The Little Italy Festa started 17 years ago and now it is one of the largest Italian American festivals on the West Coast.  Italian cuisine plus traditional and modern Italian music are jointed by arts and crafts. If you visit the Little Italy Festa web page.   There is a great list of activities:

- Italian food served al fresco throughout the neighborhood reflecting a wide variety of specialties

- Music on 3 stages featuring the familiar and the new

- Cooking demonstrations/contests

- Historical installation highlighting Italian-American culture in San Diego’s Little Italy

- Gesso Italiano chalk art painting before your eyes

- Chalk art for kids

- Kids Fun Zone with inflatables, face painting, balloon art

- Italian Motor Sports Exhibit featuring cars and motorbikes

If you are looking for a fun autumn adventure, drop by Little Italy Festa this coming Sunday, October 9th from 10 a.m. to 6 p.m.  If you are also around on Saturday, remember the Little Italy Farmer’s Market on Saturday mornings.

This is a series of articles by Sharyn and Victoria Crown, Downtown San Diego real estate agents.

Since California’s homebuyer confidence is tied to our employment growth, it is understandable that we will not see much change until the employment changes.  California politicians have a history of driving businesses out of California due to regulations and taxes.  Will this ever change?  I am not sure. Every politician thinks their job is to make more rules and laws.  Unfortunately many of these politicians have no clue about business and they end up doing more harm than help.  Because we have about 30% of California homeowners underwater where their mortgages are higher than the value of their home, we find many owners are just sitting tight.  Some lenders will cooperate with these owners if there is a short sale (where the lender takes less than is owed), but other lenders seem, in my opinion, to go out of their way to be uncooperative in closing a short sale.  This is only my experience, based on our first-hand experience, but personally I sometimes think the inmates are running the asylum.  Of course, that is politically incorrect to say, but that is the beauty of having an opinion.  You can be politically incorrect sometimes.

Buyers who purchased 3 to 5 years ago are having a hard time accepting their homes are not worth what they want them to be worth.  Sellers still tend to overprice their home or condo, and then become frustrated when the property doesn’t sell.  Realtors who allow their sellers to do this are really not helping their owners.  They are just listing properties for sale.  It is our job to be truthful.  If an owner selects another real estate agent based on the price they are told, there is little we can do about that, as frustrating as it can be.

2008 and 2009 are the years where large number of foreclosures (REO’s) began to arrive en mass in the California and San Diego marketplace.  Along with these REO’s, investors started to surface.  In every market, there are buyers who sit on the sidelines, increase their cash savings, and wait to purchase when they feel the time is right.  Lender REO’s are still a force in the marketplace, and some of the lenders who wouldn’t work with the owners on shortsales, are now dumping their foreclosures under the pricing they could have received had they cooperated with a short sale.   Investors began purchasing these properties, and those buying San Diego real estate, started to experience some price increases.  During this timeframe we also had the First Time Homebuyer tax credits and these programs helped increase sales volumes.

Now that homebuyer credits have ended, and investors have seen prices increase past their “good deal quotient”, sales have dropped back somewhat.  The lower priced markets in San Diego seem to have hit bottom, but the mid-range properties are still experiencing softness.  This lull in sales volume is predicted to continue into 2013 but should pick up once the economy picks up steam.  I hear many people say that things will change once we have the Presidential election.  That’s a no brainer.  Things are always changing.  If the current President is reelected, things will go one way, and if another President is elected, chances are the economy will move in a new direction.  The current direction pretty much stinks, so we can hope for better housing days.  In addition, the Super Committee in Congress (super only in their own minds I think), may try to tamper with interest deductions for homeowners.  That is an unknown activity that may stifle home sales.

The bottomline to all of our housing woes circles back to jobs.  The American Dream is alive and well.  People who have jobs tend to want to own their own home or condo.  San Diego real estate buyers are the same as everyone else.  Once jobs increase, housing will increase.  There is some cause for hope:

1.  Lower income taxes in 2011 for most people who pay taxes.  (Unless of course the Super Committee botches this)

2.  Hopefully we are going to see consistent job gains.

3.  Loan modifications may become easier, thus keeping homeowners in their homes.  Victoria just received an excellent loan modification from Chase.

4.  Prices in affordable ranges for buyers

5.  Increased short sales thus helping to clear out upside down mortgages.

6.  Growing consumer confidence.

We know that there is a lot of doom and gloom out there, but we are bullish on the real estate market.  People still move to California.  Weather is a factor for selecting a place to live.  You may have the perfect 3br/2ba home that is 2000 square feet, but if it is stuck in the middle of a blizzard, it doesn’t enhance your lifestyle.  California still appeals to those who love temperate weather.  San Diego real estate continues to sell because interest rates are low and home prices are low.

