San Diego Condo sales in 92101 for August 22nd to August 28th, 2010 – 20 Sales

Search includes 92101 zip code for Downtown San Diego condo attached units reported closed sales by Sandicor Multiple Listing Service (MLS) for downtown San Diego real estate.  You can visit our Downtown San Diego Closed weekly report here or active market statistics here.

Average San Diego condo list price was $297,276 and average  sold for all sales was $287,910 with an average of $340.92 per square foot. Average days on the market was 76.  San Diego condos sold for an average of 98% of the listing price.

Here are the updated active market statistics for downtown San Diego for condos.

90-day stats for Condo properties in SAN DIEGO, CA92101 as of August 27, 2010
Median List Price:	$447,327	Average List Price:	$627,704
Total Inventory:	628	Price per Square Foot:	$416
Average Home Size:	1,092	Median Lot Size:	n/a
Average # Beds:	1.80	Average # Baths:	1.74
Homes Absorbed:	32	Newly Listed:	30
Days on Market:	156	Average Age:	8

Downtown San Diego Condos For Sale – 5 Newest

Showing properties 1 - 5 of 500+. See more 92101 zip code real estate.
(all data current as of 9/2/2010)

1. $775,000 : 200 Harbor, Unit 1501, San Diego
   
   2 beds, 2 full baths

   Size: 1,572 sq ft

   Lot size: n/a

   Year built: 1992

   Parking spots: 2

   Days on market: 2
2. $849,000 : 575 6th, Unit 1605, San Diego
   
   2 beds, 2 full baths

   Size: 1,195 sq ft

   Lot size: n/a

   Year built: 2007

   Parking spots: 2

   Days on market: 2
3. $1,195,000 : 1199 Pacific, Unit 1406, San Diego
   
   2 beds, 2 full baths

   Size: 1,944 sq ft

   Lot size: n/a

   Year built: 2004

   Parking spots: 2

   Days on market: 2
4. $3,339,000 : 1325 Pacific, Unit 3602, San Diego
   
   2 beds, 2 full, 1 part baths

   Size: 3,226 sq ft

   Lot size: n/a

   Year built: 2009

   Parking spots: 2

   Days on market: 2
5. $244,900 : 1501 Front, Unit 537, San Diego
   
   1 beds, 1 full bath

   Size: 721 sq ft

   Lot size: n/a

   Year built: 2004

   Parking spots: 1

   Days on market: 2

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Now the legal stuff:  Not all San Diego condos are reported to Sandicor MLS, and sales may not be reported on a timely basis by the listing agent.

Here is a link for our mobile friends.

Free title insurance quotes with the CLTA Title Wizard®

A few days ago I posted an article regarding Corinthian Title and some shady backroom deals.  Today I am offering a tool to bring everything out into the light of day for agents and consumers.

Twenty years ago when I started in real estate the direction of title insurance was mostly controlled by listing or selling agents with favorite title representatives.  Not much has changed with agents arguing over favorite title representatives.

Now consumers and agents have a tool to easily compare rates.

While most real estate agents refer business to those companies that provide excellent customer service, kick backs, special favors, and treatment were not unusual.  This was clearly evidenced by the Corinthian settlement.

For those of you that don’t know what title insurance is here is a brief description.  This article is being written for San Diego real estate.  Customs changes from County to County and between Northern and Southern California.

Title insurance is a policy that protects buyers and lenders and makes sure the seller has the right to sell a particular property.  Title insurance protects home owners from losses that could result from disputes over ownership of a property’s title.   Items covered under title insurance include fraud, liens against the property, and errors missed during a title search.

First there are two types of title insurance, an owner’s title insurance normally paid by the seller, and a lender’s title insurance normally paid by the buyer.

Owner’s title insurance guarantees that the buyer has the right to the property. It also covers the cost of any legal fees that arise if you have to defend your claim. The cost is based on the price of the property. It is issued for a one-time fee usually due when you are closing or settling the transaction. Insurance benefits are paid only to the name that is on the policy. Coverage lasts as long as you hold title to the property.

