Beautifully UPGRADED home w/ good PRIVACY on a cul-de-sac street & a Pool Size Lot. One block from the La Costa Oaks Community Center & Rec. Facilities. Granite Center Island Kitchen & oversized Family Room. Gorgeous Hardwood Floors, extensive Crown Moldings & Plantation Shutters. Large Bonus Office downstairs & large Bonus Loft TV Rm upstairs! Outdoor Living w/ open & covered Patio areas & Covered Balcony off MBR. Mature landscaping includes many Palm trees including a large Canary in front. Additional Features: Gourmet Kitchen includes granite center island, Kitchen Aid appliances, built in refrigerator, 6 burner cooktop, dbl oven, microwave, butler's pantry, wine fridge and walk-in food pantry. CAT 5 wiring, designer carpet, Bose Family Room surround sound system, bedroom ceiling fans, dual zone FAU, quality stone work in bathrooms, two fireplaces, three car garage, two newer water heaters with recirculation systems, large designer stone MBA with two sided dbl shower and his/her vanity areas. Laundry room with built-in sink and cabinets. *** Award Winning Schools (Mission Estancia  Elementary, Diegueno Middle School & La Costa Canyon HS), La Costa Oaks Community Center features a Gym, Jr. Olympic Pool, Tots Pool, Gorgeous Rec Room and Gourmet Kitchen for Parties,  Lots of Activities Year-Round for Kids to Adults. Area is close to Stage Coach Park & Rec Center, with Sports Fields, Basketball and Tennis Courts! *** Water Softener and Water Filtration systems are leased not owned and do not convey. Garage storage racks, TV's and patio speakers do not convey. *** Backs to an Open Space easement.

Seller will entertain offers btween $900,000 and $999,000! This Rancho Verde Estates is INCREDIBLY UPGRADED inside & out! Solar POOL/SPA with adjacent lounge area. Very quiet NON-THROUGH STREET with GOOD PRIVACY! This ONE STORY home features a FOUR CAR GARAGE, BONUS OFFICE and TWO GOURMET GRANITE KITCHENS, One inside and one outside! The ULTIMATE ENTERTAINER'S PARADISE wired for TV and Stereo! Outdoor living at its finest! Waterfall with peaceful Koi Pond, Outdoor Fireplace and large fenced GARDEN area with arbor entry. This outstanding home features 10 ft ceilings, central vacuum, two whole house attic fans, recirculating hot water system, extensive crown moldings, tile floors w/ diamond slate inlay, new carpeting throughout, dual zone heat & air, plantation shutters, ceiling fans and custom window treatments. Upon entering the home, there is a custom beveled & leaded glass front door with transom & side windows, dramatic formal circular vestibule foyer with a 14 ft ceiling, indirect lighting & chandelier! The granite center island KITCHEN features Maple cabinets, crown moldings and appliances include a Sub Zero R/F, a Bosch D/W, Dacor M/W and GE dbl oven & 5 burner cooktop! The granite butler's pantry is gorgeous with Sub Zero wine fridge, and Maple & glass cabinets! The FAMILY RM has a granite fireplace and built-in Cherry wood entertainment center wired for surround sound.  The LIVING ROOM has a marble fireplace and custom mantel, stereo speakers, crown moldings, recessed and art lighting, built in Cherry wood niche cabinets and display shelves. Bonus OFFICE has a full wall of custom Cherry wood book shelves and cabinets with recessed lighting and crown moldings. The MASTER SUITE has a built-in Walnut entertainment center, stereo speakers custom display shelves, Maple linen cabinets and a sitting area with bay windows. The MBA has a dbl vanity with stone inlay back splash, deep soaking tub, large shower with stone inlay and a large walk-in closet with custom built-ins. The FOUR CAR GARAGE has custom lighting and extensive built-in cabinets. *** The rear yard is an ENTERTAINER'S PARADISE! The covered outdoor granite kitchen is Top Notch, featuring Sub Zero & DCS fridges, a Dacor BBQ w/ rotisserie, two gas side burners & a warming oven! The POOL/SPA features stone & boulder accents with lounge areas! Beautiful outdoor Fireplace, Waterfall, Koi Pond, Garden & Large Grass area! This home has it all!!

