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!]

Malaise: Stage II

Where have all the flowers gone?

DURING the whole of a dull, dark, and soundless day in the autumn of the year, when the clouds hung oppressively low in the heavens, I had been passing alone, on horseback, through a singularly dreary tract of country; and at length found myself, as the shades of the evening drew on, within view of the melancholy House of Usher. I know not how it was — but, with the first glimpse of the building, a sense of insufferable gloom pervaded my spirit. … I looked upon the scene before me — upon the mere house, and the simple landscape features of the domain — upon the bleak walls — upon the vacant eye-like windows — upon a few rank sedges — and upon a few white trunks of decayed trees — with an utter depression of soul …

Thus opens the THE FALL OF THE HOUSE OF USHER by the world’s first short story craftsman, Edgar Allan Poe. You can’t see it in the houses themselves, but some of the listings in San Diego East County are growing cobwebs. They’re becoming grey and cracked around the edges.

Yes, there is malaise. Buyers, sellers, lenders and Realtors feel it. The phrase “these are the times that try men’s souls” was the opening line from the pamphlet The Crisis that Thomas Paine wrote in December 1776. Today millions of Americans are feeling tried and tired. Malaise. Let’s look at some tired old listings starting with a venerable listing on the market for over 700 days:

Malaise strikes even our best friend

Stage II is difficult. Stage I was the frenzy of speculation, the recognition of a crisis, the scramble to assess the damage. Stage II is the acceptance and waiting to see the full effect. Stage III is … well, you tell me.

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!]

Monday Madness – Where’s MY Bailout?

Is taxpayer generosity misplaced?

Uncle Giveth…

There is a curious frenzy to prop up the major instigators of the housing and financial crises in the US. The only requirement for a billion dollar bailout is behaving irresponsibly and profiting immensely while so doing. Thus we see oil companies, tobacco companies, housing lenders, commercial lenders, builders, and big-time speculators reap billions from taxpayers despite their own folly. Meanwhile millions of us taxpayers are struggling to keep our dream home and our paycheck.

If you live in San Diego and particularly East County, it’s safe to assume that you are NOT among those with big government connections. You are not skimming hundreds of millions for yourself from some big financial company. You are not contributing millions to the Republican party. And of course, you are not getting a big bailout. I know that you’re asking, just as I am asking: Where’s MY Bailout? And I want you to really believe that when I say ‘Where’s my Bailout’, I’m also asking for you. It’s only fair that after I get mine, you should get something too.

Cynthia Tucker at the Atlanta Journal-Constitution asks “Are bailouts only for the big shots?” She points to the hypocrisy of Congressional Republicans; “Last week , they rushed to put together a massive handout to home builders, mortgage companies and speculators — among the prime architects of the housing bubble — but refused to go along with Democrats who wanted to give struggling homeowners a similar boost.”

An anonymous writer at AMERICAblog discusses the effects of bankruptcy reform of recent years: “It was the kind of “reform” that screwed over real people.” And even as “all the key financial players were working to make bankruptcy harder on average Americans, the financial services industry was veering unregulated to the chaos we have today.” Which is why your credit card interest rate is now allowed to reach 30% -even your drug dealer would be embarrassed to charge that much. Finally the article states; “on the same day the Federal Reserve Chairman and others were testified before a Senate panel to justify the $30 billion taxpayer backed bailout of Bear Stearns, the Senate defeated efforts to reform the nation’s bankruptcy laws.”

Patrick.net has a few gripes too. He notes the huge piles of essentially free money flowing from the Fed to the banks and asks why the rate has risen to 8% for a loan with jumbo fixed rates at Wells Fargo. Savers get less, borrowers pay more and the bankers are fat and happy. On the Bear Stearns debacle Patrick hits another nerve- according to one of his readers; “Did everyone forget that Wall St. bonuses get paid in march? The Fed just guaranteed all of Bear’s bonus checks will clear, $3+ billion!” Nice, huh? Where’s mine?

This is a real estate blog, so I’ll spare you my vitriol concerning the $18B subsidy to the rich oil companies, and I won’t even mention subsidies for corn, tobacco, sugar and other mega industries, or their negative effect upon struggling farmers around the world and the taxpayers of the US. I’ll avoid comment on the trillions of dollars committed to the ‘war on terror’ and the generous gifts we allow our congresspeople and county supervisors to give to their supporters constituency. Oh, I could go on, but where’s mine?

