The San Diego Condo Loft

Lets talk about the “f” word – Foreclosure. We’ve seen a lot of attention lately to President Obama’s plan to help distressed home owners avoid foreclosure, and relieve the pressure of those drastically reduced priced  homes on the market. And of course, we’ve seen this rant and this response.

What does this mean for you, the buyer of a condo here in San Diego? Is a San Diego Foreclosure a good deal for you? Will action by Congress keep you from getting an unbelievably good deal, or sweeten the deal more for you?

First, the basics of the plan. The Homeowner Affordability and Stability Plan will not go to speculators, and is intended for owner occupied homes. The Treasury will partner with lenders to reduce monthly payments, bringing down rates so that the monthly payment is no more that 38% of the borrowers monthly income.

Then further reductions will be matched dollar for dollar with the lender to bring the interest down to a 31% debt to income ratio. The modifications will be in effect for 5 years.

These apply to conforming loans only – jumbo loans, non conforming loans don’t qualify. If a mortgage is not held or guaranteed by Freddie Mac or Fannie Mae, or if a loan is more than $417,000, the homeowner won’t qualify for relief. If foreclosure is imminent, further incentives are offered to lenders to consider alternatives, such as short sales. Encouraging sellers and banks to use the short sale option is beneficial to them, and also to you, the buyer.

If the loan is not guaranteed by Fannie or Freddie, then the lender may rewrite the loan, but this is voluntary. While there are incentives for them to do this, it is not a guarantee.

Because of the sheer number of foreclosures pressuring the market in some areas of Florida and California, housing prices have dropped so much in those states that there is no way to re write the loan and have a reasonable loan to value ratio. The plan proposes to cap the ratio at 105% – far too low for some home owners who have seen a 50% drop in their home value since they obtained a mortgage.

So a homeowner who bought in 05-06, in a market where $417,000 plus a downpayment bought very little for the money, likely has a non conforming mortgage. Their property value has declined steeply, and they are in trouble and staying in trouble. However, they may qualify for some of the incentives to avoid foreclosure if their lender agrees. If these properties are offered as a shortsale, the price benefits the buyer.

The Homeowner Affordability and Stability Plan will help some people, and give lenders the incentive to accept alternatives to foreclosure. For buyers, the prices now are great, whether you buy a short sale or a San Diego foreclosure. You want to build equity further down the road. Reducing the number of foreclosures and distress sales on the real estate market will relieve the pressure on prices – and give us a truer sense of the market value of our homes.

Ultimately, a total economic recovery will stimulate the real estate market, because people will have jobs, income, and not be selling their homes due to “distress”.

We can show you San Diego condos in your price range that are a great buy now, and likely to build equity for you later in a recovered market. Some are distress sales, short sales, and some are San Diego Foreclosures. And, they’re wonderful places to live.  Call us,  and remember – when you buy your home with Condodomain, we give you money back at closing

I hope you enjoyed the festivities for Mardi Gras which ended yesterday with our annual Fat Tuesday celebration in the Gaslamp Quarter. We’re a long way from New Orleans in San Diego, but we love any reason to celebrate.

Don’t believe me that San Diego knows how to celebrate Mardi Gras? Check out these picture galleries.

While you were partying, maybe you thought that the sensory explosion that is life in the Gaslamp should continue. Major price reductions are now occurring at 777 Sixth Avenue, in the heart of the area. This San Diego Loft building features luxurious one and two bedroom lofts atop a popular ground floor restaurant with subterranean parking. You are steps away from Petco Park, and all that the Gaslamp has to offer. 777 Sixth Avenue is definitely an address for hip urban successful sophisticated people who love San Diego.

These San Diego Lofts feature 9 to 15 foot ceilings, are energy efficient and have updated wiring, individually controlled heating and air conditioning, and select residences have private decks and stained concrete floors.

Contact me today about making the vibrant Gaslamp quarter your permanent San Diego home. These opportunities at 777 Sixth will not last.

With some of the most outstanding views in the city, the two towers of Horizons are a distictly recognizable address in the San Diego skyline.

Convenient to the Gaslamp District, Petco park, and the Convention Center, the amenities and standard of living are nothing short of superb. Priced from $400K to $2 million, the entry point of this luxury building is surprisingly affordable.

