Issue #261

In This Issue

Welcome / This Week's Special Offer

Welcome To The Latest Issue
Just back from an industry conference on bank foreclosures. Learned many surprising things. A leading economist described Detroit as having “fallen into a black hole”. See next section for a quick quiz. …Miss an issue of this enewsletter? Go to our enewsletter page.

Foreclosure Highs & Lows
At the conference I heard amazing $$ figures for high and low prices that banks sold some of their foreclosure for. Take a guess at the highest and the lowest prices I heard. (Answer below this week’s “True Story”).

Zillow Warning…Again!
Believe it or not, there are still people relying on Zillow’s so-called “Zestimates” or home price estimates. S-T-O-P!! Believe me when I tell you that Zillow is the laughingstock of the real estate industry. I’ve personally found their estimates to be grossly inaccurate, off by as much as 300%. I’ve even found much of their supposed “actual data” to be inaccurate too. I would never rely on this site, period.

DISCLAIMER…so that Zillow doesn’t sue me:
This is merely my personal opinion (and the opinion of every agent I’ve talked to). There must be real estate professionals with different and positive opinions (but I haven’t bumped into any). So, in summary, Zillow is a wonderful site with many wonderful features run by wonderful people who provide a wonderful service. Yada, yada, yada.

For Your Kids’ Safety
If you or someone you care about has kids and you’re concerned about their safety, check out this site that my brother told me about: familywatchdog. There’s also meganslaw, but the page wouldn’t load when I tried it.

You Know You’re In San Diego When…
… Your baseball team is in the middle of a pennant race and the ballpark has plenty of empty seats. ~
(Thanks to my brother Alan for that one. Got one of your own? Email it to me.)

True Story: Things You Can Learn At A Supermarket
A friend of a friend was grocery shopping and bumped into an agent she knew. The agent told her, “Hi Ann, I see you’ve listed your home for sale.” Surprised, Ann replied that her home was not for sale and the agent must be confused. But the agent said she was sure it was Ann’s home. …And the agent was right! Ann’s husband, who had a habit of doing things without consulting her, had actually found and contracted to buy a home and sell theirs without even bothering to tell her. I assure you this is 100% true! (Names changed for confidentiality.)

Foreclosure Highs & Lows (Answers)
Here are the high & low figures I heard:
House in Beverly Hills - $44,000,000
House somewhere in Indiana - $100
Amazing…

U.S. Cities Ranked: Top 10 Cities NOT To Buy In…At Least For The Next Year Or So
According to CNN/Money.com, here are the U.S. cities where median home prices are expected to drop the most in 2007:
1. -9.7% Stockton CA
2. -8.9% Merced, CA
3. -8.9% Reno/Sparks, NV
4. -7.9% Fresno, CA
5. -7.8% Vallejo/Fairfield, CA
6. -7.1% Las Vegas, NV
7. -6.6% Bakersfield, CA
8. -6.4% Sacramento, CA
9. -6.3% Washington, D.C.
10. -6.2% Tucson, AZ
For more info, go to: CNN
Next Week: Top 10 Cities with foreign-born populations…

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.

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:
I’ll Finance Your Home Repairs For Free
Considering selling your home or other real estate? Is it a bit of a “fixer-upper” and you’d like to do some work but you’re in a cashflow crunch? Call me at (858)457-KENT and I’ll be happy to discuss possibly loaning you the money until the home sells. I look forward to talking with you.

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

(None currently scheduled. Please check back.)

HomeBUYING Question

"Hi Gary. When I buy a home, I’ll take your advice and definitely have it inspected. A few questions: When should I do it? How much does one cost? How long does it take?"

***ANSWER:
You should do your home inspection asap after your offer is accepted. You typically have 7 to 17 days to inspect and object to your findings. This varies by contract.

Prices commonly run $250-$450 for condos and $300-$600 for houses. Prices vary based on inspector, size, and whether a house has a crawl space.

Inspections typically run 2-4 hours, again depending on the size and type of home.

HomeSELLING Question

"What should I fix before I sell my home?”

***ANSWER:
Great question.

My advice is to fix the obvious, disclose the rest, and expect to fix or credit funds for a few items as part of negotiations.

