May 6, 2008

Bargain Buys / Home Expo 2008

Be There or Be Square

Wow, is it that time again already? Yes! Time for the first annual San Diego Home Expo where we can learn all about buying, selling and maintaining a home. Exhibits and speakers will enlighten and inform us. This will be May 10, Saturday, at the Convention Center downtown.

You will find speakers discussing “What can I really afford?”, “loan options”, “how to get my home ‘For Sale’ ready”, and “Advantages & Costs of Going GREEN”. Lori Staehling, 2008 SDAR President will tell us “Why work with a REALTOR®?”. Upstairs will be workshops on “What to do when the Tide Turns?”, “Disaster Preparedness” and “Preparing To Buy Your First Home”- some in both English and Spanish.

I didn’t count, but there must be 100 exhibitors including lenders, builders, remodelers, publishers, Realtors, and consumer advocates. Major sponsors include Countrywide, Sandicor, the Union-Trib, Building Industry Association and, of course, the San Diego Association of Realtors.

Don’t fall for the people offering free admision tickets with strings attached. You can get your own at the web site.

This should be fun and informative, I’ll be there. BTW, May 9 is for real estate pros only.

Now let’s look at some Bargain Buys in East County. These are all single family detached homes of medium size and have a low cost per square foot.

Hey, the FHA is sponsoring a blog contest and I am now entered. Feel free to vote for this San Diego East County blog and give me a pat on the back. Thanks, and your comments will help me serve you better.

Vote for this site

Real Estate Blog Contest
presented by FHA Mortgage Center

Also a pat on the back to the FHA for all their good work!

Thanks for stopping by. If you buy one of my featured homes, come back and tell me about it. I have no financial interest in these listings- they’re there because I think you might like them.

You can follow my East County blog here or here. You’re at Redfin, the unbiased source for local real estate information.

[data from generally reliable sources, please comment on any errors!]

May 3, 2008

Open House- ‘droids

Robotic promotions, automated listings

The thing I like best about craigslist is that it is straightforward and not commercialized. Regular folks post ads, regular folks read them. Free to all (or most). Lately, as I peruse the Open House listings, I notice some exotic ads with fancy graphics and text. There are services now that provide inexpensive means to produce these ads and Realtors seem to be jumping on the bandwagon. It seems they can fill in some blanks (number of bedrooms, square feet, etc) and upload some pictures and with little effort they have a colorful promotion. No doubt the process will be entirely automated soon and the agent will have nothing to do but collect her commission check.

Here’s an excerpt from a fancy ad:

Very attractive, but…

Here’s a peek at a standard ad requiring no additional software.

Kinda plain, huh?

OK, it’s plain. But isn’t that the charm of craigslist? God knows that the web is saturated with flashing doodads, annoying advertising and obnoxious sounds in some parts. Even the prettiest parts are annoying when they sacrifice simple functionality. Serious business should be treated seriously and what could be more serious than investing in a home? Let’s hope that craigslist can avoid the hype and bull that threatens to cover the entire internet.

You can follow my East County blog here or here. You’re at Redfin, the unbiased source for local real estate information.

[data from generally reliable sources, please comment on any errors!]

April 28, 2008

Monday Madness - Eating Lemon Grove, part 4

They say the neon lights are bright on Broadway

Here we are in the heart of the tiny city of Lemon Grove. Downtown is more hectic with the Trolley, Home Depot and Food 4 Less arriving in recent years. Still, people walk about because everything seems close and convenient.

We finished all the restaurants West of Lemon Grove Avenue and we’re hungry and eager to check out downtown. A quick peek at the ’strip’ before we go:

click any image to enlarge

South side of Broadway:

• Da Boyz- Pizza with attitude! Check out the old timey gangsta movie photos on the walls.
• Por Favor- Well respected local family eatery with patio dining available.
• Starbucks- Not many coffee snobs in Lemon Grove, yet the place seems popular.
• Golden Donut- For now it’s the only donut shop around. It’s a good spot for people watching.
• LG Pets- I don’t care how tender and juicy those puppies and kittens are; eating them is just wrong! Maybe a nutritious goldfish would be a quick snack though.
• Baskin Robbins ice cream- Rich and creamy!
• Papa John’s Pizza- Premium pizza from a name you know. fairly new in town.
• KC’s Express Chinese - Lemon Grove is blessed with many choices for Chinese food. At least one city councilperson buys here (can’t go wrong with insider tips).
• Los Rios Mexican - Excellent burritos and more. Recommended to me by a LG librarian.
• Jack in the Box - A very old store brought up-to-date. Used to look like a box, with the clown jumping out.

