5 Home Improvement Projects that Will Get You Top Dollar For Your Home

..5 Home Improvement Projects that Will Get You Top Dollar For Your Home

.It’s a highly competitive market for home sellers right now. More homes to compete with means that the impression your homes makes - from the curb, and on the inside - matter now more than ever. You can increase your chances of selling faster - and at today’s top dollar - by investing in a select few home improvement projects that have been shown to make a big impact on buyers.

Bad news alert: it might cost you a little time, effort and cash. The good news, though, is that the best projects for quickly increasing your home’s resale value tend to be cosmetic and fairly simple and inexpensive to do. Here are five projects with big-time return on investment for home sellers-to-be, in terms of their power to attract buyers, and to attract dollars from those buyers.

1. Painting: Adding a fresh coat of paint to ceilings and walls is a tried and true way to increase your home’s appeal to buyers. Go for white or neutral tones that help lighten your rooms. (Now is not the time to show off your fascination with fuschia and lime green.) Buyers will have an easier time envisioning how they will infuse their own personalities into your home if they’re looking at a relatively blank slate.

Painting lightens and brightens rooms, instantly removes scuffs and dings and gives every room a fresh, polished feel.

Fresh exterior paint - even if your time or cash budget limits your efforts to accents like eaves, shutters, doors and trims - is also a quick, inexpensive way to polish the look of your home from the curb.

2. Landscaping: Everything you’ve heard about curb appeal is true. First impressions matter - especially if your house is one of eight or nine a buyer has seen in one day. Buyers will be more excited to look at the inside your home if the outside looks clean, charming and inviting. Mow the lawn, trim the hedges, pull the weeds and plant some flowers, bushes or shrubs for the biggest impact - and be diligent about keeping your landscaping very well-manicured throughout the time your home is on the market.

Be sure to keep it low-key, relatively low maintenance and neutral, though. This is not the time to indulge your personal fantasies of living in an exotic paradise, unless that matches the existing look and feel of your home, nor is it the time to install a time-intensive English garden that buyers will love, but not want to take on. Think clean, simple and elegant for the biggest boost in value.

3. Cleaning and de-cluttering: Start by removing all your family photos from the walls and all sorts of tchochkes and clutter from the tops of tables, desks, dressers and counters. Buyers want to be able to envision their lives in the house, not yours. Personal items - and the visual clutter they create - have been shown time and time again to block buyers’ ability to create this vision.

Also, remember that buyers are coming to see the house and evaluate its space, not to bear witness to all the fabulous furniture that means so much to you (no matter how amazing your personal taste). Remove furniture that takes up too much space and fills up rooms. Get rid of clutter such as clothes, boxes, piles of mail and other items.

And then clean - and keep cleaning obsessively, the entire time your place is on the market. Kitchens, bathrooms and bedrooms should look unlived in when they are shown. And don't forget to clean less obvious places like windows, walls, doors and and floors, to dust off shelves and furniture, and to polish appliances.

4. Plumbing repairs and water stain/damage repair: Paying a plumber to make a few stops throughout your home can be well worth the investment. Leaky faucet in the master bathroom? Get it fixed. Does the space under your kitchen sink look like a science experiment? Leaks and water stains definitely provoke disgust and exasperation on the part of the buyers you want and need to impress. And they can be pretty cost effective to fix - ask your agent for a referral, if you need one.

5. Staging: Staging your home can make a dramatic difference in the price for which your home sells. Good staging is equal parts:

(a) removing your personal belongings and replacing it with more artwork, decor and cleaner-looking furniture,

(b) and tweaking the home’s paint, wall coverings and even landscaping to show the place in its very best light.


When done well, staging can convert your home from just another listing on a buyer’s list to the setting for a fresh, new start to the fresh, new life of their dreams. Professional stagers, in particular, have special skills and materials they use, from convincing you to get rid of a bunch of things you value (but read: junk to a buyer), to items like mirrors, plants, art work, lamps, pillows and even furniture that tells a visual story of the life buyers can fantasize about living in your home.

Talk to your agent about staging - some agents have the skill to do this on their own, while others might have a professional stager they frequently work with.

In some cases, you might want to take on even larger projects. Before you go that route, talk with a local real estate agent; they are well-positioned to know what sort of updates and features will make the most impact on local buyers. Not all major, non-cosmetic upgrades to your home will create a significant difference in the price it commands, so take advantage of your agent’s expertise as you make decisions about whichproperty preparation investments to make (and which to forego).

Thanks to my Tara in San Francisco!

How will Fed decision affect home loan rates?

Federal Reserve chairman Ben Bernanke — AP file photo

The Federal Reserve on Wednesday announced it's changing its investment strategy, which could translate into lower mortgage rates down the road, market watchers say.


Related: Fed to shift $400B in holdings to boost economy

Related: What's Operation Twist?

The committee's words:

To help support conditions in mortgage markets, the Committee will now reinvest principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities. In addition, the Committee will maintain its existing policy of rolling over maturing Treasury securities at auction.

What does that all mean?

Michael Lea, director of SDSU's real estate center, said officials are basically selling off shorter-term Treasury holdings for longer-term ones and mortgage-backed securities.

"They're changing the composition of their balance sheet," said Lea, a past chief economist of mortgage giant Freddie Mac. "This isn't a new round of quantitative easing. They're reinvesting, not injecting more money into the economy."

The decision could push down long-term interest rates, and in turn, mortgage rates.

Why is this needed when home-loan rates are historically low?

"Mortgage rates are not the problem," Lea said. At issue, is weak demand for mortgages because of income uncertainty and unemployment coupled with tight lending guidelines.

