Downtown San Diego Jan Feb 11

January | February 2011 85026 PERMIT 1441

ARG-Abbott Realty Group 435 4th Ave. • San Diego, CA 92101

FEATURED PROPERTY

Horizons | Unit 1304 2 Bed | 2 Bath 1544 Sq. Ft. $899,000 South Tower at Horizons with amazing Southwest corner views of Coronado, San Diego Bay and skyline! Marble entry with wood floors throughout. Granite counters in both bathrooms. Gas fireplace in living room, island kitchen with eating bar, Jenn-Air stainless steel appliances and granite counters. Murphy bed in second bedroom. Simply fantastic!

SANDRA MELVILLE Realtor, CRS, GRI Sandra@ MelvilleAndAssociates.com

CURRENT REAL ESTATE ACTIVITY IN HORIZONS & PARK PLACE

HORIZONS

PARK PLACE

CURRENTLY AVAILABLE Bed / Bath Est. SF 1 / 2 1,036 1 / 2 1,036 2 / 3 1,640 2 / 3 1,770 2 / 2 1,263 2 / 2 1,497 4 / 4 2,516 3 / 3 2,436

Floor 9th 10th TH TH 23rd 19th TH TH

List Price $500,000 $560,000 $669,000 $749,000 $775,876 $892,000 $1,395,000 $1,995,000

SALE PENDING 2 / 2 2,007

25th

$1,125,000

SOLD 1 / 1 897 1 / 2 1,249 2 / 2 1,301 2 / 2 1,263 2 / 2 1,245 2 / 2 1,544 2 / 2 1,530

UNIT 202 207 302 2001 1005 1604 1803

SOLD PRICE $350,000 $369,900 $430,000 $575,000 $610,000 $800,000 $975,000

CURRENTLY AVAILABLE Bed / Bath Est. SF 2 / 2 1,252 2 / 2 1,353 2 / 2 1,374

Floor 5th 20th 13th

CONTINGENT 1 / 2 1,113

TH

$460,000

SALE PENDING 2 / 2 1,374 2 / 2 1,545 2 / 2 1,575 2 / 2 1,545 3 / 4 1,615

5th 3rd 4th 9th TH

$549,000 $599,000 $640,000 $660,000 $629,900

SOLD 1 / 2 1,113 2 / 2 1,375 1 / 2 1,268 2 / 2 1,445 2/2 1,545 3 / 4 1,776

UNIT 408 TH 2504 NA 501 TH

SOLD PRICE $410,000 $485,000 $487,000 $519,000 $575,000 $680,800

List Price $715,000 $895,000 $1,045,000

Distressed Property

Understand the Tax Consequences

Downtown San Diego Neighborhoods Spotlight On: East Village

All information is deemed reliable but not guaranteed.

The properties on this list have been listed/sold by various participants in the MLS.

619.454.5464

Satisfy your Sweet Tooth!

Bertrand at Mister A’s Strawberry Shortcake 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

Short Sales and Foreclosures – Understanding the Potential Tax Consequences

By Marianne K. Kingman J.D., LL.M. Tax Attorney Featuring Bertrand at Mister A’s 619.239.1377 | BertrandAtMisterAs.com

STRAWBERRY SHORTCAKE Vanilla Biscuit Yields 2 (1/2 sheet pans) 1 cup all purpose flour, sifted 5 whole eggs 5 egg yolks 1 cup sugar 1 Tbs. vanilla extract 5 egg whites 1/3 cup sugar Sift flour. In mixer, whip eggs, yolks, sugar and vanilla until light and fluffy. Whip egg whites until frothy and slowly add sugar.

Continue mixing until meringue reaches stiff peak. Fold flour and meringue into egg yolk mixture. Bake at 325 degrees for 12 minutes.

Cream Cheese Mousse 1 lb. cream cheese, room temperature 1 vanilla bean ½ cup sugar ¾ to 1 cup heavy cream Cream together sugar, vanilla and cream cheese. Slowly add cream.

Grand Marnier Wash 1 cup sugar 2 cups water Grand Marnier to taste Bring water and sugar to a boil. Let cool and add Grand Marnier. Use to wash each layer of cake.

