Downtown Crowns Blog

Downtown San Diego Condos: Short Sale Updates. Run from RCS

2010-09-03T04:07:10Z

What is happening in today's short sale world? What have we learned working with our San Diego real estate owners?

There is some good news with short sales and some bad news. Let's talk about the good news first. Many lenders have seen it is better for their bottomline to work with a seller and buyer than go through the foreclosure process. These lenders are actually starting to be cooperative. The Bank of America has adopted a computer based short sale process called Equator. You can upload required documentation and see the short-sale process unfold. If you are missing something, the system notifies you. If you need something, the system notifies you. The B of A is making it easier for the consumer to work through the mess they have found themselves in.

Other lenders are not acting in good faith. RCS (Residential Credit Solutions) is one of those lenders as far as we are concerned. We have been working with RCS for a year on a short sale and they have no intention of working with our seller. Our seller is in the military. She has been transferred. She tried to keep up with payments. It finally became too much. We had a short sale buyer. In our opinion, RCS acted in bad faith and our seller lost the buyer. We have been trying to obtain a loan modification for our seller. She really wanted to keep the property. RCS put up so many roadblocks, it became evident they would not work with a modification.

Our client is being deployed out of the country. We tried the Sailor and Serviceman's Relief Act. Our client should have been covered. RCS spent the time and money to have attorneys find a loophole and our client is losing her condo to foreclosure tomorrow. We are depressed about this. She did everything she could to keep her condo. We did everything we could to help her obtain a modification or workout. The short-sale negotiator we used in this case did everything he could to help her. RCS did nothing but hang up the phone and refuse to work in good faith.

We are sad and we are depressed because we know our client is not the only one experiencing this at the hands of RCS. It makes you wonder why? Are they receiving money on the backend from the U.S. Government? What is really going on? We don't know. We will probably never know. All we know is that in our opinion and experience, RCS acted in bad faith and they probably aren't the only lender around doing that. Our hats are off to lenders like the Bank of America, Wacovia and Wells Fargo. They are at least trying to help the consumer.

If you would like some additional information regarding selling your home or condo, visit our Oops It Didn't Sell website. We have a FREE booklet you can download. If you have any short-sale experiences to share, let us know.

Downtown San Diego Condos: San Diego Crowns

2010-08-26T20:00:00Z

We have exciting news with the launch of our new website San Diego Crowns. Our Downtown San Diego website is so specific we think it narrows the market too much for those who don't want to purchase a Downtown San Diego condo. San Diego Crowns is a search site that allows you to not only search San Diego, but also other counties in California. This MLS feed (Multiple Listing Service) is updated constantly and should be user friendly.

Our new San Diego Crowns website

We would love some feedback and suggestions for this new site, so when you have time, visit San Diego Crowns , navigate around and see how you feel about this search site. We are still working on San Diego Crowns, but any and all comments are welcomed.

Downtown San Diego Condos: Is this an Icon unit?

2010-08-21T19:38:39Z

Part of our job as Downtown San Diego real estate agents is to preview properties in buildings such as Icon. Icon is located in the East Village of Downtown San Diego, and is one of the few buildings that offers a good view into Petco Park. Our previous posting regarding Icon's views will show you the good about the building.

During our preview of Icon, here is one of the units we viewed.

Icon Courtyard

Doesn't look so bad does it? Great location for a courtyard view....

Wait until you see the unit's condition. It is amazing. View from Icon unit

Let's view the interior condition of the unit because it is most interesting.

Icon unit kitchen or lack therof

Someone gave this Icon kitchen the "stripped bare" lookThe bathroom is no different.

Don't wait to take a shower in this Icon unit bath

As you can guess, someone lost this unit to foreclosure. Not only did they take their belongings when they left, they also took everything including the kitchen sink. While I can understand the anger and frustration over losing a unit, it is hard to justify the destruction of this unit. When you lose you lose and it is just unfortunate that someone felt the need to be so destructive.

