Market News
Condos, Lofts and Penthouses for Sale
Downtown San Diego Real Estate News
The following section of the website is devoted to news articles that have information or an impact on the Downtown San Diego Real Estate Market. I always tell clients to not “take my word for it”. I encourage clients to do their own research and form their own opinions. These are the same resources that I refer to, in order to collect my opinions and facts on the state of the Downtown Market and lifestyle. In this section, it is our opinion that the articles we include do not only present one side of the story. We include EVERY interesting article that we find not only the ones that shed a positive outlook on the state of the Downtown Market. For your organizational convenience, we have separated the articles into three sections: Downtown, San Diego County, and National Real Estate/Urban Living General. Many of these articles are used in our blogs and monthly newsletters to stimulate thought and debate.
Please feel free contacting us should you have any questions, comments, or opinions on any of the follow articles. We have done everything possible to make this an interactive site for Buyers and Sellers of Downtown Real Estate. To that commitment, please let me know if you have come across an article (published or personal) that you feel needs to be included on the website. If Downtown is, or is going to be your home, then let us share your information with the Downtown San Diego Urban Community!
2012-07-18 San Diego Homes Sales Has Been Increasing
The San Diego Union Tribune and the article “San Diego home prices, sales up in June” reports that sales of homes in San Diego increased in June. This is a 0.1 percent increase from the month of May and 1.7 percent increase compared to a year ago.
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2012-07-16 Fat City Hotel Project Has Been Appealed
The San Diego Union Tribune and the article “Fat City hotels decision appealed to Planning Commission” informs that the Fat City Hotel Project in the Columbia neighborhood of Downtown San Diego was approved last week by Civic San Diego but that the Unite Here Local union has filed an appeal.
2012-07-12 The Plaza de Panama Plan is Approved
The San Diego Union Tribune and the article Balboa Park plan to clear cars, parking is approved reports that the plan for removing cars and parking spaces from the center of Balboa Park has been approved and construction is expected to start in the fall of 2012.
2012-07-12 Downtown San Diego Homeless Center Gets New Budget
The San Diego Union Tribune and the article “CivicSD takes first development action” informs that Civic SD has taken its first action by approving a new $4 million buget to get the homeless shelter going.
2012-07-09 FHA-backed Loans Showing High Delinquencies
The Realtor Magazine and the article FHA Loans Post Higher Delinquencies, Foreclosures informs that FHA-backed loans are reporting higher delinquencies and foreclosures even though the overall real estate market is showings improvements.
2012-07-07 Be Cautious with Reverse Mortgages
With more and more people looking for ways to come up with money, there are some Downtown San Diego Condo owners considering reverse mortgages. While you can get a large sum of money through them, they can be complex and could be potentially very troublesome in the future.
In order to get some insight on the issue, the Los Angeles Times published Consumer bureau report raises concerns about reverse mortgages. The article reports that many older Americans who are trying to get a reverse mortgage are at risk.2012-07-06 Mortgage Rates Are Still At Record Low
The Los Angeles Times and the article Freddie Mac: Mortgage rates continue to set record lows are reporting that mortgage rates are still at a record low. The fixed-rate mortgages 30-year loan is now at an average of 3.62 percent.
2012-07-02 More Borrowers Are Up To Date On Their Loans
According to the article Fewer Home Owners Late on Mortgage Payments by Realtor Magazine, the state of the Real Estate market, including Downtown San Diego, is slowly stabilizing. This is due in part because fewer owners are late on their payments. The article itself shows the drops in both agency and non-agency sourced loans. Specifically, non-agency loans have by far dropped the most since January of 2010. With delinquencies being less of an issue, it is only a sign that the economic conditions are improved gradually. At this rate, severe delinquencies could return to their mid-2007 levels by 2014. As the Downtown San Diego Real Estate market returns to normal, news articles such as this will maintain the positive momentum the market is slowly getting.
2012-06-29 New Life In Old Inventory
The inventory in Downtown San Diego and the overall San Diego market is nearing historic lows. Sellers are worried they wont get enough for their Downtown San Diego property, and buyers arent finding very much. There is hope that more inventory is on its way from a very unlikely source. Realtor Magazine explains in Dead Listings Get a New Life that real estate professionals are taking up once-expired listings to try to give those sellers another chance to sell. Typically, a listing lasts 90 days, and if it doesnt sell, it expires. There has been some success in bringing back old listing, but it isnt a slam dunk. Sometimes, flaws within the property need to be addressed. In order to get the Downtown San Diego market stabilized, inventory levels need to rise. Potentially, this could be resolved by selling what was allowed to expire in the past.
