La Jolla Homes for sale & La Jolla Real Estate

Among the 20 U.S. metropolitan areas with the highest foreclosure rates, foreclosures actually declined in the last year, falling in 14 of the top 20 cities and eight of the top 10, reports RealtyTrac, which provides a market platform for foreclosures.

"The decreasing foreclosure activity in some of the nation's top foreclosure hot spots in the first quarter is largely the result of government intervention and other non-market influences, and not a sure signal that those areas are out of the woods yet when it comes to foreclosures.

Nationwide, foreclosure activity increased in 159 of the 206 metro areas RealtyTrac tracks and was up 16 percent overall compared to the first quarter of 2009.

Here are the top 10 cities with the most foreclosures:

1. Las Vegas-Paradise, Nev.
2. Modesto, Calif.
3. Cape Coral-Fort Myers, Fla.
4. Riverside-San Bernardino-Ontario, Calif.
5. Stockton, Calif.
6. Merced, Calif.
7. Phoenix-Mesa-Scottsdale, Ariz.
8. Vallejo-Fairfield, Calif.
9. Bakersfield, Calif.
10. Orlando-Kissimmee, Fla.

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There's a condo for sale in Manhattan and if there's a more expensive apartment on the market, we'd like to see it. Seriously, we would really like to see it.

In the Mark Hotel, one of New York's best, are 100 rooms and 50 suites plus eight condominium apartments. At the top is the pièce de résistance: a 9,037-square-foot, five-bedroom, eight-bath, duplex penthouse, with a huge terrace. The price: $60 million.

At that price, the listing, which is being handled by the Corcoran Sunshine Marketing Group, comes in at a whopping $6,600 a square foot. To put that in perspective, the average 2,200-square-foot home being built today would sell for more than $14 million.

The Mark is on the Upper East Side of Manhattan, and there are views from every room: The skyscrapers of Midtown Manhattan stretch out from the rooms on the buildings south side; the west views include Central Park and the line-up of stately apartment buildings on Central Park West; uptown, the rest of the Upper East Side runs north, and the east views are of tony buildings on Madison and Park Avenues and beyond. The mayor of New York, Michael Bloomberg, has a town house a couple blocks away.

The building qualifies as pre-war, which is in demand for its virtues of fine details, eccentric dimensions, solid walls and wonderful workmanship.

"It's especially nice for someone with an art collection," said Sunshine. "Unlike many modern buildings, which have so much glass, there's a lot of wall space for paintings."

Despite the building's age, built in 1928, the apartment does not come cursed with the bane of many pre-war buildings: poor mechanicals. It has been completely upgraded with new wiring, gas lines and plumbing. The plumbing, in fact, is unusually generous.

Not only are there eight baths, but there are several wet bars as well. Plus, according to James Sherwin, the hotel's dapper general manager, there are four separate water lines come into the apartment.

"There's a hot, a cold, a steam line and a chilled water line," he said. "Very nice for drinks."

Several spaces stand out. The living room is 48' by 34' with 26' ceilings tucked in under a mansard-roofed space that once held the building's water tank. It makes a grand entertainment area with a modern fireplace in a recessed cove. The cove is easily big enough to hold a band of, say, eight pieces. There's a reception room next to it that guests can enter directly from the elevator, which only stops on this, the 16th floor, with a key.

The master bedroom suite consists of his and her baths, his and her closets, even his and her bedrooms, which are separated by a partial wall with fireplace that has hearths on both sides.

Her side got the bigger closet space, the bath with the soaking tub, oversized shower stall and double-sink vanity. His got the smaller bath and closet. At least his got the larger of the two bedrooms in the suite.

The baths? Gorgeous, with gin-clear glass shower stall doors, fancy marble floors, black-and-white striped in his, white in hers, and cheery sinks and vanity. All the fixtures are high end: The mirrors even have built-in television screens.

Lovely too, is the huge terrace. It's reached either by stairway or private elevator. Step outside on the limestone flag terrace and the city is below your feet. Views include an early 20th century limestone mansion on Fifth Avenue, once owned by James Duke, the tobacco mogul. Across the park is the Dakota, where John Lennon lived and died. Look downtown to Rockefeller Center.

A key selling point for the condo is the services provided by the hotel. An owner can choose from a range of service options, according to Sherwin, and get a quick response to any other little problem, or whim, they may have.

Sherwin has experience dealing with the desires of those who have everything: He used to work with his brother, an event planner for the Queen of England.

Another main attraction, for Sunshine, is the Jean-Georges Vongerichten restaurant in The Mark's lobby. He's one of America's top chefs and, yes, the restaurant provides room service.

Imagine lying in bed and ordering. "Oh Jean-Georges, send up a caviar with warm blini, stone crab claws with mustard sauce, pumpkin ravioli and a prosciutto wrapped veal chop with roasted peppers to the 16th floor please."

Don't forget the champagne

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Home prices, including those of La Jolla homes for sale, inched up 0.6% compared to February 2009 according to the S&P/Case-Shiller 20-city index, with nine of the 20 cities showing gains.

