Archive for January, 2010
Windermere Launches New Vacation Homes Division
January 26th, 2010 Categories: Carlsbad, Del Mar, La Jolla, Oceanside, Real Estate News, Solana Beach/Del Mar
Are you an owner of an exceptional vacation home—whether it be beachfront, marine view or other high-quality home located in a community with outstanding amenities and easy access to all the wonderful things that North San Diego County offers?
Would you like to maximize your income potential from your home? If so, your goal is to attract guests to your home and provide them with an experience that they will be anxious to repeat and eager to tell their friends about, all with minimal effort on your part. 
Here’s what Windermere Exclusive Vacation Rentals has to offer:
We are actively seeking quality homes for our rental program to satisfy the increasing interest our Windermere offices have received for vacation rentals. Please contact us to learn more. Our service area includes: Carlsbad, Oceanside, Encinitas, Leucadia, Solana Beach, Cardiff, Del Mar . . . and more!
For Additional Information Fill Out The Form Below or Call Us Toll Free At 877-571-2289
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FHA Tightens Loan Requirements
January 23rd, 2010 Categories: Mortgage News, Real Estate News
Latest Market Recap
We knew changes in FHA-insured loans were coming. Now it appears they are almost here. Last week, the FHA said it would tighten loan requirements on loans it insures. Specifically, it would raise the MIP to 2.25% – effective this spring – and then seek permission to increase the percentage again. 
The FHA also proposed requiring borrowers with credit scores below 580 to put up a 10% down payment. Those with higher credit scores would still qualify for a 3.5% down payment. In addition, the FHA proposed reducing seller concessions to 3% from 6% of the mortgage. Both proposals will require a public comment period before taking effect.
We have been warning for the past month that anyone considering an FHA-insured loan should act now. We stand behind that warning. Fact is, any changes instituted by the FHA will only increase the cost of an FHA-insured loan.
Borrowers might be feeling a little dour over the prospect of paying more for an FHA-insured loan, but they are likely not feeling as dour as homebuilders are. The homebuilders’ sentiment index declined again in January to 15, which means that only one in six builders thinks the market is “good.”
We could argue, persuasively, that homebuilders have done everything possible to set the stage for a recovery: they have culled inventories and cut new construction to a virtual standstill. For all of 2009, homebuilders started only 554,000 homes – the lowest since 1945. Back then, there were only 132.5 million Americans. Today, there are 307 million.
Higher prices would certainly help lift homebuilder spirits. On that front, things are improving. Radar Logic’s monthly Residential Property Index (RPX) showed year-over-year price increases in eight of the 25 markets surveyed, the most since July 2007, when the RPX price composite peaked. Radar Logic said that increased affordability is helping to boost prices, as well as sales. On the latter, November home-sales volume increased year-over-year and month-over-month in all of the 25 metropolitan markets the RPX covers.
Low mortgage rates were no doubt a contributing factor to the sales rally. They remain low today. In fact, rates dropped (by a few basis points) across the board for the third-consecutive week. Do not expect much more, though; we have been saying that any improvements in mortgage rates will be incremental at best, and that has been the case.
The Farther They Fall, The Higher They Could Rise
Richard Carson and Samuel Dastrup, two university professors, recently published an interesting academic paper (a synopsis is posted at Econbrowser.com). Carson and Dastrup examined how the magnitude of housing-price declines correlated with various factors, such as overbuilding, extent of sub-prime lending, and median income. Not surprisingly, these factors were related to price declines. However, the most important factor was the magnitude of the previous price run-up, which accounted for more than half of the observed variance in the size of the price decline.
The takeaway from Carson and Dastrup’s research is that the farther prices ran up in a hot market, the farther they tend to run down in the subsequent cooling. Not surprisingly, the hottest markets – Las Vegas , Riverside , Miami and Sacramento – have fallen the farthest and cooled the fastest. Many of these markets are now as cold as an Arctic winter, particularly Las Vegas , where home prices have dropped 50% and more.
