Myrtle Beach real estate market

January 20, 2011 by  
Filed under Investing

Comments Off on Myrtle Beach real estate market

The Myrtle Beach real estate market, part of the larger Grand Strand, South Carolina housing market, saw considerable improvement in 2010 despite a recent increase in foreclosure filings. According to a January 12, 2011 report from the Sun News, there was a substantial uptick in the strength of the Grand Strand real estate market largely due to an increased number of home sales in recent months. Local experts indicated that there should be a higher number of single family home and condominium sales in the upcoming year. Compared to 2009, there was approximately twelve percent more single family homes sold in the Myrtle Beach area during 2010. Over the same year-long tracking period, there were about twenty-one percent more condominiums sold compared to 2009. In December 2010 in particular there was a slight decrease in the number of home sales, as the quantity of properties sold fell by about four percent relative to the same time last year. In terms of condominiums, there were eighteen percent more sold compared to December 2009. Some experts pointed out that the deflated numbers towards the end of the year should not be a major cause for concern, considering that the figures provided from December 2009 were artificially inflated by the federal housing tax credit. The median sales price of Myrtle Beach homes fell along with the quantity of properties sold in December 2010. Compared to December 2009, the average sales price was about nine percent lower for single-family homes, while the median sales price for condominiums was also down from last year. Over the entirety of 2010, the median single-family home sales price was $172,625, representing a decrease of about one percent from 2009. On the other hand, the median price of a condo was $119,990, a decline of approximately six percent relative to 2009. Overall, experts seem generally optimistic that the market will continue to improve going into the New Year.

There are some indications that foreclosures and short sales continue to be a substantial part of the market in 2011, both on the national level and on the Grand Strand in particular. According to Realtors, there were approximately two thousand, five hundred foreclosures auctioned off or sold in 2010. This is about one thousand more properties than were foreclosed on in 2009, when there were a total of around one thousand, five hundred completed foreclosures. Although this high proportion of distressed properties was anticipated to some extent, it is also expected that foreclosures will continue to have a heavy influence on the market in upcoming months. In addition to having an obviously adverse effect on many homeowners, the high number of foreclosures has also driven down the region’s median sales price substantially. Largely as a result of distressed properties, the median sales price of both condominiums and single family homes has been depressed to around 2004 levels. Of these two categories, condominiums have been hit especially hard, with few indications that this trend will change anytime soon.

Bonita, San Diego, Real Estate Market

April 6, 2009 by  
Filed under Investing

Comments Off on Bonita, San Diego, Real Estate Market

Southern California Real Estate

COMMUNITY INFORMATION

Bonita is located in California, within San Diego County’ s southern region. This community has about 18,396 residents, and 5,986 homes. Most residents here are around the age of 40.

TEMPERATURE

Temperature in Bonita is moderate, making it a very comfortable place to live. The weather is warmest during July, when temperatures reach an average high of 70°F. January is the coolest month, as temperatures drop to an average of 57° F

HOME AND REAL ESTATE PRICES

There is a great assortment of real estate, ranging from condominiums to townhouses, single-family homes and apartments. If looking for a one bedroom townhouse, or condominium, the prices start in the mid $200,000s. Two or three bedroom townhouses and condominiums start in the low $300,000s to $400,000s, respectively.

The prices of single family homes start much higher. A two bedroom, single family home starts in the high $400,00s, while a four bedroom single-family home may start in the low $600,00s. If looking for something in the middle, a three bedroom single-family home starts in the mid $500,000s.

REAL ESTATE MARKET TRENDS

Like most other markets in the United States, supply and demand are the driving forces of prices in real estate. Whether its a buyers markets or a sellers market, it is helpful to analyze home salves date for the most recent month available (ex. June 2006), compared against the same period the year before (June 2005).

The average price of single-family homes experienced a 7.9% decline, dropping from $849,990 in June 2005 to $782,500 in June 2006. Trends followed this price shift as more homes were sold in June 2006 (20 homes), than in June 2005 (7 homes). The average time it took to sell a home increased from 68 days (June 2005) to 69 days (June 2006).Over the past 12 months, the ratio between asking prices to sales prices increased. In June 2005, sellers obtained 93.6% of their asking prices, and in June 2006, 94.5% of their asking prices.

It is important to keep in mind that the data above is a snapshot in time. To understand enduring market trends, date must be evaluated over a longer period of time.

Coronado Real Estate: 5 Reasons to Buy

February 12, 2009 by  
Filed under Investing

Comments Off on Coronado Real Estate: 5 Reasons to Buy

Southern California Real Estate

If youve been to Coronado in California, you have been pretty close to paradise. Location is at the core of real estate, and is a large factor of a propertys value. Its tough to find a better location than Coronado.

Here are 5 reasons why Coronado real estate may be the world’s best:

1. Perfect weather – Coronado is located off the Southern California coast, and enjoys weather most people dream about. The warm sun and the many clouds that rarely carry rain, partnered with the low humidity and temperatures that never stray from the 70s make it an ideal place to live all year long. Like most cities on the Pacific coast, early mornings are chilly, but once the fog is gone, you

ll be enjoying the sun for the rest of the day.

