What are you doing this weekend? It is expected to be clear and sunny, you’ll probably want to be outside. Here’s a recommendation. The Gaslamp Quarter is hosting yet another event. This Saturday, March 29th, from noon to 7pm, there will be a three-part art show, art exhibit, and art tour. This free art event will be hosting more than 50 local leading artists who will be displaying their talent on the streets of the Gaslmp District. Gaslamp art galleries, restaurants, shops and rooftop hotel lounges will also be hosting artist events. The three events at the Artist Showcase will be a visual art adventure with themed activies, art events within Gaslmap businesses, and a ‘Tour of Fine Art, Fine Wine, and Fine Spitrits. For more information visit the Gaslmap Quarters website. Hope to see you all there!

This graph shows the total number of Feburary sales for 2008 by complex. These are the only downtown San Diego complexes that sold in the month of February, and they are ALL new construction. Electra is downtown’s newest residential high-rise with top-of-the-line amenities and a prime waterfront location.

This graph shows the total February 2008 Sales by type of sales. There are three markets downtown: New Construction, Resale, and Foreclousures/Shortsales. These statistics show that New Construction/Developer deals were the only units to sell this past month. Developers have the ability to offer deals such as HOA dues paid for a period of time, money toward upgrades, and more. These are where the deals are at right now. Many think that foreclosures and shortsales are the route to take, however, foreclosures and shortsales often take a great deal of time and jumping through hoops to get anything closed. Also, many of these units need a lot of work. The time and the money put into these deals often are not worth it.

You may have heard the term ‘New Urbanism’ before. What is it? It is a housing-revolution, redefining what the popular living environments will be here in the US as we move through the 21st century. Environmental concerns are, or should be, on the forefront of our planets mind, and our population is ever growing. New Urbanism addresses these issues.
After World War II, conventional suburban development, or “sprawls”, were implemented nationwide. These sprawl developments replaced tight-knit neighborhoods with a wide separation of uses. The majority of US citizens live in suburban communities built in the last 50 years. Although these suburban sprawls have been popular, they do carry a significant price. These sprawls consume large areas of countryside. Automobile use per capita has soared, because a motor vehicle is required for the great majority of household and commuter trips. Those who cannot drive are significantly restricted in their mobility and there is an increase in exhaust pollution. Meanwhile, these American sprawls are usually dominated by strip malls, “auto-oriented civic and commercial buildings, and subdivisions without much individuality or character.”
New Urbanism is a reaction to sprawl. It is a growing movement of architects, planners, developers, engineers, public officials, investors and community activists. New Urbanism is based on principles of planning and architecture that work together to create human-scale, walkable, environmental friendly commnities. The Congress for the New Urbanism (CNU) is the leading organization promoting these New Urban developments, alternatives to sprawl.
New Urbanism offers denser and diverse housing, recreational activities, shops, schools, transportation alternatives and job opportunities – all within five minutes walking distance. New Urbanism promotes more lifestyle choices for city dwellers and suburbanites and brings back walkability to all types of communities. New Urbanists are also focused on creating or retrofitting neighborhoods with pedestrian-friendly sidewalk; to calm traffic and encourage walking, bicycling and neighborhood socializing in playgrounds, pocket parks or public squares.
Downtown San Diego is definitely a New Urbanist community. Everything you need is within walking distance. More parks and public infrastructures are popping up, (check out past blogs on Pedestrian Bridge, North Embarcadero Visionary Plan). Most who live downtown work downtown, and there is more than enough to do to play downtown. Check out more about New Urbanism at CNU’s website

Are you new to downtown? How about old to downtown? Either way, you will probably notice that downtown San Diego is a piece of clay waiting to be molded into something awesome. I am talking about creating a scene, man! A movement! Not a riot, let me be clear on that. I am talking about finding your passion and turn it into a downtown event. Whether it be yearly, monthly or weekly make it happen. Be the founding person of something that wil be going on twenty years from now. Nurture your idea from infancy into full blown adulthood!

Here are some ideas:

Like to run? Form a runners club. Call it the Urban Cruisers. Do runs weekly and organize a yearly event.

Like to walk? Form a walking guild. Have babies? Form a Mother’s club that gets together at Petco or somewhere and get to know the other mothers/fathers. Bike riding clubs, book clubs, chess clubs. Start up a dinner club with other retaurant fanatics that can check out a downtown establishment once a month. We did it in my building. A great way to meet your neighbors and network. Take the initiative to start something and see it through!

