Ask mcmillin winter patty nesbitt

Winter 2015

THE CHULA VISTA ELEMENTARY SCHOOL DISTRICT

A CLOSER LOOK AT

You may not be aware that The Chula Vista Elementary School District (CVESD) has received special recognition lately. With 46 schools that serve 27,473 students in grades Kindergarten through Grade 8, The Chula Vista Elementary School District spends $8,233 per pupil and has 19 students for every full-time

equivalent teacher, with the CA state average being 24 students per full-time equivalent teacher.

The Chula Vista Elementary School District had seven schools recognized as being a California Distinguished Elementary

School in 2014. Those schools were: Arroyo Vista Charter, Joseph Casillas Elementary, Discovery Charter, Lillian J

Rice Elementary, Rosebank Elementary, Silver Wing Elementary and Sunnyside Elementary. Exactly

what is a California Distinguished School? These are some of California’s most exemplary and

inspiring public schools, selected for demonstrating significant gains in narrowing the achievement gap.

In addition, The Chula Vista Elementary School District has 19 schools that offer a Dual Immersion language program to over 2000 students, allowing students to develop their listening, speaking, reading, and writing skills in both Spanish and English.

Finally, the superintendent of The Chula Vista Elementary School District, Dr. Francisco Escobedo, was recently in Washington to talk about how home Internet access affects student learning in The Chula Vista Elementary School District. He is part of a three-person team invited to present research findings on Connect2Compete, a national program rolled out two years ago in the district to increase broadband access in the homes of disadvantaged students. “The overarching aim is to take the lessons learned from talking with families and educators to guide future efforts at implementing digital equity initiatives,” Escobedo said. The study examines variables that influence whether families adopt broadband and make digital technology part of the family routine. The research clearly shows a connection between home Internet access and meaningful skills development in low-income students.

There are great things going on in The Chula Vista Elementary School District.

nikki

Text Box

Patty Nesbitt

nikki

Text Box

(619) 203-6520

nikki

Text Box

CalBRE# 01045808

nikki

Text Box

[email protected] http://NesbittTeam.com

91910

SAN DIEGONORTH INLAND

Mission SanLuis Rey

LegolandCalifornia

San Diego ZooSafari Park

FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY

MT. PALOMAROBSERVATORY

SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS


Mission SanLuis Rey

LegolandCalifornia


FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY


SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS

T his northwest sector of Chula Vista is mostly comprised of homes from 15 years to 70 years of age, located from the Bayfront to the 805 freeway, south to L St. Very appealing due to generally no Mello Roos and quick access to two freeways, this area has appreciated a very healthy 7% in detached housing and an impressive 24% in attached housing over the past 12 months. Inventory

remains low at under 2 months. Properties tend to be in escrow within 2 weeks of coming to market.

R unning from L St, south to Main and between the two freeways (5 and 805), this area has the most affordable homes in Chula Vista, with the average detached housing at $407,000 and attached at $238,000, the lowest in all South County. Properties are generally 30-60 years old, and we are seeing a surge in improvements on these older homes. The fastest-moving price

point is the $300,000-450,000 range, so properties are “flying off the shelf.” Notice that the attached market appreciated 9% over the past 12 months.

North Chula Vista

3rd Q - 2015 % Change 2nd Q - 2015 % Change 3rd Q - 2014Average Sales Price $481,628 0% $480,250.00 Up 7% $449,380Average Price Per Sq Ft $277 Up 3% $269 Down 6% $261Median Sales Price $474,500 Up 3% $460,000 Up 10% $430,000Listing Inventory (Active) 49 Down 2% 50 Down 36% 65Number of Sales 101 Down 12% 115 Up 3% 98Median Days on Market 15 Down 17% 18 Down 42% 26Absorption Rate (month to sell inventory)

1.5 months 0% 1.5 months Down 25% 2 months

DETACHED SALES

3rd Q - 2015 % Change 2nd Q - 2015 % Change 3rd Q - 2014Average Sales Price $407,317 Down 1% $411,932 Up 4% $391,985

Average Price Per Sq Ft $284 Up 4% $273 Up 12% $254Median Sales Price $405,000 Down 1% $410,000 Up 5% $385,000Listing Inventory (Active) 49 Up 4% 47 Down 31% 71Number of Sales 103 Up 1% 102 Up 11% 93Median Days on Market 21 Up 17% 18 Down 5% 22Absorption Rate (mo to sell inventory)

