Noah Grassi
-Realtor

noahgrassi@remax.net
www.realestatenoah.com

June 2008

Market Update
Deals of the Month- Temecula
New Cell Phone Laws
San Diego Trivia
YouTube Clip of The Month
-Evolution of Dance
Calendar of Events
Lender Information
Past Newsletters

San Diego Market Report- Detached Homes

	APR 08	APR 07	% Change
Median Sales Price	$439,450	$548,785	-24.8%
# Of New Listings	6,314	6,967	-9.4%
Interest Rate (30 yr)	6.03%	6.16%	-2.2%
Total Closed Sales	1,436	1,464	-1.2%
Avg. Days Market	74	71	+4.2%

Real Estate Market Update

Some of the recent trends in the San Diego Real Estate Market are continuing:

1- Foreclosures dominate many area markets

2- Coastal communities remain strong

3- Interest rates are still attractive (although a slight rise in recent weeks)

4- Short sales are still very shaky as banks aren’t equipped for this type of market

5- More investors are setting their sights on San Diego.

On that last note, the "Deals of the Month" are from an area just outside San Diego County where I have been working with 2 investors. Temecula and Murrieta are about an hour away from San Diego and the homes are about 40%-50% off their highs of a few years ago. The rental market is still strong up there as many renters make the commute from this area into San Diego and Los Angeles County. Email me for a spreadsheet to show how a 10% down payment in this area can get you to a monthly breakeven cash flow!

Below are a few links to some interesting articles of the past month:

Foreign Buyers Flock to US Housing Market- with the dollar so weak and housing prices down, a great buying situation has been created for foreign investors. Click Here For The Full Article

Banks Miss An Easy Housing Fix- ask any buyer who has pursued a short sale and they will tell you of the frustratingly long wait for a response from the bank. This article talks about how the banks are really hurting themselves by not having the internal resources to deal with this short sale marketplace. Click Here For The Full Article

Housing Market Just Gets Uglier- A national look at housing prices in a few large metropolitan areas. Prices are down across the nation…now for the million dollar question: when is the bottom of the market? Click Here For The Full Article

Bank Owned Foreclosure
Temecula, CA 92592
Asking $230,900!
4BR/2.5BA, 1,836 sq. ft.
2 Car Garage, Built in 1994
No HOA dues or Mello Roos Tax
Days on Market: 16 days and counting...
Last Sales date was NOV 2006 for $404,000
Potential Rents: $1,550 to $1,750 per month

Located about 1 hour from San Diego up the I-15 freeway (on the way to Las Vegas) this home is a great example of how far your dollar can go once you get outside of San Diego County. This area has renters that commute both to San Diego and Los Angeles areas as well as those working in the local area which has a maturing commercial presence. I am working with some investors in this area now and this is one of the homes we recently viewed.

Bank Owned Foreclosure
Temecula, CA 92592
Asking $294,900
4BR/2.5Ba, 2,118 sq ft
2 Car Garage, Built in 2006!
$43 Monthly HOA, No Mello Roos Tax
Days on Market: 15 days and counting...
Last Sales Price was $445,000 in MAR 2006
Potential Rents: $1750-$1950

Just 2 years old, this home is located just minutes from Pechenga Indian Reservation and Casino. The property is in perfect condition and the community features a pool as part of the monthly HOA fee. Just needs an investor and a tenant! If you have questions about these homes or would like some more information on the area and the market, please send me an email or give me a call.

Starting July 1st, 2008 it will be ILLEGAL to hold a cell phone while operating a motor vehicle in California. If you are over 18 years of age, you can use a hands free device while you drive. If you are under 18, your social life will suffer a major blow as you can't hold a cell phone or use a hands free device.

Click Here For The Official DMV Law

Other details to note:

1- Emergency calls to emergency agencies are allowed.

2- 1st fine will cost about $76 when all the fees and costs are added up ($20 base fine). $190 for the 2nd offense ($50 base fine).

3- Fines do not count as a point on your driver's license.

4- There is no grace period- July 1st the law is in affect!

5- Texting is still legal! How does that make any sense? Oh well, text me while driving if you have any real estate questions!

Question:

San Diego County is getting a new zip code! What is the new 3 digit zip code?

Email me the answer! (All entries due by 6/18/08 at 5:00pm- one winner selected at random on this day so you don't have to be the first to reply...just get an email to me with the correct answer by the deadline for your chance to win)

Prize: $30 Gift Certificate To Your Cell Phone Provider To Buy A Hands Free Device

Congrats to last month's winner:
Addis Z. Kassegn

Answer:
The house of "Charlie" (Maverick's female flight instructor) featured in the Top Gun movie is located in Oceanside, CA.

Getting away from Real Estate for a second...check out the YouTube clip of the month!

This video has been viewed 87 million times on youtube!

It is the highest rated video all time. Judson Laipply is the comedian featured in the video. He is also a motivational speaker and currently working on the Evolution of Dance #2.

Stay tuned for the sequel...

Upcoming Events:

San Diego County Fair
June 14th to July 6th, 2008
Location: Del Mar Fair Grounds
Info: www.sdfair.com

2 Longest Days of the Year!
Friday-Saturday June 20th-21st, 2008
Do something outdoors- sun sets at 7:59pm!

San Diego Restaurant Week
Sunday-Friday, June 22nd -27th, 2008
Location: San Diego's Best Restaurants
Info: www.sandiegorestaurantweek.com

Loews Coronado Bay Surf Dog Competition
Saturday, June 28th, 2008
Location: Loews Hotel Resort, Coronado Bay
Info: Surfing Dogs! www.loewssurfdog.com

Ocean Beach Street Fair
Saturday, June 28th, 2008
Location: Newport Ave, Ocean Beach
Info: Chili Cook off and fireworks show! www.obstreetfair.com

Want to see how much home you can afford?

Need to fix up your credit or just want to know what your credit score is?

Thinking about refinancing your home but have some questions?

My specialty is real estate but I can put you in touch with some lenders I have successfully worked with before to help you. Email me for a list of approved lenders.

Want to see past newsletters?

Click On the Issue You Want To View:

March 2008
April 2008
May 2008

noahgrassi@remax.net | Re/Max Coastal Properties | (858) 353-0497

Information deemed reliable but not guaranteed. Properties may be listings from other agents in San Diego.
To unsubscribe to this free newsletter, please: Click here for removal.