Latest on Condo Conversion's Future
On Friday, November 4th, 2005, an article on the San Diego Daily Transcript written by THOR KAMBAN BIBERMAN it was reported that there are about 15,000 condominium-conversion units in the pipeline in San Diego alone, not counting those in other county cities.
Furthermore in cities such as El Cajon (not included in the number mentioned above), there are 2,213 approved condominium units and a whole lot more being processed.
Some of these, if not the majority of these buildings were originally built as apartments under apartment construction standards as opposed to a few that were built as condominiums and built with, perhaps, a superior construction standard.
Nevertheless, as with any construction, including new construction, what you should be aware of in a condo conversion, or any condominium building for that matter, is that it's not necessarily the quality of the old materials vs. the quality of the new materials that you should be concerned with. It is more complicated than that.
Your enjoyment of living in all homes, especially in bulk condominiums, depends on:
1) a thorough inspection done from your part, the buyer (hire an inspector if you have to)
2) the improvements ordered by the seller, cosmetic & structural
3) the quality of work done by the contractors, sub contractors & laborers that worked on the renovation of the individual unit and/or the building
4) Murphy's Law - what can go wrong will go wrong, and it may not be anybody's fault but Father Time's or Mother Nature (in some instances).
Take for example lots of new construction...pay close attention and you will notice stucco cracks on brand new homes or retaining walls. Or have you ever walked into a model and see that a repair is going on, maybe to the heater or a sink?
Why? You may ask yourself, if it's a brand new construction. Well that is because even new constructions aren't exempt from faulty appliances or laborers who mixed a bad batch of stucco, too thin or to thick.
The difference in new vs. conversion, when it comes to condominiums, or detached single family houses too, is that more than likely the developer will have a warranty that will exceed the one year home warranty that is usually provided with "re-sale homes" or "conversions".
Do you approve or disapprove of condo conversions?
Saturday, November 05, 2005
Good News for Landlords
NO MORE 60-DAY NOTICE TO TERMINATE TENANCY - The 60-day notice of termination requirement for month-to-month tenancies will be repealed at the end of this year. Effective Jan. 1, 2006, residential landlords and property managers may give a 30-day Notice to Terminate to their month-to-month tenants, unless rent control or subsidized housing rules apply. Recent efforts by C.A.R.’s Legislative Dept. helped to successfully to do away with the 60-day rule, which originally started in 2002 to help tenants who needed more time than the allotted 30 days to make new housing arrangements in a tight rental market.
For more accurate informatin on this link to the California Department of Consumer Affairs website at http://www.dca.ca.gov/legal/landlordbook/moving-out.htm
NO MORE 60-DAY NOTICE TO TERMINATE TENANCY - The 60-day notice of termination requirement for month-to-month tenancies will be repealed at the end of this year. Effective Jan. 1, 2006, residential landlords and property managers may give a 30-day Notice to Terminate to their month-to-month tenants, unless rent control or subsidized housing rules apply. Recent efforts by C.A.R.’s Legislative Dept. helped to successfully to do away with the 60-day rule, which originally started in 2002 to help tenants who needed more time than the allotted 30 days to make new housing arrangements in a tight rental market.
For more accurate informatin on this link to the California Department of Consumer Affairs website at http://www.dca.ca.gov/legal/landlordbook/moving-out.htm
Friday, November 04, 2005
On a more familial informational news...
Is Your Child Old Enough for a Cell Phone?
Although I am no expert in this arena, I do have children of my own and every week I am asked if I have thought about it "hard", as my 9 year old says, and if I will give her a cell phone soon.
I thought this bit of information would be useful for you, my clients who have children, or if you have relatives who have children who have posed that very delicate question.
After much research I have found a website that provides so much information regarding how to approach the ‘cell phone’ question. It is also a great website for information on other important subjects we face regarding what goes on in our schools. www.greatschools.net
Here is what I found on cell phones available for the younger school children:
Currently available are the Firefly, Leapfrog’s TickTalk and Wherify Wireless’s Wherifone.
The Firefly offers:
· "Mom" and "Dad" speed-dial keys
· A parent-programmed, PIN-protected phone list
· A 911 button for emergency calls
The TickTalk can:
· Make and receive calls only to pre-approved numbers
· Monitor minutes used
· Double as an educational game platform
The Wherifone comes with:
· A GPS (Global Positioning System) tracking device so that parents can locate their child 24/7
· A 911 button
· A two-way voice speaker system
Is Your Child Old Enough for a Cell Phone?
Although I am no expert in this arena, I do have children of my own and every week I am asked if I have thought about it "hard", as my 9 year old says, and if I will give her a cell phone soon.
I thought this bit of information would be useful for you, my clients who have children, or if you have relatives who have children who have posed that very delicate question.
After much research I have found a website that provides so much information regarding how to approach the ‘cell phone’ question. It is also a great website for information on other important subjects we face regarding what goes on in our schools. www.greatschools.net
Here is what I found on cell phones available for the younger school children:
Currently available are the Firefly, Leapfrog’s TickTalk and Wherify Wireless’s Wherifone.
The Firefly offers:
· "Mom" and "Dad" speed-dial keys
· A parent-programmed, PIN-protected phone list
· A 911 button for emergency calls
The TickTalk can:
· Make and receive calls only to pre-approved numbers
· Monitor minutes used
· Double as an educational game platform
The Wherifone comes with:
· A GPS (Global Positioning System) tracking device so that parents can locate their child 24/7
· A 911 button
· A two-way voice speaker system
In the news: Rates were raised once again from 3.75% to 4%, where it had been since the last interest-rate raise on September 20. This is the 12th consecutive quarter-point increase since the Fed began gradually raising rates in June 2004. There is talk that Greenspan will increase a 1/2 point rather than a quarter point in their next meeting in December which may mean the rate increase may not be seen again in January. Nevertheless, even after Greenspan's departure, we can expect rates will continue to rise with the coming of the new Chairman Bernanke at a quarter of point each meeting, hopefully caping at 4.75.
What do I think may happen in California and Arizona's real estate which is where I do the bulk of my business and investments? These forseeable and expected increases may create to much of an anticipation in California among both sellers and buyers causing sellers to sell lower than the neighbor before buyers stop buying because they can no longer afford even an interest only loan. Another thing that could happen is another wave of foreclosures on recently purchased properties within the last year. Particularly the properties priced below the median price which were purchased with marginal loans by buyers who needed to get in before the rate hikes but may have been a little tight on making ends meet and stretched the numbers to obtain the loan.
In Arizona, on the other hand, buyers may experience an enhanced anticipation created by other out of state buyers that come from states with higher median home prices and CAN afford Arizona's median home price. This competition of buyers could create a bit of increased and favorable demand for sellers.
But then again - that is only an educated opinion. What do you think?
What do I think may happen in California and Arizona's real estate which is where I do the bulk of my business and investments? These forseeable and expected increases may create to much of an anticipation in California among both sellers and buyers causing sellers to sell lower than the neighbor before buyers stop buying because they can no longer afford even an interest only loan. Another thing that could happen is another wave of foreclosures on recently purchased properties within the last year. Particularly the properties priced below the median price which were purchased with marginal loans by buyers who needed to get in before the rate hikes but may have been a little tight on making ends meet and stretched the numbers to obtain the loan.
In Arizona, on the other hand, buyers may experience an enhanced anticipation created by other out of state buyers that come from states with higher median home prices and CAN afford Arizona's median home price. This competition of buyers could create a bit of increased and favorable demand for sellers.
But then again - that is only an educated opinion. What do you think?
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