Top Floor Condominium Available with VIews

ANOTHER HOME SOLD BY WESLEY GUEST! Live practically in Downtown San Diego without paying the Downtown San Diego prices!

Top floor condominium available with panoramic city, bay, and peak ocean views at Cityscape in Golden Hill. This cozy unit has fresh new paint throughout, all stainless steel appliances, assigned parking, full sized laundry, and ceiling fans in both bedrooms. This is an ideal location within walking distance to Downtown, Balboa Park, Restaurants, Nightlife and everything else the area has to offer. This condo is move in ready. The views are a must see!

Click on (1233 22nd St #15) the picture below for more pictures and all the details.

11221 Gatemoore WayActive
Best Value in Lake Point$1,159,000

Largest floor-plan available in Lakepoint with views.

11221 Gatemoore Way
San Diego, CA 92131

  • 6Beds
  • 4Baths
  • 4,035Square Feet

Incredible Panoramic Views Overlooking the Pacific Ocean

SOLD IN 16 DAYS! My newest listing in Mission Hills at 3929 Bandini Street near Old Town, is the absolute definition of an ideal location.

Incredible panoramic views overlooking the Pacific Ocean, San Diego Bay, and the City. This location alone is a must see for anyone thinking of buying a home in Mission Hills. This home is cozy as-is but has potential to expand both up and down. Granite in the kitchen, large bedrooms, new water filtration system, new A/C unit and furnace, plus a 5 year old roof.

Click on the picture below for more pictures and all the details.

What Does “As-Is” Mean In Real Estate

 

What does “as-is” mean in real estate and should you be concerned as a buyer? I cannot think of very few other terms in real estate that create as much confusion and anxiety with home buyers. Just to be clear, we are not talking “may the buyer beware” or “don’t buy a lemon”.  Save that for the used car lot.    When a San Diego property is being marketed for sale with an “as-is” provision, the only thing this means is the seller is literally selling the property as-is. The seller must still disclose as material facts and defects that are known.  As-is does not give a home seller a “free pass”.  As a home buyer, you still conduct your due diligence including a physical inspection of the property during the escrow period. In the event any issues arise, big or small, the seller will not pay to repair any short comings the property may contain.what is an as-is sale san diego real estate

For example: You make an offer to purchase a home in La Jolla. The seller accepts your offer but clearly discloses to you that they are selling the property “as-is” and will not be making any repairs based on any inspection reports. You proceed into escrow and conduct a physical inspection. Among simple cosmetic items, your home inspector determines the roof is worn and needs major repairs or complete replacement. In a normal transaction, you request the seller makes all repairs or concedes a credit to you at close of escrow. In an “as-is” transaction, your option as a buyer is to either accept the repair work and pay for all said work or to simply walk away from the purchase. The option to walk away is covered under normal conditions by your contingencies during your escrow period.

Search MLS for San Diego Real Estate for Sale

Where do we see “as-is” sales? Most bank owned sales and foreclosures are sold as-is. In addition, many short sales are sold as-is. Some trust and estate sales may be sold “as-is”. Finally, some private sales may be as-is. As-is sales can restrict your buyer pool as a seller so in most cases, I do not recommend any sellers sell as-is.

As-is sales are nothing to be afraid of but be prepared to take on at least some cosmetic items. Every house will have some issues. In the event your home inspector finds no issues, find a new inspector! Be prepared though. If the inspection reveals a major item, you must decide how badly you want the property, your purchase price relative to repair cost, and the total cost of repairs required.

Questions? Comments? Please send them my way anytime!

Here is what good old wikipedia says about as-is!

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.

Search all Condos for Sale in Downtown San Diego 92101

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!

FHA Approved Downtown San Diego Condos – Benefits and Advantages

 

All FHA Approved Downtown San Diego Condos for Sale – CLICK HERE

Benefits and Advantages of Using an FHA Loan:

  • Low down payments as low as 3.5%, they make home ownership very affordable for many would be home buyers.
  • FHA loans are possible for borrowers with “less than perfect” credit.
  • Lower FICO scores than conventional loans are generally accepted.
  • An FHA loan is possible after only 2-3 years following a bankruptcy or foreclosure in some cases.
  • Interest rates are essentially the same as a conventional loan.  The monthly mortgage insurance premium is far less than you would pay on a conventional loan.
  • Debt ratios for borrowers may be higher than what is accepted on a conventional loan.

