San Diego Real Estate

Issue #196

In This Issue

  1. Welcome / This Week's Special Offer

  2. Gary's Real Estate Seminars

  3. Homebuying Question

  4. Homeselling Question

  5. Investing or Financing Question

  6. Hot Properties: New Listings BEFORE They Hit The Market

  7. Thank You For Your Referrals

Welcome / This Week's Special Offer

Welcome To The Latest Issue
 Hope you’re doing well.  Wednesday, I was interviewed by a sharp Reuters news service reporter about our San Diego market.  She and I discussed whether our market trend is up, down, or flat.  If you come across the article, please shoot me an email and let me know where you saw it and what you thought. Thanks...
 

Condo Conversion Controversy
Tuesday morning I attended a meeting of developers, attorneys, city officials, and others regarding the future of condo conversions in San Diego.  While conversions are extremely beneficial to the city and most residents, some parties are trying to slow or even entirely stop conversions.  To read about that meeting, click here:

Three Brand-New FREE Real Estate Seminars Coming Up
 Knowledge is power.  And you’re invited to boost your knowledge by attending our free seminars coming up on condo-buying, apartment-investing, and selling in today’s slower market.

FREE MLS Online Search For A San Diego or Riverside Home
To search for a home right now, click here: Free MLS Homesearch

True Story: Not Your Average Glamour Shot
The agent (not me) was showing a beautiful country home on five acres.  He and his clients, a nice couple, came to the master bedroom and opened the door.  To their horror, they were greeted with a full-body bare glamour shot of the wife in all her glory, plus a risqué lingerie display.  The couple gasped in shock and high-tailed out of the room.  No word if they bought the house...

Interested In Positive Cashflow Apartments With No Management Hassles?
Want a hands-off real estate investment with consistent positive cashflow?  Sound too good to be true?  I've found a great investment opportunity that I'm personally investing in, as have several of my clients.  If you have $100,000 to $3,000,000 to invest and want to find out more... Call me at (858)457-KENT or
CLICK HERE for info on the Positive Cash-Flow Apartments

CNN-Money's Cities With Priciest Homes 2005
Rank / Median Price / City & State
1.  $1,348,121   Los Altos, CA
2.  $1,329,856   Pacific Palisades, CA
3.  $1,323,721   Beverly Hills, CA
4.  $1,304,431   Manhattan Beach, CA
5.  $1,229,484   Laguna Beach, CA
6.  $1,223,523   Greenwich, CT
7.  $1,180,527   Alamo, CA
8.  $1,152,066   Burlingame, CA
9.  $1,151,058   Palos Verdes Peninsula, CA
10. $1,148,105  Malibu, CA

FREE DVD: How To Sell Your Home & Buy Another
There's 5 ways to coordinate buying a home while selling your old one. One is best. Another's a recipe for disaster. Discover the pros and cons of each + smart buying & selling tips. This DVD is a must if you're making a move in the next 12 months. You'll learn:

- Which of the 5 strategies works best for YOUR needs
- Don't be forced to give your home away for a quick sale
- The $5,000-$50,000 trap in the small print most people overlook
- Pricing to get top $$ for your home (it’s not what you think!)
- The HUGE MISTAKE agents make when juggling 2 closings
- Find out what your home will REALLY sell for in today's market
- How NOT to get stuck paying mortgages on 2 homes
- When is the very best time to list your home?
- Avoid being the "contingent buyer" sellers hate to sell to
- How do bridge loans work? Should you get a "HELOC" instead?

Call (800)748-1340 to have your FREE Guide sent to you via mail.  Recorded message.  Call 24 hours/day, 7 days/week.  The guide should arrive at your home within 72 hours.
 

Send This Free Newsletter To A Friend
 Subscribe them with a quick email to Tell A Friend with their email address in the subject line.
 

Remember to email your questions, comments, compliments, corrections, critiques, & rebuttals to Questions
 

Gary's Real Estate Seminars

FREE SEMINAR February 1 / Wednesday 6-8PM
CONDO-BUYING FOR SMART PEOPLE (Not Dummies)
 At "Forum Hall" at the UTC Mall in University City
 CLICK HERE for flyer, more info, & free sign-up

There's a "Perfect Storm" of three unique trends shaping now to May 1st as the ideal time to buy a San Diego condo or townhome UNDER MARKET. Will you miss out or take advantage? Come learn almost everything you need to know before you purchase a condo or townhome! At this seminar, You'll Discover:

- Why people say RIGHT NOW may be your golden window of opportunity to buy a condo at the LOWEST PRICE
- Pro's and Con's of owning a condo
- How to find motivated--even DESPERATE--condo sellers
- Should you buy new construction, a conversion, or resale?
- How to get a FREE Inspection & FREE appraisal when you buy
- Key condo documents explained: CC&Rs, Rules, Bylaws, etc
- Condo vs. Townhome vs. Co-op vs. House w/ HOA
- What do you REALLY own when you buy a condo?
- How to get the best loan for your condo
- Easy way to find out if a condo complex has costly problems
- 4 Condo myths that could cost you
- How to buy a condo ZERO DOWN
- Rent vs. buy? You may be surprised!
- 5 Questions You MUST Ask Before You Buy ANY Condo
- Monthly condo fees: good deal or waste of money?
- Condo situations, problems, and complications to avoid
- Why condos make an excellent 1st investment
- Buying a condo for your college student
 To RESERVE YOUR SEAT at this free seminar now, click here or call (858)457-KENT!