"This will have very little impact on the average person," Lea said. "It's meant to signal to markets that the Feds are still trying to do something."

Greg McBride, of financial site bankrate.com, also weighed in on Twitter.

"What will Fed's Operation Twist do?," wrote McBride, referring to Wednesday's plan. "It might push down mortgage rates. But it will also squeeze bank margins, leading to lower savings yields."




Written by Lily Leung

Five Must-Haves For a Fab First Home

Reuters

These days, the term "starter home" is a little misleading. It implies a highly temporary home soon to be traded in for a bigger, fancier model. But because of a troubled real estate market with no end in sight, moving up to a new home won't be easy or quick, says Ken Shuman, spokesman for real estate website Trulia.com.

"We tell people right now that they should plan on staying in a home seven to 10 years," Shuman says.

What constitutes a good first home is more important now because first-time homebuyers have become an increasingly larger share of the market. In 2010, first-time buyers made up about 50 percent of the total homebuyers in the U.S. market, says Paul Bishop, vice president of research for the National Association of Realtors.

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"Just on a dollars-and-cents basis, a lot of first-time buyers made the decision to stop renting and buy a home because it seemed to be the better financial decision," he says.

The expiration of the federal government's first-time homebuyer tax credit last year may make the decision to buy a little tougher than it was in 2010. But if you decide the time is right, here are some key things to look for in your starter home to make it the right decision for your family and to maximize your resale value when it comes time to sell.

An Affordable Price Tag

An affordable price on a first home is one of the biggest priorities for first-time homebuyers, and with good reason, Bishop says.

"Unlike a trade-up buyer, they don't have any equity to roll into the purchase of their next home, so coming up with a down payment and the financial aspects of buying a home is the first concern," he says.

Coming up with a firm price target for a first home and sticking to it is the key for first-time buyers, says Scott MacDonald, president of RE/Max Gateway in Chantilly, Va.

"Make sure the house is within your budget. A lot of people try to push it and go for the maximum dollar amount they qualify for, trying to keep up with the Joneses. Stay within a reasonable budget so that you don't overextend yourself and get yourself into trouble," MacDonald says.

To be sure, Bishop says, high home affordability is making things easier on first-time buyers because so many markets have stagnated or declined in price in recent years. Also helping first-time homebuyers stay within their budget is the wide selection of housing options. The U.S. housing inventory is still larger than normal. As of March 2011, it would take more than eight months to work through.

A House For the Next 10 Years

Because you'll probably be there longer than you think, Shuman says it pays to buy a first home that accommodates not only the family you have now but the one you plan to have over 10 years.

"Have that conversation. If you're just getting married, ask, 'Do we plan to have kids? How many kids do we plan to have? How many bedrooms are we going to need?'" he says. "The biggest bit of advice I can give for a starter home is to really think about what your future looks like."

Shuman says because many first-time homebuyers do have growing families, space is probably a higher priority than fancy features such as granite countertops.

"Because a starter home is usually a smaller home, in today's market especially you don't want to overpay for features and amenities, or remodels, that you're not going to be able to recoup later on," he says.

Quality of space is also important, MacDonald says. While you want to have at least two bedrooms, a lot of bedrooms aren't going to be much help if they're too small to be useful.

Location, Location, Location

Everyone's heard the old cliche "location, location, location," but what does it really mean for first-time homebuyers? Three years after the implosion of the housing market, the keyword is "stability," MacDonald says.

"Find a neighborhood that's stable -- where yards are maintained, where there's not a lot of 'for sale' signs, where there's not a lot of 'for rent' signs, where you have longer-term people living in that neighborhood -- because those are the ones that are going to get you the best return later," McDonald says.

If you're looking at potential first homes in a housing development governed by a homeowners association, or HOA, one way to assess a neighborhood's stability is to learn the number of delinquencies for HOA dues. A high rate of delinquencies can mean a neighborhood is headed for hard times, MacDonald says.

Beyond that, Bishop says first-time homebuyers should seek the same characteristics of a prime location that all homebuyers seek.
A neighborhood with well-maintained, attractive homes.
A location convenient to local amenities.
Close proximity to work.
A quality school district, especially for first-time homebuyers who plan to have children.

A History of Proper Maintenance

Whether a first home has been properly maintained can have a huge effect on your housing costs in the future, MacDonald says.

MacDonald says there are a few key areas of the home that can give you a general idea of whether the previous homeowner was diligent about home maintenance. If you see these issues, consider looking elsewhere.
Rotten trim on the exterior.
Dirty air-return ducts or a dirty filter in the HVAC system.
A crumbling roof or damaged gutters.

But while a spot check of these features can be a useful guide for narrowing down prospective first homes, a thorough inspection is essential before closing, Shuman says.

"It's pretty important that you have (an appraiser) who you really trust -- who you know is going to do a thorough job, who's going to get up on the roof, who's going to run all the water, who's going to look at the electricity," Shuman says. "Do a very in-depth walk-through with them and understand exactly what you're buying."

Recent Updates in Key Areas of The Home



First-time homebuyers on a limited budget may not get a home that's a totally finished product in terms of recent updates and features. If you have to choose, Shuman says, make sure you prioritize updates to the following.
Energy-efficient windows.
Updated electrical wiring with sufficient outlets.
A new roof.
A new water heater.

"When a lot of folks go into a starter home, they don't want to have to put a lot of money into it because they know it's not their home for life," Shuman says. "If you look at what the big budget items are that may come up during the next seven to 10 years and know that you're in good shape on some of those, that's definitely part of the checklist."

MacDonald says there also are some rooms in a prospective first home where recent renovations are more valuable in terms of resale value.

