Page 1

November 2010 85026 PERMIT 1441

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

FEATURED PROPERTY

Trellis | Unit 210 1 Bed | 1 Bath 725 Sq. Ft. $279,900 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

CURRENT REAL ESTATE ACTIVITY IN HORIZONS & PARK PLACE

HORIZONS

PARK PLACE

CURRENTLY AVAILABLE Bed / Bath Est. SF 2 / 3 1,640 2 / 2 1,263 2 / 2 1,497 4 / 4 2,516 3 / 4 2,752

Floor TH 23rd 19th TH 22nd

List Price $749,000 $775,876 $892,000 $1,395,000 $1,949,000

CONTINGENT 2 / 2 2,007

25th

$1,125,000

SALE PENDING 2 / 2 1,544

16th

$925,000

SOLD 1 / 1 897 1 / 2 1,249 2 / 2 1,301 2 / 2 1,263 2 / 2 1,245

UNIT 202 207 302 2001 1005

SOLD PRICE $350,000 $369,900 $430,000 $575,000 $610,000

CURRENTLY AVAILABLE Bed / Bath Est. SF 1 / 2 1,113 1 / 2 1,268 2 / 2 1,545 2 / 2 1,338 2 / 2 1,252 2 / 2 1,374

Floor TH 25th 3rd 5th 5th 13th

CONTINGENT 2 / 2 1,575

4th

$640,000

SALE PENDING 2 / 2 1,375 2 / 2 1,545 3 / 4 1,776

TH 5th TH

$485,000 $595,000 $699,000

SOLD 1 / 2 1,113

UNIT 408

List Price $460,000 $555,000 $649,900 $650,000 $725,000 $1,045,000

SOLD PRICE $410,000

All information is deemed reliable but not guaranteed. The properties on this list have been listed/sold by various participants in the MLS.

Realtor, CRS, GRI Sandra@ MelvilleAndAssociates.com

Real Estate News

What’s Making Headlines?

Downtown San Diego Neighborhoods

619.454.5464

Spotlight On: Little Italy

Love at First Bite

Suite & Tender’s Chopped Salad 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 UpscaleRealEstateMarketing.com • 877.660.0996

Real Estate Report


Fannie Mae says it will reduce or suspend the mortgage payment for up to six months. They also announced that they will suspend reporting to credit bureaus for up to six months in an effort to minimize the impact of the borrower’s credit score. Fannie Mae is the largest buyer of our nation’s residential mortgages. It’s estimated that they own, or are guaranteeing, over $3 trillion in home loans. To learn if they’re eligible for the program, military members or surviving spouses can call 877.645.4566.

Featuring Suite & Tender 1047 5th Ave. 619.515.3003 | SuiteAndTender.com

CHOPPED SALAD

Boston bibb lettuce, teardrop tomatoes, maple bacon, chives, chervil and bleu cheese crumbles tossed with bleu cheese vinaigrette.

MAKING REAL ESTATE HEADLINES: RESALE FEES

INGREDIENTS 3 oz. bibb lettuce 3 each yellow & red teardrop tomatoes (cut in half) 1 oz. maple bacon, cooked 1 oz. crumbled blue cheese chervil & chives as garnish 2 oz. bleu cheese vinaigrette (see recipe below) METHOD Toss all ingredients except chervil and chives together until well coated with dressing. Serve on a chilled plate. Finish with chervil and chives garnish.

MORTGAGE PAYMENT RELIEF FOR ELIGIBLE MILITARY To aid and support military families struggling because of a death or injury of a service member, mortgage giant Fannie Mae has announced a program to give these families a reprieve on their mortgage payments.

