If there aren’t many (if any) quality buys, and potential sellers are reluctant to sell at these prices (though they might get more than they think) – doesn’t that mean sales should be going down the rest of the year?
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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From the U-T:
Criminal proceedings against a controversial foreclosure attorney from North County have been suspended after a Superior Court judge expressed doubts about his “mental competency,” said officials with the San Diego County District Attorney’s Office.
Judge Runston G. Maino has ordered a Friday hearing to determine whether Michael T. Pines, who advised clients to retake possession of their foreclosed homes, should undergo a mental evaluation to see if he is fit to stand trial.
“The hearing judge expressed a doubt as to Mr. Pines’ competency,” said James Romo, the prosecutor assigned to the case.
Judge Maino has appointed a lawyer to represent Pines for “the limited purpose” of Friday’s hearing, Romo added. If Pines is found mentally competent to stand trial, then the preliminary hearing will be set for Sept. 6.
Pines, 59, calls the judge’s order “a delay tactic,” saying he’s an experienced attorney.
“They’re trying to get more time because they realized they have no case,” he told the Union-Tribune on Monday.
From the latimes.com:
A recent study on houses in San Diego and Sacramento published by the National Bureau of Economic Research took a different tack: When you install photovoltaic solar panels on your roof, how much do you get back in market resale terms, beyond monthly energy savings?
Researchers examined a sample of home sales in the $500,000 range in both metropolitan areas between 2003 and 2010 and found that, on average, solar panel installations cost owners $35,967. But with federal and state subsidies, the net average cost came down to $20,892. This net expenditure, in turn, yielded an increase in appraised value by $20,194 — a 97% rate of recovery on the investment.
Though less than 100%, the rate is much higher than most home improvements in the most recent “Cost vs. Value” study conducted by Remodeling magazine — well above major kitchen and bathroom renovations.
Kevin Morrow, senior program manager for green building at the National Assn. of Home Builders, says that although many newly constructed homes come with energy and sustainability certifications, banks don’t necessarily recognize their value when it comes to providing mortgage money.
For example, bank underwriters often do not include reduced monthly utility costs in the household income/household expense ratios that affect the maximum mortgage amounts available to buyers.
“The case needs to be made” to lenders, he said, “that, hey, these houses will cost less to operate, so they should be worth more.”
The CV house will fly off the market for 889K. they just need to get into the 8’s.
Personally I would never pay that much to be on a 4-laner….but a lot of people don’t mind it.
List for 889 and its a done deal. (close around 850-860)
JTR – In the commercial world all we focus on is the income/expense of the property. If a prior owner had installed solar, or other efficiency equipment, which caused our operating expenses to be lower by $X then a buyer would pay an extra $10X when he valued the building.
Thus, on commercial, both lenders and buyers look at these items very closely and give them a certain level of cash flow (or NPV) credit.
We’re considering some upgrades to a few bldgs right now on the ‘efficiency’ side to lower our electrical usage which will translate into a profit. Solar not so much, but efficiency, probably due to the lower cost and immediate savings.
That’s the problem, EVERYONE thinks their house is superior …. EVERYONE.
I don’t know anyone who thinks they live in a crappy house, in a crappy location and their house is worth substantially less than other houses on the market.
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I don’t know anyone who thinks they live in a crappy house, in a crappy location and their house is worth substantially less than other houses on the market.
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Actually I know a lot of people like this- They are called renters.
Hey now…..
@lm
I was going to qualify that with “owners” … thanks for the clarification.