FREE SEMINAR  February 1 / Wednesday 6-8PM
"Discover Exactly Where I'm Investing MY Money In 2006"
. . . Positive Cash Flow Apartments With Appreciation & ZERO Management
At "Forum Hall" at the UTC Mall in University City
CLICK HERE for flyer, more info, & free signup

Looking to build your wealth through real estate?  Want a hands-off investment with appreciation and consistent positive cashflow?  Sound too good to be true?  I've found a great investment opportunity that I'm personally investing in, as have several of my clients.  If you have $100,000 to $5,000,000 to invest and want to find out more. . .
To RESERVE YOUR SEAT at this free seminar now, click here or call (858)457-KENT!

FREE SEMINAR  March 1 / Wednesday 6-8PM
"Sell Your Home (Or Rental Property) In Today’s Slower Market"
At "Forum Hall" at the UTC Mall in University City
 CLICK HERE for flyer, more info, & free sign-up

The San Diego market has morphed from a sizzling seller’s market into a cooler buyer’s market.  If you’re thinking of selling your home or investment property in 2006, you need to attend this free seminar.
 To RESERVE YOUR SEAT at this free seminar now, click here or call (858)457-KENT!

Homebuying Question

"Hi Gary.  I’m thinking of buying a home and I’m trying to decide where. Don’t you think that all neighborhoods in San Diego tend to appreciate at the same rate over the long run?" 

***ANSWER:
 I agree that most San Diego neighborhoods should appreciate at about the same rate, UNLESS there’s what I’ll call a “unique event”.

Recent such events include Petco Park improving western Logan Heights, the 52 extension improving access to Santee, and revitalization improving City Heights.  Smaller events such as new schools, new shopping centers, etc., also have some impact.

Possible future events could be a new or relocated airport, a new Chargers stadium, military base closings or expansions, etc.

It can pay to read to keep track of local proposals, controversies, and other goings on.

Homeselling Question

“We’re planning to sell our home.  We’ve done a beautiful remodel inside our home, but our front porch is shabby.  From reading your newsletter we know how important a good first impression is.  Can you give us ideas to improve it that won’t cost a too much?"
 

***ANSWER:
Of course, I haven't seen your home, but here are seven potentially profitable ideas that may help you:

1. Paint or replace the front door if needed.
2. Replace or remove any bent or torn screen doors. 
3. Paint any rusted security doors.
4. Be sure your doorbell works.  If the first "moving part" of your home that buyers come in contact with is broken, what does that tell them about the rest of the home?
5. Buy a new polished brass mailbox, porch light, doorbell, and address numbers.  Home Depot sells them for under $200 total.
6. Get a "Welcome Friends" doormat.
7. Put pots of colorful flowers on and in front of your porch, as well as on the walkway leading to your porch. 

Total cost should be a bargain compared to the many extra hundreds or thousands of dollars you'll get for your home, as well as a quicker sale.
 

Investing or Financing Question

“Hi Gary, Great newsletter as usual...however, my tax guy told me that the IRS recently changed the law re: 1031 exchanges. He said if you exchange a rental property into another rental property, you now have to rent that property out for FIVE years before you can move into it. I'll double-check, but thought you'd like to know. If it is still one year, I'll be really happy!”

***ANSWER:
(Responding to my comments last week about exchanging into a rental property, then moving in later...) 

Congratulations, you’re about to become really happy!

When you acquire a property in a 1031 exchange, the IRS wants you to “intend” to hold it as an investment for the foreseeable future.  As the IRS can’t read your mind (for now), most CPAs will advise you to rent out a property you’ve acquired via 1031 exchange for one to two years before you move into it.  They say this shows your “intent” to hold it as an investment property.

Here’s what your tax guy was referring to: 

The IRS issued new regulations about a year ago saying that if you acquire a property in a 1031 exchange and convert it to a principal residence, you must own it 5 years before you use IRS Section 121 rules to SELL it as your principal residence and exclude up to 500K in capital gains (250K for singles). 

Of course, please check (or double-check) with your tax professional.
 

Hot Properties + New Listings BEFORE They Hit The Market

THIS WEEK'S FEATURED PROPERTY!

