Gorgeous Fashion Valley Retreat! Not a short sale or foreclosure, this rare 2br/2ba corner penthouse home sits perched above River Scenes famed resort style pool and grounds. This FHA and VA Approved building is one of the youngest developments in Mission Valley and offers secure, gated parking and living; while this home offers brand new  Large washer/dryer in unit, forced HVAC, lots of natural light, high ceilings and a breezy layout even the most discerning buyer would love. Don't miss this opportunity, seller would prefer to sell furnished! (Black leather furniture)
 
Add in details: beds/baths and all other information is boiler plate, (with two parking spots, + two guest tags for guest parking spots)  +gym + balcony storage, wrap around balcony, property next to river walking path

As you know, Luxury homes all over the nation have slowed from their 2007/2008 height and La Jolla has been slow as well. La Jolla detached homes around the $1Mil mark though have been very strong and entry level to mid-priced condo/townhomes have also been very strong.

In all, I believe the La Jolla market is very strong for buyers while foreclosure activity still remains the lowest in 92037 of the entire county. As expected, many owners paid cash, have homes owned free and clear and have large liquid assets which made the economic downturn much easier to ride through.

As a local La Jolla Real Estate agent myself and member of REBA (Real Estate Brokers Association of La Jolla) I recieve updated information on La Jolla sales weekly and have access to unlisted properties so please feel free to contact me me if you have any needs I can help you with. I look forward to a stable 2010 followed by a warm 2011 in the La Jolla coastal real estate market. Please see attached PDF on statistics : La Jolla Real Estate Market 2010

Volume Sales are up for 2010  -   +27%
Sales over 3 million are down   -   -38%
Volume Sales for La Jolla in June  -  69
Median price SFH  -   $1,300,000
Median price Condo  -  $514,000

Its been a great year for our team of real estate professionals and please see below; we are looking forward to the beach area activity including to increase as interest rates remain low.

Have a great day and thanks for reading!

Total Sales    June total – 49    2010 total – 295
Detached      June total – 20    2010 total – 84
Condo Sales   June total – 23    2010 total – 125
 2-3 units      June total – 5     2010 total – 28
Foreclosures  June total- 4     2010 total – 38

Sales over 1.5 mil    June total – 3        2010 total – 8
Sales over 2 mil     June total – 2        2010 total 4
Sales over 3 mil     June total – 0        2010 total 2

please click link below to see Pacific Beach/ Mission Beach Sales!

Pacific Beach Sales 2010

Credit Cards are very important to having a good credit score. Of course, you want to have a Credit Card that's in good standing. This means that you have a low balance or a balance that is less than half of the limit on the card and you make your payments no more than 30 days late each month. If you don't have one at all, you could be missing out on 30% of your possible credit score! If you can't get a credit card because your score is in bad shape right now, then revert to this previous post for ways to get a guaranteed line of credit to establish your score!

Derrick Evens
Mr Credit San Diego
858.571.0271
AskMrCredit@yahoo.com

Yes, in some cases the Bank can come after you for a 2nd Mortgage even if you've Foreclosed or done a Short-Sale on the property. In the State of California, you are responsible for paying back your 2nd mortgage no matter what if it's considered to be a "Recourse Loan". A Recourse Loan is when you got your 2nd mortgage after you purchased the home. In other words, if you got your 2nd mortgage at the time you purchased your home, then it should be considered a Non-Recourse loan. That would mean that if you foreclosed on the property or did a short-sale, the Bank wouldn't be able to come after you for the balance owed on the 2nd mortgage. However, if you got your 2nd mortgage after you purchased the home with a Refinance or Equity line of Credit, then it is considered to be a Recourse Loan in the State of California and the bank CAN come after you for the balance unpaid. Now, I'm not a Real Estate Attorney, and I always recommend you consult a Professional when considering such important matters. In this case, you should Contact Dan Kehr, with Kehr Law at 619.823.8230 for any questions regarding Real Estate Law.

If you want to side-step any Tax Liability, 2nd mortgage recourse liability, auto lease liability or eliminate all of your credit card debt strategically, then I recommend you call William McDonald with the McDonald Legal Group before you Foreclose or do a Short Sale on your property. Timing is everything and the timing will be better sooner rather than later.

Hope it helps!

Derrick Evens
Mr Credit San Diego
858.571.0271
AskMrCredit@yahoo.com

A Short Sale is when you sell your home for less than what you owe on it. This can be great if you need Relief from a large mortgage payment. There are some tax and credit implications that are important to consider. For example, if you owe $500,000 on your home and it's only worth $300,000, if the Bank agrees to short-sale, then you will ultimately get a 1099 for Debt Relief income for $200,000. This can be forgiven on your Federal Taxes, but don't expect the financially destitute state of California to necessarily be so generous. Of course, your credit score will take at least a slight hit for doing a short-sale, but you can really minimize the damage. Avoiding a 90-day late payment on your mortgage(s) prior to the account being settled in the short-sale could allow you to recover your credit score completely within 6-12 months. If you're one of the lucky few who can get a short-sale completed without having to be late on your mortgage, then you'll only see a small drop in your scores. This is a far better alternative to Foreclosure, where you are not in control at all and it's likely your credit score will get buried so far in the sand that it will take years to recover.

TIP: Don't go 90 days late under any circumstances. Avoid Foreclosure like the plague.

Derrick Evens
Mr Credit San Diego
858.571.0271
AskMrCredit@yahoo.com

Do you have buyers who are sitting on the fence because they think prices will drop? The video below is meant to really put things in perspective, and increase motivation. Feel free to forward directly to your clients to enhance your message!