Swiss Meringue 1 cup egg whites 2 cups sugar Over a water bath, whisk egg whites and sugar until mixture reaches 140 degrees. Put in mixer bowl and whip until cool.

To Assemble: Using desired mold, cut biscuit. You will need three pieces of biscuit for each dessert. Place biscuit in bottom of mold, brush with Grand Marnier wash, pipe cream cheese mousse in center and layer with strawberries. Repeat process one more time. Finish with one piece of biscuit. Evenly press down on biscuit to ensure that it will stay standing when unmolded.

Once meringue has cooled, pipe on top piece of biscuit.

Using a kitchen torch, gently toast meringue before serving.

Unless you have been sleeping through the real estate “crisis,” no doubt you have probably heard about the increasing rate of distressed homeowners nationwide resulting in foreclosures or short sales.

Both a foreclosure and a short sale will have long-lasting negative impacts on a borrower/property owner’s credit score, thus making it difficult to purchase any other property in the near future. Moreover, the cancellation of the mortgage by the bank upon foreclosure will also trigger taxable income to the borrower/homeowner.

A short sale transaction can also have long-lasting impacts on your credit rating. Moreover, the homeowner may still face a sizeable tax bill under Internal Revenue Service (IRS) rules. Under the IRS rules, the homeowner who sells his home in a short sale may get a Form 1099 from the lender/bank for the total amount of the mortgage balance “forgiven” — even if the lender agrees to “forgive” the debt by agreeing to the short sale. The property is therefore treated by the IRS as if it were sold for the total outstanding balance of the loan, or the sale price if it is higher. Taxability of the gain and deductibility of the loss depend on the nature of the property sold.

EXAMPLE: IF PERSONALLY LIABLE FOR MORTGAGE DEBT (i.e., RECOURSE DEBT): John Doe buys a house and uses it as his personal residence.

He pays $500,000 for the house with a down payment of $50,000 and takes out a mortgage loan of $450,000. He is personally liable for the mortgage. When the remaining balance of the mortgage is $400,000, John Doe defaults and the lender bank accepts his voluntary conveyance of the home, cancelling the loan. Similar comparable homes at the time are selling for $300,000. The Tax Code treats this transaction as a sale whether it is a foreclosure or a short sale arrangement. John Doe incurs a nondeductible loss of $200,000, the amount by which his house’s adjusted basis (purchase price including adjustments over time) of $500,000 exceeds its market value of $300,000. No deduction for the loss because John Doe uses the house as a personal residence. (If John had used the house as a rental or commercial property, the loss would be deductible.)

John Doe also has reportable (taxable) income of $100,000 when the bank cancels the loan. The $100,000 is the amount by which the

EXAMPLE: IF NOT PERSONALLY LIABLE FOR MORTGAGE: Jane Doe buys a home valued at $300,000 and puts $30,000 down. She takes out a mortgage of $270,000. Ms. Doe stops making payments. The bank forecloses on a loan balance of $260,000, and the market value of the home has fallen to $250,000. Jane Doe has an adjusted basis of $265,000 due to a casualty loss of $5,000 (this represents the $270,000 mortgage less the $5,000 casualty loss). The amount she realizes on the foreclosure is $260,000. Jane Doe figures her gain and/or loss, for debt cancellation purposes, by comparing $260,000 (the amount realized) to her basis of $270,000. Jane Doe has debt-forgiveness income of $10,000; however, because of the increase in her basis by the $5,000 casualty loss, only $5,000 is now taxable. debt of $400,000 exceeds the market value of $300,000. The bank will send an IRS Form 1099-A to John Doe and to the IRS reporting the numbers in the example. The 1099-A indicates the foreclosure bid price ($300,000), the amount of John Doe’s debt ($400,000), and the fact that he was personally liable. Debt cancellation (in this example, $100,000) is taxed at the individual’s tax rate for ordinary income. Note that the outcome is exactly the same from a tax perspective whether the property was foreclosed upon or whether the owner engaged in a short sale arrangement with the bank/lender.

