Mike Ciampa's Blog

Number of Downtown San Diego Condos Sold has Been Increasing from Month to Month

92101 Urban Living — Fri, 01 Jun 2012 11:34:52 -0700

The number of Downtown San Diego Condos and Downtown San Diego Lofts sold in April of 2012 is showing the most amount of homes sold in 2012. We started out the year with 51 homes sold in January and we are from there experiencing an increase of homes sold from month to month. There were 105 sales in April which is up from 85 sales from March. This is the first time we had over 100 sales since August of 2011. However, our average sale price dropped slightly from last month from $472,696 to $465,479. We believe part of this is from the 21 units closing in April at Smart Corner and most of them are under $200,000. The resale market is strong accounting for over 50% of the sales for April and cash buyers remain high at 47%.

FOR RENT: Street Facing Condo in Palermo

92101 Urban Living — Tue, 29 May 2012 16:37:40 -0700

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Home #406 is a street facing Downtown San Diego Condo in Palermo with views over Front Street. This home has 781 square feet of living space, 1 bedroom, 1 bathroom and 1 parking space included in the rent. This 4th floor home has carpet in the bedroom and living room, tile flooring in the kitchen and bathroom, a walk in closet, an open floor plan and a spacious kitchen. There is a stackable washer/dryer located as soon as you enter the unit. The bedroom has a good size walk in closet and there is also a storage closet in the entry/living room area(next to washer/dryer). See photo slide show link further down the page.

$1,699/month,12 month lease term, security deposit is equal to one month’s rent, 1 underground parking space included, pets allowed with a pet deposit of $500/pet!

Palermo, built in 2004, is located in the Little Italy neighborhood on the corner of W Beech and Front Street and this is one of the best features of the complex. You are only a short walk away from the India Street (the heart of Little Italy), freeway access, the waterfront and the Gaslamp. You are also a short stroll away from Balboa Park. Right around the corner is BODYFIT, The Kebab Store and Extra Ordinary Deserts. You will find two courtyards at Palermo, one with a pool, spa and tropical landscaping and one other smaller one with lush landscaping.

For more information contact 92101 Urban Living at sofia@92101urbanliving.com or call 619-992-5144.

Tips on How to Complete a Sale of a Downtown San Diego Condo

92101 Urban Living — Tue, 29 May 2012 11:51:28 -0700

In today’s Downtown San Diego Real Estate market, it is critical to know the best ways to sell your Downtown San Diego Condo or Downtown San Diego Loft. There are essential steps of getting prepared to sell your home.

The first step to success is to make sure that your home is clean and organized. If there is a lot of clutter sitting around, a potential buyer may think there is less space in the home than there really is. By keeping the interior organized, the home gives the impression that it is spacious and welcoming.

The second step is to have everything in good working condition. This is important as you will have an advantage over distressed properties where most homes might not be up to date. Downtown Real Estate that passes a professional home inspection is typically easier to finance, and buyers tend to lean towards these properties because they don’t want to deal with hidden delays and costs.
The third step is to find a knowledgeable real estate professional. A knowledgeable agent will be able to market and price your property to its highest potential.

The fourth step is to find prequalified buyers. Imagine if you are in escrow with someone and they find out they are not able to qualify for the loan. Not only would you lose precious time, but potentially money as well. With a prequalified buyer you will at least know that the potential buyer sat down with a loan officer, and they know roughly how much they can afford.

The last and final key is to know the distressed properties in the area. Not only will it allow you to price your property more accurate, but it will also give you leverage when negotiating a final price.
While the Downtown Real Estate market is slowly recovering, it is still very likely to sell your home in the current real estate market conditions. If you abide by these suggestions, it will ensure that you as a seller will be able to move as quickly as the buyer to finalize the transaction for a Downtown San Diego Property.

Real Estate Incentives in Downtown San Diego

92101 Urban Living — Tue, 29 May 2012 11:50:02 -0700

As a Downtown San Diego Real Estate investor, you should be aware that there might be units on the market where the seller is offering incentives to real estate professionals. While these incentives are supposed to be used to increase the amount of attention given to a particular unit, it may also lead the real estate professional to do something for themselves instead of their client.

