Megan’s Message Meet Your Neighbor

Insurance & Real Estate Connie Terwilliger of Kensington

Holiday Toy Drive organized by Megan Beauvais & Associates

In this ever changing climate (both Þnancial and environmental), we are seeing the effects widely with our real estate transactions as they relate to insurance. If you are a buyer or a soon-to-be seller, it would be wise to prepare yourself for what to expect so as to eliminate any surprises mid stream.

Happy New Year, Ken-Tal! The 2022 holiday season was full of much needed love, laughter, celebrations, and cheer in spite of the roller coaster of an economic ride we have all been on for the last two years. So many of us are anxious to see what 2023 brings, but only time (and the Fed) will tell.

What the heck is happening in San Diego real estate?! Are homes even selling? Can I even get a loan right now?

Condominium owners are being affected in a couple of ways throughout San Diego County (and probably California in general): a) Many insurance companies are no longer willing to insure some complexes that sit within very high Þre severity or risk zones. As a result, these complexes are forced to look in to a California Fair Plan, which provides very basic coverage at often three or four times the average cost. This increased cost is then passed on to the owners of the individual units. In a situation where the HOA dues are $300-$400/mo on average, they can either jump drastically (IÕve seen them proposed at as high as $1200/mo) or the HOA could impose special assessments. These are lump sum fees in addition to the lower HOA dues and are usually paid off over a period of time. Once the special assessment is paid off, the owner only has to pay the usual/regular HOA dues. The special assessment is a way to keep lower ongoing HOA dues, however pay for large projects or, in this case, large insurance bills.

These are some of the questions I get on a daily basis in the midst of our COVID19 shelter in place period.

Many home buyers and sellers will try to time the market perfectly. I can’t tell you how many people I have heard relay to me recently that they are going to wait until the market crashes to buy. Having worked in the real estate industry for 25+ years, I can attest to the fact that we never know whether we were at an all-time “high” or “low” until we are on the other side of it. It is true that, as a home seller, one would have done much better if selling 6-9 months ago rather than right now. It is also true that as a home buyer, one would have benefitted from half the interest rate being charged now. The fact remains that people still need to move, and need housing, which will continue to push the movement in the real estate market in a forward direction, particularly in areas that benefit from vast and varied work sectors and suffer from a lack of sufficient housing units, such as our beloved San Diego.

My advice is this:

Our Ken Tal Holiday Toy Drive was a total success, we were able to collect over 65 toys with the help of my clients and our community! Special thanks to those who participated in the Toy Drive donations! These gifts really do make a difference in the lives of our community’s youth that would otherwise receive nothing for the holidays. This year was our first year partnering up with the YMCA & Toys for Tots for their annual toy drive, I look forward to next year, my goal will be to collect over 100 toys! Want to know what distribution day looked like at the Y? Visit https://www.instagram.com/ ymcasandiego/ to view their Holiday Party Toys for Tots Event!

Meet your neighbor Wendy Reynolds

and benefit thanks to their service!), and if you are borrowing $701,500 or less, which puts you in the conventional financing category, many lenders will still allow you to put as little as 5% down. All loans and all lenders are not created equal, nor are their financing programs. Contact me for a referral to a trustworthy lender that can provide you the information you need to get started in your research.

b) The other issue that we are seeing more frequently with condominium complexes is that they are under-insured as compared to what the lenders are now requiring for replacement coverage. Due to the abundant wildÞres in recent years as well as the rise in cost for construction materials, the replacement coverage for a condo building is often not sufÞcient. If you live in a condominium complex currently, it would be wise to bring this up as a topic of discussion at an HOA meeting and shop insurance as this could prevent a sale from going through. As a standard of practice for my clients planning to sell, this is one of the Þrst items we check on to be sure there will not be any issues or surprises mid-escrow.

San Diego has been ConnieÕs home since 1977, after her graduate degree at Indiana University. San Diego held fond memories from her childhood, with her father serving in the Marine Corps and being stationed at Camp Pendleton twice. Since coming to San Diego, sheÕs been a writer/producer/talent for radio and television and corporate communications. She was the Þrst female TV booth announcer at Channel 8 and freelanced for video production companies, as well as worked at local radio stations including K-Joy, Sunny 103.7 and KyXy.

Connie was living in Normal Heights when she landed a full-time job at General Dynamics in their Film and Video Department, which provided a steady paycheck and prompted her to take the leap to a larger home in Kensington.