Gorgeous ONE STORY Mediterranean is on a premium home site with an incredible unobstructed panoramic RIVER/LAKE VIEW & excellent PRIVACY! Fairbanks Ranch is a guard gated community with AWARD WINNING SCHOOLS and premier amenities!  This estate is located on a cul-de-sac street and is very quiet & peaceful. This property is over one acre and has a tropical pool/spa yard with BBQ and entertaining areas! Extensive interior use of marble & granite with raised and dramatic cathedral ceilings. 

INTERIOR: This custom home also features plantation shutters, custom lighting, security and intercom systems, numerous skylights, 154 bottle glass wine closet, central vacuum, re-circulating hot water, dual zone HVAC, and hardwood and marble flooring. Center island granite kitchen with built-in Kitchen Aid fridge/freezer, Thermador dbl oven, five burner Dacor glass cooktop, walk-in pantry, microwave, warming oven and breakfast nook with bay window.  Family Room features a marble fireplace, built-in bookshelves and cabinets, and a custom pub wet bar. Living room has a 19 foot exposed beam cathedral ceiling and a wall of glass with French doors. The dramatic foyer has custom entry windows, marble floor and 18 foot ceiling. Dining room has French doors, raised ceiling with chandelier and built in glass cabinets and display counters. The master suite has two walk-in closets, a raised ceiling, French doors, built in cabinets and book shelves as well as a retreat sitting area with fireplace. The master bathroom features marble floors and shower, granite double vanity counters, spa tub and bidet.   

EXTERIOR:  The pool & spa overlook a lake formed by the San Dieguito River. The landscaping includes numerous specimen and palm trees as well as a cactus garden. The covered BBQ entertainment area has a built-in Turbo BBQ, refrigerator and sink.   

Fairbanks Ranch is a premier gated community with guard gate entrance and patrols on apx 1,240 acres just south of the San Dieguito River Valley. The beautiful clubhouse overlooks a peaceful lake with paddleboats and fishing. There are 5 tennis courts, a 9 hole putting green, 75 acres of park-like grounds, a sparkling seasonal stream, walking trails with fitness Par Course, community library, equestrian center, and the private park features a BBQ/Picnic area in addition to the volleyball and basketball courts. Fairbanks Ranch students attend the award winning Solana Santa Fe Elementary School, Earl Warren Middle School and either Torrey Pines High School, Canyon Crest Academy or the San Dieguito Academy.

If you are late on a payment or are facing the imminent risk of default, contact your lender and get through to the home retention department or the loss mitigation department. General customer service may get you going in the right direction but are often a road block to expediting the process. Benefits of a modification to your mortgage may include a reduction in interest rate, principle reduction, lengthening of the loan term or capping the monthly payment to a percentage of the household income. Modifications are made at the lender’s discretion but may be a win-win situation as the bank will likely try to avoid going through the foreclosure process and taking the property back as REO inventory.

The Loan Modification process may take 3-6 months with no guarantees, so be patient! The FIRST STEP is to write a Hardship Letter specifically detailing your situation and demonstrating your type of hardship. Acceptable hardships are …..

1.       Loss of a Job or Income

2.       Increased Expenses

3.       Divorce

4.       Death of a Spouse or Family Member

5.       Illness or Accident of Home Owner or Family Member

6.       Any other cause which directly affects your ability to pay your monthly mortgage obligation.

Your hardship letter must be genuine and reasonable! You may want to also include a brief description of the “big picture” about your children and their schools, participation in community and church activities and any other information tying you and your family to the home and community.

The SECOND STEP will be preparing the requested lender documentation for the loan modification process. The lender should provide you a list of required documentation and be thorough from the start. Any omitted information can get your file sent back to the bottom of the pile.

BEWARE OF SCAMS! There is no reason to pay $1,000’s of dollars to an attorney or a modification company! This can be done on your own with a little help from your Realtor if you have questions.

