First-Time Home Buyer Tax Credit Extended and Expanded to Include Move Up Buyers

I have been a bad blogger and haven't posted for quite a while (I think since July!). But, I'm back with some great news for not only first time buyers, but for move up buyers as well. Both the Senate and the U.S. House of Representatives have voted to extend the first-time home buyer tax credit, and have expanded the credit to include existing homeowners as well. Now the final step will be for President Obama to sign the legislation, which he is expected to do shortly. (**Update - 11/6/09 - President Obama signed the bill today.**)

With this move, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract to purchase a home is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances. With the extension and expansion of this credit, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns.

The National Association of Realtors estimates that nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the original first-time home buyer tax credit. With the extension and expansion of the credit these numbers are expected to dramatically increase.

For more info on how the credit works, check out my previous post on the Economic Stimulus and the First-time Home Buyer Tax Credit.

San Diego Foreclosure Friday - Volume 14

It's the 4Th of July weekend and San Diego Foreclosure Friday is back with a BANG! Once again I've scoured all of San Diego to find the best of the best foreclosure deals out there right now, and will be share them all with you.

There has been a bit of a lull in the San Diego foreclosure market the last couple of months with the inventory running thin after the foreclosure moratorium that many of the large banks imposed at the end of last year. But that moratorium was lifted in March, and I am starting to see quite a few more foreclosures trickle on to the market. As you know, I do a lot of work with my clients buying San Diego foreclosure properties, and from everything I've been hearing on the street there is a big wave of new foreclosures that are due to hit the market in the coming months.

This week we have three updates on previous properties that we have listed here on San Diego Foreclosure Friday as available properties. These properties have now closed and you'll get to see what they sold for. I also have a few new properties that just came on the market and are currently available as well as another new closing.

So to start out, here are the updates:

SOLD $1,025,000 (6/11/2009)

LISTED AT $979,900

PREVIOUSLY SOLD $1,645,000 (1/16/2007)

Enjoy completely unobstructed views all the way to downtown San Diego from this 4 bedroom, 3 1/2 bath, 2119 square foot Point Loma home. This outstanding residence was completely remodeled inside and out with floor to ceiling wood windows, hardwood floors, an amazing master suite with a private deck, complete with outdoor fireplace, and posh spa master bathroom.

SOLD $281,000 (6/17/2009)

LISTED AT $194,900

PREVIOUSLY SOLD $401,000 (12/7/2006)

This adorable cottage in Golden Hill sits just outside of downtown. With 2 bedrooms, 1 bath, and 710 square feet it is the perfect alternative to condo living! This home sits on a great little lot with a good size front yard and a large covered deck in that overlooks the backyard.

SOLD Cash $1,325,000 (6/19/2009)

LISTED AT $1,299,800

PREVIOUSLY SOLD $2,300,000 (12/29/2005)

Enjoy panoramic ocean views from this 4915 square foot Encinitas home. Built in 2005, this home comes with 5 bedrooms, 3 full baths, and 2 half baths. Some of the many features include designer paint, hardwood floors, 3 fireplaces, granite and marble counters, stainless steel appliances, Kohler bathroom fixtures, and a 3 car garage.

And now for this weeks foreclosure listings:

SOLD $370,000 (7/2/2009)

LISTED AT $279,900

PREVIOUSLY SOLD $495,000 (12/16/2004)

This cute vintage Craftsman cottage in the University Heights neighborhood sold in foreclosure for $125,000 less than it's 2004 price. This home comes with 2 bedrooms, 1 bath and 858 square feet and features hardwood floors, a fireplace and tons of character.

CURRENTLY AVAILABLE $640,000

PREVIOUSLY SOLD $918,000 (10/1/2007)

Baseball anyone? This 2 bedroom, 2 bath, 1118 square foot condo is currently available in the Legend, downtown San Diego's only luxury high-rise located directly within Petco Park, the home of the San Diego Padres! This unit is on the 16th floor and enjoys amazing southwest views into Petco Park and the bay. Comes with granite counters and stainless steel appliances in the kitchen, travertine tile in both bathrooms, and two parking spaces.

CURRENTLY AVAILABLE $974,900

**PREVIOUSLY LISTED $1,475,000 (9/22/2008)

This Point Loma home with unobstructed bay and downtown views last sold in 2005 for $895,000 when it was a very original 1640 square foot home. The new buyers completely remodeled the home and added a huge second story master suite to bring the new square footage up to 2318 square feet. **They then brought it on the market for $1.7 million in 2006 and dropped the price to $1.475 million before it went into foreclosure. Now this 3 bedroom, 2 bath home with sit-down views from living room, dining room, kitchen, master bedroom and 3 decks is on the market in foreclosure for $974,900!

