Jeff Dowler ~ Carlsbad Real Estate ~ 760-840-1360

SHORT SALES and FORECLOSURES

Carlsbad buyers often believe that buying a short sale or a foreclosure will yield a tremendous deal. This can be a misconception, and seems to arise from all the hype in the media, and the notion that since they are distress or hardship sales the price will be much lower than a typical sale for a comparable home.

This may or may not be true.

No buyers should be surprised to hear that short sales can be difficult to finalize and may take many months to complete, or to even get an approval from the lender(s). Some don't close at all.

READ MORE: Buying a Short Sale - this is not a new article but the personal stories from buyers are enlightening

Short sale and foreclosure homes in good condition, and including the normal appliances and fixtures, may not cost any more to bring up to the buyers' standards that typical sales. Sadly, however, many of the distress sale homes are in bad shape and may cost thousands to repair. Depending on what you pay for them it may not financially be a great deal after all is said and done.

There seems to be an illusion that these homes sell for 20%, 30% or more below asking, or will, if one looks at the low ball offers that often are submitted.

So what is the reality?

Here are some statistics from the MLS for Carlsbad and nearby communities (detached homes sold in the last 6 months) that may shed some light, and provide some interesting perspectives on the realities of the short sale and foreclosure market. REOs (bank owned properties) are not included.

For the most part these homes average fairly close to the asking price, but there is a range. In particular San Marcos and Oceanside which have the most short sales and foreclosures have the broadest range - some homes there were purchased for substantially less than the asking price. So in some cases these homes do sell well below asking, but in many cases they do not, especially when there are multiple offers.

Don't draw any firm conclusions from the data, especially with regard to the length of time on market. Agents may change the contract from active to pending once the short sale is actually approved, but it appears that some never change the date until the deal actually closes. While an offer may be accepted by the seller quickly, the actual time until the deal closes can be many months, and summary data from the MLS do not always reflect this. What is of most interest to buyers is the length of time from when the final offer gets accepted and the deal closes, and NOT how long the homes are being marketed. My advice? Take the days on market with a grain of salt.

Case in point - one home in Del Mar went pending after only 14 days, but it took 121 days to close from that point.

Data inconsistencies are not limited to marketing time either. Some agents don't note in our MLS that a sale is a short one, although it is required, or the remarks are ambiguous. And some sales are noted as requiring lender approval but are actually already lender owned. That being said, the true number of short sales and foreclosures may be different.

It is recommended that you work with a REALTOR who is knowledgeableable about the local market AND who has experience dealing with the short sale and foreclosure market. If I can provide more information or answer any questions, please let me know.

Need a special fun gift for the holidays? Heading to a party and want to take along something for your hosts? Want to show clients or employees how much you care by sharing a gift basket over the holidays?

Queen Eileen's IS the place in Encinitas to visit. Here's why.

GIFT BASKETS - They make them right there (yep, I was there to grab a few pics and chat with Queenie [Eileen] herself in the midst of creating - see the show) and there are many choices for all occasions. They ARE impressive and beautiful!

The holidays are especially popular for these baskets -  choose one of their pre-arranged baskets or, better yet, customize your own. From $25 and up. Locals can bring in their own special wine to include or Queenie will select for you. Order on line from anywhere in the country but please feel free to call and personalize the transaction to get just what you want. You may need to order by December 12 for long distance delivery but check with the store. The website will give you a good idea of the huge selection of options.

THE STORE ITSELF - hopefully the pictures and the tour below will give you some idea of all the fun stuff you can find here, some of it a bit racy and not for the kiddies, but what an array of gift options - frig magnets, gift cards, PJs, Tees, martini glasses and other fun and artistic glassware, cards for all occasions, scarves, ornaments, napkins, spa items, novelty and gag gifts, and the list goes on and on. The beach theme is common here, with plenty of humor. Best way to get an idea is to stop in - the place will make you smile and laugh - or visit her Queen Eileens website.

WANT SOME BLING? Queenie stocks gobs of great jewelry (necklaces, earrings, rings) from Bali - she makes a couple of buying trips per year to keep the inventory fresh and interesting (I know, my wife has been there, and there).

QUEEN EILEEN'S MARTINIS ON FRIDAYS - what a fun activity for the holidays! Held on Fridays from now until Christmas, from 5 - 7 PM. Stop by for free martinis and gourmet snacks.

• Come yourself or bring 1 friend and you both get 10% off anything in the store
• 2 or more friends and you get 20% off.

Pretty good deal along with a freebie martini! What a terrific way to end the work week, or start the weekend.

The staff is friendly and helpful and you can't help but have a good time doing your shopping here.

Queen Eileen's is located in the heart of downtown Encinitas (just a short distance down the road from Carlsbad) on the west side of the coast road at 548 S. Coast Highway 101. (760) 436-4845 or (800) 233-4386

Take a tour of QUEEN EILEEN'S

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If I can provide more information about Encinitas, Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.

