Ocean View Del Mar Custom Home – Just Listed by Elaine Gallagher & Associates
13823 Boquita Dr. Del Mar, Ca 92014
4 bedrooms | 3.5 baths | 3,403 square feet
Del Mar Custom home West of I-5 with Ocean Views! Shows in immaculate condition, newly painted throughout, new carpet, 3 fireplaces, slab granite kitchen counters, central vacuum, oversized backyard with fountain for relaxed entertaining family and friends year-round. Only a few blocks to Del Mar beach, shops, parks, schools, restaurants, and Torrey Pines beach!
Contact team for all Inquiries – 858.481.9909
A bit of good news from NAR.
According to NAR, home prices have climbed in 85% of U.S. Metropolitan home markets as low mortgage rates and the strongest labor market in almost 7 years spurred demand.
The median price of an existing single-family home rose from a year earlier in 148 of the 174 areas measured, the NAR said in a recent report.
Fifty-one areas had price gains of 10% or more; prices declined in 25 areas.
“The housing market is benefiting as employment returns to pre-crisis levels.” says a spokesperson at NAR.
Contracts to buy homes rose in March to the highest level for the month since 2005, according to the NAR. (March is the latest statics available).
The unemployment rate was 5.5% in February and March, (a level the Federal Reserve defines as full employment) the rate dropped to 5.4% in April.
Also, “boomerang buyers” have become eligible again and studies have shown that once consumers have owned a home (but then forced to rent because of “life circumstances”) purchase home in higher numbers than those who are currently renting.
First impressions count — not just for your friends, relatives, and the UPS guy, but for yourself. Whether it’s on an urban stoop or a Victorian front porch, your front door and the area leading up to it should extend a warm welcome to all comers — and needn’t cost a bundle.
Here’s what you can do to make welcoming happen on the cheap.
1. Clear the way for curb appeal. The path to your front door should be at least 3 feet wide so people can walk shoulder-to-shoulder, with an unobstructed view and no stumbling hazards. So get out those loppers and cut back any overhanging branches or encroaching shrubs.
2. Light the route. Landscape lighting makes it easy to get around at night. Solar-powered LED lights you can just stick in the ground, requiring no wiring, are suprisingly inexpensive. We found 8 packs for under $60 online.
3. Go glossy. Borrow inspiration from London’s lovely row houses, whose owners assert their individuality by painting their doors in high-gloss colors. The reflective sheen of a royal blue, deep green, crimson, or whatever color you like will ensure your house stands out from the pack.
Related: Pictures of 10 Great Value-Add Exterior Paint Jobs
4. Pretty up the view. A door with lots of glass is a plus for letting light into the front hall — but if you also want privacy and a bit of decor, check out decorative window film. It’s removable and re-positionable, and comes in innumerable styles and motifs. Pricing depends on size and design; many available for under $30.
A way to get the look of stained glass without doing custom work or buying a whole new door: Mount a decorative panel on the inside of the door behind an existing glass insert, $92 for an Arts and Crafts-style panel 20-inches-high by 11-inches-wide.
5. Replace door hardware. While you’re at it, polish up the handle on the big front door. Or better yet, replace it with a shiny new brass lockset with a secure deadbolt. Available for about $60.
6. Please knock. Doorbells may be the norm, but a hefty knocker is a classic that will never run out of battery life, and another opportunity to express yourself (whatever your favorite animal or insect is, there’s a door-knocker in its image).
7. Ever-greenery. Boxwoods are always tidy-looking, the definition of easy upkeep. A pair on either side of the door is traditional, but a singleton is good, too. About $25 at garden centers. In cold climates, make sure pots are frost-proof (polyethylene urns and boxes mimic terracotta and wood to perfection).
8. Numbers game. Is your house number clearly visible? That’s of prime importance if you want your guests to arrive and your pizza to be hot. Stick-on vinyl numbers in a variety of fonts make it easy, starting at about $4 per digit.
9. Foot traffic. A hardworking mat for wiping muddy feet is a must. A thick coir mat can be had at the hardware store for less than $20. Even fancier varieties can be found well under $50.