A bill has been introduced called the “Home Equity Protection Act of 2010.” In it, is language seeking to amend the Real Estate Settlement Procedures Act (RESPA) currently in place by prohibiting the collection of Resale Fees. Many condo and high-rise developments add a Resale Fee into the sales contract. Typically, it’s a fee that’s due from the seller to the HOA when the homeowner sells. Funds to the HOA are used for common-area maintenance or for the association’s reserve fund – either one benefitting the HOA and thus the property value. However, there are some new developers that are adding in a Resale Fee, typically calculated as 1% of the sales price, every time the house is sold. Often for up to 99 years. The problem is, this new Resale Fee isn’t used by the HOA for upkeep or improvements. It’s simply money paid to the developer to boost their revenues for years to come. In addition to the Home Equity Protection Act of 2010, the

Federal Housing Finance Agency is also working to stop the use of such Resale Fees. In their proposal, they outline a plan to keep Fannie Mae and Freddie Mac, the two largest mortgage companies, from insuring or purchasing mortgages that include such fees. If you’re considering buying or selling, be sure to talk with your REALTOR and learn if Resale Fees, and who they benefit, will be an issue for you.

FORECLOSURE BILL VETO President Obama plans to veto a bill using a process known as a “pocket veto.” This will be the first veto of his administration. The veto of the bill is intended to make it harder for banks to foreclose on homeowners, giving borrowers an opportunity and more time to work out their loan default issues. In recent weeks, it was learned that several of the nation’s largest mortgage-lending firms such as Bank of America and J.P. Mortgage Chase, may have wrongly and illegally foreclosed on tens of thousands of properties in recent months. Many of these banks have since frozen all foreclosure proceedings until further review can be made. “We believe it is necessary to have further deliberations about the intended and unintended impact of this bill on consumer protections, including those for mortgages, before this bill can be finalized,” White House communications director Dan Pfeiffer remarked.

BLUE CHEESE VINAIGRETTE 1/3 cup white balsamic vinegar 1/3 cup olive oil blend 2 scallion stalks, diced fine 2 Tbs. bleu cheese (Maytag or Roquefort Bleu) Season with salt & pepper

Spotlight: LITTLE ITALY

NOVEMBER 2010 The Sky Tonight Rueben H. Fleet Science Center, November 3rd 619.238.1233 | RHFleet.org Visit California’s largest planetarium during their monthly live show, featuring the largest planet in the solar system – Jupiter. Audience members can also explore interesting objects in the sky such as supernovas and black holes. Afterwards, check out the solar system on your own with the free telescope viewings outside, provided by the San Diego Astronomy Association. Susan G. Koman Race for the Cure Balboa Park, November 7th 858.573.2760 | KomenSanDiego.org Join in the fight against breast cancer with the largest 5K event in San Diego. As a runner/walker, you’ll be part of a vast group of those in support of finding a cure for this disease. You may sign up to run in memoriam of a lost loved one, or in celebration of a brave survivor. Before and after the race, enjoy the multitude of booths and exhibits that will have information, freebies and goodies. So You Think You Can Dance Tour San Diego Sports Arena, November 13th 619.224.4171 | SanDiegoArena.com You watched your favorite dancers on TV, now is your chance to see them perform live! The top 10 contestants are on tour including this season’s winner, Russell. Whether you are a dancer yourself or perhaps just a dancer at heart, you’ll enjoy the music, rhythms, choreography, costuming and all-around entertainment!

One of downtown San Diego’s neighborhoods

with one, two and

filled with culture, charm and a sense of

three bedroom

community is the Little Italy neighborhood at the

floorplans, is also

northern edge of San Diego Bay. Once the place

expected to have

of industry for fisherman and the home of many

nearly 10% of the

Italian families that fished the waters, Little Italy

building space

today is now a village teeming with specialty

dedicated to retail

shops, dining, art galleries and more. Hanging

space.

proudly over India Street, is the recognizable Little

Another smaller

Italy sign that residents and tourists alike enjoy as

condominium

a delightful accent to the area’s landscape.

development with

Amici Park, lined with cypress trees and featuring

plans for just 40

a bocce ball court, adjoins the rebuilt Washington

units is the Riva

Elementary School, providing a playground for

Trigoso, designed

students and open space for the community.

by Martinez + Cutri

Park. The park is a visionary plan to transform the

The neighborhood also hosts a variety of annual

architects. With 50,000 square feet dedicated to

parking lots near the County Administration Center

arts and holiday festivals, including ArtWalk and

residential and 11,000 planned for office space,

into a lushly landscaped area filled with trees, grass

Festa.

it may be a good option for a live/work lifestyle.

and a fountain.

