What is a Foreclosure?

In today's market, buyers are looking for the "killer deal", and I am constantly finding clients who want to purchase a home that is a "foreclosure".
I understand their point of view and respect the fact that they are looking out for their best interest or at least they think they are. One of the problems with this strategy arises from the fact that many people don't clearly understand what a foreclosure is, they use the term to refer to everything from a Short Sale to a property sold at Auction or an REO.
So what are the differences?
A foreclosure is a legal process in which, real property is sold to satisfy a public or private debt for which the real property has been pledged as security.Usually this happens against the wishes of the owner.
This process begins with the Notice of Default (and it varies according to local state law) but if not resolved it will end in what is called at a Trustee Sale (also called Auction)
When the property ends up belonging to the holder of the note (lender) it is called an REO (real Estate Owned). And many times it is then given to a Listing agent to be put on the market for sale.
The fact that a home might be in a foreclosure process does not necesarily mean it is currently on the market or that it will be sometime soon, in many cases, homeowner solve their delinquencies and that is the end of it.
It is also important to point out that depending on whether you are buying a property at a Trustee Sale, an REO, Short Sale etc, make sure that you are working with reputable agents that can guide you through the process, the are very different from each other and each has its own time-lines, requirements and implications, it is always important to know what you are getting yourself into before you begin.
Lastly I mentioned the Short Sale. Basically it is when your property is worth less than the total mortgage you owe on it. If you want to sell your home in this situation it will have to be approved by the lenders and there might be a tax implication for the seller of such property.

There is a lot to talk about on the subject if you have any questions contact me.

Have a GREAT weekend!

Rina Podolsky
rina@my858realtor.com
www.my858realtor.com

Remember if you are thinking of buying or selling a home I would like to apply for the job!

Short Sales

Today I am micro blogging...Maybe I have been spending too much time in twitter lately.

I found this article that clearly explains what is called a "Short Sale".
http://www.realtor.org/rmosales_and_marketing/handoutsforcustomers/handouts/shortsales_sellers

If you find yourself in any of the situations described in the article above, please contact us so that we can sit down with you and help you decide what your best options are.

For those looking to purchase a home in this market, it is important that you read the article as well so you know what a Short Sale entitles and you understand the process of making an offer to buy such properties. If you want to learn more regarding this subject contact me.

Rina Podolsky
rina@my858realtor.com

Torrey Hills Master Community

I will be sharing some information about different areas around San Diego, their history, local Restaurants ,schools, etc.

TORREY HILLS MASTER COMMUNITY

The planning area contains approximately 784 acres and is located in the northern region of the City. The community is bounded by Interstate 5 to the west, the Carmel Valley community to the north and east, and the Los Peñasquitos Canyon Preserve and Mira Mesa community to the south. West of Interstate 5 is the Torrey Pines community planning area.
The Torrey Hills area's planning history is tied to the planning efforts for Los Peñasquitos Canyon Preserve. For nearly ten years, prior to the adoption of the City of San Diego Progress Guide and General Plan in 1979, the City and County had been conducting studies on Los Peñasquitos Canyon as an open space park. During that period, the Carmel Valley community was being planned, and the Torrey Hills area was specifically excluded so as not to preempt the determination of a precise park boundary. By the time the City's Progress Guide and General Plan was adopted in 1979, the precise boundary of the park still had not been determined, and the Torrey Hills property was designated as Future Urbanizing on the General Plan until the boundary of the preserve could be determined.
In February 1980, Genstar-Peñasquitos (now AG Land Associates, LLC) dedicated a total of 1,806 acres of Los Peñasquitos Canyon to the City for use as a preserve. This action precisely defined the boundaries of the preserve as it borders the Torrey Hills property. This action subsequently cleared the way to initiate a community planning program for the Torrey Hills property and to amend the City's Progress Guide and General Plan which transferred the original plan area from Future Urbanizing to Planned Urbanizing.
Prior to 1986, approximately 178 acres located adjacent to the Torrey Hills community planning area was designated as "Future Urbanizing." On November 4, 1986, the citizens of San Diego approved a ballot measure which directed that a 166 acre parcel owned by the City and located at the western boundary of Los Peñasquitos Canyon Preserve adjacent to Interstate 5 be traded for 288 acres of privately owned land located adjacent to the preserve and just north of the area known as "The Falls." An additional 12 acres located between the 166 acre parcel and Interstate 5 was also incorporated into the ballot measure. This total 178 acre addition to Torrey Hills was referred to as the "Park Trade" property. Approval of the ballot measure resulted in a transfer of this property from Future Urbanizing to Planned Urbanizing.
In 1994, the City Council approved an amendment to the Torrey Hills Community Plan and the City's Progress Guide and General Plan which served to implement the results of the initiative, converting the Park Trade property from Future Urbanizing to Planned Urbanizing, and providing for expanded industrial and residential opportunities for the community. Other minor changes which occurred in the 1994 update included a restructuring of industrial uses diminishing the focus on professional office use; the inclusion of 1.3 acres previously shown within the Carmel Valley Neighborhood 8A Precise Plan; and the addition of Vista Sorrento Parkway, the northern extension of which provides north-south access through the community between Carmel Mountain Road and Sorrento Valley Boulevard.
In subsequent years the area devoted to industrial land uses has been reduced and concentrated in the western portion of the community, where easy access to Interstate 5 and Vista Sorrento Parkway is available. An amendment in 1997 provided a broader range of residential land uses, varying from apartments, condominiums and town homes, to smaller lot detached residential and single-family subdivisions. A Neighborhood Commercial Center was added, providing for retail commercial uses typically serving residential neighborhoods. Additional amendments since 1997 have also changed residential and industrial land uses in the western portion of the community.