DOES LACK OF PERSONAL LIABILITY ON THE MORTGAGE CHANGE THE TAX OUTCOME (i.e., NON-RECOURSE DEBT)?

Yes. The IRS says sellers who are not personally liable for a debt will realize an amount that includes the full cancelled debt, even if the value of the property that is security for the debt is less, which can be offset depending on your adjusted basis in the property. Note that many items can affect the final calculation of basis.

For instance, a casualty loss suffered by flood damage or fire will adjust your basis upward (and therefore reduce your taxes) if the money to pay for the repairs does not come out of insurance proceeds. Note that most people have personally liability on their mortgage. The only groups who may not are pension plans or nonprofit entities.

EXCEPTION TO THE GENERAL IRS TAX RULES FOR INSOLVENT HOMEOWNERS: Homeowners who can prove they are insolvent can avoid taxation, if the sum of your debts (including the mortgage) is greater than the value of your assets. However, you will need to prove this to the IRS and must submit an IRS form to establish to the IRS that you meet the qualifications. It is well-advised, therefore, to seek proper representation when seeking settlement with the IRS. Also, anyone seeking to claim insolvency must do so quickly, as the Internal Revenue Code specifically limits the amount of time during which a taxpayer making insolvency claims may approach the IRS. As such, don’t wait to seek a tax professional to represent you when seeking a settlement.

FORECLOSURE VS. SHORT SALE: Short sale provides a better option if you are facing a foreclosure.

First, the short sale option will most probably reduce your tax liability because in foreclosures, properties are sold at rock bottom prices. If the short sale means that the bank recovers more against the original mortgage amount, then you pay less in taxes on the cancellation of indebtedness income tax discussed above. Second, in a short sale you will be able to apply for an FHA home loan within 3 years of the closing of the short sale. This is because of new government guidance released from the FHA within the past few months. These two factors make the short sale a much better option for the long term.

space, and retail and entertainment hot spots. And the revitalization of this area hasn’t stopped yet. Ballpark Village, 7.1 acres located next to PETCO Park, is still undeveloped (the largest remaining plot of undeveloped land in downtown). Plans for this area include additional residential, retail, hotel, and office development.

One of the most exciting projects coming to fruition after some 100 years of envisioning is the Harbor Drive Pedestrian Bridge, which links two of the region’s best features, the San Diego Bay and Balboa Park. Walkers will be delighted! Also in planning phases are an East Village Green park area, a Leash-Free Dog Park at Park Boulevard and Market Street, condominium projects, improvements to San Diego City College, and various infrastructure and roadway upgrades.

As if all that weren’t enough, East Village will also be the home of the groundbreaking New Central Library located at 330 Park Boulevard. This nine-story architectural feast for the eyes will also include a charter high school on two floors, two levels of parking, an auditorium, and a coffee bar. Sure to be a major boon to the neighborhood! The library grand opening is planned for July 2013.

San Diego Multi Cultural Festival Martin Luther King Jr. Promenade, January 15th 619.234.6182 | ccdc.com Celebrate the great diversity this wonderful city has to offer. This 13th annual festival showcases the city’s rich culture through great food, educational booths and live entertainment such as the Chinese and Native American dancers. Enjoy free interactive activities and plenty of good people-watching!

San Diego Restaurant Week Local Restaurants, January 16th – 21st SanDiegoRestaurantWeek.com Always wanted to try that new local restaurant or anxious to revisit an old favorite? Foodies unite!

During this week-long event, 180 restaurants will offer a three-course meal of signature dishes for $20, $30, and $40 per person. Some fan-favorite restaurants participating this year include Suite and Tender, Nobu and The Melting Pot. Opening Night Gala US Grant, January 29th 619.232.7636 | SDOpera.com Come and celebrate the opening of the San Diego Opera’s 46th season starting with Puccini’s masterpiece Turandot. This Chinese-inspired evening will be filled with delicious food and spirits as well as great company. The evening will also honor the opera’s longtime supporter and Life Director, Esther Burnham.

Romeo et Juliet Lyceum Theatre, February 11th – 13th 619.294.7311 | SanDiegoBallet.org This timeless tale of two star-crossed lovers is brought to life through the beautiful movements of the San Diego ballet company. Shakespeare’s classic tale of love, hate, despair and murder is magically interpreted with enchanting dance, magical costumes and lyrical music.