List of all FHA Approved Downtown San Diego Condos Here

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!

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”.

Search All Downtown Condos and Real Estate for Sale

Questions? Comments? Please send them my way!

Condo Litigation (SB 800) Impacts Sellers /Buyers in Downtown and Coastal San Diego Condos

 

Downtown San Diego Condo Litigation (or Pre Litigation called SB 800) can impact buying or selling condos in the city or near the coast.  Specifically, we are talking about SB 800 “right to repair” and full construction litigation.  In most cases, there is a 4 – 10 year time frame to pursue any type of remedy or settlement(s) in regard to construction type  issues such as plumbing, electrical, drainage, etc…  This 4 – 10 year time line usually starts from project completion date.

We are seeing many condos in litigation in Downtown San Diego currently as many were built and completed in the real estate boom years from year 2000 through year 2007.  Expect to see construction or condo litigation through 2017 as most new building construction stopped as of 2007, late 2008.  Litigation pertaining to construction defects is a normal part of the condo life cycle.  What can vary is the degree of seriousness of litigation claims and likelihood of settlement.  Any condo buyer considering a condo purchase downtown or anywhere in San Diego should ask his or herself if the SB 800 claim(s) and litigation are acceptable and within the realm of what they are comfortable with.

The biggest hurdle a condo buyer will face is financing.  Most lenders shy away from home loans on condominiums in litigation as litigation is deemed added risk.  Contact me for a list of lenders who will finance a condo in SB 800 or full litigation.  Also, home owners thinking of selling a condo in a complex in litigation should consider the fact that there are simply less buyers (you are most likely looking for a cash buyer) and property values may be impacted.

SEARCH HOMES AND CONDOS FOR SALE HERE

Construction litigation should always be examined on a case by case basis.  For more information or a list of condos in and that are not in litigation in Downtown San Diego, click below:

LIST OF DOWNTOWN SAN DIEGO CONDOS CURRENTLY IN LITIGATION

I am a San Diego Real Estate Broker – Owner – Realtor with a ton of experience in conducting transactions involving litigation on real estate purchases and sales. Working with an experienced broker can make all the difference when purchasing or for your bottom line as a condo seller.

REO Bargains Remain for Heads-Up Downtown San Diego Condo Hunters

downtown san diego condo or foreclosure propertyYes, foreclosure rates across the country continue to drop, yet Downtown San Diego Condo bargain-hunters can take heart: there still remain a decent number of bank owned properties in Downtown San Diego. According to the National Association of REALTORS®, distressed homes accounted for 24% of national December sales; a large proportion, but significantly down from the 32% of just a year ago.  Also known as “real estate owned” (or REO) properties, it is well-known that these homes can often be bought at a significant discount — frequently by as much as 16% – 17% below market.

Search Foreclosure Properties

Before anyone updates his or her Facebook status to tell the world about the millions they are about to make by ‘flipping’ Downtown San Diego Condo foreclosures, it’s good to bear in mind some key differences between buying regular homes and bank owned properties. To make an REO purchase successful, potential buyers need to plan for those special factors.

  • Count on Downtown San Diego Condo bank owned properties being more difficult to finance due to guidelines set by lenders: requirements that can prevent REO purchases from going through. Due to a property’s condition (which can sometimes be poor, even non-habitable), FHA and VA-approved buyers must gain pre-approval before submitting an offer.
  • Bank owned properties are generally sold “as-is”, often with fewer disclosure requirements. I always urge my Downtown San Diego Condo buyers to be diligent about pre-purchase inspections – and with REOs, it’s doubly important. Purchasers of bank owned properties can have little or no recourse if defects or maintenance issues are discovered later.
  • Lenders can run into additional costs when selling REOs — costs involving liens, evictions, property taxes, insurance, etc.  This motivates them to try to squeeze as high a price as possible from the transaction. In addition, banks may charge additional fees for extended closing and other services.

All of which goes to the point of how buying bank-owned properties in Downtown San Diego differs from run-of-the-mill home purchases…and why having a real estate agent well-versed in bank owned properties is so important.  If you would like a look at the options currently available among Downtown San Diego Condo REO offerings, give me a call today!