Good Morning – 2 homes of interest this morning. There was a $20k price reduction on the foreclosure in Tanglewood. I viewed the home a few months ago, it needs work. I got myself locked in the house and had to go out the back slider because the front door lock was stuck. It needs carpet, paint and rear yard landscaping. The kitchen has tile counters, I don’t remember any upgrades. Overall it looked worn at the time I saw it. This is the same problem the foreclosure in Garden Gate on Ambrose. The Ambrose seller painted and installed new carpet to get it sold. Price wise this is listed below the lowest sale in Tanglewood. The lowest sold price per the MLS was $375,000 for this floor plan back in June 2009. However you might want to consider a Short Sale listings in Tanglewood instead it is priced at $350k to $375k and it looks upgraded from the photos with granite in the kitchen. Of course with the short sale you have the uncertainty factor however it might be worth the risk if it is highly upgraded. It all depends if you are a risk taker.

The other home is located in the Homestead neighborhood. Listed for $719,000. It is a post foreclosure sale by someone who purchased with a trustee deed per public records for $659,000 July 15, 2011. The listing indicates traditional sale however that just means your not dealing with”the bank”. Response time to offers should be quicker. The lock box goes on today at noon. I’ll check it out. I almost listed this home back in 2008. I pulled my notes. At the time I thought the home would sell between $750k and $775k. It had a very nice backyard with built in BBQ area and fire pit.

Bel Etage Community

92127   Tour Day – nothing new to see in 4S  Ranch today.   There were only 3 properties on tour.   2 in Del Sur and 1 in the gated Bel Etage community in the Santa Fe Valley.   The Santa Fe Valley area is adjacent  to 4S Ranch and is just north of Del Sur.

Bel Etage is a gated community of 97 homes and was built between 2000 and 2003.   Homes range in size from 4,200 square feet to 5,100 square feet.     The current price range in the neighborhood is between 1 million and 1.3 million.   The neighborhood has been stable only 4 homes sold in the last 12 months.

The home I saw today was a beautiful single level home, 4,564 square feet, 5 bedroom, 5.5 baths with a pool and spa listed for $1,200,000 to $1,300,000.    It’s the only home listed for sale in the neighborhood.

From Bel Etage, I went to Del Sur to see the other 2 homes for sale.   The first was a vacant, corporate owned, detached  home in the Kensington subdivision  listed for $679,000.     It is a 4 bedroom, 3 bath home with 3,037 square feet.   It was built in  2008 and  has a beautiful kitchen with stainless steel appliances and a built-in refrigerator with the wood panel to match the cabinets ~ very nice.   It has one bedroom and a full bath on the main level.     Upstairs are 3 bedrooms and the laundry room.     Overall, a  nice home.

The next home I toured in Del Sur was an attached home listed for $599,000.   It is a 4 bedroom 3 bath home with 2,623 square feet built in  2006.    This home shows very well.   I really liked the kitchen, the large granite island could seat 5 easily.   This also has a bedroom and bath on the main level.

MLS tour of 4S  Ranch is Thursday mornings.    4S  Ranch a few years ago had its own  tour however there were not enough listings to attract a  good number agents so it was combined with the Rancho Bernardo tour.    Today there was only one home on tour in  4S Ranch, a town home in San Moritz for $399,900.  

The town home is an end unit (only attached on one side), nice location within the complex.    Plus from this location it is  very easy to walk to  the main shopping center.     It is a 3 story unit with an attached 2 car garage.   On the entry-level there is only a bedroom with a full bath.   You go up a flight of steps to the main living area.   I liked this part of the floor plan as it is very open.   The kitchen is open to the living/dining room, it has stainless steel appliances but no refrigerator.   The laundry room is located right off the kitchen.    The laundry room is set up  for a stackable washer and dryer.   There is also  a half bath on this level.   You go up a second flight of steps to 2 master suites.    With 3 bedrooms and 3.5 baths this is the largest floor plan in the San Moritz complex.   Overall nice unit.

On April 9th Pulte will have their Grand Opening celebration for the last 2 major new subdivision in 4S Ranch.     They will have six models for you to view plus    gourmet food trucks  and children™s play area including a bounce house, balloon artist and face painter.   It sounds like fun, I hope the rain holds off.