FIX
Expanding on that, if you’ve go the time and desire, fix the visible things that will help your home sell. Fix cracked windows, peeling paint, hanging electrical wires, dry-rotted wood, ugly landscape, etc. And give the house a good cleaning too.

DISCLOSE
You’re legally required to disclose EVERYTHING that could “materially affect the value or desirability of the home”. If you have to debate it, disclose it.

NEGOTIATE
Expect to make some repairs or credit the buyer funds after the buyer has his physical inspection and asks you to fix a few items.

Investing or Financing Question

"I heard that mortgage insurance is now tax deductible. Is that true?"

***ANSWER:
Yes and no.

(Quick background: If you buy with less than 20% down, some loans require you to pay mortgage insurance monthly or at closing. This “MI” insures the lender against loss in case you default.)

As part of the “Tax Relief and Health Care Act of 2006”, Congress passed a law that if you buy a home in 2007 and get a loan with mortgage insurance, the insurance is tax-deductible for the 2007 tax year ONLY. To be eligible, your combined household income must not exceed $100,000.

So let’s review:
- Loan for home purchase in 2007 only
- Deductible in 2007 only
- Combined household income $100,000 or less

It’s a step in the right direction, but very limited. Hopefully this law will be extended past 2007, but there is no guarantee.

As always, please consult your tax professional.

Hot Properties: Call Now On These Hot New
Listings & Not-Yet-On-The-Market Properties

THIS WEEK'S FEATURED PROPERTY!

Beautiful
Pacific Beach Home
Open House This Sun 4-22-07 From 2-5pm

BR/BA: 4/3

Sqft:2209

Price:1.25-1.35M

1903 Wilbur Av
San Diego, CA 92109

For more information on this Delightful Home 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

– 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

- 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
- 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

New – Downtown – Bank-Owned Foreclosure! Luxury 2BR/2BA 1684sqft vu condo in “The Grande.” Lo800s? Contact Me

– East San Diego – Bank-Owned Foreclosure! 2BR condo in gated community w/ security guard, pool. Low $200s Contact Me

New – East San Diego – Bank-Owned Foreclosure! Redone 3BR/2BA condo w/ granite, some ocean vu! Hi 200s? Contact Me

– 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 – 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 Jolla – Bank-Owned Foreclosure! Spectacular 2-yr-new 5541sqft 6BR mansion w/ sweeping views. 2.5M? 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

– Linda Vista – Bank-Owned Foreclosure! 1646sqft 3BR house. Remod kitchen: granite, cherry cabinets. 400s! Contact Me
– 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

- 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

- Spring Valley – Bank-Owned Foreclosure! Sunny 2BR top-floor condo, large deck, laundry in unit. Lo-200s? Contact Me

New - Temecula – Bank-Owned Foreclosure! 3BR/2BA house on corner lot. More info to follow. 300s? 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!)

