Blog for San Diego Home Buyers

Buying a Home in San Diego

New Blog Coming Soon to Globella.com!

For those of you who have been following this blog, you will be happy to know that we are working on implementing a new blog for San Diego home buyers on our main website, http://globella.com!

Globella.com is currently undergoing a site re-design, but we are adding fresh content every day, and we are excited about the resources that will be available to San Diego home buyers through our new website and blog!

Sincerely,

Justin Gramm

http://globella.com

New Client Testimonial - From Steve in San Diego

When I first began researching realtors, I got a lot of suggestions from friends and family members. I was most concerned with finding someone who was accessible and who knew the area I would be looking in. My mortgage consultant referred me to Justin because he was an Exclusive Buyer Agent, so he would have no bias when presenting me with options for my first home. Despite my initial unease with the idea of having to sign a contract to do business, it was good to know that Justin wouldn't have any pretense to show me particular homes for extra commission. Additionally, I appreciated that he only services a few clients at a time, meaning he would have more time for me than a traditional realtor at a large firm might.

This was evidenced during the first few days I worked with Justin. He was always quick to call me back, and within a few days of identifying what I was looking for we were actually looking at properties. Within a matter of days we saw over 25 homes. I did not expect the process to go so quickly!

As a first time home buyer, I wasn't sure what to expect as far as the whole process goes. Justin did a great job of informing me about what things to pay attention to, and what to look for. He is very knowledgeable and knows how to communicate effectively. When I felt confused I knew I could call him and get a straight answer.

I also appreciated that he made me aware of time he would be out of town, and how I'd be able to keep in contact with him during that time. He was available not only while out of town, but nights and weekends as well. He really did a great job of working around my schedule and making the process as convenient as possible.

Overall, the experience was a great one, and I am ecstatic to say I've had an offer accepted on the home of my dreams in a matter of a few weeks! I would recommend Justin to anyone getting ready to buy a home in the San Diego area. You won't be disappointed.

Steve in San Diego

***From Justin: I just finished helping Steve purchase his first home a few weeks ago. He was great to work with!

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Testimonial Letter from Chuck Smith

I represented Chuck Smith on the purchase of a condo at North Coast Village in Oceanside, CA. The condo Chuck bought was listed as a short sale, and we went through a seven-month process of waiting and strategizing before the transaction finally went through for Chuck. Chuck recently sent me this testimonial letter. Thanks, Chuck, for the great letter! Our goal at Globella Buyers Realty is to provide such great customer service that each client becomes as big a fan as Chuck is.

"February 15th 2010 Newly Listed Del Mar Real Estate Listings, San Diego, CA"

Here are the newly listed Del Mar real estate listings for February 15th, 2010:

There is a 1-bedroom/1-bathroom condo listed for sale for $169,000.

There is a 3-bedroom/3-bathroom detached home listed for sale for $1,395,000.

There is a 5-bedroom/6-bathroom detached home listed for sale for $2,649,000.

It's Super Bowl Time! Colts or Saints?

Some friends are coming over. The food is on the table. The TV pre-game show is on. I figure that most of the country is doing the same thing as I am today, and I was just wondering... who's going to win today? Colts? Saints?

Since my San Diego Chargers were eliminated, I am simply rooting for a close game today. This could be a fun one!

Rancho Santa Fe Real Estate - February 2010 Market Update

Eleven Rancho Santa Fe real estate listings closed in January 2010 per the Sandicor MLS. All of the eleven were detached homes, ranging in price from $1,225,000 to $7,800,000. The highest sale price per square foot was $604.67/sf, and the lowest was $302.48/sf.

• One of the homes sold for $1,395,000 less than the list price.
• All eleven sellers/listing agents offered a commission to the buyer's agent.
• Nine of the eleven transactions had both parties represented by a different agent (a seller's agent and a buyer's agent).
• Two of the transactions were transactions in which dual agency possibly occurred (which means the seller's agent possibly also represented the buyer). Actually, all we know from Sandicor is that the listing agent is also listed as the buyer's agent. Whether or not the real estate agent acted as a dual agent or only as an agent for the seller isn't disclosed.
• Eight of the eleven closed Rancho Santa Fe real estate listings were located in a neighborhood called Covenant (or The Covenant).
• Two were in Fairbanks Ranch. One was in Del Ray Estates.
• The largest lot was larger than than 4 acres.
• The smallest lot was possibly as small as 0.25 acre.

What's currently for sale in Rancho Santa Fe?

• There are currently 217 Rancho Santa Fe real estate listings for sale in the 92067 zip code.
• These 217 listings range in price from $795,000 to $29,900,000.
• 214 of the 217 Rancho Santa Fe real estate listings are detached homes.
• Eight of the 217 listings are listed as short sales.
• Currently, there are 17 properties listed as "pending" in Sandicor, ranging in price from $845,000 to $7,995,000.
• There are also 12 listings marked as "contingent." Look for a future post from me that explains what "contingent" means in Sandicor terms.

