Southern California Real Estate Report: Recent Episodes
Robert MacGuire
We cover Real Estate news in San Diego and Southern California. Topics include major developments, rents and current affairs. IPA (Income Property Advisors) has extensive experience in San Diego property management and construction management. We specialize in repositioning and stabilizing tenant occupancy through creating an operating budget and a marketing plan to achieve optimal market rents. We can also assist with identifying value-add opportunities for our investors and help in the acquisition and underwriting process.
Today on the Southern California Real Estate Report we talk about the new renter protection package San Diego is proposing.
The proposed law builds on the state’s Tenant Protection Act of 2019.
It will make it harder for landlords to remove tenants so they can makerenovations.
Article referenced:
https://www.sandiegouniontribune.com/business/story/2023-04-18/san-diego-city-council-will-vote-on-new-renter-protections-here-are-the-proposed-changes
Today on the Southern California Real Estate Report we take about stricter rent control laws that are likely coming to the California's ballot.
"Justice for Renters Act" would end Costa Hawkins and allow for counties to place rent control laws on all residential properties and stop landlords from being able to set their rents to market when a new renter moves in.
Article referenced:
https://www.costar.com/article/1257379244/organizers-collect-signatures-for-california-ballot-initiative-to-expand-rent-control
Today on the Sothern California Real Estate Report we talk about the new housing and student center being developed by UC San Diego called the Triton Center.
The growing school will spend $1.1 Billion on the project.
It will include a 2,400 bed housing project.
Article referenced:
https://www.sandiegouniontribune.com/news/education/story/2023-03-21/ucsd-approval-student-center-housing-complex
Today on the Southern California Real Estate Report we give you the most important information on the new law in Chula Vista that is designed to shield renters from evections.
The new laws tighten on existing no-fault eviction laws already in place by the State of California.
Article Referenced
https://www.sandiegouniontribune.com/communities/south-county/story/2023-02-28/chula-vistas-new-tenant-protections-law-takes-effect
Today on the Southern California Real Estate Report we talk about a vacation rental development in the Coronado Cays.
The project is getting a lot of scrutiny from locals who do not want such a project and think the land should be used as a park.
The San Diego Port commissioners wants to build affordable vacation rentals that will bring life back to the land.
Article Referenced:
https://www.sandiegouniontribune.com/business/story/2023-02-15/proposed-rv-park-in-coronado-cays-draws-strong-opposition
Today on the Southern California Real Estate Report we talk about a development that has been halted because of wild fire concerns.
The Rancho Penasquitos development known as Junipers was a 536 unit project.
A judge by the name of Ronald Frazier ruled that the project did not take into consideration the affects of traffic, noise and wildfire threats.
Article referenced for this podcast:
https://www.sandiegouniontribune.com/news/politics/story/2023-02-07/junipers-rancho-penasquitos-impact-review-ruling
Today on the Southern California Real Estate Report we give you a rundown on the potential new office spaces SANDAG is considering for new office space.
The space will be for between 350-375 people.
They have been in their current space for 34 years.
The options include the new Horton Plaza campus.
Referenced article:
https://www.sandiegouniontribune.com/business/list/sandag-is-shopping-for-substantial-office-space-in-downtown-san-diego
Today on the Southern California Real Estate Report we talk about how the properties Income Property Advisors, Inc. manages got through the last winter storms with only mirror issues.
We talk about preventative maintenance and what to look for at your property to prevent major issues.
Today on the Southern California Real Estate Report we take a look at the Del Mar Fair Grounds.
The iconic property is home most famously to the San Diego County Fair and the Del Mar Race Track.
But is the property being used to its greatest value? The firm London Moeder plans to find out.
The state approved contract will cost $282,000 and will take a year, with the goal to find out what the best use of that land will be in the future.
Article referenced:
https://www.sandiegouniontribune.com/business/story/2023-01-10/del-mar-fairgrounds
Today on the Southern California Real Estate Report we talk about some updates to the rules regarding accessory dwelling units and transit areas.
The City of San Diego has proposing updating its transit proximity rules to allow for transit oriented housing to be up to a mile away from transit.
The new rules also allows for more ADUs to be built in residential neighborhoods.
To learn more listen in!
Article referenced:
https://www.lajollalight.com/news/story/2023-01-05/san-diego-could-ok-many-more-high-rise-homes-and-backyard-apartments-under-new-city-housing-proposal
Today on the Southern California Real Estate Report we give an end of year report on where housing prices have landed.