In addition to the recreational opportunities,

Pier, a larger development with 247 units, will

Little Italy also offers plenty of options in living

offer studio, one and two bedroom floorplans. An

including condominiums, apartment complexes

estimated completion date for these three

and single-family homes.

developments hasn’t been announced yet.

A handful of new condominium projects are

In addition to housing, two other projects are

planned for the area. India & Beech, with a

planned for the Little Italy neighborhood. Monarch

planned height of 29 stories and 50 residential units

School, an educational facility, and Waterfront

San Diego Wine and Food Festival Various Locations, November 17th – 21st 619.342.7337 | WorldOfWineEvents.com This culinary extravaganza is sure to tantalize any participant’s taste buds. All week long check out some of the great culinary events including the Celebrity Chef Luncheon and Big Bottle Auction. Featuring 15 celebrity winemakers and celebrity chefs, the proceeds will benefit The American Institute of Wine & Food’s Culinary and Enology Scholarship program. Wild West Presents: Vince Vaughn and Kevin James Comedy Roadshow Balboa Theatre, November 18th 619.570.1100 | SanDiegoTheatres.org Known for their roles in films Wedding Crashers and Hitch, Vince Vaughn and Kevin James are considered two of the top comedians today. These two are sure to keep the audience laughing with their live sketch comedy and surprise special guests. San Diego is lucky to be one of just 14 stops on this comedy roadshow!


Fannie Mae says it will reduce or suspend the mortgage payment for up to six months. They also announced that they will suspend reporting to credit bureaus for up to six months in an effort to minimize the impact of the borrower’s credit score. Fannie Mae is the largest buyer of our nation’s residential mortgages. It’s estimated that they own, or are guaranteeing, over $3 trillion in home loans. To learn if they’re eligible for the program, military members or surviving spouses can call 877.645.4566.

Featuring Suite & Tender 1047 5th Ave. 619.515.3003 | SuiteAndTender.com

CHOPPED SALAD

Boston bibb lettuce, teardrop tomatoes, maple bacon, chives, chervil and bleu cheese crumbles tossed with bleu cheese vinaigrette.

MAKING REAL ESTATE HEADLINES: RESALE FEES

INGREDIENTS 3 oz. bibb lettuce 3 each yellow & red teardrop tomatoes (cut in half) 1 oz. maple bacon, cooked 1 oz. crumbled blue cheese chervil & chives as garnish 2 oz. bleu cheese vinaigrette (see recipe below) METHOD Toss all ingredients except chervil and chives together until well coated with dressing. Serve on a chilled plate. Finish with chervil and chives garnish.

MORTGAGE PAYMENT RELIEF FOR ELIGIBLE MILITARY To aid and support military families struggling because of a death or injury of a service member, mortgage giant Fannie Mae has announced a program to give these families a reprieve on their mortgage payments.

