Rancho Santa Fe Blog

2011 Sales Stats for Rancho Santa Fe and Vicinity

2012-01-27T14:07:00.001-08:00

Specific statistics showing an overview of plus and minus growth from 2010 to 2011.

Rancho Santa Fe

Average Price-$2,354,110

-5% from 2010

Santaluz

Average Price- $1,520,000

+10% from 2010

Solana Beach

Average Price-$1,141,000

-13% from 2010

Del Mar

Average Price- $1,533,000

-7% from 2010

Carmel Valley-92130

Average Price-$1,025,000

+10% from 2010

According to the San Diego County Clerk Ernest Dronenburg, San Diego will experience a 2-4% drop in home prices in 2012. Starting in 2013, home prices will rise for the next 5-7 years.

Good News!

Unemployment is San Diego was lower than the state of California overall. San Diego at 9.2% and California at 10.2% for 2011.

(The stats for Del Sur will for forthcoming.)

2/1/2 more years of low interest rates equals Good News on the Housing Front

2012-01-25T22:39:00.001-08:00

Shall we say thank you to Mr. Bernacke?

http://bit.ly/yiHvrb

U.S Homeowners Have Housing At The Forefront

2012-01-24T07:00:00.001-08:00

As the 2012 Presidential Election is moving, what are homeowner's most important concersn?

http://bit.ly/yZtDbB

Chinese New Year 2012

2012-01-23T22:00:00.001-08:00

Luck Is On Our Side In the Year Of The Dragon!

http://bit.ly/y0Cls3

A Taxing Time of Year

2012-01-20T08:01:00.001-08:00

The new year means it's time to start gathering all of that dreaded documentation to send to good old Uncle Sam! Taking just a few simple steps right now will make your tax filing far easier and more accurate.

Keep it together. Make a quick list of all the documents or statements that were needed to complete your return last year—or call your tax planning professional for a checklist. As you receive tax documents in the mail, grab your checklist, and mark the item as received. Then, keep all of the tax documents together in a large file or envelope marked "2011 TAXES."

Do the math. According to the IRS, the most common mistake on tax returns is bad math—from transposed numbers to downright incorrect data. And with one form leading to another, those errors can make a huge impact. Even if you use tax software, you're not off-the-hook—since it only adds the numbers YOU put in. Double-check entries carefully.

Every last cent. The IRS receives copies of your Form 1099 earnings each tax season. So, they know how much you make in interest and dividend income, and they will use that info to double-check your filing information. Make sure you collect all your earnings statements and document them on your return.

Sign on the line. It sounds almost silly, but forgetting to sign a return is actually a fairly common oversight. And the IRS won't process a return that doesn't have a signature. So, make sure you sign to avoid resubmitting your paperwork and possibly paying late-filing fees.

By following the tips above, you can help eliminate some of the frustration from tax season, as well as make sure you're on track for the coming year.

Economic Commentary- Focus On Europe

2012-01-18T10:57:00.001-08:00

In all of our assessments regarding the future of our economy, there is always a warning attached which goes something like this -- unless the European debt crisis explodes. We had some good news regarding the economy in the past several weeks, especially with regard to the all-important employment sector. Last week there were not as many economic releases to focus upon. This enabled the markets to refocus upon events in Europe and it is reassuring that, at least for the moment, the crisis does not seem to be boiling over. The news from Europe seems to be positive one day and negative the next. What we need is our economic recovery to be as strong as possible right now to help lift Europe out of its malaise but also withstand weakness coming from Europe.

Corporate earnings reports also started flowing this week. Many have made a big deal about the fact that corporate earnings experienced double digit growth in the past few years but this did not result in the significant hiring of new workers. Well, now workers are being hired and the pace of earnings growth is expected to slow this year. What we can't have is corporate earnings slowing too much so that the momentum of a stronger labor market is halted. Expect there to be a significant focus on results reported during each earnings season this year. Meanwhile, though oil prices closed the week lower, the stronger economic news has coincided with a general rise in the price of oil. Much of this movement has been disguised because seasonal factors have kept gasoline prices low. Eventually gas prices will start rising if oil continues to settle northward of $100 per barrel. This would be one of the costs of a "better news" economy.

The worst for the housing market may finally be over, according to housing experts in a recent article in Kiplinger. After median home price have dropped nearly 40 percent nationwide, a rebound is taking shape -- although, housing experts say, the market may stay flat for awhile before gradually ticking up. According to housing experts in a recent Kiplinger article, here are some predictions for the real estate market in the coming year:

Home prices stabilize: Mark Zandi, chief economist at Moody's Analytics, predicts that home prices nationwide may still drop another 3 to 5 percent in 2012, but the new year will most likely finally bring a leveling off of home prices before gains start to take shape in 2013. When markets do begin to stabilize in the new year, “price appreciation tends to spread unevenly, creating a lot of confusion about where the recovery is occurring and when,” David Stiff, chief economist at Fiserv Case-Shiller, told Kiplinger. “Even within a single city, more desirable neighborhoods will stabilize first, while prices in other neighborhoods may fall at a rapid pace.”

Housing affordability high: Housing affordability -- the ratio of median home prices to median family income -- will likely remain at record levels in 2012. Homes in many cities are “substantially undervalued,” the Kiplinger article notes. That may even lead to a mini bubble with double-digit spikes in prices, such as an increase of 10 to 15 percent in a given year in some markets, housing experts say.

Low rates: Helping to keep affordability high, low interest rates are expected to continue on in 2012 -- at least the first part of the year, economists predict. The 30-year fixed-rate mortgage, the most popular among home buyers, has been hovering under a 4-percent average the past few weeks, staying in record low territory. Rates are expected to stay between 4 to 5 percent in 2012, predicts Guy Cecala, publisher of Inside Mortgage Finance, an industry publication.

Sales increases: The National Association of Realtors® has already been showing a tick up in sales taking shape with increases in existing-home sales during the summer and early fall of 2011. High inventories of homes continue to flood the market but a drastic slowdown in new-home building the past three years is “gradually easing the surplus,” the Kiplinger article notes.

Foreclosures: Foreclosures remain the problem and still plague many markets. After a slowdown with lenders processing the paperwork, foreclosures have begun to pick up once again. About 1.84 million home loans are 90 days or more delinquent and 2.17 million have finished the foreclosure process but aren’t up for sale yet, according to RealtyTrac data. Alex Villacorta, director of research and analytics at Clear Capital, told Kiplinger that he predicts regardless of the downward price pressure caused from foreclosures, overall home prices won’t fall as long as lenders bring additional foreclosures to the housing market at a steady pace.

Source: Kiplinger

2012-01-17T22:35:00.001-08:00

Thanks to Unique Homes Magazine for this great article.

Our annual look atthe prospects for U.S. luxury real estate in the coming year sees a fragmentedrecovery, with steady improvement at the high end.

By CamillaMcLaughlin

In an increasingly uncertain world, real estate is emerging as one of thefew sure things. We’ve seen a growing reversal of sentiment regarding realestate. Scarcely two years ago, buying real property seemed the biggest gamblein town. Today, especially for the wealthy, real estate is emerging as one of thefew sure things. Prices at historic lows translate into once-in-a-lifetimebuying opportunities, whether computed by dollars or the ability to acquire aplatinum residence in a prized location. Tired of watching and waiting, with akeen eye toward value, a growing number of affluent consumers are ready to jumpback into the market. In 2011, a number did, and these fundamentals, along withuncertainty in both the stock market and global economies, make the outlook forluxury real estate in 2012 at least as good as — but perhaps better than —2011.

Affluent buyers are viewing real estate as a good long-term investment atcurrent prices and an attractive alternative to the volatility of the stockmarket, observes Rick Turley, president of Coldwell Banker ResidentialBrokerage for Northern California.

“While affluent consumers are watching to see what will happen with theglobal economic situation, many seem concerned that they will miss out on lowprices and low interest rates and they are tired of putting purchases on hold,”says Laurie Moore-Moore, founder and CEO of The Institute for Luxury HomeMarketing. “Some are still shifting dollars from other investments intoresidential real estate in the belief that long term it will be a goodinvestment.”

LOOKING BACK
Blockbustersales such as the $85 million Spelling Manor in Holmby Hills, Calif., or the$100 million mansion in Los Altos Hills, Calif., generate headlines, but thereal story of luxury real estate in 2011 can be seen in high-end markets allover the country. In Sarasota, Fla.: “Our inventory is at record low levels,down to pre-2005 levels,” observes Michael Saunders, founder and CEO of MichaelSanders Company. In Atlanta: $1 million-plus sales increased by 24 percent inthe third quarter while days on market went down 26 percent. In the Hamptons:Homes priced at $5 million or up sold at pre-recession rates.

“While total U.S. home sales fell about 13.7 percent in the first half ofthis year, activity declined less or even increased in many high-end ZIPcodes,” reports San Diego-based DataQuick, which tracks home sales nationally.“Nearly 45 percent of a group of affluent ZIP codes, those with a median saleprice of $800,000 or more in the last two years, saw sales rise in the firsthalf of this year compared with last.”

More than a few properties closed well above the $20 million mark in a rangeof locations. More importantly, what occurred was a steady — sometimes slow,sometimes not so slow, depending on the location — rise in the number ofoverall sales, particularly above $3 million.

