The simple answer is probably – as long as you aren’t too far into the purchase transaction.  If your Carlsbad real estate agent is savvy, they have normally written a number of contingencies into your purchase contract – allowing you to get the home appraised, get loan approval, get an inspection, etc.  The period of time for you to get all these answers, and “remove your contingencies” is typically 14 to 17 days.

At the end of that time period, you either have to sign off on the contingency removal, or get the seller to agree to an extension of a contingency.

HOWEVER – Buyer BEWARE!!!  If you are purchasing a San Diego foreclosure or San Diego REO property, then you have likely signed a very “non-standard” California purchase agreement.  Most REO homes have very specific terms that will often leave you without your earnest deposit if you pull out of the purchase.

This is one of the largest reasons most buyers should have a buyer’s agent working on their behalf!  You want a representative that has a fiduciary responsibility to look out for YOUR best interest – even if it costs the agent a sale!  If you are working with the agent that is representing the bank, they have been hired specifically by the bank to get this home sold – and unfortunately, it is YOUR interests that suffer!

As always, if you are in a current situation, and need legal advice, we strongly encourage you to contact a real estate attorney.  If you have general questions, or are looking for a La Costa or Carlsbad home for sale and would like someone to ensure that YOUR best interest is protected, contact The Mewborn Team.  We promise to always deal with our clients with fairness, honesty, and integrity, giving you as much information as possible to make your best decisions!

One of the first local events each year happens to be the Carlsbad Marathon – typically the last weekend of January.  The 2010 Carlsbad Marathon has been sponsored by Tri-City Medical Center and has been officially  named the Tri-City Medical Center Carlsbad Marathon and Half Marathon. 

Although a mouthful, this is known to be a fabulous race in ideal temperatures that winds along the ocean and Carlsbad streets.  Also, The Carlsbad Marathon is one of the authorized qualifying races for the prestigious Boston Marathon.  This year, the Carlsbad Marathon will be held on January 24^th. 

For more information, please visit the Carlsbad Marathon home site.

2. Don’t buy Carlsbad real estate unless you can afford to stay put.
Although property values have been on the upswing in La Costa and Carlsbad, there are still concerns about a coming wave of foreclosures.  We may have seen Carlsbad property values at their bottom, but that is still unknown.  Don’t buy Carlsbad real estate hoping to flip it quickly at a profit.  Now isn’t the time to take that kind of risk!

3.  Only buy what you can really afford
Most of our recent real estate problems have come from families buying homes they can’t afford.  The average family can afford a home that is 2 1/2 to three times their annual salary.  But take into consideration, your other expenses and debts before you commit to a monthly mortgage payment.

If you have any Carlsbad real estate questions, please contact us.  A home is one of the biggest purchases you may ever make.  Please be informed and make the best decision possible!

What To Do Next:
1.  Fill out the San Diego County Assessor’s form. 

2.  Provide all the necessary documentation – current Carlsbad property tax bill, opinion of new value, and your Carlsbad neighborhood comparables (back up of opinion of value).  Please contact us at (858) 205-2000 for your comparable values.  Please be prepared to provide your name, address, email address, home square footage, and number of bedrooms and baths.

3.  Mail to the San Diego County Assessor.
Upon completion, mail your forms to:
Clerk of the Board of Supervisors
Assessment Appeals Services
1600 Pacific Coast Highway Room 402
San Diego, CA 92101

Please contact The Mewborn Team for more information.

1. The tax credit expires on December 1st, 2009.  That means all real estate purchases have to be CLOSED before then.  You can not still be in escrow.

2. If you were hoping to use the tax credit – you can no longer buy a short sale.  Most short sales take about six months to complete.  There is no longer time to complete the short sale process and close escrow before November 30th.

3.  Because of the large amount of buyers, there are often bidding wars on properties under $400,000.  If this is your price range, be prepared to make full price offers, and often be forced to counter above asking price.

4.  Financing is still tight - and slow!  Most “easy” mortgages are taking around 45-60 days to fund. 

If you are looking to take advantage of this First Time Buyer Credit – please consider all these facts above.  In order to close by November 30th, you probably need to be in a contract by September 30th.  You need to be prepared to make strong offers, and you need to work with your professional team of real estate and mortgage consultants to keep the process moving quickly.

If you have any questions about Carlsbad, La Costa, Encinitas, Del Mar, Oceanside, or San Marcos real estate, please call The Mewborn Team.  We specialize in coastal luxury San Diego real estate.  We are happy to serve as your personal real estate advocate!

Aspen Properties will be meeting with the Carlsbad City Council on Tuesday, August 11th at 6 pm in the City Council offices at 1200 Carlsbad Village Drive – one block east of Pio Pico Park. This will be one of their final hurdles in the actual approval of the process. All residents are encouraged to attend the meeting and voice your opinions. For anyone who can not attend, we will be notifying everyone of the outcome on this blog on either the 12th or 13th. If you have any questions prior to that time, please contact us.

There has been a rumor that Wal Mart has taken the space formerly leased to Kohls. Aspen Properties states this is not true. There is one tenant at this time – St. Tropez Bakery and Bistro. There is also a plan for two gas stations – something that many neighbors are against. Many La Costa Oaks neighbors have also expressed a desire to avoid any additional nail salons and dry cleaners – focusing instead on small restaurants, bistros, etc – maybe even with live entertainment. Aspen Properties has promised that this development is supposed to have the feel of the Carlsbad Forum Shops. They also have asked for our input.

