San Jacinto, CA Real Estate News

By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
OK, I have now written two posts about Short Sales in the last 24 hours...because once again I am a bona fide short Sale Listing Agent.  Granted, I may be rusty, after being away from this side of the business in Hemet - San Jacinto, Ca for over 2 years now.Yesterday I got the call from a seller and decided to help them (I hope I help them).  I had a pretty good idea of what needed to be done, from my previous experience...but I have changed brokers since then and all of my marketing material that I have stored somewhere in the archives of my desktop is all branded...with a brand I don't care to associate myself with.So, after spending a couple of hours going through the forms and reading what I had to, I went into the marketing side of the equation.  First I jumped into the MLS and pre...
Comments 4
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
I decided that I would write a chronicle on the life of my new short sale listing.  In case you missed it, I described my transition BACK to short sales from Bank Owned REO's as a listing agent and team leader in my recent blog post, Humble Pie...Or OH NO, Did I really Take a Short Sale Listing???? AGGGHHHHHHHH.  Yes, it is true I went kicking and screaming...but here I am.I had a meeting with my two assistants and shared with them in detail what I expect to happen and started to figure out the game-plan of how we are going to attack this file and set up our systems for all future Short Sale Listings.  Both of my girls have only worked with me in the world of REO's - but top be honest the REO's have dried up and I still need to pay the rent.So after our pep talk, Susie, my office manage...
Comments 10
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Theis evening i trolled through a few of the housing tracts between my San Jacinto Office and My San Janjacinto CA home and took a few photos with my point-n-shoot digital camera. A wide Angel Fugifilm camera that does a great job for my BPO's but may not be ideally suited for taking night pictures of houses illuminated with Christmas lights...but take them I did. I put them together in the Professional version of Animoto - what I consider to be a hot video program - syncing the special effects with the audio...in any event I like it and hope you too have enjoyed this little Christmas presentation... Merry Christmans & God Bless,
Comments 7
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
There is one common denominator between all real estate buyers today - whether they are shopping for investment property or first-time homebuyers...they all want a deal and the perception is that the bank owned, or REO, properties are going to be the smoking deals of the day.  But not always...The truth is many of these homes can turn into big money pits.  Remember, when you are buying a bank-owned home in the Hemet - San Jacinto Valley, CA was probably a first time home for the previous owner...the same owner that for whatever reason was not able to hang onto their home and lost it due to foreclosure and now the banks own it.In very general terms, realize by the very nature of being a first time buyer, they were more than likely renters before...or perhaps living with parents.  In eith...
Comments 7
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Black Friday - The Best Deal of the Day is REAL ESTATE!Sure, it sounds self-serving since I sell real estate for a living...I'll give you that...but here me out.On Black Friday morning, the day after Thanksgiving,...did you get up at Oh Dark Thirty to stand in line in front of Best Buy or some other big box haven of super deals with limited quantities.  Were you lured into getting out of a perfectly warm and comfortable bed to brave the cold (in most parts of the country - I think it hit 90 here today - but that's another story) and the crowds for one of those 3 lousy laptop computers for $199...or were you drawn in to Office Depot for one of their $59 digital movie cameras with 4 guaranteed in each store?I'll bet if you didn't subject yourself to one of these great bargains or any of t...
Comments 5
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Thanksgiving has always been my favorite holiday of the year.  Not sure why...yeah the food is good, no doubt.  It is certainly a great time to catch up with family and friends...and a day off with a long weekend never bothered me.  Heck, I don't even watch very much football...but I did see Detroit get the helmets handed to them this afternoon by Green Bay. By the way, an interesting bit of trivia was revealed about the Silverdome - the state of the art stadium built in 1977 at a cost of $55 Million dollars and it was recently sold to a Canadian Developer for $585,000 - wow - talk about depreciation - that only about 1% of the original purchase price and it included 20 acres of land!...But that's another story. Today is about giving thanks for all we have - no matter how little we may ...
Comments 4
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
I suppose, I as a local REALTOR®, am fortunate that the Hemet - San Jacinto Valley in So Cal is not overbuilt with condos, as much of Southern California is.  All of our condo inventory, in the local real estate market is older - most dating back to the early 1990's and earlier.  Throughout most of the region, condos were built at a rapid pace during the recent housing boom.  Not only were condos built from the ground up but there were many involved in converting apartment buildings and complexes into condos.  Literally, hundreds of thousands of condos were built or converted and sold throughout this decade in Southern California.  Unfortunately, as we all know, the real estate market went on vacation shattering the American Dream and left developers, investors and bankers with an out o...
