Incredible Carlsbad Home SOLD!

SOLD IN 14 DAYS! Beautiful family-style residence, with charming curb appeal and pride-of-ownership upgrades. Come see this thoughtfully designed open floor plan, featuring vaulted ceilings, travertine flooring, and clerestory windows that flood each room with natural light. Great La Costa location, within the highly sought-after neighborhood of Alga Hills, and your passport to an authentic San Diego lifestyle.

7047 Zubaron for Social MediaSold
Single Family Residence$794,000

Beautiful Family-Style Residence

7047 Zubaron
Carlsbad, CA 92009

  • 3Beds
  • 2Baths
  • 1,990Square Feet

Downtown San Diego Real Estate Market Report for September 2013

The Downtown San Diego Real Estate Market for September 2013 is in! Before I start to write, please see the numbers below. We are still experiencing a strong seller’s market that is slowly starting to change as more inventory continues to comes to market and mortgage interest rates continue to climb. Results Below:

Downtown San Diego Real Estate Market Report for September 2013:

  • 234 Active Listings for Sale as of September 8th, 2013
  • Average Days on Market to Sell: 51 Days (September 2012 was 69 Days)
  • 78 Total Sales for September 2013 (September 2012 had 83 Total Sales)
  • Median Sales Price for September 2013: $450,000 (September 2012 was $385,000) ▲ 15%
  • 3 Month’s Inventory (234 Active Listings / 78 Sales) Seller’s Market
  • Highest sale Pics & Video: The Grande South, 39th floor, 2 Bed for $1,549,000
  • Lowest sale Pics & Video: Element, 8th floor, Loft for $176,700
  • Most Expensive Current Listing, Pics & Video: Harbor Club, $9.975M
  • Least Expensive Current Listing, Pics & Video: The Mills, $189,850

Breakdown by Neighborhood for September 2013:

Summary: Overall, the median real estate price for condos in Downtown San Diego has increased by 15% from September 2012. Sales are still very strong although the rise in interest rates combined with an increase in available inventory is showing some impacts. Condos for sale in Downtown San Diego still sell quickly if priced right (don’t use Zillow, it’s always wrong) and are marketed effectively.

See All Condos for Sale in Downtown San Diego 92101

Condos that are overpriced, not marketed correctly, or sold by owner tend to linger and go “stale”. Think of bread at the bakery. If it doesn’t sell right away, it starts to go stale. What does the baker do? They drop the price and add it to the “day old” basket. Buyers in the bakery don’t want “day old” bread. If they do purchase “day old” bread, they certainly expect a discount because there must be something wrong with it if it’s been for sale this long and hasn’t sold.

Real estate works the same way. Your best buyer will likely be your first buyer and the buyer that makes an offer when you price your Downtown San Diego condo correctly. I have a new video blog on the way completely dedicated to this subject, please check back for it soon.

Questions? Comments? Please send them my way!

What Does Contingent Status Mean and is the Property Available?

A very common question is what does “Contingent” status mean and is the property available?  This is a great question.  I’ll answer it briefly below.  For even more details, contact me and we can really get into the details.

The answer is technically NO, the property is NOT available.  You next question is likely “Why is it showing up in my property search then?”.  The property is not technically in “Pending” (Escrow) status yet so the switch cannot be made.  Should you pursue a “Contingent” property or is it a waste of time?  I will not beat around the bush, most likely it is a waste of time.  Every now and then a back up offer might be accepted but in my experience, you are better off continuing your real estate search and finding something new as your chances to actually close escrow rise considerably.

In 2013, there is usually just one reason a property is marked “Contingent”.  It has to do with short sales.  When a buyer makes an offer to a seller on a short sale listing and the seller accepts, the deal is not quite executed just yet.  Both parties must wait for a short sale approval from the lender(s).  This approval wait time can take several weeks or it can take several months.    The lender has the option to approve the sale, not approve the sale, change the price, change the terms, etc…   If the lender(s) approve the short sale, then it will switch to “Pending” status and you no longer have to see a property you cannot have everyday in your property search.  From there. assuming a successful escrow is achieved, the property will ultimately fall into Sold status as ownership has changed and the property is in possession of it’s new owners.

Contact me with any questions on the subject, I am always available.  Also, have a question about a property in “Contingent” status?  Call me so I can give you the scoop.

La Jolla Real Estate Market Report for Homes and Condos, May 2013

La Jolla, just like the rest of San Diego, is currently experiencing a surge in demand and rise in home and condo prices.  Single family homes are currently on pace with an annualized 12% rise in prices while condos and town-homes are rising at a slightly higher rate.  The price points of many detached homes in La Jolla are much higher than attached properties so this is too be expected.  This La Jolla real estate rise is sustainable and we will see much of the same for the foreseeable future.