The lender will verify your documents and analyzed your situation. If the lender finds your application acceptable and genuine, they will start the modification negotiations. This is the THIRD STEP! You have made it this far and it is likely that the lender’s first offer will not be their final “best” offer for your solution. Don’t be afraid to hold out and decline the first offer if you feel the first offer is insufficient to get you back on track.  If you have already missed some payments, the lender should come back with a second proposal and if not, the first offer will likely stay on the table.

If you have any questions, please contact me for professional guidance.

Jim Davey

760-419-5581

Access to public record data and current market conditions has become readily available today. Automated Valuation Models, known as AVM’s, can be accessed for free from various internet sites.  I am sure you have searched sites such as Zillow, HomeGain or RealtyTrac. Please keep in mind that these can be very conservative estimates of value or in some cases overly aggressive, varying significantly from one site to another.  There is no standardization within AVM models and there are so many factors that ultimately affect the final value estimate. The type of modeling and the freshness of the data have the most significant impact on value. In addition to online information, local real estate agents frequently distribute flyers reflecting current sales and listing activity in the neighborhood. These typically include ALL sales and listing with properties that have significant variances in square footages, bedroom and bath count as well as different locations within your general neighborhood.  The transactions could be a myriad of arms length sales, short sales or REO’s.  Although it is convenient that we can readily access this data, it may also leave us more confused as to how this distressed real estate market is affecting our home’s value.

The bottom line is that today, estimating the value of your home is significantly more complicated than it was in the past.  Internet sites are a great way to get a broad understanding of the market conditions but if you are looking to determine your home’s true market value,  please don’t hesitate to reach out to me, as I would be happy to assess your specific needs for whatever reason!

Jim Davey  

760-419-5581                                                                                      

Traditional sale!  This spacious 3 bedroom, one optional bedroom plus additional bonus room home is located at the end of the cul-de-sa.  Brand-new carpeting and paint gives the interior a fresh look and model-like appearance. Meticulously maintained inside and out makes this home move-in ready. South Escondido is home to the Wild Animal Park, Westfield shopping mall, Kit Carson Park, Orfila Winery and many other entertainment destinations.

Beautiful PANORAMIC VIEW home on a CUL-DE-SAC street in the wonderful community of La Costa Oaks with top Encinitas and San Dieguito schools. Fabulous outside living area with pool, spa, firepit and BBQ Bar area. Gated Entry to front Courtyard and outdoor Fireplace. Interior is highly upgraded with Granite Island Kitchen, Hardwood Floors, Bonus Office Room, Bedroom & Bath downstairs, Master Retreat and Balcony. Close to Oaks Club community center, schools, shopping, golf and beaches.

INTERIOR UPGRADES & FEATURES: Hardwood Floors, Dramatic Foyer & Stairwell, Crown Moldings, Security System, CAT 5 Home Network Wiring, Dual Zone FAU & A/C, Multiple Stereo and Surround Sound Zones, Epoxy Garage Floor, Three Fireplaces, Granite Center Island Kitchen features built in Stainless Steel Monogram Refrigerator & Dbl Oven, Six Burner Cook-top, Maple Cabinets with medium Cherry Finish, Butler's Pantry, Walk-in Pantry, Custom Lighting on Upgraded Dimmers, Living Room is currently a Billiard Room with Built-ins, Family Room Built-in Media Center, Large Bonus or Office Room with French Doors to Courtyard, Separate Bedroom Suite on First Floor, Oversized Laundry Room with Sink and Cabinets, Walk-In Wine Closet with Custom Iron Gate, Master Suite has a Rotunda Entry and a Retreat for another office or exercise room. The MBA has His/Hers Walk-in Closets and Separate Vanity areas, large Soaking Tub and great Balcony with Panoramic Views!   *****   EXTERIOR: The front of the home features a Huge Canary Island Date Palm, Iron Gate Security Entry to a peaceful front Courtyard with a Custom Fireplace with Cascading side Water Features. The rear yard is an Entertainer's Dream with Panoramic Views to Mexico and a variety of numerous Palm Trees! Beautiful Pool with Electric Cover and three Shear Dissent Water Features, Large Spa, Firepit conversation area, Granite BBQ Area with Sink, Beverage Cooler and Palapa for shade! Ground level trampoline 4 Kids. Window Treatments Negotiable. *****  NEIGHBORHOOD:  Award Winning Schools (Mission Estancia  Elementary, Diegueno Middle School & La Costa Canyon HS), La Costa Oaks Community Center features a Gym, Jr. Olympic Pool, Tots Pool, Gorgeous Rec Room and Gourmet Kitchen for Parties,  Lots of Activities Year-Round for Kids to Adults. Area is close to Stage Coach Park & Rec Center, with Sports Fields, Basketball and  Tennis Courts.