"Bathrooms and kitchens are the most important pieces of the puzzle when buying a house," MacDonald says. "If they have those renovated, or if the house is new or been updated by the previous owner, those are things that give it the most attraction when you go to sell your house later."




Read more: http://www.foxbusiness.com/personal-finance/2011/07/26/5-must-haves-for-fab-first-home/#ixzz1XVFVbhgV

open house Aug 28 1-4pm! La Jolla

Spectacular La Jolla Offering! Visit www.AmericasFinestCity.com for more information.

The web address for this property is: http://www.AmericasFinestCity.com/MyHomeDtl.asp?lstPages=1&HomeID=1245625 Location: 5435 Parkview Dr, La Jolla, CA 92037 New or Resale: Resale Type: Single Family Home Price: / $1,495,000 Address: 5435 Parkview Dr City/St: La Jolla, CA Zip Code: 92037 Bedrooms: 4 Bathrooms: 5 full, 1 half, 0 three-quarter bath Square Footage: 4290 MLS# 110034285 Listing Agent and Office: assaf avissar, Ascent Real Estate Bobby Stefano Ascent Real Estate 410 Kalmia St. San Diego, CA 92101 Ph#: 619-299-9200 Fax: 619 325 0750

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Where was the highest foreclosure activity in July?

Top 10 default areas, July

Rank	Neighborhood	ZIP code	First half MED price	July '10	June '11	July '11	MOM PCT CHG	YOY PCT CHG	Per 1,000
1	Chula Vista NE	91914	$471,000	16	16	21	31.3%	31.3%	4.7
2	Chula Vista SE	91915	$325,000	29	24	29	20.8%	0.0%	4.0
3	San Ysidro	92173	$198,000	18	10	12	20.0%	-33.3%	3.8
4	Mission Valley	92108	$199,000	16	14	20	42.9%	25.0%	3.3
5	Jamul	91935	$432,000	6	0	8	n/a	33.3%	3.2
6	Paradise Hills	92139	$210,000	19	26	24	-7.7%	26.3%	3.0
7	Golden Hill	92102	$190,000	13	9	14	55.6%	7.7%	3.0
8	Alpine	91901	$412,500	13	12	13	8.3%	0.0%	2.9
9	El Cajon	92021	$219,000	45	24	29	20.8%	-35.6%	2.7
10	City Heights	92105	$175,000	39	21	23	9.5%	-41.0%	2.7

Source: DataQuick

Top 10 foreclosure areas, July

Rank	Neighborhood	ZIP code	First half median	July '10	June '11	July '11	MOM Pct Chg	YOY Pct Chg	Per 1,000
1	Campo	91906	$150,000	4	10	4	-60.0%	0.0%	4.5
2	Oceanside (Central)	92058	$197,000	20	9	11	22.2%	-45.0%	2.3
3	Alpine	91901	$412,500	0	6	10	66.7%	n/a	2.2
4	San Ysidro	92173	$198,000	9	9	7	-22.2%	-22.2%	2.2
5	Encanto	92114	$220,000	19	25	32	28.0%	68.4%	2.2
6	Mission Valley	92108	$199,000	9	9	13	44.4%	44.4%	2.1
7	Downtown	92101	$344,250	22	16	23	43.8%	4.5%	2.1
8	Jamul	91935	$432,000	3	1	5	400.0%	66.7%	2.0
9	Chula Vista NE	91914	$471,000	12	10	9	-10.0%	-25.0%	2.0
10	Fallbrook	92028	$346,000	18	14	22	57.1%	22.2%	1.8

Earlier today: San Diego foreclosure numbers for July


Foreclosure filings and mortgage defaults in San Diego County fell in July, continuing an erratic pattern of distress, Monday's DataQuick report showed.

Related: Where was the highest foreclosure activity in July?

Last month, the county posted 1,274 notices of defaults, down 5.8 percent from June and down 23.4 percent from a year ago. Those notices mark the first step in the foreclosure process. They peaked at 3,832 in March 2009 and have for years gone through unpredictable fluctuations.
DataQuick numbers show 798 San Diego homes were foreclosed on in July, down 15.9 percent from June and down 10.2 percent year-over-year. They peaked at 2004 in July 2008 and also have seen dramatic rises and falls over time.
The La Jolla company's data are based on public records for single-family homes and condos.
Please note: The rankings are sorted by the number of foreclosures and defaults in July per 1,000 homes in each neighborhood, according to Monday's Stay with us throughout the day for more coverage.
.

Written by Lily Sdut...Thanks Lily!

Southern California home sales fell 11.9% in July

I found this on line today, its funny because San Diego is holding it own. Below is regarding ALL of Southern California.

 

Monday, August 15th, 2011, 3:49 pm

Home sales in Southern California fell 11.9% in July as the job market continued to slow, forcing potential buyers out of the market, DataQuick said Monday.

The La Jolla, Calif.-based real estate data firm noted 18,090 new and existing home sales in Southern California last month, down from 20,532 in June.

The data includes sales from the counties of Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange.

Sales fell 4.5% from July of last year in the southern part of the Golden State, making it the smallest year-over-year decline in the region in 13 years.

Part of the downturn is tied to a severe drop off in the market for home valued at $500,000 and higher.

"The latest sales figures look a bit worse than they really are, given this July was a fairly short month, but they still suggest some potential homebuyers got spooked," said DataQuick president John Walsh. "Reports on the economy became increasingly downbeat and, no doubt, some people fretted over the possibility the country would default on its obligations."

Walsh points out last month's sales were not much worse compared the year earlier when the homebuyer tax credit first expired.

The median home sale price in Southern California fell a 0.7% in July, dropping to $283,000 to $285,000. Meanwhile, year-over-year, the median price fell 4.1% from $295,000 a year ago.

