Whether you are visiting from out of town or lucky enough to be a local San Diegian there are plenty of activities to keep you entertained year around. I am one of the lucky ones that call San Diego home and currently gearing up for the Rock N’ Roll Half Marathon taking place right here in San Diego on June 2^nd. This event alone brings 30,000 participants and over 60,000 spectators from all across the globe to not only compete in a race but to also listen to some great music and be a part of an even greater party. The Psychedelic Furs will be headlining this huge event with their 80’s inspired music and will accompany other bands all along the course as well as cheer squads and pep groups from local schools.  This is going to be the first “BIG”’ race in San Diego post Boston Marathon tragedy and security will be at an all time high for this event assuring that we will all be protected and able to enjoy our wonderful city but be aware of your surroundings ans as always “see something, say something.”

If you are planning on participating in this amazing event be sure to register as soon as you can so you do not miss out. I will see you there!!!

This is the view I have running along Harbor Island

Restaurant- Little Italy

A great new dining venue has opened in Little Italy!

Queenstown Public House located at 1557 Columbia Street San Diego CA 92101, has brought the flavors of the Land Down Under to Little Italy.

This recently renovated detached house on the corner of Columbia & Cedar Street, has been a long time icon in the neighborhood.  With its big porch, Queenstown offers an ambiance unlike any other venue in Downtown.

Queenstown Public House features pure and fresh ingredients; burgers made with fresh ground Grass-Fed Organic Beef.   Queenstown Public House:  Kiwi Inspired-Organic ingredients with homemade, unique sauces and freshly baked buns, in a fun lively casual atmosphere that really embraced the unique culture and friendly attitude found in New Zealand, its people and its love of nature and extreme outdoor activities”

Queenstown Public House Menu

Not just burgers!

The crew from Bareback Bar & Grill have collaborated on Queenstown, with an inspirational menu that will cater to any appetite….

Queenstown Public House Menu

Queenstown also has a fantastic array of specialty drinks to enjoy while sitting on the porch!

Fresh, Hand Shaken Drinks, Craft Beers, Sangria, Infused Lemonades & Teas & more….

Brunch-Little Italy

Queenstown Public House is serving brunch on Saturdays and Sundays from 9:00AM- 2:00PM!

Queenstown- Brunch Menu

Life in Little Italy just got a little bit better….

Want more information about properties for Sale in Little Italy?

Give me a call today:  Brent Cole- (858) 531-8785

Owning, rather than renting, can have some serious tax and financial incentives that can improve your net worth. I’m sure you’ve heard it said many times, but here are some specific examples that prove it!

For more information on homeownership, please give us a call: 619-356-3099.

Artisan Donuts-Downtown San Diego

As if I need any more motivation to hit the gym…

A new temptation has hit the Downtown San Diego breakfast scene, and it is quickly becoming a phenomenon…

San Diego’s Donut Bar is a new spin on an old idea.  Since it’s Grand Opening in the Core District of Downtown at  631 B street, patrons have been lining out the door, to get their fill of some of these decadent creations.

San Diego’s Donut Bar is no ordinary donut shop!

The Donut Bar has flavors that change daily, which really gives this modest establishment a gourmet, independent persona.  some of the flavors that make their regular appearance range from creme brulee, bacon chocolate maple bars, Bourbon Infused Maple, Meyer lemon drizzled blueberry  donuts, chocolate espresso, and strawberry cheesecake just name a few…

Get there early because the Donut Bar typically sells out of donuts by 12:00 PM noon!

I highly recommend that you stop by this fantastic new arrival in Downtown.

San Diego Donut Bar Location and Hours:

631 B street (Across from Symphony Tower)

M-F opens @ 7:00 AM

Sat- Sun opens @ 8:00 AM

(310) 625-5571

…And what’s happening in San Diego Downtown 92101 zip code.  It’s no secret that the market has changed, but what exactly has become of the downtown condo market?

Are there any good deals left in Downtown San Diego?

A brief synopsis shows us how our market has changed over the past 18 months or so if you look back our our market absorption rates from November of 2011.

