Members of the public may soon have the opportunity to comment on an environmental impact report for a proposed mixed-use development at the corner of El Camino Real and Del Mar Heights in Carmel Valley that would include office buildings, shops, restaurants, a hotel, a movie theater and homes.

Project developer Kilroy Realty is working with the city of San Diego to finalize the environmental document, which will then be open to the public for review and comment, said Robert Little, the company’s vice president for development.

Once the EIR has been circulated, the project can go before the Carmel Valley Community Planning Board, possibly by late spring or early summer, said Little. Ultimately, the project will require approval by the San Diego City Council.

The project is planned for a 23.5-acre parcel bounded by Del Mar Heights Road on the north, El Camino Real to the east and High Bluff Drive to the west. The project would stand across El Camino Real from the existing Del Mar Highlands shopping center.

One of the key features of the project will be an outdoor “Main Street” lined with shops, restaurants and two public plazas, said Little.

“It’s sort of the heart of the project and will become the heart of the community. It’s an authentic Main Street,” said Little.

Since the project was first proposed about 18 months ago, the developer has made several presentations before the planning board, and the project has been modified.

The latest version of the project includes 806,000 square feet of commercial space, which breaks down to 515,000 square feet of office space, 21,000 square feet of professional small office and 270,000 square feet of retail, said Little. Two office buildings are proposed, one 10 stories tall and one seven stories.

Among the proposed retail uses are a movie theater, restaurants, shops and a grocery store. The project would also include 600 condos and apartments, and a small business hotel located on the main street, Little said. The residential units would be built in phases, he said.

Frisco White, chairman of the Carmel Valley Community Planning Board, said he believes residents generally support the concept of a mixed-use development at the site, but are concerned about such issues as the proposed project’s bulk and scale, and the traffic it would generate.

On the plus side, he said, he agreed with Little that the project would provide a town center for Carmel Valley that is now missing.

“That’s the positive, but with the positive comes all these other issues that need to be resolved,” White said.

“I think it’s a project worthy of serious consideration, it’s just a matter of how the multiple issues are able to be mitigated and worked out,” he said.

For example, White said, some residents are concerned that one or two traffic lights may be installed along Del Mar Heights, between existing signals at High Bluff and El Camino Real. Additional signals might result in stop-and-go traffic along Del Mar Heights, he said.

“People are concerned there will be more congestion because of additional stops the cars would have to make,” said White.

White said he believes such issues can be resolved, and that the developer has shown a willingness to compromise in response to community concerns.

Kilroy Realty has hired Boston-based Elkus Manfredi Architects to design the project. The firm has designed numerous projects throughout California, including Downtown Disney in Anaheim and The Grove in Los Angeles.

Howard Elkus, a principal with the architectural firm, said the goal is to realize the benefits of density, such as lively, vibrant public spaces, while keeping the development to a “human scale” that meshes with surrounding uses and avoids a jarring visual impact.

“It will be a heavily pedestrian environment, where the car has access but people will use this on foot, so it’s really smart and green development,” Elkus said.

Little said the developer is seeking certification of the project from the U.S. Green Building Council, which is awarded for such elements as energy efficiency, walkability and use of environmentally-friendly building materials.

Dave Odmark of Cassidy Turley/BRE Commercial, who is marketing the office space proposed for the project, said it will offer large blocks of space which are lacking in the Carmel Valley office market.
Odmark said rates for office space in Carmel Valley flattened out last year and are poised to slowly increase in 2011. If the project comes on line in the next two to three years, he said, “the timing of the project should work well with the recovery.”By Joe Tash/Contributor

Carmel Valley 92130 Real Estate

Gary Giffin, Middleton & Associates Real Estate. If you’d like to learn more about Gary or What your Carmel Valley Home is worth, visit his website, www.SanDiegoHomeSold.com or San Diego Coastal Real Estate at www.SanDiegoMLSHomeSearch.com , email him, garygiff@san.rr.com, or call him for an appointment at 858-401-0204

"Loan Mods" good bad or useless .

