Where is the real estate industry going?.

Time is moving with a speed of light..

Just recently we saw important rich people who had these huge black machines they carried around, that were called mobile phones. It looked interesting and  unreachable to us. Now even 7 year olds use cell phones. And how crazy it is that we can atually look up somebody’s home an ocean away, order pizza with one click, watch videos on Youtube, talk through it on Facebook or Twitter, find our love on Match.com get anywhere we want with the GPS, read jokes, play games, shop… they possibilities are endless.

With the development of technology and expansion and evolvement of internet, many industries have been changed or affected forever. Real estate is one of them.

I have just come back form Rebar Camp Downtown San Diego, that was held in one of the hot night clubs Stingaree. An event that was put on by some extraordinary people in Real Estate.. I can not even call it a group of people, I’d have to call it a MOVEMENT!

This movement is unbelievable and will do unbelievable things to our industry. They are cutting edge people, the pioneers, the visionaries, the firsts. And you know what the most amazing trait of  all these people is? Their kindness, their willingness to share, the generosity and their strong belief in progress. These people are not just a group of some young techy teenagers.. They are everywhere form early 20′s to 70′s, from all over the country and the world. 575 extraordinary people that I believe will lead out industry to the next level.

Just to explain you about the Rebar Camp, it is sort of like a gathering of Realtors that share their knowledge

San Diego Downtown Condos

Diego Downtown has been a hot topic for couple years in a row now.
Here you’ll see hundreds of unsold luxury condominiums stacked in vacant high-rises. Some units downtown are now selling for less than half what earlier buyers had paid during the market peak.

According to Peter Y. Hong from Union Tribune, These see-through buildings, with names evoking European sophistication like Aria and Vantage Pointe, are the opulent spatter from the bursting of one of California’s flashiest housing bubbles.

From 2001 through 2008, more than 8,000 condominium units were built in downtown San Diego. That’s double the number of downtown units constructed over the same period in Los Angeles, a city three times its size. So while sales of urban high-rise units are convulsing elsewhere, nowhere is the collapse more dramatic than in downtown San Diego.

Flush with easy credit, developers and home buyers were eager to invest in “America’s finest city,” the nickname used by officials to tout San Diego’s bay-side location and perfect climate.

At the height of the frenzy, hopeful purchasers queued up outside sales offices to plunk down deposits. There were occasional arguments over who was first in line. No one wanted to miss out with condo values riding an elevator to the sky.

Near the peak, in May 2004, median resale prices of downtown condos hit $647,500, a 56% increase in just three years, according to San Diego research firm MDA DataQuick.

“It was like the Gold Rush down there, and this is the fallout,” said Peter Navarro, a UC Irvine professor of economics and public policy who in 1992 ran unsuccessfully for mayor of San Diego.

“Tough new lending rules aren’t helping matters. Fannie Mae and Freddie Mac, the government-sponsored entities that buy or guarantee the majority of new mortgages, require a new housing project to be 70% pre-sold for a home buyer to get a loan. That makes it virtually impossible for buyers to get mortgages in largely vacant buildings, even if they have great credit. Rather than dump units at fire-sale prices, some developers are converting their projects to rentals, at least until the market improves. ” – Union Tribune

It might sounds gloomy, but there is a bright side here for buyers..
There were 442 condos sold in the last 6 months comparing with 319 6 months before. It is definetely a sign of a increased activity and the fact that buyers are driven like bee to the honey to low prices on condos downtown.
Interests rates are at all times low still and the sellers are flexible. In some particular buildings the prices have come down so much that it creates multiple offers situations for buyers and in some cases even brings up the price.

Having a rich choice, availability, interest rates and even FHA, VA, approved building downtown, there are no doubts that it is one of the most amazing times to purchase property.

Holding a 2br, 2b, $399k!, condo downtown open today at 1 to 4pm. 350 k street, swing by!

San Diego Downtown Condos. Crisis or Opportunity?…

San Diego Downtown has been a hot topic for couple years in a row now.
Here you’ll see hundreds of unsold luxury condominiums stacked in vacant high-rises. Some units downtown are now selling for less than half what earlier buyers had paid during the market peak.

