Issue #238
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest
Issue
Welcome. On today’s Veteran’s Day holiday, I’d like to take a moment and thank
all the brave men and women who are or have served our country. A heartfelt
THANK YOU to you for your service, valor, and sacrifice.
True
Story: Never Say THESE Words When You’re Buying!
Last year, someone I know was looking at investing out of state with a firm
called Mile High Duplexes. He asked me to look over their material and I noted
that their cash flow calculations left out “little” details like property taxes
and maintenance costs. When we asked why they omitted these costs, a young
salesman with Mile High actually said, “If we put those numbers in, people
wouldn’t buy.” Out of the mouths of babes. …FYI, Mile High Duplexes filed
Chapter 11 earlier this year.
Comedy Site Zillow.com Back In The News
You’ve read me slam Zillow.com (the site that purports to tell you your home
value) before, saying their main value is entertainment. This week a San Diego
Union article reported complaints against Zillow for their grossly inaccurate
estimates. An MSN study found Zillow’s so-called “Zestimates” to be over 10%
inaccurate a whopping 71% of the time. In defense, Zillow says their median
margin of error is “just” 7.2%. So take heart, if your home is worth around
$800,000, Zillow will be off “just” $57,600! Who needs $57,600 anyway?
U.S. Cities Ranked 2006:
Fattest Cities
Here are the ten fittest cities according to Men’s Fitness Magazine:
1. Chicago IL
2. Las Vegas NV*
3. Los Angeles CA
4. Dallas TX
5. Houston TX
6. Memphis TN
7. Long Beach CA
8. El Paso TX
9. Kansas City MO
10. Mesa AZ
*Do you think all the $9.98 all-you-can-eat buffets have anything to do with
this?
Next Week: Top cities for foreclosures.
Get On Our San Diego “Foreclosure Hot-List”
Several major lenders have selected me to handle their foreclosures. So I’m
looking to build a short list of investors or people just looking to purchase a
home at an attractive price. I anticipate they will be available 5-10% below
market. If you’d like to be the first to find out about them,
click here.
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 Free
Offer:
FREE DVD on 1031 Exchanges: "How to Trade Up Your Investment Or Rental Real
Estate & Pay ZERO Taxes"
1031 Exchanges are the key to building wealth in real estate. IN this free
DVD, you'll discover...
- 1031 Exchange basics clearly explained for beginners & veterans
- How one investor traded 7 apartments for 97 worth $5M
- 1031 "Kiss of Death": Don't let the IRS unravel your exchange
- What is "dead equity", what it costs you, & what to do about it
- Save a fortune by legally exchanging into a personal residence
- Why some exchanges fail: 3 deadly mistakes to avoid
- 5 Things you must know BEFORE exchanging
- Can you trade a house for apartments for retail for land for...??
- How safe is your $$ & how to prevent it from being embezzled
- Common misconceptions about exchanges
- How those new "reverse exchanges" work
- What's YOUR building worth?
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.
FREE
SEMINAR: Saturday, January 20, 2007 10AM-Noon
At "Forum Hall" at the UTC Mall in University City
“Don’t Dare Buy or Sell in 2007…Until You Go To This Seminar”
Fasten your seatbelts! Sanford Goodkin, “real estate's leading guru” per the
San Diego Union, internationally known real estate economist and advisor, will
share his insider’s forecast for San Diego real estate in 2007.
Mega-homebuilders pay him big bucks…for info you’ll get free.
And Gary Kent, 22-year veteran San Diego real estate broker, will provide a
review of 2006 and lessons learned from the changing market.
Here’s just some of the fascinating insights and information you’ll discover…
- 2007 Real Estate Forecast: "Soft Landing" or "Bursting Bubble"?
- 2006 Local Real Estate Review - From The Trenches
- An Insider’s perspective on the economy, real estate, & housing
- Bird’s eye view on other markets
- Why what you see on the news & read in the paper about real estate prices is
often DEAD WRONG
- How will San Diego’s rising foreclosures and short sales impact the market?
You may be surprised...
