The new requirement that started July 30th, 2009 is part of the Mortgage Disclosure Improvement Act (MDIA) and implements new loan procedures to protect borrowers and foster greater transparency in mortgage lending.

If the Annual Percentage Rate on an initial Good Faith Estimate is no longer accurate at close of escrow, a lender must generally provide a residential borrower with a new disclosure and a three day right to rescind before consummating the loan. Realtors are forewarned that, because of this new three day waiting period, a lender’s failure to timely provide corrected disclosures has the potential of delaying funding of the loan and close of escrow.

If you are a Downtown San Diego Condo or Loft homeowner or if you are thinking about investing in Downtown San Diego and have questions please contact us at 92101 Urban Living at 619.677.2435 and press “0” followed by “7” or reach us via email at info@92101urbanliving.com

To read more about the rules and regulations click here.

The Hotel Indigo in the Gaslamp District in Downtown San Diego will be the 1st hotel to be LEED Certified in Southern California. LEED stands for Leadership in Energy and Environmental Design.  The Hotel Indigo is LEEDing the charge by:

• Eco-Roof. The rooftop and a portion of the Phi Terrace are planted with native plants to cut down on energy usage and eliminate storm water run off.
• Parking discounts for guests driving Hybrid vehicles.
• Showers and Bike racks to encourage/assist their staff in utilizing alternative transportation.
• Recyclable materials utilized in the construction of the hotel.
• Off site laundry services are being utilized to reduce energy costs and increase water efficiencies.

Hotel Indigo is a part of the local Art and Culture Community. Each guest room features a wall mural with images of native San Diego plant life, waterscapes, and flowers photographed by Ian Cummings, a local artist. In addition a 40 feet glass mural depicting the waves of the Pacific Ocean designed by Lisa Schirmer dresses the exterior of the hotel.

The Hotel Indigo is completely pet friendly! There is no additional pet fee or deposit and no size restrictions on you pet. Join Hotel Indigo for their Canine Cocktails, coming this fall Every Tuesday from 6.00 - 9.30, starting after Labor Day. Proceeds benefit the San Diego Humane Society.

To read our former blog about Hotel Indigo visit “Now Open! Hotel Indigo in the Gaslamp District in Downtown San Diego!” and for the Hotel Website click here.

According to ABC News, a market with cheap prices is not the only factor you should consider when you are thinking about investing in a new Downtown San Diego Condo, Loft or house. You should look for communities with a strong job market and stable housing values. Look for Cities with military bases, a strong tourism industry, state capitols and college towns because they are more “recession proof” according to Zilllow.

San Diego has a lot of what you would be looking for, the Naval Amphibious Base (NAB) Coronado, a lot of tourists and respectable schools and colleges like SDSU and UC San Diego and more. Are you thinking about investing in San Diego?

For questions about current market conditions or more information about condo and loft sales please go to the 92101 Urban Living website or call 619.677.2435 and press “0” followed by “7.” 92101 Urban Living can also be reached via email at info@92101urbanliving.com.

Anyone who wants to buy a foreclosure in Downtown San Diego better act fast or you might end up with nothing. Foreclosures are put back on the market and they are often selling in a week - sometimes in less.

Downtown San Diego Condo and Loft buyers are facing a trend where agents have one or two foreclosure listings now, compared with 15 to 20 a year ago. As a result of less inventory and higher demand, there is almost no negotiating with the banks…no back and forth or counter offers. This is not to say that banks will not make deals, but due to the fact that there are competing offers on the same property.  The seller is pretty much asking for the highest and best price…and cash is king.

For example, we just put an offer in for an investor client of ours on a bank owned Treo unit (2bed,2bath,2parking) located in the Columbia District. One of the offers was at full price all cash, the second over asking all cash, and finally the third $15,000 over asking price but financed.  In fact…in the second quarter of sales for Downtown San Diego Condos, 109 units or 37% of the total sales were all cash purchases.

Please refer to the following graph where you can see Downtown units sold, Financing vs. Cash the second quarter of 2009. Financing is leading the way with 186 units sold or 63% and Cash has 109 units sold or 37%.

The East Village Association is a collection of residents including Downtown San Diego Condo and Downtown San Diego Loft homeowners in the East Village District who share a common interest in the positive development of this budding neighborhood. It’s open to renters, home owners, business owners and for anyone who care to see and contribute to the growth of this area of Downtown San Diego. This group needs participation not only in its meetings but in its community projects as well. The following is the agenda for August 6th at The Hive, 770 11th Avenue in Downtown San Diego.