Now, with all that being said, this is a perfect unit for a remodel and for an investor purchase. We have a group of investors who look for units exactly like this unit. Hard to believe, isn't it. However, we spoke to one of our investors and they now have an all cash offer on the table. We will find out in a few days whether the bank is ready to move on from this unit or continue to keep this shell in their inventory.

This is a series of articles by Sharyn and Victoria Crown, Downtown San Diego real estate agents.

Downtown San Diego Condos: Icon

2010-08-21T03:55:27Z

We previewed units at Icon today. Icon is located on 10th and 11th in the East Village. As you can see from the roof top deck, Icon has some fantastic views. Both Icon and The Legend appeal to downtown San Diego condo owners who also want to "live" the San Diego Padres life.

Icon Rooftop views

Icon Petco Park View

Westerly views

Right now, Icon has 18 units listed in the Multiple Listing Service for sale. Prices bounce all over. The low end of pricing is $199,000 and the high end is $639,000. When sold several years ago, these same unit prices would have been $336,500 to $740,00. This is an average of 14% - 41% price reductions. Keep in mind these are just the asking prices. Sales prices since May 1, 2010 range from $265,000 - $639,000, still below the majority of original sales prices.

Wait until you see our next post about one of Icon's more unique units. This unit is so unique, it is missing the sinks, the shower, the toilets and a variety of items in between.

This is a series of Downtown San Diego condo stories by Sharyn and Victoria Crown, Downtown San Diego real estate agents.

Downtown San Diego condos: July 2010 Sales Statistics

2010-08-19T18:52:41Z

Downtown San Diego Listings, Sales and Closings

San Diego Downtown condo sales statistics have been on an interesting journey over the last few years. Look at the comparisons of Downtown San Diego inventory, pending closings, and csold losings. 10.8% of the inventory sold and closed in July 2010. That is a really scary statistic for sellers. You either price your condo correctly or you don't sell. It's pretty simple and very obvious when you see the numbers on paper.

You will see the disconnect between buyers and sellers with the following chart.

Downtown San Diego Square Footage Listings and Sales

This chart also reinforces the disconnect buyers and sellers of Downtown San Diego condos are wrestling with as sellers price and buyers buy. This is a really amazing set of statistics. Just look at how how sellers are pricing per square foot and how low buyers are purchasing per square foot. The numbers are somewhat disconcerting to say the least.

In our opinion, only sellers who have a good reason to be selling should sell in this marketplace. Short sales and foreclosures are supressing the prices. The question becomes how long is this going to go on? After 34 years+ representing buyers and sellers in San Diego, this is one of the few times where I cannot see the end yet. Economists keep babbling that we are in a recovery, but when you look at these Trendgraphix statistics, it is hard to believe the economists vs the reality of the marketplace.

On the flip side of the coin, purchasing right now is the best opportunity I have seen in my career. There are Downtown San Diego units that are bargains, and for the motivated and ready buyer, this may be the time. Financing is only going to get harder, so perhaps it is time to take the plunge. Contact us with any questions or help we may be able to provide.

This is a series of articles by Sharyn and Victoria Crown, Downtown San Diego real estate agents specialzing in San Diego real estate. Visit us on our San Diego Crowns Real Estate Facebook page. Text SDCROWN to 87778 to search properties on your mobile phone

Downtown San Diego Condos: The MTS

2010-08-13T18:18:45Z

San Diego MTS Downtown San Diego condo owners have the best of all worlds. They can use the San Diego Metropolitan Transit System and travel anywhere they want. The trolley coordinates with the bus schedules and the MTS offers the ideal mode of travel for urban dwellers. You can park your car in your Downtown San Diego condo complex's parking structure and just hit the road via the bus, trolley, or train.

If you visit the MTS website you can price your journey, view schedules, and generally plan your trip. Since Downtown San Diego is so walkable, many people will only use the MTS for longer and unwalkable distances.

This is a series of articles by Downtown San Diego real estate brokers Sharyn and Victoria Crown. Contact us at 619-977-3174.