There is a music scene budding! It needs your support. Every Friday, Java Jones has live music- and it’s free! A lot of talent goes through there. Mondo Gelato has music every Thursday night- FREE! Get out and support it by listening.

Be active in your neighborhood. Downtown San Diego should be a community of doers, not talkers. Which one are you? Ask yourself seriously… am I doing what I say? Am I part of something great? In twenty years, will you be a founding member, the great idea, the reason that culture, art, music and activity is a solid part of the downtown San Diego lifestyle or will you have just been sitting around wondering what happenned.

I remember when I was in Middle School my Dad told me “there are three kinds of people in this world… those that make things happen, those that watch things happen and those that wonder what happenned.” Be the first two. Make something happen and support the other things going on.

Let’s make our Downtown Awesome!

Just a reminder, tomorrow is the public outreach meeting meant to educate the city residents of the efforts underway and to explore the possibility of redeveloping the Civic Center Complex. Check out the previous blog on Civic Centers. The CCDC’s has selected two finalist developers to compete for the opportunity to partner with the City in the redevelopment of the 4-city block site of the current Civic Center.

Have your say, be involveds, help shape this wonderful city…

‘The outreach meetings will include:

• Introduction/background of the Civic Center site, its facilities and existing leased space
• Introduction and presentation by the two finalist development teams
• Explanation of the current conditions of the existing facilities and costs of rehabilitation
• Explanation of leased space costs and upcoming lease expirations
• Possible improvements to the C Street transit corridor
• Possibility of opening B Street to pedestrian access
• Potential new private mix of uses that may be constructed on the site
• Provide opportunity for public comments, suggestions and questions
• Explanation of next steps in the developer proposal and evaluation process
• Future opportunities for public review and input ‘

The meeting is tomorrow, March 15th from 10am-11:30am at the Malcom X Library @ 5148 Market Street.

*info. from ccdc.com*

From the beginning, The Gaslamp Quarter has been San Diego’s place to party. From gambling halls and brothels to nightclubs, bars, pubs and restaurants. Besides the nightly crowds of diners, drinkers, and dancers, the Gaslamp District also plays host to numerous street parties, from Mardi Gras to SoHo concerts to numerous holiday celebrations including shamROCK. You know the gig, green beer, green clothes, green food. March 17th marks this years annual St. Patty’s Day celebration. The festivities include traditional Irish music and food, Irish rock and punk rock, and DJ’s at the DJ stage.

ShamROCK 2008 will take place in the Gaslamp on F street between 5th and 7th Avenue’s and 6th Avenue between G and E Streets. The main entrance is located at 6th and E Street. This event has sold out to crowds topping over 20,000. Get your tickets here and check out the music line up, including the Young Dubliners.

A lot is being said of the distressed property market. Of course there is, it is national news. San Diego County is considered a distressed market according to a number of lending guidelines now as well. But what are the “markets within the market”?

There are a few categories here:

(a)New construction-directly from the builder

(b)Resale market-individual seller/homeowner

(c)Distressed market with subcategory of Short Sale and Foreclosure

The new home market, or buying directly from the developer, is a great way to go. They tend to have deeper pockets and there are ways to negotiate with them that will greatly benefit you. Having worked in the field of new home sales for a number of years, I am quite familiar with the process and have a good understanding of how the developers mind works. Translation, succesful negotiations that get you a great deal.

The resale market or buying from an individual seller/homeowner is a different market all together. Here, you are typically negotiating on price only. Most individual sellers in our current downtown San Diego market are backed up against their equity. There are a few that aren’t but the majority are and don’t have a lot of negotiating room. It could ultimately come down to them bringing thousands of dollars into escrow to close a deal or just going the way of the short sale or cancelling the listing. Most of the time it is not a distress situation, comps form short sale/foreclosure transactions aren’t viable to the seller. That is something important to keep in mind. Dealing with an individual seller is dealing with emotion. Take those words to heart.

The distressed market I have in two sub categories. It could always grow to more but for now I have two. Short Sale and Foreclosure.

The Short Sale, it does not mean it is going to happen in a short amount of time. It does not mean negotiations will be short. It means the property is being sold short of what is owed on it. For example, a home that has a $400K loan out on it being sold for $375K is being sold short of what is owed on it. At this point, you are no longer dealing with the owner of the home, who still owns the home but has got the bank to agree to a short sale at a price that the BANK will approve. Not the seller of the home. You begin to take the emotion out of it here. You are going purely for a below market price on a home. A lot of them are still in decent condition as well. The time it takes for these transactions is much longer than normal. You can submit an offer- even at or above the asing price- and you may not get a response for a month or more. How much time do yo have?