In the article “Make Sure Selling Incentives Don’t Break the Rules,” the Daily Real Estate News outline some guidelines regarding incentives. The original idea behind incentives was to offer some kind of reward to real estate professional when it comes to selling a specific home. The rewards range from cars to paid vacations and higher commissions. While this may be good for real estate agents, it could potentially have the agent push you in a certain direction for their own benefit. As a client, it is important to know that your needs always come before anything else. Within real estate, we have a code of ethics that state we cannot take part in what is called self-dealing. If you find that your agent is uncomfortable with these incentives, ask them to negotiate a lower sales price for the amount being offered.

As within any real estate market, if the Downtown San Diego Condo is priced correctly, it will sell. At an accurate price, there will be plenty of buzz for your Downtown San Diego Property and many buyers will be interested in your home. The subsequent competition will only increase the value of your home anyway. It is extremely important to be aware of whether or not your agent is being given an incentive. If the real esate agent is being offered something extra…this is something that would need to be disclosed to the client immediately.

FOR RENT - Furnished Luxury Condo at The Mark in the East Village Neighborhood

92101 Urban Living — Tue, 29 May 2012 11:48:41 -0700

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#2602 is a furnished home with high end furniture as it used to be the former model in the luxury complex The Mark. Located right in the middle of the East Village/Ballpark neighborhood the unit has north, west and east facing panoramic views of Downtown San Diego, the San Diego Bay, Balboa Park, mountains and planes approaching in the distance. The floor plan is spacious with lots of upgrades such as hardwood floors and light fixtures. The granite gourmet kitchen with stainless steel appliances opens up towards the living room and the good size balcony. The highlights of this home is the walk in closet in the master bedroom, high ceilings, walk through bathroom, and views of the Downtown skyline as well as peek water views. See photo slide show link at the bottom of the page for additional photos.

Rent is $3,000/month. Security Deposit equal to one month’s rent. 1 parking spot is included in the rent. No pets! 12 month lease! Available June 1st, 2012.

The Mark: one of the high rise luxury towers in the East Village. This building was developed by Douglas Wilson and completed in 2007. There are brick town homes that frames an urban central park, and rising above, a 32-story glass tower. The Mark in the East Village is architecturally engaging and sophisticated, with European cabinets, granite counter tops, ceramic entries and top-floor penthouses. Most residences at The Mark feature incredible views across Downtown, the San Diego Bay and Petco Park. You will also find floor to ceiling windows to create a vast field of view. The pool amenity area features a lap style pool with contemporary cabanas and community areas. With a short stroll to the Gaslamp District with its many restaurants, shopping and night life as well as everything else Downtown San Diego has to offer makes The Mark complex the perfect location.

For more information call Sofia at 619-992-5144 or e-mail sofia@92101urbanliving.com.

FOR RENT: Spacious Condo in Park Blvd East in the East Village Neighborhood

92101 Urban Living — Fri, 25 May 2012 17:33:24 -0700

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This Urban West Facing 1 story City Home is an Upgraded Park Blvd East Condo. The floor plan is spacious with a balcony facing towards Park Blvd Avenue. Features include: Wood Floors, Recessed Lighting, Stackable Washer & Dryer, Stainless and Granite Kitchen, Ceiling Fans and an Organized Walk-in Closet.

$1850/month with a security deposit equal to one months rent, 1 parking space included, available now, minimum of a 12 month lease tern, unfurnished, no pets!

You will enter this home via the front lobby on Park Blvd Avenue or through the garage which you enter from Island Avenue. This home has a good size granite kitchen with lots of cabinets and stainless steel appliances. There is a small hallway closet and a stackable washer and dryer located in between the bathroom and bedroom. The bathroom has a combined shower and tub, granite counter tops and is good size. The bedroom is facing Park Blvd Avenue as well and has a good size organized walk in closet. The living room has been upgraded with a ceiling fan, wood floors and has access out to the west facing balcony. One parking space located on P1 with easy access out to the street is included in the rent.

