San Diego is undervalued

In a quick turn around San Diego has gone from one of the most overpriced markets to a real bargain according to the forecasters at IHS. The San Diego Union Tribune recently reported on the situation.

Union Tribune Story on San Diego housing prices

Get in contact with us today to see if there is a way for you to take advantage of this opportunity. Interest rates have been climbing as of lately so keep that in mind if you are considering financing.


Joe Pace

Pacific Beach Christmas Parade '08

By Joe Pace:

I will never forget the PB parade this year. It wasn't so much for the usual things that happen at the annual Christmas parade, but for what happened with the Chargers during the parade. I ran slightly behind this year while I was listening on the radio to what I would imagine would be the inevitable doom of our Chargers in a all but certain loss to the Kansas City Chiefs. We arrived in Pacific Beach, and left our car with only a few minutes left in the 4th quarter and with Kansas City clearly in charge of the game. As I walked down Garnet to find our spot with my family in tow, I could hear occasional groans from the sports bars displaying the game. Eventually as I made my way further down I would hear some cheering. It became obvious to me that our Bolts had a pulse on the season when the sports bars cleared in elation after the incredibly improbable come back. And the Parade wasn't so bad either. Here is a couple photos, this year I really liked the Low riders.

Dan Keyes mortgage update end of July

Lots of exciting news, IndyMac got taken over by the FDIC, and Fannie & Freddie are in deep trouble. No surprise...the gov't is trying all it can to prop up both companies; with $5 trillion in mortgages, hold on tight, one day you might be sending your mortgage payment to the gov't. June CPI (up 1.1%) and PPI (up 1.8%) both showing inflation, rates are much worse and will get worse. It is getting harder and harder to get 'stated income' loans so...
CALL ME IF YOU KNOW OF ANYONE WHO NEEDS TO REFINANCE 619-665-3988

Rates are worse from last week. I expect them up more today

Conforming Rates Points APR
30 yr fixed mortgage 6.625% 0.25 6.89%
15 yr fixed mortgage 6.250% 0 6.50%
30 yr Conf Jumbo 6.625% 0.75 6.99%
5 yr ARM mortgage 5.875% 0 6.11%
7 yr ARM mortgage 6.000% 0 6.20%
10 yr ARM mortgage 6.500% 0 6.80%
Jumbo
30 yr fixed mortgage 7.875% 1 8.29%
15 yr fixed mortgage 6.875% 0.875 7.39%
5 yr ARM mortgage 6.250% 0 6.50%
7 yr ARM mortgage 6.500% 0 6.80%
10 yr ARM mortgage 6.750% 0 6.99%
Interest Only 5/1 ARM 6.250% 0 6.50%



RATES SUBJECT TO CHANGE WITHOUT NOTICE.

Slump spares a few areas

Median home prices rise in Encinitas, La Jolla, Ocean Beach

By Lori Weisberg : San Diego Union-Tribune
STAFF WRITER

April 16, 2008

As median home prices continue to decline, it seems no community is immune to the slumping real estate market. And yet, during the last quarter a few coastal areas were able to eke out a healthy rate of price appreciation reminiscent of the housing boom.
Take Ocean Beach, which experienced a 14.4 percent year-over-year increase in the median price of a resale home during the first quarter of this year. By comparison, resale home prices for the entire county fell 21 percent during the same period, according to statistics released yesterday by DataQuick Information Systems. In fact, prices declined for all but three of the county's 59 ZIP codes that recorded at least 20 sales between Jan. 1 and March 31 of this year and last. Bucking the trend were Encinitas, La Jolla and Ocean Beach, which experienced price gains, while in Mission Beach and Pacific Beach, the median price remained relatively unchanged from last year.
That comes as little surprise to real estate agent Cindy Wing, who sells homes in the 92107 ZIP code, which includes Ocean Beach, Sunset Cliffs and part of Point Loma. “We're selling paradise because it's the beach, and it's beautiful,” Wing said. “That's how I feel when I sell. It's kind of a vacation feel in your everyday life. Prices remain high, with the median cost of a home at $829,500, compared with $725,000 a year earlier, according to DataQuick.
Laura Godfrey, an environmental attorney, recently sold her Ocean Beach cottage of two years and traded it in for a significant upgrade to a $957,000 Spanish revival house with an ocean view. While she broke even on the sale of her house, she was able to buy her new house for nearly $350,000 less than the original asking price. “I feel a little stretched, but I have the income potential, and I plan to stay here for awhile,” said Godfrey, 31. “I joke around that people will be dragging my body out of here in 50 years. “And I love Ocean Beach. I come from a small town, and this is a small town within a big city and it's a short commute from downtown,” she said. “I know all my neighbors, and I feel safe as a single female here. Also, I surf, so I can walk down to the beach with my board. I like my life.”
There is little for homeowners to like, though, about the steep plunge in home values in inland areas such as west Escondido, Encanto, Paradise Hills, Fallbrook and Spring Valley, which experienced declines of 30 percent or more last quarter. Part of the blame may lie with the high number of foreclosures some of these neighborhoods have experienced, which in turn drag prices down for the whole area, say real estate agents. “I think we've all seen that folks are out looking at the bargains, so those are a large percentage of what's selling – the bank foreclosures and short sale properties,” said Lori Staehling, president of the San Diego Association of Realtors. “They're generally in poor condition, and the banks want 30-day sales, so prices are lower. “But it doesn't necessarily mean every home in the county has gone down by those percentages.

