Issue #265
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
Hello again. Today finds me in Colorado for another national conference on
foreclosures. I should have some interesting tidbits and stories to share with
you next week. …Check out this slide show of celebrity’s homes currently for
sale or recently purchased:
forbes.com
True Story: You Break It, You Bought It?
A colleague found his clients, a young couple, just the right home to remodel.
There was a delay just before closing, but the seller nicely let them move in
early. That first weekend, the sledgehammers came out and they excitedly started
their demo, making excellent progress. Monday, the news came: their loan was
DENIED. And no other bank would make the loan either. I don’t recall what
happened next, but given that the owner now had a half-demolished house, it
couldn’t have been pretty.
True Story: A Proposition
For You…
I scour my memory every week for another true story to shock you, make you
laugh, or be interesting enough to tell a friend. Now I’d like to tap YOUR
experiences. So here’s the deal:
Send me a shocking, funny, or interesting true story (it’s gotta be true!) that
happened to you or someone you know. If I print it, I’ll send you a $10
Starbucks card. Email your stories to me at
TrueStory@GaryKent.com. Let’s see
what we get!!
You Know You’re In San
Diego When…
…they’re STILL talking about where to put a new airport ~
(Got one of your own?
Email it to me.)
U.S. Cities Ranked: Top 10
Cities With Highest Median Household Income
Per city-data.com, here are the cities (population 5,000+) with the highest
incomes:
1. $200,001 Atherton, CA
2. $193,157 Hillsborough, CA
3. $190,805 Cherry Hills Village, CO
4. $182,792 Scarsdale, NY
5. $173,570 Los Altos Hills, CA
6. $171,126 Woodside, CA
7. $167,458 Winnetka, IL
8. $164,432 Glencoe, IL
9. $163,201 Chappaqua, NY
10. $160,323 Travilah, MD
Next week: Cities with the highest house prices…
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 $450 Home Appraisal & FREE $300 Home Inspection
It’s back! 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.
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To A Friend
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Remember to email your questions, comments, compliments, corrections, critiques, & rebuttals to Questions@GaryKent.com.
(None currently scheduled. Please check back.)
"Hi Gary, love the newsletter. I
want to sell my condo and a Realtor suggested a price based not only on comps,
but also on condo conversions in the area for sale. She feels the 'new
everything' in the conversions (plus the 4% commission to the broker) makes for
tough competition to standard resale condos. Obviously there are many factors
when making comparables. How much does the fact that it's a conversion affect if
any the price. Personally, I'm generally leery of the conversions (overnight
construction on older apts with questionable standards). Thanks."
***ANSWER:
The ultimate question is: do conversions carry a stigma that impacts price?
Take two identical buildings: same condition, same quality, same age. Building
#1 originally sold as condos. Building #2 was initially apartments, then
converted into condos.
The fact that #2 is a conversion carries no stigma and has little impact on
value.
Indeed, you’re right in that there are some of what we affectionately call
“lipstick on a pig” conversions…i.e. the owner did lots of cosmetics and minimal
or poor structural improvements.
But these are rare because California has strict requirements for condition and
age of infrastructure items like roofs, etc.
Developers had to calculate their remaining life. If they were old, they had to
replace them, give the HOA large reserves for replacement, and/or have sky-high
HOA fees to pay for them later. Because large reserves saved developers no money
and sky-high HOA dues are a hard sell, most developers did the required work.
For your situation, people won’t avoid or discount that conversion due to some
stigma. And its “new everything” and other incentives will make it tough
competition for you. So you need to take it into consideration when pricing your
condo.
"Should I let the buyer move in early to make repairs?”
***ANSWER:
NO!
Letting the buyer of a property move in before closing for ANY reason is WAY too
risky. Let me count the ways:
1. Liability for injury, etc.
2. Possibility they may change their mind once they’ve spent a few nights.
3. See the “True Story” above.
4. If the sale doesn’t close, you’ve just become a landlord…and they’ve become a
tenant with all the rights of a tenant, meaning it could take awhile to get them
out.
So, in case I wasn’t clear: NEVER let a homebuyer move in before closing!
Investing or Financing Question
"Hi Gary. We have
a pretty nice house in UC, worth around 850,000. We want to scale down and buy a
condo. Do you think we should keep the house as a rental?"
***ANSWER:
Expensive homes make no financial sense as a rental in San Diego. Your cash on
cash return will likely be 2-3%. Not a good investment at all.