One of the best features of Park Blvd East is location. The building encompasses the corners of Island and Park Blvd Avenue’s in the East Village/Ballpark District. It has easy access to the trolley and just around the corner from Petco Park, Jefferson Law School and the new Downtown San Diego Library that is currently being built. A short stroll away is the vibrant Gaslamp District with exciting and new restaurants that are surrounded with countless options for a relaxing afternoon or evening. You will find a landscaped inner courtyard with a spa, deck area, waterfall and fountains, underground parking, bicycle storage, and a gated and secure building.

For more information call/text Sofia at 619-992-5144 or e-mail sofia@92101urbanliving.com

Average Sale Price for Downtown San Diego Condos from April 2011 to March 2012

92101 Urban Living — Mon, 21 May 2012 08:40:34 -0700

One of the reasons for the average price making a big jump going from February to March 2012 is that two Downtown San Diego Penthouses over the Million Dollar price range sold during the month of March. The line you see in the graph above is keeping itself pretty steady throughout the year with just minor bumps here and there. We do see a slight increase in the average price and it will be interesting to follow the Downtown San Diego Real Estate market to see what changes are coming in the next couple of months. Stay tuned for more information!

To compare other 92101 Urban Living's blogs about the market click on Resale’s of Downtown San Diego Condos Are Getting Strong and Cash Buyers of Downtown San Diego Real Estate Has Increased.

A Music & Wine Festival at Broadway Pier in Downtown San Diego

92101 Urban Living — Mon, 21 May 2012 08:39:16 -0700

The 4th annual Rhythm & Wine event is coming up on June 10th, 2012 and will be held at the new Broadway Pier right by the waterfront in the Columbia neighborhood of Downtown San Diego. This is a music, food and wine festival where the crowd can experience the best of what these three worlds have to offer. All proceeds will benefit the Boys and Girls Clubs in San Diego and it will be a fun night under the stars with sampling food, sipping wine and music. Ticket price includes all tastes and samples so no additional fees are needed for tasting. You will have to be over the age of 21 to enter and you can find more information about tickets, music, wine and restaurants at www.rhythmandvine.org.

Resale's of Downtown San Diego Condos Are Getting Strong

92101 Urban Living — Mon, 21 May 2012 08:37:44 -0700

The first quarter of 2012 is showing us that 106 units out of a total of 204 Downtown San Diego Condos and Downtown San Diego Lofts sold are resale's. This takes up more than half of the inventory for January, February and March. Compared to the first quarter of last year, a total of 256 units were sold and resale's stood for 80 of them. This is a huge increase in resale's and one of the reasons for the big jump is that we do not have many Developer sales left to play with. There are a couple of Developer sales left in Bayside, Sapphire, Breeza, Solara Loft and Smart Corner. An interesting fact is that in the first quarter of 2011, Bayside sold 18 units and in 2012, Smart Corner sold 16 units in the first quarter.

To read and compare former 92101 Urban Living's blogs about the Downtown San Diego Real Estate market click on the following links Cash Buyers of Downtown San Diego Real Estate Has Increased and Average Sale Price of Downtown San Diego Condos are Up for March 2012.

Cash Buyers of Downtown San Diego Real Estate Has Increased

92101 Urban Living — Thu, 17 May 2012 15:49:47 -0700

Many homebuyers are coming in with cash to buy Downtown San Diego Condos and Downtown San Diego Lofts. The graph above shows us the percentage of cash investors for the first quarter of 2012. There has been a good portion of increasing cash buyers here in Downtown San Diego where we started the year with a total of 23 percent. February increased with 16 percent and March increased with another 9 percent leaving March with a total of 48 percent cash vs. 52 percent financing.

As Downtown San Diego Real Estate Specialists, we are seeing bidding wars going on where some units have multiple offers. The seller can compare offers and will most likely go with the bid offering cash, a short close of escrow as well as a an increase in the earnest money deposit. It might seem unfair but a cash buyer is key when it comes to being able to stay in the game of bidding wars and get the opportunity to close a deal.

Wine Tasting Party at M2i

92101 Urban Living — Mon, 14 May 2012 12:41:58 -0700

The Loft complex M2i located in the middle of the East Village/Ballpark neighborhood in Downtown San Diego is once again inviting home owners and renters in the building to another social evening event. Between 4pm to 7pm on Saturday May 19th a wine tasting event is taking place. Bring a bottle of white or red wine and be in the drawing of wining a price.

