Issue #247
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
Hello again. I hope today finds you well. …93%! We had a whopping 93% success
rate selling our clients’ homes during a challenging 2006. Not bad compared to
an apprx 60% success rate for the local market overall. Hidden message: If you
are a friend are considering selling a home or investment, call me! …Our free
seminar Saturday 1/20 is a hit. With 122(!) people signed up, we’re switching to
“theatre” seating (no tables), leaving room for 8 more people. To sign up,
click here.
A Look Back: 2006 San
Diego Real Estate Highs and Lows
2006 was a year of change in the San Diego market. Here were some of the
extremes:
Biggest House Sold:
12,000 sqft, 9BR/11BA in Rancho Santa Fe
Smallest House Sold:
360 sqft, – 1BR home in Fallbrook
Biggest Condo Sold:
4841 sqft, – In the Meridian downtown
Smallest Condo Sold:
290 sqft, – Pt. Loma studio
U.S. Cities Ranked 2006:
Ten Most Stressful Large Metro Areas To Live In
As measured by divorce rate, unemployment, commute, violent crime, property
crime, suicide rate, alcohol consumption, mental health, and…believe it or
not…number of cloudy days. Here are the rankings, out of 100:
1. Tacoma, WA
2. Miami, FL
3. New Orleans, LA
4. Las Vegas, NV
5. New York, NY
6. Portland-Vancouver, OR-WA
7. Mobile, AL
8. Stockton-Lodi, CA
9. Detroit, MI
10. Dallas, TX
73. San Diego, CA
(Source: BestPlaces.Net)
Next Week: 10 Least stressful large metro areas to live in…
Get On Our San Diego
“Foreclosure Hot-List”
Five major lenders have asked me to handle their foreclosures, and I’m
looking for a short list of investors or people wanting to buy a home or
investment up to 5-10% below market. If you’d like to be the first to find out
about them,
click here.
Another Real Estate Myth
Debunked
Myth: Homes must be tented for termites when they’re sold.
Reality: Termite work isn’t legally required, though 99% of buyers expect
a clearance. That being said, only "drywood" termites need tenting. They can be
eradicated via other methods, but tenting is usually the most practical. And
"subterranean" termites (that live in the ground), require injecting
a termicide in the ground, not
tenting.
FREE MLS Online Search For A San Diego or Riverside Home
To search for a home right now, click here: Free MLS Homesearch
ATTENTION HOMEBUYERS:
FREE $450 Home Appraisal & FREE $300 Home Inspection
For a limited time, you’ll receive $750 in free services when you agree to use
us as your Realtor to buy a San Diego home or investment property, use our
preferred Countrywide Financial lender, and use any CREIA-member home inspector.
…..For more details or to take advantage of this offer, call us @
(858)457-KENT.
Did You Know that in many countries there is no such thing as a getting a
home loan to buy a home. Instead, family and friends help you build a home on
land you bought with cash or got from your parents…
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
Click Here For FLYER
Don’t Dare Buy or Sell…Until You Go To This Seminar:
2007 SAN DIEGO REAL ESTATE FORECAST
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 I’ll provide a review of 2006, including lessons learned from our changing
market…based on 22 years experience and surviving and thriving in past
challenging San Diego markets.
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
"We’re buying a condo built about
10 years ago. It looks like it’s in great shape. Do you think we need to get it
inspected?"
***ANSWER:
There are many types of inspections:
- pest control (aka termite)
- home inspection
- mold
- structural / engineering
- plumbing, heating, electrical, roofing
- and more
I’m assuming you’re asking if you should get a standard home inspection (aka
contractor’s inspection). The answer is a resounding YES. Even with a condo,
it’s good insurance.
Here’s one example that just happened…
I just helped a good friend of mine buy a condo much like you described and she
asked me that same question. I advised her to have the condo inspected. The
inspector discovered the heater didn’t work, plus some other items needing
attention. Fortunately we got the seller to make the repairs. For about $300,
she saved herself from some expensive problems.
Regarding other inspections…
You’ll probably ask the seller to perform and pay for a pest control inspection
and clearance.
To be 100% safe, you could do every conceivable inspection (mold, geological,
etc.), but most people do them if recommended by their home inspector or if they
suspect there could be issues.
“Hi Gary. I wanted to get back to
you and let you know that we’ve decided to have you sell our rental at XXX XXX
Street. I heard about some new law where you have to give the tenants more than
30-day’s notice to move. How does that work?”
***ANSWER:
As of January 1, once again you may be legally required to give your tenants
60-day notice to move if ALL tenants have been at the property for at least one
year. (If even one tenant has been for less than a year, 30-day notice is OK.)