Residences at Horizons are spacious and tastefully appointed, ranging in size from 1036 square feet one bedroom homes to almost 3000 square feet. Amenities include a lap pool, 24 hour secure gated community with concierge service, a fitness center, spa, and community rooms.

Inside your San Diego Condominium residence, you’ll find hardwood cabinetry, full granite counters and backsplashes, Viking and Bosch Appliances, Lutron light switches, and wood flooring. But best of all, you are in the downtown San Diego Marina district, where the best of the city is at your front door.

It may seem strange to refer to luxury housing as “affordable”, but given the opportunities the recent market has for buyers, many downtown luxury buildings are now in a price range that was unheard of just a short time ago. The value in San Diego Condominium buildings such as Horizons is still very much a part of the downtown San Diego lifestyle. The economy is creating circumstances that pressure some sellers – and that translates into opportunities for buyers.

A well located San Diego Condominium with superb amenities will retain value in any market, especially when you buy at today’s lower prices, and lower interest rates. Call me today about Horizons and other downtown San Diego opportunities.

If you’re an investor, looking for an income producing property, or a second home, it’s a pretty big step to decide to buy. You’ve heard the news. All about San Diego being over built. All about the real estate market being in trouble. It’s enough to scare you out of making a decision – wait and see until next year, next time, wait till someone calls bottom. But I’m telling you, there are opportunities now that you do not want to miss. I certainly cannot call bottom of the market – but I can point out to you some opportunities right now.

Comparing sales prices in downtown San Diego of the past year, it is clear that developers of recent buildings have a greater ability to ride out the current economy than does the average homeowner who resells a condo. Developers can hold on. They can rent units. They can stop work. But the average person who buys a San Diego condo and has to sell it a few years later cannot hold on. They need to move, or they need to sell. The pressure on home sellers from the economy, from the mortgages they can no longer afford, and the pressure on prices from foreclosures and short sales drives prices down. They cannot wait for the better times ahead, like many developers can.

This is your opportunity to buy a San Diego condo at a value that is sure to appreciate given time, to live in, to rent, to have as a second home. One of the downtown buildings I particularly like for investors and homebuyers seeking opportunities is Aqua Vista in Little Italy. These are high quality units in a fantastic location. They appeal to first time home buyers, renters, young professionals. The neighborhood is dynamic, the views are outstanding. But the prices are under pressure. That creates an opportunity for you, the first time home buyer receiving a credit, and for you, the investor seeking to build equity with an income producing rental in a quality San Diego condominium. Finding the  upside in a weak market is what I can do for you.

There are more opportunities in downtown San Diego condominiums, some of them in the luxury market. For full information, please contact me. And don’t forget the opportunity we have for you at Condo Domain – we give you money back at closing.

The well anticipated Vantage Point is approaching completion. Really, I wasn’t sure they were ever going to make it. Vantage Point is a monstrous 679 units contained in forty stories. After a couple of construction, um, pauses, move in dates are just around the corner in May of this year. The waiting looks worth it (and believe me, I was skeptical of this project when it started). It hasn’t been just my interest that has been piqued. I am getting more calls on “the blue building’ than any other project new or old, including the uber-luxurious Bayside. And no, it is not blue, but it still has blue film on the recently installed windows giving it the appearance of being primarily blue.

Pricing for Vantage Point is starting at $358,000 for the 614 square foot one bedroom, one bath floorplan (M) and goes up to the two bedroom plus den, two bath, 1,218 square foot floorplan (T). Units from one bedroom to two bedrooms plus den are available from the garden level to the 40th floor.

Call CondoDomain San Diego for a complete price list.

So what is the story with the stimulus and the tax credit for first time home buyers anyway? How different is it from the tax credit that already exists?

Originally, a $15000 stimulus credit was discussed, one that would be open to all home buyers who had not purchased within the past three years. This would have carried a 19 billion price tag. Congress reduced it to $8000. But you still are eligible if you have not owned a home within the past three years.

Congress missed a great opportunity to stimulate many local housing markets. With lower prices, low interest rates, and a large tax credit, first time buyers and those starting over after three years could have had some leverage to enter the market and relieve the backlog of inventory. $8000 is not nearly so dramatic, especially since we’ve got a $7500 credit now. The main difference is that this credit does not have to be repaid. It is also not available to those in upper income brackets.

