Todd's Real Estate Blog

Hi everyone. I wanted to give you some quick numbers on the Mission Hills, Banker's Hill and Hillcrest detached home market.  Ok, I know you are asking, what the heck is market absorbtion rate?  Simply defined, it's the amount of time it takes for the current inventory to be sold or absorbed by the market. Example:  If there are 100 homes on market right now AND no new properties came on the market, the Market Absorption Rate is the amount of time it would take to sell all 100 homes. 

For the entire zip code of 92103 for ALL Detached Homes the current Absorbtion Rate is a whopping 9 months.  That means the average Days on the Market for detached homes is 267 days. 

"Normal Market" conditions exist when the Absorption Rate is between 5-6 months.

"Sellers Market" conditions exist when the Absorption Rate is lower.  (1-4 months)

"Buyers Market" conditions exist when the Absorption Rate is higher.  (7+ months)

You might be asking yourself,  "Why does the MLS report a much lower number for Days on the Market?

Because the MLS calculates the average DOM as the average days on market for the listings that actually sold.  What it leaves out of its calculation altogether are homes that were withdrawn, listings that expired, listings that were withdrawn for a day and then re-listed to restart the clock, or those that were never put in the MLS until they sold (like new construction where they might list only one home in a subdivision, but actually have 20 for sale).  And all of those affect the reported DOM.

As you can clearly see its a VERY GOOD Buyer's Market. This is an overall average for EVERY detached home that has SOLD in the last year in the zip code of 92103.  You think this number is high?  Get this, the homes SOLD above $1,000,000 in our neighborhood have a Days on the Market average of 754 Days. If you own a luxury home in Mission Hills, Banker's Hill or Hillcrest, please give me a call and I'll show you how we can decrease these numbers in your favor and get your home SOLD in the shortest amount of time possible. 

Now is the time to invest in San Diego luxury properties!  The top five zip codes in San Diego are Rancho Santa Fe, 92067, La Jolla, 92037, Del Mar, 92014, Coronado, 92118 and Mission Hills, 92103 and Million Dollar price drops are becoming more and more common. 

Yes, even the luxury market is not immune to this gloomy economy.  Many people are still wondering what to do with the money they pulled out of the stock market. In my opinion, it is the prime opportunity to invest in luxury properties in San Diego.  Rancho Santa Fe was just ranked #9 as one of the priciest zip codes in America.  It is also noted for one of the top school districts in the nation.  To find out more about Rancho Santa Fe, just click HERE. 

Take advantage of the deals that are out there right now.  I would highly recommend finding your home via my home buyer website at www.FreeHomeSearches.com and when you find the perfect investment home, just call or email me and I'll set up the showing and assist you in writing an offer. Please contact me here if you have any further questions. 

No. 9 Rancho Santa Fe, Calif.

92067, San Diego County

Median home price: $2.47 million

Known by locals as, "The Ranch", Rancho Santa Fe is widely regarded as one of the most covenanted neighborhoods in America that includes the top school system in the U.S.  Some of the best private golf clubs, country clubs and horseback riding in the country is offered here. See more below:

See more about Rancho Santa Fe at my website here.  Search for Rancho Santa Fe foreclosures.  There are several Million Dollar price drops in the Ranch.  Use my state of the art home search tool to find your next dream home in one of America's best neighborhoods.  Click here to start your search!

PRESS RELEASE:

7/17/09, San Diego-One of the top real estate agents in San Diego announced today that cell phones can be turned into the ultimate house-hunting tool. Todd Armstrong with Woods Real Estate Services is providing consumers with a mobile application called Homes for Sale that makes it possible to search all local property listings from their mobile device, regardless of whether it is listed by Todd Armstrong or another broker/agent. Homes for Sale can be downloaded to virtually any cell phone by visiting http://www.smarteragent.com/hs/armstrong

With Homes for Sale, consumers can be in any neighborhood and view detailed home information at the touch of a button. The GPS technology in the mobile phone, when available, locates users and pulls up addresses and information on property listings in their immediate area. Sales price, square footage, tax information, beds/baths, interior and exterior features and pictures become available instantly in the palm of their hand. 

Consumers can also search by address, community, city or zip code when GPS is not available, or if they want to search for real estate in a particular area other than their current location.

The "Call to See" feature within the Homes for Sale application will connect users to Todd Armstrong if they have further questions or want to schedule a tour of the property. 

"After seeing this technology used as a home buyer's tool, it was a no brainer; I immediately signed up for the service and offer it to my clients free of charge. We all live busy lives and if I can have tools that allow me to provide a better service to my clients, then I'm all for it.  My home buyers love this service."  Todd Armstrong 

When downloading the application from Todd's website, www.DwellSanDiego.com, consumers will find a Armstrong & Associates tool which provides instructions on how to send the application to their personal cell phone.

Homes for Sale by Smarter Agent is available as a fully downloadable application and premium mobile web version on 95% of cell phones. The fully downloadable application is free to download on Sprint devices, BlackBerry devices across all carriers, the iPhone, and Google's Android G-1. The premium mobile web version is free to access. 