 

"The homebuyer tax credit, available until the end of April, is the likely cause for these encouraging numbers," said David Blitzer, chairman of the index committee at S&P.

 

But home prices actually fell by 0.9% compared with January. The dip was small enough to put prices in positive territory compared with 12 months earlier, when home prices, such as those of La Jolla properties, were falling very steeply.

 

Indeed, 18 cities saw month-over-month price declines in February and six cities, including New York, Las Vegas and Seattle, posted new lows for this downturn.

 

"These data point to a risk that home prices could decline further before experiencing any sustained gains," said Blitzer. "It is too early to say that the housing market is recovering."

 

As of February, prices are about where they were in the Fall of 2003. Prices for the 20-city index are down 32.6% from their peak in July 2006, wiping out all of the gains from the housing boom.

 

California rising

 

The best performing market in February was San Francisco, which posted a double-digit gain over the past 12 months of 11.9%. San Diego home prices, which includes La Jolla homes for sale, jumped 7.6% and Los Angeles gained 5.3%.

 

"California had very steep declines during the downfall and now people are rushing to catch the market on its way up," said Lawrence Yun, the chief economist for the National Association of Realtors.

 

The biggest loser continued to be Las Vegas, where prices dropped 14.6% over the past 12 months.

 

S&P's Blitzer warned that housing markets still have some deep problems that could derail any recovery. Chief among them is the foreclosure crisis.

 

"As [foreclosures] are put up for sale, we may see some further dampening in home prices," he said.

 

We're in for a period of wandering around zero [price gains]," he said, "with some months up and some down but with the general trend slightly upward."

 

Home builders have regained some of their confidence lately with new home sales and permits both posting big gains.

 

"Starter home builders in the central part of the country are most confident," said Crowe. "They're least optimistic in the bubble states like California, Nevada, Arizona and Florida, and the auto industry areas."

 

An upturn in the confidence level of both buyers and sellers was ushered in by federal stimulus programs, according to Yun, especially the homebuyer's tax credit and the Federal Reserve's move to purchase mortgage-backed securities. That made it easier to obtain financing.

 

"The stimulus program stopped the bleeding," he said. "What we now have to see is whether consumers view price stabilization as permanent.

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A La Jolla real estate appraiser is really helpful in calculating the value of a property.  It is not easy to evaluate La Jolla properties because a lot of factors should be considered like size and age of the property, general condition, surrounding area, neighborhood and La Jolla home value of other similar homes.

 

Getting an appraiser will help you evaluate the cost of your property before deciding on your asking price.  He will carefully look at the features of your property or let you know how much rent you should agree with if you're a tenant or landlord.

 

To become a real estate appraiser, you need to go through some courses that deals with various real estate information like cost estimation.  Aside from that, you need to pass an exam to be a licensed appraiser.  It is not enough to be a licensed appraiser, you also need to gain experience by working for a firm and learn new ideas and techniques from other experienced appraisers and from different deals that you will handle.

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Last September that 1.4 million Americans had already taken advantage of the first time home buyers tax credit. It is reasonable to conclude that number now exceeds 2 million. With the tax credit being an engine for that many sales and as the date for the expiration of the program rapidly approaches many concerned agents are asking, "Now, what?"

 

Separately, the California Association of Realtors reports that 50% of all transactions in the state last year were REO or La Jolla foreclosures (distressed La Jolla properties).

 

Are you getting your fair share of those transactions? Maybe you're one of the many who find the entire subject of distressed properties distasteful? Perhaps a fresh frame of reference might help overcome that reluctance.

 

 

Someone else's dilemma is another's profit opportunity

I received a call from our production department last week, in which it was reported that a client was having a panic attack because she had received a lead that was identified as coming from her Professionally Managed Lead Site's 'foreclosure' page. "I don't deal in that segment of the market" the client yelled; "I deal in 'investments!"

 

Now, we're getting somewhere: putting 'Foreclosures' and 'investments' in the same sentence! There are some tremendous La Jolla homes for sale out there in all price ranges. Even wealthy people have financial setbacks, too, and that puts some high-end properties out there at prices that will never be seen again; not to mention the well-publicized foreclosure issue with everyone else. Distressed properties truly are an equal opportunity field.

 

 

Some agents chide the banks need to improve as a reason for not participating

Last week I was reading an online newsletter when I came across this entry: "Most of my buyers have elected to not even view short sales. The banks need to get their act together first!"

I guess the idea that patience and persistence might be necessary to achieve a huge cost savings is an alien idea to this agent. I could not resist posting back: "With respect, you need to adjust your buyer's outlook on this. After all, if 50% of sales are REO and Short Sales, refusing to look at them wipes out 50% of your chances to sell a home!" Short sales can be frustrating but when they work, they're home runs. It's not just the banks, people, who 'need to get their acts together.'

