One of our Wonderful AXIA Agents has a new listing in Spring Valley. It is a detached home that has been completely remodeled inside and out with beautiful custom tile work and granite throughout. It’s 3 bedrooms, 2 baths and 2016 square feet. The attention to detail in this home makes it truly unique. It’s currently priced to sell on a variable range of $330,000 to $350,000.

Vanessa Charfen, who’s website is HomesByVanessa is the listing agent. For more information or showings please call or email Vanessa Directly – 619-750-3952 or email Vanessa@HomesByVanessa.com

SOME ADDITIONAL DETAILS - Stunning remodel, great attention to detail. All new: stucco exterior, paint, dual-pain windows, custom kitchen cabinets with granite counters & travertine backsplash, stainless steel appliances, porcelain travertine like tile throughout with custom tile design. Covered front porch with bench swing & mature rose bushes. Mature fruit trees with tons of grapefruit, lemons, oranges & limes. Spacious formal living room, dining room, and huge family room addition with custom tile fireplace and French sliders that lead to a covered patio a large backyard. Large covered patio perfect for outdoor dining/living area, fenced front & backyard. Gorgeous kitchen with granite counters, travertine backsplash, stainless steel appliances. True master suite with huge walk-in closet, spacious bathroom with his/her sinks vanity area and custom tile shower large enough for two. Newer A/C and heating unit, water softener, ceiling fans in all bedrooms.

NEW LISTING – 8858 Delrose, Spring Valley CA 91977 MLS #100050071 – Information is provided by SANDICOR, Inc. Information deemed reliable but not guaranteed.

August 13, 2010

By, Carlos Aguilar, Team Aguilar – AXIA Real Estate San Diego

Please click on this LINK to view the 2010 YTD Real Estate Sales Statistics for San Diego County data used for this market recap.

This summary of REO trends for San Diego County is based on review of SDAR MLS Statistics for 2010 through July 31, 2010 as wells as “UCSD Leading Indicators” report provided by School of Business Administration. It is also largely based on our personal experience of the REO activity in 2010 and discussions with other REO agents in San Diego County.

Commenting on generalized real estate trends for San Diego County is difficult to do unless one takes into consideration the numerous micro markets that we have in San Diego, each of which reacts differently within the general San Diego market. For purposes of this report these comments are intended to emphasis those micro markets where larger numbers of REO property are found, which also happen to be the markets which are considered most affordable for the San Diego market. The key factors affecting these micro markets are;

1. Medium price in any of the numerous micro markets versus the crime rate for the individual micro market. The majority of REO’s in San Diego County are found in entry level markets where buyers have traditionally found affordable housing prices. San Diego continues to have a shortage of housing at prices that buyers can qualify for when using the medium family income that is typical for buyers in said micro market. This medium price is also influenced by the real or perceived crime / gang activity of each micro market. Many affordable homes will sit beyond the average days on market because buyers consider the crime rate in these affordable areas to be higher than what they are willing to accept. These homes will typically sit until price reductions make the purchase price attractive enough to offset the risk to the buyer.

2. Increased underwriting scrutiny of new loan originations (especially for entry level buyers using Fannie, Freddie, FHA/VA loans) coupled with the threat of mortgage buy-backs of loans that were not underwritten to new stricter guidelines have caused delays in closings. Underwriters / Funding departments are scrutinizing files and conditioning and or verifying everything in file to insure that they have eliminated the risk of a file not being acceptable when it is sold to secondary market. This renewed scrutiny is largely responsible for numerous delays in closings of existing escrows in last 60 days. Now more than ever it is important to look at pre-quals / pre-approvals with care and push for full pre-approvals by direct lenders that are willing to provide a copy of the DU printout with conditions. The REO Listing Agent must review those conditions to determine if the conditions are normal and customary closing conditions. Current MLS statistics show that days to close have increased by 28% in previous 60 days. Thus despite historically low rates, fewer buyers are taking advantage and/or are able to qualify for loans. A quick telephone survey of escrow officers confirmed that in recent 60 days a higher than normal cancellation rate is being experienced at most escrow offices.

