According to various economic and real estate pundits, we’ve hit bottom and are on our way back up! 

At a recent conference hosted by NSDCAR (North San Diego County Association of Realtors), John Tuccillo, a former Chief Economist for the National Association of Realtors, George Chamberlin, Executive Director of The Daily Transcript, and several other renown experts, all seemed to agree – we hit bottom sometime around March of 2009.  This graph from statistics gathered by NSDCAR shows the median prices starting to rise again after a steady two year decline. 

Of course, each niche varies and has its own specific statistics – some markets are still declining and some are going gangbusters – but overall, there is light at the end of this long dark tunnel!

With rates still at historic lows (roughly 5% with no points for a 30 yr fixed conforming loan!!), PLUS tax incentives, PLUS prices still low but drifting upwards, this is a great time to buy!  As one of my colleagues put it, “if you don’t buy now, you’re either broke or stupid!”  Kind of mean, but true!

Give me a call if you want to jump in and take advantage of the awesome opportunities out there right now (760-815-1318), or visit my website and do some searching on your own: www.DreamHomesByTheBeach.com.  North San Diego County Real Estate – a fantastic investment in your future and a paradise to live in!

Encinitas residents, please remember to attend your community specific workshop this week!
 
Your inputs on what Leucadia, Cardiff-by-the-Sea and Encinitas should be (and not be) are critical to getting a good and workable General Plan. 
 
The consultants preparing the plan are based in Northern California.  They need our inputs to understand what we like about our community, what can be improved, and what is “off the table”.  Your inputs will be used in developing the General Plan, so it is critical to be heard.  Otherwise, we may end up with a general plan that does not address our desires as a community.  
 

Please come share your vision – even the smallest inputs will be of value.
Community Specific Workshops, all from 6pm-8pm
1. March 8 (Monday) in Olivenhain (Olivenhain Town Hall, 423 Rancho Santa Fe Road)
2. March 9 (Tuesday) in New Encinitas (Diegueno Middle School, 2150 Village Park Way)
3. March 11 (Thursday) in Cardiff (Cardiff Elementary School, 1888 Montgomery Ave)
4. March 22 (Monday) in Leucadia (Paul Ecke Central Elementary, 185 Union Street)
5. March 23 (Tuesday) in Old Encinitas (Encinitas Library, 540 Cornish Ave)

I ran across a new and scary website today – well, scary if what they claim is true:  Caltrans is proposing a massive expansion of I-5 from Oceanside to La Jolla.  P.L.A.G.U.E. is a community action group that is committed to stopping the transformation of our uniquely charming and beautiful North San Diego County coastal environment into an LA-like maze of highways.  Let me know what you think – extremists on a soapbox or concerned citizens willing to step up and fight this real threat?

Courtesy SkilliShots, flickr.com

Effective February 1, 2010 the Department of Housing and Urban Development (HUD) will relax FHA rules that previously prohibited insuring mortgages on homes that are owned by the seller for less than 90 days – a move that could help expedite the rehabilitation and resale of foreclosure properties. 

In a housing market where tighter lending requirements have made FHA financing the only option for some buyers, this 90-day policy has (1) kept some homebuyers from being able to purchase affordable homes and (2) prevented the quick resale of foreclosed properties, which affects the ability of communities to stabilize and rebuild.

Flipping: before and after

On multiple occasions, this has affected my business personally -  I’ve shown a buyer a home that had been purchased by an investor, rehab’d and put back on the market, i.e. “flipped”, but because they could not obtain an FHA loan on the property if it was owned less than 90 days, these homes were beyond their reach.  The process of buying, fixing, and reselling foreclosed properties can often be achieved in less than three months time, so this policy was hurting both buyers and investor sellers.

“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”

To ensure FHA borrowers are protected from inflated prices, the policy has certain restrictions, including:

• All transactions must be arms-length and there can be no identity of interest between the buyer and seller.
• If the sales price of the property is 20 percent or more above the seller’s acquisition cost, the lender must meet specific conditions for the waiver to apply.
• The waiver is limited to forward mortgages, and cannot be used under the Home Equity Conversion Mortgage (HECM) purchase program.

You can read the full text of the HUD waiver here.  The temporary waiver, which will expand access to FHA mortgage insurance to many, will be in effect for a period of one year, unless extended or withdrawn by the FHA. With this in mind, now may be an excellent time to purchase a foreclosure as a short-term investment!  Call me, Eva Meier, if you’d like assistance taking advantage of this new policy - there are many opportunities in coastal north San Diego County! 760-815-1318.

Reverse mortgages (RM) are not for everyone, but for seniors who have owned their home for a long time and have lots of equity, it may be a great option. Especially for those who have little income or retirement to enjoy in their later years, taking out a RM can provide a highly improved quality of life and make good on the term “golden years”.

I have to admit – until fairly recently, I associated the phrase “reverse mortgage” with SCAM! It was largely out of ignorance. As long as the terms are clearly explained, and completely understood by the borrower, it can be a godsend.