The Pines - will be priced in the  high $600,000²s with square footage ranging from 2,679 to 3,262

The Willows - will be priced in the mid $700,000²s with square footage ranging from 3,353 to 3,986

Currently there are 3 other new home subdivisions selling in 4S Ranch

1.  Silhouette by EJL Homes  priced from the mid $600,000²s for 2,691 to 3,356 square feet

2.  Monteluz by California West Communities -  almost sold out, they are now selling their model homes “ 3 to 6 Bedrooms / 2.5 to 5 Baths / Approx. 2,566 to 3,949  sf   /Average Lot Size: 8,400 sf Pricing is from the high $600,000s to the high $700,000s

 3.   Andalusia by California West Communities -3 to 6 Bedrooms / 3 to 5 Baths / Approx. 2,222 to 3,486 sf/ Average Lot Size: 6,900 sf/ Priced from the mid $600,000s

Stop by this weekend and find out why 4S Ranch is a Great Place to live.

In the first quarter of 2011 we saw prices drop in 4S  Ranch.    Prices are rolling back to the lows we saw in 2009.     During the first quarter of 2011 the average sale price per square foot dropped down to $234.07  from $237.46 for 2010.   I™m not a big fan of price per square foot when valuing homes.     Yet in 4S  Ranch I hear a lot of agents and buyers refer to it all the time.   Price per square foot takes the sales price and divides by the square footage of the living area, plain and simple.   It does not take into account bath rooms, bedrooms, upgrades, garages and big-ticket items such as  lot sizes, views and pools/spas.   So make sure when you are looking at price per square foot you are comparing apples to apples.

One reason I feel the average sales price is down in 4S  Ranch is due to the increased number of short sales selling in 2011.     In 2009, 140 homes sold.   Of those  41 were short sale listing for a percentage of 29%.   In 2010, 142 homes sold.   Of those 40 were short sale listings for a percentage of 28%.   Here we are just finished  the first quarter  of 2011 with  28 homes sold of which  10 were short sale listings for a percentage of 36%  . I think  we are going to see an increased number of short sales sell this year.   Bank of America is now offering  a new œCooperative Short Sale Program  not quite as good as HAFA  however it is much better than the standard short sale process.   Additionally,  they are offering $2,500 to the sellers to help them relocate.   I feel other lenders will come up with their own version of a HAFA-like process to take control of short sales.   Lenders stepping up and setting the listing  price is in everyone™s best interest.   Back in June of 2008 I suggested this is what banks needed to do and I™m very pleased  to see they are finally doing it.

 April 1, 2011 there were 43 active listings compared with only 20 listings at the beginning of April 2010.   Inventory has been hovering around 35 to 40 listings since last August.   Of the 43 listings only 11 are short sale listings needing lender approval for sale.

Considering  in the last 6 months  65 homes have sold in 4S Ranch, we see an average of  10 homes a month sell.   There is currently about 5 months worth of inventory.

Buyers have a lot of inventory to choose from including new homes.   This month Pulte  Homes is planning to open their two new subdivisions,  The Pines and  The Willows in 4S Ranch.  

Overall buyers are sitting on the fence again.   “Open home” traffic has been very light.    For many of the buyers when  they do finally submit an offer it™s very low.   If interest rates jump up a little buyers may decide its the right time to  buy.   In years past buyers have gotten more serious right after tax time.      

If you are thinking of moving to 4S Ranch it is a great time to buy, give me a call 858-603-2895

Last week I took a HAFA (Home Affordable Foreclosure Alternative) training class.   The information was great and the program is a must try to all borrowers in trouble.   HAFA reaches out to troubled borrowers and first  offers a loan modification.   If that fails the next option would be a HAFA Short Sale.  

If all of the below items apply then the next step would be to contact your lender.

BASIC HAFA ELIGIBILITY  CRITERIA  

1. First of all for  HAFA short sales to have a good chance to work the owner must have fill out a verifiable “Hardship  Affidavit”.

2. The first lien on the home must be $729,750 or less.

3. The loan must have been made on or before January 1, 2009.

4. For some period in the last 12 months, the home had to have been occupied by the  borrower.

5. The loan  must be  delinquent or will soon be delinquent.

Each loan has different criteria and your lender will be able to give you the details on your particular situation.

Why am I so excited about the HAFA program??     Because a HAFA Short Sale =  DEBT  Forgiveness.

As of January 1, 2011 in California we have release of debt only on first loans, with short sale.   So what about that large, troublesome second loan on the property?   It is nasty – how can you get a  fresh start if you still have a huge debt hanging over your head?    Well, HAFA requires that debt forgiveness apply not only the first, but also on the seconed  liens.