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

You can also check out my website for more info on our San Diego real estate services and to search all the homes for sale in San Diego.

Be sure to check back in again next Friday for another San Diego Foreclosure Friday!

San Diego Water Use Restrictions

As a San Diego Realtor I get asked about all kinds of things not only relating to real estate, but also all things San Diego. And lately, I've had quite a few clients and friends ask about the new mandatory San Diego water use restrictions that just went into effect. So since so many people want to know what the details are, I thought what better place to spread the word than here on my blog?

As many of you may know, San Diego, like much of southern California, is an arid desert climate, and therefore we go through long periods with very little rain. On average we only get about 10 inches of rain a year, and for the past several years we have been well below normal. This extended drought has reached a critical level causing the city of San Diego to declare a state of emergency and as of June 1st, 2009 to issue mandatory water use restrictions.

As the city states, "Wasting water has always been bad behavior. As of June 1, 2009, it's against the law." Below is the flyer from the water department with all of the rules and restrictions. If you double click it, it will enlarge. For further information you can go to www.sandiego.gov/water or call (619) 515-3500.



Some more quick tips to save water:

• Plant native plants that require less water.
• Turn off the water when you're brushing your teeth and lathering up in the shower. (On a side note, I heard a celebrity (who shall remain nameless because I love her and she meant well) once say that she saved water by brushing her teeth in the shower. Think of all the water that's running down the drain while you're brushing your teeth in the shower - or shaving in the shower while the water is running. DUH!)
• Make sure to wash dishes and clothes with full loads.
• And this may be TMI, but in regards to toilets remember the saying: "If it's yellow let it mellow..." I'll spare you the second part =) You can email me if you're dying to know...
  

San Diego Foreclosure Friday - Volume 13

Welcome to another San Diego Foreclosure Friday! Once again we will be exploring some of the best of the best foreclosure properties throughout San Diego county for the week.

This week we have an update on a previous listing that I featured back in April on San Diego Foreclosure Friday - a 4-unit property that just sold in foreclosure in Bankers Hill. Then we take a look at some foreclosures in 92103. These two properties are both in the Mission Hills neighborhood of San Diego. The first is a large townhouse that just sold in foreclosure. And the next is a expansive, almost 4600 square foot, luxury Mediterranean property, with water views in foreclosure in North Mission Hills!

SOLD Cash $650,000 (5/29/2009)

LISTED AT $581,130

PREVIOUSLY SOLD $1,100,000 (12/30/2004)

Just outside of downtown San Diego sits this income generating gem in Bankers Hill. You're just a few blocks from Balboa Park, downtown, and minutes to the airport in this vintage 1920s 4-unit property. Property consists of one 2 bedroom unit, two 1 bedroom units, and one studio!

SOLD $759,000 (5/28/2009)

PREVIOUSLY SOLD $960,000 (5/19/2004)

Built in 2003, this foreclosure in Mission Hills sold for just over $200,000 less than it's previous sale in 2004. This row home has plenty of room with 3 bedrooms, 3 1/2 baths, and over 2,500 square feet. Some of the great features include hardwood floors, granite counters and stainless steel appliances in the kitchen, a fireplace, and large walk-in custom built closets in the bedrooms. Best of all, it's walking distance to all of the great shops and restaurants in both Mission Hills and Hillcrest, making it the perfect mix of comfort and convenience.

CURRENTLY LISTED $1,650,000

PREVIOUSLY SOLD $2,530,000 (11/03/2005)

This expansive Mediterranean Mission Hills foreclosure property is priced almost $1,000,000 below it's most recent 2005 sale! You won't find many Mission Hills foreclosures like this one! At almost 4,600 square feet, with 5 bedrooms and 5 1/2 baths, a wine cellar, media room, enormous gourmet kitchen, infinity pool, and panoramic views all the way from Coronado to La Jolla, what more could you ask for in a foreclosure? Well, how about being just a 5 minute car ride to both downtown San Diego and the airport, and about a 5 minute walk to all the great Mexican restaurants in Old Town?

If you would like more info on any of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com .

You can also check out my website to search all the homes for sale in San Diego.

Be sure to check back again next week for another San Diego Foreclosure Friday!

San Diego Foreclosure Friday - Volume 12

Hola mi gente! With the last name Barrow I'm obviously not of Latin decent. But, this week San Diego Foreclosure Friday takes on a decidedly Spanish flair. It's also the biggest San Diego Foreclosure Friday to date, with five of the best foreclosures in San Diego County to chose from. I couldn't decide between two foreclosures that had just sold, so I decided to give you both!