Lender’s title insurance protects the bank or other lending institution that issues your mortgage from any losses resulting from disputes over who owns the property. A policy covers the amount of the loan and the cost is based on the amount of that loan. Most lenders require this coverage, which ends when the mortgage is paid.

More information can be found at the California Department of Insurance website.

While the internet is a powerful tool don’t loose site over local service and the ability to get the job done.  While saving $50.00 on a title insurance policy might sound good, sometimes your piece of mind and level of service is worth a few extra dollars.

This is where your real estate agent can come in to give you recommendations based on past experiences with title insurance companies. Being in the business day to day we know which companies really provide excellent service results and have the resources and experienced title officers.  This becomes particularly important when dealing with complicated title insurance issues.

It pays to shop around for title insurance since rates vary.  Keep in mind that short term rates may be available if your property has been resold within the last 5 years.  Other discounts include senior, first time buyer, government employees, teachers, and if the residence is owner occupied.

Get started today with your free quote from CLTA Title Wizard®.

Vantage Pointe returns buyers deposits for 2nd time.

The 679 unit Vantage Pointe announced yesterday they would be returning buyers deposits to those interested in purchasing a unit.  Read the full article over at SignOnSanDiego.

The Vantage Pointe developer failed to meet the Fannie Mae or Freddie Mac or FHA requirements crucial to financing purchasers.  Vantage Pointe had defaulted on their 210 million construction loan earlier this year and now intends to offer the units for rent.

In my mind this has removed 679 units from the downtown real estate inventory.   That in a market where quality units under $500,000 are hard to find.  The lack of any potential high rise projects in planning is probably a good thing for downtown real estate in the near future.  Of course at some pointe Vantage Pointe might be back, but it will be a hard road.

“We were very disappointed in the fact that we were unable to get the sales we were hoping for, and we think it’s a great building, but unfortunately it’s a sign of the market and there’s nothing we can do about it,” said Klapstein. “We did the best we could, we had the best marketing team and had a great product at a great price.”

While downtown’s condo market suffered during the housing bust, as most neighborhoods have, Vantage Pointe faced unique hardships that were difficult to overcome, most notably its gargantuan size that would have made it difficult to sell out even in a brisk real estate market. Its location at Ninth Avenue and B Street on the fringe of downtown’s central core also made it a harder sell for some buyers.

“Urban projects are tough and with this number of units, they’re tough to pull off unless you have smoking market conditions,” observed Peter Dennehy, vice president at John Burns Real Estate Consulting. “And the units were not particularly impressive as far as basic design and features. It really works better as a rental, and trying to do rental and sales in the same building doesn’t work because buyers really don’t want to be in a building with renters.”

You may review my original video on Vantage Pointe here or information on the default here.

Photo courtesy of Flickr.

San Diego, CA – Corinthian Title Company Agrees to resolve enforcement issue with State Department of Insurance.

According to  SanDiego6.com, Corinthian Title has made an agreement with the State Department of Insurance and Commissioner Steve Poizner to resolve an enforcement issue.

Corinthian Title Co. Inc. was accused of failing to file escrow rates between October 2008 and November 2009, despite the fact that it solicited and provided escrow services during that time, Poizner said.

The company also allegedly failed to comply with its underwriter’s filed rates, resulting in overcharges and undercharges, and gave discounts on lender title insurance policies in residential refinance transactions that didn’t meet qualification criteria for those discounts, resulting in undercharges that could be considered illegal rebates to induce the referral of business, according to the DOI.

The settlement with Corinthian includes a $100,000 monetary penalty, plus a $10,000 reimbursement of legal fees and costs to the Department of Insurance, Poizner said.

It is hard to believe that in 2010 we still see these illegal rebates and cozy affiliated companies, at the detriment of the consumer.  Just another sad scheme like the Property ID kickback with Prudential California and other major brokers.

Only one reason a real estate company, broker, or agent should ever refer a settlement service – based on their belief it’s in the best interest of the Client and that the company will provide excellent and competitive services.

