Issue #249
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
Thanks to all who attended our 2007 S.D. Real Estate Forecast seminar Saturday.
It was an honor to share the stage with famed economist Sanford Goodkin.
...Thank you for the eight(!) referrals last week. Please call me when you hear
of anyone buying, selling, or investing in San Diego. If we can’t help them,
we’ll find someone who can. …Note the SEVEN new foreclosures in the coming
soon section.
FREE MLS Online Search For A San Diego or Riverside Home
To search for a home right now, click here: Free MLS Homesearch
And You Thought San Diego
Real Estate Was Expensive?
Try London’s elite Knightsbridge neighborhood. There’s a rundown 77 sqft studio
listed at $335,000. Seventy-seven square feet! By comparison, a 2-car garage is
about 420 square feet. Of course, it hasn’t sold (and we all know list price is
no indicator of value until a buyer pays it, don’t we!?). For the whole story,
click here.
Zillow Warning, Again
Despite warnings, many people are still getting burned using Zillow as a guide
to property value. An agent I know had someone get cold feet and pull out of a
buying a home because Zillow erroneously undervalued it by over 100K. A few more
examples:
1. Zillow: 480K // Reality: 337K. One of my agents bought a condo for $337,000
that Zillow had pegged it at 480K.
2. Zillow: 400K // Reality: 1.5M. An beachfront home in north county owned by a
client of ours.
3. Zillow: 879K // Reality: 1.38M. A house that sold down my street in June of
last year.
The problem is Zillow, the laughingstock of the real estate business, is just
grossly inaccurate. And it cuts both ways, often coming in outrageously high or
low, depending on the property. So use Zillow at your own risk. You’ve been
warned!
…BTW, to make my attorney happy, I must add that this is merely my opinion (and
the opinion of every real estate agent I know!).
Help Wanted, Two
Positions:
Open House Host/Hostess + Real Estate “Buyer Agent”
HOST: No license needed. Host open houses Sat. &/or Sun., 12:30-4:30PM.
AGENT: Energetic, positive, hard-working person wanted to help people find their
dream home! We provide great training, coaching, pay most expenses.
Bilingual/Spanish a plus.
APPLY: Call (858)457-KENT or fax info/resume to (858)550-3410 or email
Jobs@GaryKent.com.
U.S. Cities Ranked 2006: Top Cities For Seniors
As measured by health, economy, housing, transportation, social, crime,
environment, disease, and spiritual. Here are the top 10 out of 50:
1. Portland, OR
2. Seattle, WA
3. San Francisco, CA
4. Pittsburgh, PA
5. Milwaukee, WI
6. Philadelphia, PA
7. New York, NY
8. Boston, MA
9. Cincinnati, OH
10. Chicago, IL
…28. San Diego
The bottom five are:
46. Passaic, NJ
47. Miami, FL
48. Nassau-Suffolk, NY
49. Orange County, CA
50. Riverside-San Bernadino, CA
(Source: BestPlaces.Net)
Next Week: 10 Top emerging metropolitan areas…
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.
This Week’s Free Offer…
FREE GUIDE: “Warning: Hire No Real Estate Agent Until You Read This!”
This easy-to-read guide reveals little-known facts and a few "inside secrets" to
finding the best agent to sell your San Diego home. Why is this so important?
The right agent can sell your home quicker, easier, for more money, and avoid
costly problems. The wrong agent can cost you $1,000's, ruin your plans, and
leave you wide open to a lawsuit. And if you knew how easy it is to get a real
estate license, you’d know why you need to be so careful!
Order this free guide to protect yourself and be sure you hire the best possible
agent to help you sell your home!
Call (800)748-1340 to have this sent to you FREE via mail. Call 24 hours / 7
days a week; free recorded message. It should arrive at your home within 72
hours.
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.
None scheduled. Check back for future 2007 seminars.
"Hi Gary. I rented a place and
the seller also gave me an option to buy it. He said I could buy it any time in
the next 18 months. Do you have any advice?"
***ANSWER:
Yes. Get it in writing!
I’ve got a sneaking suspicion that your option is verbal and likely not
enforceable if the owner changes his mind. I’ve know several people who thought
they had an option to buy but actually had nothing.
A correct lease/option has 3 parts: 1) lease, 2) option, 3) purchase contract.
1. Of course, there’s the lease.
2. The option gives you the right to buy the property at a certain price, within
a certain time period.
3. To be safe, complete a purchase contract ahead of time to avoid dispute
later. Otherwise, you have no agreement on who is paying what expense, such as
pest control, closing fees, etc. Nor do you have any agreement on all the other
seven pages of small print of the contract.
Ignore my advice at your peril. I know of several people who got in lawsuits for
the reasons stated above.
"I’m going to sell my home and
I’m a nervous about the buyer’s inspection. My home is in good shape but it’s
not new. Won’t the buyer’s contractor come up with a lot of things wrong so he
can charge to fix them?”
