Issue #260
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
Happy Friday the 13th. I hope you’ve got your taxes done. If not, you’ve got
two extra days this year: til midnight 4/17.
More Info
Here. …Speaking of taxes, did you know that
when Congress passed the first income tax in 1913, the base rate was just 1%?
You only paid a higher rate if your income exceeded $20,000 (that’s $397,000 in
today’s dollars). And the maximum rate was all of 6%! Check out the very first
Form 1040.
True Story: I Pay One
Dollar?
Imagine you’re a struggling Realtor working to feed his or her family and gas
tank. You work many long weeks showing a nice but finicky couple dozens of
houses. You find their dream home and get their offer accepted. You’re happy and
relieved knowing you’ll be able to pay your bills next month. Then your heart
falls when you discover you just earned a whopping ONE DOLLAR real estate fee?!?
Yup. A few years ago, I-Pay-One Real Estate actually offered just $1 to agents with other firms to sell many of their homes. Since agents often assume a reasonable fee is being offered and don’t check it, the story you read above actually happened to many unsuspecting agents. So you can guess few agents shed tears last week when I-Pay-One announced that they’re going belly up.
You Know You’re In San Diego When…
…There’s a light morning drizzle and the freeways are clogged with
fender-benders~
(Got one of your own?
Email it to me.)
U.S. Cities Ranked: Top 5
Bubble-Proof Markets
According to CNN/Money.com, income trends and development restrictions have made
each of these top cities safe bets for investors:
1. San Francisco
2. L.A.
3. Seattle
4. Boston
5. New York
For more info,
Click Here.
Next Week: Top 10 Cities NOT To Buy 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.
CONTRACTOR NEEDED To Fix
Foreclosures For Banks
We need a 100% dependable contractor for preparing bank foreclosures for sale.
The jobs are small/medium: hauling junk, carpet/flooring, painting, repairs,
minor remodeling, etc.
Requirements:
- Licensed w/ worker’s comp
- 24-48 hour turn-around MAX for bids
- OK w/ getting one job for every 2-3 bids
- Fast work, done on schedule
Interested? Call Bob @ (858)535-7407.
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 Homebuyer Initial Consultation
Too many agents won't take the time with their clients to sit down and
really understand what you want. They'd rather throw you in the car, rush you to
make a decision before you're ready, and sell you any house--whether it's the
right one for you or not.
We take a different
approach...
We want to really understand what you want and why, so we can find you the right
home. And we want to preview with you what happens as you look for and buy a
home so you don't have any unpleasant surprises.
There's a lot of risky things that could cost you time, money, and problems if
you don't know about them...and there are smart ways you can save some money and
find the best home and feel good about your experience.
If this makes sense to you and you'd like to feel comfortable instead of
stressed when you buy a home, call my office at (858)457-KENT. We'll
arrange a convenient time for you to drop in and get all your questions
answered. We can also arrange for you to be "pre-qualified" to find out your
price range and monthly payments.
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 currently scheduled. Please check back.)
"On your foreclosures, I’d like
to get an idea of how much the bank has into the property. Is there any way to
find out the loan balances on your foreclosures?"
***ANSWER:
I know what you’re thinking…that if the bank has say 500K into a property, if
they sell it for $535,000 and break even, they’ll be happy.
Unfortunately, you’re wrong on two counts.
First of all, banks have tremendous expenses when they foreclose. All told, it
can be 25-30% of the value by the time escrow closes.
Secondly, banks are not pricing their foreclosures based on the “UPB” (the
insider’s term for “Unpaid Principal Balance.”) Once they own the property, they
want close to market value so they can maximize revenue from the sale
So, yes, you can get the loan balance at the time of foreclosure. But it won’t
do you any good…
"I want to sell my home and I’d like to get a good idea of the market. The
statistics I’m reading is very confusing. They show that median prices barely
dropped last year. But from what I’ve seen they’ve dropped a lot in my
neighborhood. Am I wrong or are the median price changes I’m reading not
accurate?”
***ANSWER:
Medians are funny creatures.
They literally measure the point where half the sales are above and half below.
They do NOT measure whether the value of your home, mine, or anyone else’s is
going up or down.
So you can have an odd situation where prices are falling, but the median is
rising. Or visa versa.
For example…
For most of 2006, while you and I could plainly see prices dropping in most
neighborhoods, San Diego’s median price continued to climb.