Search all Homes and Condos for Sale in La Jolla 92037

This is all great news for the La Jolla Real Estate Market.  As always, I’ve compiled some vital and interesting statistics below:

92037 Real Estate Market Facts for May 2013:

  • 254 Active Listings for Sale as of June 10th, 2013
  • Average Days on Market to Sell:  43 Days (May 2013 was 48 Days)
  • 95 Total Sales for May 2013
  • May 2013 Median Sales Price:  $962,250 (May 2012 was $945,000)

Single Family Detached Homes (SFR):

  • 42 Total Sales (May 2012 had Total Sales 26)
  • Detached Homes– Median price was $1,501,000 (May 2012 was $1,359,500)
  • Average Days on Market to Sell: 66 Days (May 2012 was 78 Days)
  • Highest sale La Jolla Shores, for $8,825,000
  • Lowest sale Village of La Jolla, for $725,000
  • Most Expensive Current Listing:  Pics & Video:  La Jolla Farms, $22,900,000
  • Least Expensive Current Listing:  Pics & Video:  La Jolla Shores, $701,000

Condominiums and Townhouses (ATT):

  • 54 Total Sales (May 2012 had 31)
  • Attached Homes– Median price was $622,000 (May 2012 was $475,000)
  • Average Days on Market to Sell: 60 Days (May 2012 was 114 Days)
  • Highest sale La Jolla Village, for $2,475,000
  • Lowest sale Village of La Jolla, for $221,000
  • Most Expensive Current Listing:  Pics & Video: Village of La Jolla, $5,595,000
  • Least Expensive Current Listing:  Pics & Video: La Jolla Village, $235,000

Summary:  This is a very good time to buy or sell real estate in La Jolla.  Home affordability still remains at record low levels, especially in La Jolla.  There may not be a better time to enter the real estate market in one of the most desirable communities in San Diego in our lifetime.

Finally, interested in living on pacific ocean?  Please check out my teams dream listing at:  6102 Camino De La Costa.

Have a La Jolla Home to Sell?  Contact me for a no hassle marketing proposal

Questions? Comments? Please send them my way!

New Real Estate Video Tour at Horizons in The Marina District in Downtown San Diego 92101

Just finished my latest real estate video tour in Downtown San Diego Condo series.  The real estate video tour is on location at Horizons in The Marina District in Downtown San Diego.  Please check it out below.  Also, visit my dedicated website portal where you can read about the details at Horizons and see all the condos for sale at Horizons.

I am very happy with the quality of the condo video tour.  As always, I wanted to deliver to you a video tour experience as if you are touring Horizons in person.  Several features that I really think make Horizons stand out and to look out for in the video are the massive water feature in the central courtyard, the luxury style pool and aquatic area, and the commercial size fitness facility.

Prices start in the mid $400k range and go up into the millions depending on square footage, floor level, views, etc.  Horizons is modern and sophisticated.  Amenities include pool, spa, fitness center, several community break out rooms, pool table, full concierge and security, and guest parking available on a first come first serve basis.  Guest parking is very hard to find in Downtown San Diego, a huge plus for any guests you might have.

ALL CONDOS FOR SALE AT HORIZONS IN THE MARINA DISTRICT

Living at Horizons is true luxury style living in Downtown San Diego.  If you are in the market for a Downtown San Diego condo, make sure to include Horizons at the top of your list.

 

- Main Marker

 

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2013 February Downtown San Diego Real Estate and Condo Market Report

 

February 2013 closed out with a huge bang for Downtown San Diego Condo sales.  We ended up with 63 total sales (per Multiple Listing Service).

  • 50 sales were regular sales.
  • 11 were short sales.
  • 2 were foreclosure sales.

That’s right, only 2 foreclosures sales closed in February!   My advice to any Downtown San Diego Condo shoppers looking for a bargain:  Do not pursue foreclosures as that train has left the station my friends!  Shadow inventory?  Not going to happen.  The banks are systematically and slowly bring homes to market.  They did not become billion dollar+ size banks by being stupid.  They control the market and they know it.  A massive shadow inventory home drop is just not going to happen.