Companies, agents, and Brokers should be ashamed for these illegal activities.

“I refuse to allow title companies to break the law through illegal rebating or through overcharging consumers,” Poizner said. “It is mandatory that companies file their schedule of rates prior to charging those rates and the rates they file with the department are the rates they are required to charge consumers — no more and no less.”

Good job Steve Poizner.  Full press release here.

San Diego Condo sales in 92101 for August 15th to August 21st, 2010 – 19

Search includes 92101 zip code for Downtown San Diego condo attached units reported closed sales by Sandicor Multiple Listing Service (MLS) for downtown San Diego real estate.  You can visit our Downtown San Diego Closed weekly report here or active market statistics here.

Average San Diego condo list price was $414,231 and average  sold for all sales was $400,357 with an average of $367.70 per square foot. Average days on the market was 88.  San Diego condos sold for an average of 97% of the listing price.

Here are the updated active market statistics for downtown San Diego for condos.

90-day stats for Condo properties in SAN DIEGO, CA92101 as of August 27, 2010
Median List Price:	$447,327	Average List Price:	$627,704
Total Inventory:	628	Price per Square Foot:	$416
Average Home Size:	1,092	Median Lot Size:	n/a
Average # Beds:	1.80	Average # Baths:	1.74
Homes Absorbed:	32	Newly Listed:	30
Days on Market:	156	Average Age:	8

Downtown San Diego Condos For Sale – 5 Newest

Showing properties 1 - 5 of 500+. See more 92101 zip code real estate.
(all data current as of 9/2/2010)

1. $775,000 : 200 Harbor, Unit 1501, San Diego
   
   2 beds, 2 full baths

   Size: 1,572 sq ft

   Lot size: n/a

   Year built: 1992

   Parking spots: 2

   Days on market: 2
2. $849,000 : 575 6th, Unit 1605, San Diego
   
   2 beds, 2 full baths

   Size: 1,195 sq ft

   Lot size: n/a

   Year built: 2007

   Parking spots: 2

   Days on market: 2
3. $1,195,000 : 1199 Pacific, Unit 1406, San Diego
   
   2 beds, 2 full baths

   Size: 1,944 sq ft

   Lot size: n/a

   Year built: 2004

   Parking spots: 2

   Days on market: 2
4. $3,339,000 : 1325 Pacific, Unit 3602, San Diego
   
   2 beds, 2 full, 1 part baths

   Size: 3,226 sq ft

   Lot size: n/a

   Year built: 2009

   Parking spots: 2

   Days on market: 2
5. $244,900 : 1501 Front, Unit 537, San Diego
   
   1 beds, 1 full bath

   Size: 721 sq ft

   Lot size: n/a

   Year built: 2004

   Parking spots: 1

   Days on market: 2

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Now the legal stuff:  Not all San Diego condos are reported to Sandicor MLS, and sales may not be reported on a timely basis by the listing agent.

As the real estate market shifts ask yourself do I need 5,000 square feet?

One of the things that I love about living downtown is space is a premium

The normal sized condo is a 2 bedroom, 2 bathroom, 1200 to 1300 square foot of living space.  Clients that are coming from traditional style homes tend to learn about down sizing, or as I prefer to call it “right sizing.”

Europe long ago learned to be much more space and energy efficient.  I came across this very interesting video of a company called Resource Furniture offering Italian dual purpose furniture.  We also have a local resource in San Diego called Space San Diego.

www.youtube.com/watch?v=dAa6bOWB8qY

Everyone talks a great game in having the best of technology.

A look behind the curtain usually reveals antiquated practices, fax machines, paper copiers, and boxes of documents.

Like the comic above, the realty of the solution is quite different from the one bragged about!

San Diego Condo sales in 92101 for August 8th to August 14th, 2010 – 19

Search includes 92101 zip code for Downtown San Diego condo attached units reported closed sales by Sandicor Multiple Listing Service (MLS) for downtown San Diego real estate.  You can visit our Downtown San Diego Closed weekly report here or active market statistics here.