 ***** Call or Text JIM DAVEY for your Private Showing  760-419-5581 *****

OFFERED AT $750,000 to $799,000! Great floor plan in the Preserve of La Costa Valley with 1BR/1BA DOWN. Great PRIVACY with no rear neighbors, treetop VIEWS and a cul-de-sac street! Each of the four bedrooms has its own private bath! The foyer has a CUSTOM beveled and leaded glass front door and an ELEGANT STAIRCASE. Center Island Kitchen has GRANITE SLAB counters, MAPLE cabinets & MARBLE back splash. Family Room Fireplace, Media Niche & CROWN MOULDINGS. The home features Teak Floors, Custom Paint and Recessed Lighting. This beautiful La Costa Valley home also features Two Zone A/C, Two Phone Lines and CAT  5 Network wiring. The Master Suite has entry with separate mirrored walk-in closets. The MBA has a large Soaking Tub and separate vanities. Laundry Room has a built in sink and cabinets. , Separate 1 and 2 car garages. The rear yard features a Covered Patio, Fruit Trees, Privacy and Treetop Views!  ***** Items that do not convey are the family room fireplace mantel, Sub-zero refrigerator, exterior freestanding and wall fountains. ****Great community facilities...Pool, spa, gym, rec.room with full Gourmet Kitchen and Library, lighted N/S Tennis Courts, Parks, Tot Lots, Walking Trails, Private Day Care/Kindergarten etc. Award Winning schools in the Encinitas Elementary & San Dieguito High School Districts feature El Camino Creek Elementary, Oak Crest Middle & La Costa Canyon High Schools.*****Encinitas Ranch Shopping and the upscale Forum Shops are in close proximity. Beaches & challenging Golf are also just a few minutes away.*****This is a great home in the wonderful neighborhood of La Costa Valley! Buyer to verify all information before the close of escrow.

High-End Home Sales Getting Boost From Low 'Jumbo' Rates

While record-low mortgage rates aren't doing much to spur regular home sales, the higher end of the housing market is getting a significant boost from the decline in so-called jumbo rates—mortgages of $417,000 and above.

 An economy suffering from high unemployment and falling home prices has left many potential buyers unable take advantage of the lower conventional rates. But it's different for those seeking bigger jumbo loans for the more-expensive homes.  

"Sales volume for homes worth more than $1 million across the country are up more than 35 percent from last year at this time," says Walter Maloney, spokesman for the National Association of Realtors (NAR). "Homes between $700,000 and a million are also on the rise by some 29 percent over last year. There's no question that's because of the historic low jumbo rates."

 Just how low are the current jumbo rates? Last year at this time, a 30-year fixed jumbo rate was averaging more than 6 percent. It's now at an all time low average of 5.07 percent. And the re-finance rate for a 30 year jumbo is currently at 5.30 percent. A fifteen year jumbo is at the historic low average of 4.68 percent.

 The reason for the rate decline is simple, say the experts: banks, which have a part in setting jumbo rates, have money to lend and see the benefits in doing so at lower rates. "Lenders are getting more comfortable making high end loans these days," says Greg McBride, senior financial analyst at Bankrate.com. "They're using their cash reserves to make the loans and see a profit in having rates lower right now." Unlike conventional mortgages, jumbo loans by definition exceed the conforming loan limit of $417,000 set by Fannie Mae and Freddie Mac. Jumbo rates are loosely tied to long term treasurys but they are traditionally higher because of the risk involved for the banks in making a larger loan.

