Real Estate Market Trend Updates in North County

If you are looking to buy or sell a home in North County it can be helpful to be familiar with the current real estate market trends and activity. As we have been seeing in the news lately, the real estate market in San Diego has been moving in the upward direction with more sales and increased median home prices. Here is a breakdown of the activity in Carmel Valley, Solana Beach, Del Mar, La Jolla, Carlsbad, and Encinitas.

The graph tells us that while listing prices are staying high in these areas and retaining their values, most of the homes being sold are priced below $800,000 with the average about $500,000. The number of sales in these areas over the past 90 days can also provide us with valuable information. Carmel Valley            has had 31 sales, Solana Beach 55, Del Mar 40, La Jolla 172, Carlsbad 452, and Encinitas 149. With a lower average listing price of $857,565 and median sales price of $535,500, Carlsbad has had the most activity over the past 90 days.

      Nasser Alameddin

     Broker

    C 760.802.4166

    F 858.455.0100

http://www.PremiereSD.com

    DRE License #01426515

If you know anyone looking to sell or buy a home, please e-mail me their name & phone number. I will gladly get them a great deal and provide them bar none service. 

Posted via email from Nick Alameddin's

North County Summer Outdoor Concerts

North County is a popular place this summer for musical entertainment. The outdoor concert venues are offering a variety of musical genres in the coming months, where everyone is invited to come enjoy our beautiful San Diego sunshine. Whether you prefer salsa-funk-hip-hop, Afro-Cuban grooves, or some smooth jazz, there is something for everyone.

Starting on June 25^th through August20th in Carlsbad, the TGIF Jazz in the parks will be offering free concerts from 6-8pm every Friday. This summer tradition began in 1986 and has quickly become and integral part of the community’s life with close to 4,000 people attending each concert during the summer months. (Carlsbadca.gov)

Headed to the Del Mar Race Track this summer… Why not enjoy both the race and great music for the same price? Admission to the 4 o’clock Friday Races also gets you into the concerts at the new Seaside Terrace Stage, otherwise the concert will cost you $20. The shows begin on July 23^rd and go through September 3^rd. Concerts on Saturdays will be held after the last race on the Infield Stage. For more information on the performers and specific dates visit delmarscene.com.

For your Independence Day celebration, instead of braving the crowded beaches, go to Escondido for an outdoor concert with performances by The Corvettes, Danielle Tucker and Marine Band San Diego. The show will be held at Grape Day Park from 4-10pm on July 4^th. (artcenter.org)

On the weekend of June 5^th and 6^th, head on over to Solana Beach for their Fiesta del Sol. There are a variety of musical performers including Affrolites, Balkan Beat Box, World Anthem, Sol E Mar, Dick Dale, Stranger, and many more. The concerts will begin in the early afternoon and go until 8:30pm with free admission. (Fiestadelsol.net) This summer don’t miss out on the variety of musical performances, wonderful weather, and free shows being offered in North County.

      Nick Alameddin

     Broker

    C 760.802.4166

    F 858.455.0100

http://www.PremiereSD.com

    DRE License #01426515

If you know anyone looking to sell or buy a home, please e-mail me their name & phone number. I will gladly get them a great deal and provide them bar none service. 

Posted via email from Nick Alameddin's

La Jolla Seal Cove

The La Jolla Seal Cove, also know as Children’s Pool is a popular attraction in San Diego. The protective cove has become a safe place for the seals during their pupping season, between December 15^th and May 15^th. The cove is a popular attraction for both San Diegans and tourists, where they can observe can the seals with their pups while watching the waves roll in. Early Saturday morning a crew from San Diego Parks and Recreation removed to rope barrier that is meant to protect the seals during their pupping season. The beach is now open to the public to walk freely, but there is some concern about the interaction with the seals that remain and beach goers.

Organizations such as La Jolla Friends of the Seals is hoping for a ruling that will put the rope barrier back up year round to protect the seals from us, and us from the seals. They see a need to protect this local treasure that is admired by so many and a home to the seals. There is an importance of preserving the natural wildlife of San Diego for people to observe as opposed to watching the animals perform in captivity.

The conflicting argument for the rope removal is adopting a “shared” beach management plan, which has been the case in the past. The plan involves keeping the cove closed off to beach goers only during pupping season, and opening it the rest of the year. Parents of young children see the cove of a perfect place to take the kids, because it is so protected. The shallow waters and barriers from the waves make it a good Children’s Pool to enjoy the beach.

On Monday May 17, 2010, the City Council is expected to vote on a beach management plan that will be best for everyone to enjoy the Children’s Pool, while keeping the seals safe. What ever is decided the fact remains that the La Jolla cove is a beautiful place to enjoy our beach and observe the marine life that lives there.