AGENDA
BOARD OF DIRECTORS MEETING
Thursday, August 6th, 2009, 5:00 p.m. to 6:30 p.m.
**Note Changed Location for August**
The Hive, 770 11th Avenue, San Diego CA 92101

I. Self Introductions
II. Public Comments
III. President’s Report - BID Formation Update
Board Action Items
IV. Mark Caro, CCDC - Interim Leash Free Dog Park
V. Dean Coker, CCDC - C Street Safety Enhancements
VI. Brendan Foote, Cal Tax Group - Enterprise Zone Update
VII. Nathan Stanton, Eldorado Cocktail Lounge - EVBIDMIX August 13, 2009 6 - 9 p.m.
VIII. EV BID Web Site Update
IX. Approval of June and July Meeting Minutes
Non-Action Items
X. Guest presentations (if present)
a. CCDC - Dean Coker
b. Council District Two – James Lawson
c. San Diego Padres Update – Richard Anderson
d. Clean & Safe Report - Will Berry
e. Neighborhood Prosecution Unit – Danielle Stroud, Esq.
f. Centre City Advisory Committee - EV Rep.
g. Downtown Residents Group - Gary Smith
XI. Member Announcement/Comments
XII. Adjourn

Downtown San Diego Condo and Downtown San Diego Loft home owners and San Diego residents are excited about the latest news in regards to the improvement of the East Village/Ballpark District that is about to take place.

The Centre City Developement Corporation (CCDC) recommended on July 22nd 2009 that the Redevelopment Agency and the City Council approves all actions necessary to bid, contract and administer the design and construction of $2.9 million of public improvements in the East Village/Ballpark District in Downtown San Diego.

Planned improvements include:

• Replacements of damaged sidewalks, driveways, curbs, gutters and Non ADA compliant ramps
• Installation of missing trees per the Street scape Manual
• Mobilization, traffic control, and water pollution control
• Re installation of parking meters and signs

Some of the East Village/Ballpark District’s sidewalks are over 100 years old and all of the historic sidewalk stamps and survey monuments within the work limits will be preserved.

To see the CCDC’s Board Meeting Summary and more information about the project click here

The Vantage Pointe’s Canadian developer is now seeking state approval to change the marketing strategy to be able to improve the plan to bring new residents into the largest condominium high rise in Downtown San Diego. The developer wants to divide the 40 story Vantage Pointe in the East Village/Ballpark District into 5 residential projects. In May, Vantage Pointe returned deposits to nearly 300 original buyers and this is also when the decision was made for the new marketing plan. Read our former blog Downtown San Diego’s Vantage Pointe is Returning Every Buyer’s Deposits.

Last week the 679 unit Vantage Pointe project opened to a group of selected buyers and real estate brokers who were able to see model units, the grand lobby, lap pool, gym and sun deck.

The plan is to rent 244 homes in the central part of the building. Before doing that it must first pass muster with the California Department of Real Estate before individual Condos can be sold.

Vantage Pointe is working on getting FHA and VA approved and its just a great opportunity for the first time homebuyer to invest in homes for sale in this growing infrastructure with a cement building and quality construction.

It is interesting that Lori Weisberg at the Union Tribune is mentioning in her article, Vantage Pointe project: a new plan for survival, that sales of new Condos for the first 6 months of 2009 were down 52% compared with earlier year, resales condos a 13% increase, according to MDA Dataquick.

92101 Urban Living revealed totally different numbers. Read more in our former blog Downtown 92101 Q2 Condo Sales Reveal that the Developer Wars Continue.

Located in Downtown San Diego’s East Village District on the North side of B Street, between 10th & 11th Avenues. Ten Fifty B will be a 23 story high rise mixed use project with 229 Studios, 1, 2 & 3 bedroom units and approximately 14,000 square feet of retail space on the north side of B Street.

6 years ago when the developer started the Vantage Pointe project  Downtown San Diego were still booming and housing prices were on the rise.

To read the full article written by Lori Weisberg at the Union Tribune please click here

                                                                                                                                                                                                                                                                                            Finished in 2007, The Legend is yet another Bosa Development, defining the Downtown San Diego skyline.  The Legend’s 170 high rise condominiums and 8 town homes provides a perfect balance of privacy, luxury and convenience right in the heart of Downtown. Views of San Diego’s waterfront, the City lights, Park at the Park and the San Gabriel Mountains add to the inspiring atmosphere of high rise living.

