A Walk Through Petco Park in Downtown San Diego

Pictures do tell a thousand words. I spent yesterday afternoon at one of Downtown San Diego’s most popular attractions and home to the San Diego Padres, Petco Park. The Padres were playing away so it was an especially good opportunity to take a few superb pictures to share with everyone. As residents of East Village and Downtown San Diego, we are so lucky to have a Major League Baseball team in town to cheer on and enjoy the baseball season. Padre games are a huge bonus for Downtown residents and visitors. I highly recommend checking out a game. For seat recommendations or which days to go, contact me. I know the ball park and season inside and out.

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Enjoy the images

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Foreclosure Opportunity at Alta in Downtown San Diego

Foreclosure Opportunity at Alta in the East Village neighborhood of Downtown San Diego:

A bank owned condo just listed for sale at Alta in East Village.  We don’t see that many foreclosures properties anymore.  What really makes this especially interesting is the fact it is a Fannie Mae Homepath sale.

Fannie Mae Financing is Very Attractive, Features Are:

  • They only require a 3.5% down payment (10% for investment properties),
  • They do not require an appraisal,
  • They do not require a home owner’s association certification.

These unique characteristics eliminate many of the typical financing problems “would be” condo buyers face when purchasing property in the Downtown San Diego Real Estate market such as:

  • Low owner occupancy rates,
  • Delinquent home owners dues,
  • Construction litigation issues,
  • And other items that usually disable regular home loans and financing.

Due diligence is still highly recommended.

Quick Link To Unit #507 at ALTA (Log In is your Email Address)

A little bit about Alta:  Alta is located on the border of East Village and the Gaslamp Quarter.  A very convenient to all including Petco Park, the restaurants and nightlife on fifth avenue, shops, galleries, the convention center, and everything else Downtown San Diego has to offer.  Amenities at Alta include a full size fitness center, pool, spa, security, maintenance, a several large community areas to socialize and relax.

Please visit this link (Log in is your email address) for more information on this particular fifth floor condo for sale at Alta including price, square footage, and pictures.

Quick details:  It is a one bedroom with a balcony, marble counters in the kitchen and bathroom, and wood floors.

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Interested in more information or a viewing?  Contact me anytime at the phone number in the top right hand corner of this page or please send me email.

 

- Main Marker

 

What Does Contingent Status Mean and is the Property Available?

A very common question is what does “Contingent” status mean and is the property available?  This is a great question.  I’ll answer it briefly below.  For even more details, contact me and we can really get into the details.

The answer is technically NO, the property is NOT available.  You next question is likely “Why is it showing up in my property search then?”.  The property is not technically in “Pending” (Escrow) status yet so the switch cannot be made.  Should you pursue a “Contingent” property or is it a waste of time?  I will not beat around the bush, most likely it is a waste of time.  Every now and then a back up offer might be accepted but in my experience, you are better off continuing your real estate search and finding something new as your chances to actually close escrow rise considerably.

In 2013, there is usually just one reason a property is marked “Contingent”.  It has to do with short sales.  When a buyer makes an offer to a seller on a short sale listing and the seller accepts, the deal is not quite executed just yet.  Both parties must wait for a short sale approval from the lender(s).  This approval wait time can take several weeks or it can take several months.    The lender has the option to approve the sale, not approve the sale, change the price, change the terms, etc…   If the lender(s) approve the short sale, then it will switch to “Pending” status and you no longer have to see a property you cannot have everyday in your property search.  From there. assuming a successful escrow is achieved, the property will ultimately fall into Sold status as ownership has changed and the property is in possession of it’s new owners.

Contact me with any questions on the subject, I am always available.  Also, have a question about a property in “Contingent” status?  Call me so I can give you the scoop.

Downtown San Diego Real Estate Market Report for June 2013

The Downtown San Diego real estate market for June 2013 continues to steam ahead.  The number of sales increased to 83 monthly sales for June.  That is a 30% increase compared to June of 2012.  In addition, we saw the number of properties that listed for sale rise.  This is great news for buyers in Downtown San Diego as we are starting to move back to a balanced market, not the frenzied seller’s market we saw the first 6 months of 2013.