M2i is a loft style building with 7 floors, 230 units and was completed by Citymark in 2005. You have to different entrances, one on 10th Avenue and one on Island Avenue. You will find amenities such as a roof deck with two BBQ’s and a fireplace, designed entrances by Martinez and Cutri, secure underground parking, a lush landscaped inner courtyard and a fully equipped fitness center. Most units in M2i have that open true loft warehouse feeling with high ceilings while others have built out bedrooms. This is a fantastic building with features such as: granite kitchens, stainless steel appliances, unique floor plans, 11 foot ceilings, Cat 5 data wiring, energy efficient air conditioner systems, forced air heating, floor to ceiling windows, RG6 Quad Shield cabling for high-speed internet and low emission glass with dual glazing for sound insulation and sun protection.

BikeToWork 2012

92101 Urban Living — Mon, 14 May 2012 12:41:38 -0700

Did you guys know that May is the National Bike Month? It is celebrated annually every third Friday of the month and cycling activities are happening all over San Diego where residents and visitors can participate. Bike to Work 2012 that is taking place on May 18th this year, is a cost-saving commute choice, not to mention environmentally friendly, that more and more San Diegans are happy to choose in front of car, bus and trolley.

You will automatically be in the run for many great prices, such as a new bike, tickets to the San Diego Zoo, Safari Park passes, free Car2Go memberships, transit passes and more should you choose to register for Bike to Work Day 2012.

For more information about how to get started and to be able to get bike maps of Downtown San Diego as well as other areas of San Diego visit icommute or e-mail biking@sandag.org.

North Embarcadero Visionary Plan 1 - Project Update

92101 Urban Living — Mon, 14 May 2012 12:23:01 -0700

We are sure that you have notice the progress of the 1st Phase of the North Embarcadero Visionary Plan as construction is taking place down by the water front in the Columbia neighborhood in Downtown San Diego. The Port of San Diego is frequently updating us on the progress that is currently happening and this week’s news is the following.

Construction currently taking place:

• Starting Monday May 7th, there will be closures on West Broadway. For the coming 3 months USS Cal Builder is in the process of constructing the median and southern half of the new West Broadway. Traffic heading east will be redirected to take another route but traffic coming west will still be able to make it through.
• There will also be installations of utilities and construct of the new street of West Broadway during May and June. Right south of the Navy Pier, along the east side of North Harbor Drive construction will take place as well leaving one of the northbound lanes to be closed.
• In the corners of Pacific Highway and West Broadway night work will happen during the hours of 9pm and 5am. No lanes will be closed at this time.

For more information visit The Port of San Diego where you can find more details in the progress of phase 1 and what this all includes. Check out the video above that will show you the finished product.

To read 92101 Urban Living’s former blogs about this project click on A look inside Downtown San Diego’s North Embarcadero Visionary Plan Public Infrastructure Project and North Embarcadero Visionary Plan - Moves forward in Downtown San Diego.

For more information, please feel free to check out this video.

FOR RENT : Spacious Street Facing Condo in Palermo Located in the Little Italy Neighborhood

92101 Urban Living — Tue, 08 May 2012 11:51:14 -0700

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This is a spacious Street facing Downtown San Diego Condo in Palermo that has 749 square feet of living space, 1 bedroom, 1 bathroom and a good size balcony with views of the Little Italy neighborhood. This 5th floor home has carpet in the bedroom and living room, tile flooring in the kitchen and bathroom, good amount of storage, an open floor plan and a spacious kitchen. There is a stackable washer/dryer to the left of the kitchen right before entering the bathroom. The bedroom has a good size closet and there is also a storage closet in the entry/living room area. 1 underground secure parking space is included in the rent. See photo slide show link further down the page.

$1,650/month,12 month lease term, security deposit is equal to one month’s rent, 1 underground parking space included, pets allowed with a pet deposit of $500/pet!