1.5 months 0% 1.5 months Up 33% 2.25 months

DETACHED SALES

91911 Southwest Chula Vista

AVERAGE SALES PRICE

AVERAGE SALES PRICE

PAST 10 YEARS

PAST 10 YEARS

NUMBER OF SALES

NUMBER OF SALES

$600,000

$500,000

350

300

225

200

100

100

$350,000

$300,000

$100,000

$100,000

05 06 07 08 09 10 11 12 13 14 15

05 06 07 08 09 10 11 12 13 1514

2MCMILLINREALTY.COM 1.800.599.8715

2nd Q - 2015 % Change 1st Q - 2015 % Change 2nd Q 2014Average Sales Price $318,310 Up 14% $280,725 Up 24% $256,025

Average Price Per Sq Ft $246 0% $245 Up 14% $215Median Sales Price $295,000 Down 3% $305,000 Up 23% $239,000Listing Inventory (Active) 21 Up 61% 13 Up 4% 15Number of Sales 29 Down 6% 31 Down 6% 31Median Days on Market 12 Up 20% 10 Down 25% 16Absorption Rate (month to sell inventory)

2 months Up 100% 1 month Up 33% 1.5 months

ATTACHED SALES

2nd Q - 2015 % Change 1st Q - 2015 % Change 2nd Q 2014Average Sales Price $238,618 Down 7% $257,000 Up 9% $219,760

Average Price Per Sq Ft $225 Up 3% $219 Up 11% $203Median Sales Price $225,000 Down 12% $257,000 Up 6% $213,500Listing Inventory (Active) 22 Up 22% 18 Down 4% 23Number of Sales 38 Down 2% 39 Up 27% 30Median Days on Market 17 Up 42% 12 Down 6% 18Absorption Rate (mo to sell inventory)

1.75 months Up 17% 1.5 months Up 22% 2.25 months

ATTACHED SALES

... Patty Nesbitt

nikki

Text Box

nikki

Text Box

nikki

Text Box

91902 Bonita

92154 South San Diego

Small and exclusive, offering semi-rural settings in the suburbs, Bonita features large lots, and county services, appealing to buyers more interested in land, setting, and custom homes. Detached housing average sale price increased a surprising 15% this past quarter, creating a wide gap between attached and detached pricing in Bonita (detached average at $708,000 and attached at $281,000). Properties move a

little more slowly here, and note that this is a small market, with a total of 46 sales in the 3rd quarter, or about 15/month (attached and detached combined).

Surprisingly in the City of San Diego, running from Palm Ave south to San Ysidro, from the bay to east of 805, this sector offers great value with a mix of 60s homes west of I-805 and post-2000 homes east of I-805. The average detached sale price is $434,000, up a healthy 8% from a year ago. Attached housing is averaging $267,000, up a whopping 19% annually, and yet remains the second lowest price-per-sq-ft in

South County at $214/sq ft. The location and affordability make these homes highly desirable. They go pending in about 3 weeks, and available inventory is under 2 months.

3rd Q - 2015 % Change 2nd Q - 2015 % Change 3rd Q - 2014Average Sales Price $708,828 Up 15% $616,041 Up 16% $608,106Average Price Per Sq Ft $261 Down 1% $264 Up 5% $249Median Sales Price $634,500 Up 7% $590,000 Up 8% $585,000Listing Inventory (Active) 43 Down 20% 48 Down 10% 48Number of Sales 38 Down 7% 41 Down 8% 45Median Days on Market 26 Down 4% 27 Down 7% 28Absorption Rate (month to sell inventory)

3.5 months 0.0% 3.5 months Up 8% 3.25 months

DETACHED SALES

3rd Q - 2015 % Change 2nd Q - 2015 % Change 3rd Q - 2014Average Sales Price $434,171 Up 4% $418,753 Up 8% $402,537

Average Price Per Sq Ft $256 Up 11% $239 Up 12% $223Median Sales Price $420,000 Up 9% $414,000 Up 9% $385,000Listing Inventory (Active) 46 Up 12% 34 Up 10% 41Number of Sales 90 Down 3% 91 Down 3% 93Median Days on Market 21 Down 10% 19 Down 10% 23Absorption Rate (mo to sell inventory)

