Category Archives: Real Estate

New HOA laws signed for 2019

Sept. 30 was the last day for the governor to sign or veto bills passed by the Legislature in 2018. Many bills affecting homeowners associations were signed, and two were vetoed.

SB 261 – This bill, signed by the governor on Sept. 27, amends Civil Code 4040 to allow homeowners to use email to request the HOA send communications via email to the homeowner, and it amends Civil 4360 to require 28 days’ (instead of the current 30) notice to homeowners for proposed rule changes.

SB 721 – HOAs exempted. SB 721 requires multilevel residential properties to conduct inspections of balconies and other elevated elements every six years. Signed into law by the governor on Sept. 17, the final version of the bill exempts HOAs from its requirements.

SB 1016 – Time of Usage (“TOU”) Meters. SB 1016, signed by the governor on Sept. 13, adds a new Section 4745.1 to the Civil Code, protecting the installation of TOU meters for electric vehicle charging stations. HOAs may impose reasonable requirements on the requesting owner.

AB 2912– New Association Financial Requirements. AB 2912 requires boards to review the HOA financials monthly instead of the current quarterly requirement. The new law, approved by the governor on Sept. 14, requires all HOAs to have fidelity (dishonesty) insurance in place. It also requires documentation of board authority for expenditures over $10,000 or 5 percent of the HOA’s budget, whichever is lower.

SB 1128 and 1265 – vetoed. Two of the most troubling bills for California HOAs this year were Senate Bills 1128 and 1265. SB 1265 would have made it much harder for common interest development associations to preserve elections if technical errors occurred, and would have outlawed the ability of association members to adopt reasonable board eligibility standards. SB 1128 originally made some technical and sensible changes to the Davis-Stirling Act, but late in the legislative process was amended, adding the harmful content of SB 1265.

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San Diego – Median home prices hit new high in August

Sept. 26–San Diego County’s median home price hit an all-time high of $583,000 in August, real estate tracker CoreLogic reported Wednesday.

The previous record was $579,750 in July. Home prices have been reaching new records for several months, which analysts attribute to job growth, a strong economy and tight inventory.

The big picture: Despite the record-breaking price, sales have been down for months. There were 3,753 home sales in August, down from 4,120 at the same time in 2017 and 4,124 in 2016. A lack of sales can point to financial difficulty for potential buyers, and has a secondary effect of slowing work for many of the jobs connected to the real estate industry.

Andrew LePage, data analyst for CoreLogic, said a lack of affordable homes for sale was one of the main reasons for the summer slowdown.

“Unlike the frenzied market of the mid-2000s,” LePage wrote, “would-be homebuyers today don’t have access to the sort of risky subprime and other loans that fueled a lot of

the homebuying late in the last economic cycle.”

LePage said an increase in mortgage rates was also a factor in a decrease in sales.

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San Diego Resale Home Price Gains Slow

Existing home prices in July for the San Diego metropolitan area increased 6.2 percent in a year, its slowest pace since January 2017, said the S&P CoreLogic Case-Shiller Indices released Tuesday.

San Diego’s price increases were the second-slowest in the West, only ahead of Portland, said the index which studies the metropolitan areas of 20 major cities. The San Diego region still slightly outpaced the national average of 6 percent.

The indices evaluate home prices by more than just price, tracking repeat sales of identical single-family houses as they turn over through the years. It is a favorite of economists, who use it to get a more complete view of the market instead of just the median home price.

Price increases have slowed throughout much of the nation, with experts citing a variety of reasons: A gain in the number of homes for sale, rising mortgage interest rates and rent growth slowing, which may limit some pressure to buy.

“A slight autumn chill has fallen over the housing market, and after an incredibly hot past few years, it’s probably fair to say the cool down is a welcome development for many would-be home buyers,” Zillow senior economist Aaron Terrazas wrote,

Las Vegas led yearly price increases at 13.7 percent, followed by Seattle at 12.1 percent and San Francisco at 10.8 percent.

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