2012-06-28 New Highrise Condo Tower in Downtown San Diego
A new 41 story high-rise condo complex containing 232 units might be the next tower hitting Downtown San Diego. Nat Bosa, the Vancouver developer who has built many of Downtowns condo towers has big plans for the lot right in front of Electra in the Columbia District. With a completion in 2016 and to an estimated cost of $250 million this tower would be three stories lower than what Electra is today (43 stories). The San Diego Union Tribune and the article Condo project OK’d; starting price $750,000 gives you more information about this project.
2012-06-25 Downtown San Diego 4th of July Firework Show
The Port of San Diego is once again welcoming the 4th of July with a Big Bay Boom Firework show at 9pm. The place to be is the waterfront in the Marina neighborhood where you will be able to see four different firework barges go off simultaneously. The article “Countdown on for 2012 Big Bay Boom Fireworks Show” will give you more specific information about the celebration.
2012-06-23 Home Sales in CA is Showing an Increase of Double-Digits
InmanNEWS and the article California pending home sales jump in May reports that sales of homes in the state rose by double-digits when comparing May 2012 to May 2011. Record low mortgage rates and great home prices are still contributing to a strong demand in the housing market in California.
2012-06-22 Public Workshops on Lane Field Hotel Project
In an attempt to gather feedback and design proposals for the Lane Field Hotel project in Downtown San Diego, the Port of San Diego is offering public workshops. The San Diego Business Journal and the article Port District Hosts Workshops on Lane Field Hotel Project informs that the workshops are taking place on June 28th and July 12th from 5.30pm to 7pm at the Port of San Diegos Administration Building in the Columbia District. The projects mail goal is to start construction in 2013 that includes a 400-room hotel project.
2012-06-20 FHA Has Withdrawn Debt Rule That Has Caused Delayed Closings
According to DS News and the article FHA Dropping $1,000 Debt Rule that Would Have Delayed Closing the credit-dispute rule that FHA used could in most cases delay a closing for up to 3 months. Now, the rule has been withdrawn giving potential buyers who would want to take out an FHA-insured loan more doable.
2012-06-19 Why are Mortgage Rates Low?
The Wall Street Journal and the article Why mortgage rates are so low are mentioning that even if there would be more demand in the real estate market, the cost of borrowing money to buy would necessarily not go up? Policy decisions from the U.S Federal Reserve and the economy in the U.S and abroad both influence mortgage rates. We have seen the real estate market improve but yet the mortgage rates are still at record low.
2012-06-18 Fat City Hotel Project Approved
The fat City Hotel Project has been approved by Downtown planners but the hotel workers union might still have a possibility to appeal. The six-story hotel project will be located at Pacific Highway and Hawthorn in the Columbia neighborhood, right next to the The Solar Turbines plant.
2012-06-16 Fixed-Rate Mortgages Are Starting to Rise
Realtor Magazine and the article Mortgage Rates End Six-Week Streak of Record Lows are reporting that fixed-rate mortgages, that has been reaching all-time low records for the last six weeks are starting to rise. Even though the rate of the 30-year fixed-rate averaged 3.71 percent this week, it is still showing record low numbers compared to last year when it averaged 4.5 percent.
2012-06-15 Median List Prices are Starting to Rise
With an increase of 3.17 percent from last year, the median list prices of homes for sale are starting to increase. Realtor.com is reporting in the article Median List Prices Bounce Back that the recovery of the real estate market are showing positive signs in many US States.
2012-06-12 New Organic & Natural Food Store In The Plans For Horton Plaza
Horton Plaza in the Gaslamp Quarter of Downtown San Diego recently made a business deal with the Organic and Natural food store, Jimbos as they signed a lease for 28,000 square feet on the 2nd floor of the shopping center. The San Diego Business Journal and the article Jimbos to Open Fifth Location in Horton Plaza reports that Westfield is about the spend a good amount of money in order to ensure that the store will be as inviting as possible for store shoppers.
2012-06-09 Home Prices Are Expected To Rise
Realtor Magazine and the article “More Americans Expect Home Prices to Rise” states that a recent Fannie Mae survey show that 34 percent of the 1,000 surveyed are expecting home prices to rise in the next year. This is the highest amount a Fannie Mae survey has ever recorded.