loan modifications that are requested actually go through and this is up from 5%. So what does this mean to the distressed owner? I recommend that you try a loan mod but do NOT beat a dead horse. If you do not get the results you want in a reasonable amount of time move on to the short sale. Do NOT keep waiting for the rescue that is never going to come while the bank files the NOD, Orders the trust sale, forecloses and then kicks you out.

Friday, January 21, 2011

Instant Cash Flow

If you are considering buying a rental property, here is a good one.  Located in Villa Monte Vina in Rancho San Diego.  This 1 bedroom 1 bath condo is listed for $130,000 and it is currently rented for $1,100 per month.  Let's crunch some numbers...

$130,000 @ 4.75% is $678 per month.  (of course you would need a downpayment to get a loan so the actual loan amount would be less.

$678 (mortgage and interest)
$200 (HOA fees)
$70   (insurance)
$135  (taxes)
_____________________
$1083 per month and it is currently rented for $1,100.

Call me if you are interested in this property or any other.

Monday, January 3, 2011

Alpine Real Estate Market Report - December 2010

Here is the Alpine real estate market report for December 2010.  I have included the active, pending and sold properties for detached homes only.  If you would like further information or a different are, please feel free to give me a call.

There are currently 80 active listings currently on the market, ranging from $215,500 for 2 bedrooms, 1 baths, 840 square feet to $2,995,000 for 3 bedrooms, 3 baths, 3000 square feet.

18 properties are pending, currently in escrow.

8 properties SOLD (closed escrow) in December, ranging from $175,000 for 2 bedrooms, 1 bahs, 936 square feet to $539,500 for 4 bedrooms, 3 baths, 3085 square feet. The average market time for the properties that sold was 131 days.

El Cajon Rea Estate Stats - December 2010

Happy New Year everyone! Here is how the El Cajon real estate market looked for December 2010.  I have included statistics for all three zip codes.  This is for detached homes only.

Zip code 92019

There are currently 134 active listings currently on the market. Ranging from $175,000 for 3 bedrooms, 2 baths, 1014 square feet to $2,595,000 for 4 bedrooms, 6 baths, 5890 square feet.
36 properties are pending, currently in escrow.

17 properties SOLD (closed escrow) in December, ranging from $185,000 for 3 bedrooms, 1 bahs, 945 square feet to $810,000 for 5 bedrooms, 5 baths, 4847 square feet.  The average market time for the properties that sold was 76 days.


Zip code 92020


There are currently 100 active listings currently on the market. Ranging from $174,900 for 1 bedrooms, 1 baths, 1000 square feet to $1,195,000 for 4 bedrooms, 5 baths, 3519 square feet.

38 properties are pending, currently in escrow.

21 properties SOLD (closed escrow) in December, ranging from $168,000 for 2 bedrooms, 1 bahs, 994 square feet to $690,000 for 4 bedrooms, 5 baths, 3856 square feet. The average market time for the properties that sold was 72 days.


Zip code 92021


There are currently 115 active listings currently on the market. Ranging from $170,000 for 2 bedrooms, 2 baths, 1100 square feet to $1,200,000 for 3 bedrooms, 2 baths, 1500 square feet.

37 properties are pending, currently in escrow.

22 properties SOLD (closed escrow) in December, ranging from $167,000 for 2 bedrooms, 1 bahs, 904 square feet to $1,175,000 for 4 bedrooms, 4 baths, 6100 square feet. The average market time for the properties that sold was 59 days.

Jamul Real Estate Stats for Dec 10

Happy New Year everyone!  Here is how the Jamul real estate market looked for December 2010.

There are currently 47 active listings currently on the market.  Ranging from $199,000 for 5 bedrooms, 5 baths, 2070 square feet to $2,350,000 for 6 bedrooms, 5 baths, 6264 square feet.

9 properties are pending, currently in escrow.

7 properties SOLD (closed escrow) in December, ranging from $250,000 for 4 bedrooms, 2 bahs, 1356 square feet to $790,000 for 4 bedrooms, 3 baths, 3758 square feet.  Average market time was 72 days.

If you need further information or would like me to check another zip code, please feel free to give me a call.

