6546 Windward Ridge Way San Diego, CA 92121

January 22, 2018 by

**New Listing Alert!** (SOLD $1,030,000!)

5 Bedroom-3 Bathroom-2,893 sq. ft.

Priced at $1,095,000!

Rare opportunity to own largest floor plan in highly desirable Pacific Ridge with unobstructed panoramic canyon views! Home boasts formal living and dining room, large family room with double height ceilings, spacious eat-in kitchen, full bed/bath downstairs, generous master w/ en suite bath and private balcony, dedicated laundry room and huge bonus room that could be movie room, game room, kids play area, 5th bedroom, you decide! Centrally located to all shopping, dining, highly rated schools & beaches!

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Bitcoin is finally buying into U.S. real estate

December 11, 2017 by

Bitcoin is already in retail and restaurants — so it was only a matter of time before the cryptocurrency took on real estate. That time is now. Bitcoin is slowly making its way into closings on everything from Lake Tahoe land in California to Manhattan condos to single-family homes in the heart of Texas.

“Our buyer has evolved, they’ve moved from mom and pops to young people who want to pay with various forms of payment,” said Ben Shaoul, president of Magnum Real Estate Group. “Cryptocurrency is something that has been asked of us — ‘Can you take cryptocurrency? Can we pay that way?’ — and of course when somebody wants to pay you with a different form of payment, you’re going to try to work with them and give them what they want, especially in a very busy real estate market.”

Shaoul is redeveloping a building on Manhattan’s Lower East Side, turning it into condominiums priced between $700,000 and $1.5 million. He admits that there is currently a lot of inventory in the market, and therefore having an edge over his competitors is especially key. Bitcoin, he hopes, will be that edge.

“I think the demographic of the crypto user is a younger millennial, but, that being said, you have a lot of people come over from other countries, who are buyers from different places, who like to trade in different types of currency. Not everyone wants to trade in dollars or yen or euros,” Shaoul said.

He intends to hold the bitcoins, rather than convert them to dollars. As an investor in the art market, where bitcoin is also increasingly present, he sees an opportunity to make even more money. Bitcoin has also been appreciating at lightning speed lately.

Others, however, are not as comfortable with the relatively new currency. The first ever single-family home sale in Texas involving bitcoin was announced last month. The buyer, who works in the tech industry, purchased the newly built home in Austin using bitcoin, but the seller, a custom homebuilder, wanted the currency converted to dollars during the transaction.

“Austin is a really technologically advanced city, I’d say, so I was surprised we hadn’t heard anybody wanting to do this before,” said J Kuper at Sotheby’s International Realty, which brokered the deal. “But, candidly, we didn’t know how to do it. It was a quick challenge and scramble to figure out all the moving parts, but we were instantly excited about the opportunity to figure that out.”

They used BitPay, a global bitcoin payment service provider headquartered in Atlanta. It converted the bitcoins into dollars for the buyer. Given that bitcoin’s value is a moving target day to day, the risk was all on the buyer side. The seller agreed to a fixed price in dollars.

“We found that on the day of the closing, we were kind of watching it [bitcoin’s value] through the day,” said Kuper. “The timing actually ended up perfect for the exchange, very well for our client, so there was really no hesitation, no need to postpone.”

Kuper said the client got a “very fair” exchange rate, though he could imagine how it could’ve been more volatile. He says bitcoin has proven to be a bit more stable in the past six months.

There is, however, still a lot of nervousness for newcomers to the currency. Neither the buyer nor the seller in the Austin deal would talk about the transaction. Much of the concern may be around the lack of regulation so far in cryptocurrency and the lack of understanding as to how gains in bitcoin are taxed. The Internal Revenue Service issued some guidance on bitcoin and cryptocurrencies in 2014.

“What they said in that guidance is if you hold bitcoin or ethereum or one of these other convertible digital currencies as a capital asset, when you use that bitcoin to purchase goods or services — so for example, if I were to take $1 million in bitcoin to buy an apartment building or something — to the extent that bitcoin has appreciated since I acquired it, any of that gain, that built-in gain, would be taxed when I used the bitcoin to buy the building,” said Jeremy Naylor, a tax attorney and partner at the firm Cooley.

He added that whether people are voluntarily paying that tax might be a separate question, but from a technical, legal perspective, it would be similar to selling stock to generate the cash to buy an apartment. In a direct transaction, buyers simply skip the part where they convert the bitcoin into dollars. Using BitPay, the buyers are ‘selling’ the bitcoin, and therefore any appreciation is taxable.

The complicated nature of real estate may be why bitcoin has been slow to move into the market. One of the first deals in the U.S. involved a $1.6 million sale of land — a home site — in Lake Tahoe in 2014. Martis Camp Realty President Brian Hull, who brokered that deal, said his firm has not received any other inquiries from buyers interested in using bitcoin.

International buyers seem more comfortable with the currency. Last month British entrepreneurs Michelle Mone and Doug Barrowman launched a bitcoin-priced real estate development in Dubai.