- Why today’s slowdown is NOT like the ‘90’s slowdown
Sandwiches & drinks provided + free dinner-for-2 drawing.
To RESERVE YOUR SEAT NOW for this free presentation,
click here or
call (858)457-KENT!
Homebuying
Question
"My wife and I want to sell our
2-bedroom Mission Valley condo and buy a house in north county. She keeps
talking about new construction, but I think a resale home is smarter. Which do
you think is suggest?"
***ANSWER:
It depends. Buying a brand-new home can be exciting and complicated. Here are
some pro’s & con’s, many that you probably never even thought of.
New Home Advantages:
- You often can choose your lot
- You choose colors, flooring, appliances, counters, cabinets, and floorplan
options
- Everything is brand-spanking-new when you move in
- Some builders offer special incentives or financing
New Home Drawbacks:
- You may have to wait many months for the home to be built, and new
construction often goes way over schedule
- Most new homes are far from central San Diego, leading to a traffic-filled
commute to work and activities
- Traffic patterns and other negatives may not reveal themselves until after
you’ve moved in
- BIG: Cost of upgrades and landscaping are often vastly underestimated
Resale Home Advantages:
- You see the actual home you’re buying…not a spiffed up model with $100,000's
in upgrades and fancy furniture that you don’t get
- Decor, appliances, and landscaping are already there, saving you a bundle of
cash
- You can tell what the neighbors, area, and traffic will be like
Resale Home Disadvantages...
- The owner's tastes may not be yours (or any normal person’s), so you may need
to do some work
- The home may need repair
BIG TIP: If you’re considering a new home development, ask people who’ve moved
into earlier phases if they’re happy and what problems they may be having.
"Why are real estate fees to high? If you
sell a house for $500,000 at 6%, then you’re making $30,000.”
***ANSWER:
Ah, I wish it was that simple, and profitable.
They typical real estate agent earns about 1-2% of the price when they sell a
home.
Here are four the missing pieces of the puzzle:
1. Typically there are two agents in the transaction: the buyer’s and the
seller’s agent. Listing agent commission now 3%.
2. That agent typically has to share around 25% of that commission with his
broker and national firm. Listing agent commission now 2.25%
3. That agent of course has expenses for marketing, auto, pager, cell phone,
dues, overhead, etc. Listing commission now about 1.5%
4. If the house doesn’t sell, the agent makes ZERO. Listing commission now -.5%!
Investing or Financing Question
INVESTING:
"Hi Gary. My wife and I own a condo in U.C. and want to sell it and buy a
four-unit property. I don’t know much about 1031 exchanges, but I do know if you
do it right, you don’t have to pay any taxes. Can you give me the basics on
exchanges? "
***ANSWER:
An IRS Code 1031 tax-deferred exchange is typically a 3-way delayed exchange,
often called a "Starker Exchange". Don't let all the lingo confuse
you--exchanges are quite simple if you use an agent who is familiar with them.
Here are very the basic steps:
1. You arrange for the sale of your property.
2. At closing, your sales proceeds go to what's called a "Qualified
Intermediary", which is a 3rd-party company.
3. You "identify" a property(s) to buy within 45 days of closing your sale.
4. You close within 180 days of closing your sale.
I've personally done several exchanges for myself and handled hundreds for
clients. I’d suggest you take advantage of this week’s free 1031 Exchange DVD
offer.
If you have questions, want more info, or wish to do an exchange, call me at
(858)457-KENT and I'll be glad to help.
Hot Properties: Call Now On These Hot New
Listings &
Not-Yet-On-The-Market Properties
|
THIS WEEK'S FEATURED PROPERTY! | |
 |
Great Priced OPEN HOUSE SUNDAY 1-4
|
|
For more information on this Delightful Home and Open House Click Here | |
"COMING SOON"
(Click
Contact Me to be contacted BEFORE these properties hit the market!)
- Allied Gardens – BANK-OWNED FORECLOSURE! 3BR, 1123 sqft house w/ 2-car
garage. More info to follow.
Contact Me
- Clairemont – SHORT SALE!