“Looking back, 2011 has really been a better year for us,” says Philip White,president and COO of Sotheby’s International Realty Affiliates. “Our sides areup significantly year over year. Prices are relatively flat compared to lastyear. Last year (2010) was a notable year in terms of the higher end market,but that was coming off a bad year. Statistically, 2010 was up over 2009because 2009 was so bad.”

In an Institute for Luxury Home Marketing survey of U.S. agents in the $1million-plus market, 77 percent reported an increase in luxury activity in 2011over 2010. Internationally, sales are up as well, according to a recentChristie’s International Real Estate survey. Roughly, 67.5 percent of memberbrokerages responding reported an increase in buyer activity for the firsteight months of 2011.

Sellers coming to grips with the realities of the current market became thetipping point in many places. “You can’t put a strategic price on a propertythat you are going to move down from. You’ve got to be very sensitive to whatbrokers are telling you it should be,” advises Robert Borden, chairman of theboard and chief residential advisor at LandVest.

Miami showed substantially more growth than any other market in 2011, but byfall, other Florida locations were beginning to show signs of revival. “TheFlorida population is increasing, unemployment is decreasing and we are seeingmore corporate group moves. Real estate unit sales are up, including $1 millionplus,” observes Betty Graham, president of Previews International for ColdwellBanker NRT.

RIGHT NOW
Speakingabout the 2011 market at the National Association of Realtors annualconference, NAR Chief Economist Lawrence Yun underscored the contradictions inthe current market. Although homes are more affordable than at possibly anyother time, there has been no appreciable uptick in overall sales. “The Fedwants to stimulate lending, but it’s hard to get loans approved,” he observed.Consumer confidence still registers at low levels, although jobs are pickingup. The litany of positives for real estate, according to Yun, include aslowing of price depreciation, a decrease in the inventory of newly foreclosedhomes, and, in many areas, the number of for-sale properties is trending down.

In some places, including those hardest hit by the downturn, inventories areapproaching lows that haven’t been seen for years. Add to that a growingunderstanding among consumers, especially high-net-worth individuals, that thetime to buy is now. “The smart money is coming back to the market,” says JohnTurco with Prudential Florida Realty of Naples, Fla. “I have never seen theNaples market take off like it has. Our market started to improve about fivemonths ago. Our inventory is off by at least 60 percent from last year.”

In Paradise Valley and North Scottsdale, Ariz., the number of homes for saleholds steady while per-square-foot prices are trending upward, reports TomPelliteri with RE/MAX Excalibur Realty. In Houston, Keller Williams Realtyagents see money on the sidelines beginning to venture back into the market anda pent-up demand for homes in the $1 million to $1.5 million range. And inMiami, “The market has definitely been on an upswing. We are closing $250million this year,” says Jill Eber, with The Jills Team at Coldwell BankerResidential Real Estate.

At year-end, a growing number of reports such as these from luxury enclavesall over the country paint a picture of high-end markets stabilizing and, insome instances, improving. Not only are luxury properties selling in morelocations but brokers tell us they have even more sales pending. “Bigproperties are under negotiations now,” says Eber.

“High-end deals are coming together in a lot of the major urban markets,”observes Paul Boomsma, president of Luxury Portfolio International and COO ofLeading Real Estate Companies of the World.

Seattle broker John Brian Losh, who is also the publisher ofLuxuryRealEstate.com, acknowledges increased sales, but also notes reducedprices. “Transactions started to happen pretty consistently throughout theyear, but prices are much lower. Properties are selling, but at bargainprices.” Moore-Moore agrees. “Luxury buyers relish the art of the deal. Theyare value conscious and are looking to buy future profitability by buyingsmart.”

INTERNATIONALLY
Thebig story for the high-end market in 2011 was foreign buyers. They only accountfor approximately 5 percent of U.S. sales, but as prices and the rarity of aproperty increase, so too does interest from buyers outside the U.S. Alsoimportant is the appeal of an area. In Florida, 25 percent of all sales fromJune 2010 to June 2011 were to foreign buyers, particularly Canadians,Brazilians and Venezuelans.

The hottest markets are global destinations such as Beverly Hills and NewYork that attract international and domestic buyers. Foreign buyers buoyedMiami’s record year. Here, cash transactions, favored by foreign buyers,accounted for 43 percent of single-family and 77 percent of condominium salesin October. Nationally, only about 29 percent of sales are all cash.

“International buyers look to the U.S. as stable politically, a safe havenfor money, offering a desirable lifestyle, and on sale! They will continue toinvest in U.S. luxury homes,” says Moore-Moore.

This year, other places including San Antonio, Vail, Atlanta and Chicagoreport growing interest from outside the U.S. Houston, according to Bruce Kinkat Keller Williams Metropolitan, has seen an increase in buyers from LatinAmerica, China, Japan and Russia.

There are no indications that this interest will slack off in 2012. “So farwe’re seeing great things happen. We’re so busy showing things it’s hard tokeep up. We have people coming from out of the country and not just in thesummer time now,” Beverly Hills agent Jade Mills said in early December. Mills,with Coldwell Banker Previews International, is ranked as the No. 2 real estateagent in the world. Particularly notable, she says, is the number of buyersfrom Russia, China and Indonesia looking in Los Angeles’ famed Westsideneighborhoods.

And rather than putting a damper on sales, the economic turmoil in Europe isonly enhancing the cachet of U.S. properties. “No one really knows what’s exactlygoing on in Europe and that’s disconcerting, but on the other hand that makesU.S. real estate more attractive,” says Losh.

“A lot of people in the world are still more confident about our economyoverall than their own,” says Boomsma. “Most of the world still sees the U.S.as a safe haven for investment, for property rights and ownership.”

LOOKING AHEAD
Still, assessing the market— and even categorizing the recovery — continues to be complicated. Many localmarkets continue to struggle, which means that in spite of promisingindicators, crystal balls this year are apt to be a little fuzzy. “The countryand the luxury space are becoming more fragmented so it’s harder and harder tomake not only a global statement, but to make a national statement,” commentsBoomsma.

“In 2011, the luxury market continued its recovery overall, although eachmarket continued to deal with its unique situation,” says Kathy Neu, presidentof Luxury Homes by Keller Williams. “Based on what we hear from industryexperts and our associates, this trend will continue in 2012 as buyers takeadvantage of the opportunities in the recovering market.”

Looking ahead, Graham sees more positives for Florida, including,“expectations that the widening of the Panama Canal will increase commerce.”

John Tuccillo, former NAR chief economist and current chief economist forthe Florida Association of Realtors, cautions, “The recovery will be long, butit is a recovery. I think that we are past the bottom, but the slope up is notvery steep — or won’t be until we can create more jobs.”

Looming for 2012 also are a number of potential bumps along the road torecovery. One is the presidential election, which Losh describes as theproverbial elephant in the room. “Traditionally, election years are good forbusiness. I think activity will remain the same if not pick up. But this is anextraordinarily long recession, so that could change things,” he says.

Other wild cards include potential changes in tax laws, including potentialcuts to the mortgage interest tax deduction. The lower end of luxury, under $2million, has not experienced the same uptick as the higher prices. This is theprice bracket that is also most affected by constraints from lenders and fromchanges to loan limits for conforming loans that took place earlier this year.

Don’t be surprised to see more distressed sales of high-end properties, saysMoore-Moore, as more owners lose upscale homes and others choose strategicdefault as an option. “As of the fall of 2011, 2.3 percent of homes inforeclosure were $1 million property. Expect this level to hold for 2012,” shesays. However, these sales might also offer an opportunity for new luxurybuyers to move into the market, shares Rob Aigner with Keller Williams BeverlyHills.

Will 2012 end better than it started? “I’m betting we’ll see the number ofluxury home sales going strong at the end of 2012,” concludes Moore-Moore.“Prices will still be under pressure as we work through high-end short salesand foreclosures. Will 2012 be a good time to buy upper-tier homes? Absolutely.Qualified prospects will find plentiful inventory and good value.”

The Real Estate Market is Heating Up!

2012-01-17T17:39:00.001-08:00

Rates are great and the local real estate market is brisk in January!

http://bit.ly/xGPoYZ

Top 10 Tips for Sellers

2012-01-12T15:00:00.001-08:00

Have a plan when selling you home. Here are 10 great tips for Sellers!

http://bit.ly/xE4P6y

Living Green in 2012

2012-01-12T11:26:00.001-08:00

I advocate a greener approach in our everyday living. Solar energy, hybrid vehicles, recycling and replenishing our environement however we can.

http://bit.ly/w74bfv

Good News on the Job Front Can Equal An Upswing in the Real Estate Sector

2012-01-09T13:00:00.001-08:00

December jobs report: Hiring up, unemployment down

http://bit.ly/xsU6Uh

Danielle's Prediction for Real Estate 2012

2012-01-03T13:09:00.000-08:00

In my opinion, 2012 will be an excellent year in real estate. Some may ask how I came to this conclusion given the flow in the market the past 4 years. Overall, I can't complain at all. My business has consistently grown and I am very grateful!

But, back to 2012 and my "prediction". First off, 2012 is an election year and historically election years are good for the economy. Of course they are! The incumbent wants the public to believe they have been doing a great job and now look how fantastically the economy has begun to improve under their leadership- for example- Dec. 2011 consumer confidence was up, unemployment was down and the housing market showed signs of stabilizing. In addition, interest rates will remain low and lower than they have ever been. They may even dip a few more times before October, 2012.