If you want rental property, I suggest you sell the house and buy a small
apartment building, or at least buy a few smaller houses or condos.
Yes, I know. It sounds like I’m just trying to convince you to sell and buy so I
can make a buck. Not the case.
I’ve personally owned inexpensive rental houses, duplexes, 5-unit properties,
and bigger apartment complexes. I’ve NEVER owned a rental house worth over the
San Diego median at the time.
…By the way, there also may well be tax reasons to sell the house now. Without
going into detail, if it’s been your principal residence for at least two of the
past five years, you can sell it and pay ZERO taxes on $500,000 of gain. But if
you move out for too long, that tax benefit disappears.
Hot Properties: Call Now On These Hot New
Listings & Not-Yet-On-The-Market Properties
|
THIS WEEK'S FEATURED PROPERTY! | |
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Spectacular BR/BA:
3/2.5 Sqft:
2,134 Price:
$1,295,00 2888 Palomino Circle
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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!)
New – Chula Vista –
Foreclosure! Gorgeous upgraded 3BR/2BA townhome right next to “tot
park.” 300K?
Contact Me
- Chula Vista – Foreclosure! Cute remodeled 3BR house w/ white picket fence. $300s? Contact Me
- Clairemont – Foreclosure! 4BR/3BA 1614 sqft home in quiet neighborhood. Lo $400s? Contact Me
- Clairemont – Foreclosure! 3BR house w/ garage. Quiet street. More info to follow.
Lo $400s.
Contact Me
- Downtown –
Foreclosure! Tenth-floor 1BR condo
in Acqua Vista. Very low 300s..
Contact Me
- Downtown – Foreclosure! 1BR/1.5BA ground-floor condo with direct street entrance.Price TBD Contact Me
– Downtown – Foreclosure! Luxury 2BR/2BA 1684sqft vu condo in “The Grande.” Lo800s? Contact Me
– East San Diego – Foreclosure! 2BR condo in gated community w/ security guard, pool. Low $200s Contact Me
– East San Diego – Foreclosure! Redone 3BR/2BA condo w/ granite, some ocean vu! Hi 200s? Contact Me
– El Cajon – Foreclosure! Spacious 2297sqft 4BR home on 1/2 acre w/ pool, cov’d patio, many extras. Price TBD. Contact Me
– El Cajon – Foreclosure! 2 Units on .56 acres: 3BR house + 1BR cottage. Low 500s? Contact Me
- Encanto – Foreclosure! Lovely 1-year-new 3BR/2.5BA 1628sqft house, dbl garage. Lo/mid 400s? Contact Me
– Escondido – Foreclosure! Remodeled 3BR/2BA end-unit condo w/ gas FPL. Price TBD. Contact Me
New – Fallbrook – Foreclosure! Amazing 2-year-new 3704sqft view estate on 5.28 acres! 6-car garage! 1.1M? Contact Me
– La Mesa – Foreclosure! 1572sqft 3BR/2BA home on almost 1/4 acre. Panoramic views! Mid 400s? Contact Me
- La Jolla – Foreclosure! Stunning 3BR view home 1.5 blocks to the beach. $1.3M??? Contact Me 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 –
Foreclosure! Cheap, cheap, cheap 1BR condo in nice
complex. Low 100s!!
Contact Me
– Lemon Grove – Foreclosure! Newly converted 1008sqft 3BR/2BA condo in attractive complex! Contact Me
– Linda Vista –
Foreclosure! 1646sqft 3BR house.
Remod kitchen: granite, cherry cabinets. 400s!
Contact Me
– Mission Valley –
Foreclosure! 2-year-new “Escala” 2BR 1611sqft townhome,
DBL garage. 600K?
Contact Me
– Normal Heights – Foreclosure! 2-yr-new 3BR/3.5BA 1765sqft condo w/ dbl garage. Hi 500s? Contact Me
- North Park – Upgraded 2BR/2BA townhome w/ garage, hardwood floors, large bedrooms. Very high $300’s? Contact Me
- Oak Park – Foreclosure! Cute, upgraded 2BR cottage w/ garage & large yard
$300’s?
Contact Me
- Oceanside – Foreclosure!
Handsome 3BR/2.5BA detached home w/ dbl garage. Low $400’s?