Doesn’t make sense…
…Until you consider my own little theory explaining what was going on:
From around 2002 to early-2005, you may recall that low-priced condo conversions
were selling like hotcakes. You saw them popping up on every corner. And this
heavy volume of low-priced sales actually had a negative impact on the median
price, tempering the increase.
(Remember, the median is the point where half are above and half below. So the
more low-end sales, the lower the median.)
But when the market peaked in mid/late 2005, condo conversion sales got WHACKED
due to the glut of “product” available.
So while sales and prices were dropping in most price points, the overwhelming
decrease in low-end sales actually had a positive impact on the median, propping
it up. (Less low-end sales means a higher median.)
And for about 6-9 months now, you’ve actually been reading that San Diego’s
year-to-year median dropped. That’s because the massive decrease in condo
conversion sales had its first birthday and was no longer propping up the
median.
Got it? Pretty simple, huh? …Perhaps not.
But that’s my theory, and I’m sticking to it.
Investing or Financing Question
"I see all the
foreclosures you’re selling. What’s causing the increase in foreclosures?"
***ANSWER:
It depends on where you are.
If you’re in Wayne County, Michigan…
Their foreclosures are due to massive auto layoffs and their ripple effect on
the economy.
If you’re here in San Diego County…
The job market and economy are strong. Our foreclosures are from people buying
beyond their means, with little or nothing down. Then “something” happened
financially and they couldn’t catch up. And the weak prices meant they couldn’t
net enough from a sale to pay off the mortgage.
Hot Properties: Call Now On These Hot New
Listings & Not-Yet-On-The-Market Properties
|
THIS WEEK'S FEATURED PROPERTY! | |
 |
Beautifully Remodeled
Open House Sat. and Sun. This BR/BA:
3/1 Sqft:1,008 Price:$429,000
5167 Bowden Ave |
|
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!)
- Bay Park – Gorgeously fully remodeled 5BR/3BA view home on quiet street in great neighborhood. Dbl garage. $800s. Contact Me
New – Chula Vista – Bank-Owned Foreclosure! 5BR, 2019sqft house on culdesac w/ pool, many upgrades! Price TBD. Contact Me
- Chula Vista –
Bank-Owned Foreclosure! 3BR/2BA house in Pepper
Tree area on huge .7 acre lot!
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! 4BR/3BA 1614 sqft home in quiet neighborhood. Lo $400s? Contact Me
- Clairemont – Bank Owned
Foreclosure! 3BR house w/ garage. Quiet street. More info to follow.
Lo $400s.
Contact Me
New - Downtown –
Bank-Owned Foreclosure! Tenth-floor 1BR condo
in Acqua Vista. Very low 300s..
Contact Me
- Downtown – Bank Owned Foreclosure! 1BR/1.5BA ground-floor condo with direct street entrance.Price TBD Contact Me
– East San Diego – Bank-Owned Foreclosure! 2BR condo in gated community w/ security guard, pool. Low $200s Contact Me
New – El Cajon – Bank-Owned Foreclosure! 2 Units on .56 acres: 3BR house + 1BR cottage. Low 500s? Contact Me
- El Cajon – Bank-Owned Foreclosure! 4BR/2BA house on large 11,300sqft lot w/ pool & garage. Price TBD. Contact Me
– Escondido – Bank-Owned Foreclosure! Remodeled 3BR/2BA end-unit condo w/ gas FPL. Price TBD. Contact Me
- La Jolla – Stunning remodeled home w/ spectacular canyon views, family room, pool, more. Price TBD. Contact Me
New - La Jolla – Bank-Owned Foreclosure! Spectacular 2-yr-new 5541sqft 6BR mansion w/ sweeping views. 2.7M? Contact Me
New - La Jolla – Bank-Owned Foreclosure! Stunning 3BR view home 1.5 blocks to the beach. $1.3M??? Contact Me
- La Jolla – Highly upgraded ocean vu home w/ granite, hardwood, marble, new roof, new windows, new MBA. 2M+? Contact Me
- La Mesa – Bank Owned
Foreclosure! Remodeled 5BR/3BA 2537sqft view home on .41 acres.
$500s?
Contact Me
- Lakeside –
Bank-Owned Foreclosure! Cheap, cheap, cheap 1BR condo in nice
complex. Low 100s!!
