Carmel Valley is a community located in San Diego county, on the North Coastal region.
It's early history is simple, it's first known human residents were the La Jolla Indians followed by missionaries when they were passing through on their way from one Mission to another. However the area was ranch land until developers bought the land to start building homes well into 1970's.
In February of 1975 the City Council approved a Master Planned Community to be built in the area, the original name for this community was "North City West" name that was changed in the early 1990's to Carmel Valley because there had been a monastery of the Carmelita's nuns in this area in the early 1900's and people already referred to the area as Carmel Valley. The idea was to build a community to become a model for other master planned communities to be built at later dates through out San Diego, this communities were to include plans for parks, recreation areas, trails, etc.
Wikipedia defines the geographic location as follows: "Carmel Valley is bordered to the north by the North City Future Urbanizing Area (NCFUA) and Pacific Highlands Ranch; to the south by Los Peñasquitos Canyon Preserve and Torrey Hills; to the east by Pacific Highlands Ranch and Del Mar Mesa; and to the west by Interstate 5 and Torrey Pines
Even though people refer to all of the areas that wikipedia refers to as Carmel Valley as a whole, according to the city, the boundaries remain unchanged from the original plan, even when they share the same 92130 zip code and in some cases the same school district, some of these communities, like in the case of Pacific Highlands Ranch and Torrey Hills, are not proper Carmel Valley.
This area, has established a reputation for having not only a great location with easy access to major freeway's but close proximity to the ocean as well as to the Torrey Pines preserve and hiking trails. However, it is best known for it's award wining school district which has become to be identified with high parent participation. It is a very family oriented area.
There is sometimes some confusion with the name of the area because there is a Carmel Mountain area very close by located on the I-15 corridor and then there is another Carmel Valley in Northern California, adjacent to the City of Carmel on the Monterrey Peninsula.
There is still new construction going on in the area but at a much slower pace, both because of the times as well as the fact that land is becoming scarce and the area is being built out.
Carmel Valley is referd by some as the typical suburbia with it's most characteristic resident being the big SUV driving soccer mom carting kids around the area. Yet we also have offices, big corporations, hospitals and retail that make this area a very desirable place to live.
For more information regarding the area feel free to contact me or keep checking this blog where I will keep posting everything about this and other surrounding communities.
If you want to search for properties in this area feel free to use our web site
www.SanDiegoExclusiveProperties.com
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Showing posts with label Housing market. Show all posts
Showing posts with label Housing market. Show all posts
Monday, October 12, 2009
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.
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.
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