Home prices are falling but that might be a good thing because a changing market means opportunity.
Interest rates are also gaining at a slower pace.
See referenced article below:
https://www.sandiegouniontribune.com/business/story/2022-12-28/san-diego-home-price-drops-for-the-6th-month-sales-nose-dive
Today on the Southern California Real Estate Report we give an update on the Sports Arena.
Voters approved height-limit removal, which will hopefully give way to the redevelopment of the Sports Arena.
But the Midway project still faces challenges ahead, especially with environmental groups.
The project is led by Zephyr, Chelsea Investment Corp. and Legends.
Article referenced:
https://www.costar.com/article/1927322619/san-diego-voters-approve-height-limit-removal-allowing-for-redevelopment-of-aging-arena
Today on the Southern California Real Estate Report we talk about the newest plan for Mira Mesa.
Mira Mesa will undergo a lot of change in the future if all goes to plan.
The idea is that the neighborhood becomes a more densely populated, richer community with more community resources, like grocery stores and shops.
To learn more see below:
https://sdtoday.6amcity.com/mira-mesa-redevelopment-plan
Today on the Southern California Real Estate Report we talk about how San Diego home prices are dipping and it shows a softening of the market.
Lack of consumer confidence and high interest rates are among the biggest culprits.
But the number of homes for sale in San Diego is decreasing, which is putting the market at a standstill.
Homeowners have little incentive to sell if they have locked in a low mortgage rate.
Referenced article below:
https://www.sandiegouniontribune.com/business/story/2022-11-29/san-diego-home-price
Today on the Southern California Real Estate Report we talk about the NAVWAR property.
The Navy wants to lease out the NAVWAR property on a 99-year ground lease.
The Navy is looking for a replacement property that is "in kind" to move its operations to.
The property offers significate opportunity for redevelopment and could end up being a major housing community in the future.
Navy puts 70-acre NAVWAR property in San Diego’s Midway District on the market (pacificcoastcommercial.com)
Today on the Southern California Real Estate Report we talk about what is happening to ibuyer programs.
Redfin is laying off staff and unloading Real Estate bought by their ibuyer program.
Real Estate and tech has always been hard to mix because Real Estate knowledge and evaluation takes a lot of market knowledge and understanding of trends.
TO learn more follow the link below:
https://www.geekwire.com/2022/redfin-to-cut-13-of-workforce-and-shut-down-home-flipping-business-redfinnow/
Today on the Southern California Real Estate Report we talk about the plan to renovate Seaport Village.
The next step to get this project off the ground is an environmental review which could take a few years.
The project, 1HWY1, has undergone many iterations over the years but support to push the project forward is a good sign for things to come.
The hope is the redevelopment of Seaport Village will bring more life into the area. New hotels are being proposed, as well as open space, docks and piers, an observation deck, aquarium, and office and retail space.
To find out more follow the link below:
https://www.sandiegouniontribune.com/business/story/2022-11-08/3-6b-plan-to-overhaul-seaport-village-surrounding-waterfront-clears-major-hurdle
Today on the Southern California Real Estate Report we talk about the newest hotel project proposed in Seaport Village.
Doug Manchester wants to leave a legacy and what a better legacy to leave than a 36-story, 1,150-room hotel.
The hotel is planned to be a luxury hotel and the Manchester Group plans to distinguish itself from other hotels because it will have an additional 100,000 square feet of meeting and event space.
However financing is an issue and it will be a costly project to finance.
See referenced article below:
https://www.sandiegouniontribune.com/business/story/2022-10-31/manchester-debuts-plans-for-36-story-bay-view-hotel-on-pacific-gateway-site
Today on the Southern California Real Estate Report we talk about the developer chosen by SDSU to build the apartments on its Mission Valley campus.
The developer is AvalonBay.
AvalonBay is a well known developer of Multifamily properties throughout the country.
They will build 600 units and 30,00 square feel of retail.
This project is just one of many projects that will make up the new Mission Valley campus, which includes the new stadium called Snapdragon Stadium.
Article referenced for this podcast:
https://www.sandiegouniontribune.com/business/story/2022-10-25/sdsu-selects-developer-to-build-600-market-rate-apartments-at-mission-valley-campus
Today on the Southern California Real Estate Report we talk about the bluff site above Del Mar dog beach.
The site was originally planned to be a hotel but is now being proposed to be a 259 unit apartment complex.
The project is called Seaside Ridge and will offer a significate amount of low income and middle income housing.
