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Archive for the 'Downtown San Diego' Category
WALKABLE NEIGHBORHOOD
There are many fabulous neighborhoods with high walk scores in San Diego.
If you want to know YOUR walk score, go to this link and type in your zip code.
Two neighborhoods come to mind.
La Jolla (The Village) has a very high walk score…92!!.. For good reason. Shops, banks, parks, miles of coastline, restaurants, fitness centers, hotels, happy hours, language centers, The Gap, Banana Republic, Victoria’s Secret, sidewalk cafes, coffee pubs, flats, hills, water, sand…it has it all.
Downtown San Diego is another “high walk score” lifestyle. Score of 98!!! Extremely urban, 34 story condos, parks, restaurants, coffee pubs, restaurants, waterfront sidewalks, Starbucks, Ocean Aire, Blupoint, Cafe Sevilla (Salsa dancing on Sundays), iHop, banks, shopping mall, ballpark (Padres), The Coaster, water transport to Coronado…it has it all.
Even though there are many towns in San Diego with high walk scores, like Carlsbad, and Encinitas, La Jolla and Downtown are just two that offer the potential buyer of property outdoor activities….without using your car….and no car…means….no gas.
If you want more information about walk scores….downtown condos…or luxury property in La Jolla…please call me. 858 395 7727
How Much Should You Offer?
You are about to make an offer on a home you found. So…the question is….Just how much should you offer?
In parts of San Diego, especially the downtown market, homes are selling between 95%-97% of the list price…and in many cases, they are selling at 100% of the listing price.
Why is that?
1. Most homes have already been discounted 30%, 40% and 50%.
2. Lack of inventory has created a demand.
3. Multiple offers pushes prices above listing prices.
In this market, the post sub-prime era, banks have put a stopper on buyers over-paying for real estate. Appraisers are appraising property below the real value. Which is an argument that is debatable by both sellers, banks, appraisers and real estate agents. But, whatever the debate, the California Association of Realtors has created a Real Estate Purchase Agreement with a paragraph devoted to allowing the buyer the option to cancel the purchase if the property does NOT appraise at the agreed offer price. Another good argument for every Buyer to use a Realtor….and not purchase directly from the Seller without the benefit of that “out” option.
For more information regarding Appraisals, property search, and contracts, please feel free to call me…858 395 7727.
TAKE ME OUT TO THE BALLGAME
I love baseball. At one time I was playing on 3 different teams in Los Angeles. An advertising league, and 1 city AA fast pitch league and a Rec Slow Pitch League. I would drag my kids to games and practices. I even coached my son’s little league team in the San Fernando Valley. Then helped with my daughter’s little league team in Hollywood. Those were the days. In youth you have the energy and always find the time.
When I moved from Los Angeles to San Diego, I had to split my allegiance between the two teams. I loved…and still do….the Dodgers. And each year the Padres lure us into believing they can do it in the end….I am disappointed in the end.
But Friday, April 8th I had the opportunity to watch the Dodgers play San Diego. It’s still a fun rival game to watch…..but after many rain delays (yes, real rain in SD), the game was called and the remainder will be played Saturday afternoon, prior to the next game in the freeway series.
With baseball….like other sports, for me, I’d rather play than watch, but with the Dodgers and the Padres, it’s always fun to watch. But, who do I root for? I love in San Diego, but my heart will always be with The Dodgers.
Click here to see PETCO PARK home page.
Click here for the Padre Schedule
1ST DAY OF SPRING IN BIRDROCK
I was hoping to wake up to a bright, warm, sunny day in La Jolla. It was not meant to be.
Beginning yesterday, Sunday, March 20th, in downtown San Diego, I held an open house in a condo on Market Street. It was cold and the wind was blowing. After setting up 12 signs, I entered the condo and turned on the lights. An hour goes by. No visitors. 2 hours later, I look out the window….I can see two of my signs are upside down in the middle of Market Street….I run out to retrieve them. I put up my hands to stop the traffic. I run across the street as my scarf takes off in the wind…the phone starts to ring, the traffic is building, and I see a couple standing next to the condo I have open. They yell…”we’ll come back later”. No…don’t leave…I’ll be right there….please….you’re the only visitors I’ve had in 2 hours….Who says Real Estate isn’t stressful?
Rain, Rain...Go Away
Wherever you are I hope you are having a nice First Day of Spring. Here, in Birdrock, La Jolla, CA….not so much.
LIVING IN ITALY…..IN SAN DIEGO
Why is living in Little Italy so popular?
Little Italy in downtown San Diego has a lot to offer. There is a Farmers Market every Saturday. It’s close to the bay. It’s walking distance to Horton Plaza, walking distance to Petco Park, walking distance to the cruise ships, walking distance to grocery shopping, walking distance to every fabulous, great, tasty, large, small, wonderful restaurant in San Diego (downtown). Get walking shoes.
