How To Read A Plat Map for San Diego Real Estate

The Assessor’s Map is not filed with the official County’s Records. This map is based upon tract maps that are filed with the local County records. The Assessor will include a reference to the maps that have been filed at the County. See the image below to understand how to read a plat map when buying San Diego Real Estate.

Frequently Asked Questions about Loans & Refinancing in San Diego

What is the difference between a regular & an FHA loan ?
FHA is an loan insured by the Federal Housing Administration, and is therefore issued through a lender using  FHA’s guidelines.  A conventional loan is issued based on the lender’s guidelines.
What are the advantages of an FHA loan vs a regular loan ?
That depends on the lending environment at the time.  As of today the biggest advantage is a lower down payment.
WHat are the drawbacks ?
Again it depends on the lending environment at the time, but as of today the drawback I see is that you will pay both upfront mortgage insurance AND monthly mortgage insurance for the first 5 years of the loan regardless of LTV (loan to value), and the rate is higher.
Is there a situation where a regular loan would be better than an FHA loan ?
Yes, and again these answers all depend on what is available on the conventional market at the time.  Today, the upside of conventional is that if you can put down enough money to qualify for the conventional loan on the 4 unit complex (which is 25 to 30% down) you have a lower rate, no upfront M.I. (mortgage insurance) and no monthly MI. This is a big savings over the life of the loan.

Put simply if you have the cash to close conventional it saves you a lot of money on interest and MI. FHA is only a better option when  you can’t come up with the required down payment for the conventional option.
What are all the requirements to qualify & be approved for an FHA loan ?
You have to meet there Debt to Income Ratios (generally 43%) including all expenses for the property you are buying. Plus you have to make the minimum down payment,  pay upfront MI of 1.75% of the loan amount, and closing costs.
What is the required down payment % amount for an FHA loan ?
At present for 4 units: 10 to 15% down.  This is where the FHA advantage is since conventional is asking for 25 to 30% down.

Contact Joy Houston for any additional questions about Loans and Refinancing.
Mortgage Broker | Loan Officer
Joy@WestoftheFive.com

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.

San Diego Happy Hour

With the current state of real estate in San Diego I thought it would be appropriate to re-post this happy hour list from YELP San Diego.

Happy: hap·py, an adjective for delighted, pleased, or glad.
Hour: ou-er, a noun for a period of time equivalent to :60 minutes.

Now, throw in some cheap booze, potato skins and a few double-fisting commercial bankers and you’ve got yourself a party! Since Yelp’s all about having a good time, we’ve compiled a list of some of San Diego’s greatest happy hours to obtain that much-needed buzz after a long day at the office… or an extended rendezvous with Rock Band 2.

If a stiff drink and fried food in the late afternoon is wrong, we don’t want to be right — nor does Brian K — as he professes his love for the “unbelievably cheap appetizers and $1.75 Coors Lights” during happy hour at South Beach Bar & Grill in Ocean Beach. Katelyn W also cites the “Beer O’Clock” special where select brewskis start at just a buck, then increase by 25 cents every hour. Likewise, broke college student Sarah S flashes her student ID for $2 tequila shots on Thursdays at Baja Betty’s. Other celebrated happy hour stops include PB’s World Famous, Avenue 5 Restaurant and Bar in Bankers Hill and at The Prado at Balboa Park.

Perhaps you’re more of a wino? Even better, as fermented grapes make for a great alternative to beer and liquor. Just ask the sophisticated Amanda S. In addition to the “amazing cheese plate” she devoured during Wine Steals‘ happy hour, she also gushes, “the wine tastings were more like a wine party!” Ashleigh O certainly doesn’t mind gettin’ sideways with a massive amount of Merlot, which is why you’ll find her gettin’ down and dirty at the 50% off “Wine Wednesday” happy hour every hump day at Cafe Bleu.