To date, the median is 14.6% higher than the trough mark of $247,000 in April of 2009, but it's still under the peak median of $505,000 in the middle of 2007.

Last month, home sales fell in every price level, with high-end sales experiencing the deepest slide with the number of home sales dropping 20.5% in the $800,000-and-above price level.

Thanks to KERRI PANCHUK for the article.

NOW WHAT? STOCKS DOWN,STOCKS UP? HOME LOAN RATES..

Rates for certain home loans have fallen to new 2011 lows as bond yields continued falling, show Tuesday's mortgage numbers from real estate website Zillow.com.
A 30-year fixed mortgage averaged 4.14 percent, down from 4.19 percent during the same time last week. According to Zillow records, which date back to 2008, the 30-year fixed rate fell to a record low of 4.03 percent on Friday but moved up over the weekend.
The previous low was 4.07 percent in November 2010.
"Given the mental association of credit ratings with bond rates, many people initially think about the impact of the downgrade on mortgage rates," said Zillow Economist Stan Humphries, in a statement. "But that’s probably not where the initial damage will be felt. In fact, near-term, expect almost zero impact on mortgage rates."
Also on Tuesday, California Housing Finance Agency (CalHFA) announced it has decreased its interest rates to lenders in its FHA loan program, in the wake of bond yields reaching record lows after the Federal Reserve extended its low interest rate policy for two more years on Tuesday. For current CalHFA rates, go here.

When you consider buying or selling a home in San Diego ,Zillow’s rates based on thousands of mortgage quotes turned in daily from borrowers through the site.
The website also breaks down reported rates by state. It said the average 30-year fixed rate in California has been "stable" at 4.14 percent this week, down from 4.22 percent the previous week.
The lowest rate was 4.08 percent in North Dakota and the highest, 4.38 percent, was in Hawaii.
Standard & Poor's decision to downgrade government enterprise Fannie Mae and Freddie Mac has raised concerns about what it will mean for consumers. San Diego Association of Realtors President Bob Kevane on Monday said their lowered credit rating will make it costlier for the mortgage giants to do business, likely leading to higher rates for consumers, but that likely won't happen immediately Kevane said.
Even when if rates do increase, "I don't think it's going to change rates much," Kevane added.



Written by

Lily Leung

La Jolla is still Selling!

LA JOLLA, CA  home sales held steady with 21 sales with a low
sales price of $840,000 and high sales price of $3,463,000.
The average sale price was $539/sq.ft. with an average 7% off the asking price and 77 days on
market.
Ocean view homes sold for apprx $538/sq.ft.

There are 40 pending sales and 11 possible short sales.
Contact Me for La Jolla properties for  that may suit your specific needs and/or a relocation package. Thanks!

Hillcrest Sign is looking good!

Will Hillcrest Get Its Garage?

For years residents of Uptown lobbied the City to reform the Uptown Partnership, the agency responsible for administering the community parking district in Hillcrest, Mission Hills, and Banker's Hill. They criticized the agency for ineffectiveness, issues of conflict of interest, and for high administrative costs.
On December 28, the City terminated Uptown Partnership's contract.
Now that the parking agency has been dissolved, residents are concerned that the city isn't moving fast enough to establish a new group to take over. Some residents worry that the absence of a parking district will leave the community barren of new parking projects and strip the cash reserves from Uptown.
"The City indicated it would reform the fiscal administration of the Uptown Community Parking District. At present, Uptown does not have one. Why has this not happened?" asked Leo Wilson, chair of the Uptown Planners, in an email to San Diego City Council.
Wilson is frustrated that Uptown did not have a voice in last week's council decision to approve hiking parking meter fees in Hillcrest. He is also concerned that the community will lose out on any future parking improvement projects.
One of those projects is the lot owned by the Pernicano family on Sixth Avenue between University Avenue and Robinson. Stanley Paul Cook, a representative for the Pernicano family, recently informed community members that the family is marketing the property to developers.
"This was one of the sites identified for a public parking garage in Hillcrest. However, the city bureaucrats are into parking meter management. On this basis, are they going to refuse to fund parking at the Pernicano site? I will be pushing hard to allow use of these funds for additional parking on the property, and I am sure others will as well."
While some residents of Uptown have expressed concern about not having a community parking district, representatives from councilmember Gloria's office say that the city is working to get a new one in place by June. Currently, consultant firm Turpin McLaughlin Communications is developing a concept plan to submit to the City.
Until that plan is submitted, Uptown's parking district will remain dormant. "Identifying future improvements will be on hold until a new group is in place," writes Katie Keach, deputy chief of staff for Todd Gloria's office. "If something urgent comes up, staff will work with the council district on solutions."

Thanks to Dorian Hargrove for the great article!

New Video for this Terrific Listing in Burlingame!

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Mission Hills Farmers' Market

Fridays, 3-7pm, on Falcon Street between Fort Stockton and Washington.
Open-ended run

When:

• Fridays from 3 p.m. to 7 p.m

Q&A: What to know about homeowners' insurance in San Diego

Q&A: What to know about homeowners' insurance

By Lily Leung

Friday, May 6, 2011 at 6:28 p.m.

Photo by John Gastaldo - Union-Tribune staff

Homes burned during the 2007 Witch Fire. Pictured is Cal Fire firefighter Walker Exstrom protecting homes in Escondido where the Witch Fire came through.

High pressure over the western part of the U.S. created dry, offshore winds that likely caused brushfires to spread this week in certain parts of San Diego County, including Camp Pendleton and Santee.
The Camp Pendleton incident happened in a remote area but the Santee brushfire came close to homes before firefighters were able to put out the blaze, news partner Channel 10 reported, raising the perennial issue of homeowner's insurance.