1.5 months Up 50% 1 month Up 17% 1.25 months

DETACHED SALES


Average Price Per Sq Ft $225 0% $226 Up 5% $214Median Sales Price $307,000 Up 8% $277,500 Down 1% $310,500Listing Inventory (Active) 6 100.0% 3 Up 300% 2Number of Sales 8 Up 33% 6 Up 33% 6Median Days on Market 17 Down 26% 23 Down 15% 20Absorption Rate (month to sell inventory)

2.25 months Up 50% 1.5 months 225.0% 1.0 month

ATTACHED SALES


Average Price Per Sq Ft $214 Up 3% $207 Up 10% $195Median Sales Price $272,500 Up 2% $267,599 Up 17% $232,500Listing Inventory (Active) 13 0.0% 13 Up 8% 12Number of Sales 32 Down 6% 34 Up 45% 22Median Days on Market 20 Up 120% 9 Up 5% 19Absorption Rate (mo to sell inventory)

1.25 months Up 25% 1 month Down 17% 1.5 months

ATTACHED SALES

PAST 10 YEARS

PAST 10 YEARS

AVERAGE SALES PRICE NUMBER OF SALES

$600,000 400

250

150

$375,000

$150,000


Mission SanLuis Rey

LegolandCalifornia


FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY


SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS


Mission SanLuis Rey

LegolandCalifornia


FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY


SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS


$800,000 120

80

20

$500,000

$200,000


05 06 07 08 09 10 11 12 13 14 15

05 06 07 08 09 10 11 12 13 1514

... Patty Nesbitt

91932 Imperial Beach

Downtown San Diego is truly a story of the condominium market, with 255 condos closing this past quarter, a full 34% more units sold than a year ago. The average condo sale price has actually declined by 4% year-over-year. Condos are taking about 1 month to go to contract. Be ready to pay urban prices, with the aver price/sqft at $514, a 1000 sqft condo runs over

$500,000. The detached market in 92101 is very limited, with only 3 closings. How do agents take you around to see these properties? Uber, of course!

T his oceanfront community is a happening place! The Pier South Resort and Sea180 Cohn restaurant have drawn attention to Imperial Beach’s beauty and opportunity. The area is undergoing major commercial upgrades, and with that comes wide pricing fluctuations in residential. Only about 15 units sell in IB each month. Detached housing is up 15% annually, now averaging $467,000. The condo average sale price went

up 24% in the last 3 months, because more oceanfront condos closed in the 3rd quarter. IB condos enjoy the highest aver sale price, price-per-sq-ft and quarterly appreciation of any attached housing in South County.

3rd Q - 2015 % Change 2nd Q - 2015 % Change 3rd Q - 2014Average Sales Price $1,095,000 Up 68% $650,000 Up 16% $937,500Average Price Per Sq Ft $509 Up 94% $262 Down 10% $461Median Sales Price $675,000 Up 4% $650,000 Down 28% $937,500Listing Inventory (Active) 4 0.0% 4 Down 43% 7Number of Sales 3 Up 300% 1 Up 50% 2Median Days on Market 52 Up 58% 33 Down 60% 113Absorption Rate (month to sell inventory)

4 months Down 67% 12 months 10 months

DETACHED SALES


Average Price Per Sq Ft $380 Up 10% $345 Up 20% $316Median Sales Price $435,000 Down 2% $443,000 Up 34% $398,327Listing Inventory (Active) 20 Up 67% 12 Up 133% 9Number of Sales 29 Down 6% 31 Up 3% 28Median Days on Market 16 Up 78% 9 Down 41% 27Absorption Rate (mo to sell inventory)

2 months Up 100% 1 month Up 100% 1.0 months

DETACHED SALES

3rd Q - 2015 % Change 2nd Q - 2015 % Change 3rd Q - 2014Average Sales Price $567,652 Down 6% $603,387 Down 4% $589,422

