Archive for the 'San Diego' Category
- By Alejandro Lazo, Los Angeles Times
June 10, 2012
David Dennick, who lives in Echo Park and works as a television editor, has been searching for a home with his wife, Denise, for about two months. The couple have already bid on three properties. They are hoping to find a home for less than $525,000, which is $25,000 more than they originally had hoped to spend.
“It is much more competitive than we thought,” said Dennick, standing in the entrance of an Eagle Rock open house on a recent Sunday. “It is just frustrating because we thought we would really be able to buy a house; we are a middle-class family.”
The sharp drop in inventory along with rock-bottom interest rates have helped stabilize even some of the hardest-hit markets, including the Southland, Las Vegas, Phoenix and Miami. Some real estate professionals are concerned that the lack of inventory might turn off potential buyers, stifling the recent recovery in home sales.
The much-predicted foreclosure wave that was expected to dump more homes onto the market has not materialized. Fewer borrowers are entering default, and banks are better managing the properties they do have on their books.
In addition, professional investors bankrolled by private equity firms and hedge funds are pouncing on bank-owned homes, often turning them into rentals.
A dearth of new construction also is constraining supply. In April — the most recent month for which figures are available — the number of completed new single-family homes available for sale stood at 46,000, the lowest level since the Census Bureau began keeping track in 1973. Some 70,000 were under construction, also near historic lows.
The inventory problem has been exacerbated by the plunge in home prices since the go-go years. Many people who bought at the top of the cycle are so deeply underwater, they can’t get the price they need to sell and are therefore not bothering to put their homes on the market.
“We know negative equity holds back home sales, but it also holds back the listing of sales,” said Sam Khater, an economist with CoreLogic, a company that tracks the mortgage market. “Today it is holding the market back.”
The lack of available homes is maddening for those consumers who thought 2012 would be the year to buy.
In Southern California, inventories have plunged over the last year. The number of homes listed for sale in April fell 35% in Los Angeles County and was down 42% in Orange, 39% in San Bernardino, 42% in Riverside, 53% in Ventura and 43% in San Diego counties, according to online brokerage Redfin.
The number of days a home sits on the market has also decreased, meaning properties are selling faster. For the entire six-county Southern California region, the median number of days a home sat on the market fell to 33 last April from 43 the same month a year earlier.
Eddie David and his wife, Tiana Rezac, have felt the unexpected shortage firsthand. The two were sure they would buy a house this year until they tripped into the perplexing new housing reality. After being outbid on three different properties in neighborhoods from the Westside to Atwater Village, they shelved the search.
“With the downturn, it seems like there are a lot of people who have been waiting in the wings to pounce, and because the rates are low, there is just a lot more competition,” David said. “There were multiple offers. We tried to get in on a couple other homes, and even though it had been just a week or two weeks, it was just too late.”
Alex Gruenberg and his wife, Kristina, both 27, lost out on a home that ended up going for $30,000 more than they offered. The recently married couple have new jobs in the area and are looking for a pedestrian-friendly neighborhood with decent dining options.
They are now trying to find homes before they are listed.
“We are really learning that there is sort of an inside element to that,” Gruenberg said. “Things are going in days.”
Tired of the same old place for breakfast or lunch? Want to try a new, old place? Check out Bessie’s 1929 Cafe in downtown Oceanside. They are open from 8 a.m. to 2 p.m. Bessie’s offers a variety of breakfast favorites and they have several specialties from south of the border. I had a delicious breakfast burrito and my friend enjoyed an order of machaca and eggs. The portions were generous and reasonably priced. The staff graciously boxed up half of my burrito, which my son enjoyed later in the day! The lunch menu is made up of burgers, sandwiches, and salads. Again, all reasonably priced. Since Bessie’s is located within walking distance of the Oceanside Regal 16 Theaters, a fun idea would be getting some lunch before going to the movies!