To learn more click on the article below:
https://www.sandiegouniontribune.com/business/story/2022-10-18/proposed-del-mar-development-would-bring-259-new-apartments
Today on the Southern California Real Estate Report we talk about the Hines development project that is going to transform the Riverwalk golf club and area around Mission Valley.
The development will be a mix of office, a hotel, apartments, retail and open space.
Link to development page
Article referenced for this podcast:
https://www.sdbj.com/featured/epic-riverwalk-project-kicks-off-in-mission-valley/
Today on the Southern California Real Estate Report we talk about how a office developer Longfellow is partnering with celebrity chief Richard Blais to add a culinary experience to the Sorento Valley office submarket.
The restaurant will be named California English and will serve up English style food with a California flare.
The hope is that the addition of a modern, sit-down, restaurant will bring life to the office project and make people travel to the Sorento area for the experience of eating there.
Article referenced for this podcast:
https://www.sandiegouniontribune.com/business/story/2022-09-29/why-celebrity-chef-richard-blais-is-opening-restaurants-in-sorrento-mesa
Today on the Sothern California Real Estate Report we talk about the luxury home market.
-The luxury home market sales are down
-The change shows a weakening in the market
- San Diego had the 4th highest drop in luxury sales from June to August, according to the Union Tribune article
Below is the article referenced for this podcast.
https://www.sandiegouniontribune.com/metering/dss/amp-subscriptions.html?a=login&rId=amp-frSsmQjy4a7QAYuKn5gHpQ&return=https%3A%2F%2Fcdn.ampproject.org%2Fv0%2Famp-login-done-0.1.html%3Furl%3Dhttps%253A%252F%252Fwww.sandiegouniontribune.com%252Fbusiness%252Fstory%252F2022-09-22%252Fhigh-end-real-estate-slumps-san-diego-luxury-home-sales-plummet%253F_amp%253Dtrue
Today on the Southern California Real Estate Report we talk about the Sports Arena redevelopment project.
After many months and much deliberation the project know as Midway Rising will redevelop the Sports Arena.
The development offers a significant amount of affordable housing units, more than the other developers, which was why the City Council liked the plans over the others.
The project will also offer a 200 room hotel, market rate units, open space and a 16,000 seat arena.
For more information check out the link below:
https://www.californiaconstructionnews.com/2022/09/12/san-diego-expected-to-approve-midway-rising-to-develop-sports-arena-site/
Today on the Sothern California Real Estate Report we talk about parking.
How important is it that parking is offered at properties?
Will lack of parking drive, pun intended, people to take more public transportation?
Will developers build more housing units if they don't need to fulfill a parking requirement?
We talk about this questions and more in this weeks podcast.
Article reference for this podcast:
https://www.sandiegouniontribune.com/columnists/story/2022-09-02/column-parking-no-longer-will-be-required-for-homes-businesses-in-much-of-california
Today on the Southern California Real Estate Report we talk about the new apartment building, called The Lindley, that is currently being developed by Toll Brothers and PGIM Partner.
The project is a 37-story, 422-unit luxury apartment complex
Designed by Joseph Wong Design Associates
It will be LEED certified Gold
article referenced:
https://www.multihousingnews.com/toll-brothers-pgim-partner-on-san-diego-development/
Today on the Southern California Real Estate Report we talk about the rising interest rate environment and how home prices are declining.
The housing market is still heated, but the air is being let out of the balloon a bit and we think its a good thing.
Homes are staying on the market longer, price reductions are happening and people are less willing to overpay for housing.
Todays article that was referenced is:
https://www.lajollalight.com/news/story/2021-09-22/san-diego-county-median-home-price-drops-for-second-month-in-a-row-to-725-000
Today on the Southern California Real Estate Report we look at the neighborhood of Mira Mesa.
Mira Mesa hasn’t always had the best reputation… in fact in the 1970’s it was criticized for its urban sprawl.
Today Mira Mesa is getting a planning facelift.
The City of San Diego is hoping that updating the city plan will take Mira Mesa from a suburban neighborhood to a more urban one.
Article referenced:
https://www.sandiegouniontribune.com/columnists/story/2022-08-10/column-mira-mesas-planned-makeover-rejects-communitys-history-thankfully
Today on the Southern California Real Estate Report we talk about two recreation style project happening in North County San Diego.
One is a surf lagoon and resort the other is a mountain biking parking that is part of Veterans Memorial Park.
The two projects offer more attractions to San Diego and more outdoor fun.