All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits

Sometimes art can be found in the most unexpected places. Mother Nature has her own way of creative artistry at the beach in the sand, waves, driftwood, shells and vegetation.

Sometimes humans intervene and create their own artistic works in unique places.

Cardiff State beach along the coast road/Route 101 in Cardiff is one such venue.

Unknown "artists" for years have created stone sculptures along the coast road here, using the smooth and jagged stones dumped there to help with erosion. These sculptures appear without notice, at various times during the year, in groups or sometime as solitary testaments to a passing human's creativity. You rarely see them being created, but just come upon them while driving by or walking the somewhat deserted part of the beach. You may not see them for many weeks, but then suddenly one or more will appear.

The rock sculptures sit sometimes for days, or perhaps for only short periods, until they are disrupted by the winds, a child's hand, or an errant seagull seeking a perch to watch for prey on the sands below. One has to wonder...who was the creator? What inspired them? Were they pleased by what they saw? Who else sees these creations and wonders?

I, too, was inspired, and created my own "masterpiece." ([photo at top of page] I wonder - how long will it sit there undisturbed? Perhaps I will check back in a few days.

Enjoy a relaxing moment with these sculptures and music.

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If I can provide more information about Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.

All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits

The Carlsbad real estate market continues to evolve, and the data for November show a number of changes from October. These data do not include any private sales nor manufactured housing; the numbers are derived from the MLS and are believed to be accurate but are not guaranteed.

Media reports speak in general terms, rather than local, so that information may not represent the reality of our local Carlsbad real estate market. Having data from a knowledgeable agent about the local market conditions benefits you as the buyer or seller.

In November 2008 there were 57 homes sold in Carlsbad's 4 zipcodes, as compared to 100 for October (a drop by 43%). Here's the breakdown of overall activity.

The number of sales was significantly less than in October, with a drop in the average price for both detached and attached homes, a trend we are seeing in a number of communities as we head into the holiday season.

At the end of November 2008 there were 612 Carlsbad homes for sale (382 detached and 230 attached homes), a drop in total inventory from October by 5% which is typical at this time of year. This represents an inventory of 7 months for attached homes (an increase over October at 5.3 months) and 5.3 months for detached at the current rate of sales over the last 6 months (a drop from 5.6 months as of October). These absorption rates are actually fairly positive as compared to many other parts of the county, some of which have over 2 years of inventory.

YTD the average sold price of a detached home in Carlsbad is $777,118 (DOM = 68 days), based on 723 sales. This is a drop in the number of sales over the same period in 2007 by 15%; the average price of a detached also dropped by 9% as compared to the same time 1 year ago. This compares to an increase of 14% in detached home sales in San Diego County over 2007 sales, but a drop of 27% in average sales price for the county.

The market data for the 4 different Carlsbad zip codes vary considerably; for November, the average sales prices for detached homes were $698,613 for 92008, $829,698 for 92009 (La Costa area), $551,357 for 92010, and $855,168 for 92011 (Aviara area).

Please remember this is an overview for Carlsbad, and based on information provided by the MLS for homes that went under contract in the last couple of months and closed in November. More details can be provided if needed with regard to current activity as well as within the specific zip codes of Carlsbad.

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If I can provide more information about Del Mar, Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.

All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits

Our tradition, for many years, has been to go out and cut down our Christmas tree (actually for many years it has been two - the regular tree and a special tree, usually in the kitchen for our collection of bird ornaments). I'm not sure how many years it has been but certainly 20 or so.

The appeal has been to get something really fresh and a tree that would not be dropping its needles the minute your brought it in the house.

We have gone out to cut down trees when it was 25 below zero when living in Minneapolis. Now THAT is COLD!!!

And New England often had snow and certainly the cold.

The move to Carlsbad in Southern California was very odd when it came to getting our trees. I love the warm weather, but despite that getting our trees at the tree farm in Fallbrook in shorts and sandals when it was in the 70s was a bit odd. But very pleasurable I must say.

We broke tradition this year.

It felt a little strange, but good in some ways. Still 2 trees, but we spent time at The Pinery in Del Mar, about 15 minutes south of Carlsbad and across the road from the famed Del Mar Racetrack and Fairgrounds. The trees are either Douglas or Noble firs from Oregon, with prices ranging from $55 for under 6 feet to several hundred dollars for massive trees that would fit in any home here with a two-story living room. The trees were all in great shape and the staff was especially helpful. All in all a great experience. Plus they have rosemary trees, poinsettias, wreaths and garlands.

If you are in need of a tree and want a terrific selection, check out The Pinery at 15555 Jimmy Durante Boulevard in Del Mar, directly across from the Del Mar Racetrack

The trees are now outside in the shade by our house for a week or so before we bring them in to decorate.

Here's my post from last year getting the trees in Fallbrook.

Enjoy the show.

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If I can provide more information about Del Mar, Carlsbad and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at (760) 840-1360 or email me at JDowler@remax.net.

All content copyright © 2008 Jeff Dowler Carlsbad Homes and Real Estate Tidbits