Urban Living lends itself to being on the cutting edge of what is new and "in" and hip and cool and every other adjective to describe the latest trend in fashion, food, transportation and nightlife.

 I think it was 1984 when I last saw a Vespa. Now I see them everywhere in Downtown San Diego. With a shortage of parking and high gas prices, these two seaters are the perfect vehicle for the urban single or couple. They have become quite the fashion statement as well with people ordering them directly from the maker, the buzz on the street is that there is a waiting list for the little guys.

 You can't walk a block without seeing one of the following: a gelato shop, a frozen yogurt shop and now, cupcakes. Desserts are all the rage and you don't eat them at the restaurant you just dined in. Not when you're an urbanite. The etiquette is to eat at the restaurant, then go on a walk back to your neighborhood and pop in to the gelateria for a piccolo cup of Stracciatella and Biscotti hand made on site. The beauty is that you can enjoy a nice meal, go for a walk for 5 or 6 blocks, and reward youself with a nice treat. Some of the new places even have live music performed by local musicians as well. What a great time!

 If you are in the mood to show off how great you're looking now that you've been hitting the gym or yoga classes, then there are myriad places to go to at night-or day- to be seen. The Hotel Ivy has fast become the in spot for the Napkin Nights crowd. If you can't get in there, walk on down to Altitude and if it's the right night, you can watch the Padre game live as you will be looking into Petco Park. The Hard Rock Hotel has it's own Intervention every Sunday as well. So don't forget to do those extra crunches so the cupcake won't ruin the fit of your bathing suit.

NFL, NBA, NHL, even the Olympics in Downtown San Diego?  Well, that is the proposal, and it is a big one at roughly a proposed $2 billion.  Check out the Article entitled “Developers: Terminal deck could solve woes”  The site is the 10th Ave. Marine Terminal just south east of the San Diego Convention Center…some of the most valuable property in all of Downtown San Diego.  The proposal is this:  “Developing a 96-acre deck over the 10th Avenue Marine Terminal could allow for a new sports arena or stadium, allow for expansion of the convention center and bring new tax revenue in from the waterfront.”  The possibilities for use of the site could include a football stadium for the San Diego Chargers, sports arena for NBA and NHL, the expansion of the San Diego Convention Center, and hotel development– or a combination of some or all of the above!   This land is currently occupied by a working port terminal.  Traditionally, the Port represents one of the most formidable opponents to pro-development of these very valuable areas.  They argue the jobs taken away from Port workers would be replaced by lesser paying jobs.  I can see that, but could you imagine the impact a development like this could have on the value of Downtown, and San Diego in general.  This would solidify our position as major U.S. national city, and if done correctly put us on the map internationally.  The project is scheduled to go before a vote November 14 of this year.  I look forward to hearing more about this idea, even though I think it is going to be a long shot at best.  Check out the Project Renderings provided by The Union Tribune Documents.

In September of 2004 the East Villages' own Fahrenheit was featured on the cover of a CNN Money article online. It wrote about the gentrification of downtown areas across the country and how it is a good thing. Something you rarely hear in the news today. Gentrification is often associated with a negative tone and that is not the case. Taking a blighted area and turning it into a family neighborhood is a great thing.

When the article was written, the spot where Fahrenheit now sits and thrives was only dirt. It has become one of the more popular buildings for loft living in the East Village of Downtown San Diego and is also an Orchid winner, an award given by the public. It has been seen on the CW's Fashion House, a telenovella style night time soap starring Bo Derek and Morgan Fairchild. It has also been featured in numerous car commercials as the backdrop for the cool urban vibe in the ad. The shopkeeper loft units along 10th avenue now feature the hip urban botique salon, Flirt, 1st degree tanning salon and Mondo Gelato. Mondo Gelato is also home to live music every thursday night for all ages that showcases local musicians.

As of this posting there have been 5 babies born with one on the way in less than a month. The families are growing and thriving and the playground at Petco Park's "park at the park" is getting a lot of use!  So from the time of the CNN Money article until now, I would say that Fahrenehit has defintiely lived up to its billing of being a "hot 'hood".