	- Chula Vista – Bank Owned Foreclosure! Newer 3BR, 2.5BA, 1452sqft townhome w/ garage. $389,900. More Info
Too New For Photo	- La Jolla - Spectacular 400K remodel w/ hdwd flrs, granite, travertine, spectacular views, pool, more. 1.275-1.375M! Contact Me
	New - Pacific Beach – Dramatic rebuild by owner/designer. Offers turret entry, ocean views, hardwood flrs, more. 1.25-1.35M! Contact Me For More Info
	- Paradise Hills – Bank-Owned Foreclosure! harp 3BR/2BA 1373sqft condo w/ 2-car garage. Just $364,900. See For Yourself
Too New For Photo	New - Rancho Bernardo – Smart 2BR/2.5BA, 1458sqft townhome w/ garage, central a/c, golf course view! 345-405K 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! Take A Look
	- Clairemont – Remodeled light & airy 3BR house w/ granite, travertine, large grassy bkyd, quiet street & more! 429-470K See For Your Self
	- Clairemont – Low-priced fixer-upper 3BR/2BA house on quiet street. 2-car garage and grassy backyard! 430-465K Property Features
	- 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. $364,900 View Details
	- Encanto – 3BR/1.5BA home with family room, oversize grassy backyard, & double garage. Affordably priced at 369-400K. More Information On This Home
	- La Costa – 200K Reduction! Remodeled luxury Mediterranean 4,800 sqft estate on huge lot, on La Costa Golf Course. $1.299M Find Others Like It
	- 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
	- Lakeside – Bank-Owned Foreclosure! VERY affordable 1BR condo. Starter home or great investment! Just $134,900! Take A Look
	- Logan Heights – Bank-Owned Foreclosure! 2800sqft HEAVY fixer-upper house w/ garage, curb appeal, big lot. $510,000 View Pictures and Features
	- Mira Mesa – Bank Owned Foreclosure! 4BR/2.5BA 1804sqft house w/ spa. Priced to sell at $539,900. Look For Yourself
	- 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
	- Mission Valley – CHEAP 1BR end-unit condo w/ golf course vu in gated community! Ideal starter investment or 1st home. 185K! View All Listings
	- National City – Bank-Owned Foreclosure! Vintage Victorian home built 1864! 4BR/3BA, 1852sqft. Just $424,900! Contact Me
	- Nestor – Bank Owned Foreclosure! 3BR/2BA house: family room, dbl garage, tile throughout. Reduced to $444,900. Take A Look For Your Self
	- Nestor – Bank Owned Foreclosure! 3BR/2BA, 1224 sqft condo w/ large patio, near pool & playground. Reduced: 295K! More Info
	- North Park – Bank Owned Foreclosure! Charming 2BR Spanish house, hardwood floors, garage. Huge Reduction: $339,900. This Could Be Your Home
	Sold- Oceanside – Bank-Owned Foreclosure! 1BR condo in “Arbor Hill”. Recent conversion w/ granite, etc. $184,900! Search The MLS
	- Oceanside – Bank-Owned Foreclosure! 2BR/1.5BA 1280 sqft condo w/ garage (rare @ this price!). Reduced $237,900 Property Information
	- Oceanside – Bank-Owned Foreclosure! Immaculate 3-yr-new 3BR/2BA + xtra room, 2069sqft house on culdesac. $514,900 Property Info
	- Oceanside – Bank Owned Foreclosure! Sunny & bright 4BR/2.5BA home w/ sweeping views & large bkyd. $524,900 This Could Be Your Home
	- Paradise Hills – Bank Owned Foreclosure! 3BR/2BA 1183sqft condo w/ large covered patio. Price Cut: $296,900! Check It Out
	Sold- Point Loma- Bank Owned Foreclosure! Very affordable 2BR house on quiet cul-de-sac street. Loads of potential. $507,900! Find Others Like It
	– Poway – Bank-Owned Foreclosure! Spectacular Green Valley home on huge lot & tree-lined street. $839,900. Free MLS Search
	– Rancho Bernardo – Bank-Owned Foreclosure! Newer beautiful 3BR/2BA manufactured home. Live in RB for $374,900! Contact Me
	- Rancho Penasquitos – Bank Owned Foreclosure! 4BR/2.5BA house on corner lot in desirable neighborhood. 595K 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. See For Yourself
	- San Marcos – Bank Owned Foreclosure! Stunning near-new 3BR/3BA, 2259sqft view house, gated community. Reduced: $564,900. Find Others Like It
	- Scripps Ranch – Bank-Owned Foreclosure! Sharp 4-yr-new 3BR/2.5BA condo w/ nice yard, patio, dbl garage. $454,900! More Info
	- 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 For Your Referrals

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...

GARY KENT

"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/

If a friend would enjoy this enewsletter, forward it to them. To subscribe, email Subscribe@GaryKent.com with "subscribe" in the subject line.

Due to production and shipping expense, free items are available only to residents, owners, and people planning to purchase real estate in San Diego.

This free e-newsletter tells you how to be more successful with your real estate transactions. You receive it because you subscribed, entered your email address at my site(s), or were referred. By reading it, you agree you: 1) understand this is opinion & not advice; 2) will seek professional tax, legal, and real estate advice; 3) are solely responsible for use of content, 4) hold Gary Kent, Gary Kent Homes & Estates, Kent & Associates Inc., and RE/MAX Associates harmless. Questions may be paraphrased for clarity/brevity. Disregard this email if you have a listing or buyer-broker agreement. (c) 2007 Gary Kent, All Rights Reserved.