Comments 2
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Property Tax Reductions - California Style...With the decline in the real estate market those who own property and are able to hang on, typically end up paying too much for their property taxes to the local county tax assessor.In California, we Passed Proposition 13 (Prop 13) - why back in 1978.  This was revolutionary legislation at the time and still continues to lead many states who continue to assess and collect property taxes like they were don a couple of hundred years ago.You see, the traditional model was to reassess the value of the real estate on a fixed schedule - with some areas being as frequently as every year and others no more than every 5 years.  No scientific evidence or anything, but I believe every 2 years reassessment is the most common across the country, then and ...
Comments 6
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Twas the month before Christmas*   *When all through our land,* *Not a Christian was praying*   *Nor taking a stand.* *See the PC Police had taken away,* *The reason for Christmas - no one could say.* *The children were told by their schools not to sing,* *About Shepherds and Wise Men and Angels and things.* *It might hurt people's feelings, the teachers would say* * December 25th is just a ' Holiday '.* *Yet the shoppers were ready with cash, checks and credit* *Pushing folks to the floor just to get it!* *CDs from Madonna, an X BOX, an I-pod* *Something was changing, something quite odd! * *Retailers promoted Ramadan and Kwanzaa* *In hopes to sell books by Franken & Fonda.* *As Targets were hanging their trees upside down* * At Lowe's the word Christmas - was nowhere to be found.* *At...
Comments 5
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
The tides are changing in the local San Jacinto, CA real estate market as short sales take on a greater number of closed escrows each month, over the past 12 month period (November, 2008 thru October, 2009).Prior to June, 2009 the most Short Sales to close escrow in a month was 6, in April.  December and January saw 4 and 5, respectfully and November, February and March only saw either 2 or 3 closed short sales.  June reached the level of 8 closed short sales in a single month and after that we have been in double digits every month...with an increase every month; starting with 12 in July we went to 15 and 16 in August and September and finally up to 24 closed short sales in October, 2009!                 As encouraging as the trend is for those who are involved in short sales it still ...
Comments 4
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
The Housing crises is no stranger to San Jacinto, CA, located in the Inland Empire region of Southern California (Riverside County & San Bernardino County), one of the hardest hit in the entire country.The market has been dominated by the sale of bank owned real estate with 80% of all closed transactions reported to the MLS have been bank owned - or 1,202 of the 1,501 sales that closed escrow in the last 12 months (November, 2008 thru October, 2009).           Although there are numerous ways to look at and consider these numbers, I am not trying to be philosophical about the good and evil affiliated with the housing market and the subsequent fall and crash of our economy, in general.Thru March of this year, more properties were being listed in the MLS, in the City of San Jacinto than w...
Comments 2
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
San Jacinto, CA at the north end of the Hemet - San Jacinto Valley has been one of the hardest hit areas in the country when it comes to foreclosures and the loss of value in residential real estate.  For those who review the data on a national level, the Hemet - San Jacinto Valley is in the Southern California Region known as the Inland Empire which consists of San Bernardino and Riverside Counties.The MLS data shows that there have been 1,841 homes added to our inventory over the past 12 months (November 2008 thru October 2009) of which 1,501 homes sold and closed escrow.      The number of new listings peaked back in March, with 195.  The same month there were 143 closed sales reported to the MLS.  January and November, 2008 were both busy months as well with 187 and 175 new listings...
Comments 0
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Have you ever gone NUTS trying to figure out a program...well I have tonight - over 2 hours on MS Excell trying to make a simple chart. My biggest problem is that instead of showing data every month, for some reaspon it only wants to generate quarterly points on the chart...and that is not going to cut it.I spent the afternoon compiling this data and it is important to me and San Jainto Real Estate. so here is the spreadsheet by itself...   November, 2009 December, 2008 January, 2009 February, 2009 March, 2009 April, 2009 May, 2009 June, 2009 July, 2009 August, 2009 September, 2009 October, 2009   Total Closed Sales 114 118 116 116 143 148 145 135 130 107 104 125   Avg Sold Price $166,503 $145,779 $154,971 $131,060 $121,852 $124,898 $120,859 $141,489 $131,765 $129,779 $134,091 $145,957 ...
