Thinking about Investing in Rental Property in Downtown San Diego?

If so, this may be the perfect time for you to jump onto the investment property bandwagon.  Over recent years, as the housing market worked to rebuild itself, mortgage rates hit all-time lows.  As a result, many properties around San Diego went from being the owners’ primary residences to their very own Downtown San Diego rental properties.  Now, as the rates start to climb and the economy enters full-blown recovery, you’re losing your chance to get great rates to accompany rental properties.

 

But, that doesn’t mean that you’re completely out of time.  If you’ve been considering putting your money into an investment property, it’s time to seriously put a plan into place.  You might be a homeowner that’s looking to move up or move out, or maybe you have a little extra money set aside that is ready to start making more money for you.  In either case, renting out your property in San Diego can yield big results for you.

 

Depending on the rates that you’re able to negotiate, you may be able to charge a good amount more from your tenants in the long run than you would otherwise be able to attain from the sale of your property.  According to U-T San Diego, a recent poll indicated that 31% of current homeowners that are shopping for a new home in the San Diego area are seriously considering renting out their existing home, rather than selling it.  In a fixed-rate mortgage, the monthly payment will not be on the rise; however, as reported by U-T San Diego, the rental rate in March alone rose 4.4% from the year prior.

 

You may be able to hang onto a rental property for several years and see a substantial rate of return.  Keep in mind, however, that being a landlord may sound better than the situation actually occurs in real life.  It can be a tough job, particularly if you’re an out-of-town landlord.  Landlords, particularly those giving it a go for the first time, should be encouraged to consider hiring a property management firm to assist with the unexpected repairs, complaints, and incidences that can occur when someone is leasing your valuable property.

 

There are pluses and minuses to renting out your property.  Whether you’re looking to buy or sell, I can help!  I know the San Diego real estate market very well, and I am experienced in buying and selling condos, single-family homes, co-ops, and townhomes.  If you’re unsure about what your next move should be in the real estate world, email or call me, Michael Long, and let’s talk about your options!

Parking Update in North Embarcadero

If you’re frustrated by the inconvenience of the missing meters on the east side of Lane Field and fewer parking spaces as a result of the closure of the ABM Parking Services lot on Lane Field, keep in mind that this construction means that change is coming, and when we talk about the North Embarcadero Visionary Plan, change is always a good thing!

 

If you’ve been around downtown San Diego for any time at all, you’ve probably heard about the North Embarcadero project.  It’s been going on for a long time, but when the recession hit, progress slowed a lot.  Now that jobs are starting to be created again, homes and construction projects are picking back up.  The meters and lot on Lane Field closed April 21st to make way for the groundbreaking of the Lane Field North Hotel Project.  This is great news if you live downtown, and you’re planning on having out-of-town guests that aren’t comfortable imposing on your personal space because this $115 million project is slated to include a dual-branded 400-room hotel at Broadway and Pacific Highway.  One portion of the new hotel will include a standard overnight hotel and the other comprise a hotel that’s built for extended stays with suites.  A 1.6-acre park is also in the plans, which will be adjacent to North Harbor Drive along the west side of this lot.

 

While the meters will be permanently removed, you don’t have to wait much longer for the new parking lot to be put into place.  The ABM parking lot, while smaller, will be reconfigured to be space-effective.  The entrance of this newly reconfigured lot will be on West Broadway between Pacific Highway and North Harbor Drive.  This lot should re-open in about a month-and-a-half to two months.

 

If you’re in the area while the construction is going on, you can still find plenty of parking.  When no cruise ships are in port (or scheduled to be in port in the coming day), public parking is generally available to you on B Street Pier.  The northeast and southeast corners of Pacific Highway and North Harbor Drive also play host to public parking.  You may even be able to snatch a meter along the west side of North Harbor Street, where meters are still in place from Grape Street to B Street.

 

Excited about all of the changes that are taking place in downtown San Diego?  I am, too!  I’ve been helping buyers and sellers with downtown San Diego real estate options for many years, and I’m always happy to help!  Contact me, Michael Long, if you’d like to learn more about how you can be a part of these great changes!

Urban Discovery Academy in Downtown San Diego

If you think downtown living is just for single twenty-somethings without kids, it’s time to re-align your thinking.  There are some great schools all over San Diego, and some of the most note-worthy are found around the downtown corridors.  In the East Village, a proposal has recently hit the agenda that could result in a brand new charter school that would be called Urban Discovery Academy.