There are other reasons to be excited about HAFA such as:

$3,000 relocation assistance for the borrower

$6,000 towards settlement of the second lien

With a pre-approved HAFA, the listing price is set by the lender and the seller has 120 days to sell the home and the short sale offer can be approved in weeks rather than months.

If the short sale fails there is a “Deed in Lieu” option available.

Every distressed 4S Ranch homeowner should consider a HAFA short sale.    Unfortunately when I meet with distressed sellers, most of them have not heard of the HAFA program.   This program ends December 31, 2012.

In February, I wrote about the opportunity to buy a home in 4S Ranch at a great price and buyers took the advice.   Showings at my listings more than tripled from January.   Pending sales are up.    As of today March 20Th there are 28 pending sale plus another 15 contingent short sales, listings waiting for lender approval before going to pending status.    To appreciate how good that is, as of February first there were only 12 pending sales, today 28.   Pending sales have more than doubled.    Don’t worry there are still some great homes available as a number of new listings came on the market in March.   Homes are available in all sizes from 1,310  to 4,632 square feet, 3  to 6 bedrooms and 2 to 4 car garages.   There is something for everyone, prices range from $406,000 to $980,000 for detached homes.   I’ll say it again – It is a great time to buy in 4S Ranch.  

I have a fabulous  new listing at 17061 Albert Ave.   It is a SilverCrest home built in 2006 by Fieldstone.   This home is a regular sale, no waiting.    

The home is 3,166 square feet with 4 bedrooms, 3 baths, living room, dining room, kitchen with breakfast nook, 2 family room plus 2 car garage.

This home features one  bedroom and full bath on the main level, great for guests.   The Kitchen is a Chef’s Delight   with beautiful  granite counters, large island, stainless steel appliances including refrigerator and large walk-in pantry.    The family room  has a fireplace, ceiling fan and has been wired   surround sound.  

Upstairs is a second family room or perfect teen room.   The master suite is large with dual closets and sinks plus a  jetted tub.   The large laundry room is located upstairs  with  a sink and cabinets.  

Outside you can enjoy the lush landscaping, beautiful hard-scape, fountain, the built in BBQ and the fire pit.

Located in the heart of 4S Ranch  walk to Monterey Ridge Elementary School or to Pioneer Park with the very popular Splash Park which is  only 3 blocks away.     You can also walk to shopping and restaurants.

From 4S Ranch it is only about 20 to 30 minutes to get downtown. I-15 access is about 2 miles from 4S Ranch.

Price to sell it’s listed at $714,900 – call me before it gone – 858-603-2895

Now is a great  time to buy a home in 4S Ranch.   There are currently 45 active listings with an average listing price of $238.43 per square foot.   In the last 6 months 64 homes sold with an average selling price of $234.65 per square foot.   Prices are approching the lows we saw in 2009.    Detached homes are available in all price ranges starting in the low $400,000 to over one million.   42% of the homes for sale are traditional sellers, 29% are short sale listings, 24% are new homes and only 5% are post foreclosure sales.

So what can you buy in 4S Ranch?  Here is how the market breaks down:

Under $500,000 –  3 homes ranging in size from 1,310 to 2,043 square feet – all three are short sale listings.   Typically, homes in this range are going quickly with multiple offers.

Under $600,000 – 7 homes ranging in size from 1,644 to 2,334 square feet are available – 2 are short sale listings and 5 are traditional listings.

Under $700,000 – 19 homes ranging in size from 2,317 to 3,628 square feet – 10  listings are new home sales from the builders, 4 are short sales, 4 are traditional and 1 is a post foreclosure listing.   There is good opportunity in this price range.   One short sale listing is priced at only $186.88 per square foot, that’s  a great deal!

Under $800,000 – 8 homes ranging in size from  3,055 to  4,150 square feet – 1 new home, 2 short sales and 5 traditional listings.

Under $900,000  - 5 homes ranging in size from 3,273 to 4,570 – 4 traditional sales and one bank foreclosure

$900,000+ 3 homes ranging in size from 3,819 to 5,361 are available – including 2 short sale listings  and 1 traditional listing.

If you always wanted to  become a 4S Ranch resident to  enjoy the wonderful schools and part take in the great life style start looking for your  next home today.   If you can’t find what your looking for please drop me an email or give me a call as  I have a number of new listings coming up.   One might be just right for you.