Comments 0
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Once again it is time to take a look at the Closed Sales for San Jacinto, CA.  For this report, I'll be looking at the entire month of October, 2009.  My objective is to not only provide the typical numbers that can be found almost anywhere, but to once again break them down into the very critical subcategories of Sale Type and then again by Type of Financing.  In other words I'll be looking at REO Sales independently of Short Sales and FHA Loans differently than Cash Sales.In addition to the Bedroom count, Bathroom count and the Living Space Square Footage I like to take it a step further and analyze the List Price to Sold Price ratio; not only will we look at the Days on Market (DOM) I will also present data that shows how long the typical escrow takes to close for each of these categ...
Comments 0
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Indicted San Jacinto Developer Just Listed His 30 Acre EstateSan Jacinto, CA has been the hotbed of local political news with 4 of our 5 City Council Members under indictment for various campaign and money laundering issues.  In addition to our politicians, 4 others were also indicted including local developer, Robert Osborne the president of Osborne Development Corp.  The 69 year old developer facing 90 different counts, including 25 felonies.  Osborne Development has built many local tracts of some of the better homes in the valley and also has extensive land holdings in the Hemet San- Jacinto Valley, CA.  Currently, the company has homes available for sale in 2 neighborhoods in Hemet and two more in San Jacinto with a 5th in nearby unincorporated Winchester with homes ranging in size...
Comments 2
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
San Jacinto, CA may be having more than its fair share of problems with the recent indictments of 4 of the 5 City Council Members - to include our Mayor and five others.  I am not here to condemn. Convict or even pardon the actions of the accused. Let's remember, they are only accused.  Have you never been wrongfully accused at some time in your life?  I know I had.  At one point in my life I took the attitude that if the accusation is made then there must be some thread of truth to the charges.  All I'm going to say it is downright scary what vindictive people can cook up and how lies can turn to truths before you know it.So yes, this is AMERICA where innocence is GUARANTEED to be PRESUMED until PROVEN GUILTY and I as a Proud American and Citizen of San Jacinto, CA will do my part to e...
Comments 4
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
Last week San Jacinto CA was thrust into the national headlines as a hotbed of political corruption when 80% of the standing City Council - including our mayor, three local prominent business leaders, an elected official of the school district and a pastor from a Northern California church where charged hundreds of times with both felony and misdemeanor indictments.The charges have mostly to do with a failed attempt of one of the council members desire to seek higher office in the State Assembly.  The charges cover a wide assortment of accusations which include but may not be limited to conspiracy, bribes, money laundry, tax fraud, perjury and last but not least filing false government documents.  Some of these guys are looking at up to 26 years in prison.If you want the juicy details, ...
Comments 2
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
I just received an email from ReaLegal®, brought to me by the California Association of REALTORS® that an announcement of a form revision.This post really did start off as a simple review of the form and changes that are now in effect.  Read the whole blog and find out that it is much more than that...The REO Advisory (CAR form REO) has been updated to include the notice that Buyers of REO properties in the State of California (which include the Hemet - San Jacinto Valley, CA by default) that they are not required to purchase escrow services or title insurance from any particular company...let alone the company that the seller has previously mandated.  The new law is called the "Buyer's Choice Act" that became effective on October 11th, 2009 - the day Governor Arnold Schwarzenegger sign...
Comments 8
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
I met with an investor client for the first time yesterday afternoon after spending a short time on the phone with him, after he found me through my Internet presence (can't be sure, but I think it was from here- ActiveRain).The REO property he had definitely wanted to see was a newer 4 bedroom home listed in the mid $140's.  Unfortunately for him it went into escrow on Friday.  Good for me, because it just reinforced what I told him during the week - that good house sell very quickly in this market.Once we got together, we went over 7 homes that I had picked out, researched and mapped a tour of.  As we sat in the office, I realized that he has been going through an hands-on training program presented by a popular TV personality that is making a lot of money flipping homes.It seems ther...
Comments 7
By John Occhi, SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate
(Mason Real Estate)
SAN JACINTO Announces 6% Grant for FIRST TIME HOMEBUYERSThis is EXCITING NEWS:  San Jacinto, CA.  The Redevelopment Agency of the City of San Jacinto just released the final details of the Down Payment Assistance Program which offers a 6% Grant for first time homebuyers.That's right - 6% which can be used for a combination of down payment assistance and closing costs.  The best news is it works in conjunction with the benefits available through the recently enacted bill known as "The Worker, Homeownership, and Business Assistance Act of 2009" and is commonly referred to as the $8,000 First Time Buyer Tax Credit.HOOPS TO JUMP THROUGHLike any government sponsored program, they can't just give it to everyone - there have to be certain qualifications that have to be met - but let's just say...
Comments 4