So what is up with Loan Mods?? Are they good, are they bad, or are the just a waste of time?  This program was instituted in 2009 under the auspices of the Making Home Affordable Program. The idea being to incentivize the banks to work with distressed home owners to avoid massive foreclosures. So is it working? Well in short the answer is NO not based on statistics. According to ALRG in San Diego less then 1% of applications have converted to permanent modifications, 99% of applications have served to create temporary trial periods which ultimately only delayed short sales and foreclosures. The question is why has it worked this way? Well there are obvious reasons on the consumer side, income, debt, not being in the correct loan amount etc. etc. but did you know that the incentives to the banks is only $1,000.00 per modification? With the cash crunch the banks have been in that's not much motivation in my eyes. It appears that what the banks are doing is using this program to delay the foreclosures so as not to flood the market with REO's thereby preserving values as much as possible in order to recover as much cash as possible. That's not what it is meant for but it is the end result.

Detailed stats can be found www.thealrg.com/San-Diego-Real-Estate-Services/Blog - Cached

CNN has a pretty good article from April that talks a little more about the consumer issues money.cnn.com/2010/05/...modifications/index.htm - Cached

Foreclosures

By now you are aware that Foreclosures continue at the same pace, as a matter of fact banks seized 100,000 homes in the month of September alone, as predicted here, we are in a push by the banks to clean up the properties in default and get back to normalizing the lending and real estate markets. There was a brief call for moratoriums on foreclosure due to suspected abnormalities in the processing of the documents however that was put to rest very quickly and the banks that paused in there processes are back to moving forward with their foreclosure files. Note these lenders are going to move forward at a faster pace now that the Obama administration has demonstrated support for the lenders in this recent moratorium request. Look for the numbers of seizures to continue to rise while the number of actual foreclosure proceedings starts to stall and dwindle, follow the link for statistics.  www.realtytrac.com/foreclosure/foreclosure-rates.html - Cached

Look up Foreclosures and REO Bank Owned Homes in San Diego here www.SanDiegoHomeSold.com Hit the Foreclosure Blue Button

And the Crystal Ball Says ..

It's earnings season and that means more fluctuations in the markets and even more so since it leads up to the mid term elections. Corporate profits are still good with the exception of Financials; however the profits are primarily on cost cuts not "top line" sales increases meaning that no significant job increases in the foreseeable future. The Federal Reserves statements regarding "Quantitative Easing" due to deflation has triggered skittishness in investors with regards to bonds so rates are beginning to push up a bit. Remember any word that ends in "FLATION" is bad for rates. In the mean time here are the bullet points

1.   Mid Term elections look to be a strong showing for the GOP not unusual for Mid Terms but what will this mean to you and me? In one word GRIDLOCK, the government won't be able to really get anything accomplished unless they learn how to work together. However that may be a good thing given the unprecedented spending of the Pelosi led Congress. If they can give a clear message on taxes and regulation as well as future spending it will lay the groundwork for a true recovery to get some traction.

2.  "QUANTITATIVE EASING" What does that mean? It basically means that the Fed is flooding the system with dollars. They are offering short term Treasuries (Debt) and when they are not being bought they are buying them themselves. It's kind of like borrowing money from your self or paying one credit card with another one. Thus we will see precious metals and other commodities (like oil) continue to rally, the dollar weakens even more which will set the stage for inflation. Pay attention to the GDP numbers coming out 11/5/10. Below 2% will cause massive sell off of equities and a mad scramble to Bonds.

3.   Europe is starting to feel the pain of the cut backs we talked about in our last issue and the protests in Turkey, Greece, and France jumped into the headlines the equities markets are trending downward which is part and parcel of the spending cuts. What you are not hearing about is the bank closures in Greece and all over Europe which we went through hear very early into this recession small banks are closing at an alarming rate and we will hear more about that after the elections and earnings reports are done.

FHA

First off a correction up front mortgage insurance fee was cut 1% not 1.75% as mentioned in our last issue. Secondly I attended a quarterly update for FHA and VA underwriting guidelines and a couple of things are of interest, if purchasing a 2 unit or less income property the rental income can be used to qualify with an executed lease. Very soon they will be reducing the allowable gift amount down to a maximum of 3% of purchase amount from the existing 6%. Also there is a 203 Rehab loan available for properties that need to be fixed up more on that in the next issue.

