Real Estate Investment Opportunities

May 6, 2008

Investors who like to buy homes and multi-unit structures for rentals are finding that college towns are among the most potential markets. While most property values are declining, those in college towns are generally rising, and there is always an ample supply of renters (students and others) in these areas.

It’s more than just a large population of students that makes these areas appealing to investors. Retirees and professionals are increasingly selecting a college town for their residence due it its special lifestyle and availability of cultural activities. One study of these markets found that 17 of 25 college towns outperformed their respective states in terms of home price appreciation last year. In Palo Alto, California, home to Stanford University, median home prices increased 15 percent last year compared with the previous year, while overall real estate prices in California dropped by nine percent. In Austin, Texas, home of the University of Texas, prices increased by six percent, while values in the rest of the state remained flat.

 

Posted in Real Estate No Comments »           

Cinco de Mayo

May 5, 2008

Posted in Fun Stuff - Cartoons, Holidays, Celebrity Sightings, Things of Interest, My San Diego Trip, Local Business, Upcoming Events, All Things San Diego No Comments »           

Good-Bad News For Today’s Home Buyers

May 4, 2008

Many homebuyers, particularly first-time buyers, are very happy to see home prices dropping in their local market. However, they now face tougher requirements in finding mortgage financing for their newly purchased residence. Mortgage interest rates have been generally rising, with occasional downward dips as was recently experienced. But they are still very low, compared with past years. That’s the good news. But most lenders are now requiring larger down payments and higher credit scores before accepting an application. They don’t want to be burned again with more foreclosures.

During the period from July, 2006, to June, 2007, about 45 percent of first-time homebuyers opted for 100 percent financing of their new home, according to a report from the National Association of Realtors. The median percentage that first-time buyers financed was 98 percent of the home’s price. Today’s borrowers have to verify their income and their financial assets to lenders in most cases. There are very few lenders who accept no-documentation or low-doc mortgage applications, it was noted by Frank Nothaft, chief economist for Freddie Mac, a major government-sponsored buyer of mortgages.

"The FICO credit score of 660 to 680 is now the minimum most lenders will consider to prove a borrower’s creditworthiness," Nothaft said. Some industry leaders now say that a five percent downpayment on a home purchase is normally the minimum amount required in today’s market. "First-time homebuyers in many markets will soon need even more money for a downpayment - maybe a minimum of 10 percent," said Guy Cecala, publisher of Inside Mortgage Finance. "And I think before too long we’re going to see the required downpayment up to 15 to 20 percent."

 

Posted in Lending, Real Estate No Comments »           

Proposal To Decrease Conforming Rate Cancelled

May 3, 2008

The proposal to decrease conforming mortgage loan limits from the current level of $417,000 has been squelched by the Office of Federal Housing Enterprise Oversight. Any amount over that limit is considered a "jumbo" loan, since it is not salable to the major secondary buyers of mortgages thus making them more expensive for borrowers.

Leading real estate organizations applaud the decision to scuttle the proposal. "The decision to reverse the proposal to establish new guidelines that could have resulted in lower conforming loan limits is welcome news for the housing sector," said Jerry Howard, executive VP of the National Association of Home Builders.

 

Posted in Lending, Real Estate No Comments »           

Sales Of Super-Luxury Homes Robust

May 3, 2008

Many multimillion dollar homes don’t seem to be affected by the highly publicized housing slump. Their prices remain firm or continue to rise, and there’s an ample supply of affluent buyers ready and will to buy - many opting for an all cash purchase transaction.

One reason for that strong market niche is that the nation’s rich people are getting richer and they want to show their elevated status in the home they live in. Also, an increasing number of super luxury homes are being acquired by very rich foreigners who want a residence in the U.S. and want to take advantage of the weak dollar and relatively bargain prices.

In today’s market, the ultra-high-end market means homes above $5 million. Lower priced luxury homes, ranging from $1 through $4 million, are often more difficult to sell and are more likely to reduce their price. This is because the credit crunch is making it more difficult for buyers of these properties to qualify for mortgage financing. That makes it tough on homeowners who want to trade up to a luxury home.