To provide more information about the pros and cons of these relatively obscure financial vehicles, locally renown financial consultant and radio personality, George Chamberlin, and local mortgage broker Mehran Aram are co-hosting an informational workshop 2 weeks from today on January 27th, from 6pm to 8pm at the Encinitas Community and Senior Center in Encinitas CA. The event is free, open to the public, and light refreshments will be served. Reservations are requested by calling 877-600-1130.

Maybe I’ll see you there!  By the way, this is not intended as an endorsement of reverse mortgages, nor the opinions either speaker…

A rare opportunity to meet Kris Kringle himself at the Kringle Mingle in Cardiff CA. Bring the kids, a camera, and your holiday spirit to the Cardiff Town Center this Thursday, Dec 10th, from 4 pm to 8 pm!

Hallelujah!  Moments ago, Congress voted by an overwhelming 403-12 margin to approve the Unemployment Compensation Extension Act (H.R. 3548) that included, as an amendment, the extension and expansion of the Homebuyer Tax Credit. The bill already passed in the U.S. Senate yesterday by a vote of 98-0, so now it will advance to the White House for President Obama’s signature. It’s one step away from being signed into law, and the Administration already has signaled its support as well as the President’s intention to sign the bill. 
 
Having already helped 5 familes so far this year that have benefitted from this tax credit, we are thrilled the extended and expanded Homebuyer Tax Credit will continue to be available to qualified homebuyers through the first half of 2010.  This will not only benefit them individially, but should benefit the U.S. economy.

To find out whether you qualify for this “free money”, and for help finding you your first home, give us a call (760-815-1318).

Now is your chance to give back to the community and help with an important and FUN volunteer project.  As most everyone who lives in the coastal North San Diego County communities knows, Batiquitos Lagoon lies between Encinitas and Carlsbad and is visible on either side of the I-5 freeway as one passes the La Costa Blvd exit heading north. But did you know that it is one of the last tidal wetlands on the Southern California Coast?

Batiquitos Lagoon

Over the next year, REI Encinitas and the Batiquitos Lagoon Foundation will be working with community volunteers to restore the lagoon to its native ecosystem.  Workers will be clearing invasive species, weeding, planting, fencing, creating signage, bird counting and water sampling.

This is a great chance to do something important and fun at the same time. There is no cost for this great experience; the project begins on November 21, 2009 at 9 am.  Volunteers will meet at the Aviara Golf Club near the Argyle restaurant and follow the trail to the lagoon. For more information call REI Encinitas 760 944-9020.

By the way, there are a number of charming neighborhoods within walking distance of the lagoon.  For help finding your own home adjacent to this gorgeous nature reserve, visit our website www.DreamHomesByTheBeach.com or give us a call (760-815-1318).

Encinitas Kiwanis Club “Books Ahoy” Program

The Encinitas Kiwanis Club has been operating a “mobile library” program delivering books to local schools and the Head Start Program since 2005.  Calling the program “Books Ahoy”, the volunteers have been using a pickup truck as their delivery vehicle.  Without a dedicated vehicle, books were loaded and unloaded after every event!

Former Ambulance is Donated to the Cause

Recently, San Diego Medical Services Enterprise, the emergency medical response provider for Encinitas, Solana Beach, Del Mar and Rancho Santa Fe donated a retired ambulance to the Kiwanis mobile literacy program.

A Huge Savings in Time – Meaning More Books for More Kids!

The new ambulance-turned-bookmobile will cut the Kiwanis work load in half and allow these dedicated volunteers to expand this valuable program.  That’s what I call SERIOUS recycling!

I am a proud and happy Cardiff CA home owner.  I love being so close to the beach, I love our cute little post office that never has a line, I love our little Cardiff Town Center that has all the boutiques, restaurants and amenities one could ever need, especially Cardiff Seaside Market, and I love our beautiful and uniquely designed Cardiff by the Sea library.  It has a great collection of children’s books that my kids enjoy, and a fantastic “Book Nook”, where gently used books are sold. 

Well, our cute little library is about to get bigger and better!  In December, a scheduled ground breaking will commence a project that will add an additional 1,200 square feet to the existing structure.  Fortunately, the additions will be in keeping with the library’s familiar sea shell architecture, and will include an expanded community meeting room, a larger computer room with additional terminals and a widened children’s area.

The Cardiff library is already known for its “green” features.  Solar Voltaic panels provide electricity and a north facing glass wall provides great natural lighting.  Wherever possible, recycled materials were used to build the library, and the proposed landscaping will be highlighted with a dry creek bed surrounded by a drought resistant garden. 

The expanded library will be a great place for Cardiff CA home owners and visitors alike to get away from their routine; a place where people can interact, study or just enjoy a great book in a beautiful relaxing setting.  For help finding a Cardiff CA home of your own so you can enjoy this wonderful library and the surrounding “walkable” community, visit our website www.DreamHomesByTheBeach.com or give us a call (760-815-1318).