One building in particular that should not be overlooked is La Vita. Very cool building.
There are 300 units in the building and is the tallest building in Little Italy with 24 floors, and a wonderful gym, pool and garage parking. There are currently 14 listings in the building. Prices begin at $299,000 for a 1 bedroom. $799,000 will get you over 1800 sq. feet and bay views. HOA dues run about $400 per month, depending on the square footage.
Between May, 2010 andDecember 2010, there were 20 sales ranging from $235,000 – $697,000.
If you are considering buying a condo in downtown San Diego, La Vita should be on your list.
Call me for a tour.
WHAT IS “SHADOW INVENTORY”?
I’ve been hearing about this “Shadow Inventory” for over a year and am wondering how it will affect buyers & sellers & home prices, or is the shadow a phantom.
First “Shadow Inventory” is defined by lenders as inventory or homes held back by the lender. They are foreclosures, (or Pre-Foreclosure) bank-owned properties, and properties seriously delinquent at 90+ days. Simply put, the would be considered Pipeline Foreclosures which are not visible.
As I read the recent numbers for foreclosures and pre-foreclosure properties, they appear to be receding when comparing same time last year, but I guess that doesn’t tell the whole story. According to the Atlantic, December 18th issue, who quoted a recent Bloomberg Report, that even though foreclosures nationally were down 3.5% from a year ago, CoreLogic analyzes the increasing inventory due to the length of time it’s taking lenders to process the current inventory attributed to short sales, foreclosures (moratorium) and pre-foreclosures. That’s a mouthful.
Maryland, Illinois and Florida have the highest supply reaching over 20 months. California, overall statewide, has 16 months supply. There are markets in California where we are seeing only a 6-8 months supply.
If we can’t sell the current inventory, (14 month supply in Carlsbad, CA) it’s going to be difficult to sell the supply of inventory coming down in the next few months. And, another question….will the banks trickle the “pipeline” inventory, or flood the market all at once. Flooding the market will certainly have an impact on currently listed pricing.
Here is the current inventory in a few neighborhoods in San Diego.
Downtown San Diego condo market (92101 zip) 422 units for sale, $110k-$4.9k. Mission Hills (92103 zip) 71 homes for sale, $280k-$3.095k. La Jolla (92037 zip), currently 233 homes for sale, $599k-$29,500,000., and 209 condos, $215k-$3.3k. Currently there are 31 Pending homes and 28 condos in La Jolla. In Carlsbad (92010,92011,92008,92009 zip) there are 381 homes for sale, $305k-$1695k. And in Del Mar (92014 zip) there are 143 homes for sale, $599,400-$61 million.
In summation, I have not seen any hard evidence of a large number of properties hitting the market. So far, it’s only hearsay. Let’s hope the bad news that sells papers and stirs up interest, ends up being good news as more jobs are being created, and the slow market is due to the “holiday season”.
Buyers are getting some great deals on foreclosed and distressed property at ridiculously low interest rates. Check out Home Search on my site and review some of the areas I mentioned.
BLACK FRIDAY IN REAL ESTATE
On Black Friday, as millions of “deal seekers” set out in the wee hours of the morning looking for a “steal”, I make it a point to not be one of them. I think of how much money I save by staying home. I love to shop…but not with a crowd.
I think Realtors miss the boat here on Black Friday. We should be holding every house that is available on the market “OPEN”, beginning at 6am. Can you imagine OPEN HOUSES at 6am? We could slash prices for just 1 day…..12 hours. We should have lenders at each house ready to pre-approve the buyers, and with prices SLASHED we may have buyers lined up out the doors….Well…just a thought….Maybe next year.
If you’re shopping for a home, think of this. Prices on most homes have been adjusted, and those homes still on the market are looking for an offer…and will take less than the list price. Interest rates are still very low…So, why wait?
In La Jolla (92037 zip) there are 234 homes on the market, $599,000 - $29,500,000 – and 178 condos for sale, $199,000 – $8,750,000
In Downtown San Diego (92101) there are 444 condo/townhouses for sale, $110,000 – $6,750,000
In Mission Hills (92103 zip), there are 72 homes for sale, $280,000 – $3,095,000
There are many more homes and condos available throughout San Diego County, most (if not all) of them you could buy less than the listed (retail) price.
Like retail sales, home sales will help the economy. So, why wait in line, or get up before dawn…shop for your home online without leaving your house. I’ll help you find the right house, and negotiate that price with the seller….just call me.
