Downtown San Diego June 10

June 2010

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

FEATURED PROPERTY

CURRENT REAL ESTATE ACTIVITY IN HORIZONS & PARK PLACE

The Real Estate Horizons | Unit 1005 2 Bed | 2 Bath 1245 Sq. Ft. $635,000 Located in the heart of the Marina District.

This beautifully upgraded unit has cherry wood floors throughout and is freshly painted. Immaculate home has a gas fireplace in the living room and floor to ceiling windows to take in the spectacular panoramic views including bay, city and evening lights.

SANDRA MELVILLE

Realtor, CRS, GRI Sandra@ MelvilleAndAssociates.com

619.454.5464

CAROLYN BOWHAY

Broker Associate, CRS, GRI Carolyn@ MelvilleAndAssociates.com

HORIZONS

Short Sale Process

PARK PLACE

CURRENTLY AVAILABLE Bed / Bath Est. SF 1/2 1,249 2/2 1,301 2/2 1,245 2/2 1,263 2/2 1,245 2/2 1,245 2/2 1,245 2/2 1,497 2/2 1,544 2/2 1,530 3/3 2,918 4/4 2,516

Floor 2nd 3rd 10th 20th 14th 12th 11th 19th 16th 18th 22nd 4th

SALE PENDING 2 / 2 1,301

15th

SOLD 1/2 1,036 2/2 1,230 2/2 1,770 2/2 2,007 3/3 2,260

UNIT 1701 203 201 2501 2204

List Price $438,900 $449,900 $635,000 $639,000 $639,000 $640,000 $649,000 $892,000 $995,000 $1,089,000 $2,900,000 $1,395,000

$679,000 SOLD PRICE $460,000 $572,000 $660,000 $1,120,000 $1,300,000

CURRENTLY AVAILABLE Bed / Bath Est. SF 1/2 1,113 2/2 1,375 1/2 1,113 2/2 1,374 1/2 1,268 2/2 1,338 2/2 1,545 2/2 1,545 2/2 1,374

Floor 4th TH7 11th 5th 25th 5th 9th 5th 13th

List Price $475,000 $485,000 $499,000 $625,000 $640,000 $650,000 $725,000 $739,000 $1,050,000

SALE PENDING 2 / 2 1,374

17th

$639,000

SOLD 2 / 2 1,353 2 / 2 1,455 2 / 2 1,545

UNIT 706 206 1301

SOLD PRICE $560,000 $615,000 $715,000

Real Estate & Lending Report Delicious Decadence!

Grant Grill’s Chocolate Pain Perdu

All information is deemed reliable but not guaranteed.

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

619.944.5478

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

Featuring Grant Grill at the US Grant Hotel 326 Broadway 619.744.2077 or grantgrill.com

Chocolate Pain Perdu with Glazed Cherries CHOCOLATE BRIOCHE: Ingredients: 3 tsp. active dry yeast 4 Tbs. warm water 7 Tbs. sugar 6 eggs

3 tsp. salt 4 cups flour 1/2 cup cocoa powder (unsweetened) 2 cups unsalted soft butter

Method: Butter and lightly flour two bread pans. Combine yeast, water, one Tbs. sugar and mix in a small container. Let stand for three minutes. Whisk eggs, remaining sugar and salt in a mixing bowl. In a large mixing bowl combine yeast with the flour and cocoa. Add egg mixture and soft butter then mix with a bread hook on low speed until the dough comes away from the sides. (DO NOT OVER MIX THE DOUGH!) Split the dough into two pieces and place into the bread pans, cover and let proof in a warm spot for one hour.

Once the dough has doubled in size, place into a 375 degree oven at 3/4 fan humidity set at 20% and bake for 10-12 minutes.

Test with a toothpick for doneness.

CHOCOLATE SAUCE: Ingredients: 1 cup heavy cream 4 oz. butter 1 lb. milk chocolate (chopped)

JUNE 2010

A short sale is a phrase used to

necessarily approve a short sale. The

• The property has to be put on the

homeowner does not pay for any costs

describe a sale in which the value of

loan is said to be “performing.” This is

market for sale and one must show a

of the sale. It’s also important to note,

the product or service being sold is

rapidly changing however and now

concerted effort to sell the property at

in no case may the homeowner walk

actually more than the sales price.

banks are willing to negotiate even

market value. There is misinformation

away with any proceeds from a short

Another common term to describe

with “performing” loans.

out there in which people believe the

sale.