This is a series of articles by Sharyn and Victoria Crown, San Diego real estate agents.  If you would like to search for San Diego real estate to buy, visit our San Diego Home Search site.

As you can see from the above graphs, there have been sales in La Vita.  2005 was the best year with a total 55 units sold.  As you can see, 2 bedroom La Vita units have tended to be the most popular, other than the first 6 months of 2011.  The building has been working through short sales (where the owner owes more to the bank than the property is worth) and foreclosed units that have actually gone back to the bank.  2006 showed 25 sold La Vita condos; 2007′s total was up to 32; 2008 down to 24; 2009 further down to 19; 2010 showed an improvement up to 25; and so far in 2011 there have been 7 closed units.

One of the current drags on La Vita sold condos is the fact that La Vita has now entered the land of “litigation”.  Everyone condo complex seems to end up in litigation with the builder/developer no matter what.  Homeowner associations have justified and sometimes unjustified lawsuits.  However, when condo complexes go into litigation, lenders pull back on lending and fewer lenders, if any, create problems for buyers who need loans.

This is a series of article by Sharyn and Victoria Crown, Downtown San Diego real estate agents.

This Cycle of Investments was a chart I saw on the KCM Blog, which is a real estate blog called “Keeping Current Matters”.  There is always up to date real estate information on KCM, and in today’s market Keeping Current Matters.  (Good name for their blog, don’t you think?)

Looking at this graphic really puts the real estate market into perspective.  I decided to see how Coronado and  Eastlake 91914 compare to the graph.  Unfortunately my graphs are not as beautiful as KCM’s, but they serve their purpose.  (Don’t ask me why one of the graphs has years vertically and the rest have each year appearing horizontally).

Check out how Coronado seems to follow the basic outline of the cycles graphic, while Eastlake 91914 doesn’t appear to be recovering quite as quickly. These statistics were taken from the Sandicor MLS system from January 1, 2003 to December 31, 2010.  Statistics for 2011 are also interesting and I will talk about them in another post.

Notice in both “Average Price” and “# Sold” Coronado appears to be over the worst. Eastlake 91914 shows more dramatic price reductions and an up down swing for number of homes sold. These discrepancies are really not so odd once you learn that the majority of 91914 Eastlake homes were purchased with the infamous 100% financing and many of the owners found themselves in over their heads.

On the other hand, Coronado owners generally purchased with substantial downpayments and because of the high equity positions, many Coronado homeowners have been able to sell on their terms.  If the price is not acceptable and there is no overriding need to sell, Coronado homeowners tend to just sit and hold.  This ability to hold Coronado real estate translates into smaller price drops and a faster recovery.

My next goal is a comparison of condos in these San Diego real estate market areas. Will condos sold in Coronado show the same statistical tendencies as Coronado homes?  Has the market been better or harsher to 91914 Eastlake condos?

My graphing talents are a work in process.  This is a series of articles by Sharyn and Victoria Crown, San Diego real estate agents.  Visit our other sites at Search For Coronado Homes and Downtown Crowns.

This is a home for an owner who loves a dramatic setting and is excited by San Diego Harbor and San Diego Downtown views.  There are some terrific photos of this home at 701 First St and you can take your own visual tour by visiting the listing status sheet below.  701 1st St. has been on the market since 2010, but luxury Coronado home buyers take their time until they find exactly what they love.

If you have an interest in this property, just contact us and we will be happy to provide further details.  Contact Victoria Crown 619-977-3174 or visit us at www.SearchForCoronadoHomes.com

We're sorry, but it seems that we're having some problems loading MLS # 100022299 from our database. Please check back soon.

Here are a sample of 14 steps a real estate agent takes when they helping you buy a downtown San Diego condo.  In reality there are numerous sub steps in the process.  There is coordination between your real estate agent, escrow, title company and the lender.  Some of these steps will overlap because of this coordination

• Properties are previewed and selected.  In the “old” days when I started my career, agents spent time actually previewing properties.  Today we will not only preview properties, but we will also attend Broker Caravans which is another way of previewing.  The internet gives you an arm chair seat and you can also search Downtown San Diego condos from the comfort of your own home.  However, the internet cannot add the human touch when viewing a property.  Some photos of properties make a downtown San Diego condo look better than it is and some make the property look worse.  Don’t totally rely on internet photos.  Check out the building yourself to see if you get a good “vibe”.

• Once you find a downtown San Diego condo that you would like to purchase, your real estate agent will prepare an Offer to Purchase.  This is what you want to offer to the seller.  The agent will go over the terms and explain to you what they mean and what you are requesting.  Your real estate agent will provide your offer to the seller’s agent. The seller’s agent will present your offer to the seller.  The seller will generally do one of three things.  The seller can accept your offer, reject your offer, or write a counteroffer back to you.  A seller does not have to write back a counteroffer to you.  Sometimes prospective buyers and their agents assume the seller will respond with a  counteroffer even if the original offer is drastically low.  Don’t assume you will get a response if you low ball your offer.  You may receive a response.  You may not.