See All Condos for Sale in Downtown San Diego 92101

An important item to note is mortgage interest rates and the effect their rise is having.  The greatest effect is buyer affordability.  A buyer’s monthly payment just went up significantly with the rise in interest rates.

I.E. Buyer purchases a a condo in Downtown San Diego for $400,000.  If that buyer purchased the condominium a month ago, lets say their payment would have been around $1,879 (minus all taxes, fees, HOA payment, etc) with a 3.5% mortgage interest rate.  If that same buyer purchases the same Downtown San Diego condo today for $400,000 with a 4.5% mortgage interest rate, their payment will jump to $2,063.  That is a fairly drastic change in 30 days just by way of a change in mortgage rates.

I believe this will continue to bring balance to the market and will help buyers by reducing some of the fierce competition they have been facing the last half year in the Downtown San Diego real estate market.

An important trend that became apparent in June 2013 is the luxury condo market ($1,000,000 and above) started gaining momentum quickly in regards to total number of sales.  A 51% jump in activity in some neighborhoods and buildings!  The Downtown San Diego luxury condo market was one of the last remaining market segments to get going in the 2013.  Let me tell you, they have started the engines and they are off!  The million  dollar real estate market is gaining ground quickly.  This market is in overdrive. The statistics below speak for themselves:

Real Estate Market Facts for June 2013 in the 92101  (Published July 10th, 2013):

  • 203 Active Listings for Sale as of July 10th, 2013
  • Average Days on Market to Sell: 43 Days (June 2012 was 91 Days)
  • 83 Total Sales for June 2013 (June 2012 had 64 Total Sales)
  • Median Sales Price for June 2013: $424,900 (June 2012 was $436,500)
  • Highest sale Pics & Video: Bayside, 33rd floor, 2 Bed for $2,975,000
  • Lowest sale Pics & Video: Element, 3rd floor, Loft for $172,500
  • Most Expensive Current Listing, Pics & Video: Harbor Club, $9.975M
  • Least Expensive Current Listing, Pics & Video: The Mills, $199,000

Breakdown by Neighborhood for June 2013:

Summary: The Downtown San Diego real estate market is in hyper-drive like the rest of San Diego county.  To answer the question I think I receive on a daily basis right now is:  Yes, it is a great time to buy real estate right now.  Interest rates are still relatively low, prices are rising but they haven’t shown any signs of slowing down, and the US economy is continuing to strengthen!  In addition, buyers need to find an agent who is very familiar with the market and all the buildings.  It’s competitive but the best agents now what to do and how to help you achieve all your real estate goals.

If you have property to sell, align yourself with an experienced Downtown San Diego real estate agent, you will sell for top dollar and in a very short amount of time.  Although the best time to sell was most likely in the previous six months, there is still a tremendous amount of buyer demand and a Downtown San Diego condo seller can look forward to lots of interest from potential buyers if they position their condo correctly.

Interested in Selling? Contact me for a no hassle marketing proposal

Questions? Comments? Please send them my way!

Real Estate Market Report for Downtown San Diego Condos Published June 2013

 

The Downtown San Diego real estate market for condos for May 2013 continued to charge ahead with no immediate slow down in sight.   We are seeing an ever so slight uptick in condo listing inventory for sale but no were near what it will take to satiate current Downtown San Diego condo buyer demand.  Bottom line:  It’s still a seller’s market.

Downtown San Diego saw an overall median price increase yet again for May 2013.  The average time to sell a condo for sale dropped by 5 days to 43 days on market!  There was a monster sized sale at The Metropolitan (sits on top on the Omni hotel).  All 5 sub neighborhoods showed big median prices increases.