Ron Reitz

Ron R. Reitz, a licensed public insurance adjuster in San Diego, talked with the Union-Tribune for this week's Five on Friday to give people tips on what kind of property insurance to look for and what key questions to ask while shopping for a policy.
Reitz is the past president of the California Association of Public Insurance Adjusters and is an officer on the Board of Directors of the National Association of Public Insurance Adjusters. He's an expert on hazard claims. (Responses have been paraphrased and edited for clarity.)
Q: What do San Diego homeowners need to know to make sure they have the right insurance for their property and possessions?
A: I often tell people they need to take a look at their insurance policy on a regular basis, especially if they've made any changes or improvements, they need to revisit their coverage. People are always surprised they don't have enough coverage.
Also be sure to tell your agent about any antiques, art, jewelry, collectibles, all those types of things, any collections or valuables. They will be added to a schedule. Check to see if you are covered for building-code upgrades.
Q: What's a common pitfall with property insurance?
A: People immediately ask, 'What's the cheapest?' It's something I wouldn't skimp on - and you have to check what the policies offer.
Q: What are some things condo owners need to know?
A: For condos, there are two different types of policies. One is the association's policy that covers all the common areas of the property. The other one is additional policy that covers the unit and everything inside of it, like the cabinets, wall coverings, drapes, etc. A lot of people mistakenly think that if they're covered through the association policy that it covers everything inside the unit.
Q: What are some things that threaten properties in San Diego, specifically natural disasters?
A: San Diego's biggest threats are fires. Floods naturally occur following fires, which can damage properties. Tsunamis are not very likely but it’s possible. Earthquakes are possible; a lot of people don't feel them when they happen here.
Q: How should a homeowner prepare for the next disaster?
A: Make sure you have some type of plan. Let's say we have a big fire in town...you have to decide where you will go. It's important to have more than one location. I recommend that people take inventory of all of their personal property. A good time is the beginning of the year when you typically get new stuff during the holidays.

Poway home destroyed from 1997 fire

Courtesy of Quality Claims Adjuster

Other links:
10 things you need to know about homeowners insurance

It's spring! Are San Diegans buying new homes?

Wednesday, April 27, 2011 at 5:57 a.m.

Photo by Charlie Neuman - Union-Tribune staff

Jaimin, left, and Nivedita Bhise tour a model home at Pulte Homes' The Pines, a 4S Ranch development, on a recent Saturday.

More would-be buyers in San Diego County are out looking for new homes this season, but many aren’t yet ready to buy in the absence of federal tax incentives and amid the ongoing struggle to secure financing, industry experts say.
“It’s improved, but not great,” said Peter Dennehy, a vice president of John Burns Real Estate Consulting. “The housing market is still very challenged.”
Sales of newly built homes, which lately have made up about 6 percent of total sales, have stayed mainly flat over the last three years, figures from DataQuick Information Systems show.
The county recorded 184 in March, a 26 percent jump from what builders called a dismal February, and a 0.5 percent increase from a year ago. A little more than 200 new homes were sold in March 2009.
Despite sales apparently leveling out, they’re still far from the boom-era peak of 1,640 in September 2004, a consequence of little building in the region, competition from the market’s distressed properties and tight lending standards.
San Diego County's median price for new homes in March was $528,750, up 15.5 percent from February and up 25.1 percent one year ago. The peak was $553,500 in February 2008, DataQuick data shows.
Nationwide, March sales of new homes were up 11.1 percent from February, the worst year on record for such transactions, according to Monday’s report from the U.S. Census Bureau and the Department of Housing and Urban Development.
Still, new-home sales in March were down 21.9 percent from a year ago, when a seasonally adjusted annual rate of 384,000 homes were sold. March’s median price was $213,800, up 2.9 percent in February but down 4.8 percent from a year ago.

Photo by Charlie Neuman - Union-Tribune staff

George and Jade Shen sign the purchase-agreement papers for the home they're buying at Pulte Homes' The Pines, a 4S Ranch development. At right is sales consultant Leah Sidhu. They are upgrading from a nearby condo.

Dennehy, of John Burns Real Estate Consulting, says the folks who appear most serious about buying new homes are first-timers in the $300,000 price range (seen mostly in South County) and those moving up to the $600,000 to $700,000 bracket (mostly in North County.)
Michelle Chang and her husband, Marc Takenaga, 35, are among the upgraders.
They’re about to close on a $630,000 home in Shea’s Madeira project in Del Sur that’s about 800 square feet bigger than their current home, also in the Del Sur area.
“We wanted more entertaining space and a bigger backyard,” said the 32-year-old attorney, who’s been on a waiting list for the new home since last year.
Some job growth in the biotech and healthcare sectors also have attracted potential buyers toward the Interstate 15 corridor, where most of those jobs and new homebuilding are found.
A large share of new homes on the market in 2011 are in the North, including Carmel Valley, Rancho Santa Fe and Del Sur, mainly ranging from the $600,000s to $800,000s.
Steve Doyle, president of Brookfield Homes San Diego/Riverside division, acknowledges the year started slow, but he says it picked up some in March because of people relocating to San Diego County for well-paying jobs.
“They’re coming from the Midwest, the East Coast and North County,” Doyle said.
Dennehy, of the real estate consulting company, predicts another flat year for new homes, especially with no federal tax credit motivating consumers to buy.
He expects an increase in new home sales in 2012 and beyond.