From Papa John’s you can look up Grove Street to the north. A block or two up there is a large cluster of condos, many of which are available at excellent prices. They include the usual pool, clubhouse etc, and when you buy with Redfin you can save around $1000. Recently a 1,022 sq.ft. unit sold for $175k. Let’s look at some quick stats on these:

North side of Broadway:

• Antique Row- Relatively new to LG, very popular, slightly upscale family dining and new patio for those who enjoy the ‘Greatest Climate on Earth’.
• Cilantro- Vegan dining comes to Lemon Grove. They’re new in town so pay them a visit.
• Panda- Well established, comfortable Chinese restaurant.
• El Pollo Grill- They were popular at a nearby location and now far more popular since they moved here.
• LG Deli and Grill- Before there was a Subway or Submarina, there was the famous Lemon Grove Deli.
• Food Factory cafe- Local business people eat here. Breakfast & lunch only.

Parking is a bit tight at times. Plenty of room near the donut shop and behind the shops on the North side of Broadway. Enjoy a walk around town, visit lots of eateries, shops and enjoy the bustling ambiance of a small town 8 miles from downtown San Diego. There are lots more restaurants to come in the final installment of Eating Lemon Grove.

see also:
Monday Madness - Eating Lemon Grove, part 1
Monday Madness - Eating Lemon Grove, part 2
Monday Madness - Eating Lemon Grove, part 3

You can follow my East County blog here or here. You’re at Redfin, the unbiased source for local real estate information.

April 26, 2008

Open House - A Realtor Conspiracy?

A Rant about Incomplete Open House Ads

Realtors are going all out to make sure you can’t get useful information from their Open House advertisements. You might think they would be happy to see their listing in my blog, for instance, and shared at other online locations. Yet I found a full dozen Open House invitations here in San Diego East County today and not a single one included an MLS number. Some wouldn’t even offer an address. Listings for condos failed to mention the Homeowners’ Association fees. It takes a lot of detective work to bring you these few open house listings, but with them you can follow the link to the Redfin page for a complete look at the MLS data and much, much more.

I am tempted to pick out one of the elaborate listings from the San Diego Reader or Craigslist and praise the wealth of pictures- pics of the house, of the agent, of the agent’s logo. I could praise the flowery text describing the property and the arrangement of text, pictures, and raw data. These adverts clearly show that someone has given thought, energy, time and money to get them right and have them posted in several places (a service does that for them). I don’t want to embarrass any particular agent, however, when I blast the ad for not including the MLS number, the address or other information that any reasonable shopper would clearly need before driving across town to see the property or suffering the obligatory interview with the agent.

Then there are the simple Open House ads. Maybe four sentences that might include an address, the date of the Opening, number of bedrooms and price. Those last two are always included. The most backward Realtor understands that the public demands at least that. Let’s make them understand that we demand more. Remember that when these simple ads include an MLS number, you and I can see the rest on Redfin or elsewhere. That little number gives us much important information. (is that what they’re afraid of?)

I would love it if you would call every agent with a ‘teaser’ listing and scream “I’m mad as hell, and I’m not going to take it any more!” Do not play their game. If they refuse information, you should refuse to go.

That’s right. Let the tricksters sit and stew during their Open House day all alone. This is the information age. Many Realtors are dragging their stone age feet and continuing to play the games of the 1950s. Let the fossils find other work and the honest agents have your business. You are making a major investment- do you really want to trust an agent who is concealing relevant information before you even meet?

I’m sorry to be so harsh. Remember I’m not an agent. In my innocence, I expect agents to exhibit the same professional diligence and integrity that we expect of doctors, bloggers and teachers. I believe Open House days bring opportunities for Realtors, buyers and sellers. I’m aware that the agent often finds this a very difficult day and they put forth a heroic effort during the experience. I just can’t understand why these sometimes elaborate Open House announcements deliberately hide critical information.

You can follow my East County blog here or here. You’re at Redfin, the unbiased source for local real estate information.

[data from generally reliable sources, please comment on any errors!]

April 23, 2008

What’s Selling in Spring Valley lately?

Hard to beat these prices!

The actual sales prices are priceless. This is where the rubber meets the road and seller’s hopes and buyers efforts reach their ultimate compromise. As you study the asking prices, it’s valuable to know where they finally end up.

Your Name Here?

Make it Redfin!

This caught my eye because I bought a 5br home in 1979 for $80k. Things have changed. This 5br house w 2 baths sold on Apr 3rd for $273,750. That’s $132 per square foot, boys and girls. Impressive these days. 10163 Canyonridge Place in Spring Valley has 2,081 square feet, built in 1978. In 2005 it sold for $514k, almost twice the current price. The Redfin data isn’t current yet, but you can find more at Trulia. Zillow estimated this property at $397,500.

