Positive Press for San Diego Real Estate from Forbes.com

For the first time in a long time there is some positive news in the media regarding San Diego real estate. This article from the LA times talks about America’s Riskiest Real Estate Markets. Highlights from the article are below.

In cities like San Diego, one of five major metros where transactions rose, that’s good news, assuming it’s sustained. What makes transaction volume a good indicator is that it shows how easy it is for people to get loans and how much confidence there is in the market. If mortgages are available and buyers have some faith in the value of the home, they’re more likely to buy. San Diego’s present conditions suggest that over the next half-year, prices may start to rise. That’s because “there’s usually a three- to six-month lag between when transactions go up and prices go up,” says Jonathan Miller, president of Miller Samuel, a Manhattan real estate appraisal firm. Another good sign for the coming year? Increased credit availability. We took into account increased Fannie Mae and Freddie Mac (GSE) loan limits. The new legislation will open up credit in markets such as Sacramento and San Diego by boosting the GSE loan limit by 125% of the median price. That’s a huge deal for San Diego, where 18% of the market will see improved lending conditions, based on projections by Radar Logic, a New York-based real estate research firm.

California Real Estate Conforming Loan Limits Increased!

Just found out this morning and I’m excited to announce HUD’s new conforming loan limits for San Diego, California Real Estate. The real play here is the FHA loan limits—flexibility in ratios, credit, downpayment and appraisals!! ROCK N ROLL…

Median price FHA limit Conforming loan limit
San Diego County $558,000 $697,500 $697,500

Time to get off the fence and get investing. Happy House Hunting.

To check other loan limits click HERE.

Source: Department of Housing and Urban Development

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

These are a few of My Favorite Things…

Thought I might share a few of the sites, services, products and such that top the personal MFT (My Favorite Things) List… at the moment.

1. Google411: Need directions, an address or a company… like 30 seconds ago? Then you need 1-800-GOOG-411. I love this service and it’s at a price you can’t beat. FREE.
2. Pandora: Online radio based on MY or preferably YOUR preferences not some Morning Zoo DJ. Find great new music based on stations that YOU choose. Very Cool indeed and as my wifey says… “It’s like I get to do the DJing”
3. Moo Cards: These cards are, to use my daughter’s phrase, “SO CUTE”. I use them for all kinds of fun projects. Big Ups to our friends from across the pond at Moo for a job well done.
4. Yelp: Looking for a good auto mechanic, wanting to know where the HOT new restaurants are in your hood or just looking to get your hair did? This is the place to post and peruse user generated reviews.
5. George Lange: This is what I watch when I want a smile and to remind me why I love photography as a creative outlet.
6. Lynda.com: When you need to get your learn on… Give Lynda at try.
7. AliceQ: Chowhounds already know Alice and if you want to get the low down on the up side of San Diego food I suggest you bookmark her site pronto.
8. The Brary: If my library card had a mileage plan I’d have endless round the world trips for life. Reserve books, movies, cd’s and audio’s for FREE and have them sent to the library closet to you. It a thing of wonder. I Love The Brary!
9. Saving the best for last… Click HERE for our family’s newest addiction.

Real Estate Agents in “Foreclosure”

Someone had to say it… and my man Seth Godin has a mouthful for real estate agents nationwide. His latest blog as of this post is titled, Advice for real estate agents (quit now)

OUCH.

If you are in business and interested in marketing and great idea generation give his blog a read. Seth has words worth repeating and books worth sharing. I was introduced to his work about 9 months ago and have since gone back to read his books, ebooks and posts from 1999 forward. I am a card holding SethGdevotee. RSS his blog Here.

Turns out, Seth was a bit behind the curve in San Diego for his real estate agent blog post. Many agents preceded his advice to quit. According to a manager at Prudential California Realty who is on the board at SDAR, the local San Diego Board of Realtors, over 30% of agents in our local San Diego market have not renewed their yearly dues. This means no lookey lookey for homes on the MLS for thousands of San Diego agents. In our office alone we’ve lost at least that percentage of agents and office meetings have dwindled in numbers.

REAL ESTATE AGENTS read this POST! It’s time for a healthy dose of Plan B. My lens is here. Can’t wait to read your too.

The Low Down on the Throw Down for Some BLING

Just popped in to see the new inventory over at Symbolic Motors for my quarterly motivation. Lots of choice rides, as usual, with my favorite being the ’06 Gray Ferrari F430 F1 Spyder. Make sure to talk to Bill as he has the low-down on this particular one and knows the previous owner.

My wife and I sat down with the finance director, Carmen, to run some numbers. Here is the estimated breakdown:
2006 Ferrari F430 F1 Spyder with a smidge over 4000 miles
Purchase Price of $270,000 (which seems a bit high for this particular model, but you have to start negotiations somewhere)
Residual Value @ 35% for a Lease (talk to your CPA about the benefits of doing an exotic lease for taxable write offs)
20% down: $54,000 (could be less down if you have a previous high auto loan above $175k)
Approx. $4,500 per month on a 60 month Lease at 8%

So here’s the agreement my wife and I have.; I can have ANY toy I want just as long as I find  an appreciating cash-flow asset that pays for my expensive depreciating assets.  I am on the hunt. I’ll let you know what I find.