Downtown San Diego Condo Sales

The most notable difference is that the market was more balanced back in 2011.  What do I mean by this?  A balanced market is one in which there is about a 6 months supply of inventory for any given price range.  This would indicate that buyers and sellers on an “even playing field” meaning that neither would have an advantage based on market conditions.

There has been a huge shift in the market.

In November of 2011, the market from $200,000 right up to $599,900 was a hot market with less than a 3.5 months supply of downtown condo properties.  This means that buyers had to compete for properties and therefore we saw the prices start to rise based on competition among buyers.

For the price range from $600,000 to $749,900 there was an 8 months supply of homes.   For $750,000 to $999,900 there was a 9 month supply of homes and for $1M and up, there was a 10 month supply of homes so this was inverted from what we saw in the $599,900 price range and below.  This was indeed a buyer’s market where buyers could shop multiple properties and negotiate stronger deals.

In comparison with our market absorption rates for condos in downtown San Diego today, there is a significant difference.  As you can see above, from $600,000 to $749,900 there is just over a 2 months supply.  This is a huge shift in the market! 

Today in the $750,000 to $999,900 range, there is only about a 4.5 months supply of properties so we are still looking at sellers having a favorable hand here.  For properties in the $1m and above range, I would say the market is balanced with a 6.89 months supply of downtown san diego condos for sale.  We’ve essentially eaten up an extra 3 months worth of luxury condo properties and are finally balanced.

There are still good opportunities to get great deals as many of the most recent sales are still distressed short sales that are just closing escrow now after months of processing, however, it’s likely that our market only bears another 12 months of good investment opportunities until we get back to people just buying because they want to live in America’s finest city.

For more information, give us a call: 619-309-8011

Spectacular penthouse at The Mark, located in the East Village of Downtown San Diego.

This shell penthouse can be designed to your personal taste to make it uniquely your own masterpiece! Truly a penthouse that encompasses the entire top 2 floors of the building. Once in a lifetime experience.

For more information or to schedule a private showing, please contact Erica Cole at 619-292-1759.

Downtown Condo Litigation Guide

Updated May 1, 2013

As previously detailed in my November Condo Litigation Update, I have put together a comprehensive list of properties that have entered into litigation.  For the most part, buildings that are noted on this list were built within the 10 year statute of limitations for construction defects.

The scope of the litigation will vary per building, and in most cases, once litigation has been filed, it can take on average about 18 months to settle.

I have been keeping in close communication with lenders on the Downtown Buildings and the progress of the litigation.  There are a few properties on this list that are very close to being settled, so stay tuned for further updates.

Downtown San Diego Condominiums in Litigation- May, 2013

You will notice in the STATUS column, there is a category detailed as  SB800.

SB800 refers to Senate Bill 800, which in California gives the Builder the “Right To Repair” defects discovered in a specified development.  During this phase, we like to call the “discovery phase”, usually a third party is hired by a building’s homeowner association to investigation potential issues that burden the building.  This is PRIOR to an actual lawsuit is issued; however, when obtaining financing in a condo complex, underwriters are required to have what is called a condo certificate, which is a questionnaire detailing the specifics about the complex itself.  On the questionnaire, there is a question if the building is in litigation.  If the building is in SB800, it could qualify for what is called “limited review”, in such case only specified lenders can obtain financing on the property.

NOTE:  This information is constantly changing, so make sure to do your due diligence prior to engaging in a transaction.

For more information about Condos in litigation, or lenders who can lend on these identified projects, feel free to send me an email, or give me a call:

Brent Cole

Downtown Real Estate Specialist

858 531-8785

Brent@WelcomeToSanDiego.com

5/3 – Friday Night Liberty @ NTC  |  Liberty Station, 2640 Historic Decatur Road | 5:00 p.m. – 8:00 p.m. | FREE |  Open artist studios, galleries, performances and events throughout NTC at Liberty Station’s Arts & Cultural District.

5/3, 5/17 & 5/31 – Race Legal | Qualcomm Staduim, 9449 Friars Road, San Diego | 6:00 p.m. – midnight | Race Legal, the safer and sanctioned track alternative to illegal street racing, was developed with one goal in mind. Saving the needless loss of young lives to an illegal street race gone bad is RaceLegal.com’s mantra.