By 2009 there are over 900 Homes divided in 12 communities, plus Over 1200 rental Units.
Torrey Hills is also home for a great number of office buildings including the offices for Cardinal Health among others

The local elementary schools are:

• Torrey Hills Elementary http://www.dmusd.org/torrey/
• Ocean Air Elementary http://www.dmusd.org/oceanair/

Current issues in the community:

• Sunrise powerlink project
• Torrey Reserve Project

Local Restaurants:

• Taste of Italy
• Daphne's
• Subway
• Zip Fusion
• Joey's Smokin BBQ
• Pick up Stix
• Starbucks
• Ruth's Chris Steak House

Stores

• Vons
• Beach Bungalow
• Art and framing by Munro Gallery

Banks

• Bank of America
• Union Bank
• Wells Fargo
• California Bank and Trust
• US Bank

There is also a medical building located inside the Torrey Hills Shopping Plaza.

Upcoming Events:

• March 12, 2009 Art and music Festival at Torrey Hills Elementary.

If you want any other information about this area or if you would like me to cover a specific area in future postings please let me know by leaving a comment on this post.

Enjoy your weekend!

Rina Podolsky

Carmel Valley Real Estate Market February-March Snapshot

Here is the activity in the 92130 area from February 09, 2009 to March 09, 2009.

Active Listings

• Total- 291
• Attached-86
• Detached-205

Pending Listings

• Total-67
• Attached-36
• Detached-31

Sold

• Total-25
• Attached-8
• Detached-17

HIGHEST

• Sale Price : $3,400,000
• Sale Price per Square Foot: $504
• Days On Market: 354

LOWEST

• Sale Price: $223,500
• Sale Price per Square Foot: $246.48
• Days on Market: 0

AVERAGE

• Sale Price: $747,906
• Price per Square foot: $350.57
• Day on Market: 55

New Listings : 108

FORECLOSURE ACTIVITY

There are 155 registered filings with the county out of which

• 25 Auction stage
• 101 Preforeclosure stage
• 29 Bank Owned Properties

Making sense of this numbers requires some in depth analysis. It is important to keep in mind that part of the spike in preforeclosed properties has something to do with the fact that due to the current process to renegotiate a loan requires the property owner to be in default on their mortgage. This also helps when the homeowner is considering selling their home but will need to be approved for a short sale.

It is interesting to see that:

-Out of the 25 properties in the Auction stage of the process, only 6 are detached properties, 1 appears as recently sold and 2 are pending sales.

-Out of the 29 Bank Owned properties, only 8 are detached properties.

-Out of the 101 preforeclosed properties exactly half of them are detached, 6 appear as currently pending.

-Out of the 29 Bank Owned Properties 4 are already pending 2 have recently Sold and at least 15 are not being listed at this point.

The fact that the current inventory has risen can be explained in part because of the natural cycle of the market, as we approach spring more people will list their house for sale. But it is also important to note that there has been a slight decline in the number of properties sold as compared with the 2 previous months. I believe this is due in part to tough lending practices that kept getting tighter. All the recent changes and incentives enacted by congress in recent weeks will be reflected in future closings, we can actually see some positive changes in the number of pending properties that actually went up slightly from previous months.

One more interesting fact that is hard to get data on is the fact that some of the latest sales from what I have seen myself and heard from many top agents, have been multiple offer negotiations.

Please feel free to contact me if you have any questions or if you would like to buy or sell a property in the San Diego area, I will be happy to help.

Best,

Rina Podolsky

858-692-1244

Note: All data has been taken from Sandicor MLS deemed reliable but not guaranteed by author

Architectural Masterpiece in Carmel Valley

Imagine yourself, relaxing on your upstairs terrace...sipping your favorite wine, and enjoying the beautiful sunset...

This home is a true architectural MASTERPIECE. It has a space for every need and then some. 5 BR, 6.5 BA, Media room, Game Room, Office, Workroom, Studio, Loggia, vanishing edge pool, glass fire pit,and so much more. The quality of the craftsmanship as well as that of the materials used is unsurpassed. This home was built with attention to even the smallest of details. It is located in Carmel Valley on the Del Mar Mesa area, inside a gated community right next to the Penasquitos canyon. The whole downstairs living area opens to the outside for a seamless outside / inside experience. If you would like a private showing contact me or you can join us for our first open house this following Sunday March 4 2009.

Please go to http://www.6667.duckpondlane.com/ for more information and to see a virtual tour of this property.

Best Regards,

Rina Podolsky
Rina@my858realtors.com