Life and living in San Diego's North County Coastal region.
The Foxhill estate in La Jolla, formerly owned by the Copley Publishing Family at 7007 Country Club Drive, was sold Aug. 6 for $17 million to Manchester Foxhill, LLC.
The property, listed by Greg Noonan & Associates, Berkshire Hathaway HomeServices California Properties was originally priced at $25 million in February 2015. The buyer was represented by Andy Nelson, president and CEO of Willis Allen Real Estate.
"Foxhill is a magnificent, unique jewel in La Jolla, with panoramic sea views and eight acres of vast lawns, orchards, rose and cutting gardens, and more. No one would even believe the treasure chest of luxuries found inside those gates," said Noonan. "It has been a tremendous honor to represent the property, the sales proceeds of which will benefit charities right here in San Diego according to David Copley's wishes."
Of the purchase Manchester said, "This is an opportunity to return to the Muirlands (in La Jolla) in an unparalleled setting originally built by Jim Copley.” Manchester, who built a La Jolla home not far from there 30 years ago, sold it in 1990.
The French country-style manor, the crowning the pinnacle of the Country Club neighborhood, was home was built in 1959, and has handcrafted woodwork, a paneled library office and a formal dining room with a hand-painted mural and built-in cabinetry. There are seven bedrooms and 9.5 bathrooms. A guesthouse, pool pavilion, staff quarters and a fitness/center office are included in the 20,000-square-feet of living space.
A swimming pool, a greenhouse, a garden shed, garages for 12 cars and an entry gatehouse are also on the acreage. Orchards, terraced gardens, lawns and walkways complete the manicured grounds.
Fox Hill owners, James and Helen Copley, were publishers of the San Diego Union-Tribune. Their son, David C. Copley (who died at age 60 in 2012 without heirs) sold the paper to the Platinum Equity Group in 2009.
“Papa” Doug Manchester bought the Union-Tribune from Platinum in 2011 and earlier this year sold it to Tribune Publishing (parent company of the Los Angeles Times). The transaction also included theLa Jolla Light, part of the U-T Community Press Group.
With nearly a 30 percent year-over-year decline in June, the nation's foreclosure inventory rate—the share of residential homes with a mortgage in some state of foreclosure—is at 1.2 percent, the lowest level since 2007, according to 's released Tuesday.
The foreclosure inventory rate has now declined year-over-year for 44 consecutive months, including June. The 1.2 percent foreclosure inventory rate represented about 472,000 homes, down from 664,000 in June 2014.
Although the national foreclosure inventory rate is back to pre-recession levels, the rate remains high in select areas hit hardest by the crisis, such as Florida and New Jersey.
"The foreclosure rate for the U.S. has dropped to its lowest level since 2007, supported by a continuing decline in loans made before 2009, gains in employment, and higher housing prices," said Frank Nothaft, chief economist for CoreLogic. "The decline has not been uniform geographically, as the foreclosure rate varies across metropolitan areas. In the Denver and San Francisco areas, the foreclosure rate has fallen to 0.3 percent, whereas in the Tampa market the rate is 3.5 percent and in Nassau and Suffolk counties it is an elevated 4.8 percent."
The serious delinquency rate—the share of residential mortgages that are more than 90 days overdue, including those that are in foreclosure or REO—also took a substantial drop in June 2015 down to 3.5 percent, about 1.3 million homes, the lowest number since January 2008.
"Serious delinquency is at the lowest level in seven and a half years reflecting the benefits of slow but steady improvements in the economy and rising home prices," said Anand Nallathambi, president and CEO of CoreLogic. "We are also seeing the positive impact of more stringent underwriting criteria for loans originated since 2009 which has helped to lower the national seriously delinquent rate."
Completed foreclosures, which are an indication of the actual number of homes lost to foreclosure, dropped by nearly 15 percent year-over-year in June from 50,000 to 43,000. The number of completed foreclosures nationwide in June 2015 represented a 63.3 percent decline from their peak of 117,000 reached in September 2010, according to CoreLogic.
Despite the year-over-year decline and the large dropoff from their peak total nearly five years ago, completed foreclosure bumped up by 41,000 in May to 43,000 in June, which is more than double the monthly pre-recession total. From 2000 to 2006, completed foreclosures averaged about 21,000 monthly. A total of about 5.8 million homes have been lost to foreclosure since the beginning of the financial crisis in September 2008. About 7.8 million homes have been lost to foreclosure since home prices peaked in the second quarter of 2004, according to Corelogic.