Downtown San Diego Condos: Free Maps

2010-08-06T22:07:21Z

Downtown San Diego condos, whether owned or rented, offer residents a myriad of restaurants, bars, stores, shops, the ballpark, the convention center and everything in between. Tourists have the advantage of receiving maps like this when they check into their hotel. There is a wonderful website called www.PrintFreeMaps.com They offer a variety of Downtown San Diego maps for ease of finding the right restaurant or shop.

Downtown San Diego Maps

www.printfreemaps.com offer Gaslamp maps, Downtown San Diego maps, and 23 other San Diego area maps. Treat yourself like a tourist. You will be amazed at how many places you forget we have here in San Diego.

Downtown San Diego Condos: Search by Buildings

2010-08-06T21:28:15Z

Downtown San Diego condos are grouped by districts and then by buildings. Are you trying to become specific and search building by building? We have tried to make our search specific and easy to use. If a specific Downtown San Diego condo building, such as The Mark, or Bayside by Bosa, or Park Terrace, or any other buildings interest you, just visit our Search Downtown San Diego buildings link.

You will see a page like this pop up

Downtown San Diego condo buildingsAs you can see, the search is segmented into individual condo buildings. You can see for yourself how many condos may be for sale in each building. This is a very efficient way to narrow your Downtown San Diego search and help you select the location, the building, and the unit. This is a series of articles by Sharyn and Victoria Crown, Downtown San Diego real estate agents specialzing in San Diego real estate. Visit us on our San Diego Crowns Real Estate Facebook page. Text SDCROWN to 87778 to search properties on your mobile phone.

Downtown San Diego Condos: Park Terrace Condo Sales

2010-07-14T02:57:08Z

Park Terrace is one of the most interesting Downtown San Diego condo buildings located in East Village. Surrounded by Petco Ballpark and open land to the south and East, the developers of Park Terrace are in the final stages of closeout. We helped one of our buyers purchase a unit at Park Terrace and we are thrilled that he loves the unit he purchased.

Park Terrace consists of a midrise plus a high rise building and basically takes up the block. If you are interested in the midrise located at 206 Park Ave. or the high rise portion located at 253 10th Ave., we will be glad to help you in your search. Downtown San Diego condos are the place to visit in the current market.

These sales are obtained from the Sandicor MLS system and reflect sales by a variety of sales agents. Timeframe is April 1, 2010 - June 30, 2010. Purchasing at Park Terrace in today's market is a really good investment for the right person.

San Diego Condos: Gaslamp Adventures

2010-07-02T20:27:25Z

Last night downtown San Diego Gaslamp hosted a gigantic private party. The one fantastic thing about being in the Downtown San Diego Willis Allen office is that we are usually in the thick of things.

Yesterday was not an exception. We had people running to and fro bringing in materials and setting up tables and stages and seating, etc. The musical group Train, practiced and rehearsed during the afternoon, and it was like having your own private concert. Dancing girls practiced on stages right out our front window,and when the event kicked off early evening, things got even more fun and enticing.

My favorite table was just across the street from us and you can see why it was my favorite. Dick's Last Resort, next door to us, generously gave us cold water as we watched all the other fantastic food being set out on party tables.

Stilt girl was fun to see. Usually you see men on stilts and I was trying to remember the last time I had seen a girl on stilts, and could not remember. She ambled up and down the street, weaving in and out of the crowds.

Since we were not actually part of the event, we couldn't eat or drink so we went over to Buca di Beppo's for dinner. They were packed, and as always our food was great. When we returned to the office area, Train was rocking full force and all the attendees were having a wonderful time.

This is one of the many reasons we love downtown San Diego and Willis Allen. We continue to be in the heart of things. Downtown San Diego is the perfect place to own a condo and if you want to know the inventory, give Victoria a call. You can also look at the companion blog with this that shows how much condo prices have started to creep upward. I know the economy is hard on everyone, but Downtown San Diego condos continue to be great buys.