2. Beautiful beaches

– The beaches in Coronado are constantly ranked among the worlds best by travel guides, magazines and television shows. The Travel Channel recently ranked Coronados beaches as part of the top ten in the United States, and number 1 within Southern California. It says a lot when you consider the number of world-class beaches scattered between LA and San Diego. It’s no wonder that Coronados beach-front real estate is some of the worlds most valuable.

3. Convenient Location – Coronado is located right next to San Diego, which on its own is a charming and vibrant city. Although referred to as an island, Coronado is actually a peninsula connected to the mainland by a strip of land called the Silver Strand. Coronado is only a mile from downtown San Diego, giving all its residents access to shopping, entertainment, universities, professional sports and all the benefits of a large city. For more adventures, Baja Mexico is a 15 minute drive to the south.

4. Small Town Atmosphere

– Even with its proximity to San Diego, Coronado has all the unique aspects of a small town” atmosphere. When you enter Coronado, it feels as though youve entered another world. You’ll see tree-lined streets, with elegant Victorian homes in the background. Also here are charming Spanish-style cottages among the many locally-owned shops and boutiques. The people are friendly and cheerful, and the appeal of Coronado real estate is in its safe and friendly atmosphere.

5. True Romance – Often called San Diegos enchanted island, Coronado is one of the worlds most romantic locations. Whether you choose to have an intimate dinner in the famous Hotel del Coronado or a picnic on the beach, this town offers residents and visitors the perfect getaway. Coronado has been chosen as the number one wedding destination in America, and its no wonder, with the magic of a small town and the adventures of the city it’s perfect for everything you could think to do.

Coronado deserves its world-class reputation. Its a special place that provides the perfect setting for living the good life and still have tons of excitement. Buying Coronado real estate is a great investment that anyone with the means should consider making.

Understanding Temecula Valley

January 10, 2009 by  
Filed under Investing

Comments Off on Understanding Temecula Valley

Southern California Real Estate
Short sales are becoming a large segment of the Southern California real estate marketplace. The first step in pursuing a short sale is finding a broker willing to invest the time necessary for the job. This is hard, as most brokers dont want to show these for three main reasons: short sales are considerably more work, homebuyers get impatient, and the transaction can be stressful if done wrong.
Short sales are more difficult. Instead of a typical two party negotiation between buyer and seller, you have a four party deal with the buyer, seller and two banks. In this situation, the seller and two banks take very different roles. The current owner is spun around financially, and simply wants the loans off their back. As a seller, its a great opportunity as they dont always want the best price. A downside to this, however, is that the homeowner can sometimes work against the purchase by not allowing any views of the house prior to purchase.

Since banks arent owners, adhering to certain bank rules can be difficult to reach and negotiate with. They often employ aggressive strategies to maximize profit. The first and second loans fight between themselves because one bank may make more than the other bank in terms of money. Getting access to the right people require completed paper work packages from the seller and purchase contract from the buyer before the deal can begin. In the end, an agreement has to be reached between the two banks, the seller and the buyer. By the time all the preparations have been made, a period of 2-3 weeks can pass. Since there are a considerable amount of short sales, many banks are understaffed to handle this increased workload.

Another obstacle often faced is buyer impatience and lack of understanding. Unless a first-time buyer has solid communication with their real estate agent, they are the worst buyers for short sales. Banks will take 10-14 business days to examine and pass any documents a broker has forwarded to them, which is a source of much impatience experienced on the half of the buyer.

Preparing an excited couple to be patient is tough. This is especially true in Menifee and neighboring real estate markets now that there are a large supply of properties to peruse. Many homebuyers today have people around them suggesting they get better prices or more service when purchasing a home. Lack of patience can be the most important variable, and should be discussed before any bank short sales are looked at. If clients keep their patience in check, they may get a fantastic deal. Last month, for example, I promoted a Temecula home short sale deal to a new client of mine. With this deal, they could get a house for over 70k off the real value. The only catch was that they would have to wait a bit for bank approval, which could take up to three weeks. This home was perfect for the prospective buyer and was in turnkey condition. My client responded that they demanded an answer within 48 hours.

I risked my client contact, and told them the opportunity wasnt for them, since the banks dont care about what you want. The employees at the bank work from 8-5 and have no attachment to the property. It would be no one’s loss except that of my client. If you have the patience, I said I was willing to put the time and effort. When we get approved, you will move into the house with significant equity and your business will be secured for next time. After discussing the details, they put in an offer, got an approval and are closing at the end of this month. Clear communication, integrity and lots of patience can get the job done.

Stress is the final big issue regarding short sales. Part of this was discussed when dealing with patience. The stress of the bank transactions, outside voices, and the length of the process may could make you crazy. For brokers, dealing with the other party and banks is difficult. For buyers, it is important that you be patient when dealing with the broker. Tension is reduced by taking time to understand the situation with weekly updates. Dont get upset if you find out the banks havent returned calls.

Despite these three reasons, short sales offer great opportunities to get new homes at significant prices. These homes are in greater shape than most REO houses and often are still being cared for. If looking to negotiate price, these short sales offer great opportunities for that.

Right now, banks are overflowing with foreclosure properties, and dont need another drop in the bucket, especially when there are people willing to buy. Banks want to take the opportunity to sell before the market goes down any further. Deduction from their cache of houses is a gain. Make sure to enlist a good agent, as their goal is to get you the greatest investment possible for today, and earn your business tomorrow.