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