Boe Lindgren writes at activerain and wants to know about the; “Six billion dollar “bail out” for builders.“. He seems to feel that the people who overbuilt in the first place, contributing to today’s problems, shouldn’t be rewarded and encouraged to build more unsellable homes.

You’ve heard about the bailout of Countrywide by Bank of America but have you heard about the executives’ punishment for running the mortgage company into the ground? According to the Daily Briefing by Colin Barr there were harsh words from Senator Clinton and others for company chief Angelo Mozilo who has reaped hundreds of millions of dollars in recent years by selling Countrywide shares and expected a severance package exceeding $37M. Who said ‘words will never hurt me’? Countrywide president David Sambol is punished too, being offered only “$28 million in cash and stock if he sticks around for three years as the combined company’s head of mortgage operations…” Were it not for the scrutiny, the man would likely be offered far more. How far would those hundreds of millions go if it were used to the customers’ and investors’ benefit instead of the defective executives’?

Finally, in Too Big to Bail, Alex Epstein tells us that these financial firms are thought to be so critical to US stability that they can always count on government bailouts. That encourages them to take risks that small companies and individuals don’t dare. So far, they are correct. Those who remember the S&L bailout of the last century are seeing it all over again today. So long as they have influence on government and the silence of the public, they will always have this guarantee. And, of course, the big shot executives have nothing at all to worry about. Only the little people will suffer. Little people like me — where’s MY bailout, dammit!?!

…Uncle Taketh away

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!]

Open House 4-6-08 Sunday only

Road trip for a perfect weekend

One sweet dream
Pick up the bags and get in the limousine.
Soon we’ll be away from here.
Step on the gas and wipe that tear away,
One sweet dream came true today, came true today.

Best wishes with your weekend ventures!

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!]

Here’s why to Buy Now

An Expert says – it’s the Interest Rate

This story made a splash around the internet- it’s an interesting take on the timing of your purchase. I’ve been sitting on it for a while because I had some doubts. It is a fresh approach so I think it’s worth a look. According to Dan Kadlec of Time Magazine (Feb 25) you can buy today and not lose money even if the value of the house drops 10% in the next year. The secret is in the interest rate. Look at what happens with a home priced at $218,900 today with 20% down and a fixed 30 year loan at 5.5%; and compare to the same home whose value has dropped 10% after a year:

Price	Down Payment	Rate	Payment
$218,900	$43,780	5.5%	$994.31
$197,010	$39,402	6%	$994.94

The interest rate in this projection has risen as the recession fades and the Fed adjusts rates. You’ve waited a year in a home you don’t want, and you haven’t saved a dollar! Lots of Realtor websites jumped in and agreed with Time- BUY NOW is the thing to do. It’s simple math, easy for anyone to understand. Or is it? Read on…

Here’s a condo selling for around $200,000

Let’s look at some other $200k properties in the table below. Could you buy one today at the same total cost as it would be a year later?

Does timing your purchase have to be a gamble?

…Or can we take control of our future?

That was February’s Time and the story has changed. When you look at the story at their web site today you will note a curious discrepancy: there is no table and it seems some facts were wrong. Intrepid Adam Marquis crunched the numbers and came up with this chart summarizing his conclusion:

Price	Down Payment	Rate	Payment
$218,900	$43,780	5.5%	$994.31
$197,010	$43,780	6%	$918.69

Well now, that’s very different! I didn’t do the math, but from the start I was uncomfortable about the assumptions in the original story. It looks bad as we consider the updated figures, but there is something of value here. It’s a fairly simple matter for us to crunch our own numbers; make our own assumptions about price and interest movement. We may find that this IS the time to buy in certain situations. That’s what Redfin is all about- giving everyone the tools to take control of their own homeownership plans.

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

Monday Madness – Eating Lemon Grove, part 3

Travel the Globe in Lemon Grove

The story of food is the story of culture. In humble Lemon Grove you can taste American, Chinese, Mexican, Italian, Japanese and even that strange vegetarian culture. It’s been a couple weeks since our last outing and I know that you’re hungry so let’s return to our explorations.

