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Downtown San Diego Real Estate – Q1 2013 Wrap Up

Downtown San Diego Real EstateApril is well underway here in Downtown San Diego and we just received the Quarter 1 sales numbers from our friends at First American Title. We’re excited to see the upward trend that has been happening across Downtown San Diego, with Q1 2013 finishing up 18% over Q1 2012. We’ve been noticing a steady increase in both the number of units sold, as well as the average sale price. This is definitely a good trend that we expect to continue throughout 2013 and into 2014. With the lack of new Downtown San Diego condo inventory, we expect the resale market to continue to thrive, as first time home-buyers continue to enter the market.

In Q1, we saw the East Village neighborhood lead the way with 65 total home sales. The Mark luxury condos and Smart Corner condos lead the way, with 9 transactions at each building. With 5 active listings and two already pending, The Mark looks like it will lead the way again in Q2. Many of our Downtown San Diego real estate residents have been asking us about the construction on 10th Ave between Island and J. That big hole in the ground will be the new Urbana Apartments, hopefully completed at the end of 2013.

The Marina neighborhood was a close second to the East Village with 61 completed transactions in Q1. The Cityfront Terrace building on Market St was the leading sales building in all of Downtown San Diego with 11 closed transactions. Some news from the Marina during Q1: BOSA developments big project Park Place looks to be ending their litigation very soon, which should help homeowners there feel better about putting their homes on the market.

Little Italy saw one of the biggest year over year increases of any of the Downtown San Diego neighborhood. Little Italy finished Q1 with 47 sales, which is crazy considering the amount of condo complexes in litigation. La Vita, Acqua Vista, 350 W Ash, Aperture, and the DOMA Lofts are all going through builder defect litigation, which is making it hard for new homeowners to find financing. As these buildings resolve their issues, you can rest assured that Little Italy condos for sale will see a dramatic rise.

The Columbia neighborhood, which only includes six condo buildings (Electra, Grande North, Grande South, Bayside, Sapphire Tower, Treo), had a very strong Q1 with 36 sales. Electra led the way with 9 transactions. The Columbia neighborhood is dealing with a lot of roadwork and construction due to the North Embarcadero Visionary Plan project. Broadway from Pacific Hwy to the water’s edge has experienced on and off closings while the new parks are being built. Columbia neighborhood residents will be happy when all work is completed and they have a beautiful new waterfront to enjoy.

The tree-lined streets of Cortez Hill were hampered by builder defect litigation in almost every residential building. Aria, Cortez Blu, The Mills, Aloft, and the El Cortez all have pending issues that may make financing tough, leaving Discovery as the only litigation-free option in Cortez Hill. Still, 20 Sales were finished up in Q1 with Discovery and Aria leading the way with 5 each.

No surprise here. Bringing up the rear of our Downtown San Diego Q1 results is the Gaslamp district. With only a couple of buildings to choose from, Gaslamp saw 6 sales closed in Q1. 4 on which came from the litigation-bogged Gaslamp City Square. Good news from the Gaslamp, Trellis ended their litigation and as part of the agreement there are no HOA fees at Trellis until May 2015! A fantastic perk for current Trellis residents and prospective buyers.

Overall, we at 92101 Urban Living are very optimistic about the increase in inventory that we are beginning to see. The landscape has undoubtedly shifted from a buyer’s market to a seller’s market. Because of the still record low interest rates, it is still a great time to buy. If you would like any additional information on the current Downtown San Diego Condo landscape, or would like to make an appointment to discuss the inventory, please contact us today.


The Beginners Guide to Renting in Downtown San Diego

Apartments for rent in downtown San Diego92101 (Downtown San Diego) is quickly becoming one of the most highly sought after zip codes to call home in the US. For many that are deciding on how to make that move possible, this blog post is for you.

When looking to rent in downtown, there are a few ways to go about it. The most common ways to rent would be to rent from an apartment complex, or rent directly from a condo owner. Both options provide pros and cons.

Renting from an apartment complex can be the easiest route. Apartment complexes can be found throughout all of Downtown San Diego and generally require a smaller upfront security deposit. Many apartments for rent in Downtown San Diego also offer residents referral bonuses for bringing in new tenants. If anything breaks within the apartment, they generally have an on-site maintenance manager for quick response times, or at least a 24/7 phone number to call. The downside to these rentals is that there is no price negotiation. The lease terms and rental price are usually pre determined and there are no negotiations available. Because of the lower price points, apartment complexes usually attract younger tenants, which can often lead to the community seeming more like a dorm instead of a home. In Downtown San Diego, there are some apartment complexes that definitely dominate the scene. Strata, Vantage Pointe, Allegro Towers, Current, and the Oliver McMillian Lofts (Lofts @ 707 10th, Lofts @ 655 6th, etc).