An elegant courtyard entrance, creating a private enclave approaching the lobby, provides a fitting and impressive sense of arrival for residents and their guests. The concierge service and 24-hour gate attendant add a sense of belonging while an ambiance of refinement and contemporary sophistication is apparent throughout the building.  Legendary amenities include a 2nd floor rooftop deck looking out over Park at the Park complete with pool and spa, fully-equipped fitness room, roof garden & BBQ area, steam, sauna & change rooms. The 7th floor social lounge, which opens out onto a 3,200 square foot rooftop deck also overlooking Park at the Park, complete with outdoor fireplace and barbecue area ensures there’s always plenty of space for social and recreational activities.

The Legend’s incredible close out pricing and 3 year HOA means that a stunning new home has never been so affordable. Imagine what you could do with the money you save! Furnish your new home, buy Padres season tickets or take a luxurious vacation.

Visit the Legend’s sales center today to choose your new home at The Legend or call them at 619-231-9609

People often ask “Do I really need condominium insurance?”. According to Rick Wiese at Providing Insurance & Financial Services, State Farm Insurance in San Diego, the answer is without a doubt - Yes, you do!

Rick says a Condominium Policy is similar to a Home Owners Policy in many ways and also very different. It will cover you for many of the same types of losses or covered perils like fire, immediate escape of water, wind, smoke, hail, vandalism, etc. Most often the majority of structural coverage is provided by the master policy.

The personal property is simply all of your belongings you move with you into the unit. They may also include items you have in storage or even in your car (typically your stuff is covered anywhere). There are some specific limitations for such items as jewelry to you want to make sure you have adequate limits. It is also important to think of your stuff in terms of what would cost to replace rather than the current value.

Loss assessment coverage provides for your share of damage caused to the common area or your share of the liability loss with other unit owners if the master policy is not sufficient.

Loss of use coverage is going to pay for any added expenses incurred because you can no longer reside in your home due to a covered loss. This may include temporary lodging, added meal expense, laundry, dry cleaning, furniture rental, etc.).

The liability protection should be set up at an amount that will protect your income, your equity and other investments subject to liens or a lawsuit. This is typically a very small expenses far as the choices of the policy yet this may be the most important (what if you overflowed your toilet and caused damage to 2-3 other units or start a fire setting off the sprinkler system and cause damage to the entire floor).

The medical coverage provides for medical expenses to any guest of yours that is injured while occupying your unit. This coverage is provided without any determination of liability required. Basically it will provide coverage if they are hurt  in your unit up to the limits in the policy. At that point your liability insurance may provide added benefits if you were responsible for causing the injury.

If you have any further questions please contact Rick Wiese at Providing Insurance & Financial Services, State Farm Insurance at 619-293-7211  or e-mail him at rick@rickwiese.com. You can also get more information about Rick on his website rickwiese.com

Please visit our former blog “Downtown San Diego 92101 Condo and Loft Insurance - Is It Necessary?”

If you have any further questions please contact Rick Wiese at Providing Insurance & Financial Services, State Farm Insurance at 619-293-7211  or e-mail him at rick@rickwiese.com. You can also get more information about Rick on his website rickwiese.com

Read our former blogs “Downtown San Diego 92101 Condominium Home Owner Policy - The Master Policy!” and “Downtown San Diego 92101 Condo and Loft Insurance - Is It Necessary?”

People often ask “Do I really need condominium insurance?”. According to Rick Wiese at Providing Insurance & Financial Services, State Farm Insurance in San Diego, the answer is without a doubt - Yes, you do!

Rick says the Condominium Policy will cover you for many of the types of losses or covered perils like fire, immediate escape of water, wind, smoke, hail, vandalism, etc. Most often the majority of structural coverage is provided by the “Master Policy” from your HOA.

The Condominium Policy for the Association does not cover you completely. Typically you will find the Association provides coverage in one of the following manners:

·         Insures the basic building(s) (walls, roof, floors, elevators) but leaves to you the responsibility of insuring appliances, carpeting, cabinets, wall coverings, and other items in your home, and in some cases even the interior walls.

·         Insures both the basic building(s) and the items within your unit other than personal property.