Average Price Per Sq Ft $514 Down 17% $523 Up 1% $510Median Sales Price $485,000 Up 1% $482,500 Up 2% $474,500Listing Inventory (Active) 220 Down 6% 233 Down 16% 263Number of Sales 255 Down 7% 274 Up 34% 190Median Days on Market 28 Up 4% 27 Down 12% 32Absorption Rate (month to sell inventory)

2.5 months 0.0% 2.5 months Down 41% 4.25 months

ATTACHED SALES


Average Price Per Sq Ft $358 Up 22% $293 Up 6% $339Median Sales Price $350,000 Up 36% $257,500 Up 4% $335,000Listing Inventory (Active) 14 Down 17% 17 Down 39% 23Number of Sales 17 Up 42% 12 Up 13% 15Median Days on Market 17 Down 51% 35 Up 29% 14Absorption Rate (mo to sell inventory)

2.5 months Down 3.8% 4 months Down 44% 4.5 months

ATTACHED SALES

PAST 10 YEARS

PAST 10 YEARS


Mission SanLuis Rey

LegolandCalifornia


FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY


SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS

92101 DowntownSan Diego


$800,000 800

550

300

$500,000

$200,000


$600,000 100

70

40

$400,000

$200,000


05 06 07 08 09 10 11 12 13 14 15

05 06 07 08 09 10 11 12 13 1514


Mission SanLuis Rey

LegolandCalifornia


FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY


SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS

... Patty Nesbitt


91913 East Chula Vista

91914 Rolling Hills, Chula Vista

Sitting in northeast Chula Vista, east of 805, 91913 is the most active South County market, with 200 closings in the 3rd Quarter. Detached housing accelerated 7% in average sale price annually, to $528,000; attached housing experienced a 5% increase, to $307,000. Inventory is up by 15% over 2nd Quarter; properties go to contract in roughly 3 weeks. Interestingly, price-per-sq-ft for detached and

attached is almost identical in this area, indicating a strong condo market.

Northeast of Chula Vista proper, this area encompasses Rolling Hills Ranch, The Gates, and other hillside, view properties. The detached houses boast the highest average sale price in South County, at $800,000, up a whopping 23% from 12 months ago, in part due to three sales above $2Million in this zip code during the 3rd Quarter. Listing inventory in this area is growing, now

at 3 months inventory for detached. Market time is under one month, not bad for such high-end properties.

3rd Q - 2015 % Change 2nd Q - 2015 % Change 3rd Q - 2014Average Sales Price $528,366 Up 4% $509,822 Up 7% $492,689Average Price Per Sq Ft $243 Up 2% $239 Up 5% $231Median Sales Price $520,000 Up 3% $506,000 Up 9% $479,000Listing Inventory (Active) 67 Up 12% 60 Up 40% 48Number of Sales 128 0.0% 128 Up 7% 102Median Days on Market 19 Up 19% 16 Up 6% 18Absorption Rate (month to sell inventory)

1.5 months 0.0% 1.5 months 0.0% 1.5 months

DETACHED SALES


Average Price Per Sq Ft $254 Down 32% $375 Up 10% $232Median Sales Price $650,000 Up 7% $605,000 Up 6% $611,000Listing Inventory (Active) 58 Up 35% 43 Up 70% 34Number of Sales 58 Down 2% 59 Up 16% 50Median Days on Market 26 Up 18% 22 Down 4% 27Absorption Rate (mo to sell inventory)

3 months Up 50% 2 months Up 50% 2 months

DETACHED SALES


Average Price Per Sq Ft $241 0% $240 Up 9% $222Median Sales Price $309,000 Up 8% $285,000 Up 3% $299,000Listing Inventory (Active) 44 Up 22% 36 Down 34% 65Number of Sales 72 Up 14% 63 Up 11% 65Median Days on Market 20 Up 25% 16 Up 11% 18Absorption Rate (month to sell inventory)

1.75 months Up 16% 1.5 months Down 42% 3 months

ATTACHED SALES


Average Price Per Sq Ft $261 Up 6% $246 Up 13% $232Median Sales Price $328,000 Down 3% $338,000 Up 6% $308,250Listing Inventory (Active) 9 Up 350% 2 Up 29% 7Number of Sales 17 Down 11% 19 Down 6% 18Median Days on Market 13 Down 7% 14 Down 58% 31Absorption Rate (mo to sell inventory)