Regarding San Diego, our market has nearly recovered from the 2008 debacle. Prices are flat and in some areas increasing. The demand is still high and inventory is lacking overall. Certain areas are experiencing multiple offer scenarios and overbids on properties. 2012 will be a rambunctious, interesting, busy year in the real estate world. So says my crystal ball. :)

Good News For Mortage Rates!

2011-12-01T22:33:00.001-08:00

It is a great time to buy!

http://realtytimes.com/rtpages/20111201_rateupdate.htm

New Rancho Santa Fe Fire Station Nearly Completed

2011-11-05T22:31:00.000-07:00

New Rancho Santa Fe fire station nearing completion

A new fire station under construction in Fairbanks Ranch will be one of the safest buildings in the community due to strict earthquake standards imposed by the state.
The new station at 6424 El Apajo will replace the Rancho Santa Fe Fire District’s former Station No. 3, which was demolished last year. During construction, the area is being served from a temporary station housed in trailers across the street.
Construction on the new station began in June 2010, and district officials expect to open the new station in December or January.

Chief Tony Michel and Capt. Chris Galindo at the Rancho Santa Fe Fire District's newly renovated Station No. 3.

The new, nearly 11,000-square-foot station replaces a 3,000-square-foot-facilty built in 1983. In 1986, California adopted the Essential Services Buildings Seismic Safety Act, which requires that public safety buildings such as fire stations be built 125 percent stronger than non-safety buildings, said Rancho Santa Fe fire Capt. Chris Galindo, project manager for the new fire station.

Sales are UP in the Ranch!

2011-10-07T21:56:00.000-07:00

Rancho Santa Fe, 92067 Summary

The median sales price for homes in ZIP code 92067 in Rancho Santa Fe from Jun 11 to Aug 11 was $1,650,000 based on 29 sales. Compared to the same period one year ago, the median sales price increased 3.8%, or $60,000, and the number of sales decreased 27.5%. Average price per square foot for homes in 92067 was $435, an increase of 4.3% compared to the same period last year. There are currently 226 resale and new homes in ZIP code 92067 on Trulia, including 2 open houses, as well as 2 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in 92067 was $3,576,109 for the week ending Sep 28, which represents an increase of 2.3%, or $81,845, compared to the prior week. Popular ZIP codes in Rancho Santa Fe include 92067 and 92091, with average listing prices of $3,576,109 and $3,080,697.

Market Movers in Rancho Santa Fe

2011-08-31T11:37:00.000-07:00

There are currently 22 Single Family Homes Pending in Rancho Santa Fe. List price ranges from $929,000 to $5,200,000.

The Covenant leads with 8 properties in escrow and Fairbanks Ranch is a close second with 6 homes Pending.

Buyers are coming from local areas such as Orange County, Los Angeles and Palm Springs as well as out of state clients originating from Washington state, Texas and the East Coast.

The overall market climate is favorable when combined with the lower pricing and great interest rates.

As fall is approaching, it is a perfect time to consider a move to North County San Diego!

Rancho Santa Fe News

2011-02-24T08:24:00.000-08:00

It has been too long since I blogged! Life is busy, business is very good and real estate is moving in Rancho Santa Fe.

In the past 2 weeks, over a dozen properties have gone under contract in the Ranch. It is truly the beginning of spring and signs of renewed market activity.

My new listing in the Bridges is beautiful! View the virtual tour by clicking the link below:
http://www.warmfocus.com/video/1101-6321stradafragnante.php

Over 8400 square feet sited on 1.25 acres. This very private compound is exquisite in detail and design.

Soctoberfest in Rancho Santa Fe- October 23- Save the Date!

2010-10-14T22:59:00.001-07:00

Soctoberfest! Festive fundraiser to benefit RSF Youth Soccer

Rancho Santa Fe Youth Soccer presents “Soctoberfest: Beer, Brat and Bretzel,” from 6-11 p.m. on Saturday, Oct. 23, at the Cielo Club to benefit the club’s Academy and Attack programs. The Bavarian-themed evening includes drinks, dinner and dancing to “Music as You like It.”

Rancho Days is right around the corner!

2010-09-22T08:53:00.000-07:00

This year's Rancho Days starts on Friday September 24 and continues throughout the week with activities and events.
Contact Debby Anderson at 858-756-0358 for more details!

Local Resident of Rancho Santa Fe has the lead on renewable energy

2010-08-18T08:00:00.000-07:00

Local resident heads development of what may become the largest renewable energy wind farm in the nation.
Randy Hoyle is a modest family man who loves cooking up foodie-style, creative breakfasts for his wife and four young daughters on weekends in their home.

“Lots of pink and lots of drama,” he says as the lone male in his lively household.

During the work week, however, he exchanges his virtual chef’s hat for a reality hard hat which he wears to project sites he develops as vice president and head of wind power of Terra-Gen Power, LLC.

For more information visit:
http://www.sdranchcoastnews.com/rsf_pages/rsf_feature/8.12_features/8.12RSFft1_Profile-%20Randy-Hoyle.html

Impressionist painter Alkaaby, who fled Iraq, makes guest appearance during invitation-only exhibition in RSF on Sept. 22

2010-07-25T21:56:00.001-07:00

Just before the U.S.-led invasion of Iraq in 2003, painter Khalid Alkaaby, whose favorite medium is oil and canvas, continued to study at the Academy of Fine Arts in Baghdad. But by 2005, the war and terrorism that gripped his homeland forced Alkaaby to leave behind a fine arts studio and gallery and spend a couple years in Amman, Jordan, waiting for a visa that would allow him to immigrate to America.

Now calling San Diego County home, Alkaaby, who said he is greatly inspired by French impressionist Claude Monet, will be showing his works of art during an invitation-only exhibition in Rancho Santa Fe on Sept. 22. The public will be able to view Alkaaby’s work at Alexander Salazar Fine Art Gallery in downtown San Diego as of Oct. 1.

Rancho Santa Fe Farmers Market

2010-05-15T07:55:00.000-07:00

What a great idea!

At the Del Rayo Plaza
16079 San Dieguito Rd.

New Vendors: Heirloom tomatoes, Valvivia Farms Blended Oils and Balsamic Vinegards, Bistro Blends "Stellar Mix" and organic herbs, Maggies Farms

This Sunday May 16th the "Chef Series" begins:
Chef Pau McCabe of Kitchen 1540 ( Hotel L'auberge in Del Mar) is cooking from 10:30am to 12:00 noon.

http://www.ranchosantafefarmersmarket.com/

How's the Market in Rancho Santa Fe?

2010-04-27T15:26:00.000-07:00

Directly from Altos Research the daily stats for Rancho Santa Fe Real Estate as of April 25, 2010.

The median single family home price as of April 25 2010 for RANCHO SANTA FE is $3,312,077.

With a Market Action Index as of April 25 2010 at 12.76, RANCHO SANTA FE is currently a buyer's market.

The average property in RANCHO SANTA FE as of April 25 2010 has been on the market for about 302 days.

There are about 268 properties on the market in RANCHO SANTA FE as of April 25 2010.

The median price per square foot for homes in RANCHO SANTA FE as of April 25 2010 is about $543.

Rancho Santa Fe News

2010-04-13T12:40:00.000-07:00

Recession Proof Real Estate

Looking for a new home? Rancho Santa Fe definitely has you covered, according to Ranch Coast News. Conditions are ideal in this North County city—with 338 homes alone listed last month. There’s no better time than now to purchase in this luxury community.

Only The Best

The Art Jury for the construction of R. Roger Rowe School, a future school to be located in Rancho Santa Fe, is looking for “the best possible designs” according to Rancho Santa Fe News. The $34.5 million construction of the school is to begin this month, but Art Jury President Paul Slater strongly feels that there are additional items to be added that can by funded by the community. Ah, only the best, for Rancho Santa Fe

The Fantastic R. Roger Rowe Elementary School in Rancho Santa Fe

2010-03-15T14:52:00.000-07:00

R. Roger Rowe Elementary School in Rancho Santa Fe is a California Distinguished School whose vision is to inspire through revolutionary education.

The construction of the new Performing Arts Building is underway. This wonderful center will provide a venue for the School District and Community of Rancho Santa Fe to hold events, performances and other related cultural programs.

Visit their website at http://www.rsfschool.net/ for more information and an thorough overview of the R. Roger Rowe school.

An International Reach

2010-03-09T16:13:00.000-08:00

The buyers and investors are coming from all over the world. China, Europe, Russia, South America are only a few of the countries where interested clients are coming from and looking for great property in San Diego.

Knowing this, I have implemented a link for the international clients to be able to translate my website http://www.ranchosantafehomes4sale.com/ into one of 43 languages. The link is located in the top right hand corner of the site and titled International Website Translator.

Try it and let me know what you think!

Mortgage Rate Edges Back Above 5%

2010-02-08T13:47:00.000-08:00

Los Angeles Time/Money & Company

The average rate for a 30-year fixed home loan edged back up to 5.01% this week after spending two weeks slightly below 5%, Freddie Mac said in its survey for the week ending Thursday.
The Primary Mortgage Market Survey from the government-controlled mortgage company assumed that borrowers owned a 20% stake in the house, had good credit and paid 0.7% of the loan amount in upfront points and fees to the lender.
Many people pay additional points to lower their rates.
The 15-year fixed mortgage, which is a popular option for homeowners refinancing to pay off their loans faster, averaged 4.40%, also with 0.7% in points and fees. That was up slightly from 4.39% for the week ending Jan. 28.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.27%, with an average 0.6 point. The one-year Treasury-indexed adjustable-rate mortgage averaged 4.22%, with 0.5 point, Freddie Mac said.

