Dave Kaemmerling

Hi Irma,

Actually your credit would get 'better' if you paid down your credit balances. You may just have less funds for your purchase, thus making it harder to qualify for a loan. In most cases the lender can do a 'rapid rescore' immediatly after you pay down your credit balances increasing your credit scores.

Your current options when considering to buy a SFR (single family residence).

1. Keep it and not buy a SFR (single family residence) and stay where you are.
2. Keep it as a rental and buy a SFR (if you can afford keeping it, and qualify for another loan)
3. Try to sell the condo and come in with cash (over $50k to close- the short amount)
4. Look at a possible short sale, rent for a while until your credit recovers and then get back into the housing game when it does.
5. Buy a SFR first, keep the condo as a rental, as long as possible, and if the market turns in your direction, sell it at a more favorable amount than now-hopefully. If not, maybe then have to sell one of the 2 properties as a *short sale. You would have your SFR.

*With a short sale, consider how this will affect your future decision making based on your credit. Call if you need some guidance. Best to you and yours.

Dave Kaemmerling
Cypress Realty
(831) 688-3088 - Tue Jul 29 2008, 09:03

Yes and it's best you have your realtor's designation to best accomplish the BPO's as you will need access to sales comparisons etc... Call me I'm a broker here in Santa Cruz if you need some friendly direction.

Warm Regards,
Dave Kaemmerling
Cypress Realty
(831) 688-3088 - Fri Jul 25 2008, 12:38

Hi,
It's not doing you justice to give you an 'average' when considering the costs of construction here in Santa Cruz. Because Santa Cruz is not really an average run of the mill type environment. Almost any lot you compare nowdays are not really comparable because Santa cruz is mostly built out. You will see infill lots, lot split sell offs, or uneven rural lots and land. And the 'type of lot' you choose has many effects on the cost, as it can greatly change your 'building costs'.
If you speak with anyone who has tried to build a home for themself ( or major remodel), you'll get a different story. And for most unexperienced contractors (or contractors unfamiliar with Santa Cruzs' requirements, foundation work is the number one underestimated cost when it comes to 'the cost of construction'. There aren't many 'normal' lots left in santa cruz (level, post stamp type, etc..). So you'll need case by case advise. You may find that a postage, level lot, in which foundation is not a major issue, you would expect to pay approx $200- $300+ per foot, depending on certain ammenities. However most of the time, the 'ideal lot' for someone planning to build here has the uneven terrain to contend. Please make note there are two types of costs 'soft' and 'hard.'. How much the lot costs (hard cost), permits (soft costs) drawings(soft costs),construction loan fees (soft cost), take out loan fees (soft costs), carrying costs (soft), defferred interest payments during construction (soft),etc...all may come into play.
There are many details that in an area like ours is hard to give you an average and do your question any real justice.
Another major vairable, here in Santa Cruz ,are custom home costs because most of what is here is not tract housing. The contractor may be lower, in bid, however, they may be cutting some tof the finishing work that will ony avail themselves to you later. So make sure to see the overall materials list when a contractor bids on a specific project. If possible, get references (pictures and addresses) of other buildings the contractor has completed over 2 yrs old.
I have sold properties for some good contractors that I can connect you with, that have references you can see locally. ...or if you need to ask a professional builder some friendly questions, I can personally put you in contact with teh right one as a courtesy. If you have something in mind great, otherwise, I can help you find the right lot that would fit your needsa as an active Realtor here in Santa Cruz County. I might even be able to see you through to completion!


Warm Regards,

Dave Kaemmerling
Cypress Realty
(831) 239-3222 Direct
(831) 688-3088 Office
dave.kaemmerling@gmail.com - Thu Jul 24 2008, 19:16

Hi Summer,
My sister-n-law's name is summer, nice name. I live here in Rio Del Mar along w/ you. So to answer your question with views of ocean, on a lot 8,000 + sq ft **over a million**and price adjustments depends on the ammenities and type views and location in upper rio del mar. I guess you probably didn't just enter the market, and you know a little bit about real estate, to have a home of this size in upper Rio Del Mar. Market is sft but still holding better than most parts of the world, see housing snapshot (I can email you) Lets get together and talk, I just sold a home on Martin Dr. in the $900's 4/3 a few blocks from Rio Del Mar Beach, and (in my opinion, prices are not looking to get better or regain their current value in less than 4-5 yrs. Looking forward... loans are not getting easier to obtain and the ones that are offered at a decent rate are the conforming loan amount (under $417,000) - the 'Bush' stimulous package did little for us here and in higher cost areas. This greatly reduces the demand. However, we are still seeing people with money wanting out of the 'stock market' and place their cash investments it into homes- (some are paying cash now...) So with out many more buyers out there and less money to compete as people dwindle away from the market and use their liquid assets to buy, a couple of years to recoup is optimistic, however, who has a crystal ball right? ...Don't forget what we have seen historically on interest rates, post war, and what happens during and after an election year. Summer, each individuals needs are different and you asked a very general question. In regards to your current position, like I said, lets get together and talk- no pressure. We also do preoperty management.
Sincerely,
(831) 688-3088
Dave Kaemmerling
Broker
Cypress Realty
Rio Del Mar- life resident- 7 yrs experience in mortgage market,
Real Estate is my sole profession.
(831) 688-3088 - Thu Jun 5 2008, 20:51