5/4 – 5/5 – Fiesta Old Town Cinco de Mayo | Old Town San Diego | Saturday 11:00 a.m. – 10:00 p.m., Sunday 11:00 a.m. – 5:00 p.m. | FREE | Live entertainment, kids area & stage, delicious food, beer garden and more

5/10 – 5/12 – Gator by the Bay Festival | Spanish Landing Park at Harbor Island, San Diego Bay | Refer to website for schedule | The event features 25 bands on five stages, dance lessons, Cajun cooking demonstrations and delicious crawfish

5/11 – Chocolate Festival San Diego Botanic Garden |  San Diego Botanic Garden, 230 Quail Gardens Drive, Encinitas |10:00 a.m. – 4:00 p.m. | Delectable chocolate tastings, demonstrations, chocolate fountain, children’s activities (ages 2-12), and a variety of Mother’s Day gifts

5/17 – 5/18 – Annual Allied Gardens SpringFest | Allied Gardens Community Park, 5155 Greenbrier Avenue | Friday 5:00 – 11:00 p.m. , Saturday 9:00 a.m. – 11:00 p.m. | Carnival, pony rides, inflatables, rock climbing wall, dunk tank, food, beer garden (5-11 pm), three stages featuring local musical talent

5/19 – 20th Annual Sicilian Festival | Little Italy, Downtown | 10:00 a.m. – 6:00 p.m. | FREE | Sicilian Cultural Pavilion, Sicilian Cuisine, Ethnic Entertainment on Four Stages, Free Children’s Rides & Entertainment, Peroni Beer & Wine Tent, Art, History, & Heritage of the Sicilian-American Families of Little Italy, Car Show and Grape Stomp

So you have a broken window in your apartment and you’re wondering if you can ask the landlord to pay for the repair? The general rule is that the landlord is responsible for maintaining the rental unit in livable condition and repairing serious defects that render the premises uninhabitable.

Landlord-Tenant Repairs

By law, all residential rental agreements in California contain an “implied warranty of habitability,” requiring the landlord to repair substantial defects that affect health, safety and livability. The law is fairly specific as to the types of conditions that make a rental uninhabitable. The landlord is responsible for repairing problems with weatherproofing, heating, plumbing, gas, electricity, lights, floors, stairs, railings, door & window locks, clean grounds, pests, and major appliances, as well as for items that they have specifically agreed to furnish in the lease. In this case, a broken window affects both safety and livability.

If the landlord refuses to make repairs within a reasonable period of time after the tenant gives written notice of the defect, the tenant many under certain circumstances make the repairs and deduct the expense from the next month’s rent payment. This is known as the “repair and deduct” remedy.

Tenant Responsibilities

Unless the lease states otherwise, the landlord generally is not responsible for cosmetic repairs or minor defects that do not affect safety and livability. For instance, the landlord would not have to pay for repairing a broken doorbell or repainting a bathroom. Also, it is the responsibility of the tenant, not the landlord, to keep the unit clean and fix any damage caused by the tenant’s own lack of care. The landlord, on the other hand, would likely be responsible for replacing a garbage disposal or a thermostat that stopped working.

Renters should not hesitate to bring serious problems to the attention of their landlord or property manager, as most owners want to keep their rental units in good, livable condition. Disputes over repairs do occur from time to time, but disagreements often can be avoided through communication and a clear understanding of each party’s rights and responsibilities.

Please call us if we can help (619) 246-8400.

1. The 29th Annual Mission Federal ArtWalk festival. Check it out Saturday & Sunday from 11:00am-6:00pm in Little Italy.

2. 2013 Adams Avenue Unplugged is a FREE music festival that will be featuring over 100 live musicians. There will also be some great street vendors, food, artists, crafters and dealers with booths and and open-air market in Adams Park.

3. 30th Annual Encinitas Street Fair, happening on Saturday and Sunday 9am-5pm both days. Enjoy unique food, five live music stages with over 10 different performers each day, children’s rides, beer garden, and over 450 vendors selling clothes, accessories, plants, household products, environmental products, art, antiques and home decor.

4. The Padres are in town against the SF Giants. Game times are: Friday at 7:10pm, Saturday at 5:40pm & Sunday at 1:10. Purchase your single game tickets here.