The first time home buyer tax credit extension allows a buyer to enter an agreement  with a seller by April 30, 2010 and close on the house by the end of June 30, 2010. First time home buyers are defined as anyone who has not owned a home for the past 3 years. First time home buyers will get an $8,000 tax credit, similar to the tax credit for much of 2009. Other home buyers, who have owned their current home for at least five years, are eligible for a $6,500 tax credit.

Income limitations have been increased to $125,000 for single filers and $225,000 for joint filers. The purchase price of the home must be less than $800,000. The estimated loss in tax revenue to the government comes to $10.8 billion. – creditunionsonline.com

While there was some speculation over whether the first time home buyer’s tax credit would be extended or not, I never waivered in my belief that it was coming. With banks that have used or are still using stimulus money handing out huge bonuses, there was no way the American public was going to lose this. If so, there would have been a march on Congress with pitchforks and torches!!

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definitely worth a look.

At approximately 2244 square feet, this 3 bedroom 3 bath home is approximately boasts an outstanding location for all, but especially for the family. The location in across from Aviara Oaks elementary and middle school and is just around the corner from shopping, restaurants, the movie theatre and the new Carlsbad Dove library.

The home itself features many desirable features such as cathedral style ceilings, crown molding, french doors leading to the LARGE back yard, a huge loft area that could accommodate both an office and game/recreation area while the master is spacious and private with a walk in closet complete with a organizer system. Again this home is a single level.

Check out more about the home below and if you would like to schedule a showing I can be reached at 760.415.3329.

Square footage estimate taken from the SANDICOR MLS. Brian Long’s DRE license number is  01368841

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Now I know this will not sit well with many and I understand and respect that. However if this you, you need to take action now as our county supervisors are keenly aware that housing provides a huge portion of the economic fuel the San Diego economy needs to keep going and they are willing to sacrifice a lot for the money. In order to increase revenues, we need more homes for more property tax dollars and more construction also brings additional revenue through permits, taxes and fees. Reminds me of the Guns N Roses lyric;

I used to do a little, but a little wouldn’t do it, So the little got more and more

I just keep tryin’ to get a little better, Said a little better than before- Axl Rose

This week the county planning commission voted to put dollars ahead of natural resources and potential nature related disasters(since most wildfires are caused by us, I won’t call them a natural disaster here).

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In a 5-2 vote, the commission voted to recommend the rezoning of 2300+ acres of chaparral covered hillsides off the I-15 near Lawrence Welk’s resort. This zoning change does not allow an increased density change of a few percent, but a change  in excess of 750%!!!

Yes with the collective wisdom of 5 commission members, they approved RECOMMENDING a zoning change to the county master plan that would allow the construction of up to 2700 homes from 345. The project would also include commercial areas and graciously parks and fire station. This recommendation will go to the county board of supervisors who will have deciding vote.

Water attorney Wes Peltzer spoke against Merriam Mountains at a recent planning commission meeting. He says California is in a crisis and can’t afford water for more homes.

"Which do you need more? Do you need more houses and another commercial development, or do you need water?" Peltzer said- CBS8.com

I spoke with Bob Fry, board member of the Deer Springs Fire district, and he informed me that the predicted water usage of the development upon completion would be 1.3 million gallons a day. Additionally, he was told in a separate meeting that they will not be recycling their waste water or using grey water as building a treatment facility and the additional infrastructure “does not pencil out”. Because of the rural nature of the area, the local treatment facility would not be able to treat the increase of wastewater, so the waste water would be piped to a facility in Carlsbad adding an additional 500,000 gallons of sewage flowing into the Pacific from the facilities outfall pipe.

On the topic of wildfire, a condition placed on the approval is for the developer to create an evacuation plan with the help of the local fire district. In my conversation with Mr. Fry we discussed what all of this meant to the fire district. The first thing one needs to understand in this will increase the number of residence in the fire district that takes care of these remote areas from 12,000 to approximately 20,000. When I hear about a evacuation all I can picture is the folks trying to get out of New Orleans. Having ridden extensively through this area on bike rides, many of these existing roads would be backed with 100 cars on them as they are single lane and wind and weave their way through the back country.

I know growth is inevitable, but this is far from managed growth and is actually contrary to the approved county master plan. As opposing commissioner Peder Norby said;

“Why have a General Plan if we approve projects like this?”- San Diego Union Tribune, October 24,2009

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When the real estate market was going crazy earlier this decade often times home buyers would make offers on a property just to ‘tie it up’. There was so  much competition that while you were thinking about it, someone else was buying the home. So many buyers resorted to negotiating an offer, whether they truly wanted the home or not, and then used that time or the contingency period of the contract to decide if they liked the house. Often times it seemed like the only option one had. Additionally homes were often selling for more than the asking price so you had to be prepared to offer over the asking price if you truly wanted the home.

The new strategy being implemented by some when facing competition of multiple offers in our current market is to ‘hyper-offer’. This strategy involves making what can sometimes be a ridiculously high offer hoping that seller will just see dollar signs. The problem for the seller and the savoir for the buyer lies in appraisal contingency of the California purchase contract.

The sell of the home  is contingent on the “…. property appraising for no less than the specified purchase price.”

So, you have a homes for sale for $375,000 that is actually worth about $415,000 and in the first several days you receive 4-7 offers. I call your agent, I AM USING THIS AS AN EXAMPLE AND DO NOT PRACTICE OR ADVOCATE THIS, to find out when they are presenting the offers. With this information, I submit an offer on behalf of my buyers a couple hours before the meeting at an inflated price such as $465,000. The sellers see this BIG number, starts counting their money and accept your offer.