(*) Story Edited (reduced) to fit on one page.

REBA - SALES OF LA JOLLA HOUSES DURING THE MONTH OF FEBRUARY

SALES OF LA JOLLA HOUSES DURING THE MONTH OF FEBRUARY
PENDING
YEAR 2005 32 houses Volume $69,315,000 Average Price $2,166,000
YEAR 2006 20 houses Volume $50,865,000 Average Price $2,543,200
YEAR 2007 29 houses Volume $66,483,000 Average Price $2,292,500
YEAR 2008 10 houses Volume $30,159,000 Average Price $3,015,900
SOLD
YEAR 2005 19 houses Volume $49,119,000 Average Price $2,585,200
YEAR 2006 16 houses Volume $42,264,000 Average Price $2,641,500
YEAR 2007 17 houses Volume $35,520,000 Average Price $2,089,400
YEAR 2008 11 houses Volume $31,327,000 Average Price $2,847,900
SALES OF LA JOLLA CONDOMINIUMS DURING THE MONTH OF FEBRUARY
PENDING
YEAR 2005 25 condos Volume $28,472,000 Average Price $1,138,800
YEAR 2006 19 condos Volume $22,276,000 Average Price $1,172,400
YEAR 2007 18 condos Volume $17,893,000 Average Price $ 994,000
YEAR 2008 13 condos Volume $15,779,000 Average Price $1,213,700
SOLD
YEAR 2005 14 condos Volume $13,603,000 Average Price $ 771,600
YEAR 2006 8 condos Volume $ 9,915,000 Average Price $1,239,300
YEAR 2007 21 condos Volume $21,185,000 Average Price $1,008,800
YEAR 2008 5 condos Volume $ 4,780,000 Average Price $ 956,000
REBA
February 29, 2008

Spring Sprouts!

I have recently been getting into growing my own fruits Herbs, and Vegetables. I didn't realize how fun and addicting this can be. To be fair I have had some help from people who are very knowledgeable about what works and what doesn't here in San Diego. I started recently with sprouts and have had some amazing results. They sell sprouting kits on eBay or you can make your own. The tools required for sprouting are:

1. A mason Jar or other glass jar, it's easy to just wash out an old spaghetti jar for new life as your sprouting jar.

2. Sprout seeds, any local garden nursery has plenty of them, call ahead just to make sure. For some reason the big warehouse stores don't seem to have much, if any. Online there are several great sources including eBay. For best results I recommend starting out with Alfalfa, if you like spicey sprouts Raddish sprouts are incredibly tasty and easy to grow.

3. On the top of the Glass jar you will need some way of straining water but not letting the seeds fall out, and it must be breathable. There are special plastic caps that have a plastic screen on them that you can find on eBay or you can use cheesecloth and a rubberband. One criticism of the cheesecloth is that it remains fairly damp and can cause some problems if it doesn't dry fast enough. I have had recent sucess by cutting holes in the original lids and attaching vinyl screen for straining the water.

Now your ready to sprout, the best part is it happens very rapidly:

1. put two tablespoons of sprout seeds into your Jar

2. Place the plastic strainer cap or cheescloth over the top.

3. add enough water to soak the seed for 8 hours initially.

4. Place the jar of sprouts on a window sill

5. Drain the water after the initial 8 hour soak, and then only rinse the seeds twice a day, making sure to swirl the water around the sprouts and then drain as much of the water out as possible. You want the sprouts damp but not sitting in water. Always place the sprouts on a window sill.

It should take about 3-7 days for most sprouts to start really going and about 7-10 days before you can start putting them in your salad, sandwiches, etc.

The above Photo was some extra snap pea sprouts that were growing in my Garden, with some Cheese and dressing and the morning paper. It's amazing how rewarding growing your own food can be.

Loan Rates for Jan 18, 2008

Retail sales fell in Dec by 0.4%. CPI or Consumer Price Index was up 0.3%, which was higher 0.2% expectation. The core CPI came in at 0.2%, leaving year-to-year core at 2.4%, above the Feds comfort level of 1-2%. The core PPI only rose by 0.2% in Dec in line with expectations. The Fed meets Jan 30th and everyone is predicting a 0.5 point rate cut.

Rates are lower from last week

Conforming	Rates	Points	APR
30 yr fixed mortgage	5.750%	0	6.09%
15 yr fixed mortgage	5.250%	0	5.50%
3 yr ARM mortgage	5.750%	0	6.00%
5 yr ARM mortgage	5.875%	0	6.10%
7 yr ARM mortgage	6.125%	0	6.30%
Interest Only 5/1 ARM	5.875%	0	6.10%
Jumbo
30 yr fixed mortgage	6.750%	0.5	7.00%
15 yr fixed mortgage	6.375%	0.5	6.79%
3 yr ARM mortgage	5.750%	0	6.00%
5 yr ARM mortgage	5.875%	0	6.10%
7 yr ARM mortgage	6.125%	0	6.30%
Interest Only 5/1 ARM	5.875%	0	6.10%

PLEASE CALL FOR SUPER JUMBO RATES. RATES SUBJECT TO CHANGE WITHOUT NOTICE.