Today, a public hearing will be held so attendees can learn about the proposed plans for the project of this K – 8 charter school.  The meeting starts at 1pm, and it will be held at 401 B Street, Suite 100, downtown at the cross streets.  Neighbors, parents, business leaders, and everybody else are encouraged to come to the meeting to learn about this project that is planned to live at the 30,000 square feet site at the corner of 14th and G Streets in the East Village.

If approved, this new K – 8 school would include a combination of old and new architecture.  The two-story building that currently stands at this location would be utilized for part of the classrooms.  An additional building would be built, adding 16,000 square feet of learning space to the north of the existing building.  The entirety of the project doesn’t stop at the learning facilities.  Within the project’s plans, a residential building would be erected, which would add six brand new residential units in a four-story tall building.  A small retail space is also included in the plans, which would be kept on the ground floor.  A new parking lot would be paved at the southwest corner of 14th and E Streets.  Of course, with the age group of the students in mind, the plans include outdoor playgrounds and facilities to help the kids get rid of some energy when they’re not inside their classrooms.

Attendees at today’s meeting are welcomed and encouraged to ask questions and learn how this new charter school could impact the East Village community.  Copies of the development plan will also be available for those who wish to learn more about this undertaking.

The final decision, which will be made by CivicSD, unless contested within ten days, will decide the ultimate yay or nay for this new charter school.

 

If you want to learn more about the Urban Discovery Academy Project, head down to the hearing today at 1pm!

If you’re looking for a family-friendly home around downtown San Diego, contact me, and let me know how I can help!

Forbes says Little Italy is #10 for Millennials

MillennialsDowntown San Diego will always be a destination that many locals and tourists seek out. Forbes listed their top 25 cities and neighborhoods for Millennials. Little Italy in Downtown San Diego was number 10 on their list.

No. 10 San Diego, CA
Best Neighborhood for Millennials: Little Italy
Percent of Population Age 25 – 34: 15%
Median Rent: $1,261
Median Income: $30,196
Crime Rate: Low
Representative College: University of San Diego

Little Italy is #10 for Millennials

Each year, Forbes comes out with their top 25 Millennial cities & neighborhoods and we are all curious which one made the list. Data was analyzed by Niche.com on many different factors. Each city or area to be a contender would have to have at least 1 million residences and was captured by U.S. Census, FBI and college surveys from a half a million students. Other factors include, age range for millennials (25-34), education level, racial diversity, median income, crime rate, rents and unemployment rate.

I’ve always said San Diego is a pretty young city, especially for Downtown San Diego Condos. Most condo complexes were built from 2002 to 2009 and I’ve seen most of these being built from the ground up.

Even though San Diego is #10 on Forbes’ list, I say it’s #1

San Diego’s Bike Sharing Program

Another great program is on its way to downtown San Diego, which gives residents and visitors alike yet another reason to love our downtown just as much as we do!  The proposed parking stations were released just a couple days ago, and the plans have people excited about the bikes hitting the roadways, which is scheduled to come at the latter part of this calendar year.

 

So what is a bike sharing program, anyway?  In San Diego, the program will be known as DECOBIKE San Diego.  It’s similar to other programs that are located in popular cities across the country.  In short, transportation around town on two wheels gets easier with these programs.  The bikes are available to anyone, including visitors and San Diego residents.  Once the program is up and running at its full capacity, you’ll have access to more than 1,700 bicycles that will be found at over 180 rental and sharing stations.

 

The way it works is simple:  find a sharing station with a bike, rent it by the hour or utilize your membership, and away you go!  You can “return” your bike to any sharing station in the city that has the available space.  The proposed stations that were just released include locations in Uptown, Mid-City, and, of course, tons of places all over downtown.  The large number of sharing stations will allow you to see San Diego as you may not have done before.  With transportation and docking so easy, you can get to work or go see friends without worrying about parking or trying to find a place to lock your own bike up.

 

Cities like Denver, New York City, Minneapolis, and several other known names have had similar bike sharing programs running successfully for quite a long time.  In 2013, Fort Worth, Texas introduced a bike sharing program in its inaugural year, and this year, Portland has started to explore the idea of implementing its own program.