***ANSWER:
Great question. It’s the same concern you have when taking your car to a
mechanic that you don’t trust 100%.
Fortunately, almost no professional home inspectors do repairs on homes they
inspect, so there’s no incentive to “find” repairs that aren’t needed. Otherwise
it would indeed by a conflict of interest.
Two related things to be careful of are:
1. Often home inspectors recommend additional inspections, such as roof or
plumbing. Sometimes it’s because they think it’s needed. Other times it’s just
to “cover their backsides” (CYB).
(In the 80’s, one inspector ALWAYS called for every imaginable additional
inspection, scaring people out of buying homes that had no issues. So when I
represented a seller, I put in my counter-offers that the buyer couldn’t use
him. The inspector got mad and threatened to sue me, but never did.)
You want to be sure the buyer doesn’t think those “CYB” recommendations mean
your house has problems.
2. Tell the contractor up front they’re NOT necessarily coming out for a bid,
but to determine if any repair is needed at all. Offer to pay an inspection or
trip charge if no work is needed. And hopefully you or your agent know a
contractor who can be trusted. (I know people in most trades that I trust.)
Good luck!
Investing or Financing Question
"I’d like to take my duplex and add funds from my 1031 exchange so that I can
turn it into a fourplex. Can I do a 1031 exchange into an investment property I
own without paying taxes?"
***ANSWER:
Basically the answer is NO, you cannot exchange into a property you already own.
However…
If you hire top-notch, expensive tax attorneys and go through complex and
expensive legal maneuvering, you may be able to legally create other entities
that allow you to accomplish that goal. But this is typically done only in very
large transactions that justify the large legal expense and time-consuming
process.
Please see your tax professional.
Hot Properties: Call Now On These Hot New
Listings & Not-Yet-On-The-Market Properties
|
THIS WEEK'S FEATURED PROPERTY! | |
 |
Luxury Carlsbad Home Open House Sat 1-4 BR/BA: 4/3.5 Sqft:4,855 Price:$1,550,000 |
|
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 – 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! Remodeled 5BR/3BA 2537sqft view home on .41 acres. $500s? 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/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
- Oak Park – BANK-OWNED
FORECLOSURE! Cute, upgraded 2BR cottage w/ garage & large yard
$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
- 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!)
- Paradise Hills – BANK-OWNED FORECLOSURE! 3BR/2BA 1183sqft condo w/ large covered patio. $300? Check It Out
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
- Sold/Bay Park – Below-market 4BR bay view “cosmetic fixer”! Sun room, a/c, “swim-spa” Renovate & up value to 750K+! 650-700K. More Foreclosures Here
- Sold/Clairemont – Stunning 3BR/2BA home: maple/granite kitchen, remod baths, dual-pane windows, pergo floors, more! 470-505K Free MLS Search
- Chula Vista – BANK-OWNED FORECLOSURE! Bargain price for this 3BR/2BA 1186sqft condo in “Woodland Hills” complex. 310K! Find Out More About this Condo
- Del Cerro – Huge 1445 sqft 3BR/2.5BA condo, newer condo conversion w/ granite. Near SDSU, trolley, hospital. 309-339K Contact Me
- Encanto – Upgraded 3BR/1.5BA home with HUGE grassy backyard & double garage. Price to follow. View Details
- La Costa – Just-remodeled luxury Mediterranean-style 4,800 sqft estate on huge lot, right on La Costa Golf Course. 1.55 M Look For Yourself
- La Jolla – BANK-OWNED FORECLOSURE! Remodeled 3BR/2BA penthouse vu condo 2 blocks to beach. Hdwd flrs. $569,900 See The View
- Lakeside – BANK-OWNED FORECLOSURE! Gorgeous & sunny 6-yr-new 1708sqft home w/ 3-car garage. Quiet street. 545K! Listing Information Here
- Mission Valley – SHORT SALE! Oversize 2BR/2BA condo near USD, YMCA. Security parking for 2 cars. 360-400K. Find Out More
- Mission Valley – Stylish 2BR/2BA condo in gated community (w/ guard) next to golf course & Fashion Valley Mall. 345-365K Property Features
- SOLD/Pacific Beach – Elegantly redone cottage 2 blocks to Bay. Maple/granite kitchen, travertine, hardwood, more! 650-700K Other Listings
- San Marcos / San Elijo Hills – Stunning, sunny & open 4/2.5 home w/ bonus room. Built 2004 w/ all the upgrades. 612K. See For Yourself
- Spring Valley – BANK-OWNED
FORECLOSURE! 3BR/3.5BA 2792sf custom home, panoramic views. Low
$500’s?
Contact Me
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 to my
brother Alan for referring a friend…
Thank you Bud G. for all your kind 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 -- 3,100+ 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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