The Lund Team Real Estate Blog » Recent Sales

Detached Single Family In Escondido

Brandon Soule — Tue, 06 Apr 2010 21:54:32 +0000

Spacious detached residence located in the Kent Ranch neighborhood at the north end of Escondido. Below ground pool and spa, hardwood flooring, upgraded kitchen with white tile counters and dark stained cabinetry, panoramic north facing views of mountains and canyon. Large master suite and bath with fireplace, dual sinks, soak tub, and private view deck.

1314 Ward Place Escondido, CA 92026

5 Bedroom, 4 Bath, and approx. 3,309 square feet

For pricing and more information contact The Lund Team:

REO@lundteam.com or call (760) 438-0800

Home Sales Decline in December? Bad Stats

Tyson Lund — Mon, 25 Jan 2010 17:52:41 +0000

Here is an example of biased stat making not painting the whole picture.

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WASHINGTON (MarketWatch) – Sales of U.S. existing homes plunged 16.7% in December to a seasonally adjusted annual rate of 5.45 million from 6.54 million in November as a popular tax credit was set to expire, a national real estate trade group estimated Monday. The 16.7% percentage decline from November to December was the largest on record, the National Association of Realtors reported. The decline was larger than the 11% drop to 5.80 million that was expected by economists surveyed by MarketWatch. Sales in December were up 15% compared with December 2008. The median sales price rose to $178,300 in December, up 1.5% compared with a year earlier. It’s the first year-over-year increase in prices since August 2007. Link To Article

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You know this bias play on Stats. But why pick the ‘Decline’ stat? These are positive numbers. Here’s what I read of the sales drop in December.

- True lack of available property unlike any year previous. Less homes = fewer sales. Fewer homes than ‘economists expected’ – but UP 15% over same time period in 2008.

In most areas of the country, home sales decline in December. Banks, lenders and appraisers have almost 1/3 less time in the month to get the homes processed and closed. North County home sales have declined as much as 30% – even in the go-go years of 2002-2004. I would like to see year on year comparison for the past decade of the same time period.

And I would like to see the sales figures put up against # of homes for sale. If the ‘months of inventory’ nationally is similar to North County figures of 2-3 months…then low sales figures is a function of lack of available inventory. The headline would suggest a decline in sales; which infers less demand and a softening market.

The headline could read

“Home Sales up 15% – Prices push higher”

“Home Values Inch higher: Sales up 15% over 2008″

A sales decline is more relevant when sellable inventory is above 12 months; or a changing pace is leading that direction. Price declines can be expected when property competes.

Just a thought. Tyson Lund

Water’s End “Best Value West of I-5” in Carlsbad

Garrett Lund — Sat, 26 Dec 2009 17:26:37 +0000

Looking for a gated, newer, walk to the beach location in Carlsbad, California… think Water’s End?

Built by John Laing Homes (known for quality product) in 2003. this is a neighborhood to keep on your 2010 radar.

Market update:
2009 – average sales price for last 6 months Dec – July = $710,000 at $302 per sq. ft.

2005 – average sales price for Dec – July = $925,000 at $382 per sq. ft.

(10) NOD, Bank Owned, Preforclosures notices currently on tax records. – Be on the lookout for more in 2010…

I used numbers based on same time period of the year to illustrate the value one can now find at the beach. Over $200,000 off the selling price just a few years ago. With no new additional land being added at the coast please consider this as a wonderful place to live and invest.

**Water’s End deal of 2009 – Over 2,300 sq. ft. sold at $660,000 (cash sale) in September – Bank Owned! **

The Lund Team has represented buyers, sellers, builder (John Laing Homes) and currently owns an investment home in Water’s End. Please consider us for any of your buying or selling needs.

Contact Contact@LundTeam.com or call 760.438.0800.

Water's End by Lund Team

Carlsbad’s Mystic Point Upswing

Jeff Pashby — Fri, 11 Dec 2009 19:00:54 +0000

Prices are starting to increase in Mystic Point! This is due to the attractive price-point and recent drop in inventory levels. There is currently nothing for sale in the neighborhood. I participated in three different transactions in Mystic Point over the last year. The first, a Plan One on Peninsula, was a bank-owned foreclosure. The Buyers downsized out of their home in San Elijo Hills and upgraded to a Carlsbad address. We beat out multiple offers and secured the property for $335,000. The second deal was a traditional sale. My clients purchased the Plan 3 on Karst as a rental. They found a tenant and rented it out before we closed escrow for $2000/month. Our most recent transaction was on also Karst. We represented the Seller on a highly upgraded Plan 2. The Seller accepted an offer for $415,000 but due to appraisal issues, the price was adjusted to $407,500.

A Plan 2 closed for $420,000 last month! As a resident of Mystic Point, I am happy to see prices on the upward move. I have served on the HOA board since 2005 (initially Treasurer, then President, now Vice President). I am optimistic prices will continue to climb into 2010. Where else in Carlsbad can you purchase newer construction under $500k with excellent schools, central location, etc?

Mystic Point is a solid investment.

Success! Countrywide Short-sale Closes

admin — Mon, 27 Apr 2009 18:46:00 +0000

One of our great news success stories was this condo in Carlsbad. Over the last 9 months, the condo market in the coast went from $345,000 for a 2 bedroom, 2 bath to around $250,000. With a short-sale, a declining market is a huge challenge. As the process takes 60-90 days for bank approval, the market moves downward from where you have offers at and from where bank appraisals are assessing values. As values move down, buyers expect a reduction in price.

For Example:
August – Multiple offers at low $300’s.
September – Bank appraisal at $330,000
October – Bank Approval of purchase price, but prices have gone down since August. Buyer now wants property at $300,000.
Offer must be resubmitted – process restarts.

But after many months, we prevailed. The whole team (including the owner) is very excited to celebrate this new short sale closing.