Friday, December 10, 2010

HOLIDAY SAFETY TIPS

Here are some great holiday safety tips to keep in mind throughout the holiday season.The holidays are an exciting time of year for kids, and to help ensure they have a safe holiday season, here are some tips from the American Academy of Pediatrics (AAP). Please feel free to excerpt these tips or use them in their entirety for any print or broadcast story, with acknowledgment of the source.
Trees

When purchasing an artificial tree, look for the label "Fire Resistant."

When purchasing a live tree, check for freshness. A fresh tree is green, needles are hard to pull from branches and when bent between your fingers, needles do not break. The trunk butt of a fresh tree is sticky with resin, and when tapped on the ground, the tree should not lose many needles.

When setting up a tree at home, place it away from fireplaces, radiators or portable heaters. Place the tree out of the way of traffic and do not block doorways.

Cut a few inches off the trunk of your tree to expose the fresh wood. This allows for better water absorption and will help keep your tree from drying out and becoming a fire hazard.

Be sure to keep the stand filled with water, because heated rooms can dry live trees out rapidly.

Lights

Check all tree lights-even if you've just purchased them-before hanging them on your tree. Make sure all the bulbs work and that there are no frayed wires, broken sockets or loose connections.

Never use electric lights on a metallic tree. The tree can become charged with electricity from faulty lights, and a person touching a branch could be electrocuted.

Before using lights outdoors, check labels to be sure they have been certified for outdoor use. To hold lights in place, string them through hooks or insulated staples, not nails or tacks. Never pull or tug lights to remove them.

Plug all outdoor electric decorations into circuits with ground fault circuit interrupters to avoid potential shocks.

Turn off all lights when you go to bed or leave the house. The lights could short out and start a fire.

Decorations

Use only non-combustible or flame-resistant materials to trim a tree. Choose tinsel or artificial icicles of plastic or nonleaded metals.

Never use lighted candles on a tree or near other evergreens. Always use non-flammable holders, and place candles where they will not be knocked over.

In homes with small children, take special care to avoid decorations that are sharp or breakable. Keep trimmings with small removable parts out of the reach of children to prevent them from swallowing or inhaling small pieces. Avoid trimmings that resemble candy or food that may tempt a young child to eat them.

Wear gloves to avoid eye and skin irritation while decorating with spun glass "angel hair." Follow container directions carefully to avoid lung irritation while decorating with artificial snow sprays.

Remove all wrapping papers, bags, paper, ribbons and bows from tree and fireplace areas after gifts are opened. These items can pose suffocation and choking hazards to a small child or can cause a fire if near flame.

Toy Safety

Select toys to suit the age, abilities, skills and interest level of the intended child. Toys too advanced may pose safety hazards for younger children.

Before buying a toy or allowing your child to play with a toy that he has received as a gift, read the instructions carefully.

To prevent both burns and electrical shocks, don’t give young children (under age ten) a toy that must be plugged into an electrical outlet. Instead, buy toys that are battery-operated.

Children under age three can choke on small parts contained in toys or games. Government regulations specify that toys for children under age three cannot have parts less than 1 1/4 inches in diameter and 2 1/4 inches long.

Children can have serious stomach and intestinal problems – including death -- after swallowing button batteries and magnets. Keep them away from young children and call your health care provider immediately if your child swallows one.

Children under age 8 can choke or suffocate on uninflated or broken balloons. Remove strings and ribbons from toys before giving them to young children.

Watch for pull toys with strings that are more than 12 inches in length. They could be a strangulation hazard for babies.

Parents should store toys in a designated location, such as on a shelf or in a toy chest, and keep older kids’ toys away from young children.

Food Safety

Bacteria are often present in raw foods. Fully cook meats and poultry, and thoroughly wash raw vegetables and fruits.

Be sure to keep hot liquids and foods away from the edges of counters and tables, where they can be easily knocked over by a young child’s exploring hands. Be sure that young children cannot access microwave ovens..

Wash your hands frequently, and make sure your children do the same.

Never put a spoon used to taste food back into food without washing it.

Always keep raw foods and cooked foods separately, and use separate utensils when preparing them.

Always thaw meat in the refrigerator, never on the countertop.

Foods that require refrigeration should never be left at room temperature for more than two hours.

Happy Visiting

Clean up immediately after a holiday party. A toddler could rise early and choke on leftover food or come in contact with alcohol or tobacco.

Remember that the homes you visit may not be childproofed. Keep an eye out for danger spots.

