Tuesday, February 24, 2009

Carmel Valley's market Snapshot as of February 24, 2009

Here is a snapshot of Carmel Valley's Real Estate Market.


ACTIVE

  • Total Listings 284
  • Detached 195
  • Attached/Town/Twin 89

PENDING
  • Total Listings 59
  • Detached 26
  • Attached/Town/Twin 33

SOLD (January 24 -February 24, 2009)

  • Total Listings 27
  • Detached 23
  • Attached/Town/Twin 1

STATISTICS

HIGH

  • Selling Price $8,250,000.00
  • Selling Price / Sq Ft $419.90
  • Selling Price vs. Listing Price 100%
  • Days on Market 232

LOW

  • Selling Price $351,000.00
  • Selling Price / Sq Ft $218.26
  • Selling Price vs. Listing Price 83%
  • Days on Market 3

AVERAGE

  • Selling Price $1,068.86
  • Selling Price / Sq Ft $327.66
  • Selling Price vs. Listing Price 94%
  • Days on Market 68

The information provided is intended to reflect what happened in the market for a brief period of time, it is useful as a analytical tool but it is important to keep in mind that it only reflects a short amount of time. For example last month a home did sell for $611.00 dlls per square foot. As with any data it is important to gather at least 3 months worth of information to get a clearer picture.

If you have any questions or would like to hear more about the local Real Estate Market, please feel free to contact me.

Also if you or someone you know is considering buying, selling or investing in Real Estate please contact me @ rina@my858realtor.com

You can also look for me in Twitter (rinapodolsky), befriend me on Facebook (Rina Pod) and our web site www.my858realtor.com

All information has been pulled from Sandicor MLS, all deemed reliable but not guaranteed.

Wednesday, February 18, 2009

Newly signed Bill and how it relates to the Housing Market

On February 13, 2009, The “American Recovery and Reinvestment Act of 2009,” passed the House and later that day the Senate also passed the bill . The President signed the bill on February 17, 2009.
The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.
Congress and the President have announced that a finance and housing package (including tax provisions) will be the next “big” initiative, so Congress has by no means finished its work as it affects the housing industry.

Following are some of the key points included in the Bill that affect the housing industry.

Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
This approved credit is much less that the $15,000 tax credit that the senate had approved but is slightly higher than the previous $7,500. This tax cut did will only be available to first time home buyers and not to all homebuyers as originally hoped for.

FHA, Fannie Mae and Freddie Mac Loan Limits -The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any “sub-area”, i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.

New FHA loan limit for San Diego County is $697,500. To check out the loan limits in any other speceific area go to http://www.realtor.org/wps/wcm/connect/059cbe004d06bea1b71ff7e634190075/government_affairs_2009_limits_arra.pdf?MOD=AJPERES&CACHEID=059cbe004d06bea1b71ff7e634190075


Neighborhood Stabilization – Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2089 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income.

For more information on this or any other questions please contact me through this blog.

Go have a great day!

Rina Podolsky
Realtor


Most of this information comes from NAR official website.

Monday, February 9, 2009

Foreclosure rates in San Diego

I received a link to an interesting foreclosure comparison chart for 2007 to 2008. The numbers show a decrease on both Notices of Default and Foreclosures, they are single digits decreases but a step on the direction we want the economy to go. It is important to understand that at this point it is not clear what is the real cause for this decrease, but given that the economy and consumer confidence shifted for the worse during last year, the most likely explanation is the fact that banks are now required to give longer notices and try to avoid foreclosures, and on the same lines, people are more aware and are trying to renegotiate with banks which at the same time have started to negotiate more with homeowners.
If you would like to see the numbers go to http://v2.sharperagent.com/Boomerang/GetFile.flx?flxnodeco&xml=%3CFile%20userid=%22A7E38D0E-5329-4F86-905F-B0BE2AF64783%22%20storeid=%229017320%22/%3E

If you have any questions please feel free to contact me.

Best,

Rina Podolsky

Friday, February 6, 2009

On Wednesday night the Senate voted to give a tax break of up to $15,000 to homebuyers
hoping to revitalize the housing industry, this comes as part of President Obama recovery plan
The tax break was adopted without dissent.
As soon as I get more detailed infromation on how this tax break will work I will let all of you know.
The hope is to get many of the on the fence buyers an incentive to go out there and start purchasing.

Have a great Friday!

Rina

Rina Podolsky
www.my858realtor.com

Tuesday, February 3, 2009

2008 Statistical Data

I just got some Statistical information for 2008. It was given to me by First American Title Company. Here are some of the numbers



92130



SINGLE FAMILY HOMES



YEAR AVERAGESALES PRICE MEDIAN SALES PRICE NUMBER SOLD

2007 $1,136,065 $949,000 677

2008 $1,089,444 $925,000 530

-4.01 % -2.53 % -21.17%



CONDOS



YEAR AVERAGE SALES PRICE MEDIAN SALES PRICE NUMBER SOLD

2007 $516,192 $500,000 380

2008 $462,371 $459,500 245

-10.43% -8.10 % -35.53%




What I found even more interesting is All the statistical data broken down by Development in the Carmel Valley area. I am not going to go into everyone of them but you can contact me if you want any info on any particular one.



Now...for some important information....anyone know when is the Red Mango store opening in the Del Mar Highlands shopping center? It was about time we got some yogurt places in this area!

I appreciate your comments and questions, please keep the coming

Best,

Rina