The cafe was recently purchased by Mary Lou Goodson and her family. They have completely remodeled both the inside and out. “It’s all new except for the name,” Goodson said. She decided to keep the name Bessie’s even though the decor and cuisine bear little resemblance to the previous Bessie’s. The 1929 in the name, refers to the construction date of the building itself, which is located at 232 S. Coast Highway. The Goodson’s have added terra-cotta-color awnings on the outside, to help the little cafe stand out. The interior decor and pleasant background music both reflect the building’s 1920′s era. Inside, the cafe is light, bright, and very comfortable.
So where did the name Bessie’s come from? Goodson learned through news clippings, that the name belonged to Bessie Walton. Bessie opened the original Bessie’s Cafe back in 1941. Prior to that, it had been a malt shop. Bessie started her namesake cafe serving burgers for $1. She also specialized in cabbage rolls, meat loaf, chicken pie, stuffed peppers, and German chocolate cake for dessert. Goodson said that Bessie’s family has offered her some of the old recipes. While she hasn’t yet accepted, Goodson said she would like to. A picture of Bessie is displayed in the restaurant.
I recently spoke to one of Bessie’s granddaughters, Diane Hogencamp. Diane, who is the manager of the local Real Living Real Estate office in Carlsbad, CA, related stories of her and her cousins spending the night at their grandmother’s. Bessie had a one-bedroom apartment above the cafe and all the grandchildren would enjoy frequent sleepovers. The best part, Diane shared, was when the kids would sneak down the backstairs and make malts during the middle of the night! Thank you Diane for sharing such a sweet memory! I encourage you to invite your friends and family to take the time to visit and enjoy this little historic treasure!
While summer doesn’t officially begin until June 20th, it is time to start having fun now! North County offers a wide range of things to do and see. For the month of June, you might like to check out the following:
- San Diego County Fair at the Del Mar Fairgrounds – June 8 – July 4. The 2012 Fair will truly be Out Of This World! Join us as we explore outer space — the wonder of the universe and our efforts to explore it, as well as the fun and imaginative world of science fiction and visitors from other planets!
- Carlsbad Beach Fest – June 9. Bring your family out for a fun-filled celebration at the 5th Annual Carlsbad Beach Fest™ on June 9th from 8am-4pm! The festival will be on one mile of beach, stretching from Pine Avenue to Tamarack State Beach, and will feature competitive sporting events like Surf Contests, Latin-inspired Zumba-thon fitness party, a 5K Run and more! Enjoy live music, food, kite-flying, sand-sculpting, a health and safety expo, a massive beach cleanup, and much more.
- Race Across America – June 12 – 16. This is the 31st annual Race Across American. The event begins in Oceanside, CA and finishes in Annapolis, MD. In 2012 all of the races will include star studded line-ups of internationally acclaimed endurance cyclists and many other racers just like you and me. Cheer on participants as they begin their 3,000 mile trek across the United States.
- ASYMCA Mud Runs at Camp Pendleton – June 16. The Mud Run is a challenging 10K run with hills, tire obstacles, river crossings, two 5-foot walls with mud on both sides, tunnel crawl, slippery hill climb, and the final 30-foot mud pit. While this event is sold out, you can cheer on participants and find out if you want to put a team together for next year. In addition, you can still take part in the Filthy Fun Fest! WHAT IS THE FILTHY FUN FEST? Live music, multiple restaurants and plenty of food for both breakfast and lunch, great vendors with giveaways, drinks and beer! Seriously, if mud isn’t your thing, who doesn’t enjoy music and a cold beer?
- Tractor Show at the Antique Gas & Steam Engine Museum – June 16, 17, 23, 24. 50 Acres of ALL DAY fun! Working Antique Farm & Construction Equipment Demonstrations; N’ Scale Model Railroad Exhibit; Weaving Exhibit, Demonstrations & Sales; Blacksmithing Demonstrations; Tractor Games: Slow Tractor Race, Pedal Tractors, Potato Race; Train Rides; Wagon Rides; Threshing Demonstrations; Grist Mill; Farmhouse Exhibit; School House Exhibit; Vendor Booths; Food, Drinks & Snacks; Museum Gift Shop and more!