California Association of Realtors says ..

THE GOOD-The Median Price for a home in San Diego is up to $390,000.00 in September from $385,000 in August. Nation wide sales were up 10% in September and new home construction nation wide were up a modest 4.4%

THE BAD-Sales in San Diego were down 12% from the August sales and active listings are up to 12,000 showing an alarming up tick in listings starting from 8,000 listings in February of 2010 to the current number of 12,000. Meaning current inventory represents 5.5 months supply

THE UGLY-Foreclosure sales represented 8% of total sales in September and short sales represented an additional 11% of sales.

Gary Giffin, Middleton & Associates Real Estate. If you’d like to learn more about Gary or What your San Diego Homes are For Sale, visit his website, www.SanDiegoHomeSold.com or San Diego Coastal Real Estate at www.SanDiegoMLSHomeSearch.com , email him, garygiff@san.rr.com, or call him for an appointment

October 7, 2010 at 2:48 pm · Filed under Foreclosures, Real Estate News San Diego and tagged: bank owned homes, Carmel Valley, Del Mar Real Estate, FHA Loans, foreclosures San Diego, moving San Diego, relocation, San Diego Homes, short sale homes · Edit

Real Estate Market Trends 2010

San Diego, CA

1. The Fed met last week and as expected did not raise their rates, more importantly they continued to indicate a willingness to buy treasuries to support lower interest rates it doesn’t have the same effect as when they were purchasing Mortgage backed securities but it gets the job done.
2. Building permits increased nationwide 2% in August; this is a good sign that expectations are that by the second quarter inventories will be lower. Actual housing starts (new construction) rose by 11% in August supporting those expectations.
3. Existing homes inventory dropped by 1% and is holding at 11.6 months as of August.
4. Consumer confidence came in Lower then expected which put a drag on the equity markets but helped the bonds rally so rates dipped a bit early this week.
5. Q-2 GDP was adjusted up,1% leaving the growth rate of the economy flat, bad for sales good for rates

And the Crystal Ball Says ..

All in All things are continuing to bump along the bottom. I expect more of the same for the near future low rates and moderate pricing the factors that will change these things are:

1. The foreclosure market is beginning to slow I believe the last wave of foreclosures en mass will be completed by Q-1 2011 this will reduce inventories and by next summer we should see a moderate warming in the Sales Market.
2. Unemployment remains high primarily due to the fact that businesses don’t know what to plan for. The November elections will settle that for the next 2 years. If the Republicans take control of congress and the current tax rates are extended you will see economic growth pick up steam supporting job growth, remember “Corporate America” is currently sitting on 3 trillion dollars waiting for the correct time to begin expansion. If the Democrats retain control we will see more of the same as businesses will hold their cash until there is clarity on Governmental costs to operations.
3. Europe is still in trouble with Sovereign Debt issues and it will be a while till they get it resolved they have had problems raising cash to meet their debt needs and have committed to deep spending cuts but that will slow their economic growth for the short term although this approach will strengthen their economies for the long term. Once the dust settles (12-24 mos) they will begin slow growth and support global recovery.

FHA

Well There’s good news and bad news as of 10/1/2010,  the up front mortgage fee has been reduced from 2.25%  down to 1.75% so the up front costs are lower but the monthly mortgage insurance rate increased to .85% from .55%. This is as a result of the number of loans that Freddie and Fannie are buying these days and the fact that they are by standard terms insolvent causing the Fed to continue to buy treasury notes to support them.

California Association of Realtors says ..

The Good,

The statewide median home price posted its 10th consecutive year-over-year gain in August, according to C.A.R.’s report. The median price of an existing, single-family detached home sold in California during August 2010 was $318,660, an 8.6 percent increase from the revised $293,400 median price recorded in August 2009. The August 2010 median price was up 1.2 percent compared with July’s $314,850 median price.

The Bad,

The median home price of an existing, single-family home in California rose 1.2 percent compared with July and 8.6 percent from a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported this week.  Following two months of consecutive month-over-month declines, California home sales edged up 1.8 percent in August compared with July, but were down 14.9 percent compared with August 2009.