One of the best features about the Palermo complex is location. To the South is the short four block path to the vibrant Gaslamp Quarter, Petco Park and the San Diego Convention Center. To the North is Balboa Park and to the West, just down the street is the heart of Little Italy with lots of art stores, restaurants & Cafés. New and exciting restaurants are just around the corner giving you countless options for a relaxing afternoon or an exciting evening. Right the corner is BODYFIT, The Kebab Store and Extra Ordinary Deserts. You will find two courtyards at Palermo, one with a pool, spa and tropical landscaping and one other smaller one with lush landscaping.

For more information contact 92101 Urban Living at sofia@92101urbanliving.com or call 619-992-5144.

Featured Property: For Sale - Park Blvd West #1102 in the East Village

92101 Urban Living — Mon, 07 May 2012 14:01:51 -0700

This is a Park Blvd West street level corner Downtown San Diego Condo with two stories and an urban city feel. With a unique floor plan, where the kitchen and living space are located on the first floor and a master suite with room for an office or nursery on the second floor. There are also dual entrances. You can choose to enter this home via the main entry on either Park Blvd or 11th Avenue or you can use the street entrance taking you directly into the unit’s living room space. The best features are; lots of storage, custom wood plantation shutters, stainless and granite kitchen, two private balconies, recessed lighting and large plank wood floors on the first floor. This home is approved for VA Financing. Click the following link to access a photo slide show of the unit. Slide Show

Listed price is $349,900 where 1 secure underground parking is included!

Park Blvd West is located in the East Village/Ballpark neighborhood. You have the new Jefferson Law School, the new Downtown San Diego Library that is currently being built, Trolley access and Petco Park right around the corner and walkability to everything Downtown has to offer. You will find a community inner court yard with a spa, waterfall and fountains. This is a secure building with underground parking and bicycle storage.

For more information contact Sofia at 619-992-5144 or e-mail sofia@92101urbanliving.com

Average Sale Price of Downtown San Diego Condos are Up for March 2012

92101 Urban Living — Fri, 04 May 2012 14:32:08 -0700

The Downtown San Diego Real Estate Market has seen an increase of sold Downtown San Diego Condos and Downtown San Diego Lofts should you compare the month of January to March 2012. In 92101 Urban Living’s former blog; “Downtown San Diego Condos and Lofts sold in March 2012”, 51 homes sold in January compared to 85 homes sold in March is discussed. The average sales price has been going up as well. March showed an increasing number of an average sale price of $472,696 compared to $380,970 in January. The contributing factor is the 6 homes selling over the $1 Million price range.

The Green Build Project at Lindbergh Field is Half Way Complete

92101 Urban Living — Tue, 01 May 2012 22:26:30 -0700

As many of you know…improvements are being made to Lindbergh’s International Airport in Downtown San Diego. The article, Airport’s Green Build Reaches Halfway Point, posted by the San Diego Business Journal outlines the progress being made and the overall goal of the project. According to the San Diego County Regional Airport Authority, Lindbergh Field’s $1 billion Green Build improvement project is about halfway to completion. The project’s aim is to add 10 gates to Terminal 2 and a new dual roadway for easier access.

Currently, construction crews are building the roadway system by building dual bridges that will connect the terminal to the curb pavilions as well as the concrete decks. The upgrades to these areas will also allow passengers to remotely check their bags in before they even set foot in the terminal. Apart from the outdoor construction, storage areas, bathrooms, waiting areas, as well as a concession area called Sunset Cove are all being built inside. Not only will this project improve the current airport, but it has created many jobs for Downtown San Diego residents. At its highest point, the project will employ about one thousand workers.

Downtown San Diego Condos and Lofts sold in March 2012

92101 Urban Living — Tue, 01 May 2012 22:25:08 -0700

Downtown San Diego has the last couple of months seen developer sales come to an end and therefore having resale's take over a big part of the inventory. As of today, 178 Downtown San Diego Condos and Downtown San Diego Lofts are for sale. Even though we are experiencing a super low number of inventory the number of sales has increased since the beginning of the year. The graph above is showing us that 51 homes were sold in January, 68 in February and 85 in March. It is hard to believe that the first quarter of the year is already over. The average sale price jumped up 23% to $472,696 fueled by 6 properties selling over 1 Million in March. Cash buyers remain strong, accounting for 48% of the transactions for the month. Short sales doubled from 11 in February to 22 in March and resale transactions are holding strong at 49%.

