15458 Harrow Ln Poway, CA 92064

May 31, 2018 by

**New Listing!**

4Bed-4Bath-4,286 Sq. Ft.

SOLD for $1,249,000!

Presenting one of the best lots in highly desired “The Grove” gated community situated on 1.7+ acres w/ sweeping mountain views! Entertain in backyard oasis w/ pool, spa, BBQ, fire pit! Interior boasts SS appliances, granite counters in kitchen; oak wood & Italian tile floors; newer windows, vaulted ceilings; full bed/bath downstairs, dual master suites, spacious office, huge custom built media room! Fully owned solar, drought resist landscaping means zero electric bill, only ~$100/mo water bill!

**Media room custom designed with triple sound boards in walls and surround sound speakers for optimal acoustics. This room is set apart from rest of house and has private access to backyard. Would be perfect for movie theater, kids play room, game room or you decide!** Full bedroom downstairs has private gas fireplace and is perfect for guests, in-laws or visiting family with adjacent full bath.** Property has 2 AC units, whole house fan, ceiling fans in most rooms and dedicated laundry room!**

**Large 4 car garage with additional workshop, mud room adjacent to 4th stall.** Beautiful circular driveway provides space for many additional cars, room for RV and toys parking too!** Close to Poway Performing Arts Center, Lake Poway, Blue Sky Reserve and more!** This property is in immaculate, move in ready condition and presents a tremendous value at only $326/sq ft, priced well below recent sold comps, don’t miss out!**

 

 

 

 

 

 

 

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Property Values By State From 2005-2017

May 14, 2018 by

Home price appreciation is an important topic in today’s economy. Using data from the American Community Survey (ACS), we can analyze the gains and losses of property values over time. I estimated the median property values by state in 2017 using the FHFA index and the median property values from the (ACS). I then calculated the growth rate from 2005 -2017. [1]

The states with the highest estimated median property values in 2017 are Hawaii ($637,892), District of Columbia ($605,756), California ($522,431), Massachusetts ($396,992), and Colorado ($342,967).

The states with the lowest estimated median property values in 2017 are Alabama ($141,714), Oklahoma ($137,387), Arkansas ($129,902), West Virginia ($122,791) and Mississippi ($118,019).

On a regional level, the estimated price growth appears to be the strongest in the South, West, and Midwest. Price growth is weakest in the Northeast states. Overall, all regions are displaying growth in property values with only a few states showing no growth or loses. Below is a breakdown of the Census four regions by state.

  • In the South, which typically leads all regions in sales, Texas led the region with 63 percent estimated price growth from 2005 to 2017. Although Florida experienced strong price growth since 2012, home prices have only increased by 14 percent since 2005 when house prices were still generally at peak levels.

  • In the West, the least affordable region[2], Montana led all states with 71 percent price growth from 2005 to 2017. Despite the strong price growth in California since 2012, prices have only increased by 9 percent since 2005. Nevada shows a negative 5 percent price change over this time.

 

  • In the Midwest where affordability is most favorable, North Dakota led all states with 111 percent price growth from 2005 to 2017. The increase is likely due to the boom in shale oil production up until 2014 when oil prices started collapsing. Illinois, while having the smallest growth in the region had an estimated 7 percent price growth over this time.

  • In the Northeast where price growth is typically slow, Pennsylvania lead the region with a 40 percent price growth from 2005 to 2017. Rhode Island was the only state to have a decline of negative 4 percent price change over this time.

SOURCE: Realtor dot org, Michael Hyman

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City of San Diego Slashes Fees for Granny Flat Construction to Help End Housing Crisis

May 2, 2018 by

It will cost much less to build a companion unit – or “granny flat” – on your property in the city of San Diego.

Until now, homeowners have paid $40,000 or more in government fees alone, before even starting construction on a companion unit.

By a unanimous vote, with Councilmember David Alvarez absent, the city council Monday slashed those fees by more than 60 percent.

“With these new incentives, we’re removing barriers to encourage the construction of new units that San Diegans can actually afford,” Mayor Kevin Faulconer said in a news release issued after the council’s approval.

NBC 7 Elena Gomez reports on the plan by city officials to address housing shortages by streamlining the granny flat construction process.

Faulconer said the city will make other changes to help homeowners design and build companion units, which he hopes will add at least 2,000 new units to the city’s housing stock by 2028.

The mayor’s office noted that more than 70 percent of San Diegans can’t afford to buy a home at the county’s median home cost of more than $550,000. That makes San Diego one of the nation’s most expensive housing markets

During Monday’s discussion, councilmembers noted that granny flats – built next to, above, or behind an existing home – can help alleviate housing shortages.

In late 2017, the San Diego City Council approved a package of housing reform measures to tackle the local housing crisis. The approved measures will make it easier to build granny flats and speed up the permit process for the construction of new homes.

The change means there will be less hassle during the permit process. There are even how-to manuals for building the granny flat to fit within city standards.

The law is meant for homeowners who have a home but have extra space in their yard or garage to add a granny flat. It was not designed for vacant lots.

According to the city, the average rent in San Diego has reached more than $1,700 a month and the average price of a home exceeds $550,000. Families also spend approximately 30 percent of their income on housing.

Source: NBC San Diego, Paul Krueger

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