The Ugly,

Foreclosure rates hold steady (CNN)
The foreclosure crisis has entered a new phase: The number of properties entering the foreclosure process has dropped, and now nearly matches the number of repossessions. Read the full story

Gary Giffin, Middleton & Associates Real Estate. If you’d like to learn more about Gary or What your San Diego Homes are For Sale, visit his website, www.SanDiegoHomeSold.com or San Diego Coastal Real Estate at www.SanDiegoMLSHomeSearch.com , email him, garygiff@san.rr.com, or call him for an appointment at 858-401-0204

For eligible service members and veterans, the Veterans Affairs Department’s home loan guarantee program can be a curse or blessing in today’s housing market. Among the advantages:

• It is among the few mortgage programs now available that does not require a down payment.

• In most locations, lenders will allow purchases of a home worth up to $417,000 without a down payment — and more than $1 million in some high-cost areas.

• Credit underwriting is a little easier with VA loans than with other mortgages. A buyer’s credit scores don’t have to be as high, and loans are possible with as few as six months of work history — not the minimum two years required for most mortgages.

• An inspection of the home is required to ensure it is safe and livable, which provides extra protection for first-time buyers.

But there are disadvantages:

• Not all lenders are willing to work with VA loans.

• A fee usually is wrapped into the mortgage, ranging from 1 percent to 2.75 percent of the value of the loan.

• There are limits on what fees can be charged to the buyer at closing; some sellers don’t want to be part of a sale that could force them to pay more closing costs.

• A strict home inspection and appraisal process often can make it impossible to buy a home “as is.” If the seller won’t agree to repairs, either done in advance of settlement or by putting money into an escrow account, a VA loan may not be approved.

• Many sellers and their agents believe VA loans involve more red tape than other loans.

• Generally, VA home loans are more likely to be accepted in housing markets where troops, veterans and military retirees are a sizable part of the market.

La Jolla, Calif., real estate agent Gary Giffin said a VA loan is a “viable option” in the San Diego area. “We hear about problems getting sellers and their Realtors to accept VA loan offers, but we also hear that for people who have VA loan entitlement, this represents their best chance of a purchase,” Giffin said.

Ken Bates, a Navy Reserve officer and owner of Military Home Programs Inc., a San Diego company specializing in veterans loans, said availability of home loans — which, in high-cost San Diego, can be valued at up to $697,000 without a down payment — give military buyers an edge over people with similar incomes who would have to come up with a down payment.

Bates and his wife, Karen, offer training courses to help real estate agents understand the VA loan program, but admit they, too, sometimes must deal with the program’s intricacies.

“It can be frustrating how picky some appraisers can be,” Bates said, noting that a low appraisal or a determination that a home doesn’t meet basic standards can bring the process to a halt.

Still, Bates said the VA loan program is a major reason why now is a good time for service members to consider buying.

“The affordability index — your mortgage payments compared with your housing allowance — has never been better,” he said.

But Giffin said that “livability” requirement makes VA-backed loans not very useful for buyers trying to get rock-bottom bargains by making offers on bank-owned or foreclosed homes, which often lack basics such as fully functioning kitchens or working utilities.

VA will let the sale go forward if the appraiser determines before closing that the house meets livability standards, but some sellers don’t want the extra work when they could sell to someone without a VA loan, Giffin said.

“Agents, sellers and banks will still choose cash or conventional loans first,” he said. “It does take some strategy to position oneself with a VA offer. You need a really good lender and great communication with the listing agent.”

After living in a rented house since January, Air Force Tech. Sgt. Matthew Foulkes and his wife, Jacquline, an Air Force staff sergeant, closed on a new home in San Antonio on Aug. 31 using the VA home loan program.

The couple and their three children moved from Wichita, Kan., where they owned a house that they now rent out.

“We were planning on selling, but the market kind of dropped, just like [in] the rest of the country,” said Matthew, a lodging training manager with the Air Force Services Agency.

It took the Foulkes months after moving to San Antonio to decide whether they wanted to buy again or continue living in the house they initially rented there; they worried about being saddled with two mortgages if they couldn’t rent the Kansas home.