Todd has been representing buyers and sellers in San Diego for the past 10 years.  From multi-million dollar, elite properties to modest condos, Todd has negotiated his way to a highly successful real estate career.  See more about Todd Armstrong & Associates at www.DwellSanDiego.com.

...and some as low as $45,000!

Yep you read this correctly.  As of yesterday, 6/26/09, there are over 300 homes listed for sale in San Diego for under $100,000.  There are several homes listed under $50,000.  Who would have thought that one of the most expensive markets in America would finally deflate and become affordable again to the masses.  Check out all the homes for sale in San Diego at www.FreeHomeSearches.com.

Ready to jump into the San Diego market? Contact me before you do anything. There are alot of things you need to know about "Short Sales" and "Foreclosures".  There is a definite strategy you need to follow in order to get your offer accepted.  Most "distressed properties are receiving "mulitple offers" and you need an agent that knows the market and knows how to structure an offer in order to have the best chance of being accepted.  Your offer needs to stand out against the other dozen buyers who are competing with you.  Check out more about Armstrong & Associates at www.DwellSanDiego.com.  Let's find you the "deal of the century".  Let's find you a great first home or investment property! 

Alicante in Banker's Hill, San Diego, CA

Finally we have a great price reduction on a great unit in one of San Diego's best neighborhoods, Banker's Hill.  One of San Diego's best luxury buildings, Alicante, boast some of the best views of San Diego, the bay, and Ocean, Point Loma and Mexico and beyond.

This unit is minutes from Downtown and the airport and only one block from Balboa Park and San Diego's best museums, art galleries, gardens and restaurants.  It's a spacious 2 bedroom, 2 bath plus Den is approximately 1167 square feet with high ceilings, private patio for grilling, 2 side-by-side underground, secure spaces, and a huge deeded storage unit and gourmet kitchen with stainless steel appliances. To see more pictures of the wonderful unit, please visit www.DwellSanDiego.com or simply click HERE.

To see more pictures of the wonderful unit, please visit www.DwellSanDiego.com or simply click HERE.

Property Description Georgous Morley Field Spanish Remodeled Beauty!  Not a short sale or foreclosure. Ready to close fast. Newly upgraded gourmet kitchen with stainless steel appliances, New laundry room with state of the art washer and dryer, New Windows, Brinks Security System. 2 large bedrooms with custom closets.  Huge Private backyard with koi pond and room for a pool.  1 Car garage or use as extra storage. Plenty of street parking too. 1 block to Morley Field. This is a must see home.

Click here to see more pictures of this wonderful property! 

What's the purpose of title insurance and why should I have to pay for it?

A recent question from one of my many first time home buyers....

ANSWER:
When you buy a home, you're really buying "title" to the property--the right to occupy and use the space. And "title" can be limited by the rights and claims of others, which can infringe or even nullify your rights. Such hazards include:

- Deeds, trusts, or will with incorrect wording or names
- Incorrect notary acknowledgements
- Outstanding judgements, liens, or loans against the property
- Pending legal action against the property impacting the buyer
- Forged deeds
- Invalid instruments executed under an expired or bogus power of attorney
- Unknown heir of a previous owner claiming ownership
- Mistakes in public record

What protects you from these types of title hazards? Title insurance. The "owner's policy" is a one-time fee that protects you and your heirs. Good News: In southern California, this fee is traditionally paid by the seller.

The "lender's policy" is a protection that all lenders require to make a loan against your property. That much lower fee is traditionally paid by the buyer.

Instead of short sale, they should call it, a "Long, Drawn out, Frustrating, Difficult Sale" because the process is anything but "Short".  In San Diego, the short sale process can be extremely frustrating when you are representing a buyer or a seller.  On the other hand, if you have patience, it can be extremely rewarding experience.  If you are a seller and the bank agrees to a short sale, it can be an awesome experience by helping the seller save his credit rating by using the short sale process rather than getting hit by a damaging foreclosure mark.  On the other hand, a patient buyer can get a super great deal on a property if they are willing to jump through all the lender hoops.  

The average process here in San Diego takes about 90 days from offer submission to close.  It all depends on the lender.  Once you submit an offer to the lender, it takes an average of 6-8 weeks to have someone assigned by the bank to look at the offers.  Once they choose to accept an offer, it can take several more weeks of negotiation by the Realtors, Buyers and Sellers to finally close the deal.  For those willing to wait it out, it can mean a successful sale.

I implemented a new search feature on one of my website that now allows my clients to Search for Short Sales and Foreclosures in San Diego and all other properties in the MLS at www.FreeHomeSearches.com.

Here's the results of one of my listings before and after which resulted in a huge influx of showings. See below for before and after pictures. Most of it was paint, a couple light fixtures and I staged it with my own furniture. Total Cost of transformation?  $1200 !  I'm not a stager, but a real estate agent that knows what sells a property.

After

Before

After

Before Laundry room

Converted Laundry room to home office

Before Master Bath

After Master Bath

Before

After 2nd Bath

View looking in

after

Don't forget Outside

Patio After