However, cold markets often provide the best buying opportunity. Consider Las Vegas : a home that cost $200,000 in 2007 and lost 50% of its value costs $100,000 today. A 50% gain pushes its value up to $150,000. In other words, prices do not have to appreciate back to their peaks for people to book considerable equity or an investment gain. This simple math is worth repeating to homebuyers and residential real estate investors, especially to those residing in or near frigid markets.
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Christophe Harbour Begins First Phase of Marina Construction
January 20th, 2010 Categories: Christophe Harbour, Investment Properties, Real Estate News, St. Kitts
The Prime Minister of the Federation of St. Kitts and Nevis, Honorable Denzil Llewellyn Douglas and other distinguished members of the community were on hand to commemorate the announcement and express their support for the project. The marina excavation project will be managed by St. Kitts Marine Works, which is owned and operated by Kittitian Regiwell Francis. The $6 million project is expected to take between 14-16 months and provide numerous employment opportunities for other members of the St. Kitts National Association of Heavy Equipment Operators.
“The commencement of the marina marks a significant and positive step forward in the overall development of Christophe Harbour,” said LeGrand Elebash, chief operating officer, Christophe Harbour Development Company, Limited. “Regiwell Francis has an impressive track record for completing large scale projects like the St. Kitts Marine Works Boatyard here on St. Kitts and elsewhere in the region. Given his reputation and local knowledge of this area, we feel extremely confident in awarding this contract to St. Kitts Marine Works.”
The first phase of the Christophe Harbour marina work will achieve a number of development goals related both to the marina itself and other aspects of the community. The primary goal for the project is to excavate the marina to a depth of 20 feet which will then accommodate mega-yachts. The work will also create 42 new harbourfront home sites, of which the initial 9 will be available for sale this April. The project is also designed to refill the area where a number of golf holes will exist. In addition to that, a stockpile of excavated sand will be kept in reserve to renourish the beaches at Ballast Bay and Whitehouse Bay. As phase one of the marina work is complete, St. Kitts Marine Works will then open the channel to Ballast Bay and bring the harbour to the appropriate depths for mega-yachts. In doing this, Christophe Harbour and St. Kitts offers a safe and convenient port-of-call for all mega-yachts when cruising in the Caribbean.
For More Information on Christophe Harbour at St. Kitts
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Solara Lofts Builder Closeout!
January 10th, 2010 Categories: Downtown San Diego, Real Estate News, San Diego, Solara Lofts
BUILDER’s BEST PRICING! Gracious. Spacious. Grand. 
This stunning new community on Cortez Hill is a must see! This corner unit boasts expansive city views and has exquisite interior finishings, incl. a complete GE appliance pkg, granite counters, stylish European cabinetry & oversized Tilt & Turn windows. Check out the amazing city views and sunsets from the 80 SF private balcony! *Please note that photos are of our model units & may not reflect this specific unit*
As you would expect, Solara Lofts has all of the hardwood, stainless steel, granite and sophisticated finishes typically found in San Diego Luxury Condominiums. But you will be surprised by design elements such as custom sliding glass partitions, moveable kitchen islands and oversized Eurostar Tilt and Turn Windows.
There is nothing else like it in San Diego. These are 541 to 1700 square foot spacious lofts with extra storage available. There are 2 parking spaces per unit (except studios), and additional guest parking available. Each unit has designer granite tops, upgraded stainless steel appliances, cherry wood finished kitchen cabinets, hardwood floors, ample balconies, and custom designer optional moveable kitchen islands.
Our penthouse level has 12 foot ceilings and the gorgeous complex features a racquetball court, large jacuzzi, Fitness Center and men’s and women’s locker rooms complete with showers and saunas. Solara Lofts provides easy access to two major freeways as well as the best of what downtown San Diego has to offer: PETCO Park, the San Diego Zoo, Horton Plaza, The Embarcadaro, The Gaslamp Quarter and Balboa Park.
Solara Lofts is conveniently located in the distinctive Cortez Hill neighborhood of Downtown San Diego. As the highest point in Downtown San Diego, Cortez Hill offers spectacular views of San Diego Bay, Balboa Park and city lights. Solara Lofts’ balconies boast grand views of nearby hills, a sun-drenched city and glorious deep blue horizons. **Building was originally built in 1982, but REDONE from the ground up(adaptive re-use), in 2007.**
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