New La Jolla Foreclosures

2 New La Jolla, California Real Estate Foreclosures hit the market today and they both start with a 3. Click Here for full details.

San Diego Real Estate House Value Market Update

In a recent article from the San Diego Union Tribune on Real Estate:

San Diego County housing prices continue to decline but at a slowing rate, the widely watched Standard & Poor’s/Case-Shiller Home Price Index showed yesterday.

In the index that measures paired prices paid for the same single-family homes over time, March prices in San Diego County were down 22.04 percent from year-ago levels. That’s a slight improvement from the 22.86 percent year-over-year slide in February and from the peak decline of 26.68 percent in October.

“Well, that’s good news,” said Leonard Baron, a part-time lecturer on real estate investment at San Diego State University.

Baron said the slowing slide reflects continuing demand for low-cost distressed properties.

For the second straight month, San Diego ranked as the eighth worst of 20 major U.S. markets in terms of price declines. In January, the region had the sixth worst year-over-year decline.

San Diego prices have dropped 42.3 percent from their peak in November 2005 and are back to where they were in July 2002, according to the Case-Shiller data. But they are still 45 percent above their level in January 2000.

The biggest year-over-year drop reported yesterday was in Phoenix, where the Case-Shiller index was down 36 percent. Denver had the smallest decline, at 5.5 percent. Los Angeles dropped 22.3 percent and San Francisco was off 30.1 percent over the same period.

Meanwhile, the national price index for the first quarter was down a record 19.1 percent from year-ago levels.

But for the second straight month, the overall decline for 20 metro areas tracked by Case-Shiller did not set a record. Yet that was insufficient evidence for many analysts to declare a national turnaround.

Read the Full Article Here.

Virtual Open House – 1129 Felspar

Here is the actual MLS Listing for 1129 Felspar Pacific Beach, CA 92109
Listed by ReMax Coastal.

Contact Us for more info

The Plastic Surgeon of Real Estate

Ken Cornell is truly the Plastic Surgeon of Mission Beach real estate… or should it be the Steel and Glass Surgeon of Mission Beach real estate. Being a long time resident of coastal San Diego even I marvel at the massive change in the face of Mission Beach over the past few years. Ocean Pacific properties is adding tremendous investment value and style to Ocean Front Walk and beyond.

HERE is a great article about Ken and his company and the impact they are having on real estate in Pacific Beach, California.

California Historical Median Sales Price

The real secret of real estate is that there is No Secret. To see how the real estate market works one only needs to click on the link below to see the statistics and make the connection that real estate goes up, down and sideways. Over the past 40 years California single family homes have appreciated at 7.41% according to the California Association of Realtors.

California Existing Single Family Home Annual Median Sales Price 1968 to 2007

What do you think real estate will do over the next 10 years in California? Do you think now is a huge opportunity for buying real estate or time to wait?

HOT FORECLOSURES in Pacific Beach (92109)

I’m continually keeping an eye on great foreclosure deals West of the Five and here are a few in Pacific Beach at the moment:

1: 2058 Beryl St
3bed, 2 bath, 1377 sqft, 2 car garage,  on a 7000 sqft lot
Listed for $629,900
Sold for $745,000 in April of 2006

2. 4820 Beryl Way
3 bed, 3 bath, 1959 sqft,  2 car garage
Listed for $829,900
Sold for $1,250,000 in Feb of 2007

3.  1885 Diamond St.
2 bed, 2 bath, 1033 Sqft, 2 parking spaces
Listed for $327,000
Sold for $376,000 in Jan of 2006

These listings are listed by various brokerages in San Diego and are not my listings. Call Travis for details or a showing @ 858.232.2008

Fed Cuts Rate 0.75%

The Federal Reserve, responding to an international stock sell-off and fears about a possible United States recession, cut its benchmark interest rate by three-quarters of a percentage point on Tuesday, an aggressive move that came ahead of a regularly scheduled meeting of the central bank.

The surprise move, unusual in both its scale and its timing, underscored the severity of the current strains facing the economy. And it bolstered world markets that had opened the week with a sell-off. European stocks turned upward on the news, and Wall Street averted the deep losses that had been anticipated overnight.

“It’s a once-in-a-generation event,” said Mark Zandi, chief economist at Moody’s Economy.com. In recent years, the Fed has rarely acted between scheduled meetings of the committee, and almost always in increments of one-quarter or one-half point. It was the biggest short-term cut since October 1984.   Read More…