By Roger Showley and Emmet Pierce
UNION-TRIBUNE STAFF WRITERS

12:50 p.m. July 15, 2008

San Diego County housing prices dropped a record 25.3 percent on a year-over-year basis last month to stand at $370,000, DataQuick Information Systems reported Tuesday.   It was the lowest overall median since May 2003 and contrasted sharply with the all-time peak of $517,500 set in November 2005. 
 
Single-family resale homes dropped to $405,000 from $420,000 in May and $565,000 in June 2007. Resale condos posted a median $259,000, down from $287,750 in May and $397,500 in June 2007.

Newly built homes rose from $435,000 in May to $490,000 last month, continuing a trend analysts attribute to the near-absence of newly converted condo projects on the market. Those former apartments typically sell for much less than newly constructed condos and houses and dominated the new-housing market until the recent downturn.

Sales topped the 3,000 level for the first time since August in a usual seasonal upswing of activity during spring and summer months. The total stood at 3,077, up from 2,979 from May but down 12.3 percent from year-ago levels. It was the 48th straight month of year-over-year declines in sales activity, a trend that began in July 2004.

Meanwhile, evidence is growing that bargain hunters are bidding more than the asking price for some properties, mostly foreclosures that banks are trying to resell quickly.   HouseRebate.com said 17 percent of all sales countywide in the 30-day period ending June 26 were sold at price higher than the original listing price. A year ago, the overbidding percentage was only 6.5 percent.

HouseRebate CEO Brian Yui said interest is concentrated in houses priced at $500,000 or less. “Things are moving quicker and buyers are dealing with realistic sellers,” Yui said.

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If you want to take a mortgage loan, the type of mortgage loan program that you select should suit your current financial situation, especially with regard to monthly payments. The mortgage payment calculator is a simple way to make sure that have the right mortgage loan application and the right payment. It calculates your potential monthly payment by taking into account information about you that is related to real estate and the mortgage, such as loan amount, term, interest rate and home value.

It takes into consideration tax and insurance information. Once you input this information, you'll get a quick estimate of whether or not the loan is in your budgetary control. It is the first step in seeing whether the mortgage matches your budget. If there are any changes in the mortgage rate, your income or any change in terms by the mortgage lender, you just have to feed the new information to the calculator and the revised monthly payment will be presented to you in no time. It can also be used to compare different offers from different lenders. Taking a mortgage calculated loan is always advisable for precautionary purposes.

You might be in doubt as to where to get a mortgage payment calculator. To clear all doubts relating to real estate loans or real estate itself, contact Paula Cochran, the ‘Loan Lady’. She has immense knowledge and experience in the realty field and she uses the knowledge and experience to help you or anyone get the best mortgage deals at the best rates. So make an appointment by calling her at 408-354-5523 or mail her at paula@theloanlady.net

This owner-user opportunity is the ideal solution for any business looking to own a piece of real estate in beautifully-restored downtown Culver City area. This property is immaculately maintained, and has tons of parking -- a premium in Culver City. This theoretical 7 Cap is very reasonable for the Los Angeles commercial real estate market, and business looking to diversify their portfolio with real estate, this is a great choice for you.

Who are property managers?

By California law, a property manager (anyone who manages the property that is not the owner) must be a licensed real estate agent, and is in charge of managing your property so you don't have to.

To answer the typical question: yes, they are necessary. Ask anyone who has tried not using one. They are either no longer investing in Los Angeles commercial real estate, or they are in tears. How much do they cost? Typically, they will charge around 4% of GROSS income to the property, and my require a place to stay, if it is an apartment complex.

Finding a good one can be difficult. You must be sure to ask them for references, for their experience (and if it is in the same property type as yours), and also how they manage their properties on a day-to-day basis. You want someone who is going to be there every day, handling any issues quickly and effectively, and has solid communication skills with the owner. Knowledge of construction, or access to a good team, is also very important.

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Attention all those house flippers out there: sick of depreciating values, and looking to transitition into the world of the big boys in commercial world?

Good news -- it is just as easy. The only difference is that you will need to rely more heavily on your real estate agents.

In commercial real estate, entreprenurial investors are in fact very rare, and real estate agents are very excited to work with you. You need to speak the code (saying you want "value-added" properties), and some of it will have to be pretty self-directed.

Real Estate agents will be able to tell you of any deals that have hit market, but as you know from house flipping, the best deals are not yet on market. Cruise the streets until you see a piece of commercial real estate in need of some TLC, write down the address, and then send it over to your real estate agent. He will then perform a reverse title search, and get you in contact with the owner...from there, you know the deal.

Real Estate agents will often test you -- sending you only a mediocre idea, to see what your threshold for value is. But if you are firm and polite, you will get your way.

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Here's the long and short of it: as a buyer, using a real estate agent is free (unless for some reason, you sign a contract saying you want to pay them), and is paid on commission only. If they find a home for you that you close on, half of the seller's negotiated commission price goes to the seller's agent,and it doesn't cost you a thing.

On the sellers side, you are paying for both agents. How much? It is completely negotiable, but it is typically 6% total (Los Angeles commercial real estate, however, averages 4-5%).

It is really that simple. There are some unscrupulous real estate agents who will try to make you sign an agreement that differs from this standard, at which point, you move on to the next. But for the most part, it is a very simple industry.

buy low - get high

SICKIE

this is a comic. read the terms and conditions carefully, then sign on the dotted line

thumbs expand as prices soar and or fall to your financial ruin

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