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San Diego home sales drop to lowest level in 11 years – Price also dips

Posted on October 31, 2018 | Leave a comment

San Diego County home sales dropped 17.5 percent to the lowest level in 11 years for a September in the first significant sign of a slowdown in the market, real estate tracker CoreLogic reported Tuesday.

Last month, 2,942 homes sold in the county, down from 3,568 sales a year ago. It was the lowest number of sales for a September since just before the Great Recession when 2,152 sold in September 2007. Also, last month’s median home price dropped to $575,000 — the first decrease since January — after hitting an all-time high of $583,000 in August.

Most experts attributed the slowdown to a rise in mortgage interest rates, and the sale price reduction to potential buyers balking at higher monthly payments.

“Mortgage rates (are) another thing that is going to add cost, and temper demand,” said Cheryl Young, senior economist at Trulia. “Rates are hovering around a seven-year high so people are really, possibly, taking a step back before they jump into home buying.”

Chandler said buyers should begin to feel more empowered because they now have more leverage after years of facing a sellers’ market.

Other reports released Tuesday also signaled a slowing market. The closely watched S&P CoreLogic Case-Shiller Indices showed the resale home market in the San Diego metropolitan area losing momentum.

In San Diego metro, resale single-family home prices in August increased 4.8 percent in a year, the fifth lowest out of the 20 cities studied. Las Vegas prices went up the most, 10.6 percent, and San Francisco the second highest at 10.6 percent.

The nationwide yearly price increase was 5.8 percent, the first time it fell below 6 percent in 12 months.

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San Diego – first shipping container homes could be open by April 2019

Posted on October 23, 2018 | Leave a comment

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The region’s first housing project made from shipping containers could open as soon as April, providing homes for 21 formerly homeless veterans and possibly paving the way for hundreds of new affordable and median-priced homes in the near future.

The units are planned for a vacant lot at 2941 Imperial Ave. in Logan Heights and the project is proposed by developers Michael Copley, Jr. and Doug Holmes, partners in the real estate company Makana Properties, LLC.

“It’s just kind of a cool factor that that I think a lot of people will like,” Copley said about the container project. “It’s a popular topic right now.”

While the first project will bring only 21 units to the city, Copley said it could demonstrate a way to build new homes much faster and for much less money than conventional housing. If other developers follow their lead, that could mean thousands of more units, fewer homeless people on the street and fewer homes crowded with roommates, freeing up more vacancies for families.

While the project would be a first for San Diego County, two similar projects exist in Southern California. In South Los Angeles, Flyaway Homes recently completed a nine-unit complex that uses shipping containers. In Orange County, Potters Lane by American Family Housing used shipping containers for a 16-unit project.

In San Diego, each 320-square-foot unit would have its own patio, kitchen and bathroom. While the units will be built from metal shipping containers, they will be insulated and have interior drywalls. .

“When you walk in, these things are solid,” Copley said. “You don’t hear your neighbors. You don’t hear people walking around.”

Of the 21 units planned for Imperial Avenue, one will be for a household classified as very-low income, 10 will be for households making 80 percent of the area media income and the remaining 10 will be priced at market-rate.

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New HOA laws signed for 2019

Posted on October 8, 2018 | Leave a comment

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.

disclaimer: for information and entertainment purposes only

San Diego home sales drop to lowest level in 11 years – Price also dips

San Diego – first shipping container homes could be open by April 2019

New HOA laws signed for 2019

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