Ask mcmillin winter personalized male

Winter 2015

A CLOSER LOOK AT

THE CHULA VISTA

ELEMENTARY SCHOOL DISTRICT

Y

ou 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.

Marielena Beatie (619) 666-8194 MaleBeatie@gmail.com http://MBeatie.McMillinrealty.com CalBRE# 01487604

... Marielena Beatie

91910

North Chula Vista

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.

ATTACHED SALES

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

3rd Q - 2015 $481,628 $277 $474,500 49 101 15 1.5 months

% Change 0% Up 3% Up 3% Down 2% Down 12% Down 17% 0%

2nd Q - 2015 $480,250.00 $269 $460,000 50 115 18 1.5 months

% Change Up 7% Down 6% Up 10% Down 36% Up 3% Down 42% Down 25%

3rd Q - 2014 $449,380 $261 $430,000 65 98 26 2 months

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

TEMECULA

2nd Q - 2015 % Change $318,310 Up 14%

1st Q - 2015 $280,725

% Change Up 24%

2nd Q 2014 $256,025

$246 $295,000 21 29 12 2 months

$245 $305,000 13 31 10 1 month

Up 14% Up 23% Up 4% Down 6% Down 25% Up 33%

$215 $239,000 15 31 16 1.5 months

0% Down 3% Up 61% Down 6% Up 20% Up 100%

PAUMA VALLEY

AVERAGE SALES PRICE

FALLBROOK

NUMBER OF SALES

MT. PALOMAR OBSERVATORY

$600,000

350

VALLEY CENTER

VISTA SAN MARCOS

Legoland California

SAN DIEGO $350,000 NORTH INLAND

BORREGO SPRINGS

225

ESCONDIDO

San Diego Zoo Safari Park

JULIAN

$100,000

100

RANCHO BERNARDO

RAMONA

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91911

Southwest Chula Vista

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.

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

ATTACHED SALES

3rd Q - 2015 % Change $407,317 Down 1%

2nd Q - 2015 % Change $411,932 Up 4%

3rd Q - 2014 $391,985

$284 $405,000 49 103 21 1.5 months

$273 $410,000 47 102 18 1.5 months

$254 $385,000 71 93 22 2.25 months

Up 4% Down 1% Up 4% Up 1% Up 17% 0%

Up 12% Up 5% Down 31% Up 11% Down 5% Up 33%

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

2nd Q - 2015 % Change $238,618 Down 7%

1st Q - 2015 $257,000

% Change Up 9%

2nd Q 2014 $219,760

$225 $225,000 22 38 17 1.75 months

$219 $257,000 18 39 12 1.5 months

Up 11% Up 6% Down 4% Up 27% Down 6% Up 22%

$203 $213,500 23 30 18 2.25 months

Up 3% Down 12% Up 22% Down 2% Up 42% Up 17%

AVERAGE SALES PRICE

NUMBER OF SALES

$500,000

300

$300,000

200

$100,000

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... Marielena Beatie

91902

Bonita

S

mall 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).

ATTACHED SALES

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

3rd Q - 2015 $708,828 $261 $634,500 43 38 26 3.5 months

% Change Up 15% Down 1% Up 7% Down 20% Down 7% Down 4% 0.0%

2nd Q - 2015 $616,041 $264 $590,000 48 41 27 3.5 months

% Change Up 16% Up 5% Up 8% Down 10% Down 8% Down 7% Up 8%

3rd Q - 2014 $608,106 $249 $585,000 48 45 28 3.25 months

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

TEMECULA

2nd Q - 2015 % Change $281,187 Up 3%

1st Q - 2015 $273,650

% Change Up 7%

2nd Q 2014 $263,500

$225 $307,000 6 8 17 2.25 months

$226 $277,500 3 6 23 1.5 months

Up 5% Down 1% Up 300% Up 33% Down 15% 225.0%

$214 $310,500 2 6 20 1.0 month

0% Up 8% 100.0% Up 33% Down 26% Up 50%

PAUMA VALLEY

AVERAGE SALES PRICE

FALLBROOK

NUMBER OF SALES

MT. PALOMAR OBSERVATORY

$800,000

120

VALLEY CENTER

VISTA SAN MARCOS

Legoland California

SAN DIEGO $500,000 NORTH INLAND

BORREGO SPRINGS

80

ESCONDIDO

San Diego Zoo Safari Park

JULIAN

$200,000

20

RANCHO BERNARDO

RAMONA

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PAST 10 YEARS

92154

South San Diego

S

urprisingly 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.