- Mission San Luis Rey 214th Anniversary – June 23. To celebrate, the Franciscan Friars of Old Mission San Luis Rey invite the community to a free and family-friendly event on Saturday, June 23rd from 10 a.m. to 4 p.m. Founders Day at the Old Mission is an opportunity to explore the museum, experience the private inner gardens of the Old Mission, take a behind the scenes tour, and enjoy live entertainment, all at no charge. People of all ages can participate in a free lady bug release at 10 a.m. in the rose gardens, a perfect way to help keep the gardens thriving, naturally.
- TGIF Jazz in the Parks: Free concert series in Carlsbad parks – June 29 – August 24. The 27th season of TGIF offers three longtime audience favorites, return engagements by three of 2011’s hottest groups, and three brand new bands. It all adds up to another summer of great music in Carlsbad! For a schedule of concerts go to tgif-jazz-concSched.aspxCo.
- Oceanside Freedom Days Parade – June 30. Join us on Saturday, June 30, 2012 for the 198th annual Independence Day Parade as it makes it way north on Coast Highway from Wisconsin Avenue to Civic Center Drive (just past City Hall). Come see floats, bands, walking groups, cool cars and much more. Our theme this year is “The Spirit of Freedom”.
The parade starts in front of the 101 Cafe (Coast Highway at Wisconsin Avenue) at 10:00 a.m. and works its way north with the first unit of the parade reaching City Hall around 10:45 a.m. Running time from beginning to end is about two hours. Viewing of the parade is available from the sidewalks along the entire route. Spectators are encouraged to bring folding chairs. The highest concentration of viewers will be on the north end of the route past Seagaze Avenue.
We live in such a beautiful area! Get out there and have some fun! Save yourself from having to hear “Mom and Dad, I’m bored!!!”
Posted by | Leave A Comment »
Real estate agents nationwide are scrambling to find a way into the REO business, where they can market and sell foreclosure inventory for the banks. Here are some proven ways you can get an REO account with a major bank or asset management company.
Agents who put in the effort to do all of these things have a much better shot at breaking into the banks and making a successful REO business for themselves. The most important thing is to be reliable, answer the phone calls, and ensure you complete all tasks assigned to you in a timely manner. This will ensure your REO account stays active and that you are fed more listings each month.
Related Posts: San Diego
Having just started in the Real Estate Industry, it was time to make a major overhaul to my office equipment. My shopping spree started with the purchase of a new iPhone 4S. Since this was the first Apple product I had ever owned, initially it took a little getting used to. This process was certainly streamlined due to the great (no charge!) classes offered at the Apple store. The instructors are very knowledgeable and fortunately very patient! Even though I am technologically-challenged, they had me up and running in no time. If you are considering purchasing an iPhone, I highly recommend it; however, if given a second chance, I would forgo the Siri add-on. While Siri is too cool, I personally have not used this feature enough to justify the cost.
The second purchase I made, which was actually an unintended splurge, was the iPad2. (Unbeknownst to me, iPad3 was to be introduced a month later!) I gave into this impulse purchase when I became convinced that, with remote access, the iPad could function as a laptop. Now in all fairness, I can’t honestly say if the salesperson oversold this product or if there was just an overabundance of wishful thinking on my part. Regardless, if you are planning on purchasing an iPad, please thoroughly research iPad’s capabilities with the applications you have in mind. For me personally, I have concluded that I need a laptop to conduct business and will use iPad as more of an icebreaker with prospects.
In spite of these setbacks, I have thoroughly enjoyed researching and purchasing various apps that apply to the Real Estate Industry. Brian Olenik, from Fidelity National, was also very helpful in suggesting several apps that are beneficial. Good luck with your decision and have fun with these “toys”.