Issue #219
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
Our seminar on Wednesday night on investing in Phoenix cashflow apartments was a smashing success. With no available properties now, but some in the pipeline, we started an investor waiting list. We had attendees come in from Mammoth, Santa Cruz, & even Phoenix!...
Last week we checked out colleges for my son Tim. While I’d never live anywhere but San Diego, Santa Barbara comes close. It’s a quaint, beautiful town. Their house prices make ours a bargain…not much nice under $1M! If you go, take a long stroll down State Street.
Don’t Let Your Bank RIP YOU OFF!
When my client C.M. got the preliminary closing estimate from escrow, he noticed one small error...for $12,000! His bank was trying to charge a prepayment penalty with NO right to do so. Escrow didn’t catch it because they take the lender’s “payoff statement” at face value. It’s the owner’s responsibility to find any error. So when you sell, 1) double-check at your preliminary closing statement and 2) do not assume any prepayment penalty is correct.
San Diego Slips To #8 in U.S.
The U.S. Census Bureau released population estimates last week showing America’s Finest City has slipped behind San Antonio #8 —by just 969 people. In 2004 and 2005, San Diego’s population actually shrank by 8,276 people. (I’d call that a GOOD thing, wouldn’t you?) As of last July, S.D.'s population was 1,255,240. Here’s a list of the Top 20 U.S. cities ranked by population:
1. 8.1M – New York
2. 3.8M - Los Angeles
3. 2.8M - Chicago
4. 2.0M - Houston
5. 1.5M - Philadelphia
6. 1.5M - Phoenix
7. 1.3M - San Antonio
8. 1.3M - San Diego***
9. 1.2M - Dallas
10. 1M - San Jose, CA
11. .9M - Detroit
12. .8M - Indianapolis
13. .8M - Jacksonville
14. .7M - San Francisco
15. .7M - Columbus, Ohio
16. .7M - Austin
17. .7M - Memphis
18. .6M - Baltimore
19. .6M - Fort Worth
20. .6M - Charlotte, N.C.
(Population rounded to nearest 100K)
FREE MLS Online Search For A San Diego or Riverside Home
To search for a home right now, click here: Free MLS Homesearch
This Week’s Special Offer:
FREE $450 Home Appraisal & FREE $300 Home Inspection
For a limited time, you can receive $750 in free services when you work with us to buy a San Diego home or investment property, use our preferred Countrywide Financial lender, and use a professional home inspector. For more details or to take advantage of this offer, call us @ (858)457-KENT.
Another Real Estate Myth Debunked
MYTH: Don’t recarpet or repaint before you sell. Homebuyers will want their own colors. Offer a credit instead.
REALITY: This ignores the fact that people buy on emotion, not logic. New (neutral) carpet and paint taps the emotions; credits appeal to logic. If a buyer doesn’t like how the home looks or feels or smells in the first place, they likely won’t buy--credit or no credit. That said, for some homesellers the hassle of getting new carpet and paint outweighs the monetary gain, making a credit the better strategy. Money isn’t everything.
Send This Free Newsletter To A Friend
Subscribe them with a quick email to TellAFriend@GaryKent.com with their email address in the subject line.
Remember to email your questions, comments, compliments, corrections, critiques, & rebuttals to Questions@GaryKent.com.
Gary's Real Estate Seminars
FREE SEMINAR July 27 / Thursday 6-8PM
At "Forum Hall" at the UTC Mall in University City
Why Buy In A Buyer’s Market?
- San Diego real estate market update
- Bursting bubble or soft landing?
- Advantages of buying in today’s slower market
- Who should NOT buy a home today?
- 10 Things you must know BEFORE you buy your next home
- Tax benefits of owning a home
- 7 ways to profit and plunder in today’s market
- The 80/20 rule to buying a home
- Insider secrets to buying a home below market value
- Common homebuying mistakes
Click Here For Flyer
Call (858)457-KENT to reserve your seat today!
"I’ve been dying to buy our first
home since last summer, but my husband keeps putting it off because he doesn’t
know where to start. What do you suggest?"
***ANSWER:
Many of our clients say the same thing. Buying a home is a big deal and it all
seems so complicated and overwhelming. Where DO you start? Two ideas for you:
1. Call my office and set a time to come on it for a free one hour homebuyer
consultation. We’ll sit down and have a good conversation about all your
concerns and questions (please bring a list!) and give you an overview of the
process. We’ll take it step-by-step, including your next step if you wish to
find a home. There’s no pressure. It’s more of a get-to-know-you,
get-comfortable, get-your-questions-answered meeting. If you decide to wait or
not buy a home at all, that’s perfectly fine.
2. Come to our free seminar July 27 called “Why Buy In A Buyer’s Market?” It’s
not exactly targeted for someone in your situation, but you’ll still get a good
taste of the market and the steps involved in buying a home.
For either one, call us at (858)457-KENT and we’ll take care of you.
"I know that in this market overpricing my home will make it very hard to sell, if it sells at all. How will I know if my home is priced right?”
***ANSWER:
Follow the “10/30 Rule”:
Once your home has been on the market 30 days or been shown 10 times, if you haven’t received a decent offer, look hard at the price. may too high.
The 10/30 Rule is based on my 22 years experience selling over 3,000 homes, and is consistent with studies from the National Association of Realtors.
Investing or Financing Question
“[Last week you wrote…] ‘There are other creative ways to avoid taxes. Under current tax laws, you can move into your rental property for 2 years, converting it into your personal residence, and then sell it and likely pay very little taxes.’