Marketing an ultra-luxury home has become a very sophisticated process. Owners will often require a comprehensive marketing plan from a brokerage firm before listing the property with them. Such a plan will include advertising in strategic media - local, national and international media. Creation of a brochure, sending out direct mail, and promoting the property on Websites are musts.

Producing open house events is usually included. These are "by invitation only" events, and only persons who have the financial capability to buy are invited, or perhaps those who maintain close communication with very affluent individuals. Individual inspection tours of the property are given to people who have been checked out financially in advance.

 

 

Posted in Real Estate No Comments »           

Interest Rates Down, Existing Home Sales Up

May 2, 2008

Mortgage interest rates are down, while sales of existing homes are up - a welcome development for consumers and real estate professionals. The long awaited increase in sales is a big and important event, carried by all major news media. At this writing, the average rate for a 30-year, fixed-rate mortgage is 5.85 percent, down from 6.13 percent just a week ago. Last year at this time, the average interest rate was 6.16 percent. Borrowers pay an average of 0.4 points (percentage of loan).

"Mortgage rates fell as various actions were taken to improve market liquidity," said Frank Nothaft, chief economist for Freddie Mac, a major government-sponsored buyer of existing mortgages. "Also, the inflation report from the Consumer Price Index reflected weaker price increases than expected. It reported no change in February, including food and energy costs. That’s the first time the CPI did not report a monthly increase since November, 2006."

The lowering of rates sparked a sharp increase in the number of mortgage applications for home purchase transactions and refinances, according to a report from the Mortgage Bankers Association. "The Federal Reserve acted to bring stability to the mortgage-backed securities market and we saw an immediate impact with a drop in mortgage rates," said Jay Brinkmann, MBA’s VP of research.

Existing home sales, including single-family homes, townhomes and condominiums, rose 2.9 percent to a seasonally adjusted annual rate of 5.03 million units in February. That’s up from 4.89 million units in January. "We’re not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilizing," said Lawrence Yun, chief economist for the National Association of Realtors. "Buyers are taking advantage of higher loan limits for both FHA and conventional mortgage, thus unleashing some pent-up demand. As inventories are drawn down, prices in many markets should go positive later this year."

About half of the nation’s metro areas are now showing home price increases, with healthy gains in some markets, he added. "In some areas, a recent rapid price decline has induced buyers to come into the market, and sales are now rising. The relationship between home prices, interest rates and income has improved to the point where buyers are more serious about making offers." Sales of existing single-family homes increased 2.8 percent in February, while sales of existing condominiums rose by 3.7 percent.

 

Posted in Real Estate No Comments »           

Mortgages Tailored to Islamic Home Buyers

May 1, 2008

A few years ago, an Islamic home buyer would have found it almost impossible to get a mortgage compliant with Islam’s sharia law, which prevents the faithful from paying interest.

Today, sharia-compliant loans are a growing market. In a report last month, credit-rating agency Moody’s Investors Service said the global Islamic finance market has increased about 15 percent in each of the past three years and is now worth about $700 billion worldwide.

All the largest lenders, including Citigroup, HSBC, and Deutsche Bank, have affiliates devoted to Islamic finance.

An Islamic mortgage looks like a lease-to-own deal. The bank, not the borrower, buys the house. The borrower makes installment payments to the bank for a period of years, at the end of which he or she gets the title to the house.