Financing continues to be a challenge in today’s Real Estate Market.  We see that the conditions and documentation that underwriters have been asking for is getting more and more rigid.  As real estate brokers, we try to get investors to consider equally the two sides of the “deal”.  Most of the time, we can’t do what we do until the financing side of the loan is taken care of.  Also, we challenge those investors who are trying to “time the market” to consider the affect that higher interest rates have on their monthly cash flow.  Often times, if real estate values drop slightly but interest rates increase, it may actually cost an investor more each month for even a lower priced property. 
All the analysts and investors have been keeping a sharp eye on the state of the financing market these days.  In fact, there has been a lot of talk of the mortgage industry in the recent weeks…more than normal.  With the recent issues surrounding Indy Mac (failed financing bank), it is good to know that Wells Fargo Bank, N.A. is still the only bank in the U.S., and one of the two banks worldwide, to have the highest possible AAA credit rating from both Moody’s Investors Service, and Standard & Poor’s.  How many more banks are going to have trouble and eventually fail?  It is hard to tell at this point.  As Downtown San Diego Realtors, we have found the Wells product to be very competitive in pricing for high-rise complexes.  Often times, Well Fargo does not need a full condo certification for funding…they just require a limited review of the HOA.  In non-real estate terms, this just means there are decreased contingencies that could potentially hinder funding of a loan.  Usually, these funding issues happen in the 11th hour of the deal.  This makes everyone nervous. 
When looking at interest rates that deal with residential housing financing, the bond market is generally the most important.  This month’s bond market opened well into the negative as investors continue to shy away from the inflation-threatened securities.  The stock markets reflect mixed results, as increased trading put the bond market’s down, and pushed mortgage rates higher.  There are a couple of reports scheduled for release in the coming weeks that can affect mortgage related bonds and rates.  None however, are considered extremely important to the markets. The release of June’s and July’s Leading Economic Indicators (LEI) will have insight on the housing sales, big-ticket item manufacturing activity, and the Fed Beige Book which breaks down economic activity in the U.S. by region. 
Well, if you made it this far into the blog, you are probably wondering what the bottom line is…right?  Some mortgage commentators, with fear of continued rising rates, state to be cautious if still floating an interest rate.  Also, real estate consultants recommend taking advantage of “good deals” before interest rates increase to a level that prices monthly mortgages out of reach for the average homeowner.

On the morning of April 25th, 2007 I received a call from my mother. I knew what she was going to say and had braced myself for it but no amount of preparing or knowing can ever prevent the gut wrenching feeling you get when you hear this come from the other end of the phone.

 "He passed away last night in his sleep, before any real pain set in".

My step dad had passed away- losing his battle with cancer.

It's not like people aren't aware of cancer. Can you name anyone that isn't directly effected by the disease? What can you do about it? Many nation wide events have sprung up like the Susan G Komen 3 day walk or the Relay For Life.

 Downtown San Diego will be hosting the SD Relay For Life for just the second year on August 16th and 17th at the Embarcadero Marina North Park. It will begin at 10am Saturday and go until 10am Sunday. Participation is needed for this event and for this event in the coming years. Get a team together and register here. It will be an event full of music and food and team competitions all to raise money to help stand up and fight the disease.

 This year will have food from local establishments such as the East Village Tavern and Bowl, BASIC Urban Kitchen, Nicky Rottens and the Tilted Kilt. Coffee will be provided from Midnite on by local roaster and coffeehouse, Java Jones and gelato being served at midnite by Mondo Gelato. All of the supporters are local downtown businesses who jumped at the chance to support this event.

Local musicians also answered the call to lend their talents for the event as well. A wide range of solo acoustic performers will be on hand from 10:30am unitl 9pm on the 16th. There will also be an array of events going on during the 24 hour period including an early morning yoga session provided by Jennifer Miller of FIT Athletic Club.

A lot of discussion these days is about the market "tanking" and all Real Estate Sales "going into the dumps". We believe that you can't blanket the entire 92101 with a "market trend". We have the numbers to prove it. Cynics, prepare to sit back in your armchair and seethe at the facts.

At the Harbor Club, the average time on market is about 36 days. Average price per square foot is in the mid $700 range, and the biggest tell of all is that the units are sold within 95% of their list price.