·         Insures both the basic building(s) and includes unit owner fixtures and improvements

You can look to the Articles of the Association and/or CCR’s (covenants, conditions, and restrictions) for answers to what has been decided is the responsibility of the HOA and what is considered the responsibility of each unit owner. It may also be helpful to talk to the property management for guidance. You can do your own research or provide the phone numbers to your agent to help you.

If you have any further questions please contact Rick Wiese at Providing Insurance & Financial Services, State Farm Insurance at 619-293-7211  or e-mail him at rick@rickwiese.com. You can also get more information about Rick on his website rickwiese.com

Read our former blog “Downtown San Diego 92101 Condo and Loft Insurance - Is It Necessary?”

People often ask “Do I really need condominium insurance?”. According to Rick Wiese at Providing Insurance & Financial Services, State Farm Insurance in San Diego, the answer is without a doubt - Yes, you do!

Rick says a Condominium Policy is similar to a Home Owners Policy in many ways and also very different. It will cover you for many of the same types of losses or covered perils like fire, immediate escape of water, wind, smoke, hail, vandalism, etc. Most often the majority of structural coverage is provided by the master policy.

Condominium Policy is a special insurance designed to fit the specific needs of the Condo Home Owners. Downtown San Diego Condo and Downtown San Diego Loft owners need to take into consideration additional coverage for the building based on their condominium association’s master policy and coverage.

The proper amount of Condominium Insurance is a little complicated and coming up short can be costly. In addition, the recent requirements of Fannie Mae have made the issue even more complicated (they may require building coverage to the extent of 20% of the Condominium appraised value if the association does not have adequate coverage).

Rick’s suggestion is to talk to a qualified agent familiar with Condominium Insurance and willing to help guide you with your decisions. You may also want to consider a company that will provide discounts for combining your auto and Condominium Insurance.

If you have any further questions please contact Rick Wiese at Providing Insurance & Financial Services, State Farm Insurance at 619-293-7211  or e-mail him at rick@rickwiese.com. You can also get more information about Rick on his website rickwiese.com

To see more related Downtown San Diego Real Estate News read our former blogs Reduce Your Monthly Mortgage Payment and Stabilize your Condo or Loft in Downtown San Diego with the “Home Affordable Plan and Afford a Condo or Loft Investment in Downtown San Diego

The East Village Association is a collection of residents including Downtown San Diego Condo and Downtown San Diego Loft homeowners in the East Village District who share a common interest in the positive development of this budding neighborhood. It’s open to renters, home owners, business owners and for anyone who care to see and contribute to the growth of this area of Downtown San Diego. This group needs participation not only in its meetings but in its community projects as well. The following is the agenda for tomorrows meeting at Java Jones, 631 9th Avenue in Downtown San Diego.

AGENDA

BOARD OF DIRECTORS MEETING
Thursday, July 2nd, 2009, 5:00 p.m. to 6:30 p.m.
Java Jones, 631 9th Avenue, San Diego, CA 92101

I.     Self Introductions
II.     Public Comments
III.     President’s Report - BID Formation Update
Board Action Items
IV.     Mark J. Dibella, Hotel Solamar - Comic Con Sidewalk Closure Saturday July 25; J Street between 6th and 7th
V.     Mark Caro, CCDC - Interim Leash Free Dog Park at 11th and Market Street
VI.     Michael Vogl, City of San Diego Revenue Collections Manager -Parking Meter Utilization Improvement Plan
VII.     Medical Marijuana Clinic Letter
VIII.     Approval of June Meeting Minutes
Non-Action Items
IX.
Guest presentations (if present)

a. CCDC – Sachin Kalbag
b. Council District Two – James Lawson
c. San Diego Padres Update – Richard Anderson
d. Clean & Safe Report - Will Berry
e. Neighborhood Prosecution Unit – Danielle Stroud, Esq.
f. Centre City Advisory Committee – Diego Velasco
g. Downtown Residents Group - Gary Smith

X.     Member Announcement/Comments
XI.     Adjourn

Aria in the Cortez Hill District in Downtown San Diego had 8 Developer sales during May 2009. Discovery at Cortez had 1 Short sale and one Resale. Aloft and Symphony Terrace each had 1 REO sale.

Downtown 92101 Q2 Condo Sales Reveal that the Developer Wars Continue

92101 has it’s very own war going on ~ between Developers  ~ all fighting for their piece of the downtown sales pie.