The 8th Annual Holiday Lights Bike Ride

We had an amazing turnout at our Kensington Annual Holiday Lights Bike Ride! Despite the morning showers we still had around 200 riders and skies were cleared during the full and family rides! Congratulations to our House Deocration Winners at 4119 Palisades, 5341 Marlborough, & 4207 Hilldale, our team of judges voted these house as best decorated along our route, thank you to everyone who decoreated their beautiful homes it was hard narrowing it down to just 3. Special thanks to our community for coming out and joining us, hope you had a great time! This annual event is organized by the Kensington Talmadge Business Association, for more information visit KenTalBiz.org.

If you would like to explore buying and/ or selling in this ever changing market, give me a call at 619.944.2798 or email me at Megan@MeganB.com. I’d be happy to discuss with you what sets my service apart from the rest!

If you are considering buying a home this year, think LONG TERM. Gone are the days when you can count on making a profit within a 2 year time frame and then move on/up. This has always been the advice I gave to my clients, even prior to pandemic times and remains as such. 10 years from now, chances are you will be glad you paid that extra $10-$20k that the seller dug their heels in for. With that time frame in mind, consider the longevity the home offers. Is this a space your family can grow in, will you be able to be comfortable here for 7-10 years?

I am here to tell you that indeed, homes are selling and people are getting loans. It’s still a bit early to see any price adjustment trends as we tend to measure that trend over a 3–6 month time frame and we just don’t have that hindsight as of yet. But I can tell you that I am still consistently seeing multiple offers on properties in San Diego, particularly in the $1.2 million range and below with both my buyer and seller clients. Of course, this depends on the location and overall presentation, but with an already very limited set of housing inventory for buyers out there to choose from, it’s even tighter now. Those that can still qualify for a loan are able to take advantage of the still low rates and achieve their dream of homeownership, moving up, or downsizing.

Single family homes have different pitfalls when it comes to insurance to be aware of: a) A homeowner may have more control over the type of coverage and cost than the above situation, however it's important to verify insurability and cost on a home if you are interested in purchasing before you remove any contingencies and ideally just before or just as you are preparing to write an offer. Lenders are looking very closely at replacement cost for both condos and houses, and this will come in to play when purchasing if you are securing a loan. Insurance costs have increased considerably over the last couple of years for new policies as well as for policies already in place (my own homeownerÕs insurance policy on my primary residence increased by $1200 in a year from 2022-2023).

It was the summer of 1987 when Connie Terwilliger discovered our wonderful community of Kensington. Her tax accountant, Doug Generoli regaled her with tales of a stunning house that she needed to see. Intrigued, she made her way over to the property. From the moment she crossed the threshold, she was struck by the homeÕs undeniable charm. The previous owners, Bob and Ila Joy Ely, had moved north of Adams and left the house to be rented out for the previous decade. As she took in the sights and sounds of the home, she knew that Kensington was the place for her. She even built a recording studio in her new home.

Our spotlight this month is on Wendy Reynolds of Talmadge. A San Diego native, Reynolds grew up in Clairemont, went to Mission Bay High School and attended San Diego State for college, “GO AZTECS!” Along the way Reynolds moved to San Francisco and after 20 years in the Bay Area, she decided she needed a change and made the move back to her hometown of San Diego. After going to area open houses, she came across Talmadge. According to Reynolds, “I loved the friendly neighborhood vibe and all the planned activities. I haven’t seen a neighborhood quite like Talmadge.” b) If you Þnd yourself living in or searching for a home in a high Þre hazard severity zone (high risk), you may Þnd that you canÕt obtain coverage on a new purchase from standard insurance agencies and so will have to revert to the California Fair Plan, which offers buffet style coverage options for liability, replacement cost, etc. and then purchase a secondary policy to cover personal property. These policies are signiÞcantly more expensive than a standard policy so be sure to do your homework in advance on coverage options and shop around.

She loves Kensington because itÕs great to have everything she needs within walking or biking distance, and it gives her that feeling of being part of a small, tight-knit community. The fact that she can jump on a freeway and get anywhere in town in just 20minutes is deÞnitely a plus. For 20+ years she was a part of a morning coffee group at Ken CafŽ where they still have a plaque of her dog Bailey on the outside wall. Having great restaurants in the neighborhood is a big bonus.

