The Lawhead Team would like to share the latest and greatest on condominiums and town homes in North San Diego County. Check out the latest statistics for single family attached homes:

• The North San Diego County median-priced single-family attached (SFA) home dropped 10.10 percent, to $358,250 in July 2014 from $398,500 in June 2014.
• Non-North San Diego County SFA home median price decreased 0.94 percent, from $318,000 in June 2014 to $315,000 in July 2014.
• North San Diego County SFA median price increased 1.49 percent year-over, compared to $353,000 in July 2013, the 30 month of year-over price increases.
• Non-North County single-family attached median year-over price increased 6.78 percent, compared to $295,000 in July 2013.
• San Diego County SFA home median price decreased 2.99 percent, from $335,000 in June 2014 to $325,000 in July, but increased 1.4 percent year-over compared to July 2013.
• The median number of days-on-market for North County SFA homes sold decreased, to 16 days in July 2014 from 21 days in June 2014. The average number of days-on-market decreased, to 32 days in July 2014 from 35 days in June 2014.
• The number of sold SFA units increased 3.31 percent in July 2014 from June 2014, and the number of sold SFA units in non-North County Zip Codes increased 4.5 percent in July 2014 from June 2014.
• Year-over single-family attached sales in North San Diego County dropped 17.89 percent, compared to July 2013. Non-North County year-over sold units fell 13.69, compared to July 2013.
• SFA listings (active and contingent) in North San Diego County fell 1.45 percent in July 2014 from June 2014, but increased 28.19 percent year-over from July 2013. San Diego County single-family attached listings (active and contingent) dropped 6.27 percent in July 2014 from June 2014, but increased 9.41 percent year-over compared to July 2013.

The Lawhead Team would like to share a great article from Coldwell Banker about buying in a condominium complex. Here are 5 questions for condominium buyers.

The condominium market is heating up. According to the National Association of REALTORS®, condo sales across the country have climbed steadily since 2011. In the West, sales in June 2014 were up 7.1 percent year over year. Prices are up over last year, too, by 3.2 percent nationwide – and as much as 7.1 percent in the Midwest and 10.2 percent in the West. Here’s what you need to know before you buy a condo:

Pros:

• Affordable homeownership
• Access to amenities (e.g., swimming pool, gym)
• Low maintenance

Cons:

• Slower appreciation and more days on market
• Lack of privacy
• Monthly association fees and assessments

Ask the right questions
Finding the best condo match means doing some homework and getting good information.

1. What are the rules? All condo associations have them. Are they too stringent to live with comfortably? Or are they so relaxed that the community risks becoming run down?
2. What is covered? The association collects fees and carries an insurance policy. Does the association pay for a leaky roof or does the owner? Who is responsible to pay for repairs if a pipe bursts in the wall between units? Who covers the cost of building code upgrades? What additional insurance is necessary beyond the association’s policy?
3. What percentage of residents are renters? Renters might not give the same care to a property that the owner would, and a high percentage of renters in a condominium community might limit the types of loans available. On the other hand, an investor will want to know if renting is allowed. If so, does the owner find the tenants or the will the association do it?
4. Is the association on solid financial ground? The older the condominium, the more money the association should have set aside for maintenance and repairs. Read the association meeting minutes to find out if there are outstanding maintenance issues that could exceed cash reserves. How many owners are delinquent on fees? Does the association have any liens against it? Lawsuits pending?
5. Who’s the boss? Is there a professional management company or do the owners manage the condominium themselves?

What to tell clients:  Condo ownership can offer advantages, but it can be a tricky transaction. Encourage clients to have a real-estate lawyer review the association’s bylaws and to speak with a Mortgage Advisor who understands the intricacies of loan requirements for the various types of condominium communities.

Read entire article about buying a condominium here.