You can claim the $7500 credit on your taxes you will file for 2008. If you buy now, you can claim the credit on the tax return you file in 2010.

Of course, when you buy your San Diego condo with us, you don’t have to wait to file your taxes for us to cut you our own “stimulus” – we cut you a check at closing. And our check might be larger than $8,000.

Let’s say you buy a San Diego condo at Sapphire Tower or Aloft on Cortez Hill for $500,000. The buyers commission that we collect from the seller will be around $15000. Commission rates and agreements are negotiable, and may vary. But our flat fee for representing you is only $5000. So we cut you a check at closing for the difference, which is $10,000.

But you’re in the price range for about 250K at Smart Corner. Well, same math. Assume our commission for representing you, the buyer, is around $7500. But our fee is still $5000, so you receive the difference at closing of $2500.

So lets see – we still have low interest rates for qualified buyers (that’s you) a lot of San Diego condos on the market for the qualified buyer to choose from (again, that’s you having fun house shopping) and now if you are a first time home buyer you get an $8000 credit on your taxes next year (that’s you doing the happy dance in April 2010). AND WE GIVE YOU MONEY BACK AT CLOSING.

Give us a call, we’ll find the right San Diego condo for lucky you!

Adaptive Re-use is a wonderful way of taking a building that is beautiful, old, and no longer functioning in its intended use, and changing it to a modern function. This concept is behind many San Diego Condos and lofts. Treasured pieces of history and architecture no longer function as warehouses, banks, offices, train stations are remade into residences or public spaces.

One such adaptive reuse in San Diego is Electra, the San Diego Condo that has transformed the SDE&G “Station B” into the tallest residential building in the city. These luxurious two and three bedroom San Diego Condos have incomparable views of the city skyline and the harbor. The building houses San Diego State University’s Downtown Community Gallery, which enhances your world with local art and culture.

Your residence features hardwood flooring, marble or travertine baths, contemporary European Kitchens with polished granite, full height expansive windows with roller shades to improve energy efficiency, and an electric fireplace with slab granite surrounds. The Electra also has the latest in telephone, cable, and data wiring, a central water softener system, gated parking, professional concierge service, a fifth floor outdoor swimming pool with spa, and an exercise facility with sauna/steam room.

Modern amenities amid art deco elegance is what you will find at Electra. And these San Diego condo residences are selling! Priced from $549,000 for a two bedroom home to $2.4 million for a penthouse, these opulent residences are just the thing for the discerning buyer who wants location, prime view, and values modern luxury in an architecturally beautiful setting.

Call me today for a tour of Electra. And don’t forget – we save you money at closing!

Legend has extended it’s special pricing campaign for all remaining units. The East Village project that is located within Petcos parks perimeter is also offering three years paid HOA’s.

Some of the Legend special pricing deals are as follows:

• Unit #304 – was priced at $874k, then lowered to $657k, now available at $611k
• Unit #801 – was priced at $739k, then lowered to $629k, now available at $611k
• Unit #2204 – was priced at $1.249m, then lowered to $1.099m, now available at $1.022m

Of course, using CondoDomain you could receive a refund from $12,330 to $24,660.

Call us to schedule your tour of The Legend!

Elegance. Security. Convenience. That’s what you have at Alta.

An elegant soaring tower containing luxurious San Diego Condominium apartments. Modern systems for access and monitoring to keep you safe and secure. And the convenience of living amidst the best of cities for the active California lifestyle, with fast connectivity and ample parking and storage. Sounds like home!

Home at Alta is near Petco Park. Home at Alta is in the heart of the Gaslamp Quarter.   Music, laughter, energy, and the wonderful aroma of great food from restaurants is your street scene. Enjoy the pool, the spa, the fitness center, the club room, and the convenience of ground level retail. Your designer home has the best of lighting, high ceilings, individual heat pumps, hardwood floors, and the best appliances. Your bath has marble countertops, generous sized sinks, European styling. And your views of all that San Diego has to offer are stunning.