Other very informative blogs showing statistics of the Downtown San Diego Real Estate market can be found by clicking Downtown San Diego Condos & Lofts Sold - Cash vs. Financing in February 2012 and Downtown San Diego Condos & Lofts Sold by Type of Sale 2011.

New Shore Power Equipment near Navy Pier in Downtown San Diego

92101 Urban Living — Tue, 01 May 2012 22:23:45 -0700

Downtown San Diego is always looking for different ways to become more environmentally friendly. With new construction being done just south of the Broadway Pier in the Marina, steps are being taken to lower emissions of the bay tour operators.

According to the article “Port Bay Tour Operators Installing Shore Power Equipment near Navy Pier” on www.portofsandiego.org, Flagship Cruises & Events, along with Hornblower Cruises and Events, have recently begun installation of shore power equipment that will allow both companies to plug into clean electricity while docked. This new equipment will reduce the overall green house gas emissions from their ships by 50% while aiding in the remodeling process for Downtown that have been outlined in the North Embarcadero Visionary Plan. The new power equipment will allow construction crews to plug into clean energy; installation will be completed by the end of June 2012.

This is just a small step towards turning Downtown into a more environmentally conscious place. This construction, along with the North Embarcadero Visionary Plan, will help to improve the environment of Downtown San Diego.

The Real Estate Market Has Less Low-ball Offers in 2012

92101 Urban Living — Tue, 01 May 2012 22:22:29 -0700

The Daily Real Estate News featured an article, “Low-ball Offers a Thing of the Past?”, showcasing the fact that the Real Estate Market received a lot of low-ball offers in 2011. The numbers of low-ball offers are turning around and buyers are now offering a purchase price closer to the asking price.

Low-ball offers were pretty common in Downtown San Diego in the year of 2011. The 2012 market is showing that low-ball offers have reduced drastically. A survey completed by the National Association of Realtors state the fact that 10% out of 4,500 Realtors complained about low-ball offers in 2011 compared to no complaints in 2012. One reason could be that Downtown San Diego currently has a very low inventory of homes on the market with only 175 Downtown San Diego Condos and Downtown San Diego Lofts currently for sale. Many sellers are trying to price their homes realistically to produce offers close to the listing price. Downtown San Diego Real Estate buyers might think that they can get away with a low-ball offer, but it will most likely get rejected, countered or taken out by a competing offer.

Downtown San Diego Real Estate Makes a Great Investment

92101 Urban Living — Tue, 01 May 2012 22:21:08 -0700

Downtown San Diego has some of the most scenic and beautiful views in all of Southern California while still having a bustling urban atmosphere with sunshine for most of the year. Investors wanting to change to a warmer climate would be hard pressed to purchase a better investment than Downtown San Diego Real Estate, and according to a 2011 survey, many people are doing just that.

According to the article “Investors, vacation dwellers stimulate home buying activity” on HousingWire.com, a study by the National Association of Realtors was done in 2011 regarding the buying and selling of investment and vacation homes. Due to low housing prices, low interest rates, and an unusually high amount of short sales, closed transactions on investment properties peaked last year. Investment properties sold last year showed the highest amount of sales since 2005, growing by 64.5% from 2010. Investment and vacation home sales are also making up more of the total amount of sales being done. Vacation homes are up to 11% of all sales compared to 10% in 2010 while investment sales are up 27% as opposed to 17% in 2010. For the investor looking at Downtown San Diego Real Estate, whether it is a Downtown San Diego Condo or Downtown San Diego Loft, these figures should be very encouraging. With rents on the rise and the tourist season on the horizon, now may be the perfect time to invest in Downtown San Diego properties.

Downtown San Diego Condos and Lofts Sold by Average Sale Price Jan to Feb 2012

92101 Urban Living — Tue, 01 May 2012 22:19:42 -0700

The graph above is showings us the average sale price for Downtown San Diego Condos and Downtown San Diego Lofts for January compared to February of 2012. Downtown San Diego is starting to see an increase in the average sale price. As you can see, Februry's sale price is slightly higher compared to January's sale price with about 2%.

