Downtown San Diego July 10

July 2010

ARG-Abbott Realty Group 435 4th Ave. • San Diego, CA 92101

FEATURED PROPERTY

CURRENT REAL ESTATE ACTIVITY IN HORIZONS & PARK PLACE

SAN DIEGO REAL ESTATE

Trellis | Unit 210 1 Bed | 1 Bath 725 Sq. Ft. $299,000 Trellis is located in the heart of the Gaslamp District. This unit opens out to a large patio with views of the private courtyard. Granite counters, stainless-steel appliances and a large pantry round out the comfortable kitchen. Tiled floors at entry, kitchen and bathroom. Full-size, stacked washer and dryer. Controlled entry access, workout room, covered parking and community BBQ. Fantastic downtown living!

SANDRA MELVILLE

Realtor, CRS, GRI Sandra@ MelvilleAndAssociates.com

619.454.5464

CAROLYN BOWHAY

HORIZONS

CURRENTLY AVAILABLE Bed / Bath Est. SF 1 / 2 1,249 2 / 2 1,301 2 / 2 1,245 2 / 2 1,263 2 / 2 1,497 2 / 2 1,544 2 / 2 2,007 3 / 4 2,752 3 / 3 2, 918

Rain or Shine?

PARK PLACE

Floor 2nd 3rd 12th 20th 19th 16th 25th 22nd 22nd

List Price $427,900 $449,900 $610,000 $625,000 $892,000 $959,000 $1,075,000 $1,995,000 $2,699,000

SALE PENDING 2 / 2 1,245 2 / 2 1,530

10th 18th

$635,000 $1,089,000

SOLD 1/2 1,036 2 / 2 1,301 2 / 2 1,770 2/2 2,007 3/3 2,260

UNIT 1701 1502 201 2501 2204

SOLD PRICE $460,000 $640,000 $660,000 $1,120,000 $1,300,000

CURRENTLY AVAILABLE Bed / Bath Est. SF 1 / 2 1,113 1 / 2 1,113 1 / 2 1,268 2/2 1,374 2 / 2 1,338 2 / 2 1,545 2 / 2 1,545 2 / 2 1,374

Floor 4th 11th 25th 5th 5th 5th 3rd 13th

List Price $450,000 $499,000 $620,000 $625,000 $650,000 $695,250 $719,900 $1,045,000

SOLD 2 / 2 1,353 2 / 2 1,374 2 / 2 1,545

UNIT 706 1702 1301

SOLD PRICE $560,000 $594,000 $715,000

Missed the Government Tax Credit?

Perhaps a Money-Saving Move

All information is deemed reliable but not guaranteed.

The properties on this list have been listed/sold by various participants in the MLS.

Appetite for Asian?

Broker Associate, CRS, GRI Carolyn@ MelvilleAndAssociates.com

619.944.5478

JSix’s Easy-to-Make Pho Downtown San Diego’s 800.588.7382 • www.DowntownSanDiegoProperties.com If your home is currently listed, this is not a solicitation for that listing.

Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.com

Real Estate Report

Jsix 616 J Street 619.531.8744 or jsixrestaurant.com

SD PHO BROTH: 6 cups chicken stock 1 tsp. ginger, peeled and diced 1 stalk lemon grass 1 stalk celery 1 large carrot 1/2 stick cinnamon 1 tsp. soy sauce 2 shallots 3 cloves garlic 1/4 cup Mirin Salt to taste GARNISH FOR BROTH: 1 cup cooked rice noodles 1/2 cup cilantro leaves 1/4 cup mint 1/4 cup bean sprouts 1/2 pounds paper-thin slices of filet tossed in sesame oil METHOD: Boil all the ingredients for the broth together for 30 minutes. Season with salt and strain. Keep broth very hot.

Place the garnish ingredients in a warm bowl and pour hot broth over the raw garnish. The broth will instantly cook everything in the bowl. Serve with Siracha and soy sauce.