At the Pinnacle Museum Tower, the average time on market is 47 days with the average price per square foot at about $720. The units are sold within 98% of their list price. That is incredible!

Now to the Old Guard of Downtown San Diego Luxury, the Meridian. For a 20+ year old building it is looking like the best Marina luxury deal in town. With an average price per square foot of $634 and a market time of 39 days, you need to jump on this one quickly! Units within are sold on average of 82% of list price, a greater negotiating curve than the other two towers of luxury.

Something to consider when looking for high rise luxury.

In San Diego there is never a lack of events on the 4th of July.  Fireworks line the Harbor and bay and numerous other San Diego spots.  What are you doing?  Not sure yet?  Here’s a list of San Diego 4th of July events close to downtown.

North County
Carlsbad
Legoland’s Red, White and Boom
Where: Legoland
1 Lego Drive
When: July 4 Fireworks begin at 9 p.m.
Regular park admission applies, though non-park guests are welcome to view fireworks from the parking lot for $2 after 7 p.m.

Del Mar
County Fair Fourth of July
Where: Del Mar Fairgrounds
2260 Jimmy Durante Boulevard
When: Gates to the fair open at 10 a.m. with July 4 fireworks at 9 p.m. Enjoy the food and game booths, a petting zoo, and carnival rides!

Encinitas
Community Celebration
Where: Cottonwood Creek Park
Vulcan Avenue and Encinitas Boulevard
When: July 4, 9 a.m. to 11:30 a.m.
Come for games, the national anthem, and a pancake breakfast!
Quail Botanical Gardens’ Red, White, and Blue Parade
Where: Quail Botanical Gardens
230 Quail Gardens Drive, Encinitas
When: Parade through the children’s’ garden begins at 10 a.m.

CENTRAL

Coronado
Celebrate the Fourth in Coronado
Where: See the parade along Orange Avenue
When: The annual July 4 Parade begins at 10 a.m. Don’t miss the fireworks from Coronado’s picturesque ferry landing or Glorietta Bay Park at 9 p.m.

La Jolla
La Jolla’s ‘Lights Over the Cove’
Where: Scripps Park, La Jolla Cove
1100 block of Coast Boulevard
When: The July 4 free concert at the sea begins at 7 p.m. Stay for the fireworks at 9 p.m.!

Mission Bay
Independence Day at Sea World
Where: Sea World
500 Sea World Dive
When: July 4 fireworks begin at 9:30 p.m.
Come for all the fun of Sea World and stay for the fireworks show!

Old Town
Old Town State Historic Park’s 1800s Fourth of July Celebration
Where: San Diego Avenue & Twiggs Street
When: July 4 fun goes from 11 a.m. to 4 p.m.
Festivities include a pie eating contest, races, egg tosses, and a parade with historical costumes.

San Diego Bay
BBQ on the Berkeley
Where: Maritime Museum of San Diego
1492 N. Harbor Drive
When: July 4 BBQ buffet starts at 7 p.m. and the fireworks on the bay begin at 9 p.m.
Come and enjoy a barbeque buffet on the historic ship! Adult admission is $40, children 10 and under pay $20, and kids four and under are free!

San Diego’s ‘Big Bay’ Fireworks
Where: North San Diego Bay
When: July 4’s 20-minute-long fireworks show begins at 9 p.m. Tune in to radio station Magic 92.5 to hear music and accompaniment to the fireworks!

Seaport Village
Where: 849 W. Harbor Drive
When: See the free Latin World Beat concert from Noon to 4 p.m. but stay for the fireworks off the bay at 9 p.m.!
Midway Museum
Where: 910 N. Harbor Drive, San Diego
When: On July 4, the flight deck opens at 6 p.m. for games, booths, and contests and the fireworks off the bay begin at 9 p.m.