New homes in San Diego County, 2011

Community	Opening	Unit Count	City	Price Range
Solaire of ColRich Residential	Aug.	140	San Marcos	mid $200,000s
Hampton Lane at Pardee Homes	May	114	Carmel Valley	Low 700's
Monterey at Otay Ranch at KB Home	Feb.	95	Chula Vista	Starts at $340,990
Indigo at McMillin Lomas Verdes	May	85	Chula Vista	$400,000s
Amberly by Pulte Homes at La Costa Oaks	April	83	Carlsbad	High $500s
The Pines by Pulte Homs at 4S Ranch	April	81	Rancho Santa Fe	High $680s
Westcott at La Costa Oaks	April	80	Carlsbad	$652,900
Toll Brothers at Arrowood - Fairways	Feb	79	Oceanside	$549,995-$609,995
Verona at Rolling Hills Ranch	Sept.	78	Chula Vista	High $600,000s
Brightwater at Pardee	Oct./Nov.	75	Carmel Valley	TBD
Toll Brothers at StoneBridge	May	71	San Diego	TBD
Carleton, Standard Pacific	March	70	Del Sur	$625,900
Arbor Ranch by Centex	April	57	San Marcos	$350s
Valencia, California West Communities	March	54	Del Sur	High $600,000s
Presidio, Standard Pacific	March	52	Del Sur	$716,900
The Willows by Pulte Homes	April	50	4S Ranch	$740s
Aria at Bella Lago, Shea Homes San Diego	June	46	Chula Vista	$600,000s
Sentinels, Davidson Communities	Jan.	17	Del Sur	$700,000s

Please note: This is only a sampling of new homes for San Diego County in 2011. The information, ordered by total units either already built or expected, is from individual builders.

Thanks to Lily Leung of the UT for providing article

Please call me if you are seeking or selling a home. I cant wait to meet you!

Bobby Stefano

Ascent Real Estate

619.325.4111

Forbes Outlook: San Diego in top 5 home markets in '11

San Diego ranked No. 5 out of 315 housing markets that Forbes.com says are poised for price increases in 2011 and in the coming years. (See The Best And Worst Cities For Home Values In 2011.)

The finance publication predicts that the median home price in San Diego will rise 2 percent in the next 12 months and through the next three years, based on findings from Local Market Monitor, a research company that analyzed data from real estate markets throughout the U.S. The company also factored in the areas' unemployment and job growth rates.

(Television station NBC San Diego reported the findings on Monday.)
Two other California cities - San Jose and Santa Ana - topped the list of U.S. cities where home values are likely to rise steadily over the next three years. Median home prices in both San Jose and Santa Ana are expected to rise 3 percent in the next 12 months and an average of 2 percent annually over the next three years.
While Forbes predicts California to head toward somewhat of a housing recovery, it says Florida shouldn't hold its breath. Cities in the Sunshine State dominated the list of cities in the country that are expected to fare the worst in home values: Daytona Beach, Lakeland and Orlando. (Here's Forbes slideshow of the worst cities.)
Forbes quotes Ingo Winzer, president of the Local Market Monitor, as saying, "The big difference between Florida and Southern California ... is people are moving into Southern California, but they're not moving to Florida."
Five out of eight contributors of the Union-Tribune's Econometer also believe the region will see an increase in home prices.

Cities where home values will likely go up:

1. San Jose
2. Santa Ana
3. Bethesda, Md.
4. Pittsburgh
5. San Diego

Which California city from Forbes' rankings will see the most price gains in '11?

San Jose 19% 40 votes

Santa Ana 4% 9 votes

San Diego 76% 161 votes

Special Thanks to Lily Leung   for the info!

California's $1 Million+ Homes in Demand

Hey Everyone! I always like to post articles regarding San Diego and California. Here is one to read. Enjoy!

02/11/11 - 01:25 PM EST

LA JOLLA, Calif. (DQNews) -- While overall California home sales declined last year, the number that sold for $1 million or more in 2010 rose for the first time in five years as certain segments of the economy improved and high-end home shoppers went bargain hunting, a real estate information service reported.