The first two properties are updates on previous listings that I've had on here in the recent weeks, so you'll get to see what these properties closed for. The first is a cute house that was in foreclosure in the Talmadge neighborhood of San Diego. The second is a great condo in Fashion Valley for under $180,000!

Foreclosure properties number 3 and 4 are two recent closings that are new to San Diego Foreclosure Friday. The first is an expansive contemporary Spanish ocean-view home built in 2004 that was in foreclosure in the Muirlands neighborhood of La Jolla. The next is another cute Spanish home sold in foreclosure in North Park.

And last but not least is an available foreclosure in north Mission Hills. This traditional 1920s Spanish last sold in 2007 for $1,200,000. You won't believe what it is listed at today now that it's bank owned!

SOLD $413,000 (5/18/2009)

LISTED AT $396,000

PREVIOUSLY SOLD $750,000 (7/16/2007)

This classic Talmadge home on a quite street is perfect for the first-time home buyer! 3 bedrooms, 2 baths, 1389 square-feet, with hardwood floors, a fireplace, and a detached 2 car garage...and the best part, it's under $400,000!

SOLD $179,900 (5/22/2009)

LISTED AT $179,000

PREVIOUSLY SOLD $300,000 (3/3/2005)

This large 850 square-foot, 1 bedroom, 1 1/2 bath condo on the west side of Fashion Valley is just five minutes from the bay and beaches of San Diego. Perfect for the first-time home buyer looking to take advantage of the $8,000 first-time home buyer tax credit, or an investor looking to build their rental portfolio. This gorgeous complex features 2 pools, 2 spas, and 4 tennis courts. All this for under $180,000!

SOLD $1,630,000 (5/20/2009)

PREVIOUSLY SOLD $2,465,000 (11/21/2005)

Built in 2004, this contemporary Spanish home in the Muirlands neighborhood of La Jolla was some one's steal in foreclosure! Enjoy ocean views from this 4700 square foot, 4 bedroom, 3 1/2 bath home with walls of glass, soaring ceilings, and a roof top deck. This newer home comes with a gourmet kitchen, large master suite with balcony, media room, and a 3 car garage.

SOLD $532,000 (5/22/2009)

PREVIOUSLY SOLD $785,000 (4/4/2005)

With 4 bedrooms, 2 baths, 1820 square feet and updated throughout to compliment it's original 1930s Spanish charm, this foreclosure in the North Park neighborhood of San Diego was a great deal at $532,000!

CURRENTLY LISTED $699,800

PREVIOUSLY SOLD $1,2000,000 (2/6/2007)

Great location in north Mission Hills! This foreclosure property is listed for about half of what it sold for just over 2 years ago! This 1920s Spanish, with wood floors, and period details throughout, comes with 2 bedrooms, 1 1/2 baths, and almost 1600 square feet.

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com

You can also check out my website to search all the homes for sale in San Diego.

Be sure to check back again next week for another San Diego Foreclosure Friday!

San Diego Foreclosure Friday - Volume 11

I'm back with another San Diego Foreclosure Friday! Okay, so it's really Sunday...But, better late than never!

Sorry I didn't make it on Friday, it's been hectic. All of these foreclosures have kept me a busy San Diego Realtor working with everyone from the first-time home buyer to the investor snatching up all of these great deals. But I still have been keeping track of all the best foreclosure properties around San Diego county, and I wanted to make sure to share them with you.

To start off I have an update on two listings that I have previously shared with you that have now closed. One of which was the very first San Diego Foreclosure Friday listing that I posted on here!

After that we'll be heading to north county San Diego for some incredible luxury homes. First we'll take a look at a foreclosure that just closed in a place where you very rarely, if ever, see foreclosures...The Bridges neighborhood of Rancho Santa Fe. And after that we'll look at a high end foreclosure listing that is currently available in Encinitas.

Here are the updates...

SOLD $655,500 (5/11/2009)

LISTED AT $689,000

PREVIOUSLY SOLD $1,050,000 (4/4/2007)

This 3 bedroom, 2 bath, 1935 square foot modern home sits high above the street in the heart of Kensington, one of San Diego's most sought after communities. This spacious home offers wood floors, an upstairs master bedroom with a fireplace, and a private backyard with a gazebo and spa.

