Thursday, November 19, 2009
I found some information on Del Mar 's history through it's own historical society. According to documents found the date when you could say everything was set in motion was on August 14 1882, the day the railroad tracks were laid along this stretch of coastline in the effort of uniting San Diego and San Bernardino.
The man in charge of overseeing the project was Theodor M. Loop an engineer and contractor. He set up camp in a beautiful parcel of land that he referred to as "the most attractive place on the entire coast.". He set up a tent city and built a house for himself and his family. It was his wife Emma who named it, Ella, called it "Del Mar" - words taken from a popular poem, The Fight on Paseo Del Mar.
Loop met a gentleman named "Colonel" Jacob Taylor who suggested they develop the area and build a town here. It was 1885 when he purchased 338.11 acres at the northern end of the mesa from homesteader Enoch Talbert. It is said that he paid $1,000. And at this Del Mar was officially founded.
Taylor had a very clear picture in his mind of what the area was to become. His plan was for this to be a playground for the well to do, a seaside resort for the elite. The visionary designed and built a town whose focal point was Casa del Mar, a hotel-resort. Other town attractions included a natatorium, dancing pavilions, and a bathing pool extending from the beach out into the sea.In 1889 tragedy struck and the main attraction, the hotel, burnt down to the ground and so the town was left without it's focal point. This together with the struggling economy left the small town in a dormant state for at least 15 years.
It was until the beginning of the 1900 when The South Coast Land Company hired a prominent Los Angeles architect, John C. Austin, to draw plans for a new hotel, the Hotel Del Mar. The hotel opened in 1910, and fulfilling the original plans for the area, the elegant hotel served as a magnet for Hollywood stars of the silent film days.
From 1912 till 1920 beautiful new homes began to appear around the new town and many of them soon became landmarks. Construction was halted in the 1930's
Still it was during this time in 1933 when the search for a site to host the San Diego County Fair began. Ed Fletcher suggested that the 184 acre site in the San Dieguito Valley - just off the main highways and the Santa Fe Road - would be easily accessible and a perfect setting for a fairground.
It was on October 8, 1936 when the fair opened with an attendance of fifty thousand guests.
Bing Crosby made the Del Mar Turf Club a reality and Pat O'Brien became the Vice President. The Race track opened on July 3, 1937,and with it a new era began in Del Mar. The track was hailed as Bing's Baby or Movieland's Own Track. In 1938, Bing recorded the song that would open and close everyday of racing since those early days - Where the Turf Meets the Surf (click to listen to the song).
The race track brought A list celebrities and personalities every year, and many of them decided to set up homes in Del Mar, among them Lucy and Desi, Burt Bacharach and many others.
However during World war II the race track had to be closed and converted into a bomber tail assembly production facility until 1945 when racing returned to the the track.
The city of Del Mar was incorporated until 1959. During the following two decades everything was mostly quiet in the area. There was a growing movement of people in Del Mar whose goal was to beautify and maintain the open space, and it was at this time when the gorgeous Seagrove park with its grassy are overlooking the ocean was created.
Today the centerpieces of new Del Mar are L'Auberge - a beautiful hotel designed with the Stratford Inn in mind - and just recently renovated. And the elegant shops and boutiques of the picturesque seaside shopping center, Del Mar Plaza. Its selection of restaurants provides great taste, mood, and rave reviews.
Del Mar has maintained it's picturesque main street, it's small upscale town ambiance, with beautiful homes each one unique and different from the rest, some landmarks in their own right some brand new.
Today Del Mar is 92014 zip code. According to the Multiple Listing Service information the area has:
142 Active Listings out of which 114 are detached and 34 are attached
7 Contingent listings
32 Pending
15 Sales in the past 30 days
This gives it a 9.47 month inventory of homes.
60 properties on the counties list of foreclosure and preforeclosure.
And according to the statistics of the sales the averages are:
A.Selling Price-$1,640,770
A.Price per Square Foot $740.52
A.Days on Market 108
A. percentage of sale to asking price 94%
The School District includes the Del Mar Union School District which is one of the highest ranking school districts in all of San Diego. It has 8 Elementary schools and 2 middle schools and 2 High Schools.
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All the information in this blog has not been checked, it is believed accurate but not guaranteed.