If you are a home seller, get ready to rumble! Buyers have more negotiability these days, but that doesn’t mean you are getting the short end of the stick. Likely, you are still benefitting from a significant profit, albeit not what it would ave been in the spring of 2022. Remember that selling a property and buying a property is most successful when there is a win on both sides. Prepare yourself for this and be strategic - both in your pricing and in your preparations. It is imperative to set your property apart from the others. You can do so by following the advice of a real estate professional regarding premarketing suggestions (paint, repairs, inspections, and staging for example).

Loans can be a little tricky these days for a primary residence and trickier still for an investment property. For a primary residence loan, with many (but not all) lenders, you should count on having at least 20% down if you are needing to borrow $701,501 or higher as this puts you in the “jumbo loan” category. Most lenders are still processing VA loans up to $1 million $0 down (always an incredible opportunity

If you have been considering buying and/or selling real estate, I would welcome the opportunity to meet with you and discuss what my proven strategies can do for you in 2023. Contact me at Megan@MeganB.com or 619.944.2798!

May this year prove to be prosperous and joyful! I look forward to seeing you around the neighborhood!

The Annual Talmadge Caroling at the Circle

c) If you live in or plan to purchase a historically designated home/landmark, your insurance options may be limited but they are out there. Some insurance companies are no longer offering coverage due to the replacement cost (again, the rising cost of materials rears its ugly head) since replacing becomes restoring it to its original state in order to maintain the historic status. I have personally owned two historic properties and have been able to secure coverage without question. As noted above, it does come with a higher price tag, but its worth it in order to avoid headaches in case of a destructive event and the insurance is needed.

The bottom line is that there are many, MANY changes occurring both within the world of lending requirements as well as the insurance industry. What was true 10 years ago does not hold true today. Do your homework and reach out to a trusted professional. I am happy to provide guidance and referrals if you Þnd yourself in need. Just give me a call at 619-944-2798 or shoot me an email at Megan@MeganB.com promise

Another one for the books! The Annual Caroling at the Circle is one of my favorite neighborhood events in Talmadge, I love putting this event together for our community. What a huge success we had this year, it was a great time catching up with Friends & Neighbors, we laughed and we even sang some Hanukkah songs to kick off the first night of the festival of lights! Special thanks to all the Talmadge neighbors who decorated the traffic circle so beautifully, and to Tom Barb, who makes a terrific Saint Nick! Hope to see you December 2023!

Connie has enjoyed working in Community Theater for the last 20ish years. She is currently in the play ÒRose and WalshÓ at Point Loma Playhouse, (closing on June 4th). ÒSilkwormsÓ, a play she wrote runs June 2nd - June 18th at LamplighterÕs Theater in La Mesa. To round off her working career, Connie also taught a voice acting class at City College for 17+ years and now is easing into retirement. That being said, she will continue to do voiceover work until she canÕt read words on the page, or remember how to turn on the microphone.

ConnieÕs family is scattered all over the globe, with relatives in Germany and Mexico. Despite the distance, she has found other sources of companionship and love right here in Kensington. Her furry friends, including her 3 cats and dog, have been a constant source of joy and comfort, and theyÕve become an important part of her family. In addition, to her pets, she now shares her home with Vira Ustianska and her 8 year old daughter Vasy, both refugees of Ukraine. (Vira, an amazing oil painter was featured here earlier this year)!

Connie is very involved with several community activities. She is a member of the Adams Community Recreation Group. She is also the originator of the Ward Canyon Waggers, a dog group advocating for better off-leash options, they also organize a monthly trash clean-up in the local park every 2nd Saturday of the month. Look for the event postings on the Ward Canyon Dog Park Facebook page.

In May of 2019, Reynolds made Talmadge her home. A graphic designer for 25 years, she has owned her own design business, Olive Design for 20 years and is currently freelancing. Ultimately, she is looking for a permanent employee position (hint, hint). You can find her online portfolio at wendyreynolds.myportfolio. com. In her free time, Reynolds loves hiking, mountain biking, print making, art shows and happy hour. Her passions include travel, photography and she loves her adorable dog, Diego. If you see them out in the neighborhood, be sure to say hello! Happy to have you here, Wendy!

YouÕll see Connie and her furry buddy Baxter walking around in the neighborhood, so be sure and say Òhello!Ó And to get information on her upcoming plays, please visit lamplighterslamesa.com / pointlomaplayhouse.com