Keep a list with all of the important phone numbers you or a baby-sitter are likely to need in case of an emergency. Include the police and fire department, your pediatrician and the national Poison Help Line, 1-800-222-1222. Laminating the list will prevent it from being torn or damaged by accidental spills.

Traveling, visiting family members, getting presents, shopping, etc., can all increase your child's stress levels. Trying to stick to your child's usual routines, including sleep schedules and timing of naps, can help you and your child enjoy the holidays and reduce stress.

Fireplaces

Before lighting any fire, remove all greens, boughs, papers, and other decorations from fireplace area. Check to see that the flue is open.

Use care with "fire salts," which produce colored flames when thrown on wood fires. They contain heavy metals that can cause intense gastrointestinal irritation and vomiting if eaten. Keep them away from children.

Do not burn gift wrap paper in the fireplace. A flash fire may result as wrappings ignite suddenly and burn intensely.

2010 - American Academy of Pediatrics

Thursday, December 9, 2010

Buy This 3 Bedroom Condo For Less Than Rent!

I was working with a client of mine and decided I should share this with all the renters out there.  You can buy a 3 bedroom, 2 bathroom condo for what many people are spending to rent a 2 bedroom.  Here is the breakdown...

Sales Price:                                  $180,000
FHA down payment of 3.5%      -$   6,300
Loan amount                                $173,700

Monthly payments would look like this based on above and a 4.5% interest rate.

$881.00 estimated pricipal and interest
$188.00 estimated property taxes
$ 50.00 estimated insurance
$295.00 estimated HOA Fee
-----------
$1414.00 total monthly payment!  Take a look at what can be yours.  http://www.postlets.com/res/4714764

If you are paying close to this and especially if you are paying more than this, we need to talk.  Why are you paying someone elses mortgage when you should be paying your own.  Not to mention there are good tax advantages and other perks to owning your own home.  Let me know if you are tired of renting and ready to own or if you would like to pick up another investment.

Monday, December 6, 2010

El Cajon Real Estate

Here are the real estate statistics for all three zip codes in El Cajon for the month of November 2010. I have included the active, pending and sold listings for single family detached.

92019 zip code

There are currently 140 active listings in El Cajon (92019), ranging from $175,000 for a 2 bedroom, 2 bath, 1131 square feet to $2,595,000 for a 4 bedroom, 6 bath, 5890 square feet.

37 properties are pending, currently in escrow.
16 properties sold in November, (closed escrow) ranging from $220,000 for 3 bedroom, 2 bathroom, 1224 square feet to $772,580 for 4 bedroom. 4 bathroom, 3702 square feet.


92020 zip code


There are currently 106 active listings in El Cajon (92020), ranging from $150,000 for a 2 bedroom, 1 bath, 816 square feet to $1,195,000 for a 4 bedroom, 5 bath, 3519 square feet.
46 properties are pending, currently in escrow.

21 properties sold in November, (closed escrow) ranging from $235,000 for 3 bedroom, 1 bathroom, 1035 square feet to $1,065,000 for 4 bedroom. 4 bathroom, 3500 square feet.



92021 zip code

There are currently 111 active listings in El Cajon (92021), ranging from $110,000 for a 2 bedroom, 2 bath, 760 square feet to $1,795,000 for a 3 bedroom, 2 bath, 7500 square feet.

46 properties are pending, currently in escrow.

18 properties sold in November, (closed escrow) ranging from $169,000 for 3 bedroom, 1 bathroom, 1230 square feet to $706,000 for 4 bedroom. 3 bathroom, 3223 square feet.


I hope you have a safe and Happy Holiday season.  Please feel free to call me if you need any more information.  Merry Christmas!!









I hope everyone has a very Merry Christmas! Be safe and enjoy.

Jamul Real Estate

Happy December everyone!  Here are the real estate statistics for Jamul in November 2010.  I have included the active, pending and sold listings.

There are currently 41 active listings in Jamul, ranging from $159,900 for a 2 bedroom, 2 bath, 1223 square feet to $2,301,000 for a 6 bedroom, 5 bath, 6264 square feet.

11 properties are pending, currently in escrow.

4 properties sold in November, (closed escrow) ranging from $270,000 for 3 bedroom, 3 bathroom, 1622 square feet to $650,000 for 4 bedroom. 3 bathroom, 2519 square feet.

I hope everyone has a very Merry Christmas!  Be safe and enjoy.

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