Earlier this year, one of the iconic Encinitas “boat houses” was available for a rare public tour and we were there.  The Downtown Encinitas MainStreet Association took advantage of  a recent vacancy, and allowed the curious a look through the port-holes of the recently renovated SS Moonlight.  More than 1,000 visitors strolled her decks, led by DEMA volunteers.

Any local can point you in the direction of the sister ‘boats’, the Moonlight and the Encinitas.  These two whimsical houses were built by Miles Kellogg in the late 1920’s.  Miles used timber salvaged from the 1888 Moonlight Beach Dance Pavilion, after the popular nightspot closed during Prohibition.  How’s that for an early example of ‘going green’ and recycling? Over the years, they have been rented out to the adventurous, and are a well known (but unofficial) landmark in downtown Encinitas.

“A cabin on the SS Moonlight is not for sissies…”

The SS Moonlight was available for rent the day we toured her. For around $2000 per month, she would be yours to cruise on for a year or two. Rolling floors, slanted decks, open port holes with plastic cloud painted window “shades” and curved walls all bid you welcome on the lower deck.  The Galley was a tilting affair with a whimsical ‘hatch’ to above decks and a slanted pantry. On the upper deck, the Master Cabin is complete with a covered patio on the bow. Not a straight wall in sight!

“She looks like a boat & feels like a boat, so if your prone to seasickness…”

Included in last years $1.55 million purchase of the ‘boats’ by the Encinitas Preservation Association, was the income producing 4 unit apartment building located at the rear of the property. The purchase was a year long process entailing the partnering of the Downtown Encinitas Main Street Association (DEMA) and the Encinitas Historical Society, as well as a number of dedicated community members.

When  sufficient funds have been raised from rentals & donations to perform a full restoration of the buildings, the plan is for the boat houses  to evolve into a museum.  Until then, the fund raising efforts continue.  The recent tour raised around $6,000, but more is needed. Patrons can buy a historic brick, keepsake or simply make a donation. To help preserve these important pieces of Americana…

Click here → Encinitas Preservation Association & make your donation today!

Current photos ©SanDiegoSunCoast.com. Historic photo courtesy of the Encinitas Preservation Association & Richie Strell

]]> http://sandiegosuncoast.com/2009/11/21/boat-house-get-permanent-berth-in-encinitas/feed/ 0 http://sandiegosuncoast.com/2009/06/30/the-state-of-the-san-diego-housing-market/ http://sandiegosuncoast.com/2009/06/30/the-state-of-the-san-diego-housing-market/#comments Tue, 30 Jun 2009 22:03:33 +0000 JT http://sandiegosuncoast.com/?p=7945

“No, I’m not kidding, it’s SOLD!”

Something has happened to the “doom & gloom” real estate market in San Diego County. Good news is becoming more the norm, when it comes to discussions around the water-cooler. Homeowners, buyers, and their agents are noticing the disappearance of “For Sale” signs in their neighborhoods. Are termites eating them? Is it delusional wishful thinking? Reports are coming in from reliable sources that echo the masses. It appears the bottom IS finally here and in fact, has been here for several months now.

We’re seeing reduced numbers of foreclosures coming on the market, and they’re selling within days after listing. Even the once shunned ’short sale’ property is now fielding multiple offers in a matter of days after listing. AND…get this…the winning bid is typically higher than asking price AND is being sold As-Is!

DataQuick just reported that the proportion of former foreclosures being sold dropped to 47.3 percent of all resales, compared with the record 55 percent in January 2009. Hmm…

“Top 5 signs we’re (finally) at the bottom of the housing market…”

1. Median home price stops decline AND increases

2. Active listings have decreased (sales outpace new listings)

3. Housing inventory supply drops from 4 months to 3 months

4. Builders confirm sales volume AND traffic increase

5. Buyer confidence is high, belief that market has hit bottom

Can we confirm our suspicions? Read on. According to a recent article by the Union Tribune’s SignOnSanDiego.com, “Home Prices Rise, Local Builders Optimistic“, we are here and… the smart money is buying.

Over at Inman News, THE must read guide to the brightest buyer, investor, agent, home owner, brokers or anyone wishing to avoid the spin and get real data on the state of the market… there’s more positive than negative.

In their article dated June 29, 2009, “For-sale inventory halved in California“, they confirm that the for-sale inventory of homes has dropped by more that half from May 2008 to May 2009. Note: To read the full article, you have to purchase a 1-year Premium Membership for $149.95. Hey, it’s better than being uninformed and making a mistake costing thousands. (No, we aren’t affiliated with them, they’re just really really smart so we like them) Want to read the entire article & not join Inman? Email us and we’ll send it to you free!

SanDiegoSunCoast@gmail.com

More great news…MDA DataQuick confirmed that the median home price in San Diego County actually rose (for a change) albeit just slightly, to $290,000 last month. OK, so this makes us smile, not broadly, but a lopsided grin.

Digging further into the stats, we learned that it was the 3rd month that the median stayed the same (like, in not dropping yet again as it has over the past 18 months!) Back in January of this year, the median home price was a whopping (insert sarcasm here) $280,000. Despite our grumbling, it inched up to $285,000 in February and March. Not bad. Gimme any movement up.

Whoops, more good news… Builder’s sales volume is up 11.8 percent from March. According to the UT article, Borre Winckel, (love his name!) chief executive at the San Diego County Building Industry Association, said “Builders believe the local market has reached the bottom. They report more visitors to sales offices and expect to sell out of virtually all standing inventory of completed single-family homes next month.” Time to dust off the human sign spinners! To your corners men!