Source: USA Today

Posted in Lending, Real Estate No Comments »           

Padres Schedule - May 2008

April 30, 2008

DATE             OPPONENT      TIME

Thu,    5/1      at Phillies         4:05p
Fri,      5/2      at Marlins          4:10p
Sat,     5/3      at Marlins          4:10p
Sun,   5/4       at Marlins        10:10a
Tue,   5/6       at Braves           4:00p
Wed,  5/7       at Braves           4:00p
Thu,   5/8       at Braves         10:00a
Fri,     5/9       Rockies             7:05p
Sat,    5/10     Rockies            7:05p
Sun,   5/11     Rockies           1:05p
Mon,   5/12     at Cubs            5:05p
Tue,    5/13     at Cubs            5:05p
Wed,  5/14     at Cubs            5:05p
Thu,    5/15     at Cubs         11:20a
Fri,      5/16     at Mariners     7:10p
Sat,     5/17    at Mariners      7:10p
Sun,    5/18    at Mariners      1:10p
Mon,    5/19    Cardinals        7:05p
Tue,    5/20     Cardinals       7:05p
Wed,   5/21     Cardinals       7:05p
Thu,    5/22      Reds              7:05p
Fri,      5/23      Reds              7:05p
Sat,     5/24     Reds               7:05p
Sun,    5/25     Reds              1:05p
Tue,    5/27     Nationals       7:05p
Wed,   5/28     Nationals       7:05p
Thu,    5/29     Nationals     12:35p
Fri,      5/30     at Giants         7:15p
Sat,     5/31     at Giants        1:05p

Posted in Celebrity Sightings, Padres Baseball, Fun Stuff - Cartoons, Upcoming Events, Local Business, All Things San Diego No Comments »           

Feds Charge 19 With Mortgage Fraud

April 29, 2008

Federal prosecutors announced 19 indictments Monday in a mortgage scheme that stole nearly $13 million in home equity and victimized more than 100 home owners.

Under the scam, home owners facing foreclosure were promised lower home payments and cash up-front if they agreed to add another name to their home’s title. The victims were led to believe they were paying rent to the investors to give them time to get their affairs in order, according to officials.

Prosecutors say the scam was headed by Charles Head of La Habra, Calif. Prosecutors say additional indictments are likely as they continue investigating.

In all, prosecutors say Head defrauded 115 financially strapped home owners in 22 states of at least $12.6 million. The fraud began in and continued through 2006.

Victims ranged from first-time home buyers to the elderly and cost 90 percent of the victims their homes, said Assistant U.S. Attorney Ellen Endrizzi.

Posted in Lending, Real Estate No Comments »           

San Diego Events - May 2008

April 28, 2008

Allied Gardens SpringFest      May 2-3

The community of Allied Gardens is celebrating the season of Spring with a festival. Today, the event will take place in the evening and will offer entertaining music, tasty food, a beer garden for adults and carnival rides for children. 6:00pm - 9:00pm. Allied Gardens Community Park (5155 Greenbrier Ave.) Margaret Green (619) 972-2240 or www.navajoevents.com

 

AAUW Fun Walk for Education     May 3

This event will obtain funds to provide scholarships to women striving to enrich their lives through research, education, and commitment. 7:30am - 10:00am. Lake Murray. Shirley Stowers (619) 447-4721

 

Walk for Animals     May 3

You and your dog can join other people and their dogs at a sponsorship walk to help raise funds to support animal shelters. A Vendor Village accompanies the event where you can browse and shop for pet merchandise. 7:30am - 2:00pm. Mission Bay (Crown Point Shores) Debra Hansen (619) 243-3408 or www.sdhumane.org

 

Barrio Logan Grand Prix Bicycle Race     May 3

As San Diego’s largest bicycle race, the event consists of a day of fast-paced cycling on a "figure 8" course for professional, amateur, and first-year cyclists. FREE helmets are given to the first 300 kids who register! This event is in conjunction with the "Barrio Logan Grand Prix" Health Fair. 7:30am - 5:00pm. $15.00 - $30.00.

Ralph Elliott (619) 239-4321 or www.sdbc.org

 

Union-Tribune Kids Magic Mile     May 3

Dr. Suess characters invite children and their parents to have a fun day with exercise. The event offers a series of 1-mile runs and walks for different age groups. Each child that participates will receive a book, medal, and a t-shirt. 8:00am - 12:00pm. Balboa Park.