Spotlight On: EAST VILLAGE What downtown San Diego neighborhood boasts art galleries, trendy shops, cool warehouses turned residential living area, luxurious hotels, a Major League Baseball park, a city college, groundbreaking efforts on a landmark new library, and much more other exciting endeavors? You guessed it: San Diego’s largest downtown neighborhood (it’s 130 blocks big!), East Village.

Brimming with energy and creativity (in part due to the numerous schools and colleges in the neighborhood— San Diego City College, the New School of Architecture, two high schools, and Thomas Jefferson School of Law), East Village burst to life in recent years and will continue to grow in coming years, due to numerous projects and planned improvements. Luckily, there’s space for all these homes and exciting retail spaces. East Village is 325 acres large!

One of the jewels in the crown of East Village includes PETCO Park, home of the Padres. This open-air, natural grass, 42,000-seat, state-of-the-art baseball facility includes the ballpark of course, as well as the urban park known as Park at the Park, a mixed-use development that is home to a high-rise residential tower, office

JANUARY | FEBRUARY 2011

Add to all this the gorgeous views of the nearby San Diego Bay and lots and lots of sunshine, and we say, what are you waiting for? Head to East Village... it’s clearly where it’s at in San Diego!

The Wizard of Oz Civic Theatre, February 15th – 20th 619.570.1100 | SanDiegoTheatres.org Get lost in the magical world of Oz just as you did as a child. Follow the whimsical and exciting tale of Dorothy as she makes her way down the yellow brick road through this crazy land of Oz. Not only has this story been a sensation on Broadway, but of course a cinematic family favorite since its film debut in 1939.

There truly is no place like home.

Culture and Cocktails San Diego Museum of Art, February 17th 619.232.7931 | SDMArt.org Experience art in a whole new way at the museum’s most popular event series. Relish the latest art exhibit Gainsborough and the Modern Woman as you sip delicious cocktails and step out on the dance floor with your sweetheart.

Short Sales and Foreclosures – Understanding the Potential Tax Consequences

By Marianne K. Kingman J.D., LL.M. Tax Attorney Featuring Bertrand at Mister A’s 619.239.1377 | BertrandAtMisterAs.com

STRAWBERRY SHORTCAKE Vanilla Biscuit Yields 2 (1/2 sheet pans) 1 cup all purpose flour, sifted 5 whole eggs 5 egg yolks 1 cup sugar 1 Tbs. vanilla extract 5 egg whites 1/3 cup sugar Sift flour. In mixer, whip eggs, yolks, sugar and vanilla until light and fluffy. Whip egg whites until frothy and slowly add sugar.

Continue mixing until meringue reaches stiff peak. Fold flour and meringue into egg yolk mixture. Bake at 325 degrees for 12 minutes.

Cream Cheese Mousse 1 lb. cream cheese, room temperature 1 vanilla bean ½ cup sugar ¾ to 1 cup heavy cream Cream together sugar, vanilla and cream cheese. Slowly add cream.

Grand Marnier Wash 1 cup sugar 2 cups water Grand Marnier to taste Bring water and sugar to a boil. Let cool and add Grand Marnier. Use to wash each layer of cake.

Swiss Meringue 1 cup egg whites 2 cups sugar Over a water bath, whisk egg whites and sugar until mixture reaches 140 degrees. Put in mixer bowl and whip until cool.

To Assemble: Using desired mold, cut biscuit. You will need three pieces of biscuit for each dessert. Place biscuit in bottom of mold, brush with Grand Marnier wash, pipe cream cheese mousse in center and layer with strawberries. Repeat process one more time. Finish with one piece of biscuit. Evenly press down on biscuit to ensure that it will stay standing when unmolded.

Once meringue has cooled, pipe on top piece of biscuit.

Using a kitchen torch, gently toast meringue before serving.

Unless you have been sleeping through the real estate “crisis,” no doubt you have probably heard about the increasing rate of distressed homeowners nationwide resulting in foreclosures or short sales.