Contact Me
- Oceanside – Foreclosure! Stunning 2-yr-new 3210sqft home w/ spectacular views! Price TBD. Contact Me
New – Paradise Hills – Foreclosure! 3BR house w/ bay & city views, bonus room, 2-car garage. Hi 300s? Contact Me
– Paradise Hills – Foreclosure! 3BR/2BA on spacious 9,000 sqft lot. Large BRs & kitchen. Price TBD Contact Me
- Pt Loma – Foreclosure! Cute 2BR, 1227sqft house w/ garage, 6500sqft lot. High $600’s? Contact Me
- Ramona – Foreclosure! 2181sqft 3BR house on 6 full acres of horse property. $700s? Contact Me
– Rancho Penasquitos – Foreclosure! 4BR/2.5BA home w/ family room, 2-car garage, quiet culdesac. Lo 500s? Contact Me
– San Carlos – Foreclosure! 5BR/3.5BA, 2300sqft home w/ fam room, solar pool. Hi $500s? Contact Me
– San Ysidro –
Foreclosure! 3BR 1323 sqft townhouse w/ 2-car
garage. Low 300s?
Contact Me
- Scripps Ranch – Mint La Merida
3-4BR/2.5BA “model home” w/ travertine &
cherrywood floors! Low 700s.
Contact Me
- Scripps Ranch – Foreclosure!
Stunning newer 4BR 2536sf home, many upgrades. $700?
Contact Me
New - Spring Valley – Foreclosure! 3BR/2BA home on large lot. 2-car garage. 300s? Contact Me
- Spring Valley – Foreclosure! Sunny 2BR top-floor condo, large deck, laundry in unit. Lo-200s? Contact Me
- Temecula – Foreclosure! 3BR/2BA house on corner lot. More info to follow. 300s? Contact Me
New – University City –
Foreclosure! Newer 1BR condo conv in The
Venetian. Granite, travertine. Lo/mid 200s?
Contact Me
– Vista –
Foreclosure! 3 Units. Price TBD.
Contact Me
- Vista – Foreclosure! Cute 2BR cottage w/ white picket fence, 2-car garage,
big yard. 400-ish?
Contact Me
NEWLY LISTED (Your Property Here!)
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New – Chula Vista – Foreclosure! Stunning 3-year-new 4BR/2.5BA Mediterranean home w/ mountain views: $664,900! Take A Look |
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- La Jolla – Foreclosure! Spectacular 2yr-new never-lived-in 5541sqft 6BR custom mansion w/ sweeping views. $2,639,900! Beautiful Pictures |
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New – Tierrasanta – Foreclosure! Beautiful 3-story townhome w/ large 2-car garage. 5 minutes to 52 & 15 freeways. $389,900! More Information |
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New – University City – Foreclosure! Sharp 2BR/2BA condo in gated security “Lucera” complex w/ garage, granite. $369,900 See For Yourself |
MORE GREAT HOMES & INVESTMENTS (Your Home Here!)
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– Chula Vista – Foreclosure! 4BR, 2019sqft house on culdesac w/ pool, many upgrades! $559,000 Check It Out |
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- Chula Vista – Foreclosure! Newer 3BR, 2.5BA, 1452sqft townhome w/ garage. Reduced to $379,900. More Info |
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- Chula Vista – Foreclosure! 3BR/2BA house in Pepper Tree area on huge .7 acre lot! $499,900 View Pictures and Features |
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- Chula Vista – Foreclosure! 8yr-new Rancho Del Rey townhome w/ dbl garage, gated community. $416,900! Take A Look |
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– Chula Vista – Foreclosure! 2-yr-new 4BR/3BA, 2335 sqft Eastlake Trails house, 3-car garage. $649,900 Find The Answers To Your Questions |
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- Downtown – Foreclosure! 2BR 2nd-floor condo in historical & famous CORTEZ HILL. Reduced to $495,000 Check It Out |
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- Downtown – Foreclosure! 2-year-new 2BR/1BA high-rise condo w/ views in hip “Acqua Vista”. Reduced again: $514,900. See The View |
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– East San Diego – Foreclosure! Cute, upgraded 2BR house w/ garage and huge backyard. $359,900 View Details |
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- El Cajon – Foreclosure! 4BR/2BA house on oversize 11,300sqft lot w/ pool, garage, big yard. $479,900. See For Yourself |
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– Escondido – Foreclosure! 5BR/3BA house on large corner lot, 2-car garage, newer paint. $449,900 Take A Look |
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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 Property Features |
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Sold - La Jolla – Enjoy wonderful ocean & city views from this Hidden Valley area 4BR/3BA house w/ 3-car garage. $1.65-1.75M MLS Search |
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- La Jolla - Spectacular 400K remodel w/ hdwd flrs, granite, travertine, spectacular views, pool, more. 1.295-1.395M! Virtual Tour |
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- Lakeside – Foreclosure! VERY affordable 1BR condo. Starter home or great investment! Reduced again to $129,900! Take A Look |
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- Logan Heights – Foreclosure! 2800sqft HEAVY fixer-upper house w/ garage, curb appeal, big lot. $510,000 View Pictures and Features |
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- Mira Mesa – Foreclosure! 4BR/2.5BA 1804sqft house w/ spa. Reduced to $529,900. Look For Yourself |
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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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- National City –
Foreclosure! Vintage Victorian home
built 1864! 4BR/3BA, 1852sqft. Just $418,900!
