560 First Ave,
San Diego, CA 92101
I have two new listings at the Hard Rock Hotel. The first is a 10th floor king 1 bedroom that faces north. This unit is considerably larger and has a great living room and bar area. It also has a Juliet balcony (sliding french doors that open, but there’s no where to step out onto) which not all units have. This is NOT a short sale and the seller can close quickly. Recent sales are as high as $219,900 for this type of unit, but prices are on the rise.
The second is a 6th floor king studio that faces south, towards the Convention Center. This is a short sale and is listed at $180K. Recent comps are around $176K, but limited inventory seems to be driving the prices up. While I don’t have revenue figures for this unit, I would guess that it earns around $23K a year (based on other units I’ve seen in the past years).
Prices have gone up as much as 30% in the past year at the Hard Rock and demand has never been higher. If you’re interested in either of these units, or any other real estate in San Diego, please let me know. Denny Oh 858-243-2092 [email protected]
Comparing the first three quarters of 2011 to 2012, we can clearly see that San Diego’s real estate market is making a strong recovery. The average condo price has risen 6.27% and while the average detached home price has only gone up about 1%, the total number of detached home sales has increased by 15.19% (condo sales have increased by 1.36%). Also, 2012 has had over $1.4 billion more in sales than 2011. Not bad San Diego!
People are always talking about how many foreclosures there are and how many short sales there are in San Diego. The problem with that though, is that most people don’t know what they’re talking about. I don’t mean that in a rude way, but the truth is that only a small percentage of people are actively trying to buy or sell real estate and most people don’t know what’s really going on. Looking at the first three quarters for the last three years, we can see a pretty clear trend in the downtown San Diego real estate market.
A new listing just come up at The Grande South and it’s the large, 1,944 sqft E plan. This in my opinion, is one of the best layouts of all condos downtown. It’s a 2BR+Den/2BA condo with two balconies. It’s on the west side of the building and has views to the north, west and south. This new Grande South condo is on the 30th floor, which is plenty high (you want to be above about the 20th floor to tolerate the Holiday Inn and about the 25th for it to be a complete non-factor).
This new listing is a short sale though, but short sales are moving much faster than they used to. Read the rest of this entry »
September 26th, 2012 Categories: San Diego Short Sales
Did you know that you can now complete a short sale without having it affect your credit score?! In the past, banks wouldn’t even talk to you about doing a short sale until you were behind on your payments. Now, banks are working with sellers to do short sales without them missing a payment, which means their credit isn’t hurt! This is huge for people who worry about their jobs/security clearance being affected by their credit going down.
In case you haven’t heard, it’s much easier to complete a short sale with JP Morgan Chase now. The last one I did took a few months and now they’re getting even easier! According to a Chase REO specialist I met with today, Chase has streamlined its short sale process and they’re doing everything they can to help people either keep their homes (via a loan modification), or short sell it (if they qualify). If you’re home is upside down and you want help keeping it, or want help selling it, READ THIS BLOG!
If you owe more on your mortgage than the home is worth and you want to keep the home, a loan modification may be the solution. Read the rest of this entry »
July 10th, 2012 Categories: San Diego Short Sales
According to Wikipedia, “a strategic default is the decision by a borrower to stop making payments (i.e., to default) on a debt despite having the financial ability to make the payments.” That’s pretty clear right? You’re upside down(owe more than it’s worth) on your home and you decide it’s better to short sell the home, rather than continue owning a depreciated asset. In San Diego, where it’s not uncommon to find properties that are 30-50% below peak values, short sales and strategic defaults are as plentiful as its palm trees and sunny days.
(858) 243-2092 [email protected] DRE#01420194