Archive for the 'Downtown' Category
Short Sales in San Diego County - Get the Facts
Posted by Diane White | Currently 1 Comment »
What are short sales? What is happening with the short sale market? Are they selling? Where are they? Here is the Statistics Report for the activity in the last 90 days on all homes, except for manufactured, in San Diego County. Statistics supplied courtesy of Sandicor.
San Diego County Short Sales
To summarize:
- There are currently 6,445 Active Listings. This is a little misleading because most short sales are kept in the active status, even after the seller has accepted an offer, until there is an formal acceptance by the lender(s).
- There are currently 1,778 short sales in the pending status, which means in escrow.
- There have been 4,109 that have closed escrow in the last 90 days.
What are they? Short sales are homes that are for sale and the seller’s loan(s) are more than what the property can sell for. They put it on the market in the hopes that the bank will take less than what they owe. This used to be a process that could take up to 6 months before the lender assigned a negotiator and many went into foreclosure before they ever had a chance to get it approved.
Most banks now have systems in place and as the report shows, they are closing successfully. In fact, most of the time there are multiple offers…you will note that the sales price to listing price is now 97% and average days on the market are down to 99.
Where are they? I did a search for some regions and note the following:
North County Coastal = Carmel Valley, Del Mar, Solana Beach, Encinitas, Carlsbad & Oceanside
- 738 Actives 200 Pending 186 Solds
North County Inland= Scripps Ranch, Rancho Bernardo/Penasquitos, Mira Mesa, Poway & Ramona
- 537 Actives 205 Pending 185 Solds
Metro Areas = Downtown, Hillcrest, North Park, Mission Valley, Clairemont, Tierrasanta & University City
- 1,096 Actives 329 Pending 283 Solds
South Bay = Bonita, Chula Vista & National City
- 1,727 Actives 339 Pending 159 Solds - by far the highest area
If you have stayed away from short sales, you might want to reconsider…many are selling before they become foreclosed on.
Click here to read my previous blog posts and let me know if there is something in particular you would like me to research.
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Related Posts: Area Information, Area Statistics, Buyers, Cardiff, Carlsbad, Carmel Valley, Del Mar, Downtown, Encinitas, Financial news, Foreclosures, La Costa, Leucadia, Market Trends, Oceanside, Rancho Bernardo, Real Estate News, San Diego, Short Sales, Solana Beach
Breaking Down Downtown - Neighborhood by Neighborhood
Posted by Erica Vautier | Leave A Comment »
Downtown San Diego is home to hundreds of shops, restaurants and places to live. While it may appear to be one cohesive city, the mini-metropolis actually boasts several distinct neighborhoods.
Each neighborhood has its own unique personality, attractions and appeal. Want to know which city sub-section is right for you? Then read through this neighborhood breakdown, courtesy of the Downtown San Diego Partnership.
CORE
Downtown’s Core neighborhood from A Street to Broadway and Union and 12th Avenue is the heart of San Diego’s central business district. This neighborhood serves as the region’s hub for government, finance and business. There are also a variety of arts-related venues in the Core including Symphony Hall, the Civic Center and the 1929 California Theater. Restoration and revitalization of many of the historic buildings are underway or planned, adding new residential, retail, commercial opportunities and parking to the area.
COLUMBIA
Beginning at its namesake pier, Broadway is Downtown’s ceremonial main street, with medians containing lush foliage and lighted banners proclaiming a hearty “Welcome to Downtown.” Though largely commercial in nature, the Columbia neighborhood will see construction of a number of residential projects over the next few years. Several new high-rise office towers and two new hotels are planned for this area, as well. The waterfront in this neighborhood is a major segment of the North Embarcadero Visionary Plan, which includes a grand esplanade and development that values beautiful vistas and enhanced public access.
CORTEZ HILL
Anyone who has driven down Cortez Hill on Ash Street in the spring can recall the beauty of the jacaranda trees in lavender bloom against San Diego’s blue sky and bay. Distinguished, and one of San Diego’s oldest residential neighborhoods, it was named for the famous El Cortez Hotel. Views include Balboa Park, the bay and ocean beyond, and the urban scene below. Victorian-style homes dot the area, along with condominiums and apartments. The hill’s topography separates it from much of Downtown’s hustle and bustle, yet its closeness makes it a very desirable address.
EAST VILLAGE
Downtown’s largest neighborhood, East Village, will experience the greatest residential growth in the coming years. Scattered throughout the area are artists’ homes, studios, galleries and shops. San Diego City College, the New School of Architecture and two high schools are in the area. Former warehouses, even an old church, have been transformed into charming residential lofts. A dramatic facelift is planned for 12th Avenue, linking San Diego Bay to Balboa Park. The new San Diego Padres Ballpark and Park at the Park opened in 2004, and a new Main Library and thousands of new residential units are planned.
GASLAMP QUARTER
Beginning with his building a wharf at the foot of Fifth Avenue to accommodate trade and commerce in the 1870s, Alonzo Horton encouraged the development of Downtown. This 16.5-block neighborhood is listed on the National Register of Historic Places, and the 94 structures identified as historically or architecturally significant now house more than 70 restaurants and nightclubs, movie theaters, retailers, offices, galleries and urban live/work lofts. A charming hardscape park at the trolley station across from the Convention Center features a playful fountain, much to the delight of youngsters of all ages.
HORTON PLAZA
Named for the small, but prestigious Horton Plaza Park, this neighborhood is where the redefining of Downtown began. Residential opportunities may be limited, but this 15-block area puts residents at the center of Downtown’s activity. The area includes luxury condominiums and apartments amidst high-rise office buildings, retail, hotels, theaters and restaurants.
