California Home Sales Surge; Driven by Foreclosures

California home sales are up 51% in December from last year as home prices have been driven lower by  steady foreclosure activity (MDA DataQuick). 19,926 homes (single family detached and condominiums) sold last month in Los Angeles, San Diego

California home sales

, Riverside, San Bernadino and Orange County - that is up from 13,240 a year ago. The median home price for the Southern California region fell 35% to $278,000.

Foreclosures accounted for 56% of Southern California’s December sales, which is more than double what it was last year. In areas that have been harder hit by mortgage defaults, the percentage is much higher. Foreclosures accounted for almost 70% of sales in Riverside County where median prices have dropped 41% to $209,000.  Sales were up 70% (MDA DataQuick).

The coastal regions have remained the strongest throughout the housing downturn. Communities like La Jolla and Del Mar have seen fewer sales as a result of the foreclosure activity, though they have not been immune to defaults.

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The Bailout Game

All the buildings on Wall Street burn down when I play…http://www.thebailoutgame.us/

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Bad Banks good for you?

In the ongoing effort to free up liquidity in the financial markets, the Fed has pledged taxpayer money to fund (I will call them suicide) banks that will by and hold the toxic assets that are currently plaguing banks . These bad banks will buy and hold with the notion that maybe, just maybe, after many years the value of the troubled assets will regain some value after corresponding markets have stabilized and the banks will be able to turn some kind of profit.  Or if nothing else they will have jumped on the CDO grenade and saved the banks to lend another day.

Paddy Hirsch explains with a swift, snowy theme.

Why ‘bad banks’ might be a good thing from Marketplace on Vimeo.

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Chargers to Gaylord site?

VOSD has noted that the Chargers may have their eyes on the waterfront site in Chula Vista Gaylord Entertainment was to use for a convention center complex and hotels.  Gaylord has not been able to keep the project moving forward freeing up the prime real estate for new opportunities.

Mark Fabiani has confirmed that the team has spoke with city officials about the waterfront site, but Chula Vista has made it clear they are taking their time to find new use for the land.

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Lane Field Project: Coastal Commission Approval

The Coastal Commission unanimously approved the hotel project at Lane Field in Downtown San Diego. The vote was a follow up on an appeal made by the Unite Here Local 30 union and by government watchdog Ian Trowbridge to the state Coastal Commission.

The $400 million project covers 5.7 acres and will include 800 hotel rooms, with 80,000 square feet of retail space, 1,330 parking spaces and feature 2 acres of public plaza. Cosntruction on could begin in Septemeber and completed in 30 months.

It is estimated that the project could create as many as 500 temporary construction jobs and as many as 2,000 permament jobs once the facilities are opened.

The project is in the Columbia District of Downtown San Diego where, with the addition of Bosa Development’s Bayside project, Millionaire’s Row is coming to fruition.

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San Diego Relocation

Despite the global economic woes, a few segments of the local housing market remain strong. Opportunity seeking corporate transfers, second home buying baby-boomers, military transfers and geographic relocations continue to make modest but meaningful dents in the surplus of housing inventory.

Housing prices are down an estimated 35% off 2005 highs County wide in 2008.  Entry level housing has seen deep softening already with the luxury market having slowed considerably toward the end of the year. Bank-owned inventory is still very high, most notably in areas like Chula Vista. Downtown San Diego condos that are bank-owned are not as common, but still provide an attractive destination for the second home buyers from Arizona, Texas and Nevada as well as international buyers from Canada and Europe.

Strong business sectors (excluding finance) continue to bring in new buyers to take advantage of falling prices in the North County.

Nationally, pending home sales have been on the rise.

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San Diego Bank Owned Foreclosures - REO - Properties By Zipcode

Bank Owned Properties.

Provided By Bob Casagrand and Cleve Shirley

Here is a hand chosen list of bank owned foreclosures within San Diego County. Scroll down and select properties by area and zip. We have weeded out the majority of short sales. If you would like to see comps for any of the properties listed or schedule a showing call us at 858 652 0609 or Contact Us. If you would like to find out more about bank owned properties and what the benefits are we would be happy to explain. First time home buyers and Investors are welcome. We are happy to Help!!………….Enjoy the list opportunity awaits!!!

Become a VIP MEMBER and see detailed property info.
If you are interested in finding out details on a listing or would like a FREE consultation from experts Bob Casagrand or Cleve Shirley call 858 652 0609 to schedule an exclusive appointment. Due to the complexity of the market we would be happy to inform and educate. Or if you would like detailed information or VIP member access to the SAN DIEGO MLS

Regards,

Bob Casagrand - Cleve Shirley Nuvilla Real Estate

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San Diego Rentals - Short Term - Long Term - Lease Options

To All 2007 San Diego Fire Victims

For rental assistance call 858 652 0609 –CLICK HERE FOR GOOGLE MAP OF FIRE

We have taken the time to put together a comprehensive list of vacant rentals ready for lease or lease option. The properties are broken down by region and price. Hopefully this helps! Please Contact us for additional rental information. We are very happy to help!!!!

Lovely 2 1/2 bed 2 bath Central Coast California Rental Property on a Golf Course perfect escape from the San Diego Fires.

Click Here for more information

For rental assistance call 858 652 0609 —Email
We hope this resource is helpful for all those displaced from the 2007 San Diego wildfires. Please contact us for relocation and real estate needs.

Nuvilla Real Estate

3017 Canon St

San Diego Ca 92106

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San Diego Lease Options - 2007 Fire Victims

Due to the large amount of vacant inventory we have started contacting developers and investors with empty property to setup lease options for 2007 fire victims. We understand the emotional state of losing a home, however it is extremely important to make the best decisions during these times. We are available to answer questions and help create housing solutions for those who are displaced. Lease options are simple - it is an option to purchase some thing at a later date. You find a home and then usually purchase the option for a price agreed upon by the two parties involved. These types of arrangements work perfect in situations like the San Diego wildfires. Due to the limited time frame to find a home and the sometimes lengthly process of receiving insurance payouts it can be a short term solution. We are also happy to help those that are just in need of a basic rental property until there home is rebuilt.

READ MORE ABOUT LEASE OPTIONS

CONTACT US ABOUT FINDING A LEASE OPTION

Nuvilla Real Estate

3017 canon st

San Diego Ca 92106

info@nuvilla.com

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San Diego Rental Assistance - 2007 Fire Victims

All of our hearts go out to the families displaced due to the San Diego wildfires. Seeing our friend’s family and clients affected by the destruction is devastating. We want all of the families and individuals know that we would love to help with finding rental homes while you get your feet on the ground. In order for us to help we will need to know where you need a rental. Also requirements, like number of bedrooms and bathrooms ect.. Please do not hesitate to contact us.

Resource sites:

www.craigslist.org

www.sdreader.com

www.signonsandiego.com

www.nuvilla.com

Nuvilla Real Estate

3017 Canon St

San Diego Ca 92106

info@nuvilla.com

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