1.5 months Up 200% .5 months Up 20% 1.25 months

ATTACHED SALES

AVERAGE SALES PRICE

PAST 10 YEARS

PAST 10 YEARS

NUMBER OF SALES

$1,000,000 350

225

100

$650,000

$300,000


Mission SanLuis Rey

LegolandCalifornia


FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY


SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS


Mission SanLuis Rey

LegolandCalifornia


FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY


SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS

500

350

200


$600,000

$400,000

$200,000

05 06 07 08 09 10 11 12 13 14 15

05 06 07 08 09 10 11 12 13 1514

... Patty Nesbitt


91915 Eastlake, Chula Vista

91950 NationalCity

C overing much of Eastlake and Otay Ranch, this is one of the newest areas of Chula Vista, and includes many community parks and pools. The public schools boast very high test scores, ideal for families with children. Most properties have Mello-Roos. Detached housing has broken through the $500,000 average sale price barrier and seems content to remain there for a while. The condo market has strengthened, appreciating 9%

year-over-year. Inventories are climbing. Properties go pending about 3 weeks after coming to market.

Located just north of Chula Vista, along the bay, most of the National City housing was built prior to 1960, with some more recent in-fill development. This area shouts “affordable!” with the lowest average detached sale price in South County... at $356,000... and the lowest price-per-square-foot for condos, at $202/sq ft. Not surprisingly, the detached housing has only 1.25 months of inventory... also the lowest in

South County. The condo market’s average sale price has appreciated a whopping 56% in the past year, moving from the $150s to the $250s... and yet is still very affordable, offering a lot of living space for the money.

3rd Q - 2015 % Change 2nd Q - 2015 % Change 3rd Q - 2014Average Sales Price $506,840 0.0% $507,155 Up 1% $500,243Average Price Per Sq Ft $254 Up 2% $250 Up 8% $236Median Sales Price $499,500 Up 5% $477,500 Up 3% $485,000Listing Inventory (Active) 56 Up 33% 42 Up 51% 37Number of Sales 108 Up 22% 88 Up 37% 79Median Days on Market 21 Up 11% 19 0.0% 21Absorption Rate (month to sell inventory)

1.5 months 0.0% 1.5 months 0% 1.5 months

DETACHED SALES


Average Price Per Sq Ft $267 Down 35 $274 Up 9% $246Median Sales Price $365,000 Up 7% $340,000 Up 19% $308,500Listing Inventory (Active) 19 Down 30% 27 Down 46% 35Number of Sales 43 Down 27% 59 Down 14% 50Median Days on Market 15 Up 36% 11 Down 40% 25Absorption Rate (mo to sell inventory)

1.25 months Down 16% 1.5 months Down 37% 2 months

DETACHED SALES


Average Price Per Sq Ft $239 Up 1% $236 Up 5% $227Median Sales Price $365,000 Up 4% $350,000 Up 9% $335,000Listing Inventory (Active) 34 Up 26% 27 Up 17% 29Number of Sales 66 Up 24% 53 Up 25% 53Median Days on Market 19 Down 36% 14 Down 14% 22Absorption Rate (month to sell inventory)

1.5 months 0% 1.5 months 0% 1.5 months

ATTACHED SALES


Average Price Per Sq Ft $202 0% $203 0% $203Median Sales Price $227,000 Up 11% $204,500 Up 57% $145,000Listing Inventory (Active) 8 Up 14% 7 Down 38% 13Number of Sales 10 0% 10 Down 9% 11Median Days on Market 16 Down 45% 29 Down 24% 29Absorption Rate (mo to sell inventory)

2.5 months Up 25% 2 months Down 29% 3.5 months

ATTACHED SALES

AVERAGE SALES PRICE

AVERAGE SALES PRICE

PAST 10 YEARS

PAST 10 YEARS

NUMBER OF SALES

NUMBER OF SALES

$700,000

$500,000

500

200

350

125

200

50

$450,000

$325,000

$200,000

$150,000


Mission SanLuis Rey

LegolandCalifornia


FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY


SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS


Mission SanLuis Rey

LegolandCalifornia


FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY


SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS

05 06 07 08 09 10 11 12 13 14 15

05 06 07 08 09 10 11 12 13 1514

... Patty Nesbitt


92139 Paradise Hills

I ncluded in the City of San Diego, and located just northeast of Chula Vista, along SR 54, this is an area of older detached homes, with small in-fill developments of newer tracts and HOA properties. Detached housing appreciated a modest 4% annually, now averaging $376,000, while attached housing increased 16%, to $270,000. Month’s inventory is the lowest in South County (1/2 month for condos). Properties

go to contract in under 2 weeks, largely because these properties offer so much house for the money.