Sources:

The Lawhead Team specializes in Real Estate in the North San Diego area. If you are looking to purchase a home or condominium in San Diego, see what the latest for housing affordability is:

Housing Affordability – Single-Family Detached Homes

• The monthly payment – including principal, interest, property taxes, and insurance – for the median-priced SFD home in North San Diego County increased, from $2,869 in May 2014 (based on a conventional mortgage) to $3,084 in June 2014.
• The monthly payment for the median-priced SFD home in non-North San Diego County increased, from $2,333 in May 2014 to $2,392 in June 2014.
• The percent of San Diego County households that could afford the median-priced SFD home in North County declined, from 27 percent in May 2014 to 24 percent in June 2014, according to the North San Diego County HomeDex; the affordability percentage in non-North County zip codes decreased from 36 percent in May 2014 to 35 percent in June 2014.
• The affordability percentage was 28 percent in North San Diego County, and 41 percent in non-North San Diego County compared to June 2013.
• The HomeDexTM affordability percentage for all homes in North San Diego County – single-family detached and single-family attached together – decreased from 31 percent in May 2014 to 29 percent in June 2014.

Housing Affordability – Single-Family Attached Homes

• The monthly payment – including principal, interest, property taxes, and insurance – for the median-priced SFA home in North County increased, to $2,008 in June 2014 from $1,940 in May 2014.  The monthly payment for the median-priced SFA home in non-North San Diego County zip codes increased, to $1,602 in April 2014 from $1,581 in May 2014.
• The percent of San Diego County households able to afford the median-priced SFA home in North County decreased, from 44 percent in May 2014 to 43 percent in June 2014.
• The SFA home affordability level for non-North San Diego County zip code remained at 54 percent in June 2014.
• 53 percent of county households were able to afford the median-priced SFA home in North San Diego County in June 2013; 60 percent were able to afford the median-priced SFA home in non-North County zip codes in June 2013.

The Lawhead Team would like to share our latest listing we have in La Costa.

Located at 7210 Plaza de La Costa, this beautiful 2 bedroom, 2 bath condo is located in a gated community and is priced at $410,000.

View the virtual tour of this gorgeous La Costa property here.

The Lawhead Teams would like to share the latest from the California Association of Realtors® HomeDex Report about single family attached homes in San Diego:

• The North San Diego County median-priced single-family attached (SFA) home increased 2.13 percent, to $380,450 in May 2014 from $372,500 in April 2014.
• Non-North San Diego County SFA home median price fell 2.36 percent, from $317,500 in April 2014 to $310,000 in May 2014.
• North San Diego County SFA median price jumped 20.78 percent year-over, compared to $315,000 in May 2013, the 28th month of year-over price increases.
• Non-North County SFA median year-over price increased 5.89 percent, compared to $292,750 in May 2013.
• San Diego County SFA home median price increased 0.45 percent, to $335,000 in May 2014 from $333,500 in April 2014.  Year-over county median price increased 9.84 percent compared to May 2013.
• The median number of days-on-market for North County SFA homes sold remained at 14 days in May 2014.  The average number of days-on-market fell to 29 days in May 2014, from 34 days in April 2014.
• The number of sold SFA units decreased 13.85 percent in May 2014 from April 2014; the number of sold SFA units in non-North County Zip Codes decreased 5.38 percent in May 2014 from April 2014.
• Year-over SFA sales in North San Diego County increased 1.51 percent, compared to May 2013. Non-North County year-over sold units decreased 10.63, compared to May 2013.
• SFA listings (active and contingent) in North San Diego County increased 11.85 percent in May 2014 from April 2014, and increased 27.32 percent year-over from May 2013.  San Diego County SFA listings (active and contingent) increased 12.81 percent in May 2014 from April 2014, and increased 23.61percent year-over compared to May 2013.