Whether you agree with the project or not, it is close to being approved and has been part of the Carlsbad Master Plan for many years. If you DO have strong opinions – either about the development itself or what goes into the development, PLEASE use this opportunity to make your voice heard. This project is going into our back yards! It will affect our quality of life – either good or bad, depending on the perspective.

Please consider attending the meeting! Please consider contacting Aspen Properties with your suggestions for the center! Please use your voice to make this the best scenario for all involved. If you have any questions, or would like to discuss this further, please contact us. We are always happy to be a resource about La Costa and Carlsbad Real Estate Happenings!

A gourmet burger restaurant that offers beef, chicken, turkey, and vegetarian burgers, The Counter is expected to open in Carlsbad around November 2009.  Soon, you will be able to go to the Carlsbad Forum for – Mexican, Italian, Soup, Salad, and Sandwiches, Coffee, AND burgers!

The Carlsbad Whichwich reminds me a lot like the In N Out concept.  Whichwich offers no soup, no salads – just sandwiches.  They have fifty different varieties between ten different categories.  They cater to the variety of tastes – vegetarians, beef eaters, seafood, etc.  Hopefully there is a sandwich just for you! 

All sandwiches, except “The Wicked” at the Carlsbad Whichwich are$5.25.  The Wicked (their specialty sandwich) is $6.25.  The Carlsbad Whichwich was quite crowded on our visit Monday evening.  You walk in the door, pick up your brown paper sandwich bag, mark the fixin’s you want, then take the bag to the counter.  Because of the self serve style, it seemed that Whichwich was a bit quicker from start to finish than the Panera next door. 

If you happen to be in La Costa, Carlsbad, or Leucadia and are looking for a yummy, quick meal, you may want to swing into Whichwich and give it a try.  If you have any questions about Carlsbad or La Costa real estate or community happenings, please contact us.

 If you have any questions about Carlsbad happenings, please contact us.

Carlsbad water and wastewater rates will increase about 10 percent or an average of $7.56 a month for most Carlsbad residents, based on decisions at the June 23 Carlsbad City Council and Carlsbad Municipal Water District Board of Directors meeting. The rate increases go into effect Aug. 1, with customers seeing changes in their monthly utility bill starting in September.

Nearly 74 percent of the water rate increase is directly related to increases in water purchase costs, due to the drought. The City of Carlsbad agreed that maybe by passing on a portion of the increased costs, it would encourage Carlsbad residents to conserve water.

To also increase conservation, the Carlsbad Municipal Water District board adopted a new billing rate structure, known as tiered rates. Under the tiered rate system, customers will pay one rate for up to a certain amount of water. Water used above that amount will be billed at a higher rate, similar to how electricity rates are structured. The amount of water in the lowest tier is 12 units, the amount of water needed for essential indoor water use, such as cooking, cleaning and drinking.

Please see the chart below for more detailed information on the new tiered rates.

New Carlsbad Residential Water Rates*

Monthly Delivery Charge Flat Rate $16.78

Tier 1 0-12 units $2.29

Tier 2 13-20 units $2.95

Tier 3 21 units or more $4.02

Typical Water Bill** $44.26

*Rate based on a typical household using a 5/8 inch meter. Delivery charges and cost vary according to meter size.

** Based on use of 12 units of water.

Business and irrigation customers are charged a flat rate per unit for water. The new rate for business customers will be $2.64 per unit, and $2.97 per unit for irrigation customers. Changes to recycled water rates and agricultural rates will be considered by the water district board in July.

Wastewater rates will increase 9 percent or approximately $3.28 for the average single family home. Wastewater is billed at a flat rate for residential customers. Rates for multi-family developments and commercial users are billed based on water usage.

In particular, I think it is important to note that the average sale price in Carlsbad is up to $549,000 from $537,000.

I also think it is important to note that the Carlsbad average is that homes sold at 96% and 97% of their listing price.

These are key indicators in determining market direction. Does, this mean that we don’t still have some tough days ahead, not necessarily. But I would certainly say that the indicators show that the Carlsbad real estate market may be moving in the right direction.

June 2009 – Carlsbad Real Estate – Carlsbad Homes For Sale
Carlsbad Statistics 92008, 92009, 92010, 92011 

	B/B	SFt	LP	LP/SF	SP	SP/SF	SP/LP
High	5/5	4,757	$1,399,900	$678	$1,338,000	$655	123%
Low	2/1	863	$100,000	$69	$82,000	$61	75%
Avg	3/2	2,164	$571,983	$265	$549,663	$255	96%

 

 May 2009 – Carlsbad Real Estate – Carlsbad Homes For Sale
Carlsbad Statistics 92008, 92009, 92010, 92011

	B/B	SFt	LP	LP/SF	SP	SP/SF	SP/LP
High	6/6	4,913	$1,385,000	$625	$1,330,000	$591	109%
Low	1/1	791	$55,000	$44	$52,500	$42	85%
Avg	3/2	2,131	$554,628	$269	$537,993	$259	97%