Yields 4 large portions

POST-TAX CREDIT BUYERS: Winning by Waiting?

The federal government’s decision

loan. That beats the tax credit

county jumbo conforming loan limits,

recent instability in the stock

to extend the $8000 credit for first-time

hands down.

remain at an all time low. Today a

market, mortgage-backed securities

homebuyers and the $6,500 credit for

Interest rates are still hovering

well-qualified borrower can obtain

prices have been helped by investors

existing homeowners into 2010 has

at record lows. Website www.Free

a jumbo 30-year fixed mortgage at

buying bonds in an effort to avoid

had a positive impact on our housing

RateUpdate.com researches lenders’

an interest rate as low as 5.375%.

stock losses. As mortgage-backed

market and economy in general.

mortgage rate sheets and shows that

There had been a fear that when the

securities prices rise, mortgage rates,

Homebuyers taking advantage of

which move the opposite direction,

the government program were able

decline.

to make a savvy purchase and help

It is unsure how long these low

their bottom line.

interest rates may last. Frank Nothaft,

For those that missed the benefits of

Freddie Mac vice president and

the program, it appears that waiting

chief economist said “There are

might pay off after all.

signs that credit conditions may

Interest rates have fallen so

be improving. The number of

dramatically since the tax credit

homeowners with private mortgage

deadline of April 30th, that the cost

insurance who became current on

of financing is helping post-tax credit

their mortgages outnumbered

buyers save a lot of money.

those who defaulted.”

The interest rate for a 30-year fixed

As our economy continues to

loan has fallen nearly 3/4% from

improve and the housing market

April to today, saving some borrowers

sustains its forward stride, we can

hundreds per month. With a mortgage

today’s 30-year fixed rate matches

government ended their purchase

expect interest rates to rise as well.

payment of just $100 less per month,

an all-time record low, first set in

of mortgage-backed securities,

The question is, “When?”

that calculates to $1200 a year and

December of 2009. Jumbo mortgage

we would see a sharp rise in

$36,000 over the life of the 30-year

rates, for loan amounts that exceed

mortgage rates. But thanks to the

While our nation has been gripped by a depressed housing market, encouraging news on real estate continues to make headlines. In fact, the positive trends we’re seeing are now considered sustainable by many economists and they predict that the worst of our housing market is behind us.

The National Association of Realtors (NAR) publishes a weekly pending home sales report.

April was the third straight month with pending contracts on the rise. In fact, homes under contract are now showing a 22% increase from the same time last year. Here in the West, pending sales were up just under 8% from the month prior.

Most economists would agree that the strong jump in pending sales is likely due to the federal tax credits that expired at the end of April. Lawrence Yun, chief economist for NAR says “The upswing in April sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback ahead.”

It’s possible that we may see these record sales drop for a month or two, as homeowners who may have purchased later in the summer rushed to meet the tax credit deadline. However, other economic indicators such as housing starts, consumer confidence and jobs reports are strong enough to signify that the real estate market should continue its climb.

Consumer confidence is up, and perhaps more importantly, there is a backlog of potential homebuyers that have been waiting for the right time to purchase a home. With continued optimism in housing, buyers are realizing that the decline in prices has most likely ended and feel comfortable about finally jumping into the market.

Although there’s a sunny forecast in our future, it’s still possible to see light rain showers.

JULY 2010 Avenue Q Civic Theatre, July 6th-11th 619.564.3000 or broadwaysd.com This three-time Tony Award® winning musical may feature talking and singing puppets, but this production is just for adults. Avenue Q tells the story of Princeton, a college grad with big dreams of making it in New York City but with a small bank account. Eventually, Princeton learns to embrace the ups and downs of city life and realizes that “the real world” isn’t so bad after all!