The Lawhead Team would like to share some recent statistics for single-family attached homes such as town-homes and condominiums in North San Diego County:

• The North San Diego County median-priced single-family attached (SFA) home jumped 15.39 percent, from $322,813 in March 2014 to $372,500 in April 2014.
• Non-North San Diego County single-family attached home median price increased 9.24 percent, to $317,500 in April 2014 from $290,650 in March 2014.
• North San Diego County SFA median price increased 12.88 percent year-over, from $330,000 in April 2013 – the 27th-month of year-over price increases.  Non-North County SFA median year-over price increased 19.81 percent, from $265,000 in April 2013.
• San Diego County SFA home median price increased 10.98 percent, from $300,500 in March 2014 to $333,500 in April 2014.  Year-over county median price increased 15 percent compared to April 2013.
• The median number of days-on-market for North County single-family attached homes sold declined, from 21 days in March 2014 to 14 days in April 2014.  The average number of days-on-market fell from 51 days in March 2014, to 34 days in April 2014.
• The number of sold SFA units increased 37.32 percent from March 2014 to April 2014; the number of sold SFA units in non-North County Zip Codes increased 17.59 percent from March 2014 to April 2014.
• Year-over single-family attached sales in North San Diego County increased 23.81 percent, from April 2013. Non-North County year-over sold units increased 14.42, compared to April 2013.
• SFA listings (active and contingent) in North San Diego County increased 13.64 percent from March 2014 to April 2014, and increased 14.84 percent year-over from April 2013.  San Diego County SFA listings (active and contingent) increased 5.3 percent from March 2014 to April 2014, and increased 10.46 percent year-over compared to April 2013.

If you are in the market for an attached home such as a town-home or condominium, The Lawhead Team would like to share the latest statistics with our readers on home prices for North San Diego County:

Single-Family Attached Home Prices:

• The North San Diego County median-priced single-family attached (SFA) home increased just 0.54 percent, to $322,813 in March 2014 from $321,083 in February 2014.  Non-North San Diego County single-family attached home median price fell 1.47 percent, from $295,000 in February 2014 to $290,650 in March 2014.
• North San Diego County single-family attached home median price increased 1.83 percent year-over, compared to $317,000 in March 2013 – a 26-month trend of a year-over price increases.  Non-North County SFA median year-over price increased 9.68 percent, compared to $265,000 in March 2013.
• San Diego County SFA home median price increased 0.17 percent, to $300,500 in March 2014 from $300,000 in February 2014.  Year-over county median price increased 5.44 percent from February 2014.
• The median number of days-on-market for North County SFA homes sold declined, to 21 days in March 2014 from 30 days in February 2014.  The average number of days-on-market fell to 51 days in March 2014, from 52 days in February 2014.
• The number of sold single-family attached home units increased 22.41 percent in March 2014 from February 2014, and the number of sold SFA units in non-North County Zip Codes increased 9.29 percent in March 2014 from February 2014.
• Year-over SFA sales in North San Diego County dropped 11.53 percent, compared to March 2013. Non-North County year-over sold units decreased 18.26, compared to March 2013.
• Single-family attached home listings (active and contingent) in North San Diego County increased 2.88 percent in March 2014 from February 2014, and decreased 4.35 percent year-over from March 2013.  San Diego County SFA listings (active and contingent) increased 2.67 percent in March 2014 from February 2014, and increased 2.52 percent year-over compared to March 2013.

The Lawhead Team would like to share the pros and cons of living in a home with an HOA:

People have good and bad thoughts about an HOA. In many cases and HOA is beneficial to a neighborhood however there are many rules homeowners usually have to abide by.

Pros of an HOA:

• Recreational activities – Your neighborhood or complex may have a pool, community center or walking trails. These are all maintained by the HOA.
• The appearance of your community – There are standards an HOA will set that each homeowner has to live by. This usually means you are less likely to see unkempt lawns, dilapidated cars in the driveway and peeling paint on the houses. You will even sometimes have certain guidelines when it comes to the color you are allowed to paint your home.
• Services included – Many HOAs will include services such as trash removal, lawn care, common area maintenance and more.
• Mediator for disputes – If your neighbor’s dog barks excessively, you can ask your HOA management to handle the issue rather than causing strife between you and the neighbor.

