San Diego #1 for Rents

by | Nov 10, 2017 | Jim's Take on the Market, Local Flavor, Mortgage News | 2 comments

Even if the tax reform includes fewer incentives for buying, the rising rents should still help to power sales – and San Diego was #1 in the country for our 5% increase year-over-year!

http://www.mortgagenewsdaily.com/11082017_housing_affordability.asp

An excerpt:

Most of the 20 largest core-based statistical areas had rent increases, but those with limited new construction and strong local economies tend to have low rental vacancy rates and stronger rent growth.

The largest rate of growth was in San Diego, while Phoenix experienced 4.3 percent year-over-year rent growth, driven by employment growth more than double the national growth at 2.8 percent year over year.  In contrast, Houston, which has been hit with energy-related job losses since early 2015, saw rents decline by 0.9 percent year-over-year (pre-hurricane) and Miami was also down. Seattle’s skyrocketing rents, and rents in other cities that experienced strong but less exuberant gains, saw growth moderating significantly.

But at first glance, renters are getting off easy when compared to those shopping for new homes and loans. Andrew LePage says that while home prices have risen about 6 percent over the past year, recent homebuyers have taken on mortgage payments that have risen closer to 10 percent.

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Tax Reform – Senate Version

by | Nov 9, 2017 | Jim's Take on the Market, Mortgage News, Tax Reform | 13 comments

We’re breathing again – the Senate’s version of tax reform doesn’t change the mortgage-interest deduction, leaving the cap at $1,000,000:

The mortgage interest deduction stays. The current mortgage interest deduction rules remain intact in the Senate plan: Americans would still be able to deduct the interest they pay on the first $1 million of mortgage debt. The House plan reduced that threshold for new mortgages to $500,000, causing outcry from some real estate agents and builders as well as congressmen who represent areas with extremely hefty real estate costs.  While there was pushback on the House plan, the reality is only about 6 percent of new mortgages are valued at more than $500,000, according to a report by the United for Homes campaign.

So far this year, 37% of the mortgages funded in San Diego were over $500,000, so there is a significant impact upon our area:

In the San Francisco metro area, 60% of new loans were for more than $500,000, while in Los Angeles and San Diego, the figures were 44% and 37%, respectively.

While there is still more wrangling to come for the House and Senate to agree on a bill to send to the President, at least this might be enough to stop the NAR from declaring that the sky is falling.

N.A.R. Says Your Home’s Value Will Drop

by | Nov 9, 2017 | Jim's Take on the Market, Realtor, Tax Reform | 2 comments

This has to be one of the most irresponsible pieces of propaganda ever distributed by a trade group who is supposed to be helping their members.  Declaring that people will lose more than 10% of your home’s value is pure scare tactics, and it could cause a self-fulling prophecy:

NAR is OPPOSED to the tax reform legislation unveiled in the House on November 2. This bill is a direct threat to consumers, to homeowners and to our businesses. Not only will millions of homeowners not benefit from the proposal, many will get a tax increase. Additionally, homeowners could lose substantial equity from the more than 10% drop in home values likely to result if the bill is enacted.

Browse the map to find out the impact of this bill on home values in your district (it loads very slowly):

Custom Beauty in The Crosby

by | Nov 7, 2017 | Bubbleinfo Readers, Bubbleinfo TV, Historic Homes, Interesting Houses, Jim's Take on the Market, One-Story, View | 8 comments

As if taken from the pages of Veranda, this extraordinary light infused masterpiece exudes warmth through the finest reclaimed and art-quality finishes. Set within the guard-gated Crosby Estates, the home enjoys serene views of the Crosby National golf course and San Dieguito Valley from the expansive outdoor areas and covered loggia. Recently completed, no expense was spared in this three year ground up new construction process.

Sommer Design appointed the interiors with Exquisite Surfaces French limestone, traditional lime based plaster walls & ceilings, hand-hewn circa 1850s beams, and steel windows. The details, from the unlacquered brass Barber Wilsons plumbing fixtures, to the stunning Lacanche range, or the hand-painted Tabarka tile, give the house an aura of authenticity.

The single level main home encompasses 4 bedrooms, 6 bathrooms, and 6,150 square feet. For guests, the one bedroom one bath casita is 640 square feet and has a large limestone terrace overlooking the reclaimed brick courtyard. Besides being stunningly beautiful, the home is incredibly smart and energy efficient, with an owned 8.5kw photovoltaic solar array and 700 square feet of pool solar heating, both tucked away from view. Control4 home automation handles the lighting, distributed video, and 14 zones of audio. The home was also certified to be 30% more efficient than the latest Title 24 requirements.

This is the best house I’ve ever had on the blog – take the full tour:

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