• A lengthy package of documents

bank will accept any amount. That is

a short sale is being “upside down.”

needs to be assembled to prove

rather lengthy process in which an

to the bank that the seller can no

agreement is made between the bank

longer make payments. Most of these

and seller for the bank to accept a

documents are the same ones used

lesser amount than owed. Working

to qualify for the loan. The homeowner

all the other documents.

with a Realtor that is experienced

is basically disqualifying them self

• Once a buyer is found, the purchase

properly, the property may foreclose

in the process is critical. Your

as the property owner. In addition to

contract along with all the documents

before the short sale can be complet-

Realtor will ask for some initial

those financial documents, a hardship

already mentioned is submitted to the

ed. You can see why it is important to

documentation to send to the

letter needs to be drafted explaining

bank for approval. Once approved,

hire a competent Realtor with a

bank and then will handle all of the

what caused the financial hardship.

the sales process is continued as any

knowledgeable team to expedite

normal real estate transaction would.

the process and give you your best

Most homeowners don’t know that

chances of success.

details of the sale from that point

Market trend reports, recent area

forward. The typical steps in the

sales, market analyses, news clippings

process are as follows:

and other information that can help

GLAZED CHERRIES: Ingredients: 2 lbs. pitted cherries 2 cups sugar 4 cups port 3 each star anise

• If a homeowner is current on

the bank make a better determination

mortgage payments the bank will not

as to why they should accept a short sale should be submitted.

minimum of market value. A detailed record of activity needs to be kept and submitted to the bank along with

the bank will pay almost all required fees and commissions to all parties on behalf of the seller. Essentially the

Method: Simmer all of the ingredients together (except for the orange zest) just long enough for the cherries to slightly cook, then pull them out. Bring the liquid to a fast simmer and reduce by 1/4 or until it is a light syrup. Remove from heat and add the zest and let steep.

Once cool, strain and chill.

Assembly: Soak a piece of the bread in a mixture of cinnamon, eggs, milk and cream. Sear the bread in a pan on low heat until the batter is cooked on both sides. Heat the chocolate sauce and the glazed cherries and start by pouring a little bit of the chocolate sauce over the bread and around the plate, then follow with the glazed cherries. Sprinkle some powdered sugar over the bread and plate.

Diligent communication and

In real estate, a short sale is a

Method: Scald the cream, then add the chopped chocolate. Mix together and finish with the butter. Cool to room temperature.

3 sticks cinnamon 1 tsp. cloves Zest of 3 oranges

not true. The bank will only accept a

We’ve had nice housing support from

end of those purchases to increase

been especially difficult for potential

the Federal Government since fall

rates.

borrowers as the rates, programs and

2009 thanks to low interest rates and

Most economists are expecting

options have been unfavorable. It’s

the homebuyer tax credits. With rates

home sales to have a slowing

simply been difficult for many poten-

expected to be on the rise and the

“hangover effect” from the tax credit

tial home buyers to secure financing.

tax credit program ending, the

buying activity for a few months.

However, there is now news of new

expectations are that home sales

And then a solid pace of home buying

Jumbo loan programs with lower fixed

activity will soften for a few months.

activity should continue through

rates and lower down-payment

But from a positive view, homes prices

year end.

options on the horizon. And there

are very affordable and mortgage

And speaking of an end to the

have even been indications that

rates are still at historic lows. It is

recession, we are starting to see

there will be some programs available

uncertain if interest rates will begin

lenders relaxing loan guidelines.

for self-employed borrowers that

to rise substantially from these low

They would only do this if they felt

don’t require a tax return verification.

levels. The Fed has chosen to not

real estate conditions are improving.

It is thought that we might see loans

raise the Federal Funds Rate for

Some lenders are now offering a

such as this coming to market by year

several quarters now. However,

5% down Conventional loan program

end for those with good credit and

the government stopped purchasing

as opposed to the minimum 10%

strong assets.

mortgage-backed securities earlier

down we’ve seen since the “mortgage

this year and many experts expect the

correction.” The Jumbo market has

follow-up is a must in order to successfully negotiate, process and close a short sale. The entire process can take anywhere from three to five months to complete. If not handled

Mannered Bodies: European Prints of the Later Renaissance San Diego Museum of Art, through June 27th 619.232.7931 or sdmart.org Enjoy this special exhibition of European artists before it closes at the end of June. Conceived as a “teaching exhibition,” this selection of sixteenthcentury prints focuses on the “stylish style” of the later Renaissance time period.