Entertainer's Delight

Dramatic remodel on large Cul-de-Sac lot
This elegant home boasts a unique flowing floor plan w/ vibrant designer colors

  • Square footage 3,414
  • BR/BA: 5/3.5
  • Price $988,000 - 1,150,000

View more beautiful University City Homes online right now.

"COMING SOON"
(Click Contact Me to be contacted BEFORE these properties hit the market!)
- Clairemont - Cute 2BR townhouse-style condo in the $300's.
More info to follow . . . Contact Me
 - La Jolla – Newly redone 2BR/2BA condo, heart of downtown La Jolla—walk to all.  Marble, granite. 675-750K Contact Me
- Pacific Beach - Large 5BR/3BA house on culdesac. Has family room, bonus room, 2 FPL, 3-car garage, & more! Price TBD Contact Me
- Serra Mesa - 3BR/2BA home w/ dbl-garage on dead end street.  Should be just over 500K+.   Contact Me

NEWLY LISTED (Your Home Here!)
- Bonita area – 2BR/2.5BA condo a short stroll to Plaza Bonita!  Offers oversize garage, in-unit laundry, FPL, tennis.  355-375K View Contact Me

- Normal Heights Neighborhood – Pristine model-like 1BR condo w/patio, beautiful kitchen w/ granite counters & maple cabinets.  245/255K Contact Me
 

MORE GREAT HOMES & INVESTMENTS (Your Home Here!)

- SOLD/Carlsbad - PROBATE SALE! 1500 sqft fixer house w/ valley views. Quiet street. Priced BELOW MARKET @ $615,000. Contact Me

- Clairemont - Enjoy canyon views & breezes! W. Clairemont 4R/2BA home w/ dbl garage & basement. Reduced: 499-530K Contact Me

- Clairemont - Gorgeous redone townhome: dbl garage, fam rm, FPL, remod kitch, huge patio, no HOA fees for 6mo's! 440K-485K Contact Me
- SOLD/Clairemont - Updated "Mount Street" 4BR/2BA home w/ dbl garage.  Newer central a/c, roof, heater.  Reduced: 495K-525K!Contact Me
- Clairemont - Spacious 3BR/2BA home w/ HUGE 580sqft family room/ "great room"! Quiet street, 2-car garage. Reduced: 575K Contact Me

- SOLD/La Jolla - 3BR/2BA 1-level home on quiet street. Large lush private bkyd, redone kitch & BAs, valley vu, tennis! 720-750K Contact Me
- Mission Hills - Attention Contractors / Developers / Investors! Buildable lot suitable for 10-11 homes. 950k-1.15m! Contact Me
- Normal Heights - Newly converted 1BR condo w/ granite counters & all the extras.  Great location.  $245-255K Contact Me

- SOLD/Oceanside - Newer 5BR/3BA, 2344 sqft home w/ family room, sunny just-remodeled kitchen, Saltillo tile. Reduced: 560-615K! Contact Me

- Pacific Beach - Development Opportunity! Redone 3BR home w/ room to build 2 condos. Resell or hold for income. 775-850K Contact Me

- Phoenix, AZ - 30 apartments, large 3BR & 2BR units, well-maintained complex, Mesa area. Do a condo conversion? $2.1M.  Contact Me
- Phoenix, AZ - Cashflow apartments, zero management,  under-market prices.  1031 exchange OK.  $100K to $5M down. Contact Me

- Pt. Loma - Point Loma Tennis Club ground-floor corner unit w/ remodeled bath. Big rooms. Looks like a model! 275-300K!  Contact Me

- San Carlos - Cute 1BR condo w/ greenbelt view on a quiet culdesac. Incl new paint, frig, walk-in closet. Reduced: 210-233K Contact Me

- University City - Striking 2004 full remodel 3414sqft home: 1/2-acre culdesac lot, flowing floorplan, vivid colors. 988K-1.15M  Contact Me
- USD Area - Light & bright 3BR/3BA 1431sqft townhome w/ 2-car garage, quiet area. Priced BELOW recent sales & reduced: 535K!  Contact Me

- Vista - Private, secluded, hilltop home with 4br/3ba, 3000sqft, big lot, garage, & more: 770-795K  Contact Me

Call me at (858)457-KENT to find out more or arrange a private showing . . .

Thank You For Your Referrals

Thanks again Ray & Gloria, for referring your daughter to me...

Have a great week . . .

GARY KENT

"The Agent You See EVERYWHERE"

All-Time #1 Agent/Team In San Diego County for RE/MAX

21 Years Experience -- 3,000+ Homes Sold

 

Gary Kent Team --- RE/MAX Associates

(858)457-KENT --- (858)457-5368

GaryK@GaryKent.com -- www.GaryKent.com