Contact Me |
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- Nestor – Foreclosure! 3BR/2BA house: family room, dbl garage, tile throughout. Reduced to $444,900. Find Others Like It |
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- Nestor – Foreclosure! 3BR/2BA, 1224 sqft condo w/ large patio, near pool & playground. Reduced: 295K! Free MLS Search |
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- North Park – Foreclosure! Charming 2BR Spanish house, hardwood floors, garage. $439,900. This Could Be Your Home |
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- Oceanside – Foreclosure! 2BR/1.5BA 1280 sqft condo w/ garage (rare @ this price!). Reduced $237,900 Property Information |
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- Oceanside – Foreclosure! Immaculate 3-yr-new 3BR/2BA + xtra room, 2069sqft house on culdesac. Reduced: $507,900 Property Info |
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- Oceanside – Foreclosure! Sunny & bright 4BR/2.5BA home w/ sweeping views & large bkyd. Reduced: $519,900 This Could Be Your Home |
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- Pacific Beach – Dramatic rebuild by owner/designer. Offers turret entry, ocean views, hardwood flrs, more. 1.25-1.35M! More Information |
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– Paradise Hills – Foreclosure! 3BR/2.5BA townhome w/ nice patio. Priced under market @ $269,900! Property Features |
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- Paradise Hills – Foreclosure! 3BR/2BA 1183sqft condo w/ large covered patio. Price Cut: $296,900! Check It Out |
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- Paradise Hills – Foreclosure! Sharp 3BR/2BA 1373sqft condo w/ 2-car garage. Just $364,900. See For Yourself |
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– Poway – Foreclosure! Spectacular Green Valley home on huge lot & tree-lined street. $839,900. Free MLS Search |
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- Ramona – Foreclosure! Spacious 3077sqft home on a full acre! Vintage home, built 1938. 2-car garage. $509,900! See For Yourself |
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Too New For Photo |
- Rancho Bernardo – Smart 2BR/2.5BA, 1458sqft townhome w/ garage, central a/c, golf course view! 345-405K Contact Me |
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– Rancho Bernardo – Foreclosure! Newer beautiful 3BR/2BA manufactured home. Live in RB for $374,900! Contact Me |
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- Rancho Penasquitos – Foreclosure! 4BR/2.5BA house on corner lot in desirable
neighborhood. 595K See For Yourself |
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- San Marcos – Bank Owned Foreclosure! Stunning near-new 3BR/3BA, 2259sqft view house, gated community. Slashed 50k to $514,900!! Find Out More |
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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. 612K. See For Yourself |
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- Scripps Ranch – Foreclosure! Sharp 4-yr-new 3BR/2.5BA condo w/ nice yard, patio, dbl garage. $454,900! More Info |
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- Scripps Ranch – Foreclosure! Stunning newer 4BR 2536sf home on quiet street, many upgrades. $793,900! See What This Home Has To Offer You |
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– South Park – Two units: cute detached 2BR/1BA cottages with garages on 5,000sqft lot. Can add 1 unit: 485-525K! Find Out More |
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- Tierrasanta – Foreclosure! 4BR/2.5BA 2592 sqft fixer house on quiet street. Reduced again...a bargain @ $604,900! Free Info About the Home |
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- University City – Handsome 3BR house on oversize 7100 sqft lot w/ large private backyard & pool; red tile roof. 660-680K! View All Listings |
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- Vista – Foreclosure! 4BR culdesac home w/ gleaming hardwood flrs + oversize backyard. $470,800 Check It Out |
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 Julie G. for referring me another of your clients…
Have a great week...
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
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