Job Security is the key to 2010 Housing Market Recovery

2010-02-04T14:49:00.000-08:00

Jobs, foreclosures, option-adjustable-rate mortgages and interest rates are among the top trends that could dictate what will happen in California's housing markets this year.

The Feeling Better Theory
The implications of high unemployment for housing aren't easy to sort out since the link betwen housing and jobs remains something of a mystery. "Housing is the leding indicator relative to economic activity , but housing markets seem to have their own rhythms" according to Richard K. Green, director of the USC Lusk School of Real Estate in Los Angeles. "While employment trends usually follow housing trends, the cause hasn't been determined. Speculation is that people are just feeling better,and they are more willing to make a commitment like buying a house," he says.
The "feeling better" theory suggests that job security, rather than employment prospects may be the key to unlock California's housing markets this year. Californians who feel secure about their income for the next five or 10 years may be more likely to buy a home than thow whose job situation seems less stable.

Interesting that in my conversations with buyers and sellers, there is an undertone sense that they are "feeling better" about the market overall.

2010 will prove to be a better year than 2009 for real estate in San Diego, is my humble prediction.

San Diego Housing Prices Buck Trend

2010-01-28T11:56:00.000-08:00

County one of four U.S. areas on rise

By Roger Showley, UNION-TRIBUNE STAFF WRITER

Wednesday, January 27, 2010 at 12:01 a.m.

San Diego County, where housing prices rose and fell ahead of most of the country, was one of only four areas nationally to see an upturn beginning late last year, according to a widely watched housing index released yesterday.

Standard & Poor’s Case-Shiller Home Price Index for November showed San Diego-area prices up nearly 0.4 percent from both October 2009 and November 2008. On a seasonally adjusted basis, it was up 1 percent from October and up 0.4 percent year over year.

The only other markets to be up year over year were Dallas, Denver and San Francisco.

However, the 20 metro areas in the index collectively were down over the same period — off 0.2 percent for the month and 5.3 percent year over year — an indication that any housing recovery is uneven around the country. At the extremes, prices in Dallas were up 1.4 percent and those in Las Vegas were down 24.5 percent from November 2008.

The index was set at 100 for all areas as of January 2000, based on a three-month, rolling average of single-family resale homes involving the same property over time.

San Diego’s index for November was 156.06, meaning that prices here were up roughly 56.1 percent from 10 years ago. The index rose as high as 250.34 in November 2005, before falling to a low of 144.43 in April. Since then the index has risen steadily and, when seasonally adjusted, is up 6.9 percent from the trough.

The Case-Shiller index, limited to certain transactions and averaged in three-month chunks, has risen a bit slower than the MDA DataQuick monthly median price report that include all sales. Its November median for single-family resale homes was $365,000, up 1.4 percent from October and 9 percent from November 2008.

David M. Blitzer, S&P index chairman, said in a statement that despite four metro areas being up, there were four others that set index lows since the housing boom peaked.

“On balance, while these data do show that home prices are far more stable than they were a year ago, there is no clear sign of a sustained, broad-based recovery,” Blitzer said.

David Goldberg, an analyst for UBS, predicted that prices could fall between 3 percent and 5 percent before unemployment levels out.

“We’re probably in the latter stages of seeing home price declines,” Goldberg said.

S&P reported indexes in all metro areas except Detroit were higher than where they stood in January 2000, not factoring in inflation. Detroit’s index stood at 72.59, meaning its prices are roughly 27 percent below their 2000 starting point. Washington, D.C., with an index of 179.2, had the highest index value among the 20 areas; it fell from a peak 251.07 to 165.93 before rising again.

As further signs of a seesawing housing market, the Federal Housing Finance Agency said yesterday that its price index, based on mortgages, was up 0.7 percent from October to November, after having revised the October figure down. First American CoreLogic, a data firm, reported a decline of 0.2 percent in its November report issued last week.

Analysts said the apparent slowdown in housing recovery may be connected to a burst of activity last fall, when buyers rushed to close escrow to take advantage of an $8,000 federal tax credit for first-time home buyers. The credit was extended and expanded in November, reducing the urgency to buy until the next deadline, April 30.

Norm Miller, a housing expert at the University of San Diego and vice president for analytics at the CoStar Group, a commercial real estate company, said the future is uncertain because of an expected rise in foreclosures, which could depress prices, and interest rates, which could hurt affordability.

But San Diego may not feel much of a backslide because of the relative shortage of homes for sale.

“We’re one of the least-affordable markets in the country on a long-term basis,” Miller said. “When things become more affordable (as they have since 2005), there’s more a sense of urgency than in Cincinnati. OK, prices are down (there) a little bit, but here they’re three times down as much as in the Midwest. So, gosh, now’s a good time to buy.”

Miller said San Diego is likely to continue seeing a sluggish upper-end market as owners refrain from listing their homes for sale because they hope prices will return to their previous highs and buyers hope for additional bargains.

But for buyers, Miller said now may be an opportune time to get a property, even if prices might dip a bit over the next few months, because any rise in interest rates would wipe out any marginal drop in prices.

“If you can get interest rates at 10 percent less than a year from now, that means more than missing the bottom of the housing cycle,” he said.

Analytics for RanchoSantaFeHomes4Sale.com

2009-11-05T22:08:00.000-08:00

From January 1, 2009 to October 31, 2009, have a look at the following statistics for my website:

Total hits: 4,130,666

Average visits per day: 181

Average visits per week: 1,265

Average visits per month: 5,489

Average pages viewed per visit: 4

Average pages viewed per day: 659

Highest volume time of day: 1 p.m. - 2 p.m.

Highest volume day of the week: Tuesday

Highest volume day: Tuesday, Feb. 3, 2009

Highest volume month: April 2009

Looks like people are certainly visiting RanchoSantaFeHomes4Sale.com!

Rancho Santa Fe Area Sales Summary

2009-10-20T12:38:00.000-07:00

The latest information on sales in Rancho Santa Fe
January-September 2009 vs January-September 2008

Homes
2008 (129 sales)
Average Sales Price $3,439,005    Median Sales Price $2,650,000   Avg. perSqFt $606.06

2009 (101 sales)
Average Sales Price $2,681,280 (-22.0%) Median Sales Price $2,300,000 Avg. perSqFt $484.93 (-20.0%)

2009-101    Sales included 17 REO's & 4 Subdivision sales. At total of 25 properties were taken back by Lender ( not sales)

Information gathered from 1st American Title Company.

Print Advertising VS Technology

2009-09-30T11:03:00.000-07:00

We've all read it in the news - and chances are high that we did not read it in a newspaper but instead while browsing the Internet - that the newspaper industry is currently threatened with extinction. That means that the approach that real estate agents take to effectively market properties must change, adjust, evolve, and stay ahead of the technological curve in order to succeed.

In the past, we relied heavily upon print ads, especially those found in newspaper real estate sections. However the majority of buyers now do house hunting via the Internet. The National Association of Realtors (NAR) reports that 87 percent of home buyers in the US say they used the internet as an information resource during their home-buying process - and the numbers of online buyers continue to skyrocket. Connecting with those buyers is vital, and that is why I am intensely focused on tech-savvy marketing and why I stay up to speed on all the latest online real estate marketing methods and trends.

Not only do my clients benefit from having their homes marketed on more than 30 unique online sites and extensive email marketing, for instance, but Coldwell Banker just launched iPhone applications especially designed for customized real estate searches. I can use the application to perform lightening fast searches for property in your neighborhood or around the globe. Researching recent home sales data from an iPhone is a breeze, and you can also be alerted when new properties or open houses are made available that meet your criteria. Addresses and directions to homes are also provided thanks to a built-in GPS system.

The future is here, and it is more exciting than any of us could have possibly imagined. Please don't hesitate to call or send me an email if you'd like further information regarding the market.

Home Sales in 92067

2009-09-25T08:34:00.000-07:00

Over the past 90 days, there have been 26 properties that have closed escrow in the 92067 zip code. Pricing ranges from $1,449,000 in Hacienda Santa Fe to $5,950,000 in the Covenant. At present there are 18 properties Pending and over 250 Active listings.

The market is gradually regaining itself. The higher end homes ( over $5M) are slower to recover, although there are 3 properties currently Pending over $6M.

Buyers are coming from all across the United States and the world looking for well priced properties in Rancho Santa Fe. The locals seem to be laying low, not moving from neighborhood to neighborhood as has been the norm here for years.

Let's see what develops in the months ahead.

Have a great day!
Danielle

Turning up the Heat in RSF

2009-09-02T09:10:00.000-07:00

As we are seeing a rebound in the housing market in San Diego, these changes are being slowly reflected in the higher end Rancho Santa Fe marketplace.

In the last 30 days there have been 7 properties that have closed escrow in the 92067 and 92091 zipcodes, ranging in price from $2M to $5.4M. Currently, there are 11 Pending properties ranging in price from $2,95M to $5,995M.

It is great to see movement in the market. But, it doesn't put quite a dent in the nearly 300 Active listings over $2M in Rancho Santa Fe.

