San Diego Real Estate Blog

Homes in Chula Vista 91914 took a big drop the first part of 2008. Statistics of sold homes from January thru the end of March in Chula Vista zip code 91914 show that 25 homes sold. The median sold price was $620,000 which is a sharp decline from the 2007 median home price of $724,750. This is over a $100,000 drop in median home price. Out of the 25 sold homes the lowest priced home was $467,650 and was a 3 bedroom 2 bath home on San Marino Place in Rolling Hills Ranch and the highest priced home was $837,000 and was a 5 bedroom 4.5 bath home on Winding Fence Way in Rolling Hills Ranch.

Currently, late April 2008, there are 58 homes in escrow and 163 homes for sale in Chula Vista 91914. Chula Vista 91914 includes Rolling Hills Ranch, EastLake Woods, EastLake Trails North and San Miguel Ranch. The median home price for homes in escrow is $657,550. If you’re thinking about buying or selling in Chula Vista make sure you call us to find out important information on the Chula Vista Market.

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Homes in Chula Vista 91913 have plunged deeper in the first quarter of 2008. SANDICOR stats show that the combined months of January, February and March of 2008 had only 63 homes close escrow in the 91913 zip code. The shocker is that the median home price in 91913 in the first quarter of 2008 was $437,500 which was $117,500 less than the 2007 median home price of $555,000 in Chula Vista 91913. From the 63 homes that sold in the 3 months of 2008 the lowest priced home was $335,000 on Laytonville Place and was a 3 bedroom 2.5 bathroom home. The highest priced sold home was $679,900 on Farmerville Street and had 5 bedrooms and 4 bathrooms. The new 2008 median home price is almost at the 2003 median home price in 91913 Chula Vista which was $420,500.

While doing this report in late April of 2008 there were 105 homes in escrow with a median list price of $452,500. The lowest priced home in escrow in 91913 was on Bridgeport Street and it was priced at $274,500 while the highest priced home was on Red Granite Road and it was priced from $750,000 to $1,000,000. While doing this report there were homes for sale in Chula Vista 91913. 91913 include Otay Ranch, EastLake, College Estates and some other older parts of Chula Vista. If you’re thinking about buying or selling in Chula Vista make sure you call us to find out important information on the Chula Vista Market.

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If you’re interested in Chula Vista Real Estate and South Bay San Diego Real Estate make sure you contact Dawn Sells San Diego.

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There was an $89,000 drop in median home prices in Chula Vista 91911 from the 2007 median home price to the median home price in the first quarter of 2008. The 2007 median Chula Vista 91911 home price was $450,000 and now the stats from SANDICOR show that from the 67 homes that have closed escrow in the first 3 months of 2008 the median home price was $361,000. That’s a very big drop in a very short period of time and should have Chula Vista homeowners concerned about the homes value. Homeowners in Chula Vista that have no need to sell their home in the near future should know that house values historically rise over time but homeowners needing to sell now or in the near future could be selling their home at a price less than what they would like and maybe even less than what they paid for it.

If this trend continues I think the 2nd quarter statistics for Chula Vista Median Home Prices could be stomach turning. Currently in late April 2008 there are 77 homes in escrow and 258 homes on the market for sale. Out of the 77 homes in escrow the lowest priced home is $175,000 and is a 3 bedroom 2 bath home on Helix Avenue. The highest priced home in escrow is on Palm Avenue and has a price of $600,000 and has 2 bedrooms and 1 bath, this listing appears to have the value in the land. Many of the homes in Chula Vista are foreclosures or “bank owned homes” and may are short sales. The mass inventory and need for banks to sell off their inventory is making the prices drop like Apple stock in 2001. If you’re thinking about buying or selling in Chula Vista make sure you call us to find out important information on the Chula Vista Market.

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If you’re interested in Chula Vista Real Estate and South Bay San Diego Real Estate make sure you contact Dawn Sells San Diego.

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All information is believed to be correct but not guaranteed.

In Chula Vista 91910 median home prices dropped in the first quarter of 2008 by $88,000. The median home price in Chula Vista 91910 zip code for 2007 was $495,000 and from the data of closed homes in Chula Vista 91910 in SANDICOR from January 1, 2008 to March 31, 2008 the median home price is $407,000. There were a total of 69 homes sold in the first 3 months of 2008 and many of these homes were foreclosures or short sales in Chula Vista. The lowest price sold home was on Flower Street and had 2 bedrooms and 2 bathrooms and sold for $225,000. The highest priced home sold in 91910 was on Montera Court and had 5 bedrooms and 4 bathrooms and sold for $1,225,000.

In late April of 2008 while doing this report there were 71 homes in escrow with many being short sales and foreclosures. At that time there were 245 homes for sale in 91910 Chula Vista. With an average of 23 homes closing escrow per month so far in 2008 the inventory is plentiful. Look for more foreclosures and short sales to come on the market in Chula Vista in 2008 and into 2009. If you’re thinking about buying or selling in Chula Vista make sure you call us to find out important information on the Chula Vista Market.

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If you’re interested in Chula Vista Real Estate and South Bay San Diego Real Estate make sure you contact Dawn Sells San Diego.

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All information is believed to be correct but not guaranteed.

