Architects on Exhibit was posted by the San Diego Metropolitan for their November 2008 online edition. Nine leading San Diego architects “that are redefining housing design, development and urbanization in the region” will feature work at the Museum of Contemporary Art. The Architects that have been selected are Teddy Cruz, Sebastián Mariscal, James Brown, James Gates, Todd Rinehart, Catherine Herbst, Lloyd Russell, Jonathan Segal and Jennifer Luce. 

 As residents of San Diego we love to keep up with the goings-on Downtown, especially if they pertain to something we’re passionate about… real estate and architectural design! This particular exhibition speaks to just that.

The idea began in 1982, when MCASD, then known as the La Jolla Museum of Contemporary Art, organized a now iconic exhibition, entitled The California Condition: A Pregnant Architecture. This exhibibtion presented the work of 13 original California architects at the forefront of the field.

Now, more than 26 years later, this new exhibition, MIX: Nine San Diego Architects, is designed to mark MCASD’s institutional commitment to continue to chart and support the work of innovative designers and architects. However, it is presented today with a regional focus that focuses on the emergence of a specific “San Diego Condition.”

The exhibition opens May 21 and runs until September 6, 2009 at the La Jolla location.  

Exhibit Hours:
Friday-Monday, 11 am-5 pm
Wednesday, 11 am-5 pm
Thursday, 11 am-7 pm

Museum of Contemporary Art San Diego — La Jolla
700 Prospect St.
La Jolla, CA 92037

As we continue to see Downtown San Diego develop and grow, we as residents welcome the addition of retail stores that are currently hard to come by in our Downtown neighborhoods. The addition of Ace Hardware is no exception. The below press release written by Pam Schwartz at Sterling Hardware Group, the operator of the Ace Hardware store, goes into detail on opening date, available products and generally speaks to this exciting addition!
PRESS RELEASE
Contact: Pam Schwartz, Sterling Hardware Group
E: Pam@SterlingHardwareGroup.com   T: 619-234-3344 x128
Ace Hardware Coming to Downtown San Diego
November 18, 2008 - Sterling Hardware Group, a San Diego based independent Ace Hardware retailer, will open an Ace Hardware store in downtown San Diego next spring at The Lofts at 655 Sixth Avenue (a rental complex).

Downtown Ace Hardware will have 7,500 square feet of retail space and will employ about 15 full- and part-time workers.   The store will stock approximately 15,000 items plus will be able to special order from an even larger supply of merchandise from the company’s warehouse in Arizona.

“OliverMcMillan is thrilled to be bringing a hardware store to downtown San Diego,” commented John Shaw, Managing Director, Portfolio Management for OliverMcMillan.  “Sterling Hardware Group, the operator of our new Ace Hardware store, is a locally-owned business and their new store at our mixed-use development at the key corner of 6th Avenue and G Street will be an important addition to the tenant mix serving downtown San Diego.”

Pam Schwartz, a principal of Sterling Hardware Group noted, “As the downtown residential population has grown during recent years, grocery and drug stores have moved into the market to meet the needs of the residents, but until now there has been a void in the home improvement and housewares retail segments.”

The new Downtown Ace Hardware will offer diverse product offerings for:
• Paint, Paint Sundries & Cleaning
• Kitchen and Bath Accessories and Small Appliances
• Home Organization and Storage
• Hand and Power Tools
• Electrical and Lighting
• Plumbing, Heating and Air Conditioning
• Hardware and Fasteners
• Lawn & Garden and Patio Living
• Automotive
• Pet Supplies

Among the name brands Downtown Ace Hardware will carry are Benjamin Moore Paint;  housewares products from Cuisinart, Krups, KitchenAid, OXO, Simple Human, Umbra, Dyson and Interdesign; power tools from Makita, DeWalt and Milwaukee Tool; plumbing fixtures from Moen, Delta and Danze and a variety of other premium brands for hardware, lawn and garden and electrical.  

The store will have a unique outdoor shopping area for urban Patio Living, a nearly year-round seasonal focus for Downtown Ace Hardware.

Ace Hardware, an 84-year-old company known as “The Helpful Place” has focused in recent years on meeting the needs of urban condominium and apartment dwellers as well as homeowners by opening stores in metro areas.  San Francisco, Chicago, Washington DC, and Seattle are just a few of the markets that have urban oriented neighborhood Ace Hardware stores.  San Diego is expected to be the next major success.

