Category Archives: Real Estate

Buying in HOA? Review These Disclosures Before you Buy.

Posted on October 29, 2024 | Leave a comment

Before buying an HOA you review documents/disclosures so you can make an informed decision.

California Civil Code Section 4525 requires specific important disclosures be provided to members upon request, to give to prospective buyers. Well-run HOAs should have these many disclosures readily available. Here is a checklist for buyers, sellers, and managers:

Governing documents:

CC&R’s, bylaws, rules/regulations, Articles of Incorporation (or statement of non-incorporation), and Condominium Plan or Subdivision Map (not mandatory).

Finances:

Annual Budget Report (multiple items, see Civil Code 5300).

Annual Policy Statement (multiple items, see Civil Code 5310).

Assessments: Regular, special and any schedule future assessments.

Unresolved Problems:

Delinquent assessments, unpaid fines, and unresolved violations.

Unique Issues

Disclosure if age-restricted community.

Construction defect lawsuit information regarding defects disclosed to builder and (if settled) plans to repair them.

San Diego: Median Price, Sales of Homes Both Fall

Posted on October 9, 2024 | Leave a comment

Home prices continued to decrease toward the end of the summer as sales hit historic lows in what was the slowest August on record for San Diego County.

The county’s median home price was $875,000 in August, CoreLogic reported this week, down $20,000 from a peak reached in May. The median, which combines sales for newly built homes, resale condos and resale single-family homes, was still up 4.2 percent in a year.

There were 2,564 home sales in August, which is up from record lows (1,678 sales in January) but also makes for the slowest sales for an August — usually a busy month — in records dating to 1988. Other low points were 2,619 sales in August 2023 and 2,741 sales in August 1992.

The biggest change over the past few months has been an increased number of homes for sale. There were roughly 5,200 homes listed for sale in San Diego County in August, said the Redfin Data Center. That was near the high point of the year, and up from about 3,000 at the start of the year.

At the same time, mortgage rates were dropping. On the last day of August, the average interest rate for a 30-year, fixed-rate mortgage was 6.35 percent, according to Freddie Mac, down from a high point of 7.22 percent this year in May.

ADUs Can Now Be Sold Separately In California

Posted on October 30, 2023 | Leave a comment

California Gov. Gavin Newsom has signed into law Assembly Bill 1033. It allows accessory dwelling units (ADUs) to be sold separately from the homes they are associated with, in effect creating two- or three-unit condominiums.

The bill’s sponsor, Assembly member Phil Ting (D-San Francisco), says the law opens the door to affordable homeownership by allowing these tiny homes, cottages, or casitas to be sold as condominiums. In a press release, he said this continues the momentum of California’s “backyard revolution” for affordable housing.

“Signing AB 1033 into law will help families burdened by high housing costs. Our children won’t have to move out of state to purchase a home; employers will be able to attract and retain workers who would otherwise leave our state due to lack of affordable homes; and elders who want to downsize and stay in their communities will have new options,” said Denise Pinkston, president of the Casita Coalition, a statewide group looking for affordable housing solutions.

The California Department of Housing and Community Development (HCD) reports the ADUs are needed because California’s housing production is not keeping pace with demand. In the last decade, fewer than half of the homes needed to keep up with the population growth were built. Additionally, new homes are often constructed away from job-rich areas.

Category Archives: Real Estate

Buying in HOA? Review These Disclosures Before you Buy.

San Diego: Median Price, Sales of Homes Both Fall

ADUs Can Now Be Sold Separately In California

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