Real Estate Newsletter – October 2016

September 29, 2016

Truth about toxic mold

Excellent article in the San Diego Union-Tribune by attorney Kelly Richardson concerning the unnecessary and unfounded fear of mold.  She outlines 13 myths about the fear of mold in her article.

September 28, 2016

San Diego outpaces the state

“San Francisco and San Diego counties’ median home price is up 6 percent in the last 12 months, said the July S&P CoreLogic Case-Shiller Indices. Los Angeles and Orange counties’ price appreciation was 5.5 percent,” reports an article in the San Diego Union-Tribune.

September 22, 2016

U.S. home sales slip in August

CNBC report on National Association of REALTORS statistics showing the total number of sales down but prices still increasing across the U.S.  “We go back to the same bottom line: lack of inventory choices and prices rising way too fast,’ said Lawrence Yun, NAR’s chief economist.”

September 20, 2016

Poway among state’s top 20 cities

7 San Diego reports that, “Poway is the only city in San Diego County ranked in the top 20 cities in which to raise a family.”

County home prices at 10 year high

“San Diego County median home price hit $498,000 in August, its highest point in a decade, real estate tracker CoreLogic,” reported the San Diego Union-Tribune. The highest median price was $517,500 set ten years ago.

  • “Foreclosures and short sales — homes sold for less than their outstanding mortgage balance — continue to decline toward their historic norms. Foreclosures that ended up as real-estate-owned properties by lenders represented 2.6 percent of all sales.”
  • “Absentee buyers, many of whom purchase a property for vacation uses, represented 19.1 percent of sales, the lowest since Oct. 2008’s 18.5 percent and below the peak 31.1 percent in February 2013. All-cash buyers bought 18.3 percent of the properties, compared with the peak 37 percent in February 2013 and cyclical low of 6.1  percent in April 2005.”

September 17, 2016

“Guru” makes real estate predictions

“Real estate brokers are ‘toast,’ retail centers are ‘burnt toast’ and the current economic boom is about to peak,” according Christopher Lee and reported by Roger Showley of the San Diego Union-Tribune.  “Brokers are obsolete, Lee said told an audience of about 250, because their clients can find most information they need directly,” which has been true for some time. When I work with a buyer they tell me which properties they want to see based on their online search.

September 16, 2016

Average rent now $1,743

Apartment, “rent was $1,743 a month in San Diego County at the start of September, increasing 8.4 percent in a year, said MarketPointe Realty Advisors and reported by the San Diego Union-Tribune. Lack of inventory is a major factor in increasing rents just as it is for new and resale housing prices.

September 13, 2016

San Diego has highest rent in U.S.

KUSI TV interview with Dr. Alan Gin about San Diego rental housing costs. I’ve followed Dr. Gin for years and he always analyzes the San Diego real estate market accurately.  There is a brief commercial before the interview starts.

September 8, 2016

Backyard housing solutions

Logan Jenkins writes in the San Diego Union-Tribune that, ” If 10 percent of the county’s homeowners added, say, 600 square feet of separate living space on their land, the housing crisis that causes so much human misery for those who can’t afford homes would be largely over.”