Both a foreclosure and a short sale will have long-lasting negative impacts on a borrower/property owner’s credit score, thus making it difficult to purchase any other property in the near future. Moreover, the cancellation of the mortgage by the bank upon foreclosure will also trigger taxable income to the borrower/homeowner.

A short sale transaction can also have long-lasting impacts on your credit rating. Moreover, the homeowner may still face a sizeable tax bill under Internal Revenue Service (IRS) rules. Under the IRS rules, the homeowner who sells his home in a short sale may get a Form 1099 from the lender/bank for the total amount of the mortgage balance “forgiven” — even if the lender agrees to “forgive” the debt by agreeing to the short sale. The property is therefore treated by the IRS as if it were sold for the total outstanding balance of the loan, or the sale price if it is higher. Taxability of the gain and deductibility of the loss depend on the nature of the property sold.

EXAMPLE: IF PERSONALLY LIABLE FOR MORTGAGE DEBT (i.e., RECOURSE DEBT): John Doe buys a house and uses it as his personal residence.

He pays $500,000 for the house with a down payment of $50,000 and takes out a mortgage loan of $450,000. He is personally liable for the mortgage. When the remaining balance of the mortgage is $400,000, John Doe defaults and the lender bank accepts his voluntary conveyance of the home, cancelling the loan. Similar comparable homes at the time are selling for $300,000. The Tax Code treats this transaction as a sale whether it is a foreclosure or a short sale arrangement. John Doe incurs a nondeductible loss of $200,000, the amount by which his house’s adjusted basis (purchase price including adjustments over time) of $500,000 exceeds its market value of $300,000. No deduction for the loss because John Doe uses the house as a personal residence. (If John had used the house as a rental or commercial property, the loss would be deductible.)

John Doe also has reportable (taxable) income of $100,000 when the bank cancels the loan. The $100,000 is the amount by which the

EXAMPLE: IF NOT PERSONALLY LIABLE FOR MORTGAGE: Jane Doe buys a home valued at $300,000 and puts $30,000 down. She takes out a mortgage of $270,000. Ms. Doe stops making payments. The bank forecloses on a loan balance of $260,000, and the market value of the home has fallen to $250,000. Jane Doe has an adjusted basis of $265,000 due to a casualty loss of $5,000 (this represents the $270,000 mortgage less the $5,000 casualty loss). The amount she realizes on the foreclosure is $260,000. Jane Doe figures her gain and/or loss, for debt cancellation purposes, by comparing $260,000 (the amount realized) to her basis of $270,000. Jane Doe has debt-forgiveness income of $10,000; however, because of the increase in her basis by the $5,000 casualty loss, only $5,000 is now taxable. debt of $400,000 exceeds the market value of $300,000. The bank will send an IRS Form 1099-A to John Doe and to the IRS reporting the numbers in the example. The 1099-A indicates the foreclosure bid price ($300,000), the amount of John Doe’s debt ($400,000), and the fact that he was personally liable. Debt cancellation (in this example, $100,000) is taxed at the individual’s tax rate for ordinary income. Note that the outcome is exactly the same from a tax perspective whether the property was foreclosed upon or whether the owner engaged in a short sale arrangement with the bank/lender.

DOES LACK OF PERSONAL LIABILITY ON THE MORTGAGE CHANGE THE TAX OUTCOME (i.e., NON-RECOURSE DEBT)?

Yes. The IRS says sellers who are not personally liable for a debt will realize an amount that includes the full cancelled debt, even if the value of the property that is security for the debt is less, which can be offset depending on your adjusted basis in the property. Note that many items can affect the final calculation of basis.

For instance, a casualty loss suffered by flood damage or fire will adjust your basis upward (and therefore reduce your taxes) if the money to pay for the repairs does not come out of insurance proceeds. Note that most people have personally liability on their mortgage. The only groups who may not are pension plans or nonprofit entities.