The highest sale was for $2,145,ooo at Pinnacle in The Marina District.  This 3 bedroom penthouse style condo had been on market 420 days.  The lowest sale closed at Acqua Vista in Little Italy for $159,000.  It was a 431 sq ft studio that actually sold before being entered on the Multiple Listing Service system.  It was an “Unlisted Property” sale.  The Average sales price for Downtown San Diego Condo sales was $455,326 and at 70 days on market.  The Mark in East Village had the most sales for the month at 5!  It is important to note the the market for Downtown San Diego Condos positioned correctly and under $600,000 is on fire!  Sellers can expect top market dollar and just days on market if positioned correctly.

What All Brokers Should Be Doing to Sell Downtown San Diego Condos for Top Dollar!

What to expect going forward:  The inventory levels for Downtown San Diego Condos is still very low under the $600,000 marker.  Expect bidding wars and multiple offers to increase as the inventory levels continue to drop and more buyers enter the market.

Frustrated Trying To Find a Downtown San Diego Condo?  Try This

Prices will continue to increase slowly but steadily for the foreseeable future.

Questions?  Comments?  Please send them my way!

Condo Litigation (SB 800) Impacts Sellers /Buyers in Downtown and Coastal San Diego Condos

 

Downtown San Diego Condo Litigation (or Pre Litigation called SB 800) can impact buying or selling condos in the city or near the coast.  Specifically, we are talking about SB 800 “right to repair” and full construction litigation.  In most cases, there is a 4 – 10 year time frame to pursue any type of remedy or settlement(s) in regard to construction type  issues such as plumbing, electrical, drainage, etc…  This 4 – 10 year time line usually starts from project completion date.

We are seeing many condos in litigation in Downtown San Diego currently as many were built and completed in the real estate boom years from year 2000 through year 2007.  Expect to see construction or condo litigation through 2017 as most new building construction stopped as of 2007, late 2008.  Litigation pertaining to construction defects is a normal part of the condo life cycle.  What can vary is the degree of seriousness of litigation claims and likelihood of settlement.  Any condo buyer considering a condo purchase downtown or anywhere in San Diego should ask his or herself if the SB 800 claim(s) and litigation are acceptable and within the realm of what they are comfortable with.

The biggest hurdle a condo buyer will face is financing.  Most lenders shy away from home loans on condominiums in litigation as litigation is deemed added risk.  Contact me for a list of lenders who will finance a condo in SB 800 or full litigation.  Also, home owners thinking of selling a condo in a complex in litigation should consider the fact that there are simply less buyers (you are most likely looking for a cash buyer) and property values may be impacted.

SEARCH HOMES AND CONDOS FOR SALE HERE

Construction litigation should always be examined on a case by case basis.  For more information or a list of condos in and that are not in litigation in Downtown San Diego, click below:

LIST OF DOWNTOWN SAN DIEGO CONDOS CURRENTLY IN LITIGATION

I am a San Diego Real Estate Broker – Owner – Realtor with a ton of experience in conducting transactions involving litigation on real estate purchases and sales. Working with an experienced broker can make all the difference when purchasing or for your bottom line as a condo seller.

Downtown San Diego Vacation Condo Choice is a Different Animal

Downtown San DIego SkylineCommon sense would say that buying a Downtown San Diego vacation condo would be pretty much like buying your primary home. After all, the technical processes are the same: first, you locate a suitable vacation home the same way you found your primary residence (most likely with the active help of a knowledgeable Downtown San Diego Real Estate agent), then the offer, financing, documentation, etc.

In fact, there are basic differences. Appreciating how they affect your final choice can help you secure a Downtown San Diego vacation condo that provides the advantages you set out for — a memory-creating family getaway, investment value that builds wealth, or both.

Search Downtown San Diego Condos Here

Patience is a key virtue in getting the deal right. Financial experts from Bankrate suggest that vacation condo buyers are in ideal position to maintain calm and refrain from making rash decisions (after all, you already have your primary residence).  When you remove the emotion from a Downtown San Diego condo purchase, you change the game.

Quicken Mortgage’s Bob Walters agrees — even after you have narrowed your search to an area you know is right for you. “There’s no reason you have to buy…right now,” he says, adding that a “second home, more so than a primary residence, has to be treated as an investment.”

Even if the primary goal is recreational, he has a point. Like any second living space, a Downtown vacation condo in San Diego carries new expenses — maintenance and security chief among them. These factors can be offset by selecting a low-maintenance property and either installing security alarms or purchasing in a highly secured area.  It is true though that many Downtown San Diego condo complex’s and buildings have security and surveillance video which ads an additional level of security unavailable to a regular vacation condo or home purchase.  Unlike your primary residence, it’s fair to think of vacation home expenses as actually belonging on the discretionary side of the budget ledger. Knowing that long-term value appreciation is balancing those costs can’t help but add to your overall enjoyment quotient.

