The San Diego Condo Loft

Foreclosures are on many people’s minds lately.  Since the Federal Government has offered incentives to lenders to restructure people’s loans, local and state governments are encouraging home owners to seek help sooner rather than later and work with their lender to avoid foreclosure.  Help includes restructuring loans, and the purchase of homes by municipalities and non profits.

Foreclosure is the last stop on the money crisis train for home owners.  Once a home is foreclosed, the lender really does not want to own it.  This is why for the savvy buyer, these homes can be a great deal.

San Diego foreclosures are no longer just in risky neighborhoods.  The foreclosure crisis has hit all sorts of homes in all types of areas.  Pre-foreclosure, many homeowners and developers are willing to negotiate with a buyer/investor.  If they can walk away with a little cash and satisfied liens, and you have a property for less than the market value, it can be a win – win proposition.

How do you find pre-foreclosure opportunities?  By searching for them on our site!  Our partnership with RealtyTrac enables you to search all San Diego foreclosure listings.  Pre-foreclosures, foreclosure auctions, and bank owned properties are all at your fingertips on our site, and we can help you make sense of the entire process.  We can also assist you with obtaining financing.  Contact us today to learn more about San Diego foreclosure opportunities.

San Diego lofts are a popular lifestyle choice right now.  Whether built brand new, or converted from formerly commercial and industrial space, the convenient locations, ample space, soaring ceilings and light pouring in through large windows make an attractive choice, and are a magnet for urban designers.

Village Walk features lofts and condos that are influenced by the style of Italy.  Conveniently located near the waterfront, elegant shops and area attractions, residents at Village walk enjoy a peaceful interior courtyard, a fitness center, and many outdoor piazzas to enjoy as common areas.  Village Walk is close to Little Italy, and these San Diego lofts have a great community atmosphere.

Call us to tour Village Walk and remember, with CondoDomain, we give you money back at closing.

Hey California! Did you see President Obama with Leno last night? He was in California to speak with approximately 1,000 people in Los Angeles about the $145 million that will help resolve the foreclosure crisis by purchasing and rehabilitating vacant homes, and providing mortgage assistance and rehabilitation loans to existing homeowners. This is an effort to relieve the pressure on the market from California foreclosures.

There has been a lot of attention to nationwide foreclosures in the news lately. The number of foreclosures is up this month, and looks pretty drastic. This is partly because of the moratorium on foreclosures in December and through February, awaiting word from the White House on how the federal government would intervene. Now that the moratorium is over, foreclosed properties that were already set for auction have been again scheduled for sale, and now there is a backlog of them.

Foreclosures are pressuring the real estate market in many cities, but providing many opportunities for home ownership. Formerly investors and “house flippers” were the majority at San Diego foreclosure auctions. But now, regular home buyers who want a chance at an affordable home are flocking to San Diego foreclosure auctions.

While foreclosures in huge numbers hammer housing prices, efforts to sell the homes and get them off the market have two benefits. One is that once the large inventory of San Diego foreclosures is off the market, housing prices can stabilize and a true market value can again be established, with homeowners once again building equity. The second benefit is obvious – the buyer gets a home at a low price.

Buying a San Diego foreclosure is not without risk, since the buyer is responsible for repairs and all liens against the property, including taxes, construction liens, and second mortgages. When it comes to San Diego condos, it’s possible to have less risk exposure than with a freestanding house. We can help you with this. We can give you information about the building, the community, and assisting you in finding out the truth about all outstanding liens. We can also assist you with purchasing any foreclosure you choose, not just a condo.

Here at CondoDomain, we have partnered with RealtyTrac so that you can search all available and pending foreclosures in the San Diego area. Take a look at these, and then call us with your questions.

Good news for FHA loans! As of last week, there are new maximum loan limits that are available due to the American Recovery & Reinvestment Act. These new loan limits are for new and existing loan applications that are submitted with credit approval on or after March 12, 2009.

Here is a list of the 2009 FHA Maximum Mortgage Limits*:

$729,750 for one-unit properties
$934,200 for two-unit properties
$1,129,250 for three-unit properties
$1,403,400 for four-unit properties

These new limits open up the possibilities for many new buyers! Now lenders can go as high as a $729,750 loan amount with only 3.5% down! So if you are in the market to buy and have previously been unable to put 10-20%  down, this is excellent news!

Contact Christina Longo immediately for more information at 978.886.9359

View the all-new Condo Loan Center to learn more information. The Condo Loan Center offers everything from first-time homebuyer programs with down payment assistance, to private mortgage banking with unlimited loan amounts. In addition, the Condo Loan Center has the ability to act as a broker gives clients even more loan programs. Through the Condo Loan Center, you can rest assured that you will be provided with a competitive loan that meets your individual needs.