Ace Hardware is the largest retailer-owned cooperative in the industry with over 4,600 stores in all 50 states and 60 countries, generating annual retail sales of more than $13 billion.

For more information about Downtown Ace Hardware, contact info@SterlingHardwareGroup.com.
 

944 Magazine and the UnScene Photography Tour Presents
UnScene San Diego

Winner flown to LA for final competition & shot at national spread in 944 Magazine

The five finalists for UnScene San Diego are:

Mike Cutri
Tyler Gipe
Brian Terry
Mike Brown
Chad Cavanaugh

WHAT: The UnScene Mobile Photography Tour and 944 Magazine are thrilled to announce UnScene San Diego, a gallery exhibition celebrating the city’s hottest up-and-coming photographers. During a one-night ”photogenic” affair at W San Diego, five finalists will showcase their best images of San Diego, while vying for a chance to make it to the national finals. Chosen by 944 readers, one lucky finalist will compete next spring in Los Angeles against six other finalists for a national spread in 944 Magazine.

All works will be on sale the night of the event with proceeds benefiting a local charity.

WHEN: November 20, 2008 - 6-9 pm

WHERE: W San Diego - 421 West B St - San Diego, CA 92101

INFO: For additional information, please visit www.unscenetour.com.

About the UnScene
The UnScene is a company dedicated to exposing emerging artists worldwide through mobile and online competitions. The UnScene travels city to city to expose emerging artists via one night gallery events. At each event, one photographer is awarded with a high profile exposure prize. Working with galleries and non-traditional public venues, the UnScene aims to find artists and help them get ready for the spotlight.

About 944 Magazine
The fastest growing lifestyle media conglomerate in the industry, 944 Media was founded in 2001 and has quickly become regarded as the leading resource in the nation’s most desired entertainment hubs. Offering a fully integrated marketing solution, 944 Media specializes in print and online magazine content, special events, and custom design/publications with flagship offices in Los Angeles, Miami, Las Vegas, Phoenix, San Diego, Orange County and now San Francisco.
 

Foreclosures are a hot topic right now! Are they up? Are they down? How are they compared to last year at this time, last month? There are a lot of questions because some look at the foreclosure rate as a potential indicator into whether we’re “nearing the bottom,” skimming right along, or nowhere near it. At 92101 Urban Living we like to keep you, the buyer or seller, up to date with articles we stumble upon in our everyday quest to understand the constant changes in the market.

In this November 10 article posted in MarketWatch, U.S. Foreclosures Index: October Foreclosures Drop Dramatically to Near 2008 Lows, we’re able to get some current numbers on the state of foreclosures.

According to the U.S. Foreclosure Index from ForeclosureS.com, foreclosures fell for the second month in a row in October to nationwide lows not seen since last February. October pre-foreclosure filings were off more than 10% from August’s highs, and nearly 7% from September numbers. And these falling October numbers were true for about half the states in the U.S. Foreclosure Index.

Another number that’s down are properties repossessed by lenders following foreclosures coming in at 22% off from Septembers high, the lowest monthly total since May.

It’s important to note that pre-foreclosure filings do not end up in foreclosure but property information specialists at ForeclosureS.com base its U.S. Foreclosure Index on the number of formal notices filed against a property during the foreclosure process. This can include notice of default, notice of foreclosure auction, and/or notice of REO.

Almost one-third of the 1.76 million pre-foreclosure filings so far this year are in 10 counties out of the more than 1,300 nationwide included in the ForeclosureS.com database. Of these 10, San Diego is not one.

These numbers would lead one to believe that San Diego is not as affected as other counties, however, more than 255,000 completed foreclosures this year to date are in 10 counties, too. Of these, San Diego is included.

The clearest indication of trends comes by looking at nationwide foreclosures based on the number of filings out of every 1,000 households.

- 11.5 out of every 1,000 households nationwide have been repossessed by lenders following foreclosure YTD based on REO filings. That’s up 71.63% from the same time a year ago.

- 24.6 of every 1,000 have had to deal with pre-foreclosure fillings YTD, up 71.53% from 2007 YTD.