A week goes by when you the buyer has your appraisal done, which comes in at $415,000. You then take this back to the seller and renegotiate your offer with the low appraisal. The buyer stresses that their not going to get more than the appraised value if they put decide to put their house on the market, so they may as well just continue on with you, the current buyer, at the  new lower price.

To avoid all of this, work with an agent, ME, that understands these things and will work hard to make sure you are aware of all the terms that make up the real estate purchase offer as there is so much more than the money. Though, that’s a pretty important part!!!

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It seems a Republican Congressman has put forth a proposal to create a $3500 pet tax deduction.

"When you think about the relationship between people and pets and the humane way that it helps people think, it seemed to me to be a good idea,"- Rep. Thaddeus McCotter of Michigan

Now I am all for getting the maximum from your deductions but this is ridiculous. Yes owning a pet can be expensive, I just paid about $400 for medication related to a skin allergy, but Dave, my dog, is a luxury in my life and luxury are not deductions. He’s my friend and at times my therapist. He also makes me a better person as I have often thought  back to the bumper sticker, “Let me be the person my dog thinks I am”.

Now I really don’t think there is a chance in heck that this will go anywhere but my two reasons of opposition are 1) we as a country and state can not afford this type of frivolous deduction and 2) much like not being able to adopt black cats at Halloween or bunnies at Easter, people would bring animals in to their lives for the worst reason of all only to discard them when they no longer are ‘profitable.

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home for sale located at 1025 Melba in the Cardiff/ Encinitas

While not all of these homes fall into this category, one of the primary reasons for needing to implement this strategy is procrastination on the part of homeowners in financial distress. While I do not know this seller or agent, digging a bit deeper reveals some facts that support this theory. The bank judgment amount is over $540,000 and the home is scheduled to go to trustee’s sale on 10/21, yet the house has only been on the MLS for one day. Additionally in the comment field of the SANDICOR listing we see;

All showings will be between 9-3 on Wed. Oct. 14th. NO OTHER SHOWINGS. Offers to be submitted by 6:00 Wed. night. OPEN HOUSE WED 10/14, 9-3

With this information, and from seeing this pattern before, I am making the assumption there is a huge time crunch here and unfortunately it is most likely self-inflicted.

Knowing the foreclosure process is at least 90 days, homeowners who are in trouble financially would be wise to start the loan modification and short sale processes ASAP. The longer one waits to take action the less opportunity there is to implement an action plan which often leads to failure.

If you are having troubles keeping up with your house payments, contact Brian Long for confidential consultation. Again, action, as is often the case, is the key to a successful resolution.

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The area search parameters for this particular client are pretty large in scope. We are using a map overlay from the 15 down the Sorrento Valley traffic corridor to the coast up to Carlsbad. While on the coast it does only run about 5 miles inland, but this is still a fairly large slice of real estate.

For the home itself, we have detached and attached with a garage, one or two car attached or detached, at least 2 bedrooms and 2 baths and no less than 1100 square feet in size up to $450,000. Now that is not asking alot! Consider the average home price in San Diego for August 2009 ranges from $255,000 in the South Bay area to $450,000 in the North County coast region.

So the culprit was not the system, it was the simple fact that there have not been any new listings for the system to deliver. Currently in their search there are only 40 active listings, yes only 40, and that represents less one month of inventory which is currently running at 49 sold homes a month. According to Housingtracker.net, the number of active listings in August 2008 were 11,774 versus 20,748 in August of 2007. This is definitely a seller’s market and  may be a great window of opportunity if you are looking to sell.

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Expecting to see bathrooms that were cutting edge on water conversation, big impact in small spaces(the home of the future most likely will not be the McMansions of late) or highly rated in energy efficiency, this presentation left me very disappointed. It is full of very HIGH END items such as showers with tanning lights in them or the lead shower, which is more of a portable spa unit and retails for about $25,000 not including installation.

Additionally,  there are some examples, that while cool and cutting edge with all the new information technology integrated into them, are incompatible with the reality of our diminishing fresh water capacity. I don’t see how a shower which has “digital controls to preset the four in-shower audio speakers, six shower heads (with 22 or 54 nozzles, for a rain-forest experience), steam and two hand-held shower wands.” aligns with the bathrooms of the future. For this native southern Californian, this is an example of the archaic luxury of the past destined for the Smithsonian.

However, there was one “bathroom” that really caught my eye and had me daydreaming about the ultimate home office. In place of that hurry up shower after a bike ride or morning surf to get off the work in time, relax and slip into the future. Here you will not only draw a bath, you will boot up your tub. Imagine the low stress office environment as on one plane you are on conference call, yet at a deeper level you are being swept away by your Calgon bubble bath. Ahh… serenity at the office place at last!!!

If you see me me with soap behind my ear, don’t be surprised if I start telling you about my work day.

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There are a couple homes for sale in the Cardiff area of late that are coming in at under $400,000. While researching one of these as an investment possibility, it’s a fixer, I came across this sold listing that clearly states our current market.

FORECLOSURE! 5 BEDROOM HOME, ONE BLOCK EAST OF I-5. BANK WILL FINANCE YOUR HARD TO QUALIFY BUYER W/ONLY 5% DOWN! CALL VICTOR FOR DETAILS, THIS HOUSE HAS FREEWAY NOISE, BUT AT $102/PER SQ FT YOU CAN BUY EAR PLUGS!

This was a home listing in 1994!!! While $102 a square foot is long gone and hard to qualify buyers are just that, it really struck a chord with me. It is a very accurate depiction that the real estate market is a cycle. Today this home is valued at just under $580,000.

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