The issue of higher gas prices will continue to be a trigger point for homeowners and renters making the decision to live closer to hubs of mass transit.  See our Blog last month Entitled "Higher Gas Prices Mean More Urban Development."  Today, my clients Mike Bierne (Executive Vice President of Kamson Corporation) and his wife Shari sent me this article "Renters go Downtown to Save on Gas, Commuting"  as a contribution to the website.  Mike is quoted in the article several times as a representative from a company that manages apartment complexes in the New Jersey area.  The trend toward an Urban Lifestyle is occurring in cities all across the United States.  Currently, Downtown San Diego has less than a 5% vacancy rate for rental units. This is always great news for investors who are taking advantage of the current "Buyers Market".  As indicated in the article, two bedroom two bath units in Downtown San Diego start at $2400 to $2600 a month.  A comparable unit a half hour to an hour commute away would go for at least half that amount monthly.  Renters would rather pay the higher amount in rent to live close to work/mass transit, than spend the extra money on gas and potentially sit in the car several hours a day.  Not only is this the environmentally friendly thing to do (Live Green...Live in Cities), it may also be the most affordable option as well. 

The crime rate in San Diego has dropped again. Crime is going down and the number of officerAs on the street are going up. San Diego is a great place to live due to the weather, outdoor activities and proximity to everything from water to desert to snow sports. Now we can also say that San Diego is one of the safest big cities in the country.

I was walking up to my office the other day when a group of guys carrying cases of beer came in with me. They were going to a friend of theirs' office to party it up before a baseball game. I overheard them talking about how this was a party neighborhood and only single people lived here. I interjected to let them know that it was actually emerging as a family neighborhood. They laughed at me, said "yeah, right" and made a few comments. So I went on to tell them how I had sold and helped create half the neighborhood from 2003 until the present. That the people I had sold to were in fact single or newly married but a lot of them were now having kids. I showed them the pictures of my 6 year old daughter and 5 month old daughter. They stopped in their tracks. The smirks went off of their face. One of them simply said "wow". They had no idea. It's okay, I'm not mad at 'em.

 Most people don't realize that the East Village is steadily transforming every day, week and month. It has become a place where you can raise your children. It has the world's coolest backyard- Petco Park's "the park at the park". Just this afternoon I took my daughters for a walk. We went to the park and my older daughter played on the playground just beyond the outfield. We spoke to a few neighbors who were out on a walk and continued on ourselves. We saw a number of other kids playing at the little league field. My older daughter joined in on the fun and showed the boys how to hit the ball.

 After a while my baby daughter was getting fussy so we went walking on our way again. We walked past right field and back into the neighborhood. On the way back we saw a number of our other neighbors pushing strollers or walking with their newborns in their Baby Bjorn harnesses. As it was fairly warm out we ducked in to Mondo Gelato. We got some gelato from Nat and went on our way. As we left the store we ran into a neighbor asking if I would be playing music this week. I let her know I would be at both Mondo Gelato and at Java Jones the next two nights. Both are all ages family events by the way.

 As I walked back into my Fahrenheit loft I thought about all the fun we had and all the families we ran into along the way. Then I turned my thoughts back to the group of guys who were laughing when I said the East Village was a family neighborhood. All it takes is a little bit of time in the neighborhood to see it for what it has become.

We keep saying that the numbers do not lie.  In an exclusive Real Estate market like Downtown San Diego, it is always hard to balance everything you hear in the news to the ACTUAL numbers from day to day sales.  The following is a link that I recommend bookmarking and/or adding to favorites.  June 2008 Statistics  The website DQ News is a great resource for information and statistics on California Home Sales and Median Prices.  Every month this year Downtown San Diego performs in the top 5 real estate markets for all of San Diego.  According to this graph presented, 78 total homes have sold in Downtown YTD.  The Median price is $500k, up 6.6% from this month in 2007.  Overall, Downtown Real Estate has held it's value relatively well.  This is due in large part to quality and luxury construction, and "Location Location Location".  This is still a buyers market in Downtown San Diego, and there are still tons of great deals for Downtown San Diego Condos and Downtown San Diego Lofts.  Let us know when 92101 Urban Living can schedule viewings and a Market Tour for you to see all of the opportunities out there! 

Attention citizens!!!

 ComicCon 2008 is upon us!!! We will soon be overrun with X-men, Anime, D.C. and Marvel comic book heroes walking our streets!