Contact Me
New – Linda Vista –
Bank-Owned Foreclosure! 1646sqft 3BR house.
Remod kitchen: granite, cherry cabinets. 400s!
Contact Me
New – Mission Valley –
Bank-Owned Foreclosure! 2-year-new “Escala” 2BR 1611sqft townhome,
DBL garage. 600K?
Contact Me
- National City – Bank-Owned Foreclosure! Triplex / 3-unit building: two 2BR + one 1BR. Updated. Hi500s? Contact Me
- North Park – Upgraded 2BR/2BA townhome w/ garage, hardwood floors, large bedrooms. Very high $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!
Handsome 3BR/2.5BA detached home w/ dbl garage. Low $400’s?
Contact Me
- Oceanside – Bank-Owned Foreclosure! Stunning 2-yr-new 3210sqft home w/ spectacular views! Price TBD. Contact Me
– Paradise Hills – Bank-Owned Foreclosure! 3BR/2BA on spacious 9,000 sqft lot. Large BRs & kitchen. Price TBD Contact Me
- Paradise Hills – Bank-Owned Foreclosure! 3BR/2BA 1373sqft condo w/ 2-car garage. Price TBD Contact Me
- Pt Loma – Bank Owned Foreclosure! Cute 2BR, 1227sqft house w/ garage, 6500sqft lot. High $600’s? Contact Me
- Ramona – Bank-Owned Foreclosure! 2181sqft 3BR house on 6 full acres of horse property. $700s? Contact Me
– San Carlos –
Bank-Owned Foreclosure! 5BR/3.5BA, 2300sqft
home w/ fam room, solar pool. Hi $500s?
Contact Me
- Scripps Ranch – Bank Owned Foreclosure!
Stunning newer 4BR 2536sf home, many upgrades. $700?
Contact Me
New - Spring Valley –
Bank-Owned Foreclosure! Sunny 2BR top-floor
condo, large deck, laundry in unit. Lo-200s?
Contact Me
- University City – Fully redone luxury
3BR home w/ large private backyard. Great neighborhood. Lo/mid-$600s?
Contact Me
- University City – Cute 3BR home w/ big kitchen. Offers secluded oversize backyard w/ large pool. Lo-600s? Contact Me
- Vista – Bank-Owned Foreclosure!
4BR culdesac home w/ gleaming hardwood flrs + oversize backyard. Mid-400s
Contact Me
- Vista – Bank-Owned
Foreclosure! Cute 2BR cottage w/ white picket fence, 2-car garage,
big yard. 400-ish?
Contact Me
NEWLY LISTED (Your Property Here!)
|
Too New For Photo |
New - La Jolla - Spectacular 400K remodel w/ hdwd flrs, granite, travertine, spectacular views, pool, more. 1.275-1.375M! Contact Me |
|
Too New For Photo |
- National City – Bank-Owned
Foreclosure! Vintage Victorian home
built 1864! 4BR/3BA, 1852sqft. Just $424,900!
Contact Me |
MORE GREAT HOMES & INVESTMENTS (Your Home Here!)