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

ATTACHED SALES

3rd Q - 2015 % Change $434,171 Up 4%

2nd Q - 2015 % Change $418,753 Up 8%

3rd Q - 2014 $402,537

$256 $420,000 46 90 21 1.5 months

$239 $414,000 34 91 19 1 month

$223 $385,000 41 93 23 1.25 months

Up 11% Up 9% Up 12% Down 3% Down 10% Up 50%

Up 12% Up 9% Up 10% Down 3% Down 10% Up 17%

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

2nd Q - 2015 % Change $267,179 Up 3%

1st Q - 2015 $259,864

% Change Up 19%

2nd Q 2014 $224,545

$214 $272,500 13 32 20 1.25 months

$207 $267,599 13 34 9 1 month

Up 10% Up 17% Up 8% Up 45% Up 5% Down 17%

$195 $232,500 12 22 19 1.5 months

Up 3% Up 2% 0.0% Down 6% Up 120% Up 25%

AVERAGE SALES PRICE

NUMBER OF SALES

$600,000

400

$375,000

250

$150,000

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... Marielena Beatie

92101

Downtown San Diego

D

owntown 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!

ATTACHED SALES

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

3rd Q - 2015 $1,095,000 $509 $675,000 4 3 52 4 months

% Change Up 68% Up 94% Up 4% 0.0% Up 300% Up 58% Down 67%

2nd Q - 2015 $650,000 $262 $650,000 4 1 33 12 months

% Change Up 16% Down 10% Down 28% Down 43% Up 50% Down 60%

3rd Q - 2014 $937,500 $461 $937,500 7 2 113 10 months

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

TEMECULA

3rd Q - 2015 % Change $567,652 Down 6%

2nd Q - 2015 % Change $603,387 Down 4%

3rd Q - 2014 $589,422

$514 $485,000 220 255 28 2.5 months

$523 $482,500 233 274 27 2.5 months

$510 $474,500 263 190 32 4.25 months

Down 17% Up 1% Down 6% Down 7% Up 4% 0.0%

PAUMA VALLEY

AVERAGE SALES PRICE

FALLBROOK

Up 1% Up 2% Down 16% Up 34% Down 12% Down 41%

NUMBER OF SALES

MT. PALOMAR OBSERVATORY

$800,000

800

VALLEY CENTER

VISTA SAN MARCOS

Legoland California

SAN DIEGO $500,000 NORTH INLAND

BORREGO SPRINGS

550

ESCONDIDO

San Diego Zoo Safari Park

JULIAN

$200,000

300

RANCHO BERNARDO

RAMONA

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PAST 10 YEARS

91932

Imperial Beach

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.

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

ATTACHED SALES

3rd Q - 2015 % Change $467,530 Down 5%

2nd Q - 2015 % Change $445,609 Up 15%

3rd Q - 2014 $405,023

$380 $435,000 20 29 16 2 months

$345 $443,000 12 31 9 1 month

$316 $398,327 9 28 27 1.0 months

Up 10% Down 2% Up 67% Down 6% Up 78% Up 100%

Up 20% Up 34% Up 133% Up 3% Down 41% Up 100%

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

3rd Q - 2015 % Change $413,088 Up 24%

2nd Q - 2015 % Change $289,975 Up 1%

3rd Q - 2014 $410,533

$358 $350,000 14 17 17 2.5 months

$293 $257,500 17 12 35 4 months

$339 $335,000 23 15 14 4.5 months

Up 22% Up 36% Down 17% Up 42% Down 51% Down 3.8%

AVERAGE SALES PRICE

Up 6% Up 4% Down 39% Up 13% Up 29% Down 44%

NUMBER OF SALES

$600,000

100

$400,000

70

$200,000

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... Marielena Beatie

91913

East Chula Vista

S

itting 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.