We finished all the restaurants at Lemon Grove Plaza, home of Albertson’s supermarket. We’ll cross Broadway and then Massachusetts moving East.

• Jack in the Box is one of two in town. I like the Breakfast Jack- cheap, fast and packed with protein. No playground, few children. Good spot for a quick bite.
• Everyone knows Subway for a relatively healthy sandwich.
• El Pollo Grill had grilled chicken long before KFC and it’s delicioso.
• Fruit Palace Express – amazing variety of fruit salad, smoothies, fruit cocktail, sandwiches, snacks & juice.

• At the Smart & Final center are two restaurants. First China Express has a marvelous variety on its affordable menu.
• Sabor is a popular Mexican restaurant in this busy center.
  
• Across the corner is Lido’s Italian restaurant; a hit with families and the local businesspeople.

• Christies Donuts is no more, soon to be resurrected in a new complex at the same location that includes affordable housing.
• It’s a long, hungry walk from Christies to Cotijas. Cotijas is a very old favorite in Lemon Grove at a new location near the GTM store.
• The Grinder is another old standby around the corner from Cotijas on Olive St. Next weekend they are having a special BBQ with homemade sauce and more.
• Finally we’ve made it to the Trolley tracks and the Grove Pastry shop where we’ll find the tastiest desserts. While there we will note the lovely murals on the south wall depicting Lemon Grove history.
  

There’s more history just south of Broadway on Olive St. City hall, the sheriff’s station and two historic buildings, now museums compliments of the Lemon Grove Historical Society. I hope you enjoyed our tour and actually found time to visit and see for yourself. There are lots more restaurants in weeks ahead and we’ll talk about the homes and homeowners who support all these restaurants and historic places.

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

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.

Open House Countdown 3-29-2008

Top Ten Reasons NOT to Visit Open Houses

You have more important things to do, don’t you?

1. Wash the cars.
2. Visit the inlaws.
3. Get income tax documents together.
4. Mow the lawn.
5. Take dog for nail trim.
6. Watch reruns of The Simpsons.
7. Begin new fitness regimen.
8. Fix that dripping faucet.
9. Catch up on all the office paperwork.
10. Take the kids for a haircut.

Yes, of course, you’d much rather do those things than snoop around someone else’s house, wouldn’t you!

These cold facts and figures are just that. There’s nothing like going there, seeing, touching and smelling those houses. Indulging in a little fantasy about your possible future. Go ahead, do it!

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

People are Staying Home in Droves!

Extreme nonmigration strikes San Diego

U-T reporter Lori Weisberg tells us that “thousands fewer people moved out of San Diego County last year”. People still leave coastal California at a greater rate than inbound migration, but less so. The population is still growing but entirely due to births and foreign immigration. The article says that demographers believe this is due to foreclosures, mortgage market turbulence and general nervousness.

Inland areas are especially affected, the article continues. We’ve discussed this before, noting that recent expansion in inland areas (like SD county’s south east) brought recent buyers. It is the most recent buyers who are facing escalating mortgage payments even as their home value drops.

Here in the near east- El Cajon, La Mesa, Lemon Grove and Spring Valley; there are relatively few recent buyers. Many homeowners are well established and are not very concerned about the current troubles. Furthermore these homes did not experience the extreme effects of the ‘boom’ and are not as likely to have severe price degradation. Mid priced properties should be relatively stable- no big discounts for buyers, but some assurance of steady value for the future.

Let’s ponder the slowing exodus as we have a look at recently sold homes in Spring Valley:

2035 Terracina Circle, Spring Valley, CA 91977 was built in 1973 and was sold 9 times since. It has 3 beds, 1.5 baths and 1,125 sq. ft. It peaked at $355k in 2006 and sold for $215k ($191/sq.ft.) a few days ago. Lots of traffic in and out of that 35 year old condo. Where have they all gone?

2065 Hawkins Way, Spring Valley, 91977: 784 sq. ft., 2 beds, 1 bath. Some disagreement here as to be expected with technology. According to Trulia, this house is either sold or unsold and has 784 square feet or 1,950 (the second number happens to be the year built). Redfin thinks it sold in January, the listing agent is still trying to sell it. My guess is that it is a very recent sale, date unknown, and the price was $170k although they were asking only $165k.