Il Circo Anthology, June 2nd – 6th 619.595.0300 or anthologysd.com You will be amazed at the gravity-defying performance of Il Circo. See Anthology magically transformed into a menagerie of human performers.

Spectators will marvel at the astonishing acrobatics, dances, stunning costumes and breathtaking stunts performed by the Acro Circus.

Rock ‘n Roll Marathon Balboa Park, June 6th 800.311.1255 or san-diego.competitor.com What better way to stay motivated through a 26.2mile marathon than with a roaring crowd cheering you on and live music pumping through the streets?

This year’s course includes a nine-mile stretch along San Diego’s scenic beachfront and a track through PETCO Park. Think 26.2 miles is a bit much for you?

Then try the 13.1-mile half marathon added this year for the first time.

Taste of Gaslamp Gaslamp District, June 26th – 27th 619.233.5227 or gaslamp.org/taste-of-gaslamp Each summer this friendly competition is hosted by the Gaslamp Quarter and showcases some of San Diego’s finest restaurants. Foodies will get a map leading them to the participating restaurants and their delicious house specialties, which are all included in the ticket price. A special beer garden sponsored by Samuel Adams will also be featured during this delicious event.

Wine and Roses Charity Wine Tasting Westgate Hotel, June 13th 619.583.9463 or wineandroses.net Enjoy a lovely evening of wine and music on the beautiful terrace of the Westgate Hotel – all for a heart-warming cause. Guests will enjoy fabulous wines paired with wonderful cuisines and participate in the silent auction and raffle of rose bushes and cases of wine. This yearly event pairs up the San Diego International Wine Competition with the Social Service Auxiliary to raise funds for Camp Oliver.

Father’s Day Celebration Sail Maritime Museum of San Diego, June 19th – 20th 619.234.9153 or sdmaritime.org Have a sea-loving Dad? Take him out for a Father’s Day he won’t soon forget. Once aboard the vessel, Dad will get a chance to help the crew sail and navigate around the San Diego Bay. Crew members will take commemorative pictures that are yours to keep before the cruise is over.

Featuring Grant Grill at the US Grant Hotel 326 Broadway 619.744.2077 or grantgrill.com

Chocolate Pain Perdu with Glazed Cherries CHOCOLATE BRIOCHE: Ingredients: 3 tsp. active dry yeast 4 Tbs. warm water 7 Tbs. sugar 6 eggs

3 tsp. salt 4 cups flour 1/2 cup cocoa powder (unsweetened) 2 cups unsalted soft butter

Method: Butter and lightly flour two bread pans. Combine yeast, water, one Tbs. sugar and mix in a small container. Let stand for three minutes. Whisk eggs, remaining sugar and salt in a mixing bowl. In a large mixing bowl combine yeast with the flour and cocoa. Add egg mixture and soft butter then mix with a bread hook on low speed until the dough comes away from the sides. (DO NOT OVER MIX THE DOUGH!) Split the dough into two pieces and place into the bread pans, cover and let proof in a warm spot for one hour.

Once the dough has doubled in size, place into a 375 degree oven at 3/4 fan humidity set at 20% and bake for 10-12 minutes.

Test with a toothpick for doneness.

CHOCOLATE SAUCE: Ingredients: 1 cup heavy cream 4 oz. butter 1 lb. milk chocolate (chopped)

JUNE 2010

A short sale is a phrase used to

necessarily approve a short sale. The

• The property has to be put on the

homeowner does not pay for any costs

describe a sale in which the value of

loan is said to be “performing.” This is

market for sale and one must show a

of the sale. It’s also important to note,

the product or service being sold is

rapidly changing however and now

concerted effort to sell the property at

in no case may the homeowner walk

actually more than the sales price.

banks are willing to negotiate even

market value. There is misinformation

away with any proceeds from a short

Another common term to describe

with “performing” loans.

out there in which people believe the

sale.