ATTACHED SALES

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

3rd Q - 2015 $528,366 $243 $520,000 67 128 19 1.5 months

% Change Up 4% Up 2% Up 3% Up 12% 0.0% Up 19% 0.0%

2nd Q - 2015 $509,822 $239 $506,000 60 128 16 1.5 months

% Change Up 7% Up 5% Up 9% Up 40% Up 7% Up 6% 0.0%

3rd Q - 2014 $492,689 $231 $479,000 48 102 18 1.5 months

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

TEMECULA

3rd Q - 2015 % Change $307,963 Up 4%

2nd Q - 2015 % Change $294,984 Up 5%

3rd Q - 2014 $292,801

$241 $309,000 44 72 20 1.75 months

$240 $285,000 36 63 16 1.5 months

$222 $299,000 65 65 18 3 months

0% Up 8% Up 22% Up 14% Up 25% Up 16%

PAUMA VALLEY

AVERAGE SALES PRICE

FALLBROOK

Up 9% Up 3% Down 34% Up 11% Up 11% Down 42%

NUMBER OF SALES

MT. PALOMAR OBSERVATORY

$600,000

500

VALLEY CENTER

VISTA SAN MARCOS

Legoland California

SAN DIEGO $400,000 NORTH INLAND

BORREGO SPRINGS

350

ESCONDIDO

San Diego Zoo Safari Park

JULIAN

$200,000

200

RANCHO BERNARDO

RAMONA

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PAST 10 YEARS

91914

Rolling Hills, Chula Vista

N

ortheast 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.

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

ATTACHED SALES

3rd Q - 2015 % Change $799,795 Up 19%

2nd Q - 2015 % Change $669,549 Up 23%

3rd Q - 2014 $647,278

$254 $650,000 58 58 26 3 months

$375 $605,000 43 59 22 2 months

$232 $611,000 34 50 27 2 months

Down 32% Up 7% Up 35% Down 2% Up 18% Up 50%

Up 10% Up 6% Up 70% Up 16% Down 4% Up 50%

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

3rd Q - 2015 % Change $327,376 Down 1%

2nd Q - 2015 % Change $331,831 Up 8%

3rd Q - 2014 $302,638

$261 $328,000 9 17 13 1.5 months

$246 $338,000 2 19 14 .5 months

$232 $308,250 7 18 31 1.25 months

Up 6% Down 3% Up 350% Down 11% Down 7% Up 200%

AVERAGE SALES PRICE

Up 13% Up 6% Up 29% Down 6% Down 58% Up 20%

NUMBER OF SALES

$1,000,000

350

$650,000

225

$300,000

100 05

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PAST 10 YEARS MCMILLINREALTY.COM

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... Marielena Beatie

91915

Eastlake, Chula Vista

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.

ATTACHED SALES

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

3rd Q - 2015 $506,840 $254 $499,500 56 108 21 1.5 months

% Change 0.0% Up 2% Up 5% Up 33% Up 22% Up 11% 0.0%

2nd Q - 2015 $507,155 $250 $477,500 42 88 19 1.5 months

% Change Up 1% Up 8% Up 3% Up 51% Up 37% 0.0% 0%

3rd Q - 2014 $500,243 $236 $485,000 37 79 21 1.5 months

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

TEMECULA

3rd Q - 2015 % Change $357,593 Up 2%

2nd Q - 2015 % Change $350,244 Up 9%

3rd Q - 2014 $328,982

$239 $365,000 34 66 19 1.5 months

$236 $350,000 27 53 14 1.5 months

$227 $335,000 29 53 22 1.5 months

Up 1% Up 4% Up 26% Up 24% Down 36% 0%

PAUMA VALLEY

AVERAGE SALES PRICE

FALLBROOK

Up 5% Up 9% Up 17% Up 25% Down 14% 0%

NUMBER OF SALES

MT. PALOMAR OBSERVATORY

$700,000

500

VALLEY CENTER

VISTA SAN MARCOS

Legoland California

SAN DIEGO $450,000 NORTH INLAND

BORREGO SPRINGS

350

ESCONDIDO

San Diego Zoo Safari Park

JULIAN

$200,000

200

RANCHO BERNARDO

RAMONA

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91950

National City

L

ocated 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.