Shen Yun Civic Theater, July 13th-15th 888.973.7469 or sdspectacular.com Touring over 100 cities, this magical production is making its way to San Diego for three nights. Be transported into a beautiful world with brilliant costumes, remarkable choreography and elegant classical Chinese dance. Raved as the world’s “most stunning stage production,” don’t miss out on this one-of-a-kind experience featuring groundbreaking music by a live orchestra.

Padres vs. Diamondbacks Petco Park, July 18th 619.795.5000 or sandiego.padres.mlb.com Cheer on your home team, the San Diego Padres, as they battle it out against the Arizona Diamondbacks. Not only do the first 10,000 kids take home a one-of-a kind Padres wallet, but a special pregame ceremony will be held in honor of the US Marine Corps.

Comic-Con Mystery Show Embassy Suites, July 23rd-24th 888.619.0858 or thedinnerdetective.com Indulge yourself in a fabulous four-course meal as you take part in solving a murder mystery.

Participants will choose their own identity and find clues in order to discover “who done it.” Watch out, as the actors are mixed among the audience and you never know if the murderer is sitting right next to you!

With the uncertainty of the stock market and the threat of a “shadow inventory” of new foreclosures to be released into the inventory, our real estate market may experience a few bumps throughout the recovery.

One thing is certain. San Diego continues to be a destination for many people desiring to make our city their home. We’re fortunate to live in such a market, as the demand for housing will continue to grow for the next several decades!

2010 Globe Gala Globe Theatre, July 31st 619.234.5623 or theoldglobe.org Celebrate this remarkable theater’s 75 years of history in style. The event begins with a reception and silent auction featuring tickets for many of the shows performed at the Globe. After finishing your fabulous dinner, grab your date and dance the night away under the stars in the Globe’s Copley Plaza.

Summer Cooking Class Balboa Park Food & Wine School, July 31st 619.557.9441 or balboafoodwine.com Warm weather calls for a picnic! Learn to create the ultimate summertime meal with Chef Andrea Scala including: Italian lemonade, chilled fresh tomato soup, Greek orzo and grilled shrimp salad, and blueberry picnic bars. Enhance your learning experience with the included house poured wines.

Jsix 616 J Street 619.531.8744 or jsixrestaurant.com

SD PHO BROTH: 6 cups chicken stock 1 tsp. ginger, peeled and diced 1 stalk lemon grass 1 stalk celery 1 large carrot 1/2 stick cinnamon 1 tsp. soy sauce 2 shallots 3 cloves garlic 1/4 cup Mirin Salt to taste GARNISH FOR BROTH: 1 cup cooked rice noodles 1/2 cup cilantro leaves 1/4 cup mint 1/4 cup bean sprouts 1/2 pounds paper-thin slices of filet tossed in sesame oil METHOD: Boil all the ingredients for the broth together for 30 minutes. Season with salt and strain. Keep broth very hot.

Place the garnish ingredients in a warm bowl and pour hot broth over the raw garnish. The broth will instantly cook everything in the bowl. Serve with Siracha and soy sauce.

Yields 4 large portions

POST-TAX CREDIT BUYERS: Winning by Waiting?

The federal government’s decision

loan. That beats the tax credit

county jumbo conforming loan limits,

recent instability in the stock

to extend the $8000 credit for first-time

hands down.

remain at an all time low. Today a

market, mortgage-backed securities

homebuyers and the $6,500 credit for

Interest rates are still hovering

well-qualified borrower can obtain

prices have been helped by investors

existing homeowners into 2010 has

at record lows. Website www.Free

a jumbo 30-year fixed mortgage at

buying bonds in an effort to avoid

had a positive impact on our housing

RateUpdate.com researches lenders’

an interest rate as low as 5.375%.

stock losses. As mortgage-backed

market and economy in general.

mortgage rate sheets and shows that

There had been a fear that when the

securities prices rise, mortgage rates,

Homebuyers taking advantage of

which move the opposite direction,

the government program were able

decline.

to make a savvy purchase and help

It is unsure how long these low

their bottom line.

interest rates may last. Frank Nothaft,

For those that missed the benefits of

Freddie Mac vice president and

the program, it appears that waiting

chief economist said “There are

might pay off after all.

signs that credit conditions may

Interest rates have fallen so

be improving. The number of

dramatically since the tax credit

homeowners with private mortgage

deadline of April 30th, that the cost

insurance who became current on

of financing is helping post-tax credit

their mortgages outnumbered

buyers save a lot of money.

those who defaulted.”