But the risk seems worth it, even in today's sluggish economy as foreclosures rise and unemployment remains high. "People at the higher incomes are not so much worried about their jobs as others might be. And they have the money to come up with 30 percent down." says McBride. "There is some pent up demand for the more expensive homes. The lower rates are helping release that demand." While banks seems ready to make the bigger loans, they are putting borrowers through the same tough underwriting rules that conventional loan borrowers face.

"Banks are asking for every piece of financial information they can," says Mitchell Hochberg, a consultant and principal at Madden Real Estate Ventures. "They are being very strict on all the paperwork when it comes to home buying or re-financing." Strict or not, the banks are lending and refinancing jumbo loans at much higher volumes than last year.

"Sales are fairly good right now," says Alan Rosenbaum, president and ceo of Guardhill Financial, a mortgage banker and brokerage company based in New York. "But what's even better this year is the refinancing. We've had significant volume there. I'd say that even getting a half a point now on a jumbo refinance is good with these rates." Like their conventional brethren, the question over how far jumbo rates will continue to fall remains mostly unanswered. No one can say for sure whether the economy can sustain them if inflation fears force the banks and the Federal Reserve to make lending harder.

However, the question about their rising has a more definitive answer.

"There's no way to tell where rates will really go on conventional or jumbo loans," says Lawrence Yun, chief economist at the NAR. "I do expect them both to remain low. But it's clear to say that if they do go up, it will hurt housing. They aren't the only factor in the housing market. There's the jobs picture and home prices. But having the conventional or jumbo rates go up will definitely not help."

URL: http://www.cnbc.com/id/38674499/

I continue to read how the U.S. housing market as well as many parts of the country are still showing price declines and or are seeing a second dip in home prices.  When you review the existing Data, you will find California, and San Diego specifically were typically well ahead of the rest of the country in home appreciation, as well as the subsequent huge price declines.  Having experienced this, my feeling is you will see our markets lead the way out of the bottom.  I have cut and pasted an excerpt from a recent Forbes article I found

"One way or another the market must clear, and as it has so often in the past, California appears to be leading the way. Los Angeles, San Diego and San Francisco have all had respectable years thus far."

Since April 2009 lows, the San Diego market has experienced month over month price appreciation for 14 consecutive months according to the Case Schiller index.  Over this period San Diego has appreciated nearly 12%.  Of the 20 cities tracked by this report, San Diego was only second to San Francisco's amazing 18% return.

I reviewed the latest Zillow Home Value Index report for housing through May 31st.  Six out of the top ten cities in Year over Year home appreciation were located in California.  San Diego topped all California Cities with 7.0% appreciation second only to Virginia Beach.  The following is the order of appreciation:

Virginia Beach   7.7%
San Diego        7.0%
San Francisco   5.9%
Los Angeles      5.3%
San Jose          4.7%
Santa Barbara   4.5%
Ventura           4.0%
U.S. Avg.        -3.8%

Within the San Diego market you will find certain areas are showing large appreciation while other areas are still showing price declines.  For the most part, the more desirable coastal areas all showed better than average appreciation while the areas in the east part of the county showed less than average appreciation.  The most expensive areas of the county typically showed the worst price appreciation, due to lack of buyers in the multi million dollar home category. 

I would not bet on home prices to return another 12 month run of 12 percent price appreciation.   My best advice to home buyers and investors is to project out 60 months.  Most home buyers will look back at this period of time and wished they had purchased another home come 2015. 

Feel free to comment on this or provide any relevant data.

Troubled borrowers who do not try in good faith to work out a deal, but have the capacity to pay, are targeted by the policy announced Wednesday.

"Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting," said Terence Edwards, executive vice president for credit portfolio management.

A strategic default occurs when a homeowner stops making payments on a mortgage despite being able to do so. It has become increasingly common in communities where housing values fell sharply and homeowners are "underwater," or owe more than their houses are worth.

Fannie Mae said that in locations where the law allows, it also plans to take legal action to recoup outstanding mortgage debt from borrowers who strategically default. The company plans to instruct its servicers to monitor delinquent loans facing foreclosure and recommend cases to pursue for such judgments.