Leisha Battles (760) 692-2900 or www.utraceforliteracy.com

 

Adams Avenue Roots & Folk Festival     May 3

It’s a music and art showcase featuring 7 stages with musical performances of folk, cajun, country, gospel, jazz, blues, and bluegrass. Exotic foods, crafty merchandise, beer, games, and activities are other highlights to be enjoyed. 10:00am - 7:00pm.

Jim Schneider (619) 282-7329 or www.adamsaveonline.com

 

Old Town Cinco de Mayo     May 3-4

Old Town will come alive with a celebration of art, culture, and history of the 1800’s. Come for a ride in a horse drawn stagecoach, enjoy music and dancing, engage in activities, visit museums and specialty shops, and dine on delicious food and drink. 11:00am - 10:00pm. San Diego Avenue. Laurel McFarlane (619) 233-5008  or www.fiestaoldtown.com

 

Cinco de Mayo Celebration - Gringo’s Cantina     May 3

It’s a place to indulge in traditional Mexican fare with delicious food, salty margaritas, and entertaining D.J. music. Proceeds will benefit the Food Bank. 12:00pm - midnight. Gringo’s Cantina parking lot (4474 Mission Blvd.) Jennifer Perkins (858) 273-8440 or www.gringoscantina.com 

 

Spring Sprint Triathlon & Duathlon     May 4

The Sprint course consists of a 1/4-mile swim, 9-mile cycle, and a 3-mile run. The Super Sprint course consists of a 1-mile swim, 9-mile cycle, and a 3-mile run.  7:00am - 11:00am. East Mission Bay (South Shores Park & Fiesta Island Roadway)  $68.00-$78.00 (individual) ~ $75.00-$85.00 (relay team) Rick Kozlowski (858) 268-1250 or www.kozenterprises.com

 

Union-Tribune Race for Literacy     May 4

Dr. Suess characters invite you to join this popular 8K run/walk. Proceeds from the event will support literacy programs to improve reading abilities for all ages. 8:00am - 11:00am. Balboa Park. $22.00 - $30.00. Leisha Battles (760) 692-2900 or www.utraceforliteracy.com

 

San Diego Healing Arts Festival     May 4

If you have a condition that doesn’t go away with conventional medicine, this health fair might have something that can help. It promotes healing alternatives through music, presentations, and products. 10:00am - 6:00pm. Balboa Park. Ryan Altman (619) 261-1418 or www.althealnet.org

 

San Diego Children’s Book Festival     May 4

Children and teens are encouraged to come to this book festival that promotes literacy and the San Diego Public Library. They’ll experience the magic of books and meet some of the top authors and illustrators.10:00am - 4:30pm. Nobel Recreation Center (8820 Judical Dr.) ~ North Park University Community Library. Marion Moss Hubbard (619) 236-5848 or  www.sandiegobookfestival.org

 

Fiesta de los Peñasquitos     May 4

Rancho Peñasquitos is hosting a community festival showcasing local musicians, artists, businesses, schools, and service organizations. 11:00am - 5:00pm. Black Mountain Rd. between Twin Trails Dr. & Carmel Mountain Rd. Rozanna Zane (858) 324-1881 or www.fiestapq.com

 

The New Children’s Museum Opening Celebration     May 4

The new Children’s Museum is celebrating the opening of its new home in downtown SD. Mayor Sanders and other dignitaries will be there. 12:00pm - 4:00pm. Children’s Museum (200 West Island Ave.) Jessica Hanson (619) 233-8792 x-104 or www.thinkplaycreate.org

 

Cinco de Mayo Celebration Old Town Mexican Cafe     May 5

You and your friends can experience the pleasures of live mariachi music, frosty margaritas, cold beer, and great tasting Mexican food. 12:00pm - 11:00pm. Old Town Mexican Cafe parking lot (2489 San Diego Ave.) Herb Lizalde (619) 297-4330

 