BUYING INTO EQUITY
I must either be the luckiest Real Estate Associate, a great negotiator, or maybe this is just a sign of the times, but my last 3 sales have made my buyers very happy. I like happy buyers. Happy buyers make me feel and look good.
First there was a downtown condo sale. At close of escrow this developer sale appraised at $10,000 above sale price. Do you think the buyer was happy to see that? You bet. They got an incredible deal. Free parking for an extra car, and developer incentives of over $15,000. No condo in that building has sold lower since this sale.
Second was a foreclosure in Carlsbad. A four bedroom home on a 1/2 acre with a lap pool. The appraisal came in at over 10% of the sale price. Another happy couple. Foreclosures are very different from short sales and traditional sales in that the seller is the bank. The sale is an “as is” sale, meaning the buyer absorbs all costs, including termite clearance, plumbing problems, electrical problems, damaged cabinets, carpets, paint….everything. If the buyer has to come out of pocket $10k, they are still ahead.
Third was a home in Mission Hills. The appraisal came in at almost 10% of list price. Again, this wasn’t a traditional sale…but a Trust sale. This is also an “as is” sale, again some costs to the buyer. But, still, even if there are costs to bring it to the buyer’s standard, they are in equity.
What does any of this mean for the buyers? It means equity. If they needed to sell these homes right now, they could either break even or profit by a small margin.
In this market…..that’s huge.
In certain markets in San Diego we are seeing buyers buy in to equity more often.
I like to think I’m a great negotiator, (I am) but the truth is….this is the strangest market I’ve ever seen.
My recommendation is this is a great time to buyer real estate. Take advantage of the Monster-low interest rates, the FHA/VA opportunities (3.5% down), the foreclosures, the short sales, and yes…of course…even the equity sales, where there is actually a live, seller who has equity in his/her home and want you to negotiate.
Find homes on my site under Home Search…or call me for assistance in selling your home.
Always get pre-approved first. All these buyers were approved before the offer was made.
Check out “Stay Connected”, on my website. Greg Wickstrand, Home Services Lending, will help you without obligation.
SAN DIEGO RENTAL MARKET-Downtown Zip 92101
The rental market in San Diego, especially the downtown condos, lease quickly….if priced right. Just like the Re-Sale market.
I don’t specialize in the leasing market, however, I will list a property to help out a client, but I don’t actively look for condo listings. Once in a while a potential buyer will decide to rent for a year before they decide where they want to live in San Diego, and I am happy to find a place for them through our MLS.
If you’re planning on coming to San Diego and would prefer to lease for a year until you discover the area of San Diego that fits your lifestyle, this may be the right time for you.
Currently there are 133 condos listed for lease in downtown SD, zip 92101, ranging from $1,400 – $12,000.
During the 1st Quarter of 2009, there were 121 properties leased ranging from $1,50 – $7,200.
During the 2nd Quarter of 2009, there were 114 properties leased ranging from $1150 – $6,000.
During the 3rd Quarter of 2009, there were 112 properties leased ranging from $1100 – $7,200.
During the 4th Quarter of 2009, there were 94 properties leased ranging from $1300 – $6,600.
The first Half of 2010 statistics are…277 properties leased, ranging from $1080 – $5,995.00. There are fewer leased properties in 2010 than in 2009. Also, the rents are lower in 2010. The attractive low interest rates are making the mortgage payments lower than what some monthly rental rates would be taking into consideration the interest rate deduction.
The MLS grants Realtors the opportunity to market leases…. but, like I said, for a fee. Regardless of the fee charged, the MLS is used by Brokers to locate property in all areas of San Diego. It’s worth establishing an Agency and hiring a Broker to lease your property. If you are looking for a lease…there is no cost … except the move-in expenses.
You are able to look for leases on my website using the Search Property button. I will be happy to guide you through it, if you have certain criteria.
BE AN ITALIAN….FOR JUST ONE DAY!
With OctoberFest celebrations happening all over the U.S., and in San Diego, the 16th year of FESTA celebration should be called October-Festa.
For one day, you too can be Italian…that is, if you aren’t already one.
Today, 10-10-10, from 10 A.M. – 6 P.M, Little Italy in downtown San Diego, will celebrate the largest Italian Festival west of the Mississippi. They expect over 120,000 people to gather downtown for this FREE event.
All the restaurants will be open, hundreds of artists will display all kinds of art. Also expect a chalk painting contest, a beer and wine garden, and over 150 food vendors who are ready for your Italian (if only for one day) taste buds. And, who doesn’t like Italian?
The weather couldn’t be more perfect for this event. Temperatures expected in the high 70’s.
Piacere un giorno di celebrazione Italiana!!
Get directions by clicking here.
If you are curious about buying a home in Little Italy….or in San Diego….Click Here.