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This is all very good news for the Downtown San Diego Real Estate Market.  As always, I’ve compiled some vital and interesting statistics below on the market:

92101 May 2013 Real Estate Market Facts (Published June 5th, 2013):

  • 181 Active Listings for Sale as of June 5th, 2013
  • Average Days on Market to Sell:  43 Days (May 2013 was 48 Days)
  • 91 Total Sales for May 2013
  • May 2013 Median Sales Price:  $475,000 (May 2012 was $445,000)
  • Highest sale The Metropolitan, 26th floor, 4 Bed for $3.4M
  • Lowest sale Palermo, 6th floor, Loft for $210,000
  • Most Expensive Current Listing:  Harbor Club, $9.975M
  • Least Expensive Current Listing:  Hard Rock, $200,000

More interesting facts and figures:

  • Only 11 were short sales.
  • Again, there were no foreclosure sales.

Breakdown by Neighborhood for May 2013:

  • East Village – 21 Total Sales, median price was $441,000 (April 2013 was $332,500)
  • Columbia District – 9 Total Sales, median price was $700,000 (April 2013 was $650,000)
  • Little Italy – 7 Total Sales, May median price was $445,000 (April 2013 was $395,000)
  • Marina District – 23 Total Sales , median price was $629,900 (April 2013 was $549,000)
  • Cortez Hill – 9 Total Sales, median price was $382,500 (April 2013 was $319,000)
  • Gaslamp Quarter – 4 Total Sales, median price was $262,450 (April 2013 was $256,000)

Summary:  The real estate market for Downtown San Diego condos continues to accelerate faster than Vin Diesel in the latest fast and furious.  The latest talk on the town pertains to re-entering yet another real estate bubble.  The current climb in demand and prices is different this time around.  The sub prime loans and shady lending practices of old are gone.  This is an absolutely sustainable rise in prices.  Buyers are buying homes and condos they can actually afford.  We live in a capital market, cycles are assured but…  In this Downtown San Diego real estate broker’s opinion, anyone waiting for this current bubble to burst could be waiting for years.  Even when the eventual price decline does happen, you are most likely looking at a soft cyclical decline and likely no where near the low levels we experienced the past few years.  It’s the right time to sell or buy, don’t get left in the dust!

Interested in Selling?  Contact me for a no hassle marketing proposal

Questions? Comments? Please send them my way!

Selling Your San Diego Home or Condo Made Easy

There is so much information regarding how to sell San Diego Real Estate available.  It can be near impossible to know where to start.  Quick video guide to assist you for planning your home or condo sale and knowing where the focus points should be when selling your home or condo.

Major focus points:

  • Price
  • Presentation
  • Marketing

Please see my dedicated guide to selling San Diego real estate for more details and tips on how to get the most money for your home or condo sale.  It isn’t enough that the market is on the ups.  I see it time and time again.  Sellers taking the first offer, sellers taking a shaky offer, sellers taking an offer and leaving 5k, 10k, and up on the table.  Don’t let that happen to you.  Watch the video, then visit this link for more tips and tricks for selling your San Diego home or condo.

Questions?  Comments?  Please send them my way.  Let’s talk San Diego real estate!

April of 2013 Downtown San Diego Condo & Real Estate Market Report

Thank you for stopping by.  This Real Estate Market Report covers the Downtown San Diego Condo market for April 2013.  Demand for condos in the 92101 zip code continues to accelerate at a pace even Olympic Sprinter Usain Bolt would be impressed with.  On an annualized basis, the median price for a sold condo for sale in Downtown San Diego is up over 12%!  That even beats the impressive 10% median price increase overall for San Diego County.

We had 63 total sales reported for April 2013 in Downtown San Diego.  This indicates an annualized percentage decrease versus April 2012 were we saw 83 total sales reported.  This is absolutely to be expected in this current market with the drastic drop in inventory available for purchase.  There are 183 actively listed properties for sale as of 5/13/2013.  Combing this figure with the number of sold properties for April 2013 clearly tells us we are in the midst of a strong and steadily growing sellers market.