San Diego Downtown Close Condo in 92105

San Diego Condo for sale in 92105, Ryan Manor. This condo is 3 bedrooms, 1.5 bathrooms, 1,020 Square Feet and has many upgrades like granite counters in the kitchen, brand new appliances, wood cabinets, neutral carpet and neutral paint, big gated patio and much more. Close commute to Downtown San Diego and close to shopping and dining. Come see this beautiful San Diego condo for sale at out San Diego Real Estate Web Site.

Entertaining offers between $149,000 - $199,000

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EastLake Trails North Home – Table Rock Ave

EastLake Trails North home for sale with 4 bedrooms, 2.5 bathrooms, 2,335 Square feet and a 2 car garage built in 2004. This home is at the very end of the cul-de-sac on Table Rock Avenue and has a long driveway and custom landscaping throughout the property. Many upgrades adorn this masterpiece of a home in the heart of eastern Chula Vista. Access to both the EastLake Trails pool and EastLake Woods pools. Come see this EastLake Trails North beautiful home today.

Entertaining offers between $459,000 - $499,000

For more information visit … EastLake Real Estate 

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EastLake Trails Home – Paradise Trail Road

EastLake Trails 3 bedroom 3 bathroom home with 2 car garage and 1,856 square feet. This home was built in 2003 and close to parks, pools and the little league baseball field. This EastLake home has custom flooring, tile and paint, designer touches throughout the home, beautifully professionally landscaped back yard and on a cul-de-sac. Visit our web site to find out more on this great home in EastLake Trails.

Entertaining offers between $379,000 - $399,000

For more information visit … EastLake Real Estate 

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El Cajon House for Sale 3 Bedrooms 2 Bathrooms

El Cajon, San Diego, 3 bedroom 2 bathroom single story home for sale that is 1,369 square feet. Gorgeous, affordable family home! Beautiful kitchen countertops, kitchen eat at bar, huge rooms, overhead lighting and ceiling fans in each room. Spacious backyard, covered patio, sod grass, new fence, and an extra storage shed. Visit our web site to learn more about this El Cajon house for sale and all El Cajon Real Estate.

Entertaining offers between $299,000 - $379,000

For more information visit … El Cajon Real Estate

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San Diego Home for Sale 4 Bedroom 3 Bath in Encanto

Spacious, affordable home in Encanto! Hardwood floors throughout the house, and tile in the kitchen. New lighting, ceiling fans, new textured ceilings, abundant storage space, crown molding, and loaded with windows! Big rooms! Every room has overhead lighting! Master Bedroom has its own retreat and private bathroom. Easy commute to Downtown San Diego. Give us a call to see this home today!

Entertaining offers between $299,000 - $379,000

For more information visit … San Diego Real Estate

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Homeowner Bailout Legislation

There’s hope on the way for homeowners loosing or in danger of losing their homes due to the housing crisis. If two leading Democrats have their way banks and tax dollars would bear the burden. Barney Frank and Chris Dodd are proposing legislation that will have the FHA back an additional $300 billion in refinanced mortgages from troubled homeowners. According to this legislation the lender or investors would reduce the current loans on the homes to 85% of the homes current appraised value. FHA would then insure the loans and give the borrowers a new loan at 90% of the new appraised values. The homeowners would immediately have 10% equity in their homes, which to me in this real estate market can be lost in 1 month if the declines in some areas continue the way they are. It’s ridiculous for these two Democrats to think the markets have stopped declining. The 10% equity will be gone before the ink dries on the loan docs in some parts of the country.

From the article “Housing Rescue What You Need to Know” on CNNMoney,com you can find out more on this new Homeowner Bailout Legislation below:

In brief: Under House Financial Services Committee Chairman Barney Frank’s plan, lenders would take a hit by reducing loan balances to 85% of newly appraised home values. The government would then refinance mortgages into FHA-insured loans and give borrowers new mortgages at 90% of new appraised values. That would immediately give homeowners 10% equity stakes — and that should encourage them to keep up loan payments since they would have something to lose in foreclosure. The government would take the difference between the 85% and 90% of new appraised values, 5%, as compensation for taking on the extra risk. Borrowers would also be required to pay an annual insurance premium equal to about 1.5% of the loan value.

Lenders would have to opt into this plan, and the loans issued under it would only be available to borrowers whose mortgage debt exceeds 40% of their income. That would ensure that those who could afford to keep paying off their original mortgages would not deliberately fall behind on payments in order to qualify for the program.

The argument: It would rescue many homeowners from foreclosure by taking them out of high-interest rate loans and putting them into affordable fixed-rate ones. Lenders would benefit by getting most of their investments back.

If home prices go up, the government would pocket the increased value. The government would hold a “negative equity certificate.” The certificate is a lien, based on the reduction of the original mortgage balances that would have to be repaid when the home is sold or refinanced.

Who supports it: The idea is backed by both advocacy groups on the left and right. And bankers have indicated the proposed plan would be useful, according to Jaret Seiberg, an analyst with Stanford Group.

Who’s against it: The plan has attracted little opposition. Seiberg said he believes it will “form the backbone” for the legislation that is eventually enacted.

Taxpayer price tag: Unknown. It could pay for itself, but if mortgage defaults skyrocket, the FHA could be paying off claims on many loans. - more at CNN Money

I think cycles happen and in real estate this cycle has to happen without the help of Uncle Sam. There is a fairness issue involved as well. People who already lost their homes can’t get them back and Band-Aiding the situation with legislation will give false hope and extend the cycle. Let this cycle happen and let the next cycle start. I guess Government is just doing what they do best, collecting our money and spending it foolishly.

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