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

ATTACHED SALES

3rd Q - 2015 % Change $356,629 Up 10%

2nd Q - 2015 % Change $323,642 Up 13%

3rd Q - 2014 $316,318

$267 $365,000 19 43 15 1.25 months

$274 $340,000 27 59 11 1.5 months

$246 $308,500 35 50 25 2 months

Down 35 Up 7% Down 30% Down 27% Up 36% Down 16%

Up 9% Up 19% Down 46% Down 14% Down 40% Down 37%

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

3rd Q - 2015 % Change $241,350 Up 19%

2nd Q - 2015 % Change $202,790 Up 56%

3rd Q - 2014 $154,272

$202 $227,000 8 10 16 2.5 months

$203 $204,500 7 10 29 2 months

$203 $145,000 13 11 29 3.5 months

0% Up 11% Up 14% 0% Down 45% Up 25%

AVERAGE SALES PRICE

0% Up 57% Down 38% Down 9% Down 24% Down 29%

NUMBER OF SALES

$500,000

200

$325,000

125

$150,000

50 05

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... Marielena Beatie

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.

ATTACHED SALES

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

3rd Q - 2015 $376,623 $264 $375,000 27 47 12 1.75 months

% Change Up 2% Up 2% Up 6% Up 69% Down 2% Down 37% Up 75%

2nd Q - 2015 $368,060 $258 $362,500 16 48 19 1 month

% Change Up 4% 0% Up 3% Up 12% Up 8% Up 10% Up 17%

3rd Q - 2014 $360,430.00 $265 $365,000.00 25 51 11 1.5 months

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (month to sell inventory)

TEMECULA

3rd Q - 2015 % Change $270,823 Up 2%

2nd Q - 2015 % Change $264,136 Up 16%

3rd Q - 2014 $233,375

$221 $280,000 6 41 10 .5 months

$215 $251,000 8 33 25 .75 months

$204 $230,000 15 33 30 1.5 months

Up 3% Up 12% Down 25% Up 24% Down 70% Down 33%

PAUMA VALLEY

AVERAGE SALES PRICE

FALLBROOK

Up 9% Up 22% Down 60% Up 24% Down 67% Down 50%

NUMBER OF SALES

MT. PALOMAR OBSERVATORY

$500,000

200

VALLEY CENTER

VISTA SAN MARCOS

Legoland California

SAN DIEGO $300,000 NORTH INLAND

BORREGO SPRINGS

125

ESCONDIDO

San Diego Zoo Safari Park

JULIAN

$100,000

50

RANCHO BERNARDO

RAMONA

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92173

San Ysidro

A

small 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.

DETACHED SALES Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

ATTACHED SALES

3rd Q - 2015 % Change $379,541 Up 6%

2nd Q - 2015 % Change $358,733 Up 5%

3rd Q - 2014 $361,029

$262 $385,000 6 12 16 1.5 months

$233 $365,000 5 15 12 1 month

$245 $360,000 2 17 19 1/2 month

Up 12% Up 5% Up 20% Down 20% Up 33% Up 50%

Up 7% Up 7% Up 200% Down 29% Down 16% Up 200%

Average Sales Price Average Price Per Sq Ft Median Sales Price Listing Inventory (Active) Number of Sales Median Days on Market Absorption Rate (mo to sell inventory)

3rd Q - 2015 % Change $205,500 Up 11%

2nd Q - 2015 % Change $184,114 Up 11%

3rd Q - 2014 $184,991

$246 $180,000 9 6 62 4.5 Months

$204 $170,000 16 7 33 7 months

$219 $177,500 8 12 30 2.0 months

Up 21% Up 6% Down 44% Down 14% Up 88% Down 35%

AVERAGE SALES PRICE

Up 13% Up 2% Up 12% Down 50% Up 110% Up 125%

NUMBER OF SALES

$500,000

80

$325,000

55

$150,000

30 05

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..Marielena Beatie

Where Do Our Local Tax Dollars Go?

T

he 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!

PROPERTY TAX

SALES TAX For each taxable dollar you spend, you pay sales tax to:

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TRID What do buyers need to know about new regulations?

T

RID 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.

“TRID IS DESIGNED TO BE A GOOD CHANGE FOR BORROWERS, WHICH IS A POSITIVE FOR THE INDUSTRY.”

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.

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