 

As you’ll notice, San Diego’s making moves with some pretty big names in the Downtown San Diego real estate market.  While each city certainly has its own personality and things to offer residents, San Diego is doing great things by implementing the kind of program that’s already proven successful in other great towns across the country.  From enjoying festivals to having friends in town, downtown San Diego living is sure to get even more enjoyable once the DECOBIKEs start hitting the pavement!

 

If you’re excited about San Diego’s bike sharing program, we’d love to hear what you think!

Drones find their Way into San Diego’s Real Estate World

It wasn’t too long ago that the thought of drones painted imagery of flying to work in spaceships and teleporting from one place to another.  The idea seemed very far-fetched.  But then again, it wasn’t too long ago that the idea of technologies such as the Internet and smartphones were just a dream, as well.  Times and technologies are changing, and drones are actually finding their way into mainstream uses fairly quickly.

 

As U-T San Diego reports, San Diego’s Realtors have taken a particular interest in the opportunities and benefits that can be obtained from the usage of drones.  While currently drones aren’t likely to be found downtown, it seems only reasonable that they’ll be helping to sell downtown condos in no time.

 

If you’re wondering how drones fit into the real estate world at all, you’re certainly not alone.  It’s quite an interesting evolution whereby Realtors are taking advantage of the drones’ ability to fly much lower than helicopters to obtain shots of property that otherwise may not have been possible.  The goal is to create a story.  By using wide shots and close-ups, stills and videos, Realtors can create a story of each property that helps to convey the emotion of the area.  In some instances, the companies that own the drones offer a menu of uses, from providing the agents with raw images to giving them full-fledged video productions, inclusive of interviews.

 

Commonly, the drones are being used to showcase homes that are perched upon sprawling open spaces.  With downtown San Diego’s real estate popularity on the rise, it seems a natural progression that creative people will get their hands on this technology and find ways to highlight the skyline views or rooftop decks of condos around the downtown area.  Keep your eyes peeled!  You never know when you could look into the sky and see a high-tech bird taking pictures of the world below.

 

If  you’re selling a high-rise condo, I do know who can help with these types of videos and pictures.  Call me today:  Michael Long 619.846.0892

Cinco de Mayo in San Diego

There are tons of great things about living in downtown San Diego.  While the real estate market is happily increasing with beautiful condos becoming available daily all over town, sometimes I like to share some of the benefits of living in and around downtown that aren’t necessarily real estate-related.  With one of spring’s favorite holidays just around the corner, I wanted to let you know about some of the light-hearted ways that you can celebrate Cinco de Mayo in San Diego.

  • Fiesta Old Town.  The entire weekend of Cinco de Mayo is one huge celebration in Old Town.  From Friday, May 2nd until Sunday, May 4th, the festival that’s over thirty years old returns to this section of town.  With it, comes tons of live music, a low rider car show, a soccer competition, and two cantina beer gardens.  This family-friendly and fun event welcomes the kids, too, and they’ll have their very own children’s area where they’ll easily be worn out after doing all of the things that kids do best.

 

  • Adults Only.  The San Diego Cinco de Mayo PubCrawl is a 21 and up event that will surely make great memories (or at least leave you waking up to some great pictures).  Whether you choose to attend for one night or both days, you’re sure to experience a new place or two, and I’m fairly certain that you’ll make a few new friends along the way, too.  The PubCrawl takes place on Saturday, May 3rd and Monday, May 5th.  More than a dozen venues will be opening their doors to you so you can enjoy cerveza specials and take shots of tequila at discounted prices.  Your tour will take place throughout the GasLamp District.

 

  • Mariachi El Bronx.  Belly Up Tavern in Solana Beach plays host to the Mariachi El Bronx band on Cinco de Mayo.  The doors for this show open at 8pm on Monday, May 5th, and the party gets going at 9pm.  Tickets range from $16 to $28, depending on when you purchase yours and where you want to be when the music starts playing.  The band offers a combination of punk rock and Latino sounds that will welcome this spring time holiday in full force.

 

  • Baseball.  Okay, sure, this is America’s Favorite Past Time, but that doesn’t mean that you can’t head to Petco Park to catch an early summer game in your favorite Mexican poncho!  Cinco de Mayo plays host to the first day of the series where our own San Diego Padres will be facing off against the Kansas City Royals.  Baseball is always an all-ages event, so it doesn’t matter if you’re bringing the kids or you’ve got a group of your favorite friends, you can buy tickets from super affordable to tickets that give you access to super great seats.

Looking for a beautiful downtown San Diego condo to call your very own?  I’d love to help! Contact me today, and let me know what kind of home you’re looking for!