Additionally, 30-day notice can be given when ALL of the following conditions
have been met:
1. The dwelling is a separately alienable unit (i.e. single family attached or
detached)
2. The unit is being sold to a bona fide purchaser for value
3. Escrow has been established with a license escrow agent or broker
4. The buyer is a natural person or persons (as opposed to a legal entity such
as a corporation)
5. Notice is given within 120 days after escrow is opened
6. Notice was not previously given to the tenant
7. The buyer intends to live in the property for at least one year
Here’s how I’d summarize the law:
If all tenants have been in the property for at least one year, you must give 60
days notice UNLESS it’s a single family property and the buyer intends to live
there.
Investing or Financing Question
"We’re looking to buy our first
home. The only way to buy what we want is to find a cheap house that needs a lot
of work. Our problem is we’re cash strapped and won’t have money left for fix
up. An agent told me we could offer more and have the seller write us a big
check after closing to cover some repairs. Is that OK to do?"
***ANSWER:
“But we do it all the time!”
That was his response when I told the Realtor who wrote an offer on my client’s
property that my seller would NOT write his buyer a $35,000 check when escrow
closed.
To which I responded… “I’m sure you do, but that’s called LOAN FRAUD. It’s
illegal and would subject us and our clients to fines and imprisonment.”
He replied… “It’s not illegal. I’ve done it dozens of times.”
Unfortunately, he was 100% wrong. It seems his argument was that the more times
you break the law, the more legal it gets.
BOTTOM LINE:
Crediting a buyer funds through escrow, where it’s fully disclosed to the
lender, is 100% kosher.
But if a seller transfers significant funds to a buyer OUTSIDE of escrow it is
called LOAN FRAUD.
(FYI: It’s generally accepted that the seller may give the buyer a nominal sum
outside of escrow, say a few hundred dollars for a leaking pipe he forgot to
fix.)
BTW, here’s another problem:
What if the seller “forgets” to write you that check or the check bounces?
I’m no attorney, but I’m not sure you can legally enforce an illegal contract.
And even if you could, you’d find yourself chasing the seller for the money, and
perhaps never getting it.
All around, it’s a bad idea. Don’t do it.
Hot Properties: Call Now On These Hot New
Listings & Not-Yet-On-The-Market Properties
|
THIS WEEK'S FEATURED PROPERTY! | |
 |
Allied Gardens Home Open House Sun 1-4 BR/BA: 3/1.5 Sqft:1,123 Price:$425,900 |
|
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!)
- Chula Vista – “Country Club” area: Elegantly
remodeled 3BR 1600sqft home, oversize lot. Hi $500’s.
Contact Me
- Chula Vista – BANK-OWNED FORECLOSURE! Sharp
7yr-new Rancho Del Rey townhome w/ dbl garage. $400?
Contact Me
- Chula Vista – BANK-OWNED FORECLOSURE! Cute
remodeled 3BR house w/ white picket fence. $300s?
Contact Me
- Chula Vista – BANK-OWNED FORECLOSURE! Newer 3BR, 2.5BA, 1452sqft townhome w/ garage. $300s? Contact Me
- Clairemont – BANK-OWNED FORECLOSURE! Updated & upgraded 3BR/2BA house w/ garage. Lo/mid $400s? Contact Me
- Clairemont – BANK-OWNED FORECLOSURE! 2BR townhome w/ garage, large living room, & patio. $200s? Contact Me
- Clairemont – BANK-OWNED FORECLOSURE! 3BR house w/ garage. Quiet street. More info to follow. Lo $400s. Contact Me
- Downtown – BANK-OWNED
FORECLOSURE! 2BR 2nd-floor condo in historical & famous CORTEZ HILL.
Price TBD.
Contact Me
- Downtown – BANK-OWNED FORECLOSURE! 1BR/1.5BA ground-floor condo with direct street entrance.Price
TBD
Contact Me
- Downtown – BANK-OWNED FORECLOSURE! 2-year-new 2BR/1BA high-rise condo in Acqua Vista. Price TBD Contact Me
- La Mesa – BANK-OWNED FORECLOSURE! 3BR/1.5BA house with big yard, no garage. Should be high $300’s. Contact Me
- La Mesa – BANK-OWNED FORECLOSURE! 2BR house w/ garage, RV parking & big yard. Should be high $300’s.Contact Me
- Logan Heights – BANK-OWNED FORECLOSURE! 2800sqft HEAVY fixer-upper house w/ garage. Price TBD. Contact Me
- Mira Mesa – BANK-OWNED FORECLOSURE! 4BR/2BA home on quiet culdesac. Upgr kitchen w/ island. $400s. Contact Me
- Mira Mesa – BANK-OWNED FORECLOSURE! 4BR/2.5BA 1804sqft house w/ spa. Should be low $500’s. Contact Me
- Mira Mesa – BANK-OWNED FORECLOSURE! 2BR/1BA condo, 913 square feet. Should be mid-$200’s. Contact Me
- Nestor – BANK-OWNED FORECLOSURE! 3BR/2BA condo, 1224 sqft condo, near pool & playground. $300? Contact Me
- North Park – BANK-OWNED
FORECLOSURE! Charming 2BR Spanish house, hardwood floors, garage. Low
$300’s?
