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This August, the number of home sales dropped, while the median sale price increased in the North Country real estate market. This trend is more commonly seen in the winter months, and a rare occurrence in the summer months such as July and August. Home sales fell to 604 houses, down 24 percent from July and 34.3 percent from August 2009. Condos experienced a similar trend with sales down by 15 percent from July and 23.4 percent from August 2009. The market had hit comparable low in January of this year, and before that in 2007. Despite the drastic drop in sales over the summer months, the median homes sales price increased. This boost can be attributed to the types of sales buyers gravitated towards. We saw more traditional sales and foreclosures than short sales, where sellers are able to price their home below what they owe on it. For this reason, the median sales price in North County increased by 1 percent in July and 5.7 percent from the same time last year. However,...
As a homeowner and prospective seller how do you recognize when it is a good time to put your home in the market? There are many important questions you need to ask yourself and information to review before making your decision. The first thing to consider is the desirability of your location. The national real estate market draws all areas together to give an average or overall picture. The idea here is to look at extremely localized market conditions for your community and neighborhood. The recent activity in the area should be the first clue to whether you live in a desirable neighborhood. Some contributing factors may include a prestigious school system, local amenities, or even status. Local communities such as La Jolla have a world wide reputation of being a beautiful and esteemed location to live in. The statistics to pay close attention to are: existing and pending sales, prices of those homes, foreclosures in the area, and days on the market. To find out how much you could...
Winning the Bank’s Approval
The latest news on low mortgage rates is attracting many home buyers and we are seeing an increase in demand over the past few months. However, low mortgage rates are not the critical factor in the home buying process. While average mortgage rates are still hovering below 5 percent, it has become very difficult to qualify and get a loan. Lenders have been far more scrutinizing of mortgage applicants’ financial documents, even those who seem to have plenty of collateral and spotless credit records are facing resistance. For buyers who do not fit in the conventional model- having verifiable income and high credit scores- it is especially difficult to get approved for a mortgage. Along with low mortgage rates and bank approvals, another influential factor in the real estate market is the uncertainty surrounding the economy. While low mortgage rates are attracting more potential buyers into the market and are expected to remain low, they are looking for signs of stabilization. On July...
Mortgage Rates Continue to Fall
As July ends, mortgage rates continue to hit historic lows. A 30-year fixed mortgage rate averaged 4.45 percent, with a fee of 0.7 point, one year ago the rate was 5.25 percent. A 15-year fixed rate mortgage fell to 4 percent, with a fee of 0.7 point, a year earlier the rate was 4.69. Mortgage rates fluctuate on a daily basis, however, in recent months that have managed to remain around 4.5 percent. Here in San Diego County, mortgage rates are even lower than the national average at 4.48 percent for a 30-year fixed and 3.95 percent for a 15-year fixed. These low rates are quickly attracting new home buyers to make a purchase, and encouraging existing homeowners to refinance. Getting these rates on your mortgage may not be as easy as expected though, because many applicants are not qualifying. Loan officers are looking for applicants with a high credit score of 740 or more. They must also have a sizable down payment and plenty of equity for applicants looking to refinance. A...
How You Can Benefit From Hiring a Real Estate Agent
In recent years the idea of buying or selling a home without the use of a real estate agent has become more popular. The state of the economy and real estate market has forced homeowners and potential buyers to look for savings in any place possible. In a real estate transaction the most obvious way to save is on the significant commissions the agents demand for their services. While this may be a good option for some, not everyone may benefit from approaching the sale themselves. For many, they could end up paying more in the transaction then they would have paid in commission. There are many reasons some may opt to hire a real estate professional to help with the process, one being the access and convenience they can offer. A real estate agent’s job is to act as a liaison between the buyer and seller. For a potential buyer looking for a home, the real estate agent can provide you with access to all properties listed by other agents and will narrow down...