Articles referenced are the following:
Oceanside approves artificial surf lagoon resort for old drive-in theater property - The San Diego Union-Tribune (sandiegouniontribune.com)
https://www.sandiegouniontribune.com/communities/north-county/carlsbad/story/2021-02-28/bike-track-approved-with-veterans-memorial-park-plan
Today on the Southern California Real Estate Report we talk about the new office campus that Apple is moving into in Rancho Bernardo.
Apple is already in this sub market and believes that many of the high level talent the will work for the company will also be interest in living in the area.
Apple has been in San Diego for over 10 years, however the move to this campus office space is showing a real commitment to the San Diego area.
Below is the article we referenced for this podcast
https://www.sandiegouniontribune.com/business/story/2022-07-26/apple-expands-san-diego-footprint-with-purchase-of-67-acre-campus-for-445m
Today on the Southern California Real Estate Report we talk about how San Diego's program to build more housing around transit centers has become a success.
It is being adopted by the State of California.
Learn our opinion of this program is this weeks episode.
https://www.msn.com/en-us/money/realestate/opinion-san-diego-s-affordable-housing-policy-is-working-now-it-s-being-extended-statewide/ar-AAZKdtc?ocid=entnewsntp&cvid=58120426c1434f77bf2e9c375e6ec3d9
Today on the Southern California Real Estate Report we talk about a new study from the Bureau of Labor Statistics that shows a growing gap between new renters and existing renters.
In current market conditions new renters are paying a lot more to rent that same units compared to renters that have been have lived in the same place for a period of time.
There appears to be more movement in the market as things shift from pandemic days.
"data show gap among new and existing renters." Union Tribune. Somesh JHA, July 12, 2022. Online
Today on the Southern California Real Estate Report we talk about a new multifamily property in the Kearny Mesa Area of San Diego.
The project will be 531 apartment units that we be in the area known as the Convoy District. Its location is where the old Dixieline was located.
It will add much needed residential units to an area that over the years has turned into a central bustling community.
Project will add 531 apartments to San Diego's Convoy District — where there are none today - The San Diego Union-Tribune (sandiegouniontribune.com)
Today on the Southern California Real Estate Report we talk about a new luxury apartment complex in Little Italy.
The Developer, Toll Brothers Apartment Living, broke ground on a 22 residential units luxury apartment complex.
The building will be 37-story of for rent units.
Article referenced:
Toll Brothers Breaks Ground on 37-Story Luxury Apartment Complex in San Diego’s Little Italy - The Registry SoCal Real Estate News
Today on the Southern California Real Estate Report we look which markets might do better in a market crash.
Predicting the further is often saved for economist but even they don't have all the answers.
Good news is San Diego is predicted to fair well if a housing market crash happens.
San Diego's low housing supply is one factor to consider
Article referenced:
https://www.mpamag.com/us/mortgage-industry/market-updates/real-estate-crash-which-markets-will-survive/408536?Region=United+States
Today on the Southern California Real Estate Report we talk about the 30 foot building height limit set in many coastal areas of San Diego and how a low income housing project might break that height restriction.
A project in Pacific Beach called the Rose Creek Apartments, got the OK from the California's Department of Housing and Community Development to build above the 30 foot limit.
Its still a long way off from breaking ground and we do not know what amount of community opposition it will face.
Todays article referenced:
https://www.sandiegouniontribune.com/news/politics/story/2022-02-08/san-diego-oks-large-package-of-housing-incentives-including-accessory-units
Today on the Southern California Real Estate Report we talk about the uncertain housing market.
We are starting to see some signs of chances in the housing market.
Homes are sitting longer, home prices are not getting bid up as much and buyers are not rushing into making quick home buying decisions like they were only 2 months ago.
While the market is still hot, a cooling effect is starting to take place.
Today we referenced two articles:
https://fox5sandiego.com/news/local-news/san-diego-weekly-real-estate-update-5/
https://fortune.com/2022/06/07/housing-market-inventory-levels-are-rising-again-breakdown-in-americas-400-largest-markets/
Today on the Southern California Real Estate Report we talk about the latest news on Sports Arena.
There are three projects on the table:
Midway Rising by Chelsea Investment Corp
Town Home SD by Monarch Group
&
Midway Village + by BRIDGE Housing, Toll Brothers, and Revitate.
All three are strong contenders but the City is favoring Midway Rising because it has the most affordable housing.
The Short List for Sports Arena Is Back | Voice of San Diego
Today on the Southern California Real Estate Report we talk about the rising cost of owning a home.
Median home prices reached 1M.