The other option for renters is to rent directly from a condo owner. Many homeowners buy condos as second homes, and decide to rent them out when not in use. These are a little bit tougher to find considering there are no sales offices or signs helping you out. Often times, condo rentals can be found listed on Craigslist or by visiting a local area realty site (like us here at 92101urbanliving.com/rentals). After the initial walk through is completed and you have decided to call the place your home, you must fill out a standard application and provide credit and income documents to the condo owner. They then decide on you as a tenant. The benefit for you as a renter is that you can negotiate the terms directly with the condo owner, including lease length, pets, and rental price. Downtown San Diego condo buildings are usually smaller and much nicer than apartment rentals. Generally, a security deposit equal to one full month’s rent is required before move in. Downtown San Diego Condo rentals can be found in every neighborhood of Downtown San Diego.

Either way that you decide to go, it’s always best to have someone that knows the local area and available rentals working on your side. Rental Agents (again, like us at 92101 Urban Living) can send you current listings in the area that you’d like to live, and schedule showings with the condo owners, sometimes even taking you themselves. There is no cost for you as the renter, the rental agents are paid by the condo owners and apartment complexes for bringing them tenants. If you would like any help finding a rental in Downtown San Diego, please contact us, and we will help you find the perfect place to call home.


Is it still a “Great time to buy” Downtown San Diego Real Estate?

Buy a home in Downtown San DiegoFor the last three or four years, it has unquestionably been a “buyer’s market” in Downtown San Diego Real Estate. Housing values have dropped 30-50% since 2007 and banks are lending at all-time low interest rates. New programs like FHA have made it easier than ever for first time home buyers to enter the Downtown San Diego Real Estate market, even with less than ideal credit and barely any down payment. Many homeowners that purchased before the “bubble” burst found themselves upside down in their mortgages and had to attempt a short-sale or even let the bank foreclose on the home completely. While those newly vacant homes were tougher for the lenders to finance for regular home buyers, Real Estate Investors saw the opportunity to get valuable inventory at fire sale prices and dove into the market head first. Conversely, the drop in home values encouraged potential sellers to hold on to their properties and began a slow suffocation of the inventory levels of available homes for sale.

Fast forward to February 2013, and what we’re left with is less than two months’ worth of inventory in Downtown San Diego alone, and less in other areas in San Diego County (a healthy market requires around six months). When homes do come on the market, they are quickly moved upon and now more than ever, you need to enlist the help of a seasoned Real Estate Professional to help you with the process. It’s not uncommon to see a house hit the market and receive multiple offers within the first week. These bidding wars are slowly causing the “low prices” that we’ve grown accustomed to over the last 5 years, to raise. In 2012 alone, equity in 92101 rose 13%, and is expected to raise at least that again in 2013. As each home closes, it sets a new comp and effectively “raises the bar” for the next deal. With no new inventory scheduled for Downtown San Diego until at least 2015, we don’t see any reason why this upward trend won’t continue. Bottom line, while the low interest rates and still (for now) low prices signal good buying conditions, it is no longer a “buyer’s market.” If you are still on the fence about purchasing your first home in Downtown San Diego, I’d recommend making the move soon.

Some steps to get started:

  • Talk to a local real estate professional for advice specific to the neighborhood that you want to move into.
  • Contact a loan representative for a pre-qualification to find out your purchasing power.
  • Research you neighborhood’s most recent comps.

 


The Downtown San Diego Lifestyle and the Importance of Open Spaces

When we sit down for the first time with a client who is interested in the purchase of a Downtown San Diego Condo, one of my first questions is how they envision their new San Diego Lifestyle. Where do you want to spend personal time with friends?  What do you envision a Sunday afternoon looks like living in Downtown San Diego?  What do you do for fun?

One of the most important aspects of living in Downtown San Diego is the new lifestyle.   A lifestyle that includes work, live, and play all in the same neighborhood perhaps? A lifestyle that means your entertainment and your shopping needs are only  a short walk away.

One of the most important aspects of living Downtown is the access to parks and open civic spaces. City planners in San Diego recognize the fact that you do not always have to be holed up in your small Downtown San Diego condo or loft all the time.  One of the best aspects of living in San Diego and Downtown specifically is the ability to get outside and experience your community or neighborhood.   In his recent article in the San Diego Metropolitan, author Michael Stepner explores the importance of Open Spaces and parks on City planning. Michael states that…”Public Health Professionals have joined with design professionals and others in recognizing that quality urban design and a well designed public realm are key ingredients for health and wellness of the community.”  Basically, he is saying that civic open spaces and parks are the way Downtown San Diego Residents experience and enjoy their community.