Alexis McGee is the author of The ForeclosureS.com Guide to Advanced Investing Techniques You Won’t Learn anywhere Else, and The ForeclosureS.com Guide to Making Huge Profits Investing in Pre-foreclosures without Selling Your Soul.

Despite these startling percentage rates, McGee states, “Prices are low and current government backed mortgages are making homes more affordable than ever. Plus lenders are finally getting realistic and unloading REO’s at cut-rate prices. The deals are happening. Whether you’re a would-be homeowner or property investor now is a great time to buy discounted properties from motivated sellers.”

So, if you’re in the market for a Downtown San Diego Condo or Loft property one might deduce that now is the time to take advantage of discounts rarely offered. The argument can be made that there is some time to act, however, the sooner the ball gets rolling the more informed and ready you will be to make that purchase.

Given the current state of the economic and real estate industries it’s easy for us as buyers, sellers, brokers, developers and the like to adopt an increasingly negative outlook. Doug Wilson, the founder and CEO of Doug Wilson Construction, however, does not wish to participate. In the November, 2008 issue of the San Diego Metropolitan, Wilson recently authored the article, Creating a City of Change: Today’s Capital Crisis is a Blip. The article summarizes as follows.

Wilson has seen “massive changes” take place in San Diego’s urban core since his arrival in 1984. Such changes began with he and his two partner’s development of Symphony Towers, the city’s largest privately financed mixed-use development at that time. Changes similar to Symphony Towers have been reproduced over the last 25 years changing Downtown into what Wilson calls “a world-class commercial, entertainment and residential center.”

Wilson attributes these changes to both planned and unplanned factors taking place in the Downtown San Diego market. The planned aspects come from organization of one of the largest Downtown redevelopment programs of any city. The unplanned come from both social and economic conditions.

Socially, Wilson believes that the children of those who “fled to the suburbs a generation or two ago” are growing tired of the constraints of this lifestyle and crave the new up-and-coming excitement that Downtown is creating. To accommodate these desires Wilson’s company pioneered Parkloft, the first for-sale condo/loft development in East Village. (Located directly behind our offices at 92101 Urban Living) As resident’s and re-locaters have seen, East Village has been transformed from what was an old warehouse type neighborhood into a current day “urban village.”

Wilson also believes “that Downtown has become a vacation home market,” and that “The Mark is attracting a growing number of [these] out-of-town buyers.”

In addition to the social factors affecting change, it’s also pertinent to analyze the economic facts as well. Given the current state of Wall Street and the mortgage markets, Wilson believes that “the 92101 real estate market is on pause…” and “that not much will happen for the next two to three years.” So, yes, development is on hold for the time being. However, this is good for our Downtown market in that we don’t see the saturation that some have feared. See a previous 92101 Urban Living blog with these numbers titled: Downtown San Diego Resale Market Analysis. Wilson believes “we’re looking at a substantial pent-up demand brewing in Downtown for-sale housing.”

Wilson’s confidence gets additional steam from the Downtown rental market and its increasing rents indicating that demand is high. His confidence is also generated from the numbers; the average price per square foot has almost doubled from 2000 to 2007.  There will soon be a shortage of units coupled with a thinning number of high-quality development sites and therefore “there’s every reason to believe that appreciation will continue.”

And the trump card? Wilson is secure in the idea that everyday, no matter the market conditions, San Diego will always be able to offer one thing many other cities cannot: Location. Wilson says, “It may not be in vogue to be optimistic about the future of Downtown San Diego’s housing market. But I am.”

At 92101 Urban Living we’re always discussing the ways that a city’s infrastructure can add to each individuals take on urban living. This CCDC.com October 23rd article, entitled Unique Pedestrian Overpass to Complete Park to Bay Link, explains the beginning stages of such infrastructure: a new Pedestrian Bridge allowing PETCO Park visitors and Convention Center guests a safe crossing between the waterfront and East Village over multiple train and trolley tracks.

Thursday, October 23 marked the date of the groundbreaking ceremony in celebration of the beginning of construction of what will be one of the nation’s longest self-anchored pedestrian suspension bridges. “The overpass will improve traffic in the area and serve as an important connection among neighborhoods, buildings and even regions…I know we’ll be proud to see it as part of our skyline,” stated San Diego Mayor Jerry Sanders.