3. Fannie Mae HomePath, when first introduced, was believed to be the answer to financing much of the Fannie inventory by eliminating the need of an appraisal and in the case of condos we could get by the strict owner occupancy rules and HOA delinquency rates that made FHA / VA loans so difficult for most condo complexes. The reality is that we find reluctance on the part of many HomePath lenders to close loans with HomePath and continue to see many buyers who started a loan with HomePath but end up closing with an FHA loan. Lenders claim that the reason for the change is that the HomePath loan is more expensive to the borrower especially when the borrower is buying with the minimum 3% down payment and has a credit score below 680. In these cases the closing cost for HomePath increases by 2-3% and the rate can be 100 to 150 basis points higher than an FHA loan. An additional factor that may influence a lender is that the FHA loan continues to be a more profitable loan for lender to close. We believe that we will continue to see lenders offering HomePath as a hook to attract buyers but will see many of these buyers switched to an FHA loan. While the goal continues to be the closing of assets regardless of the loan, the reality is that when using an FHA loan we are often renegotiating the sales price because of low appraisals, negotiating lender required repairs and experiencing delays in closing escrows because buyers have to start over 2-3 weeks into escrow and order appraisal, redo contracts and negotiate repairs.

4. Federal and State Tax credits were responsible for an increase in sales beginning in January, 2010 and peaking in May with the highest number of closings (3,364) for a single month since 2004. During the first 5 months of 2010 it was common to see Multiple Offers and buyers offering above listing price which resulted in a year to date increase in medium price of 13.3% in micro market where we found medium priced homes. The tax credits were successful in bringing buyers to market however since the end of tax credits we are seeing an opposite market reaction. Since June we have seen Available Listings and Days on Market increase month to month.  The Medium Sales Price declined -3.1% in July from prior month. In last 60 days we have been tracking decreased buyer traffic to active listings, seeing 42% fewer offers, and an increase in days on market; these indicators show that we are moving back to a market that will be largely driven by buyers making low offers.

5. Investors will be a factor in REO market once again as the current trend continues through the end of 2010.  Owner occupant buyers have been the majority of market with emphasis of Fannie Mae’s First Look program which has led to higher sales prices. As we see inventory levels increase investors will again become a factor causing prices to decline.

6. Home Sales in July declined 21.7% compared to last year but more alarming is that Pending sales have declined 58.6% from prior year and available inventory has risen 23.3% over prior year. As stated above, the Medium Sales Price declined -3.1% in July from prior month. In the last 60 days we have been tracking decreased buyer traffic to active listings, are seeing 32% fewer offers, and an increase in days on market; these indicators show that we are moving back to a market that will be largely driven by buyers making low offers.

These statistics indicate a trend in the San Diego market that will be felt through the end of the year. We should expect to see a softening of demand in all micro markets with inventory increasing and prices dropping as we see a transition to a buyers’ market.

The votes have been counted and the results are in! Team Aguilar’s Blog was the winner for the San Diego area Zillow contest. There are several blogs based in the San Diego area that I read on a regular basis that were competing for the award, San Diego Home Blog and Bubble Info. Check them out, they are very good! It was fun and I appreciate the opportunity to have been nominated. Thank you again to all of the people who voted for us. Here is a list of all winners from each city.

Baltimore
Winner – Realtor Marney

Chicago
Winner – Chicago Real Estate Blog

Dallas
Winner – Ebby Halliday Blog

Houston
Winner – Tom D Plant’s Houston Real Estate Blog

Jacksonville
Winner – What’s Up Jacksonville

Oklahoma City
Winner – SellAMetroHome – the Blog

Philadelphia
Winner - The Philadelphia Real Estate Voice

Phoenix
Winner - The Phoenix Real Estate Guy

San Diego
Winner – Team Aguilar Blog

Seattle
Winner - Cooper Jacob Real Estate Blog

Thank you again!

Alex Aguilar
Team Aguilar
Real Estate Agent, Blogger!
Alex@TeamAguilar.com
www.TeamAguilar.com
Real Estate Blog

Anyone who has spent time in San Diego knows “And away they go!” as the popular line from Trevor Denman at the start of each race during the Del Mar Horse Racing season. For me it’s a voice that is easily recognized and associated with many afternoons with friends and family at the track. Others may think of Santa Anita Park, Pimlico Race Course, Laurel Park Racecourse or Hollywood Park Racetrack when they hear Trevor’s classic line but to the locals of Del Mar and the San Diego area we only know Trevor as our own who represents the start of each and every race at the Del Mar Track.