According to Peter Y. Hong from Union Tribune, These see-through buildings, with names evoking European sophistication like Aria and Vantage Pointe, are the opulent spatter from the bursting of one of California’s flashiest housing bubbles.

From 2001 through 2008, more than 8,000 condominium units were built in downtown San Diego. That’s double the number of downtown units constructed over the same period in Los Angeles, a city three times its size. So while sales of urban high-rise units are convulsing elsewhere, nowhere is the collapse more dramatic than in downtown San Diego.

Flush with easy credit, developers and home buyers were eager to invest in “America’s finest city,” the nickname used by officials to tout San Diego’s bay-side location and perfect climate.

At the height of the frenzy, hopeful purchasers queued up outside sales offices to plunk down deposits. There were occasional arguments over who was first in line. No one wanted to miss out with condo values riding an elevator to the sky.

Near the peak, in May 2004, median resale prices of downtown condos hit $647,500, a 56% increase in just three years, according to San Diego research firm MDA DataQuick.

“It was like the Gold Rush down there, and this is the fallout,” said Peter Navarro, a UC Irvine professor of economics and public policy who in 1992 ran unsuccessfully for mayor of San Diego.

“Tough new lending rules aren’t helping matters. Fannie Mae and Freddie Mac, the government-sponsored entities that buy or guarantee the majority of new mortgages, require a new housing project to be 70% pre-sold for a home buyer to get a loan. That makes it virtually impossible for buyers to get mortgages in largely vacant buildings, even if they have great credit. Rather than dump units at fire-sale prices, some developers are converting their projects to rentals, at least until the market improves. ” – Union Tribune

It might sounds gloomy, but there is a bright side here for buyers..
There were 442 condos sold in the last 6 months comparing with 319 6 months before. It is definetely a sign of a increased activity and the fact that buyers are driven like bee to the honey to low prices on condos downtown.
Interests rates are at all times low still and the sellers are flexible. In some particular buildings the prices have come down so much that it creates multiple offers situations for buyers and in some cases even brings up the price.

Having a rich choice, availability, interest rates and even FHA, VA, approved building downtown, there are no doubts that it is one of the most amazing times to purchase property.

Sincerely,
Khrystyna Chorna

Homebuyer Tax Credit Extension

Homebuyer Tax Credit Extension

Senate leaders have also agreed on extending the $8,000 first-time homebuyer tax credit, as well as a $6,500 tax credit for so-called “move-up buyers.”

The tax credit would be extended from its current expiration date of November 30 through to April 30, 2010 and give home buyers with a binding contract an extra 60 days to close.

The first-time homebuyer tax credit extension also comes with higher income eligibility limits, $125,000 for single filers and $225,000 for joint filers, up from $75,000 and $150,000, respectively.

The “move-up tax credit” applies to current homeowners who have used their current property as a primary residence for five of the previous eight years.

San Diego Downtown Condos Under $200,000

San Diego Downtown Condos Under $200,000

Khrystyna Chorna Real Estate Video Blog about whether it is possible to own a condo Downtown San Diego, for Under $200,000
Wel IT IS!!
Call for questions on some amazing deal, own a place downtown with less than $1400 payment a month!
619.808.7064

FHA, VA approved buildings downtown

FHA, VA approved buildings downtown

There ARE FHA, VA approved buildings downtown San Diego and surprisingly they are actually pretty good deals,
Call for questions
Khrystyna Chorna
619.808.7064

Downtown San Diego Condo for Sale

Downtown San Diego Condo for Sale

San Diego Downtown Condo for Sale, amazing value!!! Builder close out deals! Call for questions: Khrystyna Chorna 619.808.7064 Tom Holmes 619.873.6839

Downtown Brokers Caravan San Diego Downtown Condos For Sale

Downtown Brokers Caravan San Diego Downtown Condos For Sale

Brokers Caravan Downtown San Diego 10/29/2009 Three properties features: Pinnacle 1br, $425,000 Horizons 2br 2b, $699,000 City Front Terrace 2br 2b, $699,000

East Village Condo, $400,000 Price Reduction!!!