      Nick Alameddin

     Broker

    C 760.802.4166

    F 858.455.0100

http://www.PremiereSD.com

    DRE License #01426515

If you know anyone looking to sell or buy a home, please e-mail me their name & phone number. I will gladly get them a great deal and provide them bar none service. 

Posted via email from Nick Alameddin's

New California Buyers Tax Credit

In late March Governor Schwarzenegger signed a bill that will award an estimated $200 million in state income tax credits to first time home-buyers who buy a newly built or existing home, which is good news for prospective home buyers in San Diego. The California tax credit began on May 1, 2010 and will continue until December 31, 2010, or until the funding has been exhausted. The bill, AB 183, provides the funding be split evenly between the purchase of existing homes and newly built homes, allocating $100 million to each group. The credit is worth up to $10,000 over the next 3 years, but the homeowner must owe at least $3,333 in state income tax in each of the 3 years.

The Franchise Tax Board estimates the actual cost for the state will be about $200 million, but there is a possibility that it could amount to more or less. The bill allows for the tax board to award at least 17,544 buyers of existing homes and 14,286 or newly built homes. If every new home buyer received the full tax credit of $10,000 to total cost for the state would be $300 million, but is not likely.  

Analysts agree the federal tax credit for first time home buyers helped sales increase by 27% in March, compared to a record low in February. So far about 1.8 million home buyers had used the federal tax credit with a cost of $12.6 billion according to the Internal Revenue Service. The hope for the new state tax credit is that Californians will take advantage of this opportunity, and keep the real estate market in this upward trend. The federal tax credit that ended on April 30, 2010 and gives until June 30^th to close, slightly overlaps with the new state tax credit. This overlap poses a potential to take advantage of both credits totaling $18,000 available to homebuyers.

To qualify for the new state tax credit the home must be a single family residence, either detached or attached. The taxpayer must occupy the residence for a minimum of two years following the purchase. A first time buyer is eligible to purchase either an existing or newly built home, where as a non-first time buyer is only eligible for a new home that has never be occupied. A first time buyer is defined as an individual who has had no ownership interest in a principle residence for three years before the date of purchase. You must also be eligible for the California property tax homeowner exemption. For more detailed information please visit the California Franchise Tax Board website.

Since there are limitations, restrictions, and other deadlines, not everyone can qualify for the tax credit. If you recently bought real estate in the San Diego area, or are considering this opportunity for the new state tax credit, it is a good idea to contact your attorney or tax professional to make sure you qualify.

      Nick Alameddin

     Broker

    C 760.802.4166

    F 858.455.0100

http://www.PremiereSD.com

    DRE License #01426515

If you know anyone looking to sell or buy a home, please e-mail me their name & phone number. I will gladly get them a great deal and provide them bar none service. 

Posted via email from Nick Alameddin's

Good Time to Invest in Rental Property

If you have been considering investing in a rental property, now would be the time to act. Low home prices in San Diego, combined with low interest rates from local lenders, makes this the perfect time to become a real estate investor. For first time investors it is important to consider your options and develop a strategy for your future. Consider whether you want to become a landlord, flipper, or developer. From there you will have a better idea of what you are looking to make your investment. In the current real estate market the most sensible option for first time investors may be residential homes, because commercial and development real estate are still facing challenging times.

Once you have weighed the options you need to find an agent. It is important to look for a real estate agent that is experienced in investment properties in San Diego County. While searching for your investment, different features will be important to you compared to the typical buyer. You will be looking for something that can provide you value and return on your investment as opposed to certain other amenities buyers look for. In San Diego County, rental rates have been increasing modestly over the past six months and vacancy has decreased, making it a good time to buy a rental property. Recently Premiere Homes found a condo for client A at $112,000 near the San Diego State University campus. After putting about $8,000 into the property for repairs and updating it is now rented for $1450 per month.

Another option is to form a partnership with an experienced real estate investor. During these difficult economic times they may be willing to assist you with their experience and knowledge in exchange for your added capital. Even if you decide not to collaborate with another investor, find out what you are getting yourself into. Talk to the experienced investors to find out what you can expect to encounter on your new venture.

When the search for promising properties begins take into account what a renter will want in a property. For most, location is a key element in how much they will be willing to pay monthly. High rent, highly populated areas are ideal. Pick homes in close proximity to malls, grocery stores, schools, and neighborhoods with low crime rates. It is important to plan for the unexpected and have capital saved up. As a landlord you will be responsible for repairs and must be prepared to pay the mortgage during vacancy periods if any. You may want to see a financial advisor to make sure you have enough assets to cover the ups and downs that come with real estate investments. Being prepared will better ensure your success.