I think the government has made a modification to this. I'm not sure of the specifics, but I believe if you move into a property you held for investment, you now need to live in it for five years before you can sell it and claim the homeowner’s 250K/500K exemption. Just want to keep your newsletter accurate. Hope all is well, D.S.”
***ANSWER:
Thanks for the email. I appreciate you taking the time to read my newsletter and to email me about errors or omissions. I’ve been known to make more than my share, for sure.
Regarding that modification…
President Bush signed H.R. 4520 into law on October 22, 2004. It says that if you exchange into a rental property, you have to own it for five years. You still only need live in it for 2 years.
In case you enjoy reading tax code, here’s a relevant excerpt I found on www.IRS.gov:
“Section 121(d), as amended by § 840 of the American Jobs Creation Act of 2004, Pub. L. 108-357, provides that, if a taxpayer acquired property in an exchange to which § 1031 applied, the § 121 exclusion will not apply if the sale or exchange of the property occurs during the 5-year period beginning on the date of the acquisition of the property.”
Hot Properties: Call Now On These Hot New
Listings &
Not-Yet-On-The-Market Properties
|
THIS WEEK'S FEATURED PROPERTY! | |
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Handsome Scripps Ranch Home Hardwood floors, and custom paint in this beautifully maintained 4 BR/2.5 BA home
|
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For more information on this
Wonderful Home Click here | |
"COMING SOON"
(Click Contact
Me to be contacted BEFORE these properties hit the market!)
- Clairemont – Remodeled 4BR/2BA
house + granny flat. 2-car garage. Mid/high 500’s.
Contact
Me
- Escondido – Bargain Hunter’s Dream! 3BR house
w/ garage on full lot on quiet street. Should be around 400K. Contact Me
- Lemon Grove – Remodeled 1700sqft
home on over 1/4 acre. Quiet street, 2-car garage, stunning kitch.
480-520K Contact Me
- Pacific Beach – Cute 3BR/2BA house in north
P.B. Should be priced to sell in the low/mid $600’s!
Contact Me
- Pacific Beach – Upgraded 2BR/2BA townhome 1 block to Tourmaline Surf
Park & Beach. Garage, quiet complex. Contact Me
- Serra Mesa – Very affordable 2BR condo. More info to follow. Contact Me
NEWLY LISTED (Your Home Here!)
- Bay Park – Flawless 2023sqft 3BR/2.5BA home on quiet street.
Remod/upgr throughout, family room, great yard! 725-800K!
Look for
yourself
- Clairemont – 2BR/2BA house w/ HUGE backyard, brand-new eat-in kitchen, FPL, vinyl windows, quiet street. 470K Contact Me
- Clairemont – 2BR/2BA house w/ oversize backyard,
brand-new eat-in kitchen, FPL, vinyl windows, quiet street. 470K
Contact Me
- Jamul – 3BR/2BA house w/ brand-new kitchen & country views. FULL ACRE
w/ lovely pool, RV parking, large garden: 625-675K
Contact Me
- Bay Park – Great price for this 1400 sqft, 3BR house in
“Overlook
Heights”. Quiet street. 585-625K!
More
info
- Carlsbad – Newer 1766sqft, 3BR/2.5BA “Harbor Pointe” home on
culdesac near beach. Remod kitchen w/ granite. 695K-705K View
Pictures Here
- Clairemont – 4BR/2BA “Parkwest” home w/ family room across
from
Gershwin Park tennis, basketball. Well-priced @ 500-550K! Click here
- Clairemont – Cute, clean 3BR/2BA home w/ 2-car garage, FPL,
dbl-pane
windows, lots of upgrades, nice yard: 475K-525K
Take a Look!
-Kearney Mesa/Clairemont – 2BR condo w/ yard.
Newer carpet, paint, flooring, appliances, tub/shower, more. Just 269K Contact Me
- La Jolla – Newer 2BR/2BA condo, heart of downtown La Jolla walk
to shops, restaurants! Marble, granite. 650-725K Reduced!
Contact Me
- Linda Vista – 3BR/2BA fixer-upper house w/ spectacular valley & city
views! Beautiful street. Priced to sell @ 459K!
Contact Me
-SOLD/Pacific Beach - Development Opportunity! 3BR home, approved
plans to build 2 condos. Resell or rent. Reduced: 775-850K Check out the Lovely
Backyard
- Phoenix, AZ - 12 apartments, 4x1BR, 4x2BR, 4x3BR. Fully
renovated.
Condo conversion opportunity? $1.068M.
Contact Me
- Phoenix, AZ - Cashflow apartments, zero management, 15%
under-market!. 1031 exchange OK. $100K to $2M down. Click here to request
more information
- San Marcos – Large
1060sqft 2B/1.5BA condo w/ garage & private patio. Pool, spa,
tennis pets
allowed. 295-329K
Contact
Me
- Scripps Ranch- Handsome newer home
on quiet street! Offers 19' ceilings, travertine, hdwd floors, family
room.
700-750K. Take a
Look!
- USD/BayPark/Mission Valley – Four
3BR/2BA condo conv, owner will
remodel & decorate to you specs. FPL, views. From 470K!
Look
here
Call me at (858)457-KENT to find out
more or arrange a private
showing...
Referring a friend or someone you
care about is the highest compliment you can give me. Thank you for all of your
generous referrals!
Have a great week...
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
22 Years Experience -- 3,000+ Homes Sold
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
Due to production and shipping expense, free items are available only to residents, owners, and people planning to purchase real estate in San Diego.