10. Go for the glow. Fumbling for keys in the dark isn’t fun. Consider doubling up on porch lights with a pair of lanterns, one on each side of the door, for symmetry and twice the illumination. Many mounted lights are available well under $100.
11. Snail mail. Mailboxes run the gamut from kitschy roadside novelties masquerading as dogs, fish, or what-have-you to sober black lockboxes mounted alongside the front door. Whichever way you go, make sure yours is standing or hanging straight, with a secure closure, and no dings or dents. The mail carrier will thank you.
17835 Avenida Amatista, Rancho Santa Fe
6BR/6.5BA 6,234 sqft
Offered at $2,150,000
For more information contact Elaine Gallagher at 858-481-9909
Mortgage rates remained steady this week — again. They finished the week close to where they started.
However, there’s good news for pretty much everyone nationwide — the spring buying season is getting off to a better start than expected! Home sales have gone up 10.4% and prices have gone up 7.8% across the U.S., with the west coast 11.3% up in sales and 8.3% up in prices. It’s a very strong market for both buyers and sellers. Existing home sales came in at 5.19 million versus a 5.03 million estimate, a 6.1% gain for March.
Sotheby’s International Realty perspectives, is a newsletter designed to provide insights into the global real estate market from our network of professionals, as well as significant recent sales and listings and a lifestyle comparison section.
This issue of Perspectives highlights many noteworthy properties
to recently come to market: from the $43 million Misty Isle
Farms near Seattle to a $5.5 million North Carolina masterpiece
with pop culture significance. We also feature many notable sales
that serve as a testament to the luxury real estate market’s strength
including an East Hampton, New York, oceanfront compound for
$93.9 million and a Hong Kong home for $58,025,209 (USD).
Also in this issue, our affiliates and their independent sales professionals
working in Beijing; Bethesda, Maryland; and Venice,
give us an insider’s view of current market conditions. For an
even greater in-depth look at many of today’s key markets for
luxury real estate, I invite you to read the inaugural Wealth-X and
Sotheby’s International Realty® Global Luxury Residential Real Estate
Report 2015, which can be accessed here. The report was designed to
provide valuable insights into the landscape of today’s ultra highend
market, and also to more clearly define the characteristics of
those buying and selling in that segment, their motivations and
destinations of interest.
This issue’s lifestyle comparison also celebrates a broad spectrum
of property types… But whatever lifestyle suits your needs, you
can search for the ideal property at sothebysrealty.com.
Enjoy this issue of Perspectives!
President and Chief Executive Officer
Sotheby’s International Realty Affiliates LLC
Consumer prices rose slightly in February for the first increase in 3 months. However, inflation risk still remains low, which is good for interest rates.
Durable goods orders fell in February signaling slowing economic growth. Trends such as these are watched closely by the Fed and can keep rates at bay.
As demonstrated by mortgage applications for purchases, spring sales are picking up. Applications jumped 4.9% last week to the highest level since January.
Existing home sales rose 1.2% in February. Demand is strong, and a tight inventory continues to keep house prices climbing.
New home sales hit a 7 year high in February. The increase in sales of newly built homes indicates that construction may need to ramp up to meet demand
The Federal Housing Finance Agency’s House Price Index increased by 0.3% in January. House prices were up 5.1% from January 2014 to January 2015 .
A time for fresh new rebirth and re-growth, and also a time for increasing real estate sales. The market in North County San Diego is in full swing with many buyers hitting the market looking for early season deals and we are noticing multiple offers, high traffic in open houses and generally a fast paced positive energy in the market.
February numbers as presented by the recent Homedex report were quite a bit surprising. In my experience I noticed prices and momentum picking up in January and February which felt like an incredible month for the market. The surprising aspect of the report was that median home prices for detached homes decreased about 3% when compared to the month prior, however, number of sales exploded by 22% and days on market decreased by 6 days to 34 days. This is indicative of the multiple offers and 1-2 week marketing times we are seeing on our listings right now.