The U.S. market has been slower to buy into bitcoin for real estate. All of the deals so far have been done without a mortgage, and Shaoul said the bulk of those inquiring about his Manhattan condos are foreign buyers.

“This industry of real estate is notorious for lagging behind in technology, and innovation,” he said. “Now we are starting to innovate, so we’re very far behind. Bitcoin and payments with bitcoin have been around for years. Why it hasn’t touched down in real estate in the sale of an apartment is odd, quite frankly.”

Diana Olick-www.CNBC.com

— CNBC producer Emily Gaffney contributed to this report.

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NAR Weighs In On Proposed Tax Reform Bill

November 13, 2017 by

Homeowners expecting a big tax cut from the tax reform proposals being considered in Washington may be in for an even bigger surprise.

According to the National Association of Realtors®, a proposal currently pending before the House of Representatives would offer little benefit to millions of middle class homeowners, while many would actually see a tax increase.

New limits on the mortgage interest deduction (MID) as well as state and local tax deductions are among the many reasons why, Realtors® say.

“After looking at this legislation, it’s not all that different from the tax reform blueprint presented by House Republicans last Spring,” said NAR President Elizabeth Mendenhall. “We support the notion of lower taxes, which this legislation promises, but not if offering them puts additional burdens on the backs of homeowners.

“If this legislation is passed, millions of middle class homeowners will experience both a tax increase and a loss in equity after home values drop as expected. That’s a combination that most middle class homeowners simply cannot afford, and they shouldn’t have to.”

NAR is opposed to the legislation for several reasons:

  • It would cut the cap on the MID in half from $1 million to $500,000 for all new mortgages and it’s not indexed to inflation, meaning the value will further diminish with time. The bill also eliminates tens of thousands of dollars in state and local tax deductions, and caps the property tax deduction at $10,000. This is of particular concern in higher-cost states, but will be felt in all 50 states across the country.
  • The bill also puts new limits on the Capital Gains Tax exemption for selling a primary residence. Currently, to qualify for the exemption, you only have to live in a primary residence for two of the previous five years. The new limit would increase that to five of the previous eight years, creating hardships for homeowners who may need to move in a shorter period of time.
  • The bill would eliminate other tax benefits such as the MID on second homes, a moving expense deduction, student loan interest deduction and deductions for medical expenses – even for the elderly.

“This is all included in a bill that we’re being told is improving our current system,” Mendenhall said. “Not only is this legislation detrimental to current American homeowners, but it will negatively impact future generations of homeowners with roughly $1.5 trillion in new federal debt.”

A big part of the tax reform legislation is a corporate tax break, reducing tax burdens for companies from 35% to 20% and for companies investing money overseas to bring their money back into the United States at a one-time-only tax rate of 12% instead of 35%.

The concept here is it would create more jobs and increase wages, however there is no guarantee that is the case and instead could end up raise dividends and buy back shares for corporate investors – all while homeowners bear the burden of paying for those corporate tax cuts.

“NAR is urging everyone to contact their U.S. Representative and tell them that this tax legislation, as currently constructed, is not good for American homeowners,” Mendenhall said. “Nobody wants to be double-taxed on the money they pay for state and local taxes – and that would be the case in all 50 states.”

By Anthony SanFilippo

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Mortgage rates surge to 10-week high but a dovish Fed may quash that move

October 16, 2017 by

A big move up follows several weeks of grinding higher, yet the 30-year fixed rate still held below 4%

Rates for home loans jumped in the latest week following a smaller rise in U.S. Treasury yields, mortgage provider Freddie Mac said Thursday, yet they remain pinned below the closely watched 4% threshold.

The 30-year fixed-rate mortgage averaged 3.91% in the Oct. 12 week, while the 15-year fixed-rate mortgage averaged 3.21%. Both products rose six basis points during the week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.16%, versus 3.18% during the prior week.

Mortgage rates fell below the key 4% line in early July and have remained there even as the current week’s move marked the fifth-straight week of increases or flat readings. Most housing experts expected mortgage rates to move above post-crisis lows during 2017, but so far the benchmark 30-year fixed has averaged just 4.01% this year.

Unsettled geopolitics are keeping demand for safe assets like government paper high, which pushes yields down. The 10-year Treasury TMUBMUSD10Y, +1.10%  , which mortgage rates track, may resume its slide in the coming week in the wake of a more dovish tone from the Federal Reserve than investors had anticipated.

Published: Oct 13, 2017 by Andrea Riquier

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12480 Escala Ln San Diego, CA 92128

October 16, 2017 by

**New Rental Listing!** (LEASED!)

5Bed-4Bath-2,755 sq. ft.

Offered at $3,600 per month!

Welcome to your beautiful 5 bedroom Rancho Bernardo pool home! Features include large dual master suites (one downstairs) each with own private full bath, lovely dual pane windows/sliders throughout, newer tile, countertops, and appliances in kitchen, great floorplan perfect for entertaining! Enjoy your own private pool, the peaceful and quiet cul de sac location, the great views, and top rated schools! This wonderful property is close to all shopping, dining, golf, freeway access & more! Don’t miss out!