Cons of an HOA:

• HOA dues can be expensive – All the pros above come with a cost! HOA dues are a monthly fee that must be paid or else they can put a lien on your home. The fees vary based on the community you live in.
• You may be fined – If you do not comply with the rules the HOA sets in place, you will be fined. If there are rules about cars being parked on the streets or trash cans being taken in on trash day and you do not comply, the HOA can fine you.
• Dues can be raised – If you can handle a $350 association fee that is fine. But what if they raise it to $400? HOAs can raise your dues for any number of reasons at any time.
• You may not be able to rent your home – Some HOAs have rules about renting out your home if you move elsewhere. Board approval may be required so it is important to check with your HOA about renting out your property in the future before you buy it.

If you are looking for a condo or town home in the North San Diego area, continue reading to see what the latest scoop is for single family attached homes:

• The North San Diego County median-priced single-family attached (SFA) home decreased 0.59 percent, to $337,000 in January 2014 from $339,000 in December 2013.  Non-North San Diego County SFA home median price increased 1.06 percent, from $282,000 in December 2013 to $285,000 in January 2014.
• North San Diego County SFA median price increased 18.25 percent year-over, compared to $285,000 in January 2013 – the 25th month of a year-over price increases.  Non-North County SFA median year-over price increased 25.55 percent, from $227,000 in January 2013.
• San Diego County SFA home median price increased 1.67 percent, to $305,000 in January 2014 from $300,000 in December 2013.  Year-over county median price increased 24.49 percent compared to January 2013.
• The median number of days-on-market for North County SFA homes sold increased, to 36 days in January 2014 from 29 days in December 2013.  The average number of days-on-market increased to 54 in January 2014, from 49 days in December 2013.
• The number of sold SFA home units dropped 21.15 percent in January 2014 from December 2103; the number of sold SFA units in non-North County Zip Codes fell 12.98 percent in January 2014 from December 2013.
• Year-over SFA sales in North San Diego County increased 1.38 percent, compared to January 2013. Non-North County year-over sold units increased 2.75, compared to January 2013.
• SFA home listings (active and contingent) in North San Diego County increased 7.01 percent in January 2014 from December 2013, and decreased 7.22 percent yearover compared to January 2013.
• San Diego County SFA listings (active and  contingent) increased 4.54 percent in January 2014 from December 2013, and decreased 2.58 percent year-over compared to January 2013.

The Lawhead Team always shares the North San Diego County Association Of REALTORS Homedex Report with our followers. Check out what is going on for San Diego’s single family attached homes.

• The North San Diego County median-priced single-family attached (SFA) home decreased 3.14 percent, from $350,000 in November 2013 to $339,000 in December 2013.  Non-North San Diego County single family attached homes median price increased 0.53 percent, to $282,000 in December 2013 from $280,500 in November 2013.
• North San Diego County single family attached homes median price jumped 21.07 percent year-over, from $280,000 in December 2012, for 24 straight months of a year-over price increases.
• Non-North County SFA median year-over price increased 15.57 percent, compared to $244,000 in December 2012.
• San Diego County single family attached homes median price decreased 3.23 percent, from $310,000 in November 2013 to $300,000 in December 2013.  Year-over county median price increased 19.34 percent compared to December 2012.
• The median number of days-on-market for North County single family attached homes sold increased, from 28 days in November 2013 to 29 days in December 2013.  The average number of days-on-market increased from 42 days in November 2013, to 49 days in December 2013.
• The number of sold SFA units increased 6.49 percent in December 2103 from November 2013; the number of sold SFA units in non-North County Zip Codes increased 9.09 percent from November 2013 to December 2013.
• Year-over SFA sales in North San Diego County increased 1.09 percent, from December 2012. Non-North County year-over sold units decreased 8.67, compared to December 2012.
• SFA listings (active and contingent) in North San Diego County decreased 15.65 percent from November 2013 to December 2013, and decreased 21.43 percent year-over compared to December 2012.  San Diego County single family attached homes listings (active and contingent) decreased 14.41 percent from November 2013 to December 2013, and decreased 10.92 percent year-over compared to December 2012.