In other news the FED met this last week and indicated that it would keep the interest rates the same until at least the June meeting, which I believe will continue to push more buyers into the market before then to avoid higher interest rates on their purchase. I anticipate the next couple of months to produce a high number of sales and post about a 5% increase in detached median home prices. I also anticipate an increase in inventory levels as prospective sellers realize the rising trend and try to cash in on higher prices by June if rates do increase. The buyer demand will subside briefly, and excess inventory will need to become more competitive in pricing to get the homes sold starting a slight contraction trend moving into the end of the year.
How does all of this affect you? If you have had any thoughts of selling now is the time, do not wait until May to get your house listed or you might risk the high part of the demand and then face additional inventory. If you are a buyer, you should weigh the benefits of a lower interest rate vs shopping when there is more inventory, less competition and possibly getting a slightly better price on the right home.
Here are a couple of highlights from this month’s Homedex Report
The median price for all North County home sales attached and detached decreased to $482,700 in February 2015, compared to $510,000 in January 2015.
Median price for detached homes in North County decreased 2.7 percent to $559,500 in February 2015 compared to $575,000 reported in January 2015.
Year-over median SFD price in North San Diego County decreased 0.89 percent compared to $564,500 reported in February 2014.
The number of sold units in North San Diego County for February 2015 was 632 units, an increase of 22.24 percent compared to January 2015.
Median days on market for North San Diego County SFD homes sold decreased to 34 days in February, compared to 40 days in January 20
The HomeDex affordability percentage for all homes in North San Diego County increased to 36 percent in February compared to 33 percent in January 2015.
“Fixed monthly payments and the long-term financial stability homeownership can provide are attractive to young adults despite [their] witnessing the housing downturn,” says NAR Chief Economist Lawrence Yun. Yun says the share of millennial purchases would likely be higher if not for a these four factors: underemployment, subpar wage growth, rising rents, and student debt. All four make it difficult to save for a down payment, he says. “For some, even forming households of their own has been a challenge.”
Gen Y comprises the largest share of home buyers at 32 percent, which is larger than all Baby Boomers combined.
Gen Y also has the largest share of first-time buyers at 68 percent.
Thirteen percent of all buyers purchased a multi-generational home, one in which the home consists of adult children over the age of 18, and/or grandparents residing in the home.
At least 80 percent of buyers who are aged 59 and younger bought a detached single-family home, while it is increasingly common for buyers over the age of 59 to purchase townhouses and condos.
The older the home buyer, the fewer compromises the buyer tended to make with their home purchase—48 percent of the Silent Generation made no compromises on their home purchase.
Among all generations of home buyers, the first step in the home buying process is looking online for properties for sale.
Younger generations of buyers typically find the home they purchase through the internet, while older generations of buyers first found the home they purchased through their real estate agent.
More About the Report
Bond-friendly comments from the Fed on Wednesday caused mortgage rates to improve. Weaker-than-expected economic data was also favorable for mortgage rates over the past week. As a result, rates ended the week lower.
The Fed statement dropped the word “patient”. This provides the Fed with the flexibility to raise the federal funds rate any time beginning in June. However, Fed officials also increased the requirements to raise rates and lowered their forecasts for economic growth and inflation. According to the statement, Fed officials want to see further improvement in the labor market and want more confidence that inflation will reach their target rate of 2.0% before raising rates. The statement accomplished the Fed’s goal of tying rate hikes more closely to the performance of the economy rather than a calendar date. Investors pushed expectations for rate hikes farther into the future.
Supporting the Fed’s economic outlook, recent data has indicated that economic activity slowed in February. Retail Sales unexpectedly posted a third straight monthly decline, while single-family Housing Starts dropped 17%. The details of the two reports made it clear that unusually bad winter weather played a significant role in the weak results. The question is to what degree consumers and home builders simply postponed activity. Investors will be watching to see if pent-up demand boosts the data in coming months.
Looking ahead, we will receive additional readings on the strength of the economy in February, including Existing Home Sales on March 23 and New Home Sales on March 24. Durable Orders, an important indicator of economic activity, will come out on March 25. The Consumer Price Index, the most widely followed inflation indicator, is also scheduled for March 24.