Asmall town along the US-Mexico border, annexed to the City of San Diego, San Ysidro is a truly bi-cultural community. Buyers can expect more house for their money here, with South County’s third-lowest detached housing average sale price at $378,000 and South County’s lowest condo average at $205,000, Only about 6 units/month close escrow in San Ysidro. Notice that the condos’ average sale price rose a

significant 11% in the past 12 months, and detached a respectable 5% increase. The condo market continues to have the highest months’ inventory at 4.5 months of any market in South County, so condos sell more slowly here.

3rd Q - 2015 % Change 2nd Q - 2015 % Change 3rd Q - 2014Average Sales Price $376,623 Up 2% $368,060 Up 4% $360,430.00Average Price Per Sq Ft $264 Up 2% $258 0% $265Median Sales Price $375,000 Up 6% $362,500 Up 3% $365,000.00Listing Inventory (Active) 27 Up 69% 16 Up 12% 25Number of Sales 47 Down 2% 48 Up 8% 51Median Days on Market 12 Down 37% 19 Up 10% 11Absorption Rate (month to sell inventory)

1.75 months Up 75% 1 month Up 17% 1.5 months

DETACHED SALES


Average Price Per Sq Ft $262 Up 12% $233 Up 7% $245Median Sales Price $385,000 Up 5% $365,000 Up 7% $360,000Listing Inventory (Active) 6 Up 20% 5 Up 200% 2Number of Sales 12 Down 20% 15 Down 29% 17Median Days on Market 16 Up 33% 12 Down 16% 19Absorption Rate (mo to sell inventory)

1.5 months Up 50% 1 month Up 200% 1/2 month

DETACHED SALES


Average Price Per Sq Ft $221 Up 3% $215 Up 9% $204Median Sales Price $280,000 Up 12% $251,000 Up 22% $230,000Listing Inventory (Active) 6 Down 25% 8 Down 60% 15Number of Sales 41 Up 24% 33 Up 24% 33Median Days on Market 10 Down 70% 25 Down 67% 30Absorption Rate (month to sell inventory)

.5 months Down 33% .75 months Down 50% 1.5 months

ATTACHED SALES


Average Price Per Sq Ft $246 Up 21% $204 Up 13% $219Median Sales Price $180,000 Up 6% $170,000 Up 2% $177,500Listing Inventory (Active) 9 Down 44% 16 Up 12% 8Number of Sales 6 Down 14% 7 Down 50% 12Median Days on Market 62 Up 88% 33 Up 110% 30Absorption Rate (mo to sell inventory)

4.5 Months Down 35% 7 months Up 125% 2.0 months

ATTACHED SALES

AVERAGE SALES PRICE

AVERAGE SALES PRICE

PAST 10 YEARS

PAST 10 YEARS

NUMBER OF SALES

NUMBER OF SALES

$500,000

$500,000

200

80

125

55

50

30

$300,000

$325,000

$100,000

$150,000


Mission SanLuis Rey

LegolandCalifornia


FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY


SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS


Mission SanLuis Rey

LegolandCalifornia


FALLBROOK

ESCONDIDO

RANCHOBERNARDO

VISTA

VALLEYCENTER

JULIAN

PAUMAVALLEY


SANMARCOS

TEMECULA

RAMONA

BORREGO SPRINGS

92173 San Ysidro

05 06 07 08 09 10 11 12 13 14 15

05 06 07 08 09 10 11 12 13 1514

... Patty Nesbitt


Where Do Our Local Tax Dollars Go?

The City of Chula Vista recently hired a firm to study our local infrastructure and determine what deferred maintenance will be required in the coming years as well as the cost of that effort. The items included in this infrastructure updating were:

Arterial connectors, and neighborhood streets and roads

Critical safety infrastructure including street lights, signs, bridges, and signals

Neighborhood sidewalks, curbs, gutters and sewers. Parks and open space Area lighting and fences in public places City libraries Pools and recreational centers Police and fire vehicles and other service vehicles.