Contact Me
- Oceanside – BANK-OWNED FORECLOSURE!
Stunning 9-yr-new 4BR home w/ sweeping views. Low $500’s?
Contact Me
- Oceanside – BANK-OWNED FORECLOSURE!
Handsome 3BR/2.5BA detached home w/ dbl garage. Low $400’s?
Contact Me
- Oceanside – BANK-OWNED FORECLOSURE!
2BR/1.5BA, 1280 sqft condo w/ garage. Low $200s?
Contact Me
- Paradise Hills – BANK-OWNED FORECLOSURE! 3BR/2BA 1183sqft condo w/ large covered patio. $300? Contact Me
- Pt Loma- BANK-OWNED FORECLOSURE! Very affordable 2BR house on quiet street. Should be in the $500’s. Contact Me
- Pt Loma – BANK-OWNED FORECLOSURE! Cute 2BR, 1227sqft house w/ garage, 6500sqft lot. High $600’s? Contact Me
- Rancho Penasquitos – BANK-OWNED
FORECLOSURE! 4BR/2.5BA house. More details to follow. $600ish?
Contact Me
- Scripps Ranch – BANK-OWNED FORECLOSURE!
Stunning newer 4BR 2536sf home, many upgrades. $700?
Contact Me
- Tierrasanta – BANK-OWNED FORECLOSURE!
4BR/2.5BA 2592 sqft fixer house on quiet street. Mid $600’s?
Contact Me
NEWLY LISTED (Your Property Here!)
- Del Cerro – Huge 1445 sqft 3BR/2.5BA condo, newer condo conversion w/ granite. Near SDSU, trolley, hospital. 309-339K Contact Me
- La Jolla – BANK-OWNED FORECLOSURE! Remodeled 3BR/2BA penthouse vu condo 2 blocks to beach. Hdwd flrs. $569,900 See For Yourself
- San Marcos / San Elijo Hills – Stunning, sunny & open 4/2.5 home w/ bonus room. Built 2004 w/ all the upgrades. 612K. Take A Look
MORE GREAT HOMES & INVESTMENTS (Your Home Here!)
- Allied Gardens – BANK-OWNED FORECLOSURE! 3BR house w/ double garage. Quiet street near Kaiser. Price TBD. Take A Look
- Bay Park – Below-market 4BR bay view “cosmetic fixer”! Sun room, a/c, “swim-spa” Renovate & up value to 750K+! 650-700K. Check it Out
- Clairemont – Stunning 3BR/2BA home: maple/granite kitchen, remod baths, dual-pane windows, pergo floors, more! 470-505K See for Yourself
- SOLD/Clairemont – SHORT SALE! Stunning remod 3BR/2BA house on quiet street in great neighborhood. Just 440-475k! Find Others Like It
- Chula Vista – BANK-OWNED FORECLOSURE! Bargain price for this 3BR/2BA 1186sqft condo in “Woodland Hills” complex. 310K! Find Your Home
- Encanto – Upgraded 3BR/1.5BA home with HUGE grassy backyard & double garage. Price to follow. Take a Look
- La Costa – Just-remodeled luxury Mediterranean-style 4,800 sqft estate on huge lot, right on La Costa Golf Course. 1.695-1.795M Look For Yourself
- Lakeside – BANK-OWNED FORECLOSURE! Gorgeous & sunny 6-yr-new 1708sqft home w/ 3-car garage. Quiet street. 545K! See For Yourself
- Mission Valley – SHORT SALE! Oversize 2BR/2BA condo near USD, YMCA. Security parking for 2 cars. 360-400K. Take a Look
- Mission Valley – Stylish 2BR/2BA condo in gated community (w/ guard) next to golf course & Fashion Valley Mall. 345-365K See For Yourself
- SOLD/Pacific Beach – Elegantly redone cottage 2 blocks to Bay. Maple/granite kitchen, travertine, hardwood, more! 650-700K Find Your New Home
- Spring Valley – BANK-OWNED
FORECLOSURE! 3BR/3.5BA 2792sf custom home, panoramic views. Low
$500’s?
Look For Yourself
- SOLD/Tierrasanta – BANK-OWNED FORECLOSURE!
1584sqft 3BR/2BA townhome, dbl garage. Near pool, canyon. Now $464,900
More Foreclosures Here
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.
Thank you
Elaine W. for referring a client to buy a home…
Have a great week...
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
22 Years Experience -- 3,100+ Homes Sold
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
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