In his article The Public Realm: The importance of Public Spaces in our Neighborhoods Stepner speaks to the importance of the new Horton Plaza open space that is currently under construction.  This new development will “open up” the access in and around the Horton Plaza shopping area while also creating more park and civic space. In the future, planners are hoping that concerts and performing arts presentations will be held in the new civic areas. Basically… it will serve as an outside extension of the Balboa and Lyceum Theaters. Along with this new development for open space, planners have also included the addition of another upscale Downtown Organic Supermarket in Jimbos.   When walking thru Horton Plaza currently, it is a total construction zone.  However, soon enough the development will have a positive improvement and upgrade to the Downtown San Diego Infrastructure.  Let’s hope that this is just one of many more ways to enjoy our Downtown Lifestyle that becomes reality in the future.


No New Downtown San Diego Condos to Be Built in Near Future

The Downtown San Diego Real Estate Market finds itself in “uncharted waters” for available Inventory and New Construction. As of today, inventory of current Downtown San Diego Condos for sale was still under the 150 level. This is a lower amount that when I first started selling Downtown San Diego Condos in 2003. This Lack of inventory is pretty significant considering at that time over half of the Downtown Complexes had not even been built yet. Technically, in 2003 there was not even an East Village or Ballpark District yet.  Additionally, back in 2003 there was a growing buyer demand and significant amount of new homes that would be sold in sales offices in almost all the neighborhoods of Downtown.

 

One significant aspect of the low inventory is that there is no new residential construction that we know of for sure in the near future.  Technically…it could be 2016 before the first new Downtown San Diego Residential complex is completed and sold. This is due to several factors. One, the cost of materials for cement and steel is quite expensive. The developer/builder would have to sell the newly constructed units at an accelerated price per square foot to cover the extra costs for building. Two, builders and developers are having an issue financing their construction. Unless they fund the project themselves, there are not a ton of resources for them to rely on in terms of financing.

 

For a detailed list of all current and planned construction check out the CCDC website for information.


“Centre City Green” – New Program to Make Downtown San Diego more Environmental Friendly

A new program was introduced by Mayor Jerry Sander on April 22nd, 2010 to make Downtown San Diego even more environmentally involved and to help San Diego reach State climate goals for 2020.

The program is under development by the Centre City Development Corporation (CCDC) and it is called “Centre City Program“. The program includes:

  • Water conservation
  • Energy innovation
  • Clean technology

The program will also include new, incentive based, “green” building measures to help with new and existing buildings to use less water, less energy, reduce automobile demand and to provide healthy indoor and outdoor spaces for Downtown San Diego Condo home owners, Downtown San Diego Loft home owners, residents and visitors. Potential incentives include;

  • Increased building density
  • Faster permitting
  • Development code variances
  • Support of green team specialists
  • Public recognition

It was also announced that as part of “Centre City Green”, CCDC is developing a comprehensive Lighting Master Plan that will provide new energy efficient lighting strategies for buildings, streets and sidewalks throughout Downtown San Diego. SDG&E will be donating more than $100,000 to fund lighting innovations through the plan.

It was also added that CCDC will soon launch a pilot Green Streets program to create healthier outdoor spaces that are more pedestrian and bike friendly, add more greenery, support transit, use less energy and water, improve air quality and reduce storm water pollution in the San Diego Bay.

CCDC hopes to recognize and promote those buildings that excel as models of ‘green development by issuing a local a Centre City Green plaque or seal of approval to raise awareness in the public.

For more information about CCDCs Centre City Green program, visit www.ccdc.com.


Don’t Know Who to Call in Downtown San Diego – Check this out

 

Downtown San Diego Condo home owners, Downtown San Diego Loft home owners, residents and visitors, we are all concerned and aware on what is going on in Downtown San Diego. Maybe you see a broken pay phone or trash on the street and do not know who to call….check it out.

  • Broken street light or street light base – Street Division 619-527-7500
  • Damaged banner – Downtown Partnership 619-234-0201 or Gaslamp Quarter Assoc. 619-233-5227
  • Damaged or missing street sign – Street Division 619-527-7500
  • Damaged Bus shelter – MTDB 619-238-0100
  • Broken parking meter – Parking Management 1-800-808-5998
  • Overflowing trash can – Clean & Safe 619-234-8900
  • Trash in street – Street Sweeping Hotline, Residential 619-527-3482, Commercial 619-527-3472
  • Leaking fire hydrant – Water Department 24hr Emergency 619-515-3525
  • Damaged or Vandalized Utility Box – SDG&E 1-800-411-7343 or ATT 1-866-346-1168
  • Broken Pay Phone – SBC Public Communication 1-800-498-2646
  • Damaged Mailbox – USPS 1-800-275-8777
  • Litter on sidewalk – Clean & Safe 619-234-8900
  • Lifted sidewalk – Street Division 619-527-7500
  • Broken tree limbs – Clean & Safe 619-234-8900
  • Overflowing dumpster – Owner/Property Manager
  • Graffiti in the public right of way – Clean & Safe 619-234-8900
  • Graffiti on buildings – Graffiti Hotline 619-525-8522
  • Broken or inoperable street light – Street Division 619-527-7500

Demands are High at Bayside at The Embarcadero in Downtown San Diego

BaysideBayside is Downtown San Diego’s finest waterside community along the Embarcadero right next to the Little Italy District. Bayside homes have the greatest quality, panoramic views, spacious layouts, the best amenities and an Urban Downtown San Diego lifestyle.