A spokesman for fellow government-backed mortgage buyer Freddie Mac said its current policy requires at least a five-year wait. Freddie Mac will "take a close look" at the new Fannie policy, said spokesman Brad German. "We'll consider it in light of current market conditions in order to manage our risk as effectively as possible."

Fannie and Freddie were created by Congress to buy mortgages from lenders and package them into bonds that are resold to investors. Together, they own or guarantee almost 31 million home loans worth about $5.5 trillion. That's about half of all mortgages.

The wave of foreclosures affecting Fannie and Freddie loans has caused a major problem for the U.S. government, which effectively guarantees the loans.

Source: AP Business Writer Eileen Aj Connelly

• California plans to spend around $200 million dollars to fund this tax credit.

Who is eligible?

• The home buyer must be a California taxpayer.
• There is no limit on the income of the home buyer.
• The program is available to both existing homeowners and first-time home buyers.
• Current homeowners are eligible only if they buy a newly-built home.
• First-time home buyers are eligible whether they buy a newly-built or existing home.
• To be a first time home buyer, you cannot have owned a home anywhere in the world during the three years prior to buying your new home. If you’re married, that applies to your spouse as well.

How much is the credit worth?

• The tax credit is worth up to 5% of the purchase price of the home, or $10K, whichever is less.

How does the home buyer receive the tax credit?

• The payment is credited against the home buyer’s annual CA state income tax.
• The total payment will be spread evenly over three years.
• If you qualify for the full $10K, you’d get up to $3,333 per year – but only if you pay at least that much in annual CA state income tax.
• If your CA state income tax is $4,000 a year, you get a $3,333 credit against that amount, effectively lowering your state income tax to $667.
• If you owe less than $3,333 per year in CA state income tax, you’ll receive a tax credit only for that amount. The extra will not roll over into the following year’s payment.
• The credit will begin to be applied to the tax year in which the home was purchased. If you buy your home in 2010, the tax credit will begin to be applied against your 2010 taxes.
• You cannot apply the tax credit to your 2009 taxes, even if you file your 2009 taxes after you purchase your home.

What’s the deadline for claiming the credit?

• Buyers of existing homes must close escrow between May 1 and December 31, 2010.
• Buyers of new homes can either: Close escrow between May 1 and December 31, 2010, or… If they are unable to close escrows during that time, they can reserve a credit by entering into an enforceable contract between May 1 and December 31. They must then file the proper paperwork with the tax board and close escrow by August 1, 2011.

Here’s California’s official website on the new home buyer tax credit.

It is anticipated that these programs will help to avoid many foreclosure situations and help to balance the inflow of distressed properties into the market. The long term benefits to the homeowner having a short sale vs. a foreclosure are not yet know but it is apparent that a short sale will have less impact on their credit rating. Depending on your situation, the lender may or may not have recourse on your relief of debt and there may be tax consequences as well. Please consult your accountant or tax attorney and call me if you or someone you know might benefit from some professional guidance!

Jim Davey

New custom home built from ground up in 2008.  Great village location with view of the Bay and Bridge from your private roof top deck.  Home is highly upgraded with the following custom appointments: Cherywood cabinets, hardwood floors, natural stone, outdoor kitchen, 725 sq ft of outdoor decking, exposed beams, 10 fireplaces and 10 flat screen tv's and 3 tankless water heaters. Guest house includes kitchen, washer dryer, full bathroom and fireplace. Sellers will consider creative financing on this home.

With these new loan limits in place buyers will now be able to purchase a home in San Diego with as little down as 3,5% on loan up to $697,500. 

Remember conforming loans are still $417,000, loans up to this amount will have minimal restrictions and will have the best interest rates. Loans from $417,001 to $697,500 should have approximatley 1/4 percent higher interest rates with slightly more restrictive guidelines.  All loans exceeding the new, higher limits will fall in true jumbo or portfolio loans and be subject to different underwriting guidelines and even higher rates.  So to ensure you are getting the lowest rates, you will want to put down enough down payment to keep your loan under the $697,500 loan amount.

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Interest Rates are the lowest they have been in the last 40 years. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!  We are locking buyers on purchase loans at or below 5 percent on 30 years fixed rates.  This was considered unheard of for interest rates. 

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's lowest interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.