Local News & Rates

San Diego median sales prices

 

Contact McKusick and Associates

Latest Real Estate News

San Diego home prices rising slowly

Posted by on Dec 13, 2013 in News | 0 comments

San Diego home prices rising slowly

San Diego County prices rose once again in September, but the pace continues to slow.

The S&P/Case-Shiller Home Price Index showed Tuesday that from August to September, the index grew 0.9 percent, which is down from 1.8 percent from July to August.

“As we head into the fall we should normally see a slowdown in the rate of activity in the housing market, with probably some easing of house price increases, just as a normal seasonal factor,” said Michael Lea, a real estate professor at San Diego State University. Continue reading “San Diego home prices rising slowly” »

Intrafamily Home Mortgage Not Recorded Not Deductible

Posted by on Nov 13, 2013 in News | 0 comments

Intrafamily Home Mortgage Not Recorded Not Deductible

Loaning money to your kids can be a great planning maneuver. It is critical that you follow all the formalities to avoid nasty surprises. In the recent Tax Court decision in the case of Christopher DeFrancis and Jennifer Gross it was the borrowers that got the nasty surprise. They borrowed $427,333 from Jennifer’s mother, Joan Gross, on January 1, 2003. They signed a note and a mortgage. The mortgage was on their residence in Northampton, Massachusetts (A lovely city by the way). They had purchased the residence in 2001 for $365,000. In 2008 the taxpayers signed another mortgage to TD Bank for $200,000. Continue reading “Intrafamily Home Mortgage Not Recorded Not Deductible” »

How SD compares to other SoCal housing

Posted by on Nov 13, 2013 in News | 0 comments

How SD compares to other SoCal housing

San Diego County’s housing market slowed once in October, but prices are still up nearly 18 percent from this time last year.

Real estate tracker DataQuick reported Tuesday that the median price in the county in October was $412,750, down about $10,000 from last month, but above the $350,000 median in October 2012.

But how is the rest of Southern California fairing? Here are the details for the counties that make up this part of the state:

DataQuick October 2013

County Oct. 2012 transactions Oct. 2013 transactions Pct change Oct. 2012 price Oct. 2013 price Pct. Change
Los Angeles 7,268 7,038 -3.20% $341,000 $425,000 24.60%
Orange 3,148 2,987 -5.10% $455,000 $540,000 18.70%
Riverside 3,407 3,277 -3.80% $220,000 $270,000 22.70%
San Bernardino 2,722 2,530 -7.10% $170,000 $229,500 35%
San Diego 3,622 3,509 -3.10% $350,000 $412,750 17.90%
Ventura 908 809 -10.90% $360,000 $446,500 24%
Southern California 21,075 20,150 -4.40% $315,000 $383,750 21.80%

Read the entire article

San Diego housing prices continue to rise

Posted by on Nov 13, 2013 in News | 0 comments

San Diego housing prices continue to rise

Home prices in San Diego County continue to rise, but the pace is slowing.

The S&P Case-Shiller Home Price Index showed Tuesday that from July to August, prices grew 1.8 percent, which is down from 2 percent from June to July, and 2.8 percent from May to June.

Still, over the past 12 months San Diego County home prices have jumped the most in more than eight years. Prices rose 21.5 percent from August 2012 to August 2013, trailing just three cities in Case-Shiller’s 20-city index. San Diego beat the national average of 12.8 percent.

Read the entire article

Lessons from Professor Real Estate

Posted by on Oct 24, 2013 in News | 0 comments

Lessons from Professor Real Estate

Due diligence is crucial when buying property, according to investing expert.

With interest rates rising, it’s time to remodel your house and sell, right? Not if you ask Leonard Baron, better known as “Professor Baron” to students, potential homeowners and wannabe real estate investors everywhere. Continue reading “Lessons from Professor Real Estate” »

Housing distress drops in SoCal

Posted by on Oct 24, 2013 in News | 0 comments

Housing distress drops in SoCal

Distressed housing in Southern California declined to seven-year lows in the third quarter, DataQuick reported Tuesday. Overall foreclosures were down 18.1 percent from the second quarter to 4,009 and defaults were off 20.7 percent to 11,444.

Statewide, the foreclosure level was the lowest since the first quarter of 2006.

As previously reported, San Diego County’s counts in both categories for September were the lowest since 2007. Continue reading “Housing distress drops in SoCal” »

Decision on the expansion of the Romney property in La Jolla could be made Friday

Posted by on Oct 11, 2013 in News | 0 comments

Decision on the expansion of the Romney property in La Jolla could be made Friday

LA JOLLA, Calif. – The state Coastal Commission will consider at a meeting in Mission Valley Friday a former neighbor’s attempt to stop former Massachusetts Gov. Mitt Romney from demolishing his 3,100-square-foot oceanfront home in La Jolla to build an 11,000-square-foot mansion.

The San Diego Planning Commission’s approval of the former Republican presidential candidate’s planned redevelopment in June is being appealed to the state Coastal Commission by architect Anthony Ciani, who built and owned a home that sits kitty-corner to Romney’s property. Continue reading “Decision on the expansion of the Romney property in La Jolla could be made Friday” »

San Diego home prices leveling off

Posted by on Oct 11, 2013 in News | 0 comments

San Diego home prices leveling off

Home prices San Diego County began to flatten out this summer, but their jump over the last 12 months is the largest in any yearlong period since March 2005, the S&P/Case-Shiller Home Price Index showed Tuesday.

Home prices in the county rose 20.4 percent from July 2012 to July 2013, trailing just three other cities included in Case-Shiller’s 20-city index. San Diego beat the national average of 12.4 percent.

Read the whole article

 

Foreclosures reach 7 year low in San Diego County

Posted by on Sep 24, 2013 in News | 0 comments

Foreclosures reach 7 year low in San Diego County

San Diego County foreclosures dipped to a seven-year low last month as rising housing prices eliminated much of the distress in the local market.

DataQuick reported 148 foreclosures in August, down from 516 in July, the lowest since August 2006. Year over year the total was down 70.8 percent from 507.

On the default side, DataQuick said 537 notices were filed in August, up from 516 in July but still far below 1,216 in August 2012.

Read the article here.

San Diego is No. 7 in home-price increase

Posted by on Sep 24, 2013 in News | 0 comments

San Diego is No. 7 in home-price increase

Mid-August median $429,900, up 25 % from year-ago levels, ZipRealty says

San Diego County ranked seventh nationally last month in home-price increase, ZipRealty reported Thursday.

Local prices rose 25 percent year-over-year to reach $429,900 in mid-August. The median stood at $430,000 in July and $345,000 in August 2012, with the median representing the halfway point among all resales. Continue reading “San Diego is No. 7 in home-price increase” »