Rising Interest in Local Apartment Buildings
Local San Diego County observers are noticing a rising interest among investors of the multifamily segment for apartment and condo complexes. In many situations properties are receiving offers from several well-qualified buyers. Potential sellers of well-located San Diego County apartment buildings are expected to see a recovery, outpacing that of other segments for 2010. This increase in activity can be attributed to the low financing rates, quicker recovery, and the high demand for rentable San Diego apartments. With the availability of land and new construction funds limited, many investors are finding themselves increasingly attracted to San Diego’s apartment market. Prospective home buyers are looking to San Diego as one of the nation’s healthiest investment markets for multifamily real estate. Also, financing rates at their record lows are becoming a key factor for investors, and there is much less distress real estate in San Diego. Other factors investors...
Should Government Back Mortgages?
Yesterday, the Obama Administration invited banking executives to offer advice on changing the government’s role in the mortgage market. While the executives disagreed on the level of support needed, the group overwhelmingly advocated that the government should maintain a large supporting role. Some executives are campaigning for automatic refinancing of millions of homes currently backed by mortgage lender giants Fannie Mae and Freddie Mac. The idea behind the stimulus being lower mortgage rates means lower payments and more money in consumer’s pockets for spending. That hope is that this would boost spending by $50 billion to $60 billion and lift housing prices by as much as 10 percent. They are concerned that without another stimulus in the next six months, the economy will now recover at a quick enough pace. Skeptics are offering other solutions and accusing the Obama Administration of excluding critics of the government’s role in the mortgage system from the conference....
Why Now is the Best Time to Buy a House
A consumer thinking about buying a new house in these economic times would likely be told that it is a risky move. Right now many people looking at a home for sale are worried about getting their money’s worth. Nobody wants the worth of their home to drop no sooner than the ink is dry on the contract of sale. However, that being said, prices are lower in many places than they have been in recent years. A home that was recently out of price range may now be well within the affordable limits. Pricing is even more attractive in high end neibhorhoods. For instance new home buyers can find great deals on La Jolla Home, Carlsbad Homes, and San Diego Condos When considering a home for sale today, be aware concessions between buyers and sellers have been easily negotiable as of late. Home buyers are finding that asking sellers for things such as closing costs, price reductions, home improvements and the like are working out in the buyer’s favor lately. Today many sellers are...
Lenders Delaying Deals
Since the major dip in the housing market over the past few years we have seen strict policies put on mortgage lenders. The influx of foreclosures and short-sales has forced a change in the lending market and scared many lenders into a by-the-book process. Where previously buyers simply had to state their income, they are now required to provide documentation dating back years. In recent months, a typical application requires your W-2, pay-stubs dating back for minimum of two years, proof of assets, and good credit. Some lenders require even more documentation that may not even seem relevant to the transaction. These federal lending guidelines demanding more documentation are causing rising frustration in buyers. Lenders are denying loans to home buyers for seemingly the most arbitrary reasons. In one incidence, a doctor making over $400,000 a year was denied a loan because they were unable to provide income documents dating back more than one year and a half. They were forced to wait...
MTS Trolley Makes Fare Change
Surging food, petrol and housing costs are pushing everyday living costs to levels many are finding disturbing, leading to many families re-evaluating their lifestyle choices. The 12-year high of the cash rate does little to ease people’s minds, especially when petrol, food and housing costs have pushed core inflation to 4.4 per cent in the first quarter. Travel the world and take in some of the best real estate websites. Today REA Group launched its first global promotion, calling for aspiring globe-trotters to visit www.premieresd.com. www.premieresd.com donated $100,000 to Mission Australia following a very successful House the Homeless campaign. The national campaign had an overwhelming response with more than 100,000 Australians visiting the www.premieresd.com website within 48 hours.
JANUARY 27, 2010 -- Dear Readers: It’s my pleasure to inform you that sandiegoDTOWN.com is moving. This Web site is being merged into the much bigger SanDiego.com site. DTOWN will soon be a page on SanDiego.com, and I have been hired to be Editor in Chief of SanDiego.com. From inception in 2009 until now, I’ve enjoyed writing and editing stories about downtown San Diego for the neighborhood site Heather Back and I started up. We both previously worked at San Diego Magazine (which is not affiliated with SanDiego.com), and resolutely took our print experience to the new media world. Entering the Wild West of journalism was exhilarating. We found a great host company called Neighborlogs that gave us the framework for sandiegoDTOWN.com. Then we learned how to post stories, size photos, create eBlasts and even found paying advertisers for our site. The ride was bumpy and there was no map, but the journey had begun. Very soon, everything you may have liked about DTOWN will start showing up on SanDiego....