(Get used to it- these companies are scrambling to get more and more data out to us faster and faster. Misteaks are inevitable)

3213 Helix Street, Spring Valley, 91977 is another mystery. My own Redfin site shows it as an active listing with 1,488 sq. ft., 2 beds, 2 baths, asking $360k. Farther down the page it shows ‘sales history’ where it sold for $188k on March 4, 2008 (which agrees with Trulia). The Redfin listing was modified on March 19, so maybe it is relisted. The technology gods are not always kind and all that data has to be typed by humans.

If you’ve been looking at listings long enough, you get used to some confusion. You can just pick up the phone and probably clarify things in a few minutes with the listing agent. If it’s a house you might want to buy, call your Redfin agent. That last house could save you $7,198 with Redfin.

A final thought: If people aren’t leaving San Diego, and more are moving in from outside the US, and more are being born … where will they live? Do we have enough homes for them all? How do you think this will effect future prices?

Monday Madness – The Simpson’s house

What do you look for in a new house?

To the East of San Diego, quite a bit East … actually in Nevada, is a house full of fun. This is the Simpson’s house, of TV cartoon fame, made real.

Real estate hasn’t been much fun lately. The agents, bankers, appraisers and sellers haven’t much to smile about. Buyers are eager to see prices drop, but too many of them are vultures who can’t comprehend fun. The houses themselves aren’t fun. Many are neglected, but even when new they weren’t fun. Navajo white ticky-tacky bland boxes. Now, for something completely different…

This house will knock your socks off and lose them in the laundry

This real house was built as a promotion a decade or so ago. It is fairly true to the cartoon house as you can see from the promo photos taken at that time. The staging is among the best I’ve seen, adding warmth without clutter or sterility.

C’mon inside and have a look

Architecture alive!

The Simpsons and their creators are no strangers to architecture. Marge has a personal connection to Frank Gehry who agreed to build a concert hall for Springfield. The Simpson house is clearly designed as a place where the children will experience growth, inspiration and a healthy psyche.

Simpson’s house- a virtual tour, another, and still another

This particular house may not be your cup of tea. You may have been considering a more bland and conventional home. That’s OK because someone has to buy them before the market is saturated with dull homes. But perhaps just a little color and cheer could work its way into your next home(?)

[insert your wrong opinion of this property with a comment]

Open House- East County Easter Weekend

Is land important to you?

Land can be troublesome. It wants care, and where fires are a threat it needs special attention. But land can be liberating. Cubicle workers and surfers can both appreciate having room to stretch the legs and run the dog. Today we offer something for land lovers and trouble avoiders.

7370 La Mesita Place in La Mesa – Belvedere homes

Don’t complicate my life with land, give me a trouble free home.

7370 La Mesita Place in La Mesa is one of seven townhomes available in this 21 unit project recently built. Open Saturday, this unit has 2 bedrooms, 2.5 baths and 1321 square feet. It’s a three story home with a 2 car attached garage, central air & heat and some interesting architectural features. It sold about a year ago for $469k and now they’re asking $400k. Information is incomplete and it’s not clear if there is a HOA fee.

170 Landale Lane, El Cajon (Granite Hills) open Saturday. 2,167 square feet; 4 bedrooms, 3 baths going for a steep $345 per square foot, a total of $748 thousand. It’s been listed 33 days, built in 1960 and sits on 1.63 spacious acres. If you can survive reading the blinding solid block of run-on capital letter text you will learn that it has a pool, security system and automatic gate. Similar homes nearby have sold for more and for less- Zillow estimates the value at $618k. At the listed price, Redfin would refund about $15,000.

” Oh, give me land, lots of land under starry skies above, Don’t fence me in…” Bing Crosby popularized this Cole Porter song, and now is your chance to own a nice piece of California land for less than 1/2 million dollars. 269 Lilac Drive in El Cajon is open Saturday for your viewing pleasure. It’s a tiny house- 2bed, 1 bath, 770 sq.ft. and outrageously priced at $552/sq.ft. But it’s only $425k and it comes with 4.4 acres of LAND. Built in 1945, it’s been listed about 24 days. Save $8,500 with Redfin.

269 Lilac Drive in El Cajon

Not much house, but lots of land.

Happy hunting and happy Easter to you!

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