A total of 30,013 single family homes were flipped — sold as part of an arms-length sale for the second time within a 12-month period — in the second quarter, accounting for 4.5% of all single-family home sales during the quarter, according to RealtyTrac’s Q2 2015 U.S. Home Flipping Report.
That 4.5% share was down from 5.5% in the previous quarter and down from 4.9% a year ago. Going back to the first quarter of 2000, the peak in flipping was in the first quarter of 2006, when 8% of all single-family home sales were flips.
The average gross profit — the difference between the purchase price and the flipped price (not including rehab costs and other expenses incurred, which flipping experts estimate typically run between 20% and 33% of the property’s after repair value) — for completed flips in the second quarter was $70,696, up from $67,753 in the previous quarter and up from $49,842 a year ago.
The average gross return on investment — the average gross profit as a percentage of the average original purchase price — was 35.9% for completed flips in the second quarter, up slightly from 35.6% in the first quarter and up from 23.4% a year ago. The average gross ROI on flips reached a 10-year peak of 44.9% in Q2 2013.
Read the full article at: http://www.housingwire.com/articles/print/34694-realtytrac-is-flipping-a-flop
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We are now in our 3rd consecutive year of a very hot real estate market here in the North County Coastal area, meaning we still have a lot more buyers in our market than sellers. Today we are going to give you the latest market update for our area, so you know what to expect if you plan on buying or selling soon.
A majority of the buyers in the North County Coastal area are chasing a small group of homes. These are homes that are either new, updated, or move-in ready. You can have two identical homes on the same block and if one is move-in ready, it will get those multiple offers while the other one sits stagnant on the market.
On the buyer side, this market has been pretty frustrating as of late. With fewer homes, searches are taking longer. You also have to deal with the stress of competing with multiple offers, not to mention buyers who can pay in cash.
The hottest segment of homes right now are the smaller ones, between 1,500 and 2,000 sq ft. There are two different buying groups chasing this segment, first time home buyers, and baby boomers looking to downsize.
Because this smaller segment of homes is being chased by so many, the price for these homes has risen at a faster pace than any other, eclipsing the highs we saw in 2006.
That’s all we have for today. If you have any questions for us, feel free to give us a call or send us an email. We look forward to hearing from you!
Detached Homes SOLD in Del Mar! 3 detached homes sold in the month of June, with a average sale price of $2,038,333, average square footage of 2,749 thus making the average cost per square foot $987.02.
Contact me for more details! 858-754-7155
The S&P Case-Shiller Home Price Index showed Tuesday that resale single family homes gained 4.8 percent in value from May 2014 to May 2015. Since September, home prices have grown between 4.5 and 5 percent on an annual basis.
"Supply is still pretty tight while demand continues to improve and that spells ongoing increases in prices," he said. "I wouldn't be surprised to see it pick up the pace a little bit while rates remain low."
San Diego's 4.8 percent annual gain ranked it 12th on the 20-city Case Shiller Index. Nationwide, home prices rose 4.9 percent on the 20-city composite. They rose fastest in Denver, growing 10 percent, and in San Francisco, where they are up 9.7 percent.
Adjusted for seasonality, San Diego home prices rose 0.2 percent from April to May. The index lags two months.
"As home prices continue rising, they are sending more upbeat signals than other housing market indicators, first time homebuyers are the weak spot in the market. First time buyers provide the demand and liquidity that supports trading up by current home owners. Without a boost in first timers, there is less housing market activity."
For the full article: utsandiego.com
California single-family home and condominium sales grew 8.5% to 41,539 in June, up from 38,143 in May, mainly driven by an increase in non-distressed property sales, the latest California housing report from PropertyRadar said.
On a yearly basis, sales were up 16.4% from 35,681 in June 2014.
Non-distressed property sales jumped 19.9% year-over-year. Of note to investors, distressed property sales volume has remained nearly unchanged for 18 months and continues to remain a source of opportunity.
The median price of a California home in June increased to $415,000, the highest since November 2007.
Furthermore, the median price was up $10,000, or 2.5%, from $405,000 in May. Across the state’s 26 largest counties, 19 counties saw median price increases while 7 experienced price decreases. The counties with the biggest median price increases were San Joaquin (8.5%), San Diego (5.7%) and Ventura (5.5%).
On a yearly basis, the median price of a California home was up 5.1% from $395,000 in June 2014.
Full article at http://www.housingwire.com/articles/34504-california-non-distressed-property-sales-drive-home-sales-higher