San Diego Downtown Circulator Shuttle System

Living downtown is great, and soon, getting from one downtown neighborhood to the next could get much easier.  Plans are underway by the Downtown San Diego Partnership to create shuttle service that will loop to $1 bus service from East Village to Balboa Park, the central business district (CBD) to Hillcrest, and the CBD to Little Italy.

 

The proposal intends to make transportation for business people, visitors, and downtown residents easier and more cost effective for all.  An increasingly difficult time finding parking during the daytime has been noticed by officials, and this circular shuttle system intends to make it much easier to park your car in one spot and still get around town easily.  The idea of job growth, tourist attraction, and great downtown living are at the core of the foundation of this new transit system.

 

Downtown and Uptown planners have come together to concoct this plan.  Workers, visitors, and residents would be able to enjoy an easy ride up and down Sixth Avenue and around City Centre throughout the day, particularly at peak hours.  Nine vehicles would operate the three routes, which would provide transit to riders for only a buck a ride.  Kids and members of our military would ride for free.  At this time, the rides are planned to run daily until midnight.  Other bus and shuttle services are planned to be easy connecting points for riders of this circulator shuttle.  The BRT, Coaster, Trolley, and the Port’s Big Bay Shuttle are some of the partners that are planned for this potential shuttle service.

 

San Diego’s residents and workers will now have a greener transportation that keeps sustainability in mind.  This transit system would help to reduce greenhouse gas emissions while freeing up time for people that would otherwise be circling the blocks looking for an unoccupied meter.

 

The total cost of the project is expected to be around $2.1 million.  Some of the meter money that you and your neighbors have spent in recent times will go toward the funding of this project.  CivicSD plans to contribute about $600,000 of meter money towards the development of this project, and the Uptown Partnership plans to give about $400,000 from funds that come from a similar source, according to U-T San Diego.  Funding interest is reportedly pouring in since word started spreading about this project.

 

Are you San Diego Downtown Condo owner and excited about the idea of the San Diego Circulating Shuttle?  If so, we’d love to hear your thoughts!  Feel free to talk about this project in the ‘Comments’ section below!  If you’re looking for a great downtown place where you can set up your own roots, contact me today!

Foreclosures Decline as the Economic State Rises

Foreclosure San DiegoHave you noticed that jobs are starting to become slightly more available than they were recently?  If so, you’re completely correct.  And as the job market starts to stabilize, so, too, does the housing market.  San Diego, like much of the country, was hit hard by the Great Recession, but being hit hard doesn’t mean our city was hurt forever.  It just took a little while for the city to bounce back.  Thanks to recent reports, we’re happy to announce that it sounds like we’re on the right track!  There are currently 0 active Downtown San Diego Foreclosures now and we don’t see this to increase any time in the near future.

 

U-T San Diego recently reported that the number of foreclosures in San Diego is on a great decline.  Thankfully, after the county hit 1,316 foreclosures in February alone just a few years ago (in 2008), we’re seeing a great return on investment for both buyers and sellers alike.  People are staying in their homes now, and they’re able to pay their mortgages because the job market is stabilizing as well.  In simple economic terms, the past few years have shown us the huge domino effect that can happen between jobs, family, and homes.

 

In 2006, U-T San Diego reports that 40 properties went back to being bank-owned just as the housing bubble burst, which lead to the following several years of the Great Recession, as it’s been dubbed.  Now, as the economy is starting to climb its way out of the huge hole that we’ve seen for the past several years, homeowners are starting to see equity in their homes, and with equity comes a reduced chance for defaulting.  Default notices were reported to have peaked for a February back in 2009 when 3,471 homeowners received default notices.  Last month, default notices were down to 442.

 

Thanks to the job market being on the rise, and home prices starting to reflect a healing economy, homeowners now have options that they didn’t have before.  In San Diego, the median price of homes has been steadily on the rise.  The median house price is currently reported to be $416,000, which is a rise of 14.2% from the prior year.  With improvement in the housing and job markets, people that find themselves in trouble now have the option to sell because there are, once again, buyers in the market that are able to take on mortgage payments, which, just a few years ago, just wasn’t feasible for many people.

 

Downtown San Diego has always been the place to be, and now living in the place where you work and play has gotten easier!  If you want to learn more about real estate options that are available to you, contact Downtown 92101 Condos, and let us help you find your new home!