People often ask “Do I really need condominium insurance?”. According to Rick Wiese at Providing Insurance & Financial Services, State Farm Insurance in San Diego, the answer is without a doubt - Yes, you do!

Rick says a Condominium Policy is similar to a Home Owners Policy in many ways and also very different. It will cover you for many of the same types of losses or covered perils like fire, immediate escape of water, wind, smoke, hail, vandalism, etc. Most often the majority of structural coverage is provided by the master policy.

Condominium Policy is a special insurance designed to fit the specific needs of the Condo Home Owners. Downtown San Diego Condo and Downtown San Diego Loft owners need to take into consideration additional coverage for the building based on their condominium association’s master policy and coverage.

The proper amount of Condominium Insurance is a little complicated and coming up short can be costly. In addition, the recent requirements of Fannie Mae have made the issue even more complicated (they may require building coverage to the extent of 20% of the Condominium appraised value if the association does not have adequate coverage).

Rick’s suggestion is to talk to a qualified agent familiar with Condominium Insurance and willing to help guide you with your decisions. You may also want to consider a company that will provide discounts for combining your auto and Condominium Insurance.

If you have any further questions please contact Rick Wiese at Providing Insurance & Financial Services, State Farm Insurance at 619-293-7211  or e-mail him at rick@rickwiese.com. You can also get more information about Rick on his website rickwiese.com

To see more related Downtown San Diego Real Estate News read our former blogs Reduce Your Monthly Mortgage Payment and Stabilize your Condo or Loft in Downtown San Diego with the “Home Affordable Plan and Afford a Condo or Loft Investment in Downtown San Diego

The East Village Association is a collection of residents including Downtown San Diego Condo and Downtown San Diego Loft homeowners in the East Village District who share a common interest in the positive development of this budding neighborhood. It’s open to renters, home owners, business owners and for anyone who care to see and contribute to the growth of this area of Downtown San Diego. This group needs participation not only in its meetings but in its community projects as well. The following is the agenda for tomorrows meeting at Java Jones, 631 9th Avenue in Downtown San Diego.

AGENDA

BOARD OF DIRECTORS MEETING
Thursday, July 2nd, 2009, 5:00 p.m. to 6:30 p.m.
Java Jones, 631 9th Avenue, San Diego, CA 92101

I.     Self Introductions
II.     Public Comments
III.     President’s Report - BID Formation Update
Board Action Items
IV.     Mark J. Dibella, Hotel Solamar - Comic Con Sidewalk Closure Saturday July 25; J Street between 6th and 7th
V.     Mark Caro, CCDC - Interim Leash Free Dog Park at 11th and Market Street
VI.     Michael Vogl, City of San Diego Revenue Collections Manager -Parking Meter Utilization Improvement Plan
VII.     Medical Marijuana Clinic Letter
VIII.     Approval of June Meeting Minutes
Non-Action Items
IX.
Guest presentations (if present)

a. CCDC – Sachin Kalbag
b. Council District Two – James Lawson
c. San Diego Padres Update – Richard Anderson
d. Clean & Safe Report - Will Berry
e. Neighborhood Prosecution Unit – Danielle Stroud, Esq.
f. Centre City Advisory Committee – Diego Velasco
g. Downtown Residents Group - Gary Smith

X.     Member Announcement/Comments
XI.     Adjourn

The Columbia District in Downtown San Diego had 8 Developer sales during May 2009, 4 went to Electra and 4 to Sapphire Tower. Treo had one Resale and on REO sale.

Aria in the Cortez Hill District in Downtown San Diego had 8 Developer sales during May 2009. Discovery at Cortez had 1 Short sale and one Resale. Aloft and Symphony Terrace each had 1 REO sale.

Downtown 92101 Q2 Condo Sales Reveal that the Developer Wars Continue

92101 has it’s very own war going on ~ between Developers  ~ all fighting for their piece of the downtown sales pie.

Last month’s raw sales data for 92101 confirmed what Broker/Owner Mike Ciampa coined many months ago as the “Developer Wars.”  The graph above tells the dramatic story of the skirmish between four types of downtown Seller types:  Developers, Re-Sellers, Short Sales and Bank Owned/REOs.

And the winner for the month of May was…

Developers!   Developers are soundly outpacing all other Seller types by offering “deals” on their remaining new condo inventory.  49% of the 78 sales recorded in the month of May in downtown 92101 went to the Developers.  May 2009 marks the first month since April 2008 that Developer sales exceeded Resales.  Unlike previous months in San Diego’s re-development history, this number is NOT inflated due to any one single new community opening with multiple closings.

2nd place went to Bank Owned/REOs with 26% of all sales.  15 of the 20 were in the $300K-$500K price range.

3rd place was a tie between Re-Sale and Short Sale - each finishing with 13% for the month of May.  If you were one of the 20 who sold their condo last month as a re-sale or short sale, you live under a very fortunate star!  17 of these 20 were priced under $500K.  Only 3 re-sale or short sale transactions in May were priced above $500K.

This data is more than just an interesting statistic for Realtors.

Developers are CHEERING as well as sizing up their fellow competitors.  The Mark, The Legend, Electra and Sapphire are losing the high price Buyers to each other.  Bayside will soon be included in this roster when it opens this summer.  Park Terrace, Atria, Aria and Solara Lofts are competing for the low to moderate price $300K to $600K Buyer. 92101 Urban Living is still unclear about who Breeza competes with as their pricepoints currently seem high and their average square footage seems small.