  Actually, they will just be big fans of the different comic book genre walking around and all dressed up WITH somewhere to go. The Downtown San Diego Convention Center. Check the website for ticket info and to see who will be on the panels this year. It is quite the spectacle and should not be missed. Come see your favorite comic/movie hero here!

Ever been to a restaurant with "views" of a real machine shop where some of San Diego's finest restaurants & homes have their custom wood & metal creations fabricated?

Venture over to Barrio Logan and check out THE GUILD at 1805 Newton Ave, San Diego, CA 92113 Tel# 619.564.7584.  It will take you all of about 3 minutes to drive there from the Gaslamp.  If you know how to get to the foot of the Gaslamp (the end of 5th at Harbor Drive by the Convention Ctr), take a left (head east) on Harbor Dr. and continue for about a mile to Beardsley (before you get to your 2nd light at Caesar Chavez).  Go left over the tracks and up two blocks.  You can't miss it on the right. There's great parking in a lot next to the restaurant.

When you arrive, you'll generally see LOTS of people at the bar.  Happy hour is 5-6pm and again from 10-11pm.   There's a very cool crowd at The Guild...a little secret getaway for many.  You may run into some of San Diego's artists and architects here.  One of the owners, Paul Basile, is a contractor himself.  Paul has been a peer of the downtown arts community for more than a decade.

Inside you will find the decor a unique blend of urban chic where concrete meets Kirei (a reclaimed agricultural fiber from the Sorghum plant grown around the world for food).  How "green" is that?

Plan on small bites ~ almost tapas in style ~ as a way to sample many unique dishes there.  Rich in flavor but light in preparation... clean & decorative in the way it's beautifully plated.   Also plan on trying a wine you most likely can't buy at any supermarket. No ridiculous prices here and a very nice variety.

Live music seems to be extinct in this day and age ~ but not at the Guild.  Come on a Friday evening to hear something that's really "live."

Looking for great "chill" lounge where you can hang out & actually see/hear other people without a $20 cover?  Check out the lounge upstairs.  The long table seating was designed for people to meet their neighbors :)

If you are craving "original," check out The Guild.

It says that June Gloom has hit the SoCal housing market. June Gloom is a term we have in "these here parts"...referring to the fact that there is a lot of cloud cover during the month of June. We also have a May Gray. So with that being said, plan your vacation around those months. Anyway...

 The median price has dropped 29.3% from a year ago according to this story. Of the 17,000 + homes sold, over 41% were foreclosures. So let me not gloss over the fact that 17,000 + homes were sold. There is a lot of activity out there. Let me also remind the reader that median pricing is based on average sales pricing. Basically meaning lower priced inventory is selling. The writer finally mentions at the end of the story that June was the most productive selling month in the last 10 months.

 Sounds like a good time to buy!

One of the best aspects of an Urban Lifestyle is the community that you instantly become a part of.  These communities become even more specific to the Downtown San Diego neighborhoods, complex, and floor that you live on.  I always tell clients that you are buying a “smaller piece of the pie” to obtain “location, location, location”.  The point of location is that you are not supposed to be hold up in your 1000 square foot Downtown San Diego Condo or Loft all of the time.  You are meant to be out enjoying your community. 
One of the most interesting aspects of watching clients and friends embrace their new lifestyle is seeing how they chose to get involved and put their “personal stamp” on what the neighborhood is developing into.  Are they going to join community groups, participate in social events, or even start a business?  Our resident “Rock Star”, East Village Mayor, and Downtown Specialist Chad Cavanaugh has decided to do something really cool.  In addition to playing acoustic guitar at local East Village spots like Mondo Gelato and Java Jones, he decided that he would put together a book on some of the photography he has taken of Downtown.  Who knew that he even had talent or an eye?  One day when walking with his wife and new baby, he decided to take a few shots and the rest is history.  You can tell from the pictures that his vision is filled with true passion for the lifestyle and streets that we walk every day.  Use the following link to preview and BUY the book entitled “A Journey Through Downtown San Diego”.  Way to go Chad…we are proud of you!!
I think that everyone living In Downtown San Diego should step back and take note of what is possible.  Ask yourselves what you can do to make these neighborhoods a more interesting and better place to live.