Last month’s raw sales data for 92101 confirmed what Broker/Owner Mike Ciampa coined many months ago as the “Developer Wars.”  The graph above tells the dramatic story of the skirmish between four types of downtown Seller types:  Developers, Re-Sellers, Short Sales and Bank Owned/REOs.

And the winner for the month of May was…

Developers!   Developers are soundly outpacing all other Seller types by offering “deals” on their remaining new condo inventory.  49% of the 78 sales recorded in the month of May in downtown 92101 went to the Developers.  May 2009 marks the first month since April 2008 that Developer sales exceeded Resales.  Unlike previous months in San Diego’s re-development history, this number is NOT inflated due to any one single new community opening with multiple closings.

2nd place went to Bank Owned/REOs with 26% of all sales.  15 of the 20 were in the $300K-$500K price range.

3rd place was a tie between Re-Sale and Short Sale - each finishing with 13% for the month of May.  If you were one of the 20 who sold their condo last month as a re-sale or short sale, you live under a very fortunate star!  17 of these 20 were priced under $500K.  Only 3 re-sale or short sale transactions in May were priced above $500K.

This data is more than just an interesting statistic for Realtors.

Developers are CHEERING as well as sizing up their fellow competitors.  The Mark, The Legend, Electra and Sapphire are losing the high price Buyers to each other.  Bayside will soon be included in this roster when it opens this summer.  Park Terrace, Atria, Aria and Solara Lofts are competing for the low to moderate price $300K to $600K Buyer. 92101 Urban Living is still unclear about who Breeza competes with as their pricepoints currently seem high and their average square footage seems small.

Bank Owned/REOs are finally finding their liquidation stride.  NOTE TO BUYERS:  If you are thinking of targeting ONLY these properties, be prepared to compete for the most attractively priced properties with 6 to 10 other Buyers bidding up on the asking price to win the deal.  Also know that CASH is KING when buying a Bank Owned/REO!  7 of the 22 properties under $300K and 10 of the 28 properties from $300K-$500K were purchased with ALL CASH offers.  Unfortunately, FHA and VA approved Buyers do not compete well with 20% or higher down payments.

Short Sales are finally happening as the Seller’s “negotiators” and the Bank’s “case managers” are finding some common ground. A little Buyer patience is an important ingredient.  Be not discouraged about making a 2nd position offer!  Many 1st position offers never go the distance.

Finally, check out the way ALL CASH Buyers are making their moves on downtown.

ALL CASH Buyers are stealing the show - and not in just in the under $300K price range.   33% of all May Buyers (26 of the 78) made their purchase with ALL CASH .  See the graph below for the purchase price category distribution.

Yes, it is now OK to say WOW! about that!

For futher questions about current market conditions or more information about condo sales in each of the four categories above, please go to the 92101 Urban Living  wesite or call 619.677.2435 and press “0” followed by “7.”  92101 Urban Living can also be reached via email at info@92101urbanliving.com.

Does the sound of train horns wake you up in the middle of the night?

Concerned Downtown San Diego residents have joined together and started the website “San Diego Quiet Zone Project” to provide residents with information, links and contacts to help improve the quality of the Urban Living of Downtown San Diego.

Federal regulations require engineers to blow the horn no fewer than 15 seconds before they enter a crossing – two long bursts and a short one, then a last long blast until the train enters the crossing. With 13 crossings from the Little Italy District around the Southern edge of Downtown San Diego, the additional noise has stirred residents to seek some relief.

See and hear a BNSF engineer excessively blowing train horn at 3:20 am on March 4 2007, awakening residents not only all over Downtown but as far away as Coronado and Point Loma. Please click here to see the video.

After the merge of ATSF and BN, BNSF Railroad got rid of the old small eight axle diesels with the horn mounted over the cab and not much louder than a Semi and brought in monster 12 axles into Downtown San Diego. The trains were designed to go 70 miles per hour over the great plains and the horns were designed to reach out ahead of them in areas with no guarded crossings. The horns are so loud that the engineers required them to be mounted back in the middle of the engine so they would not become death.

San Diego Quiet Zone contacted City Hall and after a few months they got an ordinance to pass preventing, except in the case of emergency, the blowing of horns between 7 PM and 7 AM. When they tried to enforce it, the BNSF, backed up by the PUC, said only the Federal Railway Administration could make rules.

The Federal Railroad Administration say the horn blowing is for safety and that engineers are “not out there to wake you up.” For more information about the San Diego Quiet Zone visit their website here.