2423 Carrera Court is a similar recent sale. It’s a 4 br 2 ba 1,873 sqft home built in 1979 that sold for $280k ($149/sq.ft.). Sweet. The last sale listed was $165,500 (10/28/1993) which seems a reasonable appreciation for a residence in a community without dramatic fluctuations. The ZESTIMATE™ was $384,500

Let’s have a look at the ‘expensive spread’ with fewer calories for more dollars: 10540 Villa Bonita sold for $385,000 on Apr 3rd, 2008. Not an outrageous price for 4 br 3 ba 1,882 sqft is it? Still it is $205/sq.ft. which is a bit higher than the above listings. The price has come down as you might expect from $515 in 2005. We’re using Trulia for this information and they don’t offer Zillow estimates. This sale seems slightly higher than the previous, but for all we know there are gold filled plumbing appliances and carbon fiber toilet seats. There’s much you can’t learn from listings alone.

We should include a condo here so take a look at 3011 Chipwood Court, 2 br 2 ba 916 sqft and it sold for $137,900 on Apr 3rd, 2008. What can we add to this? It was built in 1987 and at this price it sold for $151/sq.ft. Does that seem low? Normally, smaller homes draw a higher price per square foot than larger homes. This is a very low price per foot even in East County. Add to that the fact that the unit sold for $322k in 2005 and this is a crushing reduction. On sold homes, we don’t have access to homeowners association fees and that is critical to evaluating condo sales.

Let us take a moment to reflect upon the wealth of information available to us in recent years. Let’s appreciate that it is a snowball effect that grows monthly and we can expect a continuing explosion of new data in the months ahead. Companies like Trulia, Redfin, Zillow and even the stodgy MLS are finding ways to inform and educate.

But all is not perfect. Nobody offers all the answers yet and you can’t depend entirely on the data they offer. Trulia doesn’t offer Zillow data. Zillow is somewhat limited with their estimates but improving. Redfin shows none of these recent sales but is good about active listings in general and lots of community information (and community blogs like this). There are others offering worthwhile information on foreclosures, open houses, freeform listings, FSBO, mortgage reform and much more. There will be new companies who may displace some existing efforts with innovative approaches. We are part of a pioneering effort that will lead us all into unknown territory. For those who fear change, it may be time to reconsider for there will be great opportunities. Buyers and sellers are in the driver’s seat for the first time in history.

You can follow my East County blog here or here. You’re at Redfin, the unbiased source for local real estate information.

[data from generally reliable sources, please comment on any errors!]

April 21, 2008

Monday Madness- Buyer Tips on Video

Know what you want; negotiate; get a rebate…

Let’s have fun with videos today. If you have the Flash Player installed, and if my blogging software works correctly you will enjoy a respite from pouring over the fine print of listings and mortgage documents. Monday Madness will help get your week off to a good start.

Many buyers have only a vague idea of what they actually need in a house. Here is a man with special requirements who demonstrates how to be certain that the house will meet his needs:

Negotiating is a fine art. Here we see a master at work:

What, you think this is all fun and games? You will think this next video is serious at first - until you get your rebate and laugh all the way to the bank.

There is more video on real estate at YouTube and elsewhere. Much of it tiresome, silly or both and surrounded by an ocean of unrelated flotsam. Patience may bring you an unexpected gem, which you are obligated to share with a comment and a link.

Madness is a frequent Monday occurrence on this blog. Look here for it next Monday and you can find more at:

Monday Madness - Flaccid Folding Stuff ? (make the best of a weak dollar)
Monday Madness - You have Permission! (NAR says buy)
Monday Madness - Realtor Jokes (Realtors just don’t get no respect.)

My other local blogs are slightly more serious:

People are Staying Home in Droves! (extreme non-exodus from San Diego)
Just the Facts, Ma’am (the state of buyer information)

You can follow my East County blog or here, and Carol’s Hillcrest, North Park and Ocean Beach blog. You’re at Redfin, the unbiased source for local real estate information.

[Problems with videos? Leave a comment & I’ll try to fix it.]

April 18, 2008

Open House 4-19 & 4-20

Every one a winner:

Well, well; we’re stretching our boundaries into Pine Valley and Ramona today to see some interesting open houses. Everything I’ve listed today is excellent- nice homes, nice views, nice communities. Each house has interesting features: The first two and the last are listed well above their recent sales prices (not all prices are falling). The Alpine Av home has no sales history- it may have served the same owner for many years; and perhaps you will live there happily for many years.