All Downtown San Diego Condos for Sale Here

Shopping for a Downtown San Diego vacation condo should be a pleasure (a low-pressure one, at that!). Taking the time to make sure it is a canny investment as well as the right vacation decision is part of the professional guidance I offer all my Downtown San Diego clients.  Choosing the right Downtown San Diego real estate agent is key!

The top areas for Downtown San Diego Condos as vacation properties are The Marina District, Columbia District, and East Village.  Please use my condo search tools to the right to view Downtown San Diego Condos for sale by complex, area, and even complex video tours.

Condos for Sale in Downtown San Diego Benefit from Kitchen Updates

Downtown San Diego Condo Modern KitchenThe importance of kitchens to prospective home-buyers is something that never seems to change. If you are preparing to bring your home onto the market anytime soon, you’ve probably been thinking about how to make your Condos for Sale in Downtown San Diego as attractive as possible. Odds are good that updating your kitchen (with an attractive photo or two) is somewhere near the top of your to-do list. An inviting kitchen rivals curb appeal in creating a superior MLS listing, so if you’re noodling a remodel of your home’s core, you will be interested in these trends for 2013.

About that linoleum from the 1970’s: it’s time to say good-bye.  Kitchen experts agree that hardwood floors remain a hot kitchen remodeling trend…and there are a few fresh twists we can expect to start appearing more frequently in Condos for Sale in Downtown San Diego. Interior designer Cami Weinstein says, “I am starting to see lighter shades of wood floors again – something that hasn’t been seen in a while.”  The washed-wood floors are back from the 80’s and 90’s — but with wider planks and hand scraping that creates a less formal, beach like feel.

Award-winning designer Kathleen Donohue points to a newer trend: re-facing cabinets rather than replacing them. People are watching their spending, and simply re-facing (the process of simply changing cabinet doors while maintaining the original cabinet structure) is a much less expensive option than total rebuilding. Freeing up remodeling dollars is a definite plus.

Adding to the trend toward thrift-consciousness, expect kitchen features that do double-duty – conserving precious kitchen space in the process. Examples are microwaves that double as second ovens and/or warming drawers, and refrigerators with convertible drawers that can act as fridge, freezer, or wine fridge. Either should be a great selling feature in your Condos for Sale in Downtown San Diego. Especially if your home has a smaller kitchen, multi-taskers like those are valuable ideas.

What Every Agent Should Be Doing to Sell a Home or Condo but Doesn’t

Spring, 2013 is shaping up as a great time to sell.  I offer complimentary and confidential evaluations all the time, so if you’re considering listing your home this year, give me a call…  we can start in the kitchen!

REO Bargains Remain for Heads-Up Downtown San Diego Condo Hunters

downtown san diego condo or foreclosure propertyYes, foreclosure rates across the country continue to drop, yet Downtown San Diego Condo bargain-hunters can take heart: there still remain a decent number of bank owned properties in Downtown San Diego. According to the National Association of REALTORS®, distressed homes accounted for 24% of national December sales; a large proportion, but significantly down from the 32% of just a year ago.  Also known as “real estate owned” (or REO) properties, it is well-known that these homes can often be bought at a significant discount — frequently by as much as 16% – 17% below market.

Search Foreclosure Properties

Before anyone updates his or her Facebook status to tell the world about the millions they are about to make by ‘flipping’ Downtown San Diego Condo foreclosures, it’s good to bear in mind some key differences between buying regular homes and bank owned properties. To make an REO purchase successful, potential buyers need to plan for those special factors.

  • Count on Downtown San Diego Condo bank owned properties being more difficult to finance due to guidelines set by lenders: requirements that can prevent REO purchases from going through. Due to a property’s condition (which can sometimes be poor, even non-habitable), FHA and VA-approved buyers must gain pre-approval before submitting an offer.
  • Bank owned properties are generally sold “as-is”, often with fewer disclosure requirements. I always urge my Downtown San Diego Condo buyers to be diligent about pre-purchase inspections – and with REOs, it’s doubly important. Purchasers of bank owned properties can have little or no recourse if defects or maintenance issues are discovered later.
  • Lenders can run into additional costs when selling REOs — costs involving liens, evictions, property taxes, insurance, etc.  This motivates them to try to squeeze as high a price as possible from the transaction. In addition, banks may charge additional fees for extended closing and other services.

All of which goes to the point of how buying bank-owned properties in Downtown San Diego differs from run-of-the-mill home purchases…and why having a real estate agent well-versed in bank owned properties is so important.  If you would like a look at the options currently available among Downtown San Diego Condo REO offerings, give me a call today!