Bank Owned/REOs are finally finding their liquidation stride.  NOTE TO BUYERS:  If you are thinking of targeting ONLY these properties, be prepared to compete for the most attractively priced properties with 6 to 10 other Buyers bidding up on the asking price to win the deal.  Also know that CASH is KING when buying a Bank Owned/REO!  7 of the 22 properties under $300K and 10 of the 28 properties from $300K-$500K were purchased with ALL CASH offers.  Unfortunately, FHA and VA approved Buyers do not compete well with 20% or higher down payments.

Short Sales are finally happening as the Seller’s “negotiators” and the Bank’s “case managers” are finding some common ground. A little Buyer patience is an important ingredient.  Be not discouraged about making a 2nd position offer!  Many 1st position offers never go the distance.

Finally, check out the way ALL CASH Buyers are making their moves on downtown.

ALL CASH Buyers are stealing the show - and not in just in the under $300K price range.   33% of all May Buyers (26 of the 78) made their purchase with ALL CASH .  See the graph below for the purchase price category distribution.

Yes, it is now OK to say WOW! about that!

For futher questions about current market conditions or more information about condo sales in each of the four categories above, please go to the 92101 Urban Living  wesite or call 619.677.2435 and press “0” followed by “7.”  92101 Urban Living can also be reached via email at info@92101urbanliving.com.

Make a Smilebox slideshow

It is finally here - the famous Broken Yolk Cafe that everyone has been talking about for months! Please help us welcome this superb breakfast and lunch place to the neighborhood.  Patrons who have long been fans of the Broken Yolk Cafe in other locations say “It’s like having a good home cooked meal that your mother prepared.”

Mr.  Salvador Lombroso, owner of the Downtown San Diego and the East Lake location, is looking forward to welcoming everyone to taste something extraordinary. Stop by at 355 6th Avenue between K St. and J St. - just one block away from Petco Park.

92101 Urban Living visited the Cafe yesterday and was invited to sit down and enjoy a meal by Mr. Salvador Lombroso and Mr. John G -  founder/owner of the Pacific Beach location. This breakfast place in Downtown San Diego has it all. We tried a new item on the menu -  the Grilled Eggplant and Goat Cheese Panini - with grilled eggplant, zucchini, red onions, roasted green pepper, sprouts and goat cheese served on crispy foccacia bread with pesto mayo. You can’t go wrong with that!

The Broken Yolk Cafe has been in business since 1979. The Cafe offers a large selection of home cooked meals in a comfortable and relaxing atmosphere. The Downtown Cafe has a loft like feeling with high ceilings, exposed elements and an oversized industrial ceiling fan. There are over 20 different omelets to choose from such as the Ham-It-Up, John Wayne, California, 27 Mile South, Cisco Kid and The Mom, a San Diego favorite. The Broken Yolk also offers a wide variety of other breakfast favorites which include pancakes, waffles and French toast. To see their full menu please click here.

Feel more like lunch? Try one of their juicy ½ pound burgers, their large sandwiches or one of their fresh soups and salads of generous portions. Without question, The Broken Yolk Cafe has a strong dedication to good food and equally good service.

Lucky Downtown San Diego Condo and Loft owners at Pacific Terrace, The Legend, Trellis, Gaslamp City Square, Alta and Crown Bay can now step outside their door to stroll over to the best voted breakfast cafe by the San Diego Reader. The Broken Yolk even offers free delivery to residences in the immediate vicinity.

Stop by for a great experience! If you need more information please visit The Broken Yolk Cafe or call them at 619-338-9655.

For more Downtown San Diego secrets, visit our former blog Secrets of Downtown San Diego’s Urban Living.

The East Village/Ballpark District lead the way with 20 Developer sales during May 2009. Right behind was the Columbia District and the Cortez Hill District with 8 each and 2 sales for the Little Italy District.

9 REO sales went to the East Village/Ballpark District, 5 to the Little Italy District, 2 each to the Cortez Hill District, the Gaslamp District and the Marina District. The Columbia District only had 1.

There was 4 Resales  in the Marina District and 2 in the Little Italy District. One each for the Columbia District, the Cortez Hill District and the East Village/Ballpark District.

Little Italy District had 5 Short sales followed by the East Village/Ballpark District with 2 and1 each for the Cortez Hill District and the Gaslamp District.

The Legend and Union Square in the East Village/Ballpark District in Downtown San Diego 92101 lead the way with seven Developer sales and right behind them with five was Alta. One sale went to Park Terrace.

There was one REO sale each at Icon, M2i, Metrome, Park Boulevard West, The Mark and Union Square.

M2i had one resale and Park Boulevard East had one short sale for May 2009.

The Gaslamp District in Downtown San Diego 92101 had two REO sales at Sam Fox Lofts and one each for Gaslamp City Square, Lofts at 777 and Trellis. There was one short sale at Gaslamp City Square and one at Lofts at 777 for May 2009.

The Little Italy District in Downtown San Diego, 92101 had two short sales at Acqua Vista and one each at Aperture, Bella Vista and La Vita.

There was two resales, one at Acqua Vista and one at Aperture. 350 W Ash had two REO sales and one at Hawthorn Place, Portico and Porto D’Italia.

The Developer sales went to Aperture and Breeza with one each.