Cinco de Mayo Celebration The Alamo Restaurant     May 5

Old Town will be a busy place during the celebration, so come early with your friends to find a place to sit and relax with margaritas and a delicious dinner.  12:00pm - midnight. The Alamo restaurant (2502 San Diego Ave.) Steve Pinzini (619) 851-2933

 

Cinco de Mayo Celebration On The Border Restaurant    May 5

Contemporary rock music will set the mood to meet and mingle. Guests can purchase tickets for delicious dinners, salty margaritas, cold beer, and fine tequilas. 4:00pm - midnight. On The Border restaurant (1770 Camino De La Reina) Brett Almquist (619) 283-4432

 

California Liver Walk     May 10

The event offers a rare opportunity to take a 5K or a 1.5K safari within the San Diego Zoo and surrounding area. Proceeds from this event will benefit research programs for liver disease.  6:30am - 10:00am. Balboa Park. $35.00 (adult) ~ $25.00 (child age 2-14) Kristin Luton (619) 291-5483 or www.liverfoundation.org 

 

Beach Soccer Jam     May 10-11

On the Fiesta Island sand, hundreds of players will battle it out to prove their individual soccer skills. Youths, adults, men, and women will compete in high form with plenty of fast-paced action. 8:00am - 6:00pm. East Mission Bay (Fiesta Island) Raffi Ruotolo (858) 204-6630 or www.beachsoccerjam.com

 

Surfrider Beach to Brewery Bike Ride & Music Fest   May 10

An adult (age 21+) event will begin with a bike ride and conclude with a fun bash at the Karl Strauss Brewery. Although the bike ride is optional, the event at the brewery will be the highlight of the day. 11:00am - 7:00pm. $15.00 - $20.00. Melody Daversa (858) 273-2739 x-335 or www.karlstrauss.com

 

Y-ME Breast Cancer Walk to Empower     May 11

You can make Mother’s Day an extra special day by joining a walk where the proceeds provide programs and services for breast cancer patients, survivors, and their families. The walk will take place at South Mission Bay. 8:00am - 12:00pm. Kimberly Matranga (858) 625-4667 or www.Y-ME.org

 

Girls on the Run 5K Fun Run     May 11

Girls (age 8-12) are encouraged to join a 5K fitness run at Balboa Park that also educates and prepares girls for a lifetime of self-respect and healthy living. 8:00am - 11:00am. $30.00. Megan O’Dowd (619) 578-7456 or  www.gotrsd.org 

 

Great Strides Walk for Cystic Fibrosis     May 17

Participants will receive a picnic lunch and a chance to mingle and relax at the bay. The McGruff Crime Dog, a stilt walker, a caricature artist, and a clown will be there. 7:00am - 12:00pm. East Mission Bay. Jacquie Durchover (858) 578-2945 or www.cff.org

 

San Ysidro Day     May 17

Residents can enjoy a festive day with tasty food, fun games, and booths offering information about local businesses, health, and services. 11:00am - 5:00pm. San Ysidro Comm. Park (212 West Park Ave.) Monica Hernandez (619) 428-1115 or www.casafamiliar.org

 

Art With Heart     May 17

While being entertained by a jazz ensemble, you can browse through jewlery, pottery, sculpture, stationary, wearable art, fiber art, and more. Delicious food and refreshing beer will be available. 2:00pm - 7:00pm. Kensington (Adams Ave. & North Talmadge Dr.) $10.00 (encludes entrance to artist booths, vouchers for food/beverage, and opportunity an drawing) Lorraine Iverson (619) 997-0822 or www.artwithheartfestival.com 

 

North Park Festival of the Arts     May 18

4-stages of entertainment by local bands and dance groups. Large selection of fine art, handmade crafts, and community information; plus delicious international foods and a special entertainment area just for kids. 10:00am - 6:00pm. University Avenue. Elizabeth Studebaker (619) 294-2501 or www.northparkmainstreet.com

 