The bridge will span across Harbor Drive at Park Boulevard and will bring to life the vision of linking Balboa Park and the San Diego Bay. The bridge will also allow the reopening of Harbor Drive at Park Boulevard to vehicular traffic.

The bridge’s unique design will include:
• 500-foot curved span
• 130-foot center angled pylon
• 16-foot-wide by 3-foot-thick concrete deck, 25 feet above Harbor Drive
• Stainless steel-wrapped suspension cable railing
• Enhanced lighting above and below bridge deck and on center pylon
• Landscaped plazas on north and south sides.

As fans and supporters of Downtown San Diego we proudly cheer on developments such as the Pedestrian Bridge as it adds to the aesthetic of our Downtown San Diego lifestyle. Almost nothing beats the views of the city skyline, the bay, Coronado and now the new Pedestrian Bridge lit up at night from your high-rise Downtown San Diego Condo or Loft.

For more information about the bridge or other redevelopment projects in the Downtown San Diego area visit www.ccdc.com.

In the October 28th edition of SignOnSanDiego.com, Staff Writer Roger Showley illustrates the recent drop in the home price index in San Diego County: Home price index still tumbling in San Diego. This is an important article for you, the homebuyer, in that it helps to make the decision whether now is the time to buy that Downtown San Diego Condo or Loft you’ve had your eye on.

For the last three years San Diego has experienced a housing slide and we know that eventually it will hit bottom; but the questions are determining when and will we know we’re there? With the Standard & Poor’s/Case-Shiller Home Price Index showing prices in San Diego County down 25.8 percent in August from a year earlier there is hesitation stating that we’re close.

More recently, from the months of July to August, San Diego prices dropped 2.3 percent placing us at fourth-highest out of the 20 cities tracked.

One of the tools used to forecast the bottom is sales volume. When we do see sales increase, meaning buyers are becoming more comfortable with the thought of buying, the obvious supply and demand rule goes into effect. In the past three months sales in San Diego were up after a 48-month slide, according to the MDA DataQuick figures. Though, it’s important to note, that through September sales were still around 10 percent below those of last year. According to Lawrence Yun, chief economist of the National Association of Realtors, “This is the first and necessary step before anything else stabilizes.” Basically, more buyers mean fewer homes on the market which eventually leads to price stabilization.

Something to consider is that though the bottom may be near, there are still issues in the financial market that will undoubtedly affect home buying. Some believe that the market is still treacherous and may continue to get worse.

Still yet, MDA DataQuick’s September numbers state that median prices dropped to $328,000 last month, down from $350,000 in August. Market observers continue to support the idea that San Diego prices will keep falling, level out by the second or third quarter of next year and then start to rise slowly in 2010.

A key issue that makes it difficult to know what will actually happen is the backlog of distressed properties for sale. Last month the proportion of all homes sold that were foreclosed hit a 47.3 percent record. Some believe as long as these properties continue to be put on the market, prices are unlikely to stabilize.

As of recent, foreclosures have had two straight month-over-month declines; and defaults have been dropping for five consecutive months.

To point out the positives: The San Diego Association of Realtors reported six straight months with a declining number of active listings, suggesting an increase in demand. Also, in some areas, investors are reportedly buying up dozens of foreclosure properties indicating that some professionals may feel the bottom is near. In addition, the GDP rose 2.8 percent in the second quarter.  The Housing Opportunity Index reached 31.1 in the second quarter, meaning 31.1 percent of homes for sale were affordable to median-income households; this compared to just 9.6 a year earlier.

To point out the negatives: There is a low level of housing permits and we’re seeing the slowest pace since the 90’s. Job losses are threatening housing recovery as San Diego’s unemployment rate was 6.4 percent last month, up from 4.8 just a year ago.

All in all, “If buyers start coming back and people absorb the inventory,” says Yun, “that will be one shining light that begins to show other sectors of the economy can now begin to grow.”

As our office has been around for the real estate boom just years ago and now, as we’re living through the slump just as you, we encourage our buyers to do their homework. Now may or may not be the right time to buy for you. There are clearly many aspects to consider but it all comes down to your comfort level. As consultants, we will do our best to arm you with the tools you need to make the best decision for you. There are many useful blogs and articles posted on our site that reference the state of the real estate market, we recommend checking those out for a broad picture view.