Last year 22,529 Golden State homes sold for $1 million or more. That was up 21.0% from 18,621 in 2009 and the highest since 2008, when 24,436 homes sold for $1 million-plus, according to MDA DataQuick. The San Diego firm tracks real estate trends nationally via public property records.
Million-dollar sales peaked in 2005 at 54,773, after which they declined each year through 2009.
The jump in $1 million-plus home sales in 2010 compares with a 9.0% year-over-year drop in total home sales, including all price levels. California's 418,578 total sales in 2010 were down from 460,166 in 2009. About one in 20 homes sold for a million dollars in 2010, while the year before it was one in 25, and in 2008 it was one in 16.
"Prestige home buyers respond to a different set of motivations than the rest of us. Their decisions are less dependent on jobs, prices and interest rates, and more on how their portfolio is doing. When the financial world was full of uncertainty a couple of years back, and the jumbo loan market dried up, luxury sales plummeted. As the economy started its top down recovery, some wealthy buyers went looking for a bargain," said John Walsh, DataQuick president.
"Additionally, there has always been a safe-haven component in the million-dollar market that attracts wealth," he said.
Statewide, 463 homes sold for more than $5 million last year, while 304 were in the $4-$5 million range, 782 were in the $3-$4 million range, 2,333 were in the $2-$3 million range, and the rest - nearly 79% - sold for between $1 million and $2 million.
Last year 3,380 of the homes that sold statewide for less than $1 million had previously sold for $1 million or more, based on a public records analysis of transactions where necessary information was available for both sales. The median date of the prior sale was April 2006; the median price decline between the 2010 sale and the prior sale was $416,500, translating into a median price drop of 34.6%.
DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
The million-dollar transactions include home sales where it could be determined from public records that there was a buyer, a seller, that money changed hands, and that there was a legal transfer of property ownership. Not included were property swaps, sales of multiple lots, sales where no price or loan amount was available, teardowns, and large farm or ranch properties. Sales to companies and trusts were included.
The most expensive confirmed purchase last year, based on public records, was a 35,378-square-foot, 15-bedroom, 7-bathroom Bel Air (Los Angeles) house built in 2007 which sold for $50,000,000 in June. Set on about 2.2 acres, it was the state's largest million-dollar home sold last year.
Among the communities where the vast majority of home sales were $1 million-plus last year: San Marino in Los Angeles County, Los Altos in Santa Clara County, Atherton and Hillsborough in San Mateo County, and Rancho Santa Fe in San Diego County.
Newly-built homes accounted for 5.9% of last year's $1 million-plus sales, down from 6.5% in 2009. Condo sales made up 8.0% of the million-dollar category last year, down slightly from 8.3% the year before. Most $1 million-plus condos were sold in Los Angeles, San Francisco and San Diego counties.
The median-sized million-dollar home was 2,840 sq.ft., with 4 bedrooms and 3 bathrooms. The median price paid per square foot for all million-dollar homes in 2010 was $601, down 0.6% from $605 in 2009. For the overall market, the square-foot median was $164 last year, up 10.1% from $149 in 2009, DataQuick reported.
In 2010, 29.4% of the $1 million-plus buyers paid cash, up from 28.9% in 2009 and the highest for any year since 1994, when 32.3% of $1 million-plus sales were cash. In the over-$5 million category, 62.2% of the purchases were cash. Among those who did finance their purchase last year, the median down payment was 40.1% of the purchase price. The lending institutions most willing to provide mortgage financing for $1 million-plus homes were Wells Fargo(WFC), Bank of America (BAC) andUnion Bank(UNB).
Mirroring a market-wide trend, mortgage defaults eased in many million-dollar neighborhoods in 2010. The number of notices of default filed by lenders fell nearly 32% last year compared with 2009 among defaulting homeowners who had original loan balances of $800,000 or more. Many of those homeowners would have paid at least $1 million for their homes.
Last year saw a 14% increase from 2009 in the number of cases where the homeowner owed at least $1 million (including the outstanding mortgage balance and any fees) at the time the home was lost to foreclosure. The increase reflects higher mortgage default levels back in 2009, which translated into more foreclosures in 2010.
There are about 8.6 million houses and condos in California. Of those, 233,006 are assessed for a million dollars or more by county assessor offices, down 3.5% from 241,456 in 2009, DataQuick reported.
California ZIP codes ranked by 2010 $1 million-plus sales:
Zip Community Sales High Price
90266 Manhattan Beach 326 $6.30 mill.
94010 Hillsborough 323 $8.25 mill.
90049 Brentwood 289 $14.20 mill.
95014 Cupertino 282 $3.10 mill.
95070 Saratoga 282 $5.00 mill.
90272 Pacific Palisades 263 $26.08 mill.
90210 Beverly Hills 256 $29.82 mill.
92660 Newport Beach 254 $5.46 mill.
94025 Menlo Park 254 $5.30 mill.
92037 La Jolla 252 $10.00 mill.
90274 Rolling Hills Estates 245 $5.50 mill.
92651 Laguna Beach 244 $16.75 mill.
94024 Los Altos 243 $4.75 mill.
94022 Los Altos 218 $6.15 mill.
91302 Calabasas 196 $13.00 mill.
92130 Del Mar 188 $5.10 mill.
92657 Newport Beach 185 $14.50 mill.
94539 Fremont 182 $2.60 mill.
94306 Palo Alto 181 $2.97 mill.
95120 San Jose 179 $3.50 mill.
94941 Mill Valley 170 $5.50 mill.
90265 Malibu 167 $36.97 mill.
92625 Corona Del Mar 166 $34.12 mill.
90275 Rancho Palos Verdes 164 $4.85 mill.
94566 Pleasanton 163 $3.90 mill.

County ready to start $44 million Waterfront Park

Demolition of Askew Building comes first

By Roger Showley

Originally published January 21, 2011 at 5:44 p.m., updated January 25, 2011 at 2:57 p.m.

/ San Diego County Department of General Services

A 25-foot-wide water feature extending a total of about 600 feet would be included in the conversion of the parking lots to parkland at the County Administration Center, bounded by

Pacific Highway

,

Harbor Drive

and Ash and Grape streets.

The land next to the County Administration Building as it is now at the top, and as proposed below.

UPDATE: The Board of Supervisors unanimously approved demolition of the Askew Building Tuesday as the first step toward building the park. See Chris Cadelago's story here.

It's taken 103 years, but the long-held idea of a waterfront park is about to get rolling this week with action expected by the Board of Supervisors.

The board is scheduled to vote:

·        $2.6 million to demolish the 1958 J. W. Askew Building on the north side of the County Administration Center

·        $1.2 million to complete the design for a 12-acre park that will replace the building and extend to the north and south parking lots of what many believe is the most beautiful public building in the county.

If all goes according to plan, the park will be completed by the end of 2013 and include a string of outdoor landscapes, a 600-foot long fountain you'll be able to dip your toes into and new spaces for weddings, picnics, sports and gazing at San Diego's storied waterfront.

"This is going to change the perception of the waterfront and reinforce the beauty that we have in San Diego and what ought to be done all along the waterfront," said Supervisor and former architect Ron Roberts, who has been championing the idea ever since he took office in 1995.

The idea goes back long before that.