LITTLE ITALY
The sloping landscape at the northern edge of San Diego Bay was once home to a highly successful tuna fishing industry and the many Italian families who derived a living from that industry. Its lovely vistas now offer an urban neighborhood with single-family homes, condominiums and apartments. A recently revitalized India Street is alive with restaurants, small cafes, galleries and specialty shops. Amici Park is a new school playground/community park adjoining the rebuilt Washington Elementary School, just blocks from new housing growing for the next generation of village residents.
MARINA
Formerly warehouses and vacant lots, this neighborhood offers high-rise and mid-rise condominiums and apartments, townhouses, loft and single-room-occupancy (SRO) units, in a variety of styles, sizes and prices. The area stretches between the waterfront, Horton Plaza and Downtown’s office towers. Ample open space is offered at Pantoja Park, Children’s Park, and throughout the linear King Promenade, providing an ideal setting for families, professionals, retirees and those who travel the globe. Some of the area’s rich cultural history is here, as the Asian/Pacific Thematic Historic District recognizes the contributions of San Diego’s Asian cultures to the development of this city.
For a complete overview of all housing options, rental rates, sale prices, upcoming redevelopment projects and more, visit the Centre City Development Corporation’s website at www.ccdc.com and click on the housing guide.
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Related Posts: Area Information, Condos & Townhomes, Downtown, Find A Home, San Diego
September Statistics for San Diego Real Estate - Get the Facts
Posted by Diane White | Currently 1 Comment »
Well, San Diego County home sales have not slowed down. September 2008 shows 3,937 Resale Homes are in escrow as of September 30th.
If you take a look at Sandicor’s Statistic Report for last month below, we have currently:
- 11,370 Active Listings in San Diego County
- 3,937 Listings that are Pending (in escrow)
- 1,627 Listings that closed escrow in September
September San Diego County Statistics
Some other very interesting notes:
- DOM (days on market) have decreased from August’s average of 76 days to 65 in September
- SP/LP (sales price to listing price) is now 104% - 4% over asking price.
There are 2 reasons for the SP/LP being over the asking price. One is that bank owned properties are being priced low, which is causing multiple offers and bidding wars. The second reason, in my opinion because I am out there every day, is supply and demand. And it is not just bank owned and short sale properties that are getting multiple offers, I’m seeing it in regular sales as well.
So where did most of the activity take place? Here are statistics from two areas of San Diego County.
- North County Coastal Statistics
San Diego Central Statistics
North County Coastal has 2,029 Active Listings, 555 Pending, and 302 Sold Listings
San Diego Central (from Downtown to UTC) has 1,435 Actives, 605 Pendings and 247 Solds.
Statistics for other areas including:
- Southbay - 1,987 Active, 916 Pending and 259 Sold
- North County Inland - 1,061 Active, 402 Pending and 184 Sold
- East County - 1,371 Active, 589 Pending and 245 Sold
I will be doing further analysis on what is happening with home sales in the county…so please let me know if there are particular areas that you would like me to include.
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Related Posts: Area Information, Area Statistics, Buyers, Cardiff, Carlsbad, Carmel Valley, Del Mar, Downtown, Encinitas, Foreclosures, La Costa, Leucadia, Market Trends, Oceanside, Rancho Bernardo, San Diego, San Marcos, Sellers, Short Sales, Solana Beach
San Diego Home Sales August 2008 - Get the Facts
Posted by Diane White | Currently 1 Comment »
Hello Everyone,
As always, my intent is to keep you informed as to what is really happening in the San Diego County housing market. First is a look at the San Diego County Home Sales Report for sales that were recorded in August 2008, published by Data Quick.
Click on the Sales San Diego County August 2008 image to view the full report
Looking at this briefly you would think the market is very gloomy indeed. However, here are some interesting notes:
- Median Sales Prices for Detached Homes were up over last month in 39% of the zip codes including Hillcrest/Mission Hills, Mission/Pacific Beach, University City, Mira Mesa, Carlsbad 2008, and Solana Beach.
- Detached Home Sales were up for the 2nd month in a row in the communities of Rancho Penasquitos, Rancho Bernardo East, Del Mar and Encinitas.
- Median Sales Prices for Attached Homes were up over last month in 33% of the zip codes including Mission/Pacific Beach, Clairemont, University City, Mira Mesa, Sorrento Valley, and Carlsbad 2009.
- Attached Home Sales were up for the 2nd month in a row in Downtown and Carlsbad 2008.
More notable is the fact that these figures reflect the homes that closed escrow in August without reflecting the actual home sales that went into escrow (Pending). See the Statistics from Sandicor, which include resale home only, below:
San Diego County Detached Statistics 9.23.08
San Diego County has 4,086 single family detached homes currently in escrow as of 9/23/2008! To put that in perspective, note that there are only 11,559 active listings…at the current activity that is 3 months inventory.
San Diego County Attached Statistics 9.23.2008
San Diego County Attached Homes has 2,307 homes in escrow. Putting that in perspective, there are 5,559 listed attached homes…again, less than 3 months inventory.
This totals to close to 6,400 homes that are currently in escrow. Wouldn’t you agree that the market has changed? Just the factor of supply and demand is enough evidence of a turnaround.
I would be glad to provide you more detailed information on areas, cities and neighborhoods for you. Just post a reply, send an email or give me a call and I’ll provide you a customized Just the Facts report.
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Related Posts: Area Information, Area Statistics, Buyers, Cardiff, Carlsbad, Carmel Valley, Del Mar, Downtown, Encinitas, La Costa, Leucadia, Market Trends, Oceanside, Rancho Bernardo, Real Estate News, San Diego, San Marcos, Sellers, Solana Beach