Del Mar has to be one of the greatest places to live. When I was growing up in Del Mar it was definitely a lot more affordable! Now it seems like you can’t find anything for less then a million bucks. When I was growing up, my neighbor owned a small deli, my best friends parents were a police officer and nurse. You get the picture? It was much more affordable back then. Take a minute to look over the listings below. You will see, especially the last 3 at the bottom that this is one expensive ZIP code to live in.

If your in the area make it a point to take in a race at Del Mar, perhaps on a day with a post race concert. Or go on a Friday or Saturday and after the race head up to the Del Mar Plaza to continue the night out at the many fine restaurants and bars. Your sure to have a great time!

$160,000 : 13754 Mango, Del Mar, CA 92014
	1 beds 1 full baths Year built: 1973 Size: 628 sq ft Lot size: 0 sq ft Parking spots: 1
$180,000 : 13754 Mango, Del Mar, CA 92014
	1 beds 1 full baths Year built: 1973 Size: 628 sq ft Lot size: 0 sq ft Parking spots: 1
$180,000 : 13754 Mango, Del Mar, CA 92014
	1 beds 1 full baths Year built: 1973 Size: 609 sq ft Lot size: 0 sq ft Parking spots: 1
$2,950,000 : 2007 Santa Fe, Del Mar, CA 92014
	3 beds 3 full baths Year built: 1959 Size: 2030 sq ft Lot size: 0 sq ft Parking spots: 2
$2,995,000 : 336 Pine Needles, Del Mar, CA 92014
	4 beds 5 full baths Year built: 1954 Size: 3444 sq ft Lot size: 15,600 sq ft Parking spots: 0
$2,995,000 : 2061 Gatun, Del Mar, CA 92014
	4 beds 4 full baths Year built: 1991 Size: 3623 sq ft Lot size: 47,480 sq ft Parking spots: 3
$21,000,000 : 1844 Ocean Front, Del Mar, CA 92014
	4 beds 4 full baths Year built: 1990 Size: 2885 sq ft Lot size: 0 sq ft Parking spots: 3
$39,000,000 : 2928 Camino Del Mar, Del Mar, CA 92014
	6 beds 8 full baths Year built: 1984 Size: 6551 sq ft Lot size: 0 sq ft Parking spots: 0
$61,000,000 : 929 Border, Del Mar, CA 92014
	9 beds 6 full baths Year built: 1937 Size: 10164 sq ft Lot size: 0 sq ft Parking spots: 2

Alex Aguilar
Team Aguilar
Real Estate Agent, Blogger!
Alex@TeamAguilar.com
www.TeamAguilar.com
Real Estate Blog

We were recently nominated for a Zillow People’s Choice Award for best real estate blog in San Diego. Yippee, right? Well sort of but I will give a big Yippee if we are able to win. Please take a 12.5 seconds and click on the link / image below to cast a vote for Team Aguilar’s real estate blog. I believe we have always been and will continue to be 110% committed to bringing you unique, original, quality real estate posts about the San Diego and Southern California real estate market.

Let me be the first to thank you in advance and please keep reading the blog! The readers are the reason we are able to continue to bring you quality real estate articles.

I will be sure to post another update with the results of the contest.

Thank you again!

Alex Aguilar
Team Aguilar
Real Estate Agent, Blogger!
Alex@TeamAguilar.com
www.TeamAguilar.com
Real Estate Blog

I think I will file this under the “Lazy Realtors” category because this issue of real estate agents who don’t label their lock box drives me crazy! I was out yesterday previewing condos in the downtown San Diego area which is full of condominium projects. I think 8 out of 10 lock boxes I opened up had 1 key with no label or tag inside the lock box. Just sitting their lose with no identification. What happens if an agent has multiple property to view? How the hell are we going to put your key back in the correct lock box? On top of that, check out the picture below. This was just 1 complex and 3/4 of the lock boxes here at this complex were not labeled. So you have 2 infractions here, agents who don’t label the key inside the lock box and agents who don’t label the lock box. PUT THE UNIT NUMBER on your lock box! If you make life easier it’s only going to help other real estate agents sell your property.

Alex Aguilar
Team Aguilar
Real Estate Agent, Blogger!
Alex@TeamAguilar.com
www.TeamAguilar.com
Real Estate Blog

This is a new category that I have wanted to do for some time because of the horrible photos I come across in the MLS. If you have a really bad MLS photo that you would like to have featured in this post please email it to me along with a short description of the picture.