A bill has been introduced called the “Home Equity Protection Act of 2010.” In it, is language seeking to amend the Real Estate Settlement Procedures Act (RESPA) currently in place by prohibiting the collection of Resale Fees. Many condo and high-rise developments add a Resale Fee into the sales contract. Typically, it’s a fee that’s due from the seller to the HOA when the homeowner sells. Funds to the HOA are used for common-area maintenance or for the association’s reserve fund – either one benefitting the HOA and thus the property value. However, there are some new developers that are adding in a Resale Fee, typically calculated as 1% of the sales price, every time the house is sold. Often for up to 99 years. The problem is, this new Resale Fee isn’t used by the HOA for upkeep or improvements. It’s simply money paid to the developer to boost their revenues for years to come. In addition to the Home Equity Protection Act of 2010, the

Federal Housing Finance Agency is also working to stop the use of such Resale Fees. In their proposal, they outline a plan to keep Fannie Mae and Freddie Mac, the two largest mortgage companies, from insuring or purchasing mortgages that include such fees. If you’re considering buying or selling, be sure to talk with your REALTOR and learn if Resale Fees, and who they benefit, will be an issue for you.

FORECLOSURE BILL VETO President Obama plans to veto a bill using a process known as a “pocket veto.” This will be the first veto of his administration. The veto of the bill is intended to make it harder for banks to foreclose on homeowners, giving borrowers an opportunity and more time to work out their loan default issues. In recent weeks, it was learned that several of the nation’s largest mortgage-lending firms such as Bank of America and J.P. Mortgage Chase, may have wrongly and illegally foreclosed on tens of thousands of properties in recent months. Many of these banks have since frozen all foreclosure proceedings until further review can be made. “We believe it is necessary to have further deliberations about the intended and unintended impact of this bill on consumer protections, including those for mortgages, before this bill can be finalized,” White House communications director Dan Pfeiffer remarked.

BLUE CHEESE VINAIGRETTE 1/3 cup white balsamic vinegar 1/3 cup olive oil blend 2 scallion stalks, diced fine 2 Tbs. bleu cheese (Maytag or Roquefort Bleu) Season with salt & pepper

Spotlight: LITTLE ITALY

NOVEMBER 2010 The Sky Tonight Rueben H. Fleet Science Center, November 3rd 619.238.1233 | RHFleet.org Visit California’s largest planetarium during their monthly live show, featuring the largest planet in the solar system – Jupiter. Audience members can also explore interesting objects in the sky such as supernovas and black holes. Afterwards, check out the solar system on your own with the free telescope viewings outside, provided by the San Diego Astronomy Association. Susan G. Koman Race for the Cure Balboa Park, November 7th 858.573.2760 | KomenSanDiego.org Join in the fight against breast cancer with the largest 5K event in San Diego. As a runner/walker, you’ll be part of a vast group of those in support of finding a cure for this disease. You may sign up to run in memoriam of a lost loved one, or in celebration of a brave survivor. Before and after the race, enjoy the multitude of booths and exhibits that will have information, freebies and goodies. So You Think You Can Dance Tour San Diego Sports Arena, November 13th 619.224.4171 | SanDiegoArena.com You watched your favorite dancers on TV, now is your chance to see them perform live! The top 10 contestants are on tour including this season’s winner, Russell. Whether you are a dancer yourself or perhaps just a dancer at heart, you’ll enjoy the music, rhythms, choreography, costuming and all-around entertainment!

One of downtown San Diego’s neighborhoods

with one, two and

filled with culture, charm and a sense of

three bedroom

community is the Little Italy neighborhood at the

floorplans, is also

northern edge of San Diego Bay. Once the place

expected to have

of industry for fisherman and the home of many

nearly 10% of the

Italian families that fished the waters, Little Italy

building space

today is now a village teeming with specialty

dedicated to retail

shops, dining, art galleries and more. Hanging

space.

proudly over India Street, is the recognizable Little

Another smaller

Italy sign that residents and tourists alike enjoy as

condominium

a delightful accent to the area’s landscape.

development with

Amici Park, lined with cypress trees and featuring

plans for just 40

a bocce ball court, adjoins the rebuilt Washington

units is the Riva

Elementary School, providing a playground for

Trigoso, designed

students and open space for the community.

by Martinez + Cutri

Park. The park is a visionary plan to transform the

The neighborhood also hosts a variety of annual

architects. With 50,000 square feet dedicated to

parking lots near the County Administration Center

arts and holiday festivals, including ArtWalk and

residential and 11,000 planned for office space,

into a lushly landscaped area filled with trees, grass

Festa.

it may be a good option for a live/work lifestyle.

and a fountain.