The interest rate for a 30-year fixed

As our economy continues to

loan has fallen nearly 3/4% from

improve and the housing market

April to today, saving some borrowers

sustains its forward stride, we can

hundreds per month. With a mortgage

today’s 30-year fixed rate matches

government ended their purchase

expect interest rates to rise as well.

payment of just $100 less per month,

an all-time record low, first set in

of mortgage-backed securities,

The question is, “When?”

that calculates to $1200 a year and

December of 2009. Jumbo mortgage

we would see a sharp rise in

$36,000 over the life of the 30-year

rates, for loan amounts that exceed

mortgage rates. But thanks to the

While our nation has been gripped by a depressed housing market, encouraging news on real estate continues to make headlines. In fact, the positive trends we’re seeing are now considered sustainable by many economists and they predict that the worst of our housing market is behind us.

The National Association of Realtors (NAR) publishes a weekly pending home sales report.

April was the third straight month with pending contracts on the rise. In fact, homes under contract are now showing a 22% increase from the same time last year. Here in the West, pending sales were up just under 8% from the month prior.

Most economists would agree that the strong jump in pending sales is likely due to the federal tax credits that expired at the end of April. Lawrence Yun, chief economist for NAR says “The upswing in April sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback ahead.”

It’s possible that we may see these record sales drop for a month or two, as homeowners who may have purchased later in the summer rushed to meet the tax credit deadline. However, other economic indicators such as housing starts, consumer confidence and jobs reports are strong enough to signify that the real estate market should continue its climb.

Consumer confidence is up, and perhaps more importantly, there is a backlog of potential homebuyers that have been waiting for the right time to purchase a home. With continued optimism in housing, buyers are realizing that the decline in prices has most likely ended and feel comfortable about finally jumping into the market.

Although there’s a sunny forecast in our future, it’s still possible to see light rain showers.

JULY 2010 Avenue Q Civic Theatre, July 6th-11th 619.564.3000 or broadwaysd.com This three-time Tony Award® winning musical may feature talking and singing puppets, but this production is just for adults. Avenue Q tells the story of Princeton, a college grad with big dreams of making it in New York City but with a small bank account. Eventually, Princeton learns to embrace the ups and downs of city life and realizes that “the real world” isn’t so bad after all!

Shen Yun Civic Theater, July 13th-15th 888.973.7469 or sdspectacular.com Touring over 100 cities, this magical production is making its way to San Diego for three nights. Be transported into a beautiful world with brilliant costumes, remarkable choreography and elegant classical Chinese dance. Raved as the world’s “most stunning stage production,” don’t miss out on this one-of-a-kind experience featuring groundbreaking music by a live orchestra.

Padres vs. Diamondbacks Petco Park, July 18th 619.795.5000 or sandiego.padres.mlb.com Cheer on your home team, the San Diego Padres, as they battle it out against the Arizona Diamondbacks. Not only do the first 10,000 kids take home a one-of-a kind Padres wallet, but a special pregame ceremony will be held in honor of the US Marine Corps.

Comic-Con Mystery Show Embassy Suites, July 23rd-24th 888.619.0858 or thedinnerdetective.com Indulge yourself in a fabulous four-course meal as you take part in solving a murder mystery.

Participants will choose their own identity and find clues in order to discover “who done it.” Watch out, as the actors are mixed among the audience and you never know if the murderer is sitting right next to you!

With the uncertainty of the stock market and the threat of a “shadow inventory” of new foreclosures to be released into the inventory, our real estate market may experience a few bumps throughout the recovery.