“Active listings are down…”

The local Multiple Listing Service (San Diego Association of Realtors) reported  the number of active listings to be roughly 13,350, down about 500 homes from a month ago, and off by 27.1 percent from levels reported a year ago. What does this mean? Lets do some simple math…

Less homes on the market + active buyers = more demand = more sales = equal less  homes on the market = scarcity.  End result? Prices begin to rise.

According to David Cabot, executive VP of Prudential California Realty, “Southern California has been singled out as the most likely region to bottom out and recover first because it was the first to enter the housing slump.” Most importantly, his firm has not seen the usual large increase of listing activity typically seen by May.

Many agents we have spoken with confirm that large numbers of investors and savvy buyers have been quietly scooping distressed properties. Foreclosures, short sales, repo’s, ‘gone belly-up’ corporate owned homes and the like, in record numbers. We say quietly, because THEY don’t want YOU to know what THEY are doing. Why? Because then YOU will do it too, and then THEY will have to pay MORE to beat out YOUR offer. Again, simple math.

“Only the strong survive…”

Buyers with strong incomes and strong financial profiles  are taking over the real estate market. Distressed property is being absorbed by the strong at a steady pace. The weak are relinquishing  their tenuous hold. It’s the way of the world since primordial ooze. Have meat and you can buy a cave. It’s just survival of the fittest. So the message here?  The smart money is buying NOW.

“Psst…Wanna A Piece Of Pie?”

Buy now or wait? Consult your agent, your dog or the Wizard of Oz? Whom can we rely on as home buyers in today’s market?

“Our real estate market is like the soggy remains of the beautiful cherry pie from yesterday’s Sunday Dinner…”

Folks are looking it over, poking at the crust that used to be so perfectly flaky, and reminding themselves that the diet was supposed to start yesterday. But pie is pie. If you close your eyes and take a bite, the taste still provides that same bliss…

For decades, owning real estate has been the best way to improve & prepare for a solid financial future. How can you go wrong if everyone needs a roof over their head right? Well, something has gone wrong. So here we sit wearing that very same pie on our face, bliss has dulled, and we wonder which way to move next.

“Real estate has lost it’s luster…dulled by pie-in-the-sky financial greed.”

Home prices have dropped like a stone, and large amounts of equity have vaporized for the time being. (History lesson: prices go back up, it’s a matter of time). First time home buyers are excited by the opportunities they have at last, but now loans are harder to secure. Lenders continue to learn their lesson, and harshly at that. Investors are back in record numbers, fighting over bank foreclosures and short sales. Call your neighborhood escrow company, they are very busy closing home sales! Surprised?

“How do you get your piece of the pie before it’s all gone?”

The basic principles of financial responsibility haven’t changed, they’re back to where they should have stayed in the first place. Minimize debt, clean up the credit report and raise your FICO score, save for a down payment, and do your homework. Take time to research the area you’d like to live in and above all:

“Choose the right slice…”

Work with an experienced career agent. The market is too tricky not to. Consider local schools, services, amenities, and pay attention to property location (remember “location, location, location?”) Look for bargains (they are out there), with good future potential.

The pie is out of the oven. Some who didn’t wait til it cooled got burned. Timing is everything, and this pie is now ready to eat. A la mode anyone?

“And, it’s not what you think!”

Dubai, United Arab Emirates, has earned the #1 spot in a 2008 comparison study of the most expensive International housing markets, while La Jolla has captured the #1 honors for the U.S. market.

La Jolla topped the list with an average $1.84 million price tag for homes that met the study criteria. Last year, Beverly Hills took the top position with a $2.21 million average price tag. (Who knew?)

“Does this mean that La Jolla homes held their value better than similar homes in 90210  since last year?”

The annual study began in the 1980’s by Coldwell Banker. It compares prices for four-bedroom, 2.5  bath homes that have approximately 2,200 square feet of living space. This year, the cumulative average sales price of the 315 U.S. housing markets evaluated in the survey was down 4.4 percent – compared to the cumulative average sales price in 2007.

“Top 10 Most Expensive U.S. Housing Markets“

1. La Jolla, Calif
2. Greenwich, Conn
3. Beverly Hills, Calif
4. Palo Alto, Calif
5. Santa Monica, Calif
6. Santa Barbara, Calif
7. Newport Beach, Calif
8. San Francisco, Calif
9. Boston, Mass
10. San Mateo, Calif

Source: 2008 Coldwell Banker Home Price Comparison Index

“Kickin’ the Repo Man to the curb…“

The San Diego real estate market has a up side? Yep! I’ll explain. Foreclosures and short sales…savvy investors and first time home buyers are cashing in on the windfall when they hit the market. Homes which were unattainable, are now within easier reach for the first time in over six years.

Large numbers of foreclosures and short sales have brought prices down a whopping 25 to 35 percent from a mere year ago. Translated into dollars,  a payment of $2,450 per month about a year ago now would be around $1,650.

“That’s a savings of $800.00 per month!”

San Diego is one of the top ten places to live in the country, yet, due to the high cost of housing, many potential buyers were leaving or had left for more affordable regions.

Well, they have been coming back into our market in droves, and giving us a much needed ’shot in the arm’ economically. They’re finally able to jump off the fence with confidence and get back in the game. Now. it’s a contest between the buyer and the returning investor as to who will get the winning bid.

John Walsh, president of DataQuick.com said, “What we’re looking at is a fire sale of properties in newer affordable neighborhoods that were bought or refinanced near the price peak with lousy mortgages.”

You can get access to the latest foreclosure announcements DIRECT by calling the number below. And yes, there are foreclosure properties on the coast!

“Solana Beach townhome with ocean view sells on the courthouse steps in the  mid $700’s!”

Get on the inside track. Call 800.260.3150. Ask to be put on the “Notify List” for upcoming foreclosures in your area(s) of choice. It’s that easy!