A complete schedule of FHA’s maximum county mortgage limits can be viewed through the HUD website by clicking here
*the list excludes financed UFMIP or EEM cost

I hope you enjoyed our San Diego city wide party for St Patrick’s Day this weekend. The parade near Balboa park was as usual, lots of fun. I really like having the park festivals and parade on the weekend, since it gives everyone with children a chance to come and really enjoy the fun here in San Diego.

The party lives on here in San Diego, as the Gaslamp Quarter is now rolling in green Astroturf – to resemble the green hills of Ireland. There’s a fabulous outdoor musical party going. Stroll over the “grassy” hills of 30,000 square feet of Astroturf to enjoy traditional and alternative Irish bands at the ShamRock. PLENTY of green beer is also available. Tickets are $20 in advance, $25 the day of – and you MUST be 21 and up. You can buy the tickets online.

San Diego never misses an excuse to have a good time with great music. While you’re partying at the Gaslamp, if you decide that you’d like to live there, give me a call. The deals on San Diego Condos are pretty green right now. With the California $10000 tax credit, the new federal first time home buyer tax credit of $8000, and low interest rates and price reductions on San Diego condos, buyers have a world of opportunity. Contact me today for details, and remember, here at CondoDoman, we give you “green” money back at closing.

There’s a lot of attention being paid lately to foreclosures, and how they are pressuring the market. Here at Condodomain, we’ve partnered with RealtyTrac to bring you the latest information on San Diego foreclosures.

There’s also a lot of confusion about foreclosures – so lets talk about what they are. When a homeowner defaults on a mortgage payment, over a period of time (which varies from state to state) the lender may take action to possess the property, or foreclose on it. These properties are then auctioned at a public sale, usually in the county courthouse or sherriff’s office. Those are only a few of the foreclosure sales – most foreclosure sales actually happen pre foreclosure, when the home owner has received notice that the bank intends to foreclose.

Investors/home buyers may approach an individual who has fallen behind in their mortgage and try to make a deal — usually taking over the mortgage payments and any other liens on the property. Sometimes they rent the property back to the former home owner. Usually, the home owner has to leave so that the new owner can take possession.

Sometimes a homeowner can get the bank to agree to take less money than is owed if the house sells. This is known as a short sale, and requires all lienholders to agree to the amount of the sale. Many homes on the market today are shortsales, as homeowners attempt to avoid foreclosure.

If you don’t buy the home from the homeowner directly and it does not sell at the sheriff.s sale, you may be able to buy it directly from the bank.

You can get a great deal with a San Diego foreclosure, but you have to be aware of a few things.  One – the property may be in less than prime condition and you may not have a chance to really thoroughly inspect it before bidding. With repairs and paying all liens, back taxes, and obligations, you may wind up paying more than the house is worth – not such a great bargain. Two – you may have difficulty evicting the occupants and require the assistance of law enforcement. Three – you need to have your financing lined up and your down payment ready at an auction. Professional foreclosure investors come with bank checks already prepared.

San Diego foreclosures are a great opportunity, but don’t go into the venture alone, especially if you are new to buying real estate. Our San Diego foreclosure listings show properties in various stages of foreclosure. Contact us about these listings, and we will assist you every step of the way.

Real estate sales prices in San Diego continue to head downward, and one thing is clear – the volume of sales appears to be strongest in the $350,000 and under price range.

So I looked at San Diego Condos that have seen price reductions lately that bring them into this range. Element is one such development, and several residences are on the market now, ranging in price from $159K to $350K. Let’s look at this San Diego condo to see if it is the right buy for you.

Element is in the East Village, close to Petco Park, arts, entertainment, and hip restaurants. It is within walking distance to a supermarket, and is close to the Historic Gaslamp Quarter. Trolley stations are conveniently nearby, offering access to many area attractions.

An entry point at 159K for an East Village San Diego Condo sounds like things are getting a bit more sane around here – and a great opportunity for you, the buyer.

Contact me today to learn more about all the great San Diego condo opportunities for you.  Now is the time to take advantage of lower prices on San Diego condos, low interest rates, and two home buyer tax credits – one for $8,000 from the IRS if you’re a first time home buyer and one for $10000 from California. And don’t forget, when you buy your home with Condodomain, we give you money back at closing!

The first time home buyer tax credit of $8000 is generating a lot of interest among potential San Diego Condo buyers – and a lot of questions.