• A lengthy package of documents

bank will accept any amount. That is

a short sale is being “upside down.”

needs to be assembled to prove

rather lengthy process in which an

to the bank that the seller can no

agreement is made between the bank

longer make payments. Most of these

and seller for the bank to accept a

documents are the same ones used

lesser amount than owed. Working

to qualify for the loan. The homeowner

all the other documents.

with a Realtor that is experienced

is basically disqualifying them self

• Once a buyer is found, the purchase

properly, the property may foreclose

in the process is critical. Your

as the property owner. In addition to

contract along with all the documents

before the short sale can be complet-

Realtor will ask for some initial

those financial documents, a hardship

already mentioned is submitted to the

ed. You can see why it is important to

documentation to send to the

letter needs to be drafted explaining

bank for approval. Once approved,

hire a competent Realtor with a

bank and then will handle all of the

what caused the financial hardship.

the sales process is continued as any

knowledgeable team to expedite

normal real estate transaction would.

the process and give you your best

Most homeowners don’t know that

chances of success.

details of the sale from that point

Market trend reports, recent area

forward. The typical steps in the

sales, market analyses, news clippings

process are as follows:

and other information that can help

GLAZED CHERRIES: Ingredients: 2 lbs. pitted cherries 2 cups sugar 4 cups port 3 each star anise

• If a homeowner is current on

the bank make a better determination

mortgage payments the bank will not

as to why they should accept a short sale should be submitted.

minimum of market value. A detailed record of activity needs to be kept and submitted to the bank along with

the bank will pay almost all required fees and commissions to all parties on behalf of the seller. Essentially the

Method: Simmer all of the ingredients together (except for the orange zest) just long enough for the cherries to slightly cook, then pull them out. Bring the liquid to a fast simmer and reduce by 1/4 or until it is a light syrup. Remove from heat and add the zest and let steep.

Once cool, strain and chill.

Assembly: Soak a piece of the bread in a mixture of cinnamon, eggs, milk and cream. Sear the bread in a pan on low heat until the batter is cooked on both sides. Heat the chocolate sauce and the glazed cherries and start by pouring a little bit of the chocolate sauce over the bread and around the plate, then follow with the glazed cherries. Sprinkle some powdered sugar over the bread and plate.

Diligent communication and

In real estate, a short sale is a

Method: Scald the cream, then add the chopped chocolate. Mix together and finish with the butter. Cool to room temperature.

3 sticks cinnamon 1 tsp. cloves Zest of 3 oranges

not true. The bank will only accept a

We’ve had nice housing support from

end of those purchases to increase

been especially difficult for potential

the Federal Government since fall

rates.

borrowers as the rates, programs and

2009 thanks to low interest rates and

Most economists are expecting

options have been unfavorable. It’s

the homebuyer tax credits. With rates

home sales to have a slowing

simply been difficult for many poten-

expected to be on the rise and the

“hangover effect” from the tax credit

tial home buyers to secure financing.

tax credit program ending, the

buying activity for a few months.

However, there is now news of new

expectations are that home sales

And then a solid pace of home buying

Jumbo loan programs with lower fixed

activity will soften for a few months.

activity should continue through

rates and lower down-payment

But from a positive view, homes prices

year end.

options on the horizon. And there

are very affordable and mortgage

And speaking of an end to the

have even been indications that

rates are still at historic lows. It is

recession, we are starting to see

there will be some programs available

uncertain if interest rates will begin

lenders relaxing loan guidelines.

for self-employed borrowers that

to rise substantially from these low

They would only do this if they felt

don’t require a tax return verification.

levels. The Fed has chosen to not

real estate conditions are improving.

It is thought that we might see loans

raise the Federal Funds Rate for

Some lenders are now offering a

such as this coming to market by year

several quarters now. However,

5% down Conventional loan program

end for those with good credit and

the government stopped purchasing

as opposed to the minimum 10%

strong assets.

mortgage-backed securities earlier

down we’ve seen since the “mortgage

this year and many experts expect the

correction.” The Jumbo market has

follow-up is a must in order to successfully negotiate, process and close a short sale. The entire process can take anywhere from three to five months to complete. If not handled

Mannered Bodies: European Prints of the Later Renaissance San Diego Museum of Art, through June 27th 619.232.7931 or sdmart.org Enjoy this special exhibition of European artists before it closes at the end of June. Conceived as a “teaching exhibition,” this selection of sixteenthcentury prints focuses on the “stylish style” of the later Renaissance time period.

Il Circo Anthology, June 2nd – 6th 619.595.0300 or anthologysd.com You will be amazed at the gravity-defying performance of Il Circo. See Anthology magically transformed into a menagerie of human performers.