Average San Diego condo list price was $355,478 and average  sold for all sales was $345,168 with an average of $354.84 per square foot. Average days on the market was 85.  San Diego condos sold for an average of 98% of the listing price.

Here are the updated active market statistics for downtown San Diego for condos.

90-day stats for Condo properties in SAN DIEGO, CA92101 as of August 27, 2010
Median List Price:	$447,327	Average List Price:	$627,704
Total Inventory:	628	Price per Square Foot:	$416
Average Home Size:	1,092	Median Lot Size:	n/a
Average # Beds:	1.80	Average # Baths:	1.74
Homes Absorbed:	32	Newly Listed:	30
Days on Market:	156	Average Age:	8

Downtown San Diego Condos For Sale – 5 Newest

Showing properties 1 - 5 of 500+. See more 92101 zip code real estate.
(all data current as of 9/2/2010)

1. $775,000 : 200 Harbor, Unit 1501, San Diego
   
   2 beds, 2 full baths

   Size: 1,572 sq ft

   Lot size: n/a

   Year built: 1992

   Parking spots: 2

   Days on market: 2
2. $849,000 : 575 6th, Unit 1605, San Diego
   
   2 beds, 2 full baths

   Size: 1,195 sq ft

   Lot size: n/a

   Year built: 2007

   Parking spots: 2

   Days on market: 2
3. $1,195,000 : 1199 Pacific, Unit 1406, San Diego
   
   2 beds, 2 full baths

   Size: 1,944 sq ft

   Lot size: n/a

   Year built: 2004

   Parking spots: 2

   Days on market: 2
4. $3,339,000 : 1325 Pacific, Unit 3602, San Diego
   
   2 beds, 2 full, 1 part baths

   Size: 3,226 sq ft

   Lot size: n/a

   Year built: 2009

   Parking spots: 2

   Days on market: 2
5. $244,900 : 1501 Front, Unit 537, San Diego
   
   1 beds, 1 full bath

   Size: 721 sq ft

   Lot size: n/a

   Year built: 2004

   Parking spots: 1

   Days on market: 2

Listing information deemed reliable but not guaranteed. Read full disclaimer.

If you want to see the total San Diego condo sales through May 29th, 2010 please click here.

Now the legal stuff:  Not all San Diego condos are reported to Sandicor MLS, and sales may not be reported on a timely basis by the listing agent.

Short Sales – Extending anti-deficiency protection to refinanced loans.

SB 1178 which was sponsored by the California Association of REALTORS® just passed the California State Assembly.  Currently there is no anti-deficiency on a short sale unless the loan was a “purchase money” loan – cash out, refinancing, and home improvements loans are not protected in short sales.

Since many San Diego homeowners had refinanced or pulled additional money from their homes the possibility of the lender chasing the debt after the short sale was possible.  With SB 1178 this won’t be possible and once the short sale has been approved their is no recourse for deficiency.

SB 1178 now moves to Gov. Schwarzenegger for his signature. If signed, SB 1178 will become effective June 2011.

Under existing law, if a homeowner defaults on a mortgage used to purchase a home—commonly referred to as a “purchase money mortgage”—the homeowner’s liability on the mortgage is limited to the property itself. However, homeowners who refinanced the original purchase debt, even if only to obtain a lower interest rate, were not extended the same protections. SB 1178 corrects this unfairness and extends the same protections to consumers who refinance their home loans.

“Cash-out” debt for home improvement or consumer expenses is not protected by SB 1178. Similarly, additional new debt secured by the home, such as a home improvement loan, is not protected—only original acquisition debt.

“Today’s vote was a victory for homeowners in California, but the fight is not yet finished,” said C.A.R. President Steve Goddard. “We are urging Gov. Schwarzenegger to swiftly sign into law this crucial piece of legislation. Passage of SB 1178 will ensure lenders underwrite refinance loans at least as carefully as purchase money mortgages and will provide much-needed consumer protection.”

Source: California Association of REALTORS®.  Photo courtesy of Flickr.