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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.
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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.
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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".
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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.
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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.