by Jim the Realtor | Feb 15, 2014 | Interesting Houses |
The clients, an interior designer and a DJ, requested a complete renovation and addition of a 1960’s kit house in Amagansett, NY to be a weekend retreat from their urban apartment.
The clients gathered images of objects and conventional materials utilized in new, interesting ways as inspiration for the design. A single design solution that could unify the old remaining parts of the house to the new intervention was sought. This solution should solve acoustical, lighting, equipment coordination and simultaneously address the aesthetic décor requirements of the client’s collection of objects.
(more…)
by Jim the Realtor | Feb 15, 2014 | CA Homeowners Bill of Rights, Foreclosures/REOs, No-Foreclosure as Banking Policy |
The hedgies got fired up this week over RealtyTrac’s report of California foreclosures rising 57% last month – the post is featured at the top of their front page, and has great comments: www.zerohedge.com.
At first glance, it would support my theory that banks deliberately turned off the foreclosure machine, and have merely started it up again:
Foreclosureradar.com’s California graph shows the same Y-O-Y increase:
But the CA Homeowners’ Bill of Rights had just been implemented in January, 2013, causing a drop in notices issued while servicers made adjustments. Last month’s number of California foreclosure notices is similar to every month since January 2013.
For locals, here are the San Diego County notices:
It’s likely that the banks/servicers have thrown every defaulter into some sort of loan modification – or if they didn’t fit, just let them lie. With a casual handling of defaulters, expect that borrowers will drift in and out of the foreclosure process as they enjoy a pay-if-you-feel-like-it policy.
Expect the foreclosure-notice data to be jumbled from now on, and not indictative of much really. What counts is the number of people actually getting foreclosed – here are the San Diego results of trustee sales for the last three years:
The number of properties actually foreclosed has dropped off the table in the last 12 months – in 4Q13 we averaged 150 foreclosed homes per month in a county of 3 million people. We will survive that – heck, in the previous fourth quarter (4Q12) we had triple the number of foreclosed properties, and the market took off in a frenzy!
by Jim the Realtor | Feb 14, 2014 | About Kayla, Bubbleinfo TV, Local Flavor |
For those who are thinking, “This is only their third video, and he’s already taking a back seat” – I’m not retiring, just trying to properly utilize the talent!
by Jim the Realtor | Feb 13, 2014 | North County Coastal, Sales and Price Check |
The Y-T-D sales show the strength of the demand around NSDCC.
In spite of mortgage rates AND average pricing both being about 30% higher than this time a year ago, the sales count is hanging with 2013 – and looks similar to the peak era too.
NSDCC Sales closed between Jan. 1 and Feb. 8:
| Year |
# of Sales |
Avg. $$/sf |
Avg. DOM |
| 2006 |
220 |
$524/sf |
64 |
| 2012 |
196 |
$362/sf |
95 |
| 2013 |
227 |
$381/sf |
63 |
| 2014 |
207 |
$500/sf |
53 |
Sales would be stronger if there were more decent buys available!
by Jim the Realtor | Feb 12, 2014 | Wednesday Rock Blogging
Los Lobos is at the Belly Up Tavern tomorrow night!
by Jim the Realtor | Feb 12, 2014 | Local Flavor |
We featured the grand opening of the new Arterro homes in SE Carlsbad – here are details about the rest of the development from the LCTS website:
The retail project will include a Vons Lifestyle grocery store, 24 Hour Fitness, Petco, Stein Mart, and other soft-good apparel and drugstore tenants. The project site is designed to allow for a gas station with car wash at the main entrance off Rancho Santa Fe Road, retail space, restaurant space and financial pads for banks.
Local residents had something to say about it on Facebook, which lit up like a Christmas tree with over 100 comments. A few samples:
1. Those stores surprise me it’s such a classy area I thought it was going to be more like the Forum.
2. I thought it was supposed to be upscale like Del Mar Heights.
3. OMG – that sucks. They blew it. Look how successful the Forum was. We need upscale.
4. Don’t forget the gas station and car wash…it’s gonna be lovely. Not. Imagine the traffic.
5. We have no one to blame for the lack of movie theater but our neighbors. During the public input phase of the development people bitched about NOT wanting a movie theater. Well, instead you get a Steinmart. What the heck is Steinmart anyway?
6. Everyone here should contact the developer and let them know what you were expecting and how disappointed you are! You start out nice and then if no response, the wrath of the La Costa Moms!!
7. I at least hope they put in a local restaurant/bar!! Maybe steinmart will look better with beer glasses on!
8. Jeremy wants this: http://www.steinmart.com/alan-flusser…/cat-25-catid-101…
9. I had to look up Stein Mart to find out what it was…I clicked on “Ladies”…this was the second item of clothing on the 1st page. We’re in trouble ladies.