Fiesta Siciliana     May 18

While celebrating Sicilian-Italian American heritage, you can enjoy delicous cuisine from local restaurants in a festive setting at Little Italy. A mixture of music, beer, wine, and dancing. 10:00am - 6:00pm. Bernadette Tarantino (619) 733-0483

 

Scripps Ranch Community Festival     May 18

Residents in Scripps Ranch can acquaint themselves with neighborhood services and organizations while enjoying a festival offering food, crafts, music, dancing, and child performances. 11:00am - 7:30pm. Scripps Ranch Community Park (11454 Blue Cypress Rd.) Bev Cassity (858) 586-7933 or  www.scrippsranch.com

 

NBC 7/39/Subway Freedom is Not Free Drive     May 23

Freedom comes at a cost. Wounded service members, their families, and the families of the fatally wounded can use your support. You’ll receive a wristband for your contribution of a dollar or more at a drop off site located in downtown at Broadway Circle. 6:00am - 1:00pm. Downtown San Diego ( Broadway Circle near 3rd Ave.) Isabel Valdez (619) 578-0502 or www.nbcsandiego.com

 

San Diego All American Soap Box Derby     May 24

Youths (age 8-17) will be racing gravity cars down a slanted hill in Sherman Heights. The soap box cars are created by the youths under supervised guidance that teaches basic skills of workmanship. 9:00am - 6:00pm. Sherman Heights (25th Street between Imperial Ave. & Market St.) James Justus (619) 234-3751 or www.aasbd.com

 

Craft and Destroy - A Craft Fair to End AIDS     May 24

The purpose of this craft fair is to help raise awareness and funds for programs and services regarding HIV/AIDS. Amid entertaining music, local crafters will be selling art, knit hats, scarves, bags, clothing, and accessories. 12:00pm - 6:00pm. North Park (The Rubber Rose parking lot - 3812 Ray St.) Carla Concha (619) 992-9613

 

KIFM Smooth Jazz Gaslamp Festival     May 24

KIFM 98.1 is inviting persons age 21+ to the Gaslamp Quarter to enjoy smooth jazz sounds on two outdoor stages and in a dozen indoor clubs. It’s a great place to dance and dine in pleasure

with delicious food and spirits. 1:00pm - 10:00pm. $42.00 - $47.00. Tricia Tellier (619) 233-5227 or www.kifm.com

 

Ethnic Food Fair     May 25

Come and enjoy a Spring day at Balboa Park where a cultural food festival will be offering a delicious assortment of ethnic foods plus music, song, and costumed dance performances. 10:00am - 4:30pm. Hannu Mikkonen (619) 729-8234 or www.sdhpr.org

 

Holiday at Home Relay Race     May 26

The community of Kensington is hosting a running event as a kick-off to a parade. It consists of a 1-mile relay of 4-person teams of various ages and abilities. This event is in conjunction with the "Holiday at Home Parade" and the "Holiday at Home Bazaar". 9:00am - 10:30am. Marlborough Avenue. Julie Braden (619) 234-2266

 

Healing Our Communities Health Fair Celebration     May 31

This health fair is promoting health awareness in a fun and friendly atmosphere. While enjoying staged entertainment and tasty cuisine, you can pick up information on HIV prevention, hepatitis, cancer, tuberculosis, and diabetes. The event will have a climbing wall, jumpers, a clown, and more. 10:00am - 3:00pm. 3055 Imperial Avenue. Catrina Flores (619) 515-2438

 

A Day in the Fourth     May 31

Youths in the community of Skyline’s fourth district have organized an exciting event featuring basketball tournaments, step dancing, and a marketplace offering food, merchandise, and information services. The highlight of the event is the music provided by local bands, DJ, and radio stations. 10:00am - 5:00 pm. Martin Luther King Jr. Park (6401 Skyline Dr.) Derrick White (619) 236-6644

 

 

Posted in Run/Walk, Water Events, Fun Stuff - Cartoons, Hike - Bike - Kayak, Local Business, Upcoming Events, All Things San Diego No Comments »