Spectators will marvel at the astonishing acrobatics, dances, stunning costumes and breathtaking stunts performed by the Acro Circus.

Rock ‘n Roll Marathon Balboa Park, June 6th 800.311.1255 or san-diego.competitor.com What better way to stay motivated through a 26.2mile marathon than with a roaring crowd cheering you on and live music pumping through the streets?

This year’s course includes a nine-mile stretch along San Diego’s scenic beachfront and a track through PETCO Park. Think 26.2 miles is a bit much for you?

Then try the 13.1-mile half marathon added this year for the first time.

Taste of Gaslamp Gaslamp District, June 26th – 27th 619.233.5227 or gaslamp.org/taste-of-gaslamp Each summer this friendly competition is hosted by the Gaslamp Quarter and showcases some of San Diego’s finest restaurants. Foodies will get a map leading them to the participating restaurants and their delicious house specialties, which are all included in the ticket price. A special beer garden sponsored by Samuel Adams will also be featured during this delicious event.

Wine and Roses Charity Wine Tasting Westgate Hotel, June 13th 619.583.9463 or wineandroses.net Enjoy a lovely evening of wine and music on the beautiful terrace of the Westgate Hotel – all for a heart-warming cause. Guests will enjoy fabulous wines paired with wonderful cuisines and participate in the silent auction and raffle of rose bushes and cases of wine. This yearly event pairs up the San Diego International Wine Competition with the Social Service Auxiliary to raise funds for Camp Oliver.

Father’s Day Celebration Sail Maritime Museum of San Diego, June 19th – 20th 619.234.9153 or sdmaritime.org Have a sea-loving Dad? Take him out for a Father’s Day he won’t soon forget. Once aboard the vessel, Dad will get a chance to help the crew sail and navigate around the San Diego Bay. Crew members will take commemorative pictures that are yours to keep before the cruise is over.

June 2010

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

FEATURED PROPERTY

CURRENT REAL ESTATE ACTIVITY IN HORIZONS & PARK PLACE

The Real Estate Horizons | Unit 1005 2 Bed | 2 Bath 1245 Sq. Ft. $635,000 Located in the heart of the Marina District.

This beautifully upgraded unit has cherry wood floors throughout and is freshly painted. Immaculate home has a gas fireplace in the living room and floor to ceiling windows to take in the spectacular panoramic views including bay, city and evening lights.

SANDRA MELVILLE

Realtor, CRS, GRI Sandra@ MelvilleAndAssociates.com

619.454.5464

CAROLYN BOWHAY

Broker Associate, CRS, GRI Carolyn@ MelvilleAndAssociates.com

HORIZONS

Short Sale Process

PARK PLACE

CURRENTLY AVAILABLE Bed / Bath Est. SF 1/2 1,249 2/2 1,301 2/2 1,245 2/2 1,263 2/2 1,245 2/2 1,245 2/2 1,245 2/2 1,497 2/2 1,544 2/2 1,530 3/3 2,918 4/4 2,516

Floor 2nd 3rd 10th 20th 14th 12th 11th 19th 16th 18th 22nd 4th

SALE PENDING 2 / 2 1,301

15th

SOLD 1/2 1,036 2/2 1,230 2/2 1,770 2/2 2,007 3/3 2,260

UNIT 1701 203 201 2501 2204

List Price $438,900 $449,900 $635,000 $639,000 $639,000 $640,000 $649,000 $892,000 $995,000 $1,089,000 $2,900,000 $1,395,000

$679,000 SOLD PRICE $460,000 $572,000 $660,000 $1,120,000 $1,300,000

CURRENTLY AVAILABLE Bed / Bath Est. SF 1/2 1,113 2/2 1,375 1/2 1,113 2/2 1,374 1/2 1,268 2/2 1,338 2/2 1,545 2/2 1,545 2/2 1,374

Floor 4th TH7 11th 5th 25th 5th 9th 5th 13th

List Price $475,000 $485,000 $499,000 $625,000 $640,000 $650,000 $725,000 $739,000 $1,050,000

SALE PENDING 2 / 2 1,374

17th

$639,000

SOLD 2 / 2 1,353 2 / 2 1,455 2 / 2 1,545

UNIT 706 206 1301

SOLD PRICE $560,000 $615,000 $715,000

Real Estate & Lending Report Delicious Decadence!

Grant Grill’s Chocolate Pain Perdu

All information is deemed reliable but not guaranteed.

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

619.944.5478

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