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