A beautifully maintained beach bungalow from the 1940’s – there won’t be many more of these! Thanks Dave Miller!
Category Archive: ‘Encinitas’
From the wsj.com
Lenders say there is an untapped market among borrowers with good credit scores like self-employed workers who don’t have proper income documentation, or for responsibly made loans to borrowers with credit problems that have had bankruptcies in the past or had to sell their home for less than it was worth.
If they are successful in recruiting brokers, lenders believe the market potential for both types of loans could reach $200 billion annually.
A big hurdle: finding the right kind of brokers and instructing them in the lost art of making a subprime loan. Some are returning to the industry for the first time since the crisis. Others like Mr. Boyd have never been in it.
“I knew a mortgage was a loan for a house,” said Mr. Boyd, who was recruited by his boss, Jon Maddux, after selling him a Calvin Klein suit at a local outdoor mall. “I came in just a blank slate.”
Before he co-founded Drop Mortgage, the parent company of FundLoans, in 2014, Mr. Maddux ran the website YouWalkAway.com between 2008 and 2012. The site charged homeowners on the brink of foreclosure $995 to learn how to leave their debt behind.
Mr. Maddux said his experience advising down-and-out homeowners is today helping him pitch them loan products. Drop Mortgage and FundLoans made about $200 million in subprime and alternative documentation loans in 2016, funding them by selling them to hedge funds and other Wall Street investors.
“I’ve seen what caused these people to walk away and I don’t want to be a part of that,” he said.
Subprime mortgages are typically made to borrowers with a credit score of around 660 or lower, at interest rates ranging from 6% to 10%. Alternative documentation loans, or Alt-A loans, are made to borrowers with higher credit scores but who use bank statements or other less conventional ways to prove their income.
Read full article here:
Another video with commentary for my buyers. The list price of this remodeled 3-bedroom/3 bath, 2,252sf one-story house was $899,000 – $949,000. It closed last week for $975,000:
The ‘Crescent’ sold again in September, this time for $11,100,000, which is the highest sale ever in the 92024. It surpasses the previous high sale of the same property, $10,500,000, in March, 2014.
Hippie communes from the 1960s are coming back in many alternate forms, and there are already several options. The U-T featured Outsite, an AirBnb-type of company but for workers who desire temporary living arrangements in exotic areas – including a block from the beach in Encinitas.
From their website http://outsite.co/blog/:
The foundation is laid for co-living: this type of accommodation is not a trend or fad that is going to disappear in a few years. Between the plethora of providers currently offering co-living spaces in every corner of the globe, and the massive interest that residents from all professional backgrounds and lifestyles show, co-living has appeal and support that will help establish it as a unique but valuable form of accommodation. Residents may stay anywhere from a few days to a few months, but the concept of co-living has a permanence that will last for years to come.
Co-living solves many of the problems that entrepreneurs, freelancers and remote workers face, such as finding quality space on short notice with minimal commitment. At the same time, co-living provides the added benefits of community, focus and inspiration.
It’s that time of the year – the 2017 forecasts are starting to roll out!
Zillow has been conservative about our local markets. For the most part, the actual appreciation of the Zillow Home Value Index has been higher than their forecasts over the last two years.
Their local forecasts for 2017 are all lower than their 2016 guesses, and what they are predicting could also be described as ‘Flatsville’. If their local forecasts of +0.9% to +2.2% come true, it would mean that several sellers would end up selling for less than they could have gotten in 2016.
Are we ready for that yet?
Local ZHVI-Appreciation Forecasts
The Zillow data changes slightly, depending on where you look on their website, and whether you use town names or zip codes. Here is the LINK to find others.
Being ready, willing, and able to handle repairs is part of a realtor’s job. When stuff happens, somebody has to take control of the situation, implement a successful game plan and see it through to the end.
Let’s use some imagination!
Is it just the wacky signs? Or are there still dozens or hundreds of people who are still in the hunt – at least when they find something interesting that might be worth checking out!