In addition to the recreational opportunities,

Pier, a larger development with 247 units, will

Little Italy also offers plenty of options in living

offer studio, one and two bedroom floorplans. An

including condominiums, apartment complexes

estimated completion date for these three

and single-family homes.

developments hasn’t been announced yet.

A handful of new condominium projects are

In addition to housing, two other projects are

planned for the area. India & Beech, with a

planned for the Little Italy neighborhood. Monarch

planned height of 29 stories and 50 residential units

School, an educational facility, and Waterfront

San Diego Wine and Food Festival Various Locations, November 17th – 21st 619.342.7337 | WorldOfWineEvents.com This culinary extravaganza is sure to tantalize any participant’s taste buds. All week long check out some of the great culinary events including the Celebrity Chef Luncheon and Big Bottle Auction. Featuring 15 celebrity winemakers and celebrity chefs, the proceeds will benefit The American Institute of Wine & Food’s Culinary and Enology Scholarship program. Wild West Presents: Vince Vaughn and Kevin James Comedy Roadshow Balboa Theatre, November 18th 619.570.1100 | SanDiegoTheatres.org Known for their roles in films Wedding Crashers and Hitch, Vince Vaughn and Kevin James are considered two of the top comedians today. These two are sure to keep the audience laughing with their live sketch comedy and surprise special guests. San Diego is lucky to be one of just 14 stops on this comedy roadshow!


November 2010 85026 PERMIT 1441

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

FEATURED PROPERTY

Trellis | Unit 210 1 Bed | 1 Bath 725 Sq. Ft. $279,900 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

CURRENT REAL ESTATE ACTIVITY IN HORIZONS & PARK PLACE

HORIZONS

PARK PLACE

CURRENTLY AVAILABLE Bed / Bath Est. SF 2 / 3 1,640 2 / 2 1,263 2 / 2 1,497 4 / 4 2,516 3 / 4 2,752

Floor TH 23rd 19th TH 22nd

List Price $749,000 $775,876 $892,000 $1,395,000 $1,949,000

CONTINGENT 2 / 2 2,007

25th

$1,125,000

SALE PENDING 2 / 2 1,544

16th

$925,000

SOLD 1 / 1 897 1 / 2 1,249 2 / 2 1,301 2 / 2 1,263 2 / 2 1,245

UNIT 202 207 302 2001 1005

SOLD PRICE $350,000 $369,900 $430,000 $575,000 $610,000

CURRENTLY AVAILABLE Bed / Bath Est. SF 1 / 2 1,113 1 / 2 1,268 2 / 2 1,545 2 / 2 1,338 2 / 2 1,252 2 / 2 1,374

Floor TH 25th 3rd 5th 5th 13th

CONTINGENT 2 / 2 1,575

4th

$640,000

SALE PENDING 2 / 2 1,375 2 / 2 1,545 3 / 4 1,776

TH 5th TH

$485,000 $595,000 $699,000

SOLD 1 / 2 1,113

UNIT 408

List Price $460,000 $555,000 $649,900 $650,000 $725,000 $1,045,000

SOLD PRICE $410,000

All information is deemed reliable but not guaranteed. The properties on this list have been listed/sold by various participants in the MLS.

Realtor, CRS, GRI Sandra@ MelvilleAndAssociates.com

Real Estate News

What’s Making Headlines?

Downtown San Diego Neighborhoods

619.454.5464

Spotlight On: Little Italy

Love at First Bite

Suite & Tender’s Chopped Salad 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 UpscaleRealEstateMarketing.com • 877.660.0996

Real Estate Report


Downtown San Diego Nov. 10  

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