Why Buying Real Estate in Baja California is Such a Good Idea?

July 30, 2008 by  
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Southern California Real Estate

Baja California has been famous, or infamous as a party and vacation spot for party-goers around the world. From college students looking for some fun to couples on romantic getaways, Baja California presents a vacation spot where your everyday worries can disappear.

Other than being a party destination, more people are realizing that Baja California is a place perfect for spending longer periods of time, and maybe even retirement years. Aside from beautiful natural features, there is an abundance of personal and business opportunities for those brave enough to make the move. The warm and friendly demeanor of the residents is world-famous, and the standard of living is particularly high. Plus, the near perfect weather all year round is an added bonus. Baja California is probably the only place in the world where you have perfect southern Californian weather and beachfront property are available in abundance.

The real estate market in the U.S. has all but dried up. Investors are interested in the next big thing, and many agree that this place is Baja California. A number of factors make this place prime real estate, as it may result in a big property boom. One of these factors include the Mexican government implementing changes in real estate laws that allow foreigners to purchase property in Mexico. This happens to include areas once off-limits to foreigners. Once you secure a bank trust or a Fideicomiso, buying land in Baja California, or even Mexico has become much easier and reliable.

U.S. banks and lending institutions see the profit to be made, as many lenders are offering mortgage financing and title insurance for foreign-owned properties in Mexico.

You may find your dollar being stretch while in Baja. Finding beachfront property in southern California is particularly difficult, but you may find in Baja, that prices are 4 or 5 times cheaper than similar properties elsewhere in the U.S. Thats a good reason to buy properties, which is further justified with the current property appreciation at 30%.

Clearly the market in Baja California real estate is on the rise. The time to act is now if you want to get some of the action!

The Impact of Point Loma Real Estate

July 27, 2008 by  
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Southern California Real Estate

Point Loma is a seaside neighborhood in California’s San Diego county. It was first discovered in 1542 when Juan Rodriquez Cabrillo departed from Mexico to explore the Western Coast of what now is the United States. Cabrillo was very impressed with San Diego Bay, and it is said he docked his flagship at Ballast Point, the east shore of Point Loma.

The layout of Point Loma is unique, and is a large part of its appeal. Point Loma is home to the western terminus of Interstate 8, and travels along the northern end of the peninsula. Point Loma is accessible mostly by Rosecrans, the main and longest street and serves the entire bayside. Another street, known as Sunset Cliffs Boulevard runs parallel to Rosecrans, and runs along the ocean side. Some other major streets are Sports Area Boulevard, West Point Loma Boulevard, and Nimitz Boulevard. Since Point Loma has an ocean and bay side, the city sections are laid out in a grid pattern. The ocean side blocks are larger than those on the bay side. If you visit, you may find the grid pattern breaking down towards the center of town, which is laden with hills.

There are many historical landmarks scattered around Point Loma, making it a coveted part of California real estate. Perhaps the most famous I the Old Point Loma Lighthouse. This landmark is sometimes used to represent the entire city of San Diego. This icon is perched upon the southern point that creates the entrance to the bay alongside Coronado. While it is a small lighthouse, its place in history is much larger. Completed in 1854, it was lit for the first time on November 15, 1855. This lighthouse is open to the public, and has been refurbished to its 1880s interior.

If you visit this seaside town, the reasons it is becoming prime real estate become extraordinarily clear. Founded and built on history, it will continue to welcome newcomers for years to come.

Southern California Real Estate Trends Continue to Show a Buyers Market

July 2, 2008 by  
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Southern California Real Estate

2007 Southern California real estate statistics show that the housing market is in the hands of the property buyers. Since then, real estate prices have fallen, and with them, interest rates. This has prompted more people to buy property in 2008 when compared to 2007. 61% of Southern California real estate buyers claimed these lowered prices encouraged them to buy, and 31% cited the low interest rates as their prime motivation.

Poor underwriting of contracts was one of the causes for the downturn in the Southern California real estate market, as it left buyers unaware and unprepared for the fluctuating interest and mortgage rates. That in tern left many victim to foreclosures and lender owned properties. The ever-increasing food and gas prices also had a devastating impact, and accelerated many on the path to foreclosure. This increase in costs of living rendered potential buyers unable to buy a home or postponed purchases in process. These trends together resulted in a large increase of available homes with people unable to purchase them.

The number of homes available for purchase gives potential buyers a wide array of choices in the Southern California real estate market. Due to this, buyers in 2008 spent more time searching for homes than in previous years. In 2007, buyers spent an average of 5 weeks looking for homes, while in 2008, they spent 8 weeks. In 2006, buyers spent only 2 and a 1/2 weeks searching for property. Those buyers who didnt utilize virtual tours and searches visited twice as many homes before they purchased one this year.

The large variety of choices and uncertainty of the housing markets future. Potential homeowners are taking more time to make these home purchases, and are also more cautious with the process. Internet buyers spend more time searching through homes before contacting agents in 2008, which averages to about 8 weeks, when compared to traditional buyers who searched the old fashioned way for 3 and 1/2 weeks before having a realtor step in. in 2008, 19% of Southern California real estate buyers were first time homeowners. These particular buyers spent almost 10 weeks with their realtors before buying homes, but in 2007, these buyers only spent about 6 weeks.