Need a little sustenance to accompany those inexpensive cocktails and cushion the blow of tomorrow’s looming hangover? Of course you do, which is why you should cop a squat next to David G for a $1.50 hand roll at Sushi Deli 2 Downtown. On the other hand, if the spare-change-in-the-couch search proved plentiful this week, a mere $3.95 will buy you a bucket of hush puppies at Alice H‘s fave Gulf Coast Grill in North Park. Finally, if an evening aphrodisiac sounds like an enjoyable way to end the work day, join Geraldine C for discounted drinks and $1 oyster shots at Oceanaire on J Street. Grrrrr!

San Diego Rock ‘N’ Roll Marathon

Just a heads up for all you San Diego beach goers and residents this weekend:

The San Diego Rock ‘N’ Roll Marathon is this Sunday June 1st. If you’re coming down to cheer on your favorite runner – RIGHT ON! If you’re coming down to head to the beaches make sure you plan ahead because of the traffic issues. I’ll post a map of the event below for planning purposes. Have a great weekend.

Is California In A Recession?

NO, California nor the USA is in a recession… according to this recent article from the UCLA Anderson Forecast. 

The California forecast

UCLA Anderson Forecast economists Ryan Ratcliff and Jerry Nickelsburg look back at the California economy since World War II and come to two conclusions. First, the U.S. and California economies move together — there has never been a recession in California without a national recession. Second, the California recessions have twice been amplified and extended by long-lasting structural adjustments — the Southern California aerospace contraction in 1990 and the Northern California tech bust in 2001. The recession-only downturns have been sharp-but-short contractions driven by temporary job losses in manufacturing and construction. These recessions typically last less than a year, but both the aerospace and the tech adjustments took more than half-a-dozen years to complete.

Today’s economy fits neither of these patterns; our economy is in “uncharted waters,” they say. There are some negative signs, such as job loss in real estate-related sectors, but it is unlikely that these sectors can create enough job loss to generate the 2 to 3 percent declines in non-farm payroll employment that have characterized past recessions.

The forecast is for a very weak California economy in 2008. The “double-whammy” of construction and financial activities job loss will continue to drag at the economy.

“The current state of the California economy and our forecast fall short of the weakness in previous historical episodes that we’ve chosen to label recessions,” Ratcliff and Nickelsburg write. “Based on comparing the current economy to past recession episodes, we once again conclude that real estate weakness will remain a significant drag on the economy, leaving us treading water in 2008 — but not slipping under the waves into recession.”

The Wealthy Are Buying Real Estate… Why Not You?

According to The Annual Survey of Affluence and Wealth in America, from American Express and the Harrison Group, 40 percent of the nation’s wealthy plan to buy real estate in 2008.

What do these rich people know that you don’t? Read HERE to find out. It is TIME TO BUY real estate.

You make money when you buy, not when you sell a home, suggests one popular idiom. That could be the reason the wealthy are trolling for bargains. While most of America is struggling with four percent gains in inflation, the wealthy, with discretionary income of $100,000 or more, believe that today’s market is a good time to buy.

When you think it’s time to buy click HERE.

FORECLOSURE OPEN HOUSE – Point Loma

OPEN HOUSE for a steal of a deal in Point Loma.

Sunday April 20th, 2008 NOON to 4pm

3512 POE St. Point Loma – MAP

This beautiful 5 bedroom, 3 bath home sold for $998,000 in April of 2007. This house features lovely wood floors, granite counter tops in the kitchen, spacious rooms, wooden blinds, wet bar in family room and a unique backyard with grapevines and fruit trees. We will help guide you thru the foreclosure process.

Click the link below for a PDF Flyer

3512-poe-st-flyer1 PDF

Search for Foreclosures in San Diego at www.SDForeclosureSearch.com

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

Virtual Open House – 3840 Sequoia

Here is the actual MLS Listing for 3840 Sequoia Pacific Beach, CA 92109
Listed by ReMax Coastal