Seems like the heat is slowly increasing in the market. Multiple offers are ocurring on properties that are priced under market, bank owned and short sales. Could be signs of the times.

Fantastic Rental Opportunity In Rancho Santa Fe

2009-06-18T13:31:00.000-07:00

For Lease in Cielo in Rancho Santa Fe

$5500/month, 4 bedrooms plus detached guest casita. 3 car garage, clean, bright & open floorplan. Views to forever!
Owner prefers 1 year lease. Pets negotiable.

Call Danielle for more details:
858-759-6502

Real Estate Summary for Rancho Santa Fe

2009-03-12T10:17:00.000-07:00

The median sales price for homes in ZIP code 92067 in Rancho Santa Fe from Dec 08 to Feb 09 was $1,700,000 based on 8 sales. Compared to the same period one year ago, the median sales price increased 4.6%, or $75,000, and the number of sales increased 100%.

Average price per square foot for homes in 92067 was $512, a decrease of 4.7% compared to the same period last year.

There are currently 272 resale and new homes in ZIP code 92067 on Trulia, including 1 open house, as well as 17 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in 92067 was $3,885,831 for the week ending Mar 04, which represents a decrease of 0.9%, or $33,574, compared to the prior week.

Popular ZIP codes in Rancho Santa Fe include 92067 and 92091, with average listing prices of $3,885,831 and $4,456,477.

2009 Real Estate Outlook-On A National Level

2009-02-04T21:31:00.000-08:00

Real Estate Outlook: What's in Store for 2009?

What will the new year bring for housing and real estate? It's easy to look at all the negative economic news in the headlines and say - there's no sign that 2009 is going to be any better than 2008.

But here's a different perspective to consider from one of the country's veteran financial analysts -- Richard Bove of Ladenburg Thalmann, an investment banking company.

In a research report issued late in December, Bove said he sees a positive dynamic taking shape in the current cycle. The government has intervened aggressively in the markets to push interest rates down -- most notably in the home mortgage sector.

Though it takes awhile for low-cost money to begin having its effect, Bove said he expects "housing prices to stabilize and/or rise (in 2009) after a likely boom in mortgage refinancings as rates fall and loan applications increase."

Add in the expected massive economic stimulus package being put together on Capitol Hill with the incoming Obama administration -- and there's a good chance we're going to see a gradual transformation of the downward cycle into a slow rebound over the coming several quarters.

Already there are positive signs of the turnaround Bove predicts:

Mortgage applications are off the charts, mainly for refis but also to buy houses at affordable prices.

Rates continue to hover at 50-year lows - five percent and even four and three quarters percent for 30-year mortgages, and still lower for 15 and 20 year mortgage terms.

Plus we're all paying a lot less at the gas pump, and sharply discounted prices for retail goods and autos.

And guess what? Americans are actually SAVING again, the national savings rate took a nearly three percent jump last month. That might sound small, but it's hugely important if it is the start of a trend.

There are also some signs that housing prices are stabilizing in some parts of the country. The latest monthly Federal Housing Finance Agency index found home prices UP by six-tenths of a percent in the Mountain states and UP by two tenths of a percent in New England.

You can ridicule small regional gains as statistically irrelevant, but here's an economic proposal to you for the New Year: Keep your eyes open for the small positive signs that are accumulating out there … because all downcycles tail off and come to an end.

The smartest players in real estate -- consumers and the industry - will make the most of the positives -- low-cost money, low prices, stabilizing local markets -- and thrive in the new year. Written by Kenneth R. Harney

What is 'IN" for 2009?

2009-01-18T11:16:00.000-08:00

What is "IN" for 2009?

Sidelined home buyers. Family or lifestyle additions or changes made in buyers households in the last three years are forcing those waiting out the market transition to finally get off the fence and say, it's time for our family to buy the new home that suits our new needs.

Home uplifts. Not a big renovation, but some new finishes that can visually holdover stay-put home sellers. Not a gut rehab to the studs new kitchen, but new flooring, countertops and appliances.

Collaborative home pricing. The old days of home sellers configuring a homes price are out. What's new is that the seller with their agent look at closed comparables, set a price, then the buyer and their agent agree or disagree, but in the end, a mortgage lender and their appraiser will set the price, as they are assuming the most risk in the transaction.

Balanced reporting by real estate and personal finance journalists. Consumers learned in 2008 that the 'doom and gloom' residential real estate market headlines don't apply to all markets. What's been lost in the foreclosure hype is that there are still stories of homes selling in short market times (in as little as 3 days), homes selling at full price and some selling with multiple contracts on the table. Existing home sales will be 5.02 million versus 5.652 million for 2007, a decrease of just over eleven percent, considerably less that the recent correction in the U.S. stock market, plus a realistic view that over five million people purchased a home despite the headlines in 2008.

Creative home seller financing. Exhausted home sellers are turning to self-financing to move properties. Installment sale contracts and lease to own are the most popular and effective ways for sellers to begin to receive income from a property that has languished on the market in 2008.

Property tax appeals. With home prices dropping, many savvy home owners are appealing their property taxes. This is especially attractive to those looking to sell their home in 2009. With a competitive marketplace, those with the most realistic taxes are more likely to offer buyers an overall lower expense in home ownership.

2009 San Diego Real Estate Forecast

2009-01-10T22:22:00.000-08:00

In looking ahead to 2009, the San Diego Residential Real Estate market appears to be ready to shake off the doldrums of 2007 and 2008. While we probably shouldn’t expect to see 20% appreciation again, there are signs indicating a stabilization of the market and a preparation for a “return to normalcy”. What does this mean?

Let’s take a look at some of the factors that impact residential real estate in San Diego and their current trends.

Resale inventories are down dramatically. Existing home owners are responding to today’s market realities. If a home owner needs to sell, they are pricing to achieve a sale in this down market. If a homeowner does not need to sell, they are not putting their home on the market to “see what happens”. The MLS listings for November 2008 were 15,529. There were 20,599 in November of 2007. That’s a 25% decrease.

New home inventories are down dramatically as well. Builders have slowed down the building of spec homes and are re-creating their product for today’s cost conscious market. There has been over 2 years of continuous declines in new home inventories with levels that are off more than 60% since the beginning of 2006.

Total home sales are up significantly. Total home sales in October 2008 were 3,600. That is the highest monthly total since December of 2006!

Sales of foreclosures exceed additional homes being foreclosed on a monthly basis. We are selling foreclosed homes faster than we are adding them to the inventory.

Interest rates are at historic lows. Countrywide announced a 30 year fixed Jumbo loan in the mid 5% range.

A new administration takes the reigns this month, optimism is rising. Change is what the buzz is about and change is happening. A honeymoon period usually follows a new presidential inauguration and with control of the House and Senate, there is a real chance for the Democrats to push forward economic legislation to reverse the course of this recession.

Job loses are mounting, but focused on trade and construction jobs. With stimulus packages in the offing, most of which focus on infrastructure and other forms of “construction”, there is a good chance to get America back to work building things. That helps construction numbers and it helps the supporting industries of construction.

Prices are still falling, but at a much lower rate of decrease. The overall market median price is flat, but the reality is that resales have finally made the pricing adjustment necessary and the rate of decline fell for resale homes is down.

Consumer confidence is low. But, investor confidence in real estate is growing daily. Evidence shows many banks are receiving 3+ offers on foreclosed homes over the original asking price. While the consumer is worried about their job and their existing mortgage payment, bottom priced resale homes are getting snapped up and quickly.

What does all this mean? What it means to me is 2009 will be the “bottom” of the recession for the San Diego real estate market.

Prices will stabilize.
Absorptions will increase.
Confidence will begin to return.
Mortgage rates will remain very low.
Government incentives will be applied to strengthen values. Jobs in construction will return through stimulus packages, which in turn will halt the job loses in other sectors.
Inventories will remain low for both new homes and resales. Total sales will continue to increase.
Notices of Default and Foreclosures will decrease.
Lenders will find a balance for qualifying criteria and loan products will stabilize.
Demand will return and supply will be limited.
The real estate industry will stabilize and we will prepare for better days in 2010 and ahead.
I am also an optimist! What do you think?

Rancho Santa Fe Association 2008-2009 Assessment Rate

2008-10-29T16:14:00.000-07:00

The Rancho Santa Fe Association board finalized and approved the assessment rate for 2008-2009 at its Oct. 16 meeting.Approved at 14 cents per $100 of assessed valuation per the San Diego County Assessor’s roll, 11 cents of the 14 cents will be applied to General Services and 3 cents will go towards Open Space.The rate was originally presented by Chief Financial Officer Steve Comstock at the Finance Committee’s June 5 meeting with the RSF Association, during which they approved the 2008-2009 fiscal operating budget. Per the July 1, 2008 edition of the San Diego County Assessor’s roll, the total valuation for all Covenant properties is $4,155 billion. The total assessed valuation represents a 5.22 percent increase over last year’s valuation of $3,949 billion (that increase is slightly lower than the approximate 6.5 percent initially projected). President Lois Jones thanked Comstock for his “astute” managing of the budget. The assessment rate will be mailed to the membership by Nov. 1. Also approved at the meeting were the audited financial statements for 2007-2008, presented by Comstock and Ron Mitchell, a partner with the Association’s auditing form of ATK, LLP.Director Bill Beckman expressed his “tremendous confidence in the accuracy of the audit.” Association members will receive a copy of the financial statements by Nov. 1.