JANUARY 8, 2010 -- The New Year got off on the right foot (and every other body part of mine) in Palm Springs. I found innovation and inspiration aimed toward better days on, of all places, a massage table (details later). One thing I got to experience live was a tipsy Mariah Carey slurring through her spacey award acceptance speech at the Palm Springs International Film Festival. Stars were out en masse—including Morgan Freeman, Clink Eastwood, Sean Penn and Jeff Bridges. Cracks director Jason Reitman after getting his award: “This feels good—almost as good as how Mariah Carey feels right now.” Hey, everybody: 2010 is gonna be filled with Mariah giddiness. Our spirits are high. Just check out the highlight reel from my First Week 2010. During a brisk trip during the desert’s cool season, I felt Mariah-esque while I got to:
DECEMBER 18, 2009 -- San Diego yogis sometimes drive to various corners of the county to follow their favorite instructors. And instructors have had to leave the county to study with master teachers. Now, La Jolla Yoga Center offers all that (but no bag of chips) under one roof. The full-service studio offers more than 90 classes per week from more than 40 instructors in approximately 20 different styles. The weekly schedule provides about 20 classes per day, beginning on the half hour. There are offerings for true beginners up to level 3/4 in Anusara, Ashtanga, Hatha/Raja, Iyengar, Svaroopa, Vinyasa and more. Tailored courses include Yoga for Golfers, Anusara-Inspired Playtime, Yoga for Cancer Recovery and Prenatal Vinyasa. The 6,000 square foot, eco-conscious facility, with feng shui design, was the vision of founder and director Jeanie Carlstead. She brings 22 years of yoga experience to the center. “Many of our students and the community in general have been calling us a beacon of light,”...
While The Lift Ticket Will Get You on The Mountain, fit-2gether.com Will Get You There with Friends fit-2gether.com, “where fitness meets” and the social network for individuals who are dedicated to an active and healthy lifestyle, is the new hub for the winter sports community. Whether a family is looking to meet fellow vacationers on their ski trip, or a snowboarder is looking for a group to hit the slopes with in his or her own town, fit-2gether.com provides the medium to connect like-minded winter enthusiasts. “Snowboarding and skiing are extremely popular sports all across the nation. I can’t tell you how many times I would have friends complaining on Wednesdays and Thursdays about needing people to carpool with up to the mountains to get some runs in over the weekend,” said fit-2gether.com’s founder and San Diego resident, Scott Bowen. “One of the reasons I created fit-2gether.com is to help others meet new friends with similar interests. Many of our members are snowboarders and skiers and met...
DECEMBER 17, 2009 -- One party guest at the new El Camino Mexicana in northern Little Italy seemed a bit confused about the venue. He approached a pair of pretty party-goers on the al fresco back patio and asked if the planes would still be flying overhead. Seems he’d been to this site when it was called Airport Lounge and back then, it was directly under the Lindbergh Field flight path. That reveler was advised to have another cocktail and just wait a couple minutes. The décor has changed, but indoor-outdoor El Camino is still under the flight path, and you still have to freeze your conversation while each Southwest 747 roars down from above. When it was Airport Lounge, the interior was made to look like the inside of an airplane. The bar was sleek and white, and bartenders and waitresses dressed like pilots and stewardesses. Now, the décor is muy Mexican. Day of the Dead-inspired paintings cover walls, and Virgin Mary candles are everywhere. The bar has been paneled over with dark wood....