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14583 Scarboro St Poway, CA 92064

October 16, 2017 by

**New Rental Listing** (LEASED!)

3Bed-2Bath-1,188 sq, ft.

Offered at $2,350 per month

Beautiful 3 bedroom 2 bath Poway home. Features wood flooring throughout, brand new carpet in bedrooms, and spacious screened in back patio (Not counted in the square footage). Private backyard and large front lawn on a quiet, neighbor friendly street in the highly sought after Poway Unified School District. Move in ready!

 

 

 

 

 

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5335 Caminito Cachorro San Diego, CA 92105

September 12, 2017 by

**New Rental Listing!** (LEASED!)

3Bed-2.5Bath-1,330 sq. ft.

Offered at $2,100/month

Beautiful Oak Park Townhome in Gated Community with Air Conditioning and Private Yard. Beautiful new Kitchen Countertops and Cabinets. New Bathroom Vanities and New Interior Paint. Downstairs features Tile Floors, Half Bath, Large Sun Room, Kitchen, Living Room, Fireplace, and Garage. Upstairs Features Carpet, 3 Bedrooms, Full Hall Bath, Master Bath, and Nook for Desk/Office Area.

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9725 Mesa Springs Way #183 San Diego CA 92126

August 25, 2017 by

**New Rental Listing!** (LEASED!)

1Bed-1Bath-772 sq ft

Listed at $1,600/per month

Beautiful condo centrally located in south Mira Mesa! New appliances, new paint and new bath vanity! Interior boasts spacious living room with fireplace and slider to patio, full size laundry in unit, spacious master with dual closets and slider to patio! Enjoy the peaceful creek directly behind your patio, complex also has large pool and two spas! one assigned space and one guest pass for parking! Close to all shopping, dining, freeway access!

 

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2 Major Reasons Why Inventory Is So Low

August 14, 2017 by

Inventory of available homes on the market is the lowest it’s been in two decades, but the reasons may surprise you. Two of the likely culprits are baby boomers and homeowners who are simply satisfied with their home, according to realtor.com®’s Housing Shortage Study.

Baby boomers are showing a desire to age in place in their current homes, and their refusal to sell is creating a clog in the market, according to the study. Eighty-five percent of baby boomers surveyed say they are not planning to sell their home in the next year. That means 33 million properties—many of which are urban condos or suburban single-family homes—will stay off the market. Many of those properties would be popular choices for millennials, a generation still largely waiting in the wings to break into homeownership.

“Boomers, indeed, hold the key to those homes the market desperately needs, both in the urban condo and the detached suburban home segment,” says realtor.com® chief economist Danielle Hale. “But with a strong economy and rising home prices, there’s really no reason for established homeowners to sell in the short term. Although downsizing might be on the minds of boomers, they face the same inventory shortages and price increases plaguing millennials.”

Furthermore, 63 percent of respondents to the survey indicate that their current home meets the needs of their family. They cite low interest rates (16 percent), recently purchasing their home (15 percent), and needing to make home improvements and low property taxes (each at 13 percent) as reasons not to sell. “Life events drive real estate transactions,” Hale says. “When the majority of homeowners feel their family’s needs are being met by their current home, there is nothing compelling to them to put their home on the market.”

There may be hope that more starter homes will hit the market soon. Possibly offsetting the low supply of starter homes, which is down 17 percent year over year, 60 percent of respondents to realtor.com®’s survey who did say they plan to sell in the next year are millennials who want to move to a larger home or one with nicer features.

“The housing shortage forced many first-time home buyers to consider smaller homes and condos as a way to literally get their foot in the door,” says Hale. “Our survey data reveals that we may see more of these homes hitting the market in the next year, but whether these owners actually list will depend on whether they can find another home.”

Source: realtor.com®

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9268 Lamar St Spring Valley, CA 91977

August 2, 2017 by

**NEW LISTING!** (SOLD!)

2Bed-2Bath-1,033 sq. ft.

Offered at $429,000!

Charming, move in ready home on large, flat 1/4 acre lot! Entertain outdoors w/ spacious custom built front porch and rear deck w/ fire pits and sitting areas! Kitchen features granite counters, soft-close cabinets, SS appliances! Laminate flooring, dual pane windows, ceiling fans in all rooms, central A/C, dedicated laundry room, newer roof, gated entry, tons of parking and room for boat-RV! Huge 1,000 sq ft detached garage can be living space, workshop, man cave, storage for your toys! Spacious master bedroom has en-suite bath and slider to backyard deck! 2nd bedroom also has private access to outside! Both bathrooms have been remodeled with granite vanities, tile flooring, custom tub/shower enclosures! Solar tube in master, skylight in 2nd bath to bring in natural light! This property is one of kind and ready for your buyers!

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