Quite A Day On Wall Street!

2008-09-15T16:16:00.000-07:00

September 15, 2008

Wall Street is reeling today after The Bank of America announced that it will buy Merrill Lynch, the largest US brokerage company, for $29 per share or close to $50 billion. The proposed share sale price represents a 70% premium over last Friday's closing price of $17.05 for Merrill stock. In other dramatic news, Lehman Brothers has been forced to declare Chapter 11 bankruptcy after failing to arrange a rescue attempt to save the company. Lehman is holding an estimated $60 billion in toxic real estate holdings.Global Stock market plunged overnight that has led stocks here in the US to plummet at the open of trading. The Dow Jones Industrial Average has fallen more that 300 points. Oil prices are also moving lower this morning as Lt. Sweet Crude is down more that $4 at $96/barrel. The fallout continues as AIG, the world's largest insurance company, announced it is restructuring its assets and is seeking to raise an additional $40 billion in capital to avoid a credit rating downgrade. There is speculation AIG will need to borrow directly from the Fed. To make this process easier, the Fed announced last night it is expanding the types of collateral financial institutions can pledge to obtain emergency loans.In an effort to avoid an international meltdown, the Federal Reserve and a global consortium comprised of Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch, Morgan Stanley and UBS agreed to provide $7 billion each to create a $70 billion pool of emergency funds to lend to distressed financial companies. According to the banking group, the newly created capital pool is designed "to help enhance liquidity and mitigate the unprecedented volatility and other challenges affecting global equity and debt markets."

Rates for Loans under 697,500 have fallen dramatically in the last couple of days from this news but the jumbo rates have been unaffected.

Finally...A Positive Story On San Diego Housing

2008-09-08T08:42:00.000-07:00

A Housing Flip-Flop

Local market now most 'undervalued' in state, study finds
By Roger Showley
UNION-TRIBUNE STAFF WRITER
September 5, 2008

San Diego, which three years ago had one of the most overvalued housing markets in the country, is now the most undervalued in California, the economic and financial analysis company Global Insight reported yesterday.
The market has improved because housing prices have fallen about 32 percent from their peak, while incomes have continued to increase.
“A metro area like San Diego has, in a sense, fallen too much,” said James Diffley, who directs Global Insight's regional services group.
But he cautioned that prices could drop an additional 10 percent over the next year before they level out and start climbing again by 2010. Diffley cited the continued influx of foreclosures on the market, the weak economy, and tougher lending standards that will make it difficult for buyers to get mortgages.
On the other hand, Southern California benefits from a strong export market and is not as depressed economically as some other regions of the country.
“You still have a huge amount of properties for sale,” Diffley said. “That's going to depress prices further, regardless of what you think about the (area's economic) fundamentals.”
Global Insight, a Massachusetts company that conducts economic and financial analysis and forecasting, has more than 3,800 clients in 14 countries.
Drawing on data from National City Corp. in Cleveland, Global Insight said San Diego single-family resale housing, which had a median price of $349,300 in the second quarter, was 17.2 percent undervalued, based on household income and prices. In the second quarter of 2005, single-family housing, then with a median price of $505,900, was 39.1 percent overvalued.
In national terms, San Diego ranked as the 29th most-overvalued market in 2005 and, most recently, the 33rd most-undervalued in the ranking of 330 metro areas.
The rankings are based on price-to-income ratios, mortgage rates and historical trends in each metro area. An area is deemed undervalued when the value is at least 15 percent under the fair value and deemed extremely overvalued when it is at least 35 percent over the fair value.
Esmael Adibi, director of the A. Gary Anderson Center for Economic Research at Chapman University in Orange, said he agreed with some of Global Insight's findings. But, he said, the outlook is clouded by the prospect of more troubled home loans and tighter underwriting standards by lenders.
“There's still downward pressure on prices, in spite of improvements in affordability,” Adibi said.
He predicted Southern California's economic outlook remains cloudy because of the housing downturn.
“We benefited disproportionately from construction spending and the mortgage industry,” Adibi said. “Now, they are the two industries that are the weakest and, consequently, we are disproportionately hit harder.”
The Global Insight analysis noted that San Diego's last housing downturn lasted 27 quarters, from 1990 to 1997. Prices, which were overvalued by 19 percent in the fourth quarter of 1989, dropped a total of 14 percent.
This time, prices have dropped much faster in a much shorter period, but the timing of the upturn isn't clear.
“So many things have to fall in place,” Adibi said, “and I don't think they will all fall in place in the very near future, in 2009.”
W. Erik Bruvold, president and chief executive of the San Diego Institute for Policy Research, said the current economic downturn is so different from the past that it is difficult to predict the outcome.
But the strength of San Diego's non-real-estate economy should bode well for a quick housing upturn once it happens, he said.
“Our future, in a lot of ways, looks like the Bay Area's within the coastal hills,” Bruvold said. “We have no vacant land; it's all infill (for future housing development), and people still want a detached home with a yard and kids.”
Norm Miller, academic programs director at the University of San Diego's Burnham-Moores Center for Real Estate, discounted Global Insight's undervaluation findings as virtually meaningless for San Diego. Miller said the prices are based on low-priced foreclosed homes, which are dominating the market.
And in high-priced areas such as San Diego, buyers typically pay more of their income or draw more from their assets to buy than in other areas.
MDA DataQuick previously reported that nearly 41 percent of all resales in July involved foreclosures, while the number of foreclosures topped 2,000 for the first time, three times the figure of July 2007.
Miller agreed that prices will drop further, probably an additional 5 percent, and that a recovery is six to 18 months away.
“We're still softening and going to soften until more of the inventory and shadow inventory – which is expired listings that didn't sell – come back on the market (and sell), and that takes a while,” he said.
Miller said a forecast he developed for Los Angeles probably holds true for San Diego – with prices bottoming out in the second quarter of 2009 and increasing starting in 2010.
Global Insight said Los Angeles was 5.2 percent overvalued in the second quarter, virtually the same as 5.3 percent in Riverside-San Bernardino.
The San Francisco Bay area, with an undervaluation of 15.9 percent, was the only other California market to be considered undervalued in the Global Insight analysis. Orange County had an undervaluation of 12.4 percent.
Among all metro areas, Atlantic City, N.J., with a median price of $258,900, had the most overvaluation at 51.6 percent. Houston, with a median of $122,300, had the most undervaluation at 34.4 percent.
Global Insight said prices nationwide dropped less in the second quarter than in the first, while only six markets, primarily in the Northwest, were judged extremely overvalued, down from 51 in 2005.
“Nevertheless, real estate markets are not ready to recover,” Global Insight said. “The building and financing excesses of the boom years have yet to be worked off. There remains a huge inventory of unsold homes on the market, with foreclosures adding more daily.”

Rancho Days 2008 Is Right Around The Corner

2008-08-19T08:02:00.000-07:00

Summer may be coming to a close, but autumn promises lots of fun here in Rancho Santa Fe! Beginning Sept. 20 through the 27th, the week-long tradition of Rancho Days celebrates the rich life and history of this unique community. Celebrating the 80th Anniversary of Historic Rancho Santa Fe, this year’s line up of events promises to be better than ever!

New RSF Wireless System To Launch Soon

2008-06-29T16:50:00.000-07:00

Workers are completing construction of a new wireless communications system expected to improve both cell phone reception and broadband Internet access in the Rancho Santa Fe area.
ExteNet Systems is building the new wireless system under an agreement with the Rancho Santa Fe Association. The Association board was told at its Thursday, June 19, meeting that the new system is expected to be up and running by August.

Spring Is Here!

2008-04-29T07:32:00.000-07:00

Thanks to all the rain this last winter, the Ranch is GORGEOUS! The flowers are blooming, trees are sensational and the grass on the golf course is emerald green.

With Spring comes change and the Ranch is undergoing a cosmetic facelift of sorts. Here is an excerpt from the Rancho Santa Fe Review...

County lays out RSF road maintenance plans

By Ian S. PortAssistant Editor

The county of San Diego plans to make nearly $5 million in improvements to Rancho Santa Fe roads over the next four years, according to a tentative schedule of local road projects that was recently released.
The document lays out the order in which the county plans to fix potholes and upgrade road surfaces over the next few years, but is not final. Rancho Santa Fe Association officials say they might lobby the county to change the order of certain projects in order to get the most worn roads improved first.
Resurfacing is scheduled for parts of El Mirador, El Vuelo, EL Vuelo del Este, El Zorro Vista and others this year, and new sealing is planned for a long list of roads that includes Avenida De Acacias and Via De Santa Fe. The full list is available from the RSF Association.
“We know the roads a little bit better than they do — first hand,” said Association Manager Pete Smith. “They look at it from a much higher elevation than we do.”
Smith wouldn’t say which Covenant roads he thought needed the most work, but said the Association would consult RSF Patrol Chief Matt Wellhouser and Director of Facilities Dick Brockett in deciding which roads to ask the county to fix first.
He said some of the older roads — parts of which are nearly three decades old, according to the county list — would need more than simply patching and resurfacing to be able to handle today’s heavier cars and SUVs.
The county spent nearly $3.5 million sealing and resurfacing roads in the Covenant from 2003 to 2007, according to the RSF Association, and several of those projects included smooth and quiet — but more expensive — rubberized asphalt.
Planning Director Ivan Holler said the Association would ask the county to use the long-lasting asphalt often on new projects, and may try to work a deal where the HOA covers the upfront cost difference.“I would think that’d be very easy to do,” Holler said

The Biggest Stories In Rancho Santa Fe in 2007

2008-01-12T13:10:00.000-08:00

1. Witch Creek Blaze Nearly Claims RSF Village.

Thousands of residents evacuated the Rancho Santa Fe area at the ring of a reverse -911 call on the morning of Oct. 22, urged to get out of the way of a massive, Santa Ana fueled Witch Fire that would claim over 55 structures, most of them private homes, before residents were allowed to return. A decisive moment came late that night, when walls of fire howled perilously close to the Rancho Santa Fe Village after demolishing dozens of homes to the east. Fire crews took a stand in the area along Via De Santa Fe and Camino Selva and by pointing their fire hoses straight into the air, saved the local commercial district from the storm of wind-whipped ember and flame. When all the flames were out and residents returned, the outpouring of gratitude was immense. The gratitude and giving continues to this day.