 

 

Willie Sutton

In the 1920s an infamous bank robber named Willie Sutton went on a bank-robbing binge in Massachusetts that remains notorious to this day. Like all such violent robbers, he was eventually apprehended. At his trial, a reporter yelled out a question: "Willie, why do you rob banks?" Willie smiled and responded "I rob banks because that's where the money is!"

 

My question is a simple one: "What is it going to take for agents who are barely wringing an income out of the business today to recognize that distressed La Jolla properties, and the process of buying and selling them, are with us for the next few years, at least? When are these agents going to have their 'Willie Sutton' moment and realize that distressed properties are "where the money is?"

 

 

What can happen when an agent wakes up to the opportunity?

Rick and Joyce Tietz are agents with Altera in Antioch and Brentwood, California. In addition to becoming Internet Realtors, they concentrate on distressed properties. Thousands of agents refuse to accept distressed properties as an important part of their planning. Thousands of agents refuse to "tolerate" the bureaucracy of banks and governmental agencies, choosing to self righteously tell the world that "the banks need to get their acts together, first!" What about Rick and Joyce Tietz?

 

They'll tell you that, "The combination of proper Internet marketing and proper targeting of distressed properties has tripled our business in two years!" Do you think they might be on to something, here?

 

 

The Tietz' are not alone

In the past 8 months alone, several hundred agents have put up Professionally Managed Lead Sites targeted at distressed properties (foreclosures, short sales, bank-owned) and the results are extremely good. More than 90% of those agents are receiving 8-10 good leads a month with buyers looking for properties that are also investments, and many of them are receiving great leads that have nothing to do with distressed La Jolla properties: buyers are looking for good deals, not any particular type of property.

 

When an Internet visitor lands on one of these sites, they are asked a few simple questions and given the opportunity to request more information about properties from the agent directly. One of the questions they are asked is if they know that La Jolla foreclosures sell quickly; then they are asked what it is that they want-exactly.

 

The answer might surprise you. Most Internet visitors signing in to these Professionally Managed Lead Sites will tell the agent precisely what they do want-and it makes no difference to most of them if the property is a short sale, a foreclosure, or just a bargain. Once they tell the agent what they really want, it is the La Jolla REALTORS' job to matchup inventory with what that visitor requested, and it makes no difference if it comes from regular MLS, from a foreclosed properties list, from a bank's REO department, or from a little birdie: people are looking for value!

 

 

In addition to value, consumers want service and good advice

It is vital to remember this. So many agents receive a lead and don't respond in person, leaving the job to some auto-responder email. So many agents don't bother to read what it is that the visitor tells them they want, the agent just sticks them on an MLS drip email system and-what?-waits for an epiphany? You've got to contact them personally as soon as you get their inquiry or they leave you and go to someone who will contact them personally and promptly.

 

We tell our clients this: "your visitor will never be more ready to develop a rapport with you than in the moments after signing in to your site. When you call within minutes, you are well on the way to cementing a permanent relationship with that prospect."

 

IDX, MLS, dumping leads into more computerized folderol won't sell a single house. Computers do not sell houses; agents sell houses. Why is it that agents (for the most part) don't understand that the most important quality in response to an inquiry is speed? Studies tell us that fully 81% of the time, an Internet buyer will stick with the agent they chose to inquire to if that agent responds timely and efficiently to their inquiries. NAR also tells us that 50% of Internet leads are never followed up upon.

 

Tell me again; how can any agent who refuses to properly follow up a real inquiry blame anyone but themselves for not succeeding? Strangely enough, it happens daily.

 

 

What can you do to replace the first time buyers' credits as a key part of your marketing plan?

It might be a good idea to target distressed La Jolla homes for sale buyers and to do it online. It might be a good idea to remember that speed in response is of the essence. You might think I have beaten that premise to death in these columns but just last week I received an email from Laura Weaver of Palatine, IL, in response to a column. Laura simply sent me an email showing me what she had requested of a broker and the response she received, in evident resignation. It is as follows: "My clients looked at your listing at 123 S. Smith yesterday and asked if we could get a breakdown of electric and gas bills for the past 12 months. Do you or your clients have this available?"

 

Here was the response she received:

"We can get the info but it may take a day or 2. Terry is out of town till Thurs."

 

Think: A prospect is asking for the last few details to properly frame or even to place an offer on a specific property RIGHT NOW and the broker can't get the information back for two or more days? What century are we in? Interested buyers are to be coddled, to be answered, to be treated as if they are important and so are their questions.

 

Unfortunately, this kind of lackadaisical handling of prospects is all too common in the industry: many La Jolla REALTORS had it really good for a long time and many still haven't realized that the same old way isn't cutting it anymore. Clients must be answered immediately, leads must be treasured, opportunities must be taken, new markets must be aggressively pursued. If you want to spend the summer selling homes instead of having no one to call on, try going after distressed property buyers.

 

Don't turn up your nose at distressed property specializations. Don't turn up your nose at any market segment that is accounting for 50% of sales. Be like Willie Sutton: Go to where the money is!

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