The Downtown San Diego Condo distress real estate market is disappearing faster than Casper at a Ghost Busters reunion party.  There were no foreclosure sales reported for April 2013 and only 10 short sales closed per real estate brokerage reporting.

This is all very good news for the Downtown San Diego Real Estate Market.  As always, I’ve compiled some vital and interesting statistics below on the market:

92101 Quick April 2013 Real Estate Market Facts:

  • 63 Total Sales for April 2013
  • April 2013 Average Sales Price:  $522,000 (April 2012 was $464,000)
  • Highest sale Sapphire Tower, 32th floor, 3 Bed for $2.2M
  • Lowest sale Element, 3rd floor, 1 Bed for $125,000
  • Most Expensive Current Listing:  Harbor Club, $9.975M
  • Least Expensive Current Listing: Element, $179,000
  • 180 Active Listings for Sale as of May 10, 2013
  • Average Days on Market to Sell:  48 Days

More interesting facts and figures:

  • 52 sales were regular sales (versus 81 for March).
  • 10 were short sales (versus 11 for March).
  • There were no foreclosure sales (versus 5 for March).

Breakdown by Neighborhood:

Summary:  The Downtown San Diego Condo Real Estate Market is in the midst of a very robust sellers market.  I may not have a crystal ball but I do not see the market slowing down anytime soon.  Low interest rates and the average buyer becoming increasingly more comfortable as the economy continues to stabilize will fuel the demand for Downtown San Diego Condos.  In addition, as prices continue to climb, more and more Downtown San Diego Condo owners will gain equity and list their properties for sale.  All in, expect fierce competition as a buyer for the foreseeable future and an enticing sellers market for all you 92101 condo sellers thinking about selling!

Interested in Selling?  Contact me for a no hassle and free marketing proposal

Questions? Comments? Please send them my way!

Condo for Rent at ICON in East Village Downtown San Diego 92101

Condo for Rent at ICON in East Village in Downtown San Diego located at 321 10th Avenue, San Diego CA 92101.  ICON is located directly next to Petco Park, home of the San Diego and might I say surging Padres!  Priced on the low end for the the building, this one bedroom will rent fast!  The kitchen has beautiful dark wood floors.  Kitchen cabinetry is white with brushed silver hardware.  Very contemporary looking.  Also comes with all stainless steel appliances.  There is a full size stack-able laundry unit on the condo and the bedroom has two closets for extra storage space.  Included is your own assigned underground parking space and a private balcony to unwind after those long days!

Specifics:

Pleas contact me for more more information or to schedule a private tour at this fabulous one bedroom condo for rent in Downtown San Diego at ICON located at 321 10th Avenue, San Diego CA 92101 in East Village.

- Main Marker

March 2013 Downtown San Diego Condo and Real Estate Market Report

 

Holy smokes, March of 2013 was an incredibly HOT market for Downtown San Diego Condo sales!  We ended up with 94 total sales (per Multiple Listing Service).  That is a significant increase in total number of sales compared to last month’s 63 total sales for February 2013.

  • 81 sales were regular sales (versus 50 for February). ⇑
  • 11 were short sales (versus 11 for February).
  • 5 were foreclosure sales (versus 2 for February). ⇑

Other Quick Facts:

  • Highest sale Sapphire Tower, 27th floor, 3 Bed for $1.8M
  • Lowest sale Element, 7th floor, 1 Bed for $154,000
  • 94 total sales of Downtown Condos (67 for February), average sales price was $560,000 (February was $450,000)
  • 155 Active Listings as of April 1, 2013
  • Average Days on Market to Sell:  45 Days

Breakdown by Neighborhood:

 

Tips for Selling Your Home for Top Dollar and Fast!