Can you believe this agent took a digital photo of a Polaroid and uploaded it into the MLS? Come on, are agents really this lazy??? They couldn’t drive out to the property and take a photo? Why are they collecting a commission? On top of everything, they only uploaded 1 photo in the MLS!!!

This is a nice photo of the kitchen. You would think they could clean the floor, close the cabinets and take a photos that looks a little better with better lighting. As bad as this house was, you can always to a better job and take more then 2 pictures of the home to show in the MLS.

The photo on the bottom right is NOT a bad MLS photo. A friend emailed this to me. It’s a bank owned home and these are the first pictures taken since the previous occupant moved out. This is the condition the property was left in by the previous occupant! WOW!

As an added bonus you can include a short description of your services and website and I will link back to your site. Enjoy and please feel free to forward a link to your Bad MLS Pictures!

This photo on the left is great. Check out what is laying on top of the dryer! Man, that is a great spot to have a toilet. Could you imagine someone using the toilet, having a smoke next to the water heater while they wait for the laundry to dry. What service!

How about this photo above? Looks like a classic example of a copy and paste job. (Stealing another agent’s photos) Come on people, go out and take your own photos and learn how to upload large quality pictures!

Want to see more BAD MLS Photos? Check out this website Barry Beavis put together. It’s called “Bad MLS Photos” which has a large selection of Bad MLS Photos from Lazy Realtors.

Alex Aguilar
Team Aguilar
Real Estate Agent, Blogger!
Alex@TeamAguilar.com
www.TeamAguilar.com
Real Estate Blog

When looking for a place to live it’s common to go for the location which will give you the “view amenity”. This usually means you’re going to live near the beach or the mountains where you’ll have scenic views all around you. If you’re looking for a community that provides both, then Santaluz in San Diego comes to mind.

Santaluz is located within the picturesque San Dieguito River Valley, a mere stone’s throw away from the seaside coastal communities near the Pacific Ocean. However, this community is exclusive to its residents and those privileged enough to be granted with golf club memberships to this master planned resort community. The main attraction of this community is its 18-hole championship golf course designed by Rees Jones. Not only will you be challenged by the course but you will also enjoy the landscape architecture inherent to the fairways and greens.

With your golf course membership, you’ll also have the privilege of gaining access to the Clubhouse and Spa in the gated community of Santaluz. The Clubhouse features dining options, a golf shop and separate men’s and ladies’ lounges. The Spa is designed to pamper you with every comfort imaginable.

In addition to the Clubhouse and the Spa, Santaluz also has a 19,000 square foot Hacienda that serves as the recreational center for the community. Golf and Clubhouse and Spa members are automatically included in the Hacienda membership although residents have the option to purchase a separate membership to the Hacienda. With your membership, you can partake in the 11-acres of Village green, a coffee shop/café, a resort-like swimming pool, 6 tennis courts, a fitness center and an indoor basketball court.

Even kids have their own place to enjoy. The Camp Santaluz offers a variety of recreational and educational activities throughout the year, perfect for your children between 4 to 12 years of age.

Please view some sample listings below or view all Santaluz homes for sale by clicking here.

$1,599,000 : 7774 Doug Hill, San Diego, CA 92127
	4 beds 5 full baths Year built: 2004 Size: 4950 sq ft Lot size: 35,283 sq ft Parking spots: 4
$1,649,000 : 14287 Caminito Lazanja, San Diego, CA 92127
	3 beds 4 full baths Year built: 2006 Size: 3850 sq ft Lot size: 13,900 sq ft Parking spots: 3
$1,725,000 : 14911 Encendido, San Diego, CA 92127
	6 beds 6 full baths Year built: 2009 Size: 5825 sq ft Lot size: 0 sq ft Parking spots: 0
$3,795,000 : 7862 Entrada De Luz, San Diego, CA 92127
	4 beds 6 full baths Year built: 2006 Size: 7106 sq ft Lot size: 0 sq ft Parking spots: 3
$4,495,000 : 8304 Santaluz Pointe, San Diego, CA 92127
	5 beds 7 full baths Year built: 2008 Size: 6968 sq ft Lot size: 0 sq ft Parking spots: 0
$5,195,000 : 7908 Entrada De Luz East, San Diego, CA 92127
	6 beds 10 full baths Year built: 2006 Size: 10208 sq ft Lot size: 0 sq ft Parking spots: 12

Alex Aguilar
Team Aguilar
Real Estate Agent, Blogger!
Alex@TeamAguilar.com
www.TeamAguilar.com
Real Estate Blog

The University of San Diego released a report recently stating that the county of San Diego’s index of leading economic indicators progressed further last month.