SOLD $424,900 Cash (4/30/2009)

LISTED AT $424,900

PREVIOUSLY SOLD $625,000 (6/27/2006)

Anyone looking for a second home? Enjoy breath-taking panoramic harbor, Point Loma, and city views from this luxury downtown condo! Floor to ceiling windows and a huge 200 square-foot deck take advantage of the views from this west facing, 9Th floor, 2 bedroom, 2 bath, 1132 square-foot Little Italy condo in the La Vita building. The complex features an amazing courtyard, pool, and gym. This unit has it all...even comes with two parking spaces!

And here are this week's properties...

SOLD $1,787,000 Cash (5/1/2009)

PREVIOUSLY SOLD $2,910,000 (8/16/2005)

Not often do you see a foreclosure in Rancho Santa Fe, but I've got it here for you on San Diego Foreclosure Friday. This incredible estate, built in 2004, was the largest floor plan in the award winning Cortile Collection at The Bridges. Sitting on over a half acre flat parcel, this 5671 square foot Spanish home comes with 5 bedroom suites, and 5 1/2 baths. Features include a gourmet kitchen with Wolfe range, Sub Zero fridge, 2 dishwashers, formal living room and dining rooms, a family room, office, wine closet, 3 car garage, and an enormous private backyard with a pool & spa. This is truly an amazing foreclosure property!

CURRENTLY LISTED $1,299,800

PREVIOUSLY SOLD $2,300,000 (12/29/2005)

Enjoy panoramic ocean views from this 4915 square foot Encinitas home. Built in 2005, this home comes with 5 bedrooms, 3 full baths, and 2 half baths. Some of the many features include designer paint, hardwood floors, 3 fireplaces, granite and marble counters, stainless steel appliances, Kohler bathroom fixtures, and a 3 car garage.

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

You can also check out my website to search all the homes for sale in San Diego.

Be sure to check back in again next Friday for another San Diego Foreclosure Friday!

San Diego Foreclosure Friday - Volume 10

TGIF!!! It's the end of the week and the end of my punishment another San Diego Foreclosure Friday. Once again I'm bringing you some of the best foreclosure deals in San Diego county!

I know I didn't quite make it every day this week (4 out of 5 is pretty good), so to make up for it I'm doubling up today and giving you two solds and two current listings. This time we're going for condo living. We'll look at both high-end luxury units with price tags to match, and also see some more affordable alternatives as well. So let the fun begin!

SOLD $1,450,000 Cash

(4/24/2009)

PREVIOUSLY SOLD $1,749,000

(2/4/2003)

You won't find many downtown San Diego foreclosures like this one! We are back at the Renaissance building downtown, except this time we're looking 10 floors higher and adding about 2000+ square feet. This extremely rare 2-story unit is on the 20Th floor with awesome bay and city views. One of the largest units downtown, it comes with 3 bedrooms, 3 1/2 baths, and 3,783 square feet (the master bedroom alone is 900 square feet!).

SOLD $370,000 (4/30/2009)

PREVIOUSLY SOLD $541,500 (6/19/2007)

On the more affordable side we have this 3-story corner unit in Mission Valley. Built in 2005 this condo comes with 3 bedrooms, 2 1/2 baths, 1830 square feet, and a two car attached garage. It's conveniently located just a block away from the Mission Valley mall and close to the freeway for easy commute to and from work.

CURRENTLY LISTED $874,900

PREVIOUSLY SOLD $1,090,000 (7/5/2006)

Live the luxurious La Jolla beach life in this condo just one block to the water in Bird Rock! This unit in the Seahaus development was built in 2005 and comes with 2 bedrooms, 2 baths, and 1827 square feet. This is a ground floor unit that overlooks the pool and has peak ocean views from the kitchen, dining room, and living room, and all of these rooms come with gorgeous wide-plank hardwood floors.

CURRENTLY AVAILABLE $392,900

PREVIOUSLY SOLD $620,000 (10/31/2003)

We head back downtown to the ballpark/ East Village neighborhood to finish of this edition of San Diego Foreclosure Friday. If you love baseball, this condo is for you as it is sits right in front of Petco Park, the home of the San Diego Padres. This huge 1674 square foot loft space at the Parklofts comes with exposed concrete ceiling and walls, hardwood floors, granite counter tops, and Pella windows with between-the-glass blinds. This unit has two bathrooms and could be converted to a two bedroom if you wanted more of a traditional floor plan.

If you would like more info on either one of these listings, other foreclosure properties throughout the San Diego area, or general information about buying foreclosure properties, please check out my website page on buying San Diego foreclosures. You can easily contact me from the form on the bottom of that page, or via email at Michael@NeelyBarrow.com.

You can also check out my website to search all the homes for sale in San Diego.

Be sure to check back in again next Friday for another San Diego Foreclosure Friday!