The conclusion is: Chula Vista’s infrastructure needs will require an estimated $600 Million in the coming years. That is a lot of money coming from a community of roughly 250,000 people. Of course, this expenditure would be spread out over a long period of time.

But how will the City of Chula Vista fund this? Of

course, we residents would like the City to use our current revenue resources without an increase in taxes, right? Is that possible? Maybe there are other ways to fund the infrastructure upgrades, but in the end, the money will have to come from our locality.

This brings up the question of local taxes. Why can’t the City just take care of the infrastructure through their current revenue stream? To understand why this would be difficult, let’s look at where our local tax dollars go: property taxes and sales taxes. Most of us think that these two income streams go to our local government. After all, the State of California receives our Franchise Tax Board state income taxes, right? Well….. think again!

Notice that of the 7.25 cents on the dollar that we pay in sales tax, the City of Chula Vista receives 1 cent.

This summary hopefully gives you some insight as to where our local tax dollars go, and will enable you to have a meaningful conversation on the topic of our local infrastructure and our local tax dollars. As we all know, a well-run city attracts new residents, and one of the public’s first indicators of a well-run city is how everything on the outside looks and functions, right? That is why this infrastructure issue (actually a nationwide issue) is important to all of us in South County!

For each taxable dollar you spend, you pay sales tax to: How much goes to your city?

SALES TAX PROPERTY TAX

... Patty Nesbitt


Make the Right ChoiceList with the listing leader

Go Ahead,

nikki

Text Box

Patty


TRID

TRID is a new lending regulation that went into effect on October 3, 2015. It consolidates the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into two forms and is

known as the TILA-RESPA Integrated Disclosures Rule, or “TRID.” TRID applies to loans obtained for the purchase of residential real estate. If you are buying a home and you have submitted your offer and started your loan process before Oct 3rd, then you will be “grandfathered in” to the prior lending rules and will not be affected by the new regulations. If you begin the process ON or AFTER October 3, 2015, then the new TRID rules apply to your loan. So what does that mean?

TWO NEW FORMS. You will find that there are two new forms, which are intended to be more understandable and allow you to shop loan terms and rates more

easily. The first is the Loan Estimate. The Loan Estimate calculates your “Cash to Close,” itemizes your costs and discloses the terms of the loan (interest rate, etc). You will receive the Loan Estimate as you start your loan. The second form is the Closing Disclosure. This form gives you the final details of the loan, all of the transaction closing costs, and is to accurately mirror the information first given to you in the Loan Estimate, and any changes that arose during the transaction. Every borrower is to receive the Closing Disclosure no less than three (3) specific business days before closing, to allow the borrower to review and understand clearly the terms of the loan before committing to the loan.

YOUR BORROWING DOCUMENTATION. TRID states that lenders cannot require a prospective borrower to provide the lender with documentation prior to issuing a Loan Estimate. This is to allow borrowers to shop for a loan without furnishing a ton of information to the lender in order to get loan quotes. However, since loans today require more documentation than ever, it is wise to get a head start and supply your lender of choice with documentation once you have decided to buy and have chosen your lender.

TIMING. The new TRID regulations are expected to extend the length of time it takes to close on a property by a week or longer. You will most likely need at least 30 days from contract to closing, and it is wise to anticipate a possible 45 days from contract to closing. Remember, you must officially receive your Closing Disclosure in order to trigger the 3-business-days waiting period. That alone extends the transaction by three business days, not to mention the log jams that can enter the picture with new regulations and documentation.

TRID is designed to be a good change for borrowers, which is a positive for the industry. For the first few months, lenders, escrow and real estate agents will be working in a new system. McMillin Realty agents have been trained and informed on the new regulations, and are prepared to help you navigate these changes, leading you to a successful closing.

“TRID IS DESIGNED TO

BE A GOOD CHANGE FOR BORROWERS, WHICH IS A

POSITIVE FOR THE INDUSTRY.”

What do buyers need to know about new regulations?

... Patty Nesbitt

Documents

Ask mcmillin winter patty nesbitt