 |
- Chula Vista – Bank Owned Foreclosure! 8yr-new Rancho Del Rey townhome w/ dbl garage, gated community. $416,900! See For Your Self |
 |
- Clairemont – Remodeled light & airy 3BR house w/ granite, travertine, large grassy bkyd, quiet street & more! 429-470K See For Your Self |
 |
New - Clairemont – Low-priced fixer-upper 3BR/2BA house on quiet street. 2-car garage and grassy backyard! 430-465K Check It Out |
 |
- Downtown – Bank Owned Foreclosure! 2BR 2nd-floor condo in historical & famous CORTEZ HILL. Reduced to $495,000 Check It Out |
 |
- Downtown – Bank Owned Foreclosure! 2-year-new 2BR/1BA high-rise condo w/ views in hip “Acqua Vista”. Reduced: $539,900. See The View |
 |
– East San Diego – Bank Owned Foreclosure! Cute, upgraded 2BR house w/ garage and huge backyard. View Details |
 |
- Encanto – 3BR/1.5BA home with family room, oversize grassy backyard, & double garage. Affordably priced at 369-400K. View Details |
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- La Costa – 200K Reduction! Remodeled luxury Mediterranean 4,800 sqft estate on huge lot, on La Costa Golf Course. $1.299M Look For Yourself |
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Sold - La Jolla – Bank Owned Foreclosure! Upgraded, spacious 3BR/2BA 1-story house on culdesac in “Windemere.” $959,900! Search The MLS |
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- La Jolla – Enjoy wonderful ocean & city views from this Hidden Valley area 4BR/3BA house w/ 3-car garage. $1.75-1.9M Look For Yourself |
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- Lakeside – Bank-Owned Foreclosure! VERY affordable 1BR condo. Starter home or great investment! Just $134,900! Take A Look |
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- Logan Heights – Bank-Owned Foreclosure! 2800sqft HEAVY fixer-upper house w/ garage, curb appeal, big lot. $510,000 View Pictures and Features |
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- Mira Mesa – Bank Owned Foreclosure! 4BR/2.5BA 1804sqft house w/ spa. Priced to sell at $539,900. View Pictures and Features |
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- Mission Valley – Short Sale! Oversize 2BR/2BA condo near USD, YMCA. Security parking for 2 cars. A great value at just 358K. Find Out More |
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- Mission Valley – CHEAP 1BR end-unit condo w/ golf course vu in gated community! Ideal starter investment or 1st home. 185K! See For Yourself |
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- Nestor – Bank Owned Foreclosure! 3BR/2BA house: family room, dbl garage, tile throughout. Just $454,900. Take A Look For Your Self |
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- Nestor – Bank Owned Foreclosure! 3BR/2BA, 1224 sqft condo w/ large patio, near pool & playground. Reduced: 295K! More Info |
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- North Park – Bank Owned Foreclosure! Charming 2BR Spanish house, hardwood floors, garage. $445,000. This Could Be Your Home |
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- Oceanside – Bank-Owned Foreclosure! 1BR condo in “Arbor Hill”. Recent conversion w/ granite, etc. $184,900! Property Information |
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- Oceanside – Bank-Owned Foreclosure! 2BR/1.5BA 1280 sqft condo w/ garage (rare @ this price!). Reduced $237,900 Property Information |
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- Oceanside – Newer 3BR/2BA “Williams Ranch” home. Private yard. Near new middle school & park. Reduced: 399-429K! Find Out More |
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- Oceanside – Bank-Owned Foreclosure! Immaculate 3-yr-new 3BR/2BA + xtra room, 2069sqft house on culdesac. $514,900 Find Out More |
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- Oceanside – Bank Owned Foreclosure! Sunny & bright 4BR/2.5BA home w/ sweeping views & large bkyd. $524,900 This Could Be Your Home |
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Sold - Pacific Beach / Crown Pt– Bank Owned Foreclosure! Remodeled 2BR/2BA w/ bay/city views. Walk to bay! $434,900. Find Others Like It |
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- Paradise Hills – Bank Owned Foreclosure! 3BR/2BA 1183sqft condo w/ large covered patio. Price Cut: $296,900! Check It Out |
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- Point Loma- Bank Owned Foreclosure! Very affordable 2BR house on quiet cul-de-sac street. Loads of potential. $507,900! Access More Information |
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– Poway – Bank-Owned Foreclosure! Spectacular Green Valley home on huge lot & tree-lined street. $839,900. Property Information |
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– Rancho Bernardo – Bank-Owned Foreclosure! Newer beautiful 3BR/2BA manufactured home. Live in RB for $374,900! Contact Me |
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- Rancho Penasquitos – Bank Owned
Foreclosure! 4BR/2.5BA house on corner lot in desirable
neighborhood. 595K See For Yourself |
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- San Marcos / San Elijo Hills – Stunning, sunny & open 4/2.5 home w/ bonus room. Built 2004 w/ all the upgrades. 599,900-615K. See For Yourself |
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- San Marcos – Bank Owned Foreclosure! Stunning near-new 3BR/3BA, 2259sqft view house, gated community. Reduced: $564,900. Find Out More |
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- Scripps Ranch – Bank-Owned Foreclosure! Sharp 4-yr-new 3BR/2.5BA condo w/ nice yard, patio, dbl garage. $454,900! More Info |
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- Tierrasanta – Bank Owned Foreclosure! 4BR/2.5BA 2592 sqft fixer house on quiet street. Reduced to $614,900! Free Info About the Home |
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, Bill R., for referring a friend 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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