Monday, November 9, 2009
History of La Jolla California
La Jolla is believed to have been the home of Native Americans and some artifacts have been found, however there has been no clear consensus as to who they where and what happened to them.
The first written records that have been found according tho the "La Jolla Historical Society" are those that appeared in all land grant and mission records since 1928 and in scattered documents at least back to 1870 when they appeared spelled "L-a-J-o-y-a".
That spelling is consistent with the Spanish spelling of the word "The Jewell" although some argue that the name actually comes from the Native American term Woholle that means, hole in the mountain.
The reality is, no matter where the name actually originated it is assumed to be the first option because La Jolla is actually considered to be a Jewell. With it's breathtaking views of the ocean and the mansions lining it's streets, this is a place that exudes refinement.
Incorporated in 1850, the first lots of land sold in La Jolla in 1869, they were purchased by two brothers, the Sizer lots were sold for $1.25 per ACRE and each purchase a 80 acre lot in what is now downtown La Jolla. However it was Frank Terrill Bostford who first started auctioning off pieces of land in the area which earned him the title of "Father of La Jolla"
By 1900 it had 350 residents and by the end of the first world war there about 4000. At this time in history the basis of the economy for the area was tourism. The architecture slowly shifted its design from the initial cottage style to the Spanish mission style of construction.
In 1929 with the crash of the stock Market, the area was affected along with the rest of the country, not many houses were built in the 10 year period following the crash and it was until the second world war that the area had another growing spur, after the end of the war many people came back to call this area home and they began developing the adjacent hills into subdivisions. By 1960 17,000 people called La Jolla home and Today there are well over 40,000 residents.
Although la Jolla is most famous for its natural beauty and terrain, it is also well known for being the place where Charles Lindbergh learned to fly gliders, he flew from the top of Mt. Soledad. Today there are no gliders flying out of that area but there is a very well known glide port in the Torrey Pines area, just above the Scripps institute of oceanography, there you can watch this gliders take off almost every day.
Another well known attraction in La Jolla is the 7 caves at La Jolla Cove, only 1 of this caves is accessible from any point other than by sea, it is a destination for scuba divers and Kayaks which are very common in the area.
There is also the La Valencia Hotel which is a destination hotel visited by many stars back in the golden era of cinema and even today. It is located adjacent to the La Jolla Cove park and it has some of the most amazing vies any hotel has in the area.
La Jolla has also been the home for many famous artist, writers, even a Nobel Laureate and many sport and movie stars. But one of the most famous residents would be Theodore Geisel also known as Dr. Seuss. Today you can still walk down prospect street with its many galleries and stores and find many of his paintings and artwork for sale in the area.
Today, the citizens of La Jolla are among the most engaged in the world of charity, it is a society that is constantly supporting all kinds of causes and it has become a standard of living to be involved with at least one cause if not several. From the Rady Family who a couple of years ago gave a sizable gift to the San Diego Children's Hospital having it re-named Rady Children's Hospital to the Jacobs family who are known as one of the most philanthropic families and big patrons of the art who donated 100 million dollars to the San Diego Philharmonic Orchestra.
La Jolla's zip code is 92037 and it has consistently remained on the lists of most expensive zip codes in the country. Today there are 427 properties listed for sale out of which 259 are detached homes. There are 83 properties in pending Status and there have been 50 properties sold in the last 30 days. The average sale price today is $866.06 per square feet and 120 days is the average days that a property takes to sell.
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Monday, October 12, 2009
History of Carmel Valley, San Diego
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.
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Tuesday, June 30, 2009
Is a new law stopping the Real estate market from recovering?
This brought many changes and like with any big shift there is a lot of confusion of what is allowed and what is not.
In short and very simplified terms ,the biggest change is that before that day, the appraisal was ordered by the loan officer, from an appraiser of his choice, or if agreed either seller or buyer could suggest and use an appraiser of their choice.
Under the new order of things the loan officer can not have any contact whatsoever with the appraiser and of course he has no say on who that appraisal will be, the appraiser will be retained from a central pool of approved appraisers. The appraisal has to be fully executed before any opinion of value is given and it is not permitted to ask for a second appraisal without just disqualification of the first, having an appraiser who is unfamiliar with a particular area perform the appraisal does not constitute reason enough to disqualify an appraisal.