To compare other 92101 Urban Living's graphs and to read other Downtown San Diego Real Estate blogs click on Downtown San Diego Condos & Lofts Sold - Cash vs. Financing in February 2012 and Downtown San Diego Condos & Lofts Sold in February 2012.

Downtown San Diego, Downtown San Diego Condos, Downtown San Diego Lofts, Downtown San Diego Real Estate, A purchase strategy for distressed real estate

92101 Urban Living — Tue, 01 May 2012 22:18:40 -0700

As an overall industry standard, most lenders require you pay a 20% down payment. However there is an alternative for Downtown San Diego Condo and Downtown San Diego Loft homebuyers that require only 3.5% down. The Downtown San Diego Real Estate Market has 175 active homes available and out of these, 105 homes qualify for an FHA loan. Homebuyers see FHA loans as a perfect option as they come with a low down payment (usually around 3.5% of the purchase price) and they are also backed by a federal agency. Lending institutions has during the last couple of years lost a lot as they granted loans to current home owners that have not been able to pay their mortgage. From now on they are doing everything they can to curb the risk on approving new loans.

As a Downtown San Diego Real Estate investor one thing to be sure about before starting the home buying process is to make sure you are in good standing with credit disputers and have a good credit score. CNN Money is in their article “FHA to reject borrowers in minor credit disputes“ talking about a new rule that went into effect April 1st, 2012. If you want to qualify for an FHA loan, you can’t have current disputes over $1,000.

This new rule gives the homebuyer a couple of different choices; you can either pay everything in full, provide proof that you are in the process of paying off the debts, or dispute the loan with the creditor as well as providing documentation to the lender. If you qualify is up to the lender to decide; however, the lender does not have to support the decision or provide documentation of not qualifying someone in the dispute cases to FHA. If FHA decides not to back the loan, lenders will not be responsible for the term and loan amount.

Reviewing your credit report and to make sure to settle disputes and errors is an important factor to complete before purchasing a Downtown San Diego home. Homebuyers will need to handle their credit and financial records to be able to approve for a loan as government agencies and lenders are very cautious on whom they approve.

Could you get a Great Deal by Buying Distressed Downtown San Diego Real Estate?

92101 Urban Living — Tue, 01 May 2012 22:17:15 -0700

During these harsh economic times, distressed real estate such as foreclosures and short sales are something we see a lot of today in the Downtown San Diego Real Estate market. Millions of American, during the last couple of years, have not been able to keep up with their mortgage payments and have therefore lost their homes. Out of 173 active Downtown San Diego Condos and Downtown San Diego Lofts, 32 are either foreclosures or short sales. Some of the lowest priced units on the market are distressed properties but be aware, they might not be in the best condition.

Inman News is in their recent real state article “A purchase strategy for distressed real estate” giving you some tips on how to handle investments of distressed homes. Many of these homes come with a high price tag when it comes to repair costs. Most of these homes has been vacant for some time. One other concern would be lenders as they to include the risk of granting a loan due to property conditions. Some lenders out there would make you pay a premium for properties in poor condition. To be on the safe side, a home inspection would be essential as you really would like to make sure that you understand what you potential new home needs in term of repairs before making the deal. Even though you might get this new home of yours to a low price tag…it would be best to include a repair fund to make sure you get the new home up to date and livable.

To skip surprises make sure to perform as many inspections as possible. Downtown San Diego distressed properties can be some of the best priced homes on the market but they could also tend to cost more than expected.

VA is Reducing the Maximum Loan in Downtown San Diego

92101 Urban Living — Tue, 01 May 2012 22:16:01 -0700

VA will be making some changes for the New Year and on January 1st, 2012 the maximum loan for 100% financing will be lowered to $477,000 in Downtown San Diego including San Diego County.

Riverside County will remain at $417,000 but Orange County will reduce where the maximum loan for the 100% financing will be $621,000. If you are a veteran and would like to obtain loans over the $477,000 amount you would need a down payment of 25%.

If you are a veteran looking to invest in Downtown San Diego Real Estate and for example you are looking to buy a Downtown San Diego Condo or Downtown San Diego Loft priced at $577,000 you would need a $25,000 down payment.