2. School District Finds Light at End of a Long Tunnel.

In a banner year for the Rancho Santa Fe School District, trustees and a superintendent saw one overcrowding solution suddenly vanish, only to come together on another direction before the end of the year. Plans to purchase a 28- acre site at Calzada Del Bosque and Via De La Valle for a district wide middle school were announced in early April, with the district hoping to earn the support of 55 percent of voters for what would have been a $60 million school bond. But the school's plans disintegrated almost overnight after the Rancho Santa Fe Review broke news in early August that a local resident and noted horse breeder, Larry Mabee, had purchased the Calzada site for a horse ranch. School officials were despondent, and some residents were angry. Results in an October based survey showed that most residents favored a long-discussed plan to vastly renovate the R. Roger Rowe campus, trustees and Superintendent Lindy Delaney decided to push for a $34 million bond in 2008 to do just that. Though the bond may pass in 2008, it is 2007 that will be remembered for putting the district on its current trajectory.

3. Traffic Troubles or Trifles?
While work quietly continued on the Rancho Santa Fe Association's plan to install three roundabouts at the north end of the village, some residents urged the HOA to take more immediate steps-adding fuel to an issue that burned in the minds of residents all year ling. The RSFA'S Road and Traffic Committee asked the Association in July for $30,000 to study traffic along Paseo Delicias, including the possibility of installing temporary stoplights at the three intersections planned to eventually have roundabouts. While most residents wanted the signals temporarily- as a minor panacea to the problem of cut-through commuters speeding down residential streets-a few residents,at least, said they wouldn't mind of the signals became a permanent feature. But the RSF Association Board of Directors, as well as many residents, balked at the idea of giving up in the area's long-fought aversion to traffic signals. Eventually, the request for a traffic study was denied. But as the slow process of preparing for roundabouts continues, another year of cross-country pressure on local Rancho Santa Fe roads has residents more exasperated than ever.

4. Mixed Reviews for Mixed-Use Development.
It may be called "The Lillian", but local residents didn't savor the original version of a proposed residential and commercial project like they do the creations of the woman who gave the Rancho its signature style. At least not at first- the architecturally detailed proposal earned biting criticisms for the audiences at a meeting in July to announce it. The Spanish Colonial style proposal for the corner of Avenida De Acacias and El Tordo, if approved, would be a major commercial and residential addition to the village.

5. Village Planning And Problems.
While the Association toiled away on preparations to implement its Village Master Plan-major work will begin in 2008-the owners of the gas station in the village saw an initial victory in their legal battle with the HOA, claiming they owed funds for years of improper zoning of their property. A judge ruled in August that the property, on which a gas station was built in the 1960's, should be zoned entirely for commercial use. The Association , arguing that the board of directors never officially granted permission for the gas station, has considered half the property zoned for residential use only. It plans to appeal the judge's ruling after two more issues in the case.

Here's To A Great 2008!

2008-01-03T07:47:00.001-08:00

Happy New Year!

Could this be the year for a BIG change for the Ranch?

Here is an article from the RSF Review worth reading:

By Ian S. PortAssistant Editor

A long-stewing question that has divided the Rancho Santa Fe community in the past will return to center stage in 2008, when a group of residents will ask local voters to sign petitions on an issue that could change the area forever: Should Rancho Santa Fe incorporate into a town?
A group of local activists, including Dick Chandler and Marion Dodson, have been preparing a campaign to convince voters that the answer to that question is yes. Their group, which calls itself Citizens to Protect the Ranch, argues that incorporation would provide more local control over development issues, better law enforcement and more responsive local government — while potentially saving Covenant residents money on their homeowners association dues.
“Things are not as good as they could be and should be,” said Dick Chandler, a major proponent of the incorporation effort. “The quality of life is not what it was 25 years ago. The traffic problem was not what it is today, the streets were in better condition, there wasn’t the urban encroachment that’s filled in around us. People sooner or later are going to decide that they want to control their own destiny.”
Chandler and CPR have been working with the Local Agency Formation Commission (LAFCO) on preliminary studies to determine the boundaries of the town, which would include all of the Covenant, as well as communities between it and Encinitas. The Rancho Del Rio and Hacienda Santa Fe developments would be included along with several other areas.
But all the major gated communities — Fairbanks Ranch, The Bridges, Cielo and the Crosby — would lie outside of the boundaries of the proposed town. The southeastern edge would run along the San Dieguito river, and the northern edge would fall along Escondido creek west of the Bridges development. The town would be bordered on the west by Solana Beach and Encinitas, and on the south by San Diego.
To put incorporation on a ballot and get LAFCO to formally approve any boundaries, CPR will have to get signatures from 25 percent of the voters in the proposed town or 25 percent of the landowners who own at least 25 percent of the property in the area. The group has six months from the planned start of the petition drive in January to accomplish this.
Chandler said they plan to argue that a town could fund a higher level of service with less cost to citizens by capturing property tax revenues that now go to the county, and with a 5.5 percent utility users tax that would cost most residents about $30 per month.
With those revenues, he said, a town could fund a police department of 15 uniformed officers and five dispatchers that would always have two officers on patrol. He says a local police force could dramatically improve response times over the County Sheriff, which can take as long as 43 minutes to respond to some low-priority calls.
He also argues that Rancho Santa Fe experiences a very high level of burglaries compared to other towns of it size and demographics — something he says a local police force could change.
“The best service we could have would be a local police department that would have a five or six minute response time,” proponent Marion Dodson said.
The CPR group also says that local government would do a better job of limiting development in the area, helping to preserve local property values.
“Counties have a pro-development bias,” he said. “Counties are for increasing development, increasing their tax base … towns guard their open space zealously and are sort of anti-development.”
Though many are happy with the level of services Rancho Santa Fe currently receives from the county, Chandler and the CPR group argue that the interests of the two bodies are inherently in conflict, and that incorporation would strengthen the Ranch position in the future.
He worries that the county will eventually push for the widening of the county through-fares that traverse the community, and that open spaces now taken for granted will disappear as high land prices drive more development.
“You go fast forward 25 or 50 years and now Chino’s is gone and the Sahm property’s been sold off, the reservoir has got homes on it. One by one, the open spaces will disappear,” Chandler said.
In documentation on its Web site, CPR says that though voters would have to approve a utility user’s tax, their ultimate financial burden would decrease because of services now performed (for Covenant residents) by the Association that would become redundant under incorporation. They predict possibly 40 to 60 percent reductions in Association dues.
Chandler said CPR will begins its petition drive likely in January, and that it will be handled through home meetings and volunteers — not paid signature gatherers.The RSF Association is not currently taking a position on the proposal, according to Manager Pete Smith. The RSF Association paid for several incorporation studies in the 1990s but abandoned the effort when it became clear that the boundaries of an incorporated Rancho Santa Fe would include other neighborhoods and homeowners associations.
The incorporation effort — which has simmered since a vote for it failed in 1987 — is likely to generate a hefty amount of controversy, especially among residents who are satisfied with the area’s current relationship with the county.
“I don’t think it’s in the best interest of the members of the Covenant,” said resident — and a former Association board president — Bill Hinchy, a strong critic of past incorporation efforts. “If you want to talk about land use control, can you think of any place in California or anywhere that has more control than the Art Jury and the Covenant over how land is used? I can’t. I can’t think of any benefits.”
Proponents of incorporation admit they will see hardened opposition to the idea, but they say they’re ready with good arguments.
“If they had visited even one or two of the towns I’ve visited [in researching incorporation], they would have a completely different opinion,” Chandler said of incorporation critics. “If we don’t do this now, 25 or 50 years from now it will happen. It’s going to happen.

November News

2007-11-19T22:21:00.000-08:00

Life is back to normal in Rancho Santa Fe. The Village is active, folks are going on with life.

Those that sadly lost their homes are settling into rental properties or staying with relatives or friends and going about the process of deciding to rebuild.

Now the holidays are upon us! Thanksgiving is just days away and then Christmas right around the corner. The gorgeous lights will adorn the village and the residents will decorate their homes in grand manor.

Check out the RSF Community Events link for details on the goings-on in the Ranch for the holiday season.

The Rancho Santa Fe Fire October 2007

2007-10-25T17:24:00.000-07:00

EXCLUSIVE REPORT ON THE RANCHO SANTA FE FIRE

October 25, 2007.Access into Rancho Santa Fe has been granted to residents only.