What’s interesting for all home buyers is the various initiatives in states right now - California just passed a $10000 tax credit for newly constructed homes available to ALL home buyers this year, in addition to the federal $8000 credit for first time home buyers. Delaware is considering mortgage and down payment assistance. Missouri is considering a $1000 credit for all home buyers, which is attached to a jobs bill. And on a more localized level, Philadelphia is offering up to $5000 for 300 new home buyers IF their employer matches the contribution. So far about 180 people have qualified under the Home-Buy-Now program. Philadelphia also has many properties that qualify for a 10 year tax abatement.

Keep watching your state and your city legislators – more help may be on the way.

Some questions that buyers have posed recently:

1. What happened to the federal $7500 credit? Can I claim that AND the $8000 credit too?

No. The $7500 credit can be claimed this year for purchases in 2008 – and it has to be paid back. The $8000 credit is for homes purchased in 2009 – and does not have to be paid back.

2. Who is a first time home buyer?

For the purposes of the $8000 first time home buyer stimulus credit, a first time home buyer is someone who has not owned a home within the past three years.

3. What happened to the $15,000 credit that was being talked about?

In the final stimulus bill, Congress reduced it to $8000, and allowed for credits on vehicle purchases. Many people in the building and real estate professions are lobbying for a full $15,000 credit for all home buyers – across all markets that would be a REAL jump start, especially in those areas where prices have fallen more than 50%. But hey, right now, it is what it is – grab it and go for it. And in California, you have a lot more to grab right now.

4. When do I see the money?

When you file your 2010 tax return.

5. What else can I do to get a great deal?

Glad you asked that question. In addition to the tax credits, here at Condodomain, we encourage you to contact our local realtors to find the best deal that is right for you – and when you get to closing, we give you money back. Yes, we offer a rebate on the commission costs that the seller pays. We charge you a flat fee for buyer representation, and the rest of the commission goes in YOUR pocket at closing – not ours.

In California, if you buy a San Diego condo for $500,000 we negotiate the best deal possible for you. We help you find the best possible mortgage for you. Then, at closing, we cut you a check (based on a price of $500,000) for up to $10,000. Next year, when you file your taxes, claim your tax credit based on your purchase price for additional savings. Consider your closing costs, your homeowners insurance, and possibly a month or two of your mortgage payment in the bag.

Call us today to take advantage of all the great deals on San Diego condos for ALL home buyers.  And remember, we’re the people who provide you world class service and give you money back at closing.

It’s never been a better time to be a first time home buyer. Lower prices and interest rates, plenty of properties to choose from, a federal first time home buyer tax credit of $8000, and now a $10,000 California tax credit for new construction for any home buyer.

So let me introduce you to Solara Lofts.

Priced from the mid $200s to over a million dollars, these 77 San Diego condo residences are luxurious living in a convenient setting on Cortez Hill. This contemporary San Diego loft residence features Club Solara, a resident owned sports club/day spa, a lounge for men and women with private saunas, a jacuzzi pool, and day spa services provided by Studio on J. Clearly these amenities are expected in buildings where the entry price point is much higher.

These sun drenched San Diego lofts are a short walk to the Gaslamp Quarter, Petco Park, and the Ballpark District. Balboa Park and San Diego Bay are close by. You are literally on top of the world and in the center of it. And if you are a first time home buyer, you have two tax credits waiting for you – while you live in luxury for less than you dreamed possible.

Your Solara Loft residence features gleaming hardwood floors, Eurostar Tilt & Turn Windows, large balconies, designer granite and stainless steel finishes, and cherry wood finished kitchen cabinets. If you are on the penthouse level, your home has soaring 12 foot ceilings. Custom sliding glass partitions and moveable kitchen islands are optional.

I can show you how to find all the great opportunities in San Diego condos for you today.  Let’s make the most of the benefits coming to you from the federal first time home buyer stimulus and California’s home buyer tax credit. Give me a call to tour these luxurious new homes at Solara Lofts today. And don’t forget the opportunity we have for you at Condo Domain - we give you money back at closing.

Here at CondoDomain, we also know that foreclosures offer our buyers tremendous savings. We have partnered with RealtyTrac to give our buyers great opportunities to save on San Diego foreclosures. Soon you will be seeing these listings added to our site.

RealtyTrac also provides pre-foreclosure and short sale information. We’re happy to present this to you and assist you in finding all the great opportunities for buyers of San Diego foreclosures.

Foreclosure is the legal and professional proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor’s equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes, unpaid contractors’ bills or overdue HOA dues or assessments. More details here on Wikipedia.

We’ll be blogging more about San Diego foreclosure in the weeks ahead – the laws that affect you, the buyer, the process, and of course, the tremendous opportunities.

Call us today to learn more about the great opportunities for you with San Diego Foreclosures.