The foreclosure is different. The former owner no longer has it. It had gone into default and the bank excersized their right to take foreclosure upon the property. As banks can’t hold title property, it will be held in title under a trust. Again, you will see multiple offers and it can take a little longer. A lot of foreclosed homes look like a tornado went through them. Appliances wil have been removed and sold, and the transaction will be done “as is” meaning they don’t give a rip about an inspection or any request for repairs. They will laugh at it while they deplete the ozone layer with an aerosol can and wear coats made out of really cute animals. A weird visual, probably not that accurate. Most of the things in the home may have been stripped out and sold to recoop any monies being lost.

As for the tax implications on Short Sales or Foreclosures… consult your tax person. I won’t and can’t give tax advise.

I know you’re not supposed to end a sentence with a word like “is” or “of” but it was just the headline. Now that we got that cleared up… The Median Home price for San Diego is down 20% from the 2005 peak. Notice the ominous bold letters that are italicised for effect. It’s a big number. But what exactly is that number? Here is the math on median pricing. Say that in the Month of May five homes are sold. One home is sold for 1 million dollars. The other four homes are sold for two hundred fifty thousand dollars. That would be a grand total of 2 million dollars in sales for the month. Averaging out to Four hundred thousand per transaction.

There is your median.

That 1 million dollar home isn’t all of the sudden only worth $400K. It’s a million dollar home. The $250K home hasn’t shot up to $400K either. It is the average, the median, for what the homes sold for. Take number of homes (x) divided into total sales amount (y) and that will equal the median (z). That was paying homage to my father who was a math teacher for over 30 years.

More understanding of it. What is the other translation of the median price? It reflects what is being bought and who is buying. The lower the price typically reflects the first time or entry level buyers. This should not come with any sort of status stigma. Being a first time buyer doesn’t make someone less of a person compared to the seasoned investor or move up buyer. This is the time for the big CONGRATULATIONS on getting your first home and doing it in a time when you were in control of the process! Way to go! Let there be no hating! Also, we are seeing fewer move up buyers at this time because in order to do so they would have to sell their existing house and we know how that is going right now. The higher end of the market, the million plus range, is still moving as well. These are buyers with means to do so. Most of those transactions are done in cash.

Current homeowners, ride it out. Sit tight and enjoy your home for now. First time buyers, it’s trigger pulling time! Giddyap!

Are you familiar with the term Big Box Shopping? It is places like Lowe’s or Target or Best Buy. In todays Union Tribune is a pretty neat article about a proposed multi-level shopping mall with a Target and a Lowe’s. It would be like a mall in the sky, instead of building one vast single level shopping Promenade it would be a five or so story retail building with around 1400 parking spaces above and below. How exciting would that be. I don’t know about you but I looooooove Target. That may be too much information but I like going there with the family and checking out movies, candy on sale and household items that I don’t need but would probably buy anyway.

The location proposed is 16th and National (the record skips) and who wants to walk/drive down there right now and walk away with bags full of new merchandise? Everything is a work in progress. If it were to be succesful then there would have to be periphery development of the area as well. Other businesses, restaurants and housing would be the logical thing to put there. Remember this, five years ago, none thought that people would live by the ballpark, or the area the ballpark was being built in. I myself remember driving down Harbor going South and seeing where Petco Park was being built. I’m talking about back in 97 when it was getting scraped. I also vaguely remember the rest of the area reminding me of a Charles Bronson movie. The neighborhood he would go into to get info out of the guys everyone else was too scared to track down. An area completely off the radar ala Death Wish. The kind of place where if a 911 call went out it would never be answered. Now it is my home. We always say that if hindsight was 20/20. What if hindsight could be 20/13? We could see through it and realize what a great thing it could be. I for one welcome the idea of not driving to Mission Valley or Sports Arena. I don’t like leaving my neighborhood. Once we get a Chik’fil’A and a Pei Wei I will never need to leave.

If you have ever wondered about that really cool, old looking movie-set type building outside of Seaport Village than wonder no more. By mid year, a $40 Million dollar project is supposed to commence on new restaurants and a public marketplace. Terramar, a developer from Carlsbad is planning to redevelop the 100,000 sq ft space. So hopefully another beautiful addition to the waterfront will be taking hold this Summer.