One thing is certain. San Diego continues to be a destination for many people desiring to make our city their home. We’re fortunate to live in such a market, as the demand for housing will continue to grow for the next several decades!

2010 Globe Gala Globe Theatre, July 31st 619.234.5623 or theoldglobe.org Celebrate this remarkable theater’s 75 years of history in style. The event begins with a reception and silent auction featuring tickets for many of the shows performed at the Globe. After finishing your fabulous dinner, grab your date and dance the night away under the stars in the Globe’s Copley Plaza.

Summer Cooking Class Balboa Park Food & Wine School, July 31st 619.557.9441 or balboafoodwine.com Warm weather calls for a picnic! Learn to create the ultimate summertime meal with Chef Andrea Scala including: Italian lemonade, chilled fresh tomato soup, Greek orzo and grilled shrimp salad, and blueberry picnic bars. Enhance your learning experience with the included house poured wines.

July 2010

ARG-Abbott Realty Group 435 4th Ave. • San Diego, CA 92101

FEATURED PROPERTY

CURRENT REAL ESTATE ACTIVITY IN HORIZONS & PARK PLACE

SAN DIEGO REAL ESTATE

Trellis | Unit 210 1 Bed | 1 Bath 725 Sq. Ft. $299,000 Trellis is located in the heart of the Gaslamp District. This unit opens out to a large patio with views of the private courtyard. Granite counters, stainless-steel appliances and a large pantry round out the comfortable kitchen. Tiled floors at entry, kitchen and bathroom. Full-size, stacked washer and dryer. Controlled entry access, workout room, covered parking and community BBQ. Fantastic downtown living!

SANDRA MELVILLE

Realtor, CRS, GRI Sandra@ MelvilleAndAssociates.com

619.454.5464

CAROLYN BOWHAY

HORIZONS

CURRENTLY AVAILABLE Bed / Bath Est. SF 1 / 2 1,249 2 / 2 1,301 2 / 2 1,245 2 / 2 1,263 2 / 2 1,497 2 / 2 1,544 2 / 2 2,007 3 / 4 2,752 3 / 3 2, 918

Rain or Shine?

PARK PLACE

Floor 2nd 3rd 12th 20th 19th 16th 25th 22nd 22nd

List Price $427,900 $449,900 $610,000 $625,000 $892,000 $959,000 $1,075,000 $1,995,000 $2,699,000

SALE PENDING 2 / 2 1,245 2 / 2 1,530

10th 18th

$635,000 $1,089,000

SOLD 1/2 1,036 2 / 2 1,301 2 / 2 1,770 2/2 2,007 3/3 2,260

UNIT 1701 1502 201 2501 2204

SOLD PRICE $460,000 $640,000 $660,000 $1,120,000 $1,300,000

CURRENTLY AVAILABLE Bed / Bath Est. SF 1 / 2 1,113 1 / 2 1,113 1 / 2 1,268 2/2 1,374 2 / 2 1,338 2 / 2 1,545 2 / 2 1,545 2 / 2 1,374

Floor 4th 11th 25th 5th 5th 5th 3rd 13th

List Price $450,000 $499,000 $620,000 $625,000 $650,000 $695,250 $719,900 $1,045,000

SOLD 2 / 2 1,353 2 / 2 1,374 2 / 2 1,545

UNIT 706 1702 1301

SOLD PRICE $560,000 $594,000 $715,000

Missed the Government Tax Credit?

Perhaps a Money-Saving Move

All information is deemed reliable but not guaranteed.

The properties on this list have been listed/sold by various participants in the MLS.

Appetite for Asian?

Broker Associate, CRS, GRI Carolyn@ MelvilleAndAssociates.com

619.944.5478

JSix’s Easy-to-Make Pho Downtown San Diego’s 800.588.7382 • www.DowntownSanDiegoProperties.com If your home is currently listed, this is not a solicitation for that listing.

Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.com

Real Estate Report