1239 Delaware St. – Imperial Beach Real Estate For Sale

Click Here For the 1239 Delaware MLS Flyer

Well cared for & ideally located in the lovely community of Imperial Beach just 8 blocks to the beach. This home features beautiful hardwood floors, dual pane windows, comfortable living area, a dining area with french doors to the spacious back yard & covered patio, and an over sized 2 car detached garage with workbench & lots of storage space. The original garage was made into a large 3rd bedroom or office space. The kitchen has a gas stove and a window which overlooks the fully fenced backyard.

Call Travis for a Private Showing at (858) 232-2008

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Travis Houston
San Diego Real Estate & Investments
Cell:    (858) 232-2008
Fax:    (858) 408-3212
Email: Travis@WestoftheFive.com

Search the MLS:   www.WestoftheFive.com

Point Loma Foreclosure in Liberty Station

One of the larger 2300 sqft plus detached homes in Liberty Station has gone into foreclosure and is up for sale for under $700,000. Click here for the full details on the property listed with Prudential.

San Diego Fix to Fip Real Estate and Foreclosures

Here is a list of 18 properties in San Diego that are potential fix and flip real estate including foreclosures.

Click Here for the Complete MLS Print Out of San Diego Fix and Flip Real Estate & Foreclosures.

San Diego High End Homes Sales Are Slipping

Is it time to pick up that Multi-Million Dollar home you’ve been waiting for? For the first time in the past many years we are seeing sellers in the above 2 million dollar range closing on deals well below asking price. If you could save a cold Million on your dream home… would you?

We all know that homes in the below $500,ooo range in San Diego took a beating in 2008 especially in the areas of South Bay and Inland North County. However, West of the Five home owners have protected their equity fairly well in light of the current economic meltdown.

We will see what 2009 has in store. On to some news…

From a recent Union Tribune article titled, “Higher-End Homes Sales Are Slipping“

While bargain hunters got more active in California’s depressed real estate market last year, the million-dollar market was slowing down.

Research firm MDA DataQuick reported yesterday that sales of homes for $1 million or more were down 42.5 percent, hitting the weakest sales pace since 2003.

Analysts attributed the decline to tougher loan standards and seller resistance to low-ball offers.

“A lot of home sales in the upper half of the market have been on hold for months, waiting for financing,” said John Walsh, DataQuick’s president.

There were 24,436 homes sold statewide for $1 million or more in 2008, with the 2,216 million-dollar sales in San Diego County down 43 percent from the year before.

Of all homes sold in California last year, at least 2,052 that previously sold for more than $1 million were resold for less than $1 million.

The decline in high-end transactions contrasted with the overall market, in which sales in all price ranges statewide rose 2.5 percent – driven partly by growing sales of foreclosure properties.

High-end homes weren’t immune to the foreclosure trend. There were 1,612 foreclosures and 5,243 notices of default on California homes that previously sold for more than $1 million.

Below is a Comparative Market Analysis of all ccean view homes sold in La Jolla between November of 2008 and January of 2009. The average List to Sale price is down to around 90%. Meaning that ocean view homes are selling for approximately  90% or so of their initial list price.

San Diego Foreclosure Hot List

Here are three new foreclosures hot off the San Diego Real Estate MLS. The first two are in Pacific Beach and the last in the Mount Streets of Clairemont.

• 709 Agate #2 – Condo, 2bed, 2 bath, 914 sqft., $366,000. Killer Location in North PB. We’ve been waiting for this one to hit the market. Super close to Tourmaline Surf Park.

• 1311 Tourmaline – House, 3 bed, 2 bath, 1618 sqt., $850,000. This one was remodeled by the previous owner and sat on the market for quite some time. Eventually lost to foreclosure. Nice North PB location.

• 4740 Mount Royal – House, 4 bed,  2 bath, 1902 sqft., $434,900. Large Mount St. home in Clairemont.

Click Here for the Complete MLS Listing on All 3 Foreclosed San Diego Homes Listed Above.

San Diego Short Sales

Why do banks short sale?
Here are the most common reasons banks will agree to a short sale:
• The mortgage is in arrears or foreclosure
• The property is in poor condition
• The homeowner has hardships and cannot afford the payments
• New homes in the area are being chosen over existing homes
• The area or neighborhood has depreciated in value
• The bank’s shareholders are concerned when there are too many defaulting loans on the books.
• Some banks are required to prove a loss each month…Let’s help them out!
• Some banks are required to have an amount equal to or up to six times the retail value of each REO “on Hand”
• An REO is a liability, not asset. Too many liabilities will cause any business to go under if not dealt with quickly.

Can I short sale a nice property?
Absolutely! As you can see, banks short sale for many reasons other than the poor condition of the property.

What happens to the homeowners credit?
When you negotiate a successful short sale, keep in mind that the agreed upon price is payment in full. However, the homeowners may still owe the difference between the mortgage balance and the discounted amount via a “deficiency judgment.” If granted, this judgment will affect the homeowners and their credit report just as any other judgment. You must get the bank to agree to accept “payment in full without pursuit of any deficiency judgment.” In addition, you need to explain to the homeowners that the discounted
amount (the difference between the mortgage balance and the short sale) may be declared as income on their income tax return by means of a “1099.” The homeowners should speak with their accountant for advice. Since the homeowners have been in such duress and probably haven’t made much income, a 1099 may not adversely affect them. As you know, nine out of ten deals have no equity.