In 1908, East Coast landscape architect John Nolen delivered a comprehensive plan for the city that included an esplanade, complete with casino and gardens, and connected to Balboa Park by a 12-block paseo in a grand bay-park link.

"San Diego's opportunity is so open, so apparent, and relatively so easy, that it seems unnecessary to point further the application," Nolen wrote.

But the esplanade and paseo never came to pass. The only remnant is the County Administration Center on 16 acres between

Pacific Highway

and Harbor Drive. It was a WPA project funded with federal stimulus funds during the Depression and completed in 1938. It originally housed both city and county offices. President Franklin D. Roosevelt personally dedicated the building.

"The original plans for the civic center showed waterfront parks there and we found all sorts of reasons over the years why we couldn't get it done," said Mike Stepner, former city architect and now a professor of the NewSchool of Architecture and Design.

After voters repeatedly turned down a post-World War II revision called Cedar Street Mall, the county erected an office building for the health department in 1958 -- now called the J.B. Askew Building (named for a former health director) -- and the city built its municipal offices in 1965 at Second and

C Street

. The county expanded at its operations center in Kearny Mesa.

Starting in the 1970s then-Supervisor (now radio talk-show host) Roger Hedgecock began decades of debate over developing the county parking lots with hotels, offices and other improvements. Competitions were held and slick designs and scale models were presented.

But through booms and recessions, nothing ever came of these efforts and Roberts convinced his colleagues in 1997 to turn to beautifying rather than building on the 11 acres flanking the county building.

"I think you're going to have a grand space for not only important civic celebrations but for important individual events," Roberts said.

Stepner said a park rather than developments on valuable waterfront property actually may prove a better investment for taxpayers.

"Look at examples like Millennium Park (in Chicago)," Stepner said. "The land around that open space becomes much more valuable that if it's a parking lot or if it's development facing other development. It not only adds something for the community, which is critical, but I think it will catalyze development on those blocks around the county building that have been slated for redevelopment."

The park, expected to cost about $38 million and financed with downtown redevelopment funds, will include several landscaped spaces, called "rooms," that will feature various examples of local vegetation and public art, yet to be chosen, donated or funded. A name has not been chosen but Roberts said the county is open to a major donor to make a gift and attach his or name to the new space.

The park's highlight surely will be two water features on the west side of the park, extending a total of about 600 feet. Visitors visitors will be free to dip their toes in the 2-3-inch-deep, 25-foot-wide pool and run through 14-foot-high bursts of mist or relax in the sun. Recycled water from the county's air-conditioning system would feed the fountain.

"It'll be the downtown beach," said April Heinze, director of the county's General Services Department.

She said if the supervisors approve, demolition of the Askew Building will be take about three months and be completed this summer.

Roberts said the county once toyed with the idea of inviting a movie company to use the demolition as part of a disaster film.

"Maybe they could simulate a cruise ship coming under attack and out of control, coming over the highway and under the building," he said.

The offer's still out there he said.

Meanwhile, the project architect, Hargreaves Associates, will fine-tune the design drawings.

Then the supervisors will take a look at the plans and, if they agree, approve bonds to provide funds for construction, said Don Steuer, county chief financial officer.

The bonds would be repaid from downtown property taxes through a tax-sharing agreement between the county and the Centre City Development Corp., which oversees downtown redevelopment. Steuer said the annual cost will be roughly $4 million.

An earlier plan involved redevelopment dollars from Grantville was scrapped in the wake of a lawsuit.

Heinze said the landscaping will use low-water-using plants and a new irrigation system will be installed to handle the turf area, which is being retained and slightly enlarged to handle large civic events.

The project also includes a 288-space underground parking garage for the public. A followup plan would add a nearby offsite garage for county employees but the funding has yet to be arranged.

During construction, employees will park elsewhere and board shuttles to and from work, Heinze said.

The county park is part of the bigger North Embarcadero Visionary Plan approved for the entire western waterfront in 1998 and is the first piece that is moving forward.

Meanwhile, the San Diego Unified Port District has approved a $28 million first phase in its portion of the plan -- landscaping and widening of the esplanade between B Street and Navy piers and improvements along western Broadway.

A two-acre park, similar to the county's, also is in the works at the edge of Lane Field at Broadway and

Harbor Drive

as part of a hotel development.

However, those plans are subject to California Coastal Commission review, and a commission staff member said an appeal is expected by the Feb. 1 deadline.

If the commission accepts the appeal, it could be months before the port's first phase of improvements can move forward.

Roger Showley Union Tribune

$60M Loan Secured for Hilton Hotel in Carlsbad

HFF has arranged a $60 million construction/permanent loan for Wave Crest Oceanfront, LLC, to develop the 215-room Hilton Carlsbad Oceanfront Resort & Spa in Carlsbad, CA.

Due for completion in mid-2012, the resort will include about 15,000 square feet of indoor and outdoor meeting space, as well as a spa and fitness center and oceanfront restaurant. The eight-acre site is located in Carlsbad’s southern Ponto region near the Hanover Beach Colony housing development.

"The successful financing for the Hilton Carlsbad Oceanfront Resort & Spa reflects recovering hospitality fundamentals coupled with the capital markets recognition of irreplaceable real estate and strong, proven sponsorship," said Tim Wright, senior managing director for HFF (Holliday Fenoglio Fowler, L.P.) who represented borrower Wave Crest Oceanfront along with associate director Zack Holderman to secure the loan through UBS Realty Investors.

Wave Crest Resorts and its affiliates have developed, owned and managed commercial properties in the North San Diego County coastal areas for 35 years, Wright noted.

---

Editor's Note: This article is excerpted from the current edition of In The Pipeline, CoStar Group's weekly column covering new development and construction.