Brian Yui, the San Diego-based chief executive officer of House-Rebate.com and an author, wants you to buy a home. And, yes, he thinks you can do it , if you know what you’re doing.
Yui, his writer-editor Lori Shaw-Cohen, and a cadre of national real estate experts have published a book called “Home Buying by the Experts , The Pros Make Your Dream Home a Reality.”
The comprehensive chapters cover everything from the intricacies of mortgages and credit, creative financing strategies, home inspections and contracts, tax benefits, and even moving made easy.
As for San Diego’s current housing market in general, Yui, an Encinitas resident, said, “I think, if the economy stays the same, we should have single-digit appreciation of about 1 to 6 percent.
“The high-end traditionally has been the most susceptible to the downside,” he added. “Not many people can afford it, but it can be counteracted by foreigners who are more likely to invest here because of the dollar. We are pricey, but not as pricey as Hong Kong and London. It’s a good deal.”
Yui thinks San Diego might be at the end of its condo conversion craze, having gotten into this trend early.
“San Diego is pretty much tapped out,” he said. “I don’t think we’ll see as much growth.”
Creative financing plans, some of them with no down payments, can help renters jump into the market, said Yui, and can be helpful. Just make sure you’ll be able to afford the higher interest rates down the road after you sign that adjustable, interest-only deal, he said.
Also, when buying a home these days, be willing to make a long-term commitment.
“If you think you’ll be selling in the next three years, you’d be better off renting,” said Yui. “Ten years is a safe length of time.”
If you’re a real estate speculator in San Diego who likes to flip homes to make a quick profit, beware.
“Speculators should be very cautious in today’s market,” said Yui. “We are probably more susceptible to a slowdown than in other parts of the country.”
All in all, Yui said it’s a good time to buy.
“A big mistake is, people look at a house, and then want to do all the research about schools, construction, and other things,” he said. “It’s better to make an offer, go into escrow, and then do your due diligence. Otherwise, the house might not be there when you go back.”
The 224-page book, published by Quantum Leaves Publishing, retails for $14.95, and is available at www.amazon.com and www.barnesandnoble.com.
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Big Deals:
Lexington Park and Tres Pinos, two condo rental communities in El Cajon, have sold for $22.5 million, according to CB Richard Ellis.
The seller of Lexington Park, which sold for $13 million, was Lexington Park Ltd., and the seller of Tres Pinos, which sold for $9.5 million, was Tres Pinos Ltd.
Maisel Presley, Inc. bought both properties and intends to convert them into for-sale condos.
Dick Schneider, J. Kevin Mulhern, Dixie Hall and Rachel Hemingway of CB Richard Ellis’ San Diego central office represented the seller and buyer.
Kornberg Associates, a San Diego and San Francisco area architecture firm, and Japanese firms Nikken Sekkei and Kuniken Ltd., have been selected to design a new research campus and graduate school in Japan, its only English language campus, geared to attract scientists and honors graduates from around the world.
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Changes:
Nowell & Associates Landscape Architecture in San Diego recently opened its first international office , Nowell2 LandDesign, Inc. in Rossland, British Columbia, seven miles north of the Washington state border.
Clients include Red Resort, a ski destination in the city of Rossland, for whom Nowell is serving as landscape designer for Red’s 15-year redevelopment plan.
Central Pacific Mortgage, a national mortgage-banking firm, has opened a new wholesale office in San Diego at 5075 Shoreham Place.
HarleyEllis Corp., based in Michigan, has announced a planned merger with Fields Devereaux Architects & Engineers, with offices in Southern California and Nevada, and several San Diego projects to its credit.
On Jan. 1, the firms will become Harley Ellis Devereaux. HarleyEllis is billed as one of the country’s oldest design firms, and Fields one of the Southwest’s fastest-growing practices.
Villa Taviana is the new name of the Bernardo Hills apartments in Rancho Bernardo, which will be converted to for-sale condos by Aslan Realty Group of Irvine. Buchanan Street Partners, a San Diego-based real estate investment bank, recently secured $67.4 million in financing on Aslan’s behalf for the acquisition and conversion.
Aslan plans interior and exterior renovations to the property, which features seven floor plans, ranging from 544-square-foot one-bedroom units to 1,067-square-foot two-bedroom, two-and-a-half-bath townhomes.
Send residential and commercial real estate news to pbroderick@sdbj.com or via fax at (858) 571-3628.