      Nick Alameddin

     Broker

    C 760.802.4166

    F 858.455.0100

http://www.PremiereSD.com

    DRE License #01426515

If you know anyone looking to sell or buy a home, please e-mail me their name & phone number. I will gladly get them a great deal and provide them bar none service. 

Posted via email from Nick Alameddin's

Median Home Prices Continue to Increase

As reported on Monday by MDA Data Quick, San Diego County’s median home price has increase from 6.9% a year ago to 15.8% this March. Of the six Southern California Counties, San Diego had the most significant increase, followed by Ventura County at 15%. Economist say these numbers can be considered indicators that housing plunge is mostly over, but because of rising interests rates and slow job growth, the general upturn is not likely soon. When the figures are examined more closely it becomes evident that the increase reflects a change in the types of properties being sold. Sales were up for the 21^st consecutive month, as transactions involving higher-priced properties broadened the market beyond low-cost starter homes.

Over all, the Southern California area experienced a 14% increase from last March to a median of $285,000, further evidence of the region’s real estate market stabilizing. Some economists attribute the rapid increase to the federal government stimulus policies and tax credits, which seem to have been successful. The problem is the policies are coming to an end, and when they do, there is a fear of another plunge in the market. Even if the economy improves, housing will not necessarily improve with it. While individual property values are not changing, there is a general feeling that since there is no longer deterioration in home prices, things are looking up.

Sales across the region totaled 20,476 up 5% from last year, but still below the 23 year average of 24,936. With 3,227 of those regional sales from San Diego and 6,747 from Los Angeles, it is obvious that demand for housing is not rising consistently throughout the region. Although, San Diego’s median home prices are rising at a more rapid rate than Los Angeles, and there is more of a trend of high priced homes being sold in San Diego. According to John Walsh, President of DataQuick, more sales activity will not take place until lending patterns normalize.

While median home prices and sales have seen improvement in the Southern California Region, and more specifically San Diego, homeowners and buyers are beginning to become more optimistic about the future of the housing market. However, economists warn to not let the current trend fool you into believing your individual home has increased in value. Despite the fact that indicators seem to show stabilization in the real estate market, after two years of sales increase we are still below the sales average, which is a reflection of just how bad things were. After such a deep plunge, full recovery is far from near. 

Thinking of selling? Call me today.

      Nick Alameddin

     Broker

    C 760.802.4166

    F 858.455.0100

http://www.PremiereSD.com

    DRE License #01426515

If you know anyone looking to sell or buy a home, please e-mail me their name & phone number. I will gladly get them a great deal and provide them bar none service. 

Posted via email from Nick Alameddin's

Rental Tax Measure for Del Mar Homeowners

Del Mar is a popular vacation destination for visitors attracted by the beautiful beaches and Fairgrounds. With the summer season approaching the City Council is bringing a new measure to the ballot that will surely affect these vacationers.

The Del Mar City Council voted unanimously to put the rental tax measure before voters on the June ballot. The new tax would require hundreds of Del Mar homeowners to obtain a permit from the city for short term rentals of their vacation homes. Currently the transient-occupancy tax applies to stays of 30days or less at hotels, lodging houses, apartments, and condominiums, but doesn’t include houses or duplexes. Nearby cities like San Diego and Encinitas have already extended the city’s hotel tax of 11.5% onto vacation rentals and duplexes, paving the way for the city of Del Mar. The measure would raise about $175,000 a year to help pay for beach and park maintenance, fire safety and law enforcement.

The San Diego Taxpayers Association opposes the rental tax, and has raised concerns that it will burden homeowners that already pay property taxes, as well as issuing a loss of property rights. Supporters of the rental tax measure respond by pointing out that the tax will not be applied to the homeowner, but will be include in the cost for the vacationer. This way there is no double taxation for the homeowner, only the responsibility to retrieve the permit from the city. Besides causing a bureaucratic inconvenience for homeowners, other opponents to the tax add that it is a bad time to raise taxes while most are struggling. Some do not see the need to purpose the tax now, since the city of Del Mar is not in a deficit with its revenues exceed costs over the past few years. Del Mar Mayor, Richard Earnest counters this in saying that the tax is a strategy to avoid future deficit instead of reacting to a crisis.

Given that all visitors and current residents benefit from the maintenance of the beaches and parks, and fire safety and law enforcement, it is only fair that the people renting vacation homes pay the same tax as those who stay in hotels. This summer is bound to be a busy time in tourism in Del Mar, and whether or not the tax is approved and implemented will be up to the voters this June. 

If you are thinking about selling or buying a home, please call Nick at 760-802-4166

Or you can e-mail me at Nick@mypfgroup.com

 

      Nick Alameddin

     Broker

    C 760.802.4166

    F 858.455.0100

http://www.PremiereSD.com

    DRE License #01426515

Posted via email from Nick Alameddin's