Based on the report, San Diego’s index improved by 0.2%. According to the USD index that was compiled by Burnham-Moores Center for Real Estate’s renowned economist Alan Gin, this advance was the 14^th straight month for the county of San Diego. The main factor for this 0.2% gain was the significant increase in residential units with building permits, which increased by 1.1% based on the Construction Industry Research Board. Another factor for which this improvement is attributed is the rise in the help wanted advertising over the Internet by 0.81%, based on Monster Worldwide. Aside from these, minimal recovery in consumer confidence was also noted by 0.2%, according to the San Diego Union-Tribune. This is a complete reverse from the downhill trend over the last four months.

Job growth also continued during the month of May. There were 8,500 new jobs that have been added, which is 80% more than the previous month. This is the 4^th straight month that the San Diego County has recorded gains in employment.

On the downside, there was a decrease in stock prices, based on the San Diego Stock Exchange Index. The 1.09% fall is seen by some economists as a sign of bad things ahead. Investors might be predicting that the economy will not bounce back as expected and may weaken further. Another discouraging note is the claims for unemployment insurance in the county, as reported by the Employment Development Department.

Many economists, however, are still expecting a slow up to a moderate growth for the county of San Diego for the rest of the year. Although it will take a while for the county to fully recover and get back all the jobs that were lost in the economic crisis, the steady advancement is still better than the contrary.

All in all, the state of the National Economy has been noted to increase by 0.71% in the month of May, based on this index of leading economic indicators.

Alex Aguilar
Team Aguilar
Real Estate Agent, Blogger!
Alex@TeamAguilar.com
www.TeamAguilar.com
Real Estate Blog

The month of May 2010 saw an increase in the median sale prices of homes in the California counties of San Diego and Riverside. At the same time, the number of foreclosures in the said counties fell in dramatic fashion.

Riverside’s home prices increased, with the median up to $210,000. This is an increase of 16.7 percent compared to that of the same month during the previous year. Meanwhile, in the county of San Diego, the median price increased to $340,000, also a 16.7 percent increase from May of last year. Also, an increase in the median home prices was noted in the North County, increasing to $475,000, which amounts to a 21.5 percent boost.

In general, the number of home sales also increased in Southern California during the last month, except in the areas with the lowest price groups. This is attributed to buyers who are taking advantage of the lower mortgage rates and the government tax credits.

On the other hand, foreclosure activity decreased in the said counties. In the county of Riverside, only 2,292 default notices were sent out, down by a significant 52 percent compared to the previous year. Foreclosed homes totaled only 2,101 in the Riverside County, which is 4.2 percent lower than May of last year. In Southwest Riverside, notice of defaults tumbled down by 45 percent, while foreclosures fell by 84 percent.

In the county of San Diego, lenders only sent out notice of defaults totaling 1,748, which is lower by 46 percent compared to the same month last year. A total of 1,239 homes were foreclosed in San Diego this year, which is also 7 percent lower than last year. In North County, the number of notice of defaults dropped by 47 percent, while the number of foreclosures fell by 83 percent.

Similar trends were noted throughout the entire state of California. Notice of defaults were sent out to 23,911 residents in the state, which is a decline of 43 percent from last year. Meanwhile, finalized foreclosures amounted to 17,819, which is lower by 1.9 percent compared to last year’s numbers.

Economic analysts, such as Foreclosure Radar and Beacon Economics, however, are questioning the reduced foreclosure activity. The decline in foreclosures allegedly does not make much sense. Foreclosures should be increasing and not falling, given the large number of home loans that are not being paid on time. The decreasing number of foreclosures could be attributed to lenders allowing people to stay in their homes even if they have been unable to pay. Doing so would minimize the number of homes that are up for sale, which would reduce supply. Decreasing the supply is a good way to help push the prices of homes up.

Alex Aguilar
Team Aguilar
Real Estate Agent, Blogger!
Alex@TeamAguilar.com
www.TeamAguilar.com
Real Estate Blog