From a first hand visual perspective I saw the aftermath of the worst fire in San Diego history. Here are the details of what I saw.

On the northeast side of Rancho Santa Fe at the community of Cielo, the fire blackened the west side of the mountain. The fire was burning on both sides of Del Dios highway, dangerously close to homes in Cielo. At the east side of the Crosby Estates, the fire was stopped just a few feet from the Crosby fence line. No homes were lost in The Crosby Estates. At this time a total of 27 homes were either lost of damaged by the fire in the Covenant.

Heading west into the Covenant, the fire swept through the east side of a 250 acre private parcel.

On the west side of Cielo and to the southeast of The Bridges the fire destroyed one home. In the community of Rancho Del Rio and to the east a total of 16 homes were either damaged or destroyed. Reports from the RSF Fire district note that no homes were lost in Cielo, The Bridges, The Groves, Las Villas or Hacienda Santa Fe.
Within the village of Rancho Santa Fe on the small cul-de-sac street of Camino Selva, three homes were lost. All three were next door to one another.

As I drove into the west side of the Covenant the area was quiet and it appeared that the fire had not reached this section of the Ranch.

7 homes were either damaged or destroyed in the community of Fairbanks Ranch.

Our firefighters did a magnificent job of saving our town from what could have been a much greater disaster.

Per the Rancho Santa Fe Fire Departments website:

UPDATED WILDFIRE INFORMATION! 10/25/07, 11:20 a.m. -- We are repopulating the entire Rancho Santa Fe Fire Protection District effective 11:30 a.m. WITH THE EXCEPTION OF:
The community of DEL DIOS DEL DIOS HIGHWAY (East of Calle Ambiente) And LIMITED ACCESS to residents only (with proof of ID) to the streets of:
Las Colinas El Mirador La Valle Plateada El Vuelo Zumaque El Sicomoro
My thoughts are with all the people who lost their homes in all of San Diego County and to everyone that has survived this tragedy.
For more details on the Rancho Santa Fe fire please visit the Rancho Santa Fe Fire District website at www.rsf-fire.org.

The communities of Santaluz and Del Sur did not suffer any loss of homes in the Witch Creek fire.

News From The Rancho Santa Fe Review

2007-10-18T16:05:00.000-07:00

One of our local papers, the Rancho Santa Fe Review offers information on community activities and local information.

The town has been diligently on the new school project and here are some of the latest details on the progress per the "Review"

From an article by RichardBurdge the RSF School board president:

"After much discussion the board felt it was important to gauge public support for possible alternatives being considered to relieve overcrowding and improve school facilities. A written survey has been mailed to all registered voters in the district and will be asking for voter preference on the the following alternatives:
* A Rowe campus renovation in the range of $30-$34 million. This option maintains the Rowe school on its existing 9-acre property.
* A Rowe campus renovation and expansion in the range $39-$43 million. This option includes the above scenario and provides money to acquire adjacent land to the Rowe campus as it becomes available.
* The purchase of the Quantum property( located on Del Dios Hwy. and El Camino Del Norte) and construction of a district wide 5-8 upper school for approx. $60 million.
* The purchase of the Quantum property as land only purchase for $12-$16 million.
* A policy option of sending all district wide 7th and 8th graders to the Earl Warren Middle School.
rict's upcoming decision about palcing one of the alernatives on a bond ballot in 2008.

A few articles from the Rancho Santa Fe Review

2007-09-04T10:13:00.000-07:00

There is always something going on in the Ranch.
But, the Ranch residents will not forego their strong position to retain our small town feeling.
As for the school...we are moving along. Seems like the Calzada Del Bosque/Via De La Valle site is no longer in the running....

Lilian proposal will downsize in response to concerns
By Ian S. PortAssistant Editor
A major mixed-use development proposed for a corner in the Rancho Santa Fe village will be significantly reduced in size, after local residents and officials raised numerous concerns at the development’s introduction to the public last month.
Hopes suddenly dashed, school district pauses to consider next move
The Rancho Santa Fe School District spent months of effort and more than $140,000 preparing a bond effort for a long-awaited second school site, only to find out Aug. 7 that their choice property had been quietly purchased by a local resident and horse breeder.

Rancho Santa Fe Events Link

2007-07-30T12:19:00.000-07:00

Check out the link on my home page at http://www.ranchosantafehomes4sale.com/ titled " Read About Rancho Santa Fe Community Events" to find out what is happening in the Ranch!

RANCH DAYS IS COMING!

September 23-29, 2007

Local organizations will host a variety of events during this week-long celebration of Rancho Santa Fe's history. A schedule of events will be distributed at the 4th of July Parade and Picnic along with the famous Rancho Days T-shirts! Look for the display near the BBQ Picnic, sponsored by the Community Center and the RSF Golf Club.

Email me for details at dshort@coldwellbanker.com

Wells Fargo Housing Update

2007-07-20T22:44:00.000-07:00

The Fed Delivers a Sobering View on the Housing Outlook and the Dow Hits 14,000!
Stock investors hit the "Buy, Buy, Buy!" button all throughout Bernanke’s Humphrey Hawkins testimony, in a fashion that would make Jim Cramer proud; this despite a more sobering view on the most likely path of the U.S. economy from the Fed. The Fed lowered its central tendency forecast for real GDP by a half a percentage point on the high end for 2007 and by a quarter percentage point for 2008. Is the equity market in denial and bound to correct? It certainly appears that way at the time of this writing, or is the equity market finally looking past the housing malaise? Not only did the Fed lower its outlook for the economy for 2007 and 2008, Bernanke sounded less sanguine about the state of the housing market and the potential spillovers into consumer spending than he did as recently as May.
The June increase in mortgage rates and the move to tighten mortgage lending standards and end abuse lending practices, is bound to hold back housing demand for a time, delaying the much anticipated bottoming of the housing market. June brought a decidedly weaker view of the housing market than we have seen in some time. The National Association of Realtors pending home sales declined 3.5 percent in May. This is highly correlated with actual existing home sales activity one to two months ahead. The commerce department reported that residential building permits dropped 7.5%, to 1.406 million units in June, suggesting another move down in housing starts in the months ahead. The NAHB/Wells Fargo housing market index fell to a 16 year low of 24 in July, and builders reported less buyer traffic and anticipate somewhat weaker sales ahead. Mortgage delinquencies and foreclosures are still rising rapidly in most parts of the country, adding to the nation’s already-bloated housing inventories. Existing home inventories had moderated in the 4Q of last year, but over the last five months have been trending steadily higher once again. The housing market is still mired in a world of hurt, and if Jim Cramer were writing this, he’d be hitting the "House of Pain!" button.
It’s hard to overlook the fact that housing market is embarking on another leg down. It’s like the roller coaster at your favorite amusement park. The first drop is a doozy and you’re not sure if there’s even a bottom. This is where the housing market was in the second half of last year, when residential building was contracting at a 20 percent annualized clip every quarter. Then the coaster reaches a temporary bottom and even begins to rise a bit again, and everyone breathes a sigh of relief. This is where the housing market was in the November 2006 to March 2007 period, only to be flung lower once again. The second drop tends to be a complete surprise, but is not nearly as scary and large as the initial drop. This is what is happening today. Acknowledging the recent spat of disappointing reports surrounding the housing market, we have modestly lowered our forecast for housing starts over the next two quarters. We now expect housing starts to bottom in the first quarter of 2008, instead of the second quarter of 2007. This is likely to trim a tenth or two off of consumer spending and GDP growth all else being equal. It also raises once again the question of whether the U.S. consumer can hold down their lunch as the housing market roller coaster carries on its merry way. We still think they can, and that is the silver lining here.
Unless the housing market downturn leads to a material increase in the unemployment rate, the impact on spending will remain rather limited. This isn’t to say there will be no impact. Already in parts of California, like in San Diego, where housing prices trebled and reliance on ARM’s hit 70 percent of total originations for a time, we are already seeing measurable job losses in construction that has single-handily brought the local economy to a standstill, and may now be holding back consumer spending and retail employment. Other parts of the country are likely to see a similar pattern develop to varying degrees in the months ahead. Yet on average, the U.S. economy will muddle through this adjustment period. The national unemployment rate is expected to only rise by two-tenths of a percentage point over the next year and a half, and real income growth already at high levels for this expansion could improve further if inflation finally moderates. Perhaps this is what the equity market is cheering about. No matter what regulatory hurdles are erected on mortgage lending, or how many hedge funds heavily leveraged on MBS go belly up, the macroeconomic impacts on the economy are likely to be smaller than they were last year and will diminish further over time. Every month the housing market weakness continues, brings us one month closer to the end of the adjustment. I’m still a strong buyer of equities and the U.S. economy at these levels.
INFORMATION IN THIS REPORT IS THE PERSONAL VIEW OF THE WRITER, NOT NECESSARILY REFLECTING WELLS FARGO & CO. IT IS FOR YOUR PERSONAL USE. THE WRITER DOES NOT REPRESENT THAT IT IS ACCURATE OR COMPLETE. NOTHING IS GUARANTEED.

Welcome To Rancho Santa Fe Blog!

2007-07-18T08:37:00.000-07:00

This is the first posting of the Rancho Santa Fe blog. Stop by to find out about current events, news in the Ranch, new projects, town activities and more!

How is Rancho Santa Fe? Gorgeous...every single day!

Stay tuned for more information and details.