Demand for Bayside’s spacious homes have been overwhelming with an average of more than 100 people per week visiting the Sales Center since the grand opening and over 50 homes sold during the past 90 days.

Bosa has captivated audiences once again. To read what the San Diego Union Tribune has to say about the man behind Bosa, who has played a major role in creating many of San Diego’s most distinguished Downtown San Diego Condos, Downtown San Diego Lofts, residences and prominent new landmarks please click here.

Building Amenities include:

  • Private Wine Tasting Lounge
  • Entertainment Lounge with Screening Room
  • Resort-Style Pool with Outdoor Grilling Area
  • Fully-Equipped Fitness Club with Sauna & Steam Room
  • Attended Lobby

Residence Features include:

  • Snaidero Cabinetry
  • Stainless Steel Viking
  • Miele Appliances
  • Wine Cooler
  • Panoramic Bay, City and Mountain Views
  • Generous Balconies Perfect For Entertaining

Visit Bayside’s sales center today and experience a new collection of 11 model homes showcasing a variety of floor plans and stunning views. The sales center is open daily from 11am to 5pm and is located on 1325 Pacific Highway in San Diego. You can also visit Bayside on the web at www.BaysideByBosa.com or call them at 619-239-2339.

To read 92101 Urban Living’s former blog please click on Bayside at The Embarcadero in Downtown San Diego – A Waterside Community!

 


The North Embarcadero Visionary Plan in Downtown San Diego

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embarcadero-plan_t250A couple months back we did a blog on The North Embarcadero Visionary Plan (NVP). This project is so completely instrumental in shaping the face of San Diego, therefore, it is important to have a refresher blog with some updated information. If you are a current San Diego resident, or a potential one, you must check this out. This represents the evolution of Downtown San Diego and in turn values of your urban home.

A major point of this project is to “Green” San Diego’s Bay. The concrete and asphalt that dominate the SD Bay waterfront, under the NVP, will undergo close to $250 million in public improvements. From Lindbergh Field to Seaport Village (1.2 mile stretch) the waterfront will be transformed with shops, cafes, gardens, lawns, paths, palm trees, plaza, art, piers, and a bustling cruise ship terminal. The Port of San Diego, CCDC, and the City of San Diego created to a Joint Powers Agreement (JPA) that will provide for the development of a phasing and financing plan, and the completetion of the design and construction for the project. The Port and CCDC will share all costs, and are still identifying potential funding sources. So, check out this video for a comprehensive look at what the plans entails and a brief overview of key areas below the video.

The Point
A lighted sculpture and a wind-turbine sculpture

The Crescent
The pedestrian and bike path will be enhanced with a low curving wall and landscaping

Grape Street Pier and Piazza
Floating docks will be built and a series of staircases and ramps will lead to the water for observing sea life.

The Wharf
Paving along the wharf will have colorful night lighting

The Lawns
Green expanses will be established for recreation or ship viewing, as well a space for civic events.

Tavern on the Bay
Areas of shade will be created with seating a gardens

Market Square at B Street Pier
Sail-like structures will shade pedestrians and cruise ship passengers

Formal Groves
Lush plots of gardens with exotic plants, hedges and movable chairs

The Cove
A Memorial Walk will be created linking existing memorials between the Navy Pier and G Street in a park-like setting. A sycamore forest with paths lined with desert boulders and native plants will be created

Broadway: The Hall
Broadway, downtown San Diego’s main street, will be widened as it nears the water creating a plaza and festival area, as well as a public viewing platform and other improvements to the Broadway Pier.

All information from CCDC and Port of San Diego Websites as well as Union Tribune


Downtown San Diego’s New Central Library on YouTube

The above link will take you to a YouTube video featuring Rob Quigley, design architect for the new Downtown San Diego central library. The library will be located east of 11th Ave between J & K streets.Mr. Quigley provided a quick update about the status of the library this Friday morning (June 6th) during a “Coffee with Nancy” CCDC update hosted by the Children’s Museum this morning at 8 am. Mr. Quigley added that the library is now only less than $17 million away from being a reality and to “feel free” to support this initiative by considering making a generous donation after watching the video.

More info can be found on the City of San Diego website and at www.CCDC.com Enjoy! -Pete