Stunning remod 3BR/2BA house on quiet street in great neighborhood. Lo 500s!
Contact Me
- Downtown –
BANK-OWNED FORECLOSURE! 1BR/1.5BA ground-floor condo with direct
street entrance.
Contact Me
- La Costa – Luxury estate on over .5 acre on La Costa Golf Course. Remod 4,800sqft house. 1.695-1.795M Contact Me
- La Mesa – BANK-OWNED FORECLOSURE! 2BR house w/ garage & big yard. Should be around 400K. Contact Me
- Point Loma- BANK-OWNED FORECLOSURE! More
details to follow.
Contact Me
NEWLY LISTED (Your Property Here!)
- Clairemont – 4BR/2BA house, buy now before seller renovates! 459K! Contact Me
- Clairemont – Remodeled 4BR/2BA house + granny flat. 2-car garage. Mid/high 500’s. Contact Me
- Encanto – Upgraded 3BR/1.5BA home with HUGE
grassy backyard & double garage. Price to follow.
Contact Me
- Escondido – Spacious 4BR/3BA 2029sqft house
w/ large family room, huge backyard, corner lot, dbl garage: 499-535K
Look for yourself
MORE GREAT HOMES & INVESTMENTS (Your Home Here!)
- Chula Vista– Beautifully redone 3BR home w/
new expanded kitchen, gleaming hdwd floors, big 1BR granny flat! 550-600K
Such A Deal!
- Chula Vista– Stroll to Hilltop Park from this 4BR/2BA house w/ 2-car
garage, fireplace, updated kitchen, French doors: 495-530K!
Photos and More Here
- Clairemont – Striking 3BR/2BA home w/ xtra rm, on tranquil canyon, remod w/ granite, maple, stainless steel. 499-555K! Click Here
- SOLD/Downtown – BANK-OWNED FORECLOSURE! 2BR/2BA 1-level condo near Petco. All the upgrades. $545,900. Contact Me
- Jamul –3BR/2BA house w/ brand-new kitchen & country views. FULL ACRE w/ lovely pool, RV parking, large garden: Now 598K Look for others
- La Mesa/Mt. Helix – BANK-OWNED FORECLOSURE! Mega-fixer “contractor’s special” 3BR/2.5BA house w/ amazing views! Quick sale price: $414,900 Click Here to See For Yourself
- Mira Mesa – SHORT SALE! Newer 3BR/2BA house w/ garage. Priced below market for fast sale! 385-415K… Click for pictures
- SOLD/Mission Valley – 2BR condo w/ FPL, a/c, skylites, wshr/dryr, Xlnt shape.
Walk to Qualcomm, shopping, restaurants: 300-330K!
Contact Me
- SOLD/Oceanside – Sunny 1-level end-unit 2BR/2BA condo w/ 2-car garage,
FPL, interior laundry. Near pool. 275-300K
Look for more
- Pacific Beach – Enjoy dazzling bay/city/nightlight views from this
north P.B. home w/ large rooms! 900K-1M!
Contact Me
- Pacific Beach – Delightful Tommy-Bahama-meets-Cayman-Islands 3BR/2BA
beach cottage w/ 2-car garage. 620-660K!
Want to see?
- Paradise Hills – SHORT SALE!
3BR/2BA, 1224sqft condo. Price TBD.
Contact Me
- Phoenix, AZ - Cashflow apartments, zero management, 10-15%
under-market!. 1031 exchange OK. $100K to $2M down.
Click Here
- SOLD/Poway – BANK-OWNED FORECLOSURE!
3BR/2BA home w/ open views, FPL, 2-car garage, quiet street. $469,900!
Look here!
- Tierrasanta – BANK-OWNED FORECLOSURE!
1584sqft 3BR/2BA townhome, 2-car garage. Near pool, canyon. $494,900
Take A Look
Call me at (858)457-KENT to find out more or
for a private showing. To find other homes, go to
Free MLS
Homesearch.
Clicked on a property, but there’s no info? It may be sold. Call me to
double-check or discover other similar properties we have for you.
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/