“But the rental community in Wichita works pretty well,” Matthew said, so they took the plunge in Texas.

The VA home loan program is “definitely a benefit people should use,” Matthew said. “We’re very happy with the way things are going.”

La Jolla Real Estate Sales

 Jan - August 2010

Total Sales for August - 59

SFH August Sales - 23

Condo August Sales - 33

Foreclosures in August - 6

Total Sales for the year - 416

2010 Sales over 1.5 Mil  - 87

2010 Sales over 2 Mil - 43

2010 Sales over 3 Mil - 20

1. The appraiser will need approximately 30 minutes to one hour to complete the inspection phase of the appraisal process, which includes: exterior photos of the front and rear of the home and a photo of the street in front of the property; measurements of the exterior of the home, garage and any outbuildings; a walk-through inspection of all rooms and levels of the interior of the home, including the basement.
2. Get organized. Put together a checklist that will help you get ready for your appraisal.
3. Be flexible when scheduling the appointment.
4. Have a copy of your home’s blueprint to help verify measurements and lot size.
5. Provide a list of improvements made to the property since the purchase. Improvements that should be noted include adding a pool, patio, updating your kitchen or bathroom, and any room additions, etc.
6. Allow your appraiser access to the entire property, including access to any crawl space or attic areas.
7. Keep in mind that a clean home makes a good impression. Be sure to trim the lawn, clean the pool and garage, repair cracked windows or torn screens, check for leaky faucets and secure gutters and down spouts before your appraisal.
8. Point out any amenities that may not be obvious to the appraiser: sprinkler systems, patios, pools, security systems, built-in pool vacuum, etc.
9. Provide a copy of last year's tax assessment information.
10. Know what year the house was built and when improvements were made.
11. The first thing appraisers look for is comparables, so be prepared and have a list of recent sales of similar properties in the immediate neighborhood.

Gary Giffin, Middleton & Associates Real Estate. If you’d like to learn more about Gary or What your San Diego Homes are For Sale, visit his website, www.SanDiegoHomeSold.com or San Diego Coastal Real Estate at www.SanDiegoMLSHomeSearch.com , email him, garygiff@san.rr.com, or call him for an appointment at 858-401-0204

Location: Pacific Beach / Mission Beach/ Mission Bay, San Diego County, California, USA (4 Blocks from the Beach, 3 Blocks from the Mission Bay)

Accommodations:  Cottage, 1 Bedroom + Convertible bed(s), 1 Bath (Sleeps 2-4)

See Ocean Breeze website for more information http://www.oceanbreezerentals.com/san_diego.html

  More information on real Estate Rentals, Beach Home Properties and San Diego Real Estate information can be found on my www.GaryGiffin.com website and New Homes Search at www.SanDiegoHomeSold.com  

Mexico - Cabo San Lucas seller looking to trade his home for a home in La Jolla
contact Gary Giffin www.SanDiegoHomeSold.com at 858-401-0204 for more details

Casa Zaidan

Ocean Front Home

Cabo Colorado development Lot “B�

Complete finished October 2007

7,000 sqf Construction, 9,000 sqf Lot

4 Bedroom, 6 Bathroom, Gourmet Kitchen, Family room, Dining room, Living room, Garage, Storage, Infinity Pool,

Huge terrace, BBQ area, Bar, Private beach, Unblocked

Cabo Colorado; Small and private, gated community,

In the corredor San José del Cabo- Cabo San Lucas.

Front of Cadillc-Hummer agency

Casa Zaidan;  at the end of Cabo Colorado (cal-d-sac)

VIP area Double gated, only  6 ocean front homes

Finished and two more under construction.

Next to Westin Regina Hotel

Privilege view, easy beach access.

Very private and secure.

Gary Giffin, Middleton & Associates La Jolla Realty,  La Jolla Realtor located on 848 Prospect St. 92037. If you'd like to learn more about Gary, visit his website, www.SanDiegoHomeSold.com or San Diego Coastal Real Estate at www.SanDiegoMLSHomeSearch.com , email him, garygiff@san.rr.com, or call him for an