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!
2012-06-07 Holiday Inn Expansion in Downtown San Diego
The San Diego Business Journal and the article Bartell Begins $13M Renovation of Bayside Hotel informs that ground breaking has taken place for the $13 million Holiday Inn expansion located in the Columbia District of Downtown San Diego. The expansion will include a four-story, 44,000-square-foot addition and a new grand entrance with a completion date of the summer of 2013.
Read the Article
2012-06-05 Are We Approaching a Seller’s Market?
Realtor Magazine and the article “Is Housing Slowly Turning to a Seller’s Market?” informing us that we have for quite some time now seen the buyer rule the real estate market. The question is are we are about to go towards a seller’s market? More Americans are starting to think so.
2012-06-03 New Suggestion for Downtown Navy Headquarter
The Union Tribune posted an article “New options offered for Navy headquarters site” that informs the public of a new suggestion where the planned southwest regional Navy headquarter might be located at a military base instead of Downtown San Diego. This concerns residents, business owners and elected officials as there might be a change of plans as well as another delay in the already 25 year old plan.
2012-06-01 New Fat City Hotel Plans are Approved
Downtown San Diego planners have approved the new six-story hotel to be built in the corner of Pacific Highway and Hawthorn Street right next to the waterfront in the Columbia District. The Union Tribune and the article “Fat City hotel approved over labor objections” is reporting that Solar Turbine workers are opposing to the new plan.
2012-05-31 Short-Sales to Become Shorter
Starting June 15, new guidelines for Fannie Mae and Freddie Mac in regards to the short-sale process will be in effect. The Federal Housing Finance Agency is requiring the mortgage giants to send out a final decision within 60 days. The article Short-Sale Process Expected to Speed Up in June published in Realtor Magazine is also reporting that they have 30 days to respond to offers received.
2012-05-30 Home Prices Have Been Declining
According to CNN Money and the article, Home prices lowest since 2002, home prices have declined with 2.6 percent compared to this time last year. This number has not been this low since the middle of 2002.
2012-05-28 New Rule When It Comes To Short Sales
According to the New Your Times and the article, Speeding up short sales, the Federal Housing Finance Agency has decided that both Fannie Mae and Freddie Mac will need to give a short sale buyer a decision within 60 days. This is an attempt to speed up the before very long process.
2012-05-25 30-year Mortgage Rate Keeps on Falling
This week has showed that another decrease in the 30-year mortgage rate occurred. According to the Los Angeles Times and the article,Freddie Mac: 30-year mortgage rate down a tick at 3.78% a one percent difference compared to last week leaving the rate to be 3.78 percent. The 15-year fixed rate has been holding itself steady at 3.04 percent.
2012-05-24 Homes Sales are Increasing
According to CNN Money and their recent article “Sales of new homes inch up” home sales has been increasing from month to month with a growing number of 3.3% in April. Sales are still slow compared to the boom years but it is slowly getting stronger.
2012-05-23 Balboa Park Plan Voted No by Historical Resource Board
The board of the San Diego Historical Resource has voted against the plan for the Panama Plaza Balboa Park project. The plan include cars to be cleared from the open space outside the Museum of Art. Read the Union Tribune’s article “Historical resources, park boards vote no on Balboa Park plan” for more information by clicking the link below.
2012-05-22 New Downtown Charger Stadium Up for Discussion
The San Diego Union Tribune and the their article “Candidates tackle Chargers stadium funding” is informing us about what the four mayoral candidates, the four most likely to replace Mayor Jerry Sanders, think about the plans for the new Charger Stadium in the East Village neighborhood of Downtown San Diego. Mayor Sanders is planning to have a detailed financial plan ready for his replacement as he departs in December.
2012-05-21 New Downtown Courthouse Set to Be Completed in 2016
The Union Tribune and their recent article “New state courthouse goes green and tall” are informing that the Downtown San Diego Courthouse is one of six courthouse projects that are still under construction. The other 5 has been put on hold due to state budget problems. With a set date to be completed in 2016 the new courthouse will be an energy building in the middle of the Gaslamp Quarter. Click the following link to read more about this project.
2012-05-18 Foreclosures are Dropping
Realtor Magazine and their recent article “Foreclosures Plummet to 5-Year Lows” are informing that foreclosures have been dropping the last three months. The amount of foreclosures on the real estate market has not been this low since 2007. One reason for the low foreclosure sales is that banks are trying to sell these homes as short sales before they go into the foreclosure mode as foreclosure sales are more costly.
2012-05-17 No New Construction On the Plans for Downtown San Diego
The Union Tribune and the article “Sluggish nonresidential construction bodes ill for economy” is reporting that construction of new buildings are not on the plans for the near future. The new courthouse in the Gaslamp District is one of the few buildings currently under construction and this one is almost complete. Click the following link for more information.
2012-05-16 Bank of America is Offering Homeowners Relocation Assistance
The real estate market has recently seen banks encouraging home owners to proceed with short sales as the foreclosures process seem to be much more expensive. According to Realtor Magazine and their recent article BofA Offers Up to $30K to Owners for Short Sales, Bank of America has offered their home owners a relocation assistance that could be anywhere from $2,500 to $30,000 should they complete a short sale. One of the reasons that the banks are starting to push for short sales in front of foreclosures is that short sales usually sell for more that homes that are in foreclosure.
2012-05-15 Strict New Tools Are Being Used By Mortgage Lenders
The Los Angeles Times and their recent article Lenders are using a variety of tools to prevent mortgage fraud are informing that new tools are being used by mortgage lenders where strict rules apply to get approved. Not too long ago, home buyer could easily get away with white lies regarding improved job descriptions, higher income and stating that they would use the home as a primary resident even though it was not true. Todaythe game has changed to being very strict and a challenge to get approved for a home loan.
2012-05-10 Home Affordability Refinance Program is Helping Homeowners Reduce Their Interest Rates
The Obama Administrations Home Affordable Refinance Program has made some changes and is here to help some homeowners who have made payments on their struggling mortgages by getting them lower interest rates on loans. The article Mortgage-aid revisions paying off for lenders and some borrowers posted in the Los Angeles Times are mentioning that the program has resulted in mixed feelings. Some homeowners who are getting the lower interest loans are approved even though they owe more than what their homes are worth and are getting stuck with higher rates as banks are refinancing only their own borrowers. Rates would definitely go down if banks would compete against each other.
2012-05-09 Fannie & Freddie Joins Keep Your Home California Program
According to The Los Angeles Times and the article Fannie, Freddie are set to reduce mortgage balances in California the mortgage giants Freddie Mac and Fannie Mae has signed up to join the Keep your Home California program. The program is a $2 billion program designed to prevent foreclosures. The program has recently changed a requirement where banks will match the tax payers funds at the time when the home owner receives reductions through the program. Some borrowers through Fannie and Freddie might notice that their mortgages declined through the principle reduction.
2012-05-07 Rental Prices Are Projected to Hit Record Numbers
According to Realtor Mags article Survey Shows More Reason to Buy Than Rent, 33 percent of Americans expect home prices to go up in the next year. Fannie Maes survey also shows that more Americans think that rental prices will go up to a record number in the next year to 4.1 percent.
2012-05-06 North Embarcadero Visionary Plan 1 – Update
The Port of San Diego is in their article “North Embarcadero Visionary Plan Phase I Construction Update: May 4, 2012” announcing that the project is going forward as planned. For the following three months, West Broadway will be closed to east going traffic as the median and southern half of the street is undergoing construction.