Yes, as often happens, these open houses are priced higher than most ‘closed’ houses. Someone must believe that if you actually see them, you will find value there. You might find it harder to get a price concession too, but try anyway.

I should add that the Ramona house on Watt Road is outside Redfin’s service area at the moment. You won’t have any difficulty finding an agent to represent you there, but you will miss the Redfin rebate.

If you need some encouragement read these recent blogs:

The American Dream - Remembered
Here’s why to Buy Now

Just for fun, read these recent blogs:

Monday Madness- Where’s MY Bailout?
Monday Madness- The Simpson’s house

And for more fun, stay tuned for a new Monday Madness coming up real soon! (guess when)

You can follow my East County blog or here, and Carol’s Hillcrest, North Park and Ocean Beach blog. You’re at Redfin, the unbiased source for local real estate information.

[data from generally reliable sources, please comment on any errors!]

April 16, 2008

The American Dream - remembered

“A Chicken in Every Pot and a Car in Every Garage”:

Mmmm chicken!

President Hoover promised a lot, but lately the dream seems to fade.

We speak as though it were a game, those of us in the trade feeding off the American Dream. We spout numbers, trends and the vast wisdom of our economic gurus. We are full of our importance in this time of need, full of regurgitated facts and elevated insight. Statistics serve statisticians well and give us the illusion of knowledge, but our real task is elsewhere.

Let us not forget that down here on the ground and in the trenches are real people buffeted by the ill winds of change simply seeking shelter for kith and kin. Let us take this reality to heart and direct our energy to solving real problems and answering the questions that will put these people into homes they can afford. The right home at the right price with the right mortgage is where we should focus. Let’s get back to filling the needs of regular folks without all the idle gossip about gloom and doom.

If you or your client can afford a $300,000 house, here are some options to consider in San Diego East County:

2542 DOUBLETREE RD, Spring Valley, CA 91978: 4 beds, 2 bath, 1,445 sq.ft., $194/sq.ft., lot 6,000 Sq. Ft., built 1972, listed 27 days. This is a two story home with AC and an extension (permit unknown), but otherwise quite ordinary. I had a similar home and was quite happy with it. A bit less than $300k- take a look.

3405 SWEETWATER SPGS, SPRING VALLEY, CA 91978: 3 beds, 2 baths, 1,250 sq.ft., $239/sq.ft., lot 10,100 Sq. Ft., built 1953, listed 65 days. What we have here is an older home on a good sized fenced corner lot. It sold for $455,000 on Mar 07, 2006. Interior has some nice features, lots of lavender color.

1138 AVOCADO AVE, El Cajon, CA 92020, near Chase: 3 beds, 2 bat, 1,228 sq.ft., $243/sq.ft. (high), lot 6,200 Sq. Ft., built 1956, listed 12 days. The pics show an attractive kitchen but, I think, a poor layout for this old house. The garage now has a bedroom and I have to wonder what other ill-advised changes have been made. There must be a sad story here as the house sold on Feb 20 for $304,849 and I doubt they’ll get anything close to that on this sale. See the next listing for an even faster and bigger drop in price.

7939 SAN CARLOS DR, San Diego, CA 92119, at the foot of Cowles Mt., near San Carlos Park: 3 beds, 2 bath, ? sq.ft., lot 5,900 Sq. Ft., built 1959, listed 1 day. We might forgive the missing info on sq. ft. except it was just sold last month- they must know! On March 4 it sold for $449k. They want $320k now but I bet you could get it for less. Bank owned/REO to sell as-is. This is a breathtakingly ordinary house that looks as though it might have had some updates in the ’70s. Nice view though.

It’s worth noting that as I look for $300k homes on the lovely Redfin map I find large empty areas on the map around Mt. Helix, Fuerte Drive, Calavo Gardens, etc. These are premium areas where homes cost more. The more affordable homes cluster in the more urban parts of Spring Valley, Lemon Grove, La Mesa and El Cajon.

I hope I’ve provided some practical info on a price range that you can use. When you buy with Redfin you can save around $6,000 on these homes. Regardless of the economy, the endless chatter about statistics and trends, these houses could be a good investment for you if you can afford them and plan to stay a while. Nothing else really matters.

Feel free to look at these related blogs:
Here’s why to Buy Now
First Time Buyer Bargains
Housing Hype & the Savvy Shopper

You can follow my East County blog or here, and Carol’s Hillcrest, North Park and Ocean Beach blog. You’re at Redfin, the unbiased source for local real estate information.