Search for Rancho Santa Fe real estate listings on our website at globella.com.

All date reported in this post was taken from Sandicor on 2/4/2010.

Testimonial from a Short Sale Facilitator

I received this email from JD Clayton of Progressive Loan Solutions in San Diego, California. JD was hired by the listing agent on a short sale listing (that I represented the buyer on). JD's job was to be the intermediary who communicated with the banks in the short sale transaction. This particular transaction took longer than seven months to complete, and JD was there working on it the entire time. I had quite a few conversations with her throughout those seven months. Here's the email I received from her just before Christmas:

Justin.

I wanted to take a moment to say "thank you" for all you did to facilitate the closing of (seller's) Oceanside property. 

I need to add that you are in the top 1% of realtors that I have dealt with during my tenure in this business, which spans over 3 decades.  You are extremely professional, never ruffled and willing to go 150% to get the job done, such as insuring that the termite inspection was completed, well after normal hours and great driving distance on your part.

It was such a pleasure to work with you, I can only hope that I have the opportunity to work with you again sometime in the future.

Happy Holidays!

JD Clayton

Del Mar Real Estate For Sale and Sold - February 2010 Market Update

Last month (January 2010), seven Del Mar real estate listings sold through the Sandicor multiple listing service (MLS), ranging in price from $685,000 to $1,700,000 (all in the 92014 zip code). Two of the seven real estate listings that closed were listed as short sales. Another two were listed as bank-owned foreclosures. The remaining three were listed as normal (traditional) listings.

• Six of them were detached homes in Del Mar. One was a townhome.
• The two short sales sold for $685,000 and $802,000. Both were detached homes (built in 1971 and 1975).
• Six of the transactions had two agents involved (an agent representing the seller and an agent representing the buyer).
• One listing sold with the listing agent also representing the buyer (This is called dual agency). That one sold for higher than the list price and was over $1,000,000. It was on the market for only 11 days.
• The average time on market was 93 days. The longest was 187 days, and the shortest was 11 days.
• None of these Del Mar homes for sale were located right on the beach.

What's currently on the market in Del Mar?

• Currently (as of February 4th), there are 132 residential Del Mar real estate listings for sale in 92014, ranging in price from $195,000 to $61,000,000.
• There are 97 detached homes for sale in Del Mar, ranging in price from $775,000 to $61,000,000.
• There are 16 Del Mar townhomes for sale, ranging in price from $469,000 to $3,350,000.
• The rest are listed as "all other attached" (mostly Del Mar condos), ranging in price from $195,000 to $5,995,000.
• Only two of the 132 Del Mar properties for sale are listed as short sales.

What's in escrow?

• There are 20 properties currently listed as "pending" in the MLS, ranging in price from $349,000 to $5,395,000.
• There are also nine properties listed as "contingent." Contingent doesn't necessarily mean "in escrow." Stay tuned for a future post about the definition of "contingent" as a status field in the Sandicor MLS.

Del Mar is one of my favorite areas of San Diego, and the Del Mar real estate market certainly is an interesting market at the moment.

Search Del Mar real estate for sale on my company website.

All of the data presented above was reported from Sandicor on 2/4/2010.

Coronado Island Real Estate - February 2010 Market Update

Nine Coronado Island real estate listings closed in January 2010 per the Sandicor MLS. The sale prices ranged from $540,000 to $2,100,000. Sale price/square foot ranged from $462.50/sf to $1,627.02/sf.

• Six of the nine closed Coronado Island real estate listings were detached homes (the other three were condos.
• Six of the nine were transactions in which each side had it's own agent (a seller's agent and a buyer's agent).
• Three of the nine were possible dual agent scenarios. These three transactions had one brokerage representing both the buyer and the seller (interestingly enough, it was the same brokerage for all three transactions). Sandicor lists the selling brokerage and the buyer's brokerage as the same brokerage, but it is unclear whether the brokerage was working only for the seller or acting as a dual agent for both parties in the transaction.
• All nine of the listings advertised a commission to be paid by the seller (guaranteed by the listing agent) to the buyer's agent.
• The average time on market was 174 days, the longest was 290 days, and the shortest was 20 days.
• Two of the nine closed listings were listed as short sales.
• One listing sold for $195,000 less than the list price. Another sold for $18,000 more than the list price (one of the short sales).

What's currently for sale in regards to Coronado Island real estate?

• There are currently 178 Coronado Island real estate listings for sale.
• These 178 listings range in price from $399,000 to $24,000,000.
• Six are listed as townhomes, 63 as condos, and the rest as detached homes.
• The detached homes start at $544,800 for a 1/1 with 720 square feet.
• 18 listings are marked as "pending" in the MLS, and seven are marked as "contingent."