• Assuming the buyer and seller come to agreement, the contract is signed, sealed and delivered to the escrow holder. (Escrow is a topic for another day.

• California real estate contracts include time frames for inspections.  You can have any inspections you want.  Your real estate agent will help coordinate the inspection.  You pay for the inspections and you select the inspectors.  Once you have your inspections you can review them and decide if you want to proceed with your purchase.  If there are items you would like repaired, you can draw up a request for repairs.  The seller can agree or not agree.  Purchasing is always a balance between what the buyer and seller want.

• A series of disclosures will be given to you for your receipt and review.  Check these disclosures very carefully.  See if there is anything that concerns you, whether property condition or neighborhood condition.  The seller is obligated to tell you whatever they know about the property.  As a buyer you are obligated to also due your own investigations to ensure the property and neighborhood conditions are acceptable.

• As the disclosures and inspections are completed, you will be asked to remove contingencies.  For example, if there is a lead based disclosure required you will be asked to remove that as a contingency once you receive receipt for the disclosure and there is nothing in the disclosure that alarms you.

• You will be having an appraisal ordered and completed during this timeframe.  (Lending activities will be in a separate posting)

• If you are purchasing a home, you will be required to obtain fire insurance for the property.  Escrow will give you the paperwork you need to fill out and will coordinate with your insurance agent.

• When your loan is approved, the lender will call for loan documents.  There will coordination between escrow and the lender.  Documents are generally sent to escrow and that is where you will go to sign your loan documents

• Your lender may call for a condo certification if buying a Downtown San Diego condo.  This is a step that really should be done at the beginning.  If owner occupancy is going to be an issue, it is better to know in the beginning.  Your real estate agent should be asking your lender if they have ordered the “condo cert.”  Hopefully your real estate agent will remind your lender to order the condo cert.

• Escrow will coordinate with your lender, your real estate agent and you to give you the dollar amount you need to wire into escrow for the closing.

• You will complete a final property walk thru prior to the close of escrow.  If the seller has agreed to any repairs, you and your agent will verify completion of these repairs.

• Once your loan funds and documents are released to the San Diego County Recorder’s office, you will receive confirmation of recording and the property becomes yours.

• More often than not your real estate agent will be the one to release keys to you.

This is a series of articles by Sharyn and Victoria Crown, Downtown San Diego real estate agents.

1. What San Diego Downtown District do you want to live in and enjoy?  You can check out various Downtown San Diego Districts and see what appeals to you.  Some people like Little Italy.  Some people like being closer to the city core and love the Gaslamp District.  Do a little research.
2. Once you chose what Downtown San Diego District you want, you narrow down your search to what building?  If you like low-rise buildings, the Gaslamp District may be the place to start your search.  Trellis, Gaslamp City Square are 777 6th Avenue are a place to start.  The Marina District offers buildings such as Harbor Club, Park Place, Renaissance, and a number of other Marina District condos.  You can even narrow your search and look for Downtown San Diego buildings in the MLS.
3. What is your price range?  Have you met with a lender?  Financing is key for purchasing a downtown condo.  There are buildings currently in litigation with the developer and lenders tend not to loan in these buildings.  There are complexes that offer VA and FHA financing and that opens the marketplace for less than 20% down purchases.  Work with a lender who knows Downtown San Diego.  If you do not have a lender, let us know and we will provide you a selection of lenders familiar with this specific market.
4. Once you have determined the building, what floor do you want?  Some people hate elevators and prefer either a low-rise building or a unit on lower floors.  What is your comfort level?
5. What type of parking is available?  Buildings like 777 6th Avenue have units with parking spaces and units that have  no parking spaces.  Some buildings have full side-by-side parking spots, while others have tandem spaces (meaning one car parks behind the other).  Some homeowner associations assign parking spots while other associations have deeded spots.  Make sure you check it out.
6. Is there any additional storage space outside your unit?  Some buildings offer large storage enclosures for owners.
7. What are HOA (homeowner association) dues?  Are they on the low end (under $300 per month) or are they on the high side ($1600 per month or higher).  The more luxury the building the more the cost of HOA dues.
8. Are utilities reasonable?  Ask around.
9. What type of security is offered?  The majority of Downtown San Diego condos have gated or keyed access.  Do you want simple security like that or do you want full-service concierge service?  Is there a concierge during the day or does the building offer 24 hour concierge service?  The level of security and concierge service, or lack thereof, will help dictate the HOA monthly dues.
10. Are onsite amenities important to you.  Some owners prefer to go to an off site gym, like Fit or 24 Hour Fitness.   If the building you select has a gym, a workout room, a pool and a recreation room, you can bet your HOA dues will be on the high side rather than the low side.