[data from generally reliable sources, please comment on any errors!]

April 14, 2008

Monday Madness - Shhh, the Tenants don’t know!

Just drive by quietly, please.

There are renters on the forums lately who are asking how they can find out if their landlord is losing the property. Too often these days, tenants find out after the sale or after the bank takes over the property. Imagine how inconvenient it is for many renters to even find the real estate forums, much less go through the registration hassle and find out where to pose their question. They are very concerned.

Are landlords always evil?

Or are they just misunderstood?

It’s a sad situation when owners & tenants can’t communicate honestly but it’s happening a lot lately. I know two Lemon Grove businesses leasing from a new owner. We were surprised to discover that the new owner is notorious and stands accused of buying rental properties, making no payments at all while collecting rents as long as he can get away with it. Then he walks away from the property leaving the tenants in financial limbo.

It’s harder for typical renters to adjust to a sudden eviction order. It takes time to accumulate the deposit, rent, and fees associated with moving to a new place plus a huge investment of search time and physical labor. OTOH, if the landlord informs them in a timely manner, will they stop paying rent immediately? For all the moralizing we hear from some segments of society, it seems real morals are harder to find these days.

Let’s see if we can find some 2 on 1 listings today. You can become a landlord and help to upgrade the image.

3243 San Carlos Drive, Spring Valley, CA 91978
Multi-family Home, two floors, 5 bedrooms, 3 baths
3000 square feet, 11,000 square foot lot, MLS# 076033818, price $699k
A two story house with beds, baths, kitchens & fireplaces on both levels and separate entrances.

8924-8926 Lamar Street, Spring Valley, CA, 91977
- a generic 2 story duplex with garages below built in 1979, MLS# 088014996, offered for $332k
Bank owned, as-is, ready to rent.

8923-8925 Lamar Street, Spring Valley CA 91977
5 br 2 ½ ba 2,240 sqft Multi-family home built in 1959, MLS# 076081377, $400k
Foreclosure, as-is, fixer.

8857/59 Lamar Street, Spring Valley, CA 91977
5 br, 2 bath divided between two units. The larger is renting for $1700. MLS# 78075018, $400k
“Unknown Permits On 3rd Bedroom”. Short sale.

2722 Central Avenue, Spring Valley CA 91977
7 br 5 ba 1,435 sq.ft., built in 1927, MLS# 086006467, $400k
Short Sale. That’s a lot of rooms squeezed into a few square feet!

Are good tenants hard to find?

There is help for new landlords.

You’ll note that all these listings are close to each other in Spring Valley. For the price of an average house, you can get a humble home and help with your mortgage payments. I’m sorry that you won’t currently find these listings with a Redfin search, but Trulia.com and others may be helpful.

Caution: Rental ownership can be dangerous. Many start out with one unit and can’t stop. Use caution if you have an addictive personality. More than 30 units and you are seriously hooked.

You can follow my East County blog or here, and Carol’s Hillcrest, North Park and Ocean Beach blog. You’re at Redfin, the unbiased source for local real estate information.

[data from generally reliable sources, please comment on any errors!]

April 12, 2008

Open House La Mesa April 12 & 13

The Jewel of the Hills welcomes you this weekend

Enjoy a quick look around La Mesa, one of the coziest communities in the county.

9820 Alto Drive, La Mesa 91941 (Mount Helix) - look at all that green!

OK, there are some problems with the Alto drive property- it’s an old listing and it’s $441/sq.ft. Nevertheless I encourage you to look at the listing, the small but lovely pictures and the excellent description. (BTW, sellers- if your agent can’t write like this, find another. Don’t pay for sloppy listings!) A 0.68 acres empty lot on this hill is worth a lot, but look at all you get for a few dollars more. Buy with Redfin and save almost $26,000. ↓

If we started on the wrong foot with that expensive house up there, this Baltimore drive home may be more to your liking. It’s a condo with the usual pool and clubhouse. ↑

Depending upon where you look, the HOA fee is either $250 or $320. There are 55 units here and it seems others are available. No previous sales information is available so it’s possible that this is a recent conversion to condos. The listing description is the usual offensive noise in ALL CAPS but that only hurts the seller and if you are a buyer you will survive and perhaps prosper because of this listing.

I’d love to hear your opinion of open houses. Is this a dying tradition? Is it worthwhile? What about you pros- have you hosted open houses and how do you feel about them?

You can follow my East County blog or here, and Carol’s Hillcrest, North Park and Ocean Beach blog. You’re at Redfin, the unbiased source for local real estate information.

[data from generally reliable sources, please comment on any errors!]