Search on our website for the current Coronado Island real estate for sale.

All data was supplied by Sandicor on 2/4/2010.

What Was the Most Expensive Home That Sold in San Diego in 2009?

The most expensive home sold in 2009, according to Sandicor MLS data from 1/21/10, was a home in La Jolla that sold for $18,150,000. The home was originally listed for $26,500,000 and was on the market for 219 days. The home has six bedrooms and 11 bathrooms and is 9,309 square feet in size. All of the information reported in this post is according to data from Sandicor. The home is located in an area of La Jolla called La Jolla Shores.

If you would like to view luxury listings for sale in La Jolla or other areas of San Diego County, visit the luxury listings page on my official website at http://luxury.globella.com.

Have You Seen This Video? Stephen Israel on CNN/fn Reveals Exclusive Buyer Agency

I came across this video on one of my colleagues' (Ben Clark of Salt Lake City, UT) websites today. The video features an interview on CNN/fn (now CNN Money) with Stephen Israel, the president of an exclusive buyer agency in the Washington, D.C. area. I have never met Steve, but I learned today that he was a founding member of NAEBA (the National Association of Exclusive Buyer Agents) which I recently became a member of.

You should absolutely take a six-minute break today and watch this video if you are thinking of buying a home in the San Diego area. Many of the topics Stephen covers in this interview are philosophies and beliefs that I embraced when I decided to open up a new real estate company (an exclusive buyer agency) in San Diego last year - Globella Buyers Realty. The interview is short and sweet, and it's to the point. Why should buyers hire an exclusive buyer agent? How does dual agency affect a buyer? How do traditional real estate brokerages operate? What sort of conflicts of interest should a buyer consider before hiring an agent? Stephen answers these questions and more.

The female host  (I never caught her name) opens up the video by saying, "When you work with a real estate agent you automatically assume they have your best interests in mind, but as the saying goes - Buyer Beware. In many instances, your broker (the broker your agent has a contract with) can be working for both sides of the sale, and getting you the best deal may not be their priority."

I hope you enjoy it!

Check Out Our New Business Cards!

Jon Ringger of Riggalicious Design recently designed some new business cards for Globella Buyers Realty (he also designed our logo when we founded Globella). Jon is a great guy, a creative designer, and the price was right!

Here's how the front looks:

Here's how the back looks:

Have San Diego Home Values Reached the Bottom?

Have San Diego home values reached the bottom? If I knew the answer to that question, I would be a rich, rich man. The truth is that no one will know until after it's happened. Roger Showley, a San Diego Union Tribune staff writer wrote an article in today's paper entitled, "County Median Housing Price on Upswing." The article claims that the San Diego housing market has hit bottom and is on it's way back up. It also states that while the good news is that the housing market is showing signs of recovery, the bad news is that the recovery will most likely take a long time (more than a year). In my mind, that would be good news for buyers.

If you would like to see what the San Diego Union Tribune has to say about that in today's newspaper you can read the online article by clicking here.

On a side note, I would like to remind buyers that real estate values are always local. Different areas of San Diego County respond differently to the economy. I do not believe that all areas of the San Diego County housing market will recover at the same time and same rate as each other. The last time I checked there was about one months' worth of inventory for the lower-priced homes/condos in certain areas of San Diego and about three years' worth of inventory for the highest-valued San Diego luxury homes. Those markets are going to recover at different times and at different rates. Make sense?

Lastly, I only post this article because it's interesting. I would never tell a buyer to base his/her home purchase off of timing the market correctly (unless you are a savvy and seasoned investor and are buying a home as an investment and not to live in). If you are buying a home to live in or vacation in, the last thing you should consider is the housing market. The first thing you should consider is whether or not it makes financial sense for you to buy. Then you should see if you can find a home that you love (that you can afford). Then (and only then) should you consider buying a home in San Diego.

What questions do you have about buying a home in San Diego?

My goal with this blog is to make it a real resource for San Diego home buyers. My hope is that the content here is helpful in many ways to anyone who is buying a home in the San Diego area. I am trying to put myself in my clients' shoes and answer all their (and your) questions about the buying process within all the different posts I write here. I have about a dozen posts in the draft stage that I am working on, and I have ideas for many more, but I want to make sure that I am writing about topics that matter to you, the San Diego home buyer. This is where YOU come in. Here is your chance to ask a San Diego real estate question. Depending on how many there are, I hope to be able to respond to your questions in future blog posts. Do you have suggestions for topics of future posts? Write them in the comments section or send me an email. I will leave this post active indefinitely, so it doesn't matter when you are reading the post. Feel free to comment or ask a question. Thanks!