10. Snazzy is the only word that comes to mind. They have an entire section devoted to velour http://www.steinmart.com/ladies/velour/cat-25-catid-20040
11. That will be a total bummer, I was expecting good food, a movie theater and good clothing shops. Especially since SEH has produced NOTHING!! Shoot was really looking forward to it:((((
12. I grew up with a Steinmart – It’s very much like a Marshalls (but cheaper).
The main website does have a public-outreach section for those who want to express their views on the LCTS project:
http://lacostatownsq.com/public-outreach/tell-us-what-you-think/
by Jim the Realtor | Feb 11, 2014 | Real Estate Investing |
Lots of potential, but do your homework! An excerpt from marketwatch.com:
Crowdfunding in real estate comes in two flavors: tangible properties and personal mortgages.
The first is a platform where clients can browse vetted property deals, like a plan to turn an old industrial site into luxury apartments. Then, you choose what you want to invest in. Some platforms also allow you to purchase shares in existing properties and later sell your real estate ownership to other investors on the platform, providing a possible avenue for liquidity. Primarq is among the few focused solely on the residential side, enabling investors to own part of residential homes along with the actual resident of the property, and to participate in any appreciation in the home’s value.
Whereas you could spend countless hours investigating properties on your own to make a buying decision, these online platforms conduct the due diligence for you and strive to put forward quality property deals for their clients to choose from. Fees vary depending on the project and the crowdfunding firm, but typically include an upfront fee for a successful funding round with an additional annual 1% fee on your investment amount.
Some sites, like RealtyShares, charge the borrower and not the investor. Another site, GroundFloor, doesn’t currently charge any fees, but that could change. Be careful about sites that say there are no fees to join or to view investments but that may have fees once you make an investment.
Members of some sites, such as Collaperty, can write reviews. Login access or dashboards may feature performance reports and updates on your investments.
Perhaps the most intriguing aspect for those small investors is that this presents a way to get in on the ground floor. “Getting into an investment when one investment changes from one hand to another isn’t as lucrative as getting in early, on the ground floor,” Easterbrook points out.
http://www.marketwatch.com/story/how-to-use-crowdfunding-to-invest-in-real-estate-2014-02-07
by Jim the Realtor | Feb 10, 2014 | Inventory, Jim's Take on the Market
The year-to-date count of new listings is still behind 2013 (509 vs 540).
The ratio of those new listings marked pending is lower this year (28% vs 32%), so buyers are having some patience:
North SD County’s Coastal Region (La Jolla-to-Carlsbad)
The UNDER-$800,000 Market:
| Date |
NSDCC Active Listings |
Avg. LP/sf |
DOM |
Avg SF |
| November 25 |
95 |
$376/sf |
47 |
1,988sf |
| December 2 |
79 |
$371/sf |
50 |
2,047sf |
| December 9 |
72 |
$383/sf |
43 |
1,954sf |
| December 16 |
81 |
$378/sf |
42 |
1,948sf |
| December 23 |
77 |
$374/sf |
49 |
1,937sf |
| December 30 |
76 |
$373/sf |
51 |
1,950sf |
| January 6 |
74 |
$370/sf |
49 |
1,995sf |
| January 13 |
71 |
$381/sf |
44 |
1,921sf |
| January 20 |
72 |
$384/sf |
41 |
1,877sf |
| January 27 |
75 |
$399/sf |
40 |
1,891sf |
| February 3 |
78 |
$409/sf |
41 |
1,876sf |
| February 10 |
82 |
$395/sf |
38 |
1,927sf |
The $800,000 – $1,400,000 Market:
| Date |
NSDCC Active Listings |
Avg. LP/sf |
DOM |
Avg SF |
| November 25 |
245 |
$448/sf |
61 |
2,856sf |
| December 2 |
239 |
$448/sf |
64 |
2,851sf |
| December 9 |
226 |
$461/sf |
65 |
2,812sf |
| December 16 |
211 |
$464/sf |
66 |
2,794sf |
| December 23 |
197 |
$453/sf |
73 |
2,813sf |
| December 30 |
173 |
$450/sf |
78 |
2,821sf |
| January 6 |
170 |
$470/sf |
65 |
2,757sf |
| January 13 |
168 |
$463/sf |
59 |
2,764sf |
| January 20 |
174 |
$444/sf |
51 |
2,882sf |
| January 27 |
166 |
$435/sf |
52 |
2,902sf |
| February 3 |
165 |
$441/sf |
53 |
2,857sf |
| February 10 |
175 |
$443/sf |
51 |
2,852sf |
(more…)
by Jim the Realtor | Feb 10, 2014 | Market Conditions |
From John Burns Real Estate Consulting (hello Ken!):
Foreign buyers drive The Irvine Ranch’s #2 rank.
- The Irvine Ranch in Orange County, California retains the second spot in our ranking with 1,444 net new home sales—- consistent with last year’s strong showing. Buoyed by strong local economies and a great exchange rate, Asian buyers (excluding East Indian) comprised 53% of new home sales in Irvine. Schools were the number one attraction.
(more…)
by Jim the Realtor | Feb 9, 2014 | Bubbleinfo TV, Builders, Davidson, Test Case |
Here is an intro to Davidson’s Arterro at La Costa Town Square:
Phase 1 prices range from $1,029,900 for 3,843 sf ($268/sf) to $1,129,900 for 4,384 sf ($258/sf ).