EXCEPTION TO THE GENERAL IRS TAX RULES FOR INSOLVENT HOMEOWNERS: Homeowners who can prove they are insolvent can avoid taxation, if the sum of your debts (including the mortgage) is greater than the value of your assets. However, you will need to prove this to the IRS and must submit an IRS form to establish to the IRS that you meet the qualifications. It is well-advised, therefore, to seek proper representation when seeking settlement with the IRS. Also, anyone seeking to claim insolvency must do so quickly, as the Internal Revenue Code specifically limits the amount of time during which a taxpayer making insolvency claims may approach the IRS. As such, don’t wait to seek a tax professional to represent you when seeking a settlement.

FORECLOSURE VS. SHORT SALE: Short sale provides a better option if you are facing a foreclosure.

First, the short sale option will most probably reduce your tax liability because in foreclosures, properties are sold at rock bottom prices. If the short sale means that the bank recovers more against the original mortgage amount, then you pay less in taxes on the cancellation of indebtedness income tax discussed above. Second, in a short sale you will be able to apply for an FHA home loan within 3 years of the closing of the short sale. This is because of new government guidance released from the FHA within the past few months. These two factors make the short sale a much better option for the long term.

space, and retail and entertainment hot spots. And the revitalization of this area hasn’t stopped yet. Ballpark Village, 7.1 acres located next to PETCO Park, is still undeveloped (the largest remaining plot of undeveloped land in downtown). Plans for this area include additional residential, retail, hotel, and office development.

One of the most exciting projects coming to fruition after some 100 years of envisioning is the Harbor Drive Pedestrian Bridge, which links two of the region’s best features, the San Diego Bay and Balboa Park. Walkers will be delighted! Also in planning phases are an East Village Green park area, a Leash-Free Dog Park at Park Boulevard and Market Street, condominium projects, improvements to San Diego City College, and various infrastructure and roadway upgrades.

As if all that weren’t enough, East Village will also be the home of the groundbreaking New Central Library located at 330 Park Boulevard. This nine-story architectural feast for the eyes will also include a charter high school on two floors, two levels of parking, an auditorium, and a coffee bar. Sure to be a major boon to the neighborhood! The library grand opening is planned for July 2013.

San Diego Multi Cultural Festival Martin Luther King Jr. Promenade, January 15th 619.234.6182 | ccdc.com Celebrate the great diversity this wonderful city has to offer. This 13th annual festival showcases the city’s rich culture through great food, educational booths and live entertainment such as the Chinese and Native American dancers. Enjoy free interactive activities and plenty of good people-watching!

San Diego Restaurant Week Local Restaurants, January 16th – 21st SanDiegoRestaurantWeek.com Always wanted to try that new local restaurant or anxious to revisit an old favorite? Foodies unite!

During this week-long event, 180 restaurants will offer a three-course meal of signature dishes for $20, $30, and $40 per person. Some fan-favorite restaurants participating this year include Suite and Tender, Nobu and The Melting Pot. Opening Night Gala US Grant, January 29th 619.232.7636 | SDOpera.com Come and celebrate the opening of the San Diego Opera’s 46th season starting with Puccini’s masterpiece Turandot. This Chinese-inspired evening will be filled with delicious food and spirits as well as great company. The evening will also honor the opera’s longtime supporter and Life Director, Esther Burnham.

Romeo et Juliet Lyceum Theatre, February 11th – 13th 619.294.7311 | SanDiegoBallet.org This timeless tale of two star-crossed lovers is brought to life through the beautiful movements of the San Diego ballet company. Shakespeare’s classic tale of love, hate, despair and murder is magically interpreted with enchanting dance, magical costumes and lyrical music.

Spotlight On: EAST VILLAGE What downtown San Diego neighborhood boasts art galleries, trendy shops, cool warehouses turned residential living area, luxurious hotels, a Major League Baseball park, a city college, groundbreaking efforts on a landmark new library, and much more other exciting endeavors? You guessed it: San Diego’s largest downtown neighborhood (it’s 130 blocks big!), East Village.

Brimming with energy and creativity (in part due to the numerous schools and colleges in the neighborhood— San Diego City College, the New School of Architecture, two high schools, and Thomas Jefferson School of Law), East Village burst to life in recent years and will continue to grow in coming years, due to numerous projects and planned improvements. Luckily, there’s space for all these homes and exciting retail spaces. East Village is 325 acres large!