DECEMBER 16, 2009 -- The downtown Morton’s the Steakhouse revamped its bar a few years ago. The bar is called Bar 12/21 because the original Morton’s in Chicago opened 31 years ago on December 21 (12/21—get it?). Well, mark your calendars for that date. On Monday, from 5-6 p.m. Morton’s is giving away mini-cheeseburgers for free. This is the third year the San Diego Morton’s is celebrating its corporate anniversary with a giveaway. Morton’s sales and marketing manager Alicia Pazelt hopes downtown residents and workers will stop in that day for Happy Hour. From 5-6:30 p.m. beers are $4, wine and all “bar bites” are $5 and martinis are $7. The cheeseburgers are served on dollar rolls with lettuce, tomato and purple onion. Other bar bites include: miniature crab cakes, iceberg wedge bites (with tomato, egg bacon and blue cheese dressing), oysters on the half shell and a “colossal” shrimp salad. Morton’s is on the ground floor of the Harbor Club...
DECEMBER 15, 2009 -- Personal training sessions at Sweat Personal Training Studio begin with a one-hour inquisition—a one-on-one consultation with East Village studio owner Joan Lindley. “I already know they want to lose weight and have tighter abs or glutes,” says Lindley. “So, why bother asking those questions? I want to know specifically what other body parts my clients want to change.” Lindley’s 550-square-foot studio is the only one in San Diego with Corepole—resistance training through bands—which she believes is ideal for female backs. She also uses body weight training and The PowerStraps, as well as traditional items like Pilates rings, BOSU and balance balls. During that initial meeting, she starts with the ankles and goes through the body—literally muscle by muscle—forcing clients to describe satisfaction level and desired changes. All the while, notations are made on injuries, access to fitness equipment and the current routine. After copious note taking and careful consideration to body parts that you...
DECEMBER 12, 2009 -- Pilates practitioners (estimated at over 11 million of us) can take a note from car enthusiasts and their souped-up engines. Pilates “SPX” is a revved-up version of the system developed by Joseph Pilates. The traditional method uses the mind to control core postural muscles, teaches awareness of breath and alignment of the spine, and aims to strengthen the deep torso muscles. The technique provides results often without breaking a sweat. Pilates Plus La Jolla offers a race-car version of Pilates, aimed at making your pores produce some liquid exhaust. The 40-minute sessions jump start your metabolism while toning the entire body. SPX creator Sebastien Lagree infused core stability with muscle dynamics. With resistance and counter-resistance sequences, muscles hit peak contraction and maximum exertion. “Circuit-training-style Pilates with a cardio base works each muscle to exhaustion, which transforms the shape of the muscle and makes you feel tighter,” says...
DECEMBER 10, 2009 -- Cowboy Star bartender Garth Flood improvised his way to a close win in the first Preiss Imports Cocktail Competition, held Tuesday night at downtown’s El Dorado Cocktail Lounge. Eight local bartenders battled though a NCAA basketball-style bracket to compete for the title. Each had to create cocktails on the fly, using pre-determined base liquors and adding their own choice of ingredients. Flood says he didn’t necessarily begin the night with a firm game plan. “I really had no idea coming in,” he says. “I don’t have names for the drinks I made—it was all spur of the moment. I took the ingredients that were here and modified them.” The bartenders’ concoctions were graded by a panel of five judges. “Garth took some risks and pulled out a win,” says judge Sarah Daoust, managing editor of 944 magazine. “All these bartenders seemed very focused, and took this very seriously.” Daoust says her favorite cocktail was...
DECEMBER 8, 2009 -- Solar panels will be installed on the roof of the west side of the downtown San Diego Convention Center. The environmentally friendly project is slated to begin in early 2010. The photovoltaic panels will cover 90,000 square feet, and will not alter the look of the bayside convention center, according to a spokesperson. “Installing solar power on the top of our building is like having our own clean power plant at the facility,” says San Diego Convention Center Corporation general manager Brad Gessner. The panels are being installed by SPG Solar at no cost, via a 20-year power purchase agreement between the SDCCC and Alternative Energy Capital. The panels are valued at $2.7 million, and will be maintained, owned and operated by AEC/SPG Solar. The power generated by the panels will be sold to the convention center at lower “peak demand” rate per kilowatt hour than the SDCCC is currently paying. Spokesperson Steven Johnson says the savings over the course of the 20-...