It does not sound like a huge change yet it is.
I have recently been helping clients purchase a home in the San Diego area. Some of them are in the 500,000.00 and under price range. What we have found would surprise many that think that the Real Estate market is still trending down. Most homes that hit the market in this price range, if priced correctly, will start getting offers within an hour or so of getting listed. Most of them we have seen are getting multiple offers, what that translates to is properties getting offers at well over asking price because it becomes a bidding war, just what a seller dreams of.
Yet, there is big problem, this is where the appraisal becomes an impediment to the escrow being able to close. The reality is, the appraisal process is taking much longer because some of this appraisers take in some cases even over 2 weeks to do the appraisal by which time the contingencies need to be removed in some cases even before the appraisal was completed putting buyers in a tough situation. Also, some of this appraisals are coming back very low because appraisers are trying to cover themselves since they they have been blamed for contributing to the current Market crisis by inflating home values, they are now erring on the side of prices trending down and coming back with very low appraisals.
So...we have an contract that is on the upper side of the spectrum vs. an appraisal that is in the very low end of the spectrum, the result is that the loan will not fund, and escrow will not be able to close unless:
1)The buyer is able and willing to come in with much more cash to balance off the difference and the lender is OK with that.
2)The buyer and seller re-negotiate the price. Keeping prices down.
It turns out that that little change in the home selling process has made many transactions stall and fall out of escrow and has limited the ability of the market to begin to start trending up.
Another result of this change is that appraisals have become much more expensive, that cost is usually paid for by the buyers who will have no guarantee that the home they are purchasing the appraisal for will be theirs even when both parties really have come to an agreement and are happy and in accordance with all terms.
At this point, this has become such a clear and present problem that the president of the National Association of Realtors has been invited to go speak about it in Washington so that they can address it and hopefully correct it, let's just hope the correction comes soon and in the right form.
Monday, April 13, 2009
What constitutes an "Amazing Deal" ?
So as I said, I was holding this 2 homes open with a great turnout, however when I asked questions I kept getting one answer in particular over and over....I love the house, however....what I am really looking for is a "Killer deal"! OK, I can respect that, so I asked, What does a "Great deal" look like to you? How will you know when you have found one? It surprised me to see how few people had an answer. If you do not know what you are looking for looks like, How will you know when you have found it?
I open this question to all of you, I would love to hear your feedback, I am sure many of you do have a very clear picture and that is what I would like to hear.
Of course what constitutes a deal varies from area to area but to be clear you should do some research before heading out, be sure to know the specifics of the area and some of the things to consider are:
- Look at the most recent numbers (up to the last 2 weeks) for that specific area you are considering, it can be as specific as that floor plan in that particular development on that side of the street.
- Know how the market is behaving, how this area has behaved so far, does it offer something to back this prices, is it in high demand, why is it so? many of these questions can be answered with the help of a local realtor that is very familiar with such area.
- Think about the pros of this particular home, some of the things it offers might have a greater resale value than other very similar homes (i.e. Newer home, upgraded flooring, kitchens or other areas, pool, large lot, end of cul de sac, etc.) or it actually might be harder to sell than other homes due to some specific characteristics (i.e closeness to power lines, smaller lot, noise, traffic,etc)
One word of caution, I have seen a few listings with a price that were well bellow market, in some cases this have turned out to be what you can consider as a bait and switch or a hook. When you make an offer on the property they come back saying that they have received many offers so the bank (in most cases) or the owner, are looking at all of them but will only consider yours if you go a little higher since you are bellow the others, (still at a price where is bellow market comps) then they come back again and again telling you that you are amongst the favorites and are now so close until you realize you have now reached market price or above. Not such a deal after all...in the process you let some other homes you liked go into escrow where you could have actually NEGOTIATED a better price.
Now having said all of that, please remember that you are buying a home, this is where you are going to spend every day for hopefully several years so it is very important to remember that even though price IS important, getting something that will make you and your family have a better quality of life in your day to day is also a very important factor.
So remember, clear picture before you head out, get the correct data and happy hunting!
If you would like any information on a specific area please let me know, I can always help you or find someone who can.
Best regards,
Rina
Rina Podolsky
Prudential California Realty
Honor Society
Fine Homes Specialist