These suggestions are a a sampling of questions you should ask yourself if buying a Downtown San Diego condo is your goal.  Visit the Search Downtown San Diego condos site.  You can search and select to your heart’s content.  This  is a series of articles by Sharyn and Victoria Crown, Downtown San Diego real estate agents.

The unit on the left is located in Bal Harbour, Florida.  The condo on the right is located at the Coronado Shores.  Compare and contrast:

ONE Bal Harbour Oceanfront Condo, Bal Harbour FL

Stunning and rare turnkey `Grand Residence` at the luxurious ONE Bal Harbour Condo Hotel. Own the entire floor: 2 bedrooms, 2 baths (1657 sf). Private elevator takes you to your own double suite. Use both units as a 2 bedroom, 2 1/2 bath suite with full kitchen, washer and dryer, or use one and rent the other.  Endless views of the Ocean and Haulover inlet. World class amenities: restaurants, bar, lounge, 10,000 sq ft spa, gym, beach club, pool.  $1,350,000

1810 Avenida Del Mundo, Coronado Shores, Coronado CA

The Coronado Shores are a series of high-rise buildings located on the Pacific coast in Coronado, CA.  This is a 3 bedroom, 3 bath unit (1650 sf).  This luxury Coronado condo offers sweeping views of Glorietta Bay, the Coronado Bay Bridge, and  Downtown San Diego.   Just steps from the Pacific Ocean and located on one of the 10 Best Beaches in the World.   You can live the Coronado lifestyle and enjoy a swim in the ocean,  a walk on the beach,  a dip in one of the 4 pools or a relaxing afternoon at the Shores Beach Club.  $2,350,000.

A million dollars difference in asking price.  Different sides of the country.  Buyer wants, needs and dreams are still the same.

For additional information on either of these luxury oceanview condos, please contact us at 619-977-3174 or email us at victoria.crown@sothebysrealty.com  This is a series of articles by Sharyn and Victoria Crown, luxury San Diego real estate agents.

The beauty of this units starts on the outside.  Some people want the option of coming home and using their own personal entry.  As you can see from the photo, this unit allows entry from either the main lobby area of Aria or you can walk right up to your gated patio door.  Imagine how much easier it is to carry your groceries inside.  The secured gate also allows for privacy.

Hight vaulted ceilings help maximize space in this 2br condo.  Our seller spared no expense in decorating and designing her living environment.  This is more than just a home for someone.  This is a San Diego Downtown lifestyle.

Two parking spaces solve the Downtown San Diego parking issue and since this unit is located on Cortez Hill, you are close enough to walk around Downtown San Diego but far enough away to miss the noise and traffic. If you would like further information about this opportunity to own a move-in decorator ready condo, just check below.

This is a series of articles by Sharyn and Victoria Crown, Downtown San Diego real estate agents.

We're sorry, but it seems that we're having some problems loading MLS # 110042313 from our database. Please check back soon.

Let me explain.  A seller’s goal is to walk away with cash (if they are lucky in this market), or just get the escrow closed if they are selling a short sale. (meaning the seller owes the bank more than the property is currently worth).  If a buyer has a downpayment and then obtains a loan, the seller receives all cash at the close of escrow.  Loans are an iffy propostion in today’s economy because our experience has been that the inmates are running the asylum (I know politically wrong to say), and the underwriters treat many if not most buyers like criminals.  Sad but true.  So to a seller, a straight cash offer can be preferable assuming the buyer has the cash.

However, we have been noticing a change in attitude with foreclosure and short sale lenders.  Apparently there has been a lot of fraud in  cash sales.  An example of fraud would be where a buyer purchases a property at one price and then immediately resells the property at a higher price without disclosing to the seller what they are doing.  Lenders are getting wise, or as wise as a lender can get in today’s market.

We are experiencing harder transactions with cash buyers and foreclosure sellers than if the buyer is trying to obtain a loan.  We have lenders ask for every possible verification that the cash did not come from a drug deal, or an off shore account, or from any number of nefarious sources.  Our cash buyers are experiencing longer purchase times than if they were obtaining a loan.  It is an amazing experience.  Common sense would lead you to believe that cash is king.  Reality shows us that cash creates the “Guilty until proven innocent” scenario.

So if you think you are going to purchase a property with cash, make sure you are able to document every penny of your money. Where did the money come from?  Who touched the money?  Are there bank accounts that show a history of the cash.  Forewarned is forearmed, as my mother tells me.

This is a series of articles by Sharyn and Victoria Crown, San Diego real estate agents.