DECEMBER 4, 2009 -- A group has gathered to help celebrate my sixth 29th birthday. We all enjoy wine, but have different tastes. You know how it goes—sometimes when a group of gals gets together for grape-bred libations it’s hard to agree on a bottle—or even two—for the table. Thank goodness for the new Ultra Lounge and Wine Bar at the downtown Ivy Hotel. Both novices and oenophiles will delight at the ability to purchase a taste, half or full glass from more than 80 selections. Tastes (1.5 ounces) range from $1.50 to $15 per glass; full glasses range from $7 to $60. The concepts was uncorked late this year, and has been embraced by hotel guests who sip and sample before ordering a full bottle for dinner at The Ivy’s upscale restaurant, Quarter Kitchen. Premium wines like Opus One, for example, are available to guests who may hesitate to splurge without a sample taste. “The concept allows an informed decision with a leap of faith that you may not be willing to take from...
DECEMBER 3, 2009 -- Tonight’s the end of the road for San Diegans growing moustaches to raise money for men’s health issues. The “Movember” movement climaxes tonight with a Gala Parte at downtown’s Bondi restaurant and bar. Hundreds are expected to show up in costumes that accentuate the “mo’s” we grew all through November and had to endure for three extra days in December. Mo Bros—as well as Mo Sistas—will be thanked for their efforts in raising money and awareness for prostate and testicular cancer research. The Gala Parte will culminate with a contest contest (emcee-ed by a rather familiar-looking Ron Burgundy). Costume categories include: Miss Movember, Lame Mo; Best Mo Bro/Sista Combination; Best Team; Best Mo In Character; and The Ultimate Mo. Someone from amongst these standouts will be declared the 2009 San Diego Man of Movember. Tickets are $10…but mention Ron Burgundy sent you, and get in free (if capacity allows). Mo Mos: The Ten...
DECEMBER 2, 2009 -- Local singing sensation and Americal Idol runner-up Adam Lambert will make a special appearance in downtown San Diego on Thursday (December 3). The glam-rocker will personally donate the KISS-inspired costume he wore on last season’s Idol final to the Hard Rock Hotel San Diego, which has an extensive display of artifacts from the annals of rock-and-roll. “He is excited to have the opportunity to do this,” says Hard Rock spokesperson Rana Kay. “He’s from San Diego and Hard Rock is a celebration of music, and we believe in his longevity to be doing this.” Lambert’s debut album, For Your Entertainment, sold nearly 225,000 units in its first week, according to Billboard.com. The presentation of his costume is scheduled for 2:30 p.m. Lambert is expected to draw a big crowd, but the lobby capacity of the Hard Rock will limit the number of fans who will be able to attend. Kay says she gave out 10 pairs of tickets on Twitter, and the radio station Sophie...
DECEMBER 1, 2009 -- If the head-to-head battles seen in Iron Chef and the NCAA Basketball Tournament were rolled into one event, it’d be akin to the Cocktail Competition, coming to El Dorado Cocktail Lounge on December 8. Eight local standout bartenders will be put into a single-elimination bracket, and compete with each other until one is declared the top ’tender. “The goal is to showcase the bartenders in San Diego who are paying more attention to the products they’re using, and the techniques,” says El Dorado co-owner Nate Stanton. “We want to encourage bartenders all over town to have more integrity with the drinks.” The “Elite 8” bartenders will include: Trevor Thorpe (The Merk), Ian Ward (Whisknladle), Eric Johnson (El Dorado), Scott Shumate (Sheraton San Diego Hotel & Marina), Frankie Thaheld (Alchemy), Ariana Johnson (Confidential), Garth Flood (Cowboy Star) and Tim Stevens (Prohibition). The competition will require bartenders to...
This chart shows how Downtown San Diego Condos and Downtown San Diego Lofts were financed in the third quarter of 2009! Conforming loans lead the way with 177 units (82%) and Extended conforming loans had 29 units (14%) and after that came Jumbo loans with 8 units (4%). Total units financed was 214 out of 322 units sold. ... |
