North County Market Statistics for May 2013

1. The median price for all North County home sales – attached and detached – increased to $470,000 in April 2013 compared to $448,000 in March 2013. a. Detached homes in North County increased 1.9 percent in April 2013 to $535,000 compared to $525,000 in March 2013. Year-over median price for SFD in North San Diego County jumped 27.38 percent, from $420,000 in April 2012, continuing a nine-month trend of yearover median price increases (the last two months exceeding 25 percent). April 2013 reported the highest median price in North County since mid-2008. i. Detached home prices OUTSIDE North County increased 1.27 percent to $400,000 in April 2013 compared to $395,000 in March 2013. Year-over non-North County median price jumped 17.73 percent compared to $339,750 in April 2012, making a 13-month trend of year-over median price increases. b. Attached home prices in North County increased 4.1 percent to $330,000 in April 2013 compared to $317,000 in March 2013. i. Non-North County attached home prices remained constant at $265,000 in April 2013. c. The number of North San Diego SFD listings (active and contingent) rose 0.76 percent from March 2013 to April 2013, but decreased 38.83 percent year-over from April 2012 – the 20th month of year-over declines in listings. The number of sold North San Diego County SFD units increased 9.03 percent in April 2013 compared to March 2013. Year-over sold SFD units increased 8.91 percent compared to April 2012. i. Median days-on-market for single-family detached homes sold in North County fell to 19 days in April 2013 compared to 26 days in March 2013. d. The HomeDex affordability percentage for all homes in North San Diego County – attached and detached – decreased to 36 percent in April 2013 compared to 39 percent in March 2013.

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Lake San Marcos – Bankruptcy Update

The following info was furnished by the “Friends of Lake San Marcos.”  See below photo.

 

On May 2 another hearing was held in Federal Bankruptcy Court in downtown San Diego.

Concerning the Executive Golf Course (which was in a separate bankruptcy action not involving the Lake and Recreation Facilities), CDC has purchased the note on the Executive Course from Frazar, and have petitioned the court to allow this bankruptcy action to be dismissed (closed).  This is a great plus for Lake San Marcos homes surrunding the golf course.

The court has responded that as soon as the US Trustee informs the court that all other past due taxes, Vallecitos water bills, and other trade issues have been resolved, the court will dismiss this bankruptcy.  CDC indicated all these bills have been brought up to date and there are no remaining issues.

Therefore, CDC will have complete control of the Executive Course in the near future, and that property will no longer be involved in any bankruptcy proceedings.

The other bankruptcy proceeding involving the Lake and Recreational Facilities continues to be “on hold” awaiting a response from the National Credit Union Association concerning the purchase of the note they hold on the Recreation Facilities.

In general things are looking better at Lake San Marcos.  The $9 million hotel remodeling is nearing completion and the buildings sport a fresh, clean, modern appearance.   Many of the abandoned boats have been removed from the water, and as of last week, they have also been removed from the parking lot above the Convention Center.  The Meridian continues to work towards its grand opening, and last week they planted fifteen palm trees along San Marino Drive.  Some who have toured the Meridian report it will be very luxurious.  Houses are again selling well, and prices are starting to return to pre-recession levels.

While many residents are patiently waiting for further progress on the Lake and Recreation Facilities, activity is moving forward on a number of other fronts.

If you would like more information about the real estate in Lake San Marcos, contact Gary Harmon, resident and Lake San Marcos specialist.