One of the jewels in the crown of East Village includes PETCO Park, home of the Padres. This open-air, natural grass, 42,000-seat, state-of-the-art baseball facility includes the ballpark of course, as well as the urban park known as Park at the Park, a mixed-use development that is home to a high-rise residential tower, office

JANUARY | FEBRUARY 2011

Add to all this the gorgeous views of the nearby San Diego Bay and lots and lots of sunshine, and we say, what are you waiting for? Head to East Village... it’s clearly where it’s at in San Diego!

The Wizard of Oz Civic Theatre, February 15th – 20th 619.570.1100 | SanDiegoTheatres.org Get lost in the magical world of Oz just as you did as a child. Follow the whimsical and exciting tale of Dorothy as she makes her way down the yellow brick road through this crazy land of Oz. Not only has this story been a sensation on Broadway, but of course a cinematic family favorite since its film debut in 1939.

There truly is no place like home.

Culture and Cocktails San Diego Museum of Art, February 17th 619.232.7931 | SDMArt.org Experience art in a whole new way at the museum’s most popular event series. Relish the latest art exhibit Gainsborough and the Modern Woman as you sip delicious cocktails and step out on the dance floor with your sweetheart.

January | February 2011 85026 PERMIT 1441

ARG-Abbott Realty Group 435 4th Ave. • San Diego, CA 92101

FEATURED PROPERTY

Horizons | Unit 1304 2 Bed | 2 Bath 1544 Sq. Ft. $899,000 South Tower at Horizons with amazing Southwest corner views of Coronado, San Diego Bay and skyline! Marble entry with wood floors throughout. Granite counters in both bathrooms. Gas fireplace in living room, island kitchen with eating bar, Jenn-Air stainless steel appliances and granite counters. Murphy bed in second bedroom. Simply fantastic!

SANDRA MELVILLE Realtor, CRS, GRI Sandra@ MelvilleAndAssociates.com

CURRENT REAL ESTATE ACTIVITY IN HORIZONS & PARK PLACE

HORIZONS

PARK PLACE

CURRENTLY AVAILABLE Bed / Bath Est. SF 1 / 2 1,036 1 / 2 1,036 2 / 3 1,640 2 / 3 1,770 2 / 2 1,263 2 / 2 1,497 4 / 4 2,516 3 / 3 2,436

Floor 9th 10th TH TH 23rd 19th TH TH

List Price $500,000 $560,000 $669,000 $749,000 $775,876 $892,000 $1,395,000 $1,995,000

SALE PENDING 2 / 2 2,007

25th

$1,125,000

SOLD 1 / 1 897 1 / 2 1,249 2 / 2 1,301 2 / 2 1,263 2 / 2 1,245 2 / 2 1,544 2 / 2 1,530

UNIT 202 207 302 2001 1005 1604 1803

SOLD PRICE $350,000 $369,900 $430,000 $575,000 $610,000 $800,000 $975,000

CURRENTLY AVAILABLE Bed / Bath Est. SF 2 / 2 1,252 2 / 2 1,353 2 / 2 1,374

Floor 5th 20th 13th

CONTINGENT 1 / 2 1,113

TH

$460,000

SALE PENDING 2 / 2 1,374 2 / 2 1,545 2 / 2 1,575 2 / 2 1,545 3 / 4 1,615

5th 3rd 4th 9th TH

$549,000 $599,000 $640,000 $660,000 $629,900

SOLD 1 / 2 1,113 2 / 2 1,375 1 / 2 1,268 2 / 2 1,445 2/2 1,545 3 / 4 1,776

UNIT 408 TH 2504 NA 501 TH

SOLD PRICE $410,000 $485,000 $487,000 $519,000 $575,000 $680,800

List Price $715,000 $895,000 $1,045,000

Distressed Property

Understand the Tax Consequences

Downtown San Diego Neighborhoods Spotlight On: East Village

All information is deemed reliable but not guaranteed.

The properties on this list have been listed/sold by various participants in the MLS.

619.454.5464

Satisfy your Sweet Tooth!

Bertrand at Mister A’s Strawberry Shortcake 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