Priced from the $600Ks, these stunning urban San Diego condominium residences are home for those who have arrived. Prices are low now, and so are interest rates. You might not qualify for that government stimulus of $8000 tax credit, but if you do, just add it to those perks and this one: we give you money back at closing.

Remember when you buy with CondoDomain in San Diego you save thousands via our commission refund business model.  On average our clients get back more than $10,000 cash back at closing!  (Learn More)

Happy Valentines Day, San Diego! While you are out enjoying this beautiful city on this romantic weekend, We want you to enjoy some sweet San Diego condo hearts from us. And don’t forget our year round valentine – the money we give you back at closing. Sweet, huh?

We heart San Diego condo lofts. So we’re talking about some of the best: Fahrenheit, Aloft on Cortez Hill, Aperture, Gaslamp City Square, and Sapphire Tower. Lets start with the newest: Sapphire Tower is recently completed, and residents are now choosing amenities and decor for their homes. We love this sleek and beautiful addition to the skyline, and the views from this San Diego condo are simply magnificent. Only a few residences per floor, and these luxurious homes feature high ceilings, walls of windows, and all the features you would expect from a luxury building. 19 of the most luxurious homes have private elevators. These are not classic lofts, but retain features found in loft architecture – high soaring ceilings, expansive windows, open floor plans. But of course, these are exquisitely finished – and available. And, they are selling, even in this market.

More traditional newly constructed San Diego Condo Lofts are found in the Gaslamp, Downtown, and Ballpark areas. Aperture is the newest building in Little Italy – we love the chic urban design, and it is no wonder that Aperture is the best selling downtown community of 2008. Only a 3.5% down payment is required. Fahrenheit in the Ballpark district is a contemporary urban San Diego Condo Loft, with exposed ducts, concrete construction, and huge windows that let in natural light. Gaslamp Square is a mid rise new community, stylish, secure and in the heart of the Gaslamp neighborhood. And finally, head up Cortez Hill for the ultimate loft sanctuary – Aloft on Cortez Hill. You are so close to Petco Park, Symphony Hall, Balboa Park and Seaport Village – and yet you are in your own private sanctuary.

We think this is a special – and sweet – group of valentines for San Diego condo buyers. And our sweetest offer is this:

Remember when you buy with CondoDomain in San Diego you save thousands via our commission refund business model.  On average our clients get back more than $10,000 cash back at closing!  (Learn More)

It’s a great time to be a qualified home buyer. With interest rates still low, expected new incentives from the stimulus package before congress, and plenty of choices on the market, buyers really do have opportunities that did not exist a few years ago.

One of the Smarter choices in San Diego Condos is Smart Corner, a downtown high rise which is a prime example of “Smart Growth“. Combining residential living with office space and ground floor retail all accessible to mass transit is the concept that is behind “Smart Growth“.  Smart Corner even has its own trolley stop. Residents enjoy a rooftop lounge with outdoor spa and fitness center, and secure underground parking. Your Association dues include cable, phone, and internet as well as the usual common area maintenance.

You have a choice of studios, lofts, and two bedroom San Diego condo residences. They are impeccably designed with outstanding views of downtown San Diego, and large floor to ceiling windows. Large rooms, quality finishes, and attention to detail make this truly a “Smart” choice.

Remember when you buy with CondoDomain in San Diego you save thousands via our commission refund business model.  On average our clients get back more than $10,000 cash back at closing!  (Learn More)

The conversion of the office building at 350 West Ash to San Diego condos was completed in 2005, but the opportunities for buyers continue. These 76 luxury San Diego condos range from studio to two bedrooms, with a total of 130 parking spaces on five levels. Best of all, 350 West Ash is located in Little Italy, a vibrant, bustling neighborhood with great cultural festivities and fine dining.

Priced from $200K-$500K, these luxurious San Diego condos have a Mediterranean design. Glass doors and windows allow plenty of natural light to enhance your living space. There are magnificent views. The High ceilings, and stainless steel appliances are some of the modern touches. Many of these San Diego condo residences feature generous balconies, and all residences have stunning views of the city.

Apartments at 350 West Ash are selling;  yes, even in this market. Savvy buyers know a good value when they find it. Contact me to learn more about this luxury San Diego condo opportunity.