Real Estate inventory levels continue to shrink as demand continues to climb.  If you are thinking of selling your home or condo, this is a great time.  Positioning your property correctly will result in multiple offers and a very fast and clean sale.  If you are thinking of purchasing a home or condo, this is a very good time to take that first step.  Prices are already on the rise, interest rates will be soon to follow.  We may never again see affordability like it is today in our lifetime.  Thinking about buying?  The time is right, don’t let the market pass you by!  Thinking about selling?  It makes sense, especially if you are “moving up”.

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Questions? Comments? Please send them my way!

Multiple Offers are Back: Tips to Win Bidding Wars

Multiple offers are here and the bidding wars are back!  This is great for sellers, not so great for buyers.  From Downtown San Diego Condos to Pacific Beach town-homes and La Jolla homes, the competition has really heated up.

This can be attributed to three main drivers:

Interest rates remain low for home loans, the inventory of real estate currently listed for sale is minimal at best, and prices remain very affordable, especially relative to their peaks in 2007.  The end result is a lot of buyers wanting to buy coupled with very little options to choose from.  It is not unusual right now to see a properly positioned home or condo receive between 12 – 30 offers!

Not to despair, multiple offer bidding wars can and are won on a daily basis.  These are my suggestions below.  You do not need to use all 12 but pick a few and you will be in escrow on your Downtown San Diego or Coastal home before you know it.

1)    Offer Asking Price or More –  If the home or condo is priced right, offer by 3 to 10% more.

2)    Find Out the Seller’s Needs – A specific title company?  A rent back?  A longer escrow?  This can go a long way in certain situations.  Especially in Downtown San Diego were many condos are second homes or investment properties.

3)    Read All Existing Inspections and Reports – There may be a chance to remove certain contingencies here.  After reading these seller documents, sign, acknowledge date, and include a receipt for reports form.  The less red tape for the seller, the better your offer will look.

4)    Pay for Seller’s Fees – Such as Escrow Fees, Natural Hazards Disclosure, Pest Inspections, Smoke Detectors, Water Heater Bracing, and Carbon Monoxide Detector.  Refrain from asking for a Home Warranty.

5)    Write a Personalized Letter to the Seller – Introduce yourself and your family.  Tell the seller why you like the house.  Maybe even include a picture or a short video clip.

6)    Include all Pre-Approval Forms – Such as the Pre-Approval Letter (a full DU Approval is preferred), source of Down Payment and Closing Costs funds.  Demand your lender to call the Listing Agent to tell them what a great buyer you are!  For Downtown San Diego condos, have your lender assure the listing agent they can finance the particular building.  This is a big tip, circle or highlight it!

7)    Increase Your Deposit Amount – Increase your deposit by 10 or 20% as a good faith deposit and sign the liquidated damages provision.   Even in the unlikely event escrow had to be canceled after your contingency period is over, you’re capped at 3% unless you documentation stating otherwise.  This has been an especially powerful technique in the La Jolla coastal market.

8)    Confirm Physical State or Purchase As-Is  – If the seller is going to look at offers on a certain day, do the physical inspection, then write the offer without the Physical Inspection Contingency.  Or potentially write the offer to purchase “as-is”.  This simply means if an unforeseen inspection item does arise, you either remedy the item(s) as the purchaser or you may decide to walk as your contingencies are still in place.

9)    Write Without Appraisal – This is powerful.  If you have 20% down, and you have some extra cash in the bank, write the offer without the Appraisal Contingency.  The seller is assured you will move forward even if the house does not appraise.

10)    Buy For Cash – If you have the cash, write the offer for cash!  Get your loan during the Escrow period, or after Escrow is closed.  Although keep in mind over 30% of real estate purchases are for cash so cash alone does not eliminate your competition.

11)    Fix All Errors on Contracts – This seems like a no-brainer but not to be taken lightly.  Check spelling, no cross outs, clean it up!  The contract must look like a professional put it together.  A listing agent will see a contract with errors and mistakes and think this is a sign of things to come and a rocky escrow at best.

12)    Meet With the Sellers – This is not always possible but a huge advantage if the option is there.  If your offer is close to another offer, the sellers will have made a connection with you and may choose you