This rise in home prices is causing a rise in rent prices
Article referenced:
Home Prices Reach a Mind-Blowing $1M | San Diego Business Journal (sdbj.com)
Today on the Southern California Real Estate Report we take about the new hotel and convention center in Chula Vista.
It just got approved by the City of San Diego and is expected to take 3 years to build.
The project is on more than 500 acres of land and industrial property.
This project has been in the works for years and has undergone many iterations and financing troubles along the way.
This will be the first luxury resort in South County.
Article referenced:
https://www.sandiegouniontribune.com/communities/south-county/story/2022-05-17/construction-of-chula-vista-bayfronts-resort-to-begin-in-the-coming-weeks
Today on the Southern California Real Estate Report we talk about inflation. More specifically we talk about how rising cost of goods is becoming a problem for San Diegans.
Rent is not the only thing that cost more, along with gas, food cost have also risen.
As inflation makes living in San Diego more expensive the question becomes will people continue to be able to live in our City?
We talk about this and more on this weeks episode.
Today on the Southern California Real Estate Report we talk... We talk about interest rates, we talk about the housing market and the rental market. We talk about how hard it is to find deals that just make sense.
And as we talk, we offer some insights into what we are seeing as the boots on the ground, as the property managers, the construction managers and brokers.
Today on the Southern California Real Estate Report SANDAG has a new plan to get people to and from the airport.
The new plan hopes to deliver the project sooner than previous plans.
The new faster transit connection plan will not include a Grand Central Station at NAVWAR.
The new hub will be on a 13-acre piece of land of Pacific Highway and will include both above ground and below ground transit lines.
Today on the Southern California Real Estate Report we look at the office market.
There is 243 million square feet of office leases set to expire in 2022.
That is 11% of the total office space leased today.
The pandemic has changed office space forever. More people have the flexibility to work from home. This means that office users have changing space needs.
While the office market still has legs, owners of office space will need to get creative to keep office tenants happy.
Article referenced for this podcast:
Today on the Southern California Real Estate Report we talk about San Diego rent growth.
We ask the question how high is too high for apartment rents?
We look at the affordability of San Diego compared to other California markets.
The year over year rent growth in San Diego was up 13.9% at the end of the first quarter.
The article we referenced can be found by clicking the following link:
https://www.costar.com/article/1297403833/san-diego-apartment-rent-growth-trends-at-record-high
Today on the Southern California Real Estates Report we take a look at our neighbors towards the North... Los Angeles that is.
Angles Landing is a new multi-family, condo, retail, high rise that will change the skyline of LA.
The project in estimated to cost $1.6 billion.
It will be 63 stories high.
The project is projected to be completed by the Summer Olympics that are going to be held in LA in 2028.
Article referenced:
https://www.sandiegouniontribune.com/news/california/story/2022-03-28/downtown-las-1-6-billion-angels-landing-project-advances
Today on the Southern California Real Estate Report we talk about a new multi-family project in North Park that is all micro units.
The units will be between 400 and 600 square feet and the building will have some amenities for tenants but limited parking.
The project sits in an "L" shape around the famous San Diego Chickens Pot Pie Shop.
Micro units are a bit of a trend in the development world
Units are more affordable in this price because they cost less to develop.
Article referenced:
https://www.sandiegouniontribune.com/business/story/2022-03-17/micro-unit-apartment-complex-with-406-square-foot-studios-coming-to-north-park
Today on the Southern California Real Estate Report we talk about a new audit that does not look favorable on the way the City of San Diego handles its Real Estate assets.
Nearly 25% of the City's leases are expired. This means the City is not renegotiating those leases at current market rents which is depriving the City of additional rental income.
The City is also not inspecting their properties making them unaware of of how the properties are running and maintenance problems that might be occurring.
Article referenced for this podcast from the Union Tribune. Linked below: https://www.sandiegouniontribune.com/news/politics/story/2022-03-01/audit-criticizes-how-san-diego-handles-its-80m-in-annual-leases-its-likely-forgoing-millions
Today on the Southern California Real Estate Report we talk about a new look for Seaport Village.
At a estimated cost of $3.5 Billion the project promise to bring new life to the area with new hotels, shops, restaurants, offices, docks ,a beach and more.
The developer is 1HWY1 run by Yehudi Gaffen, along with Jeff Jacobs of the Jacobs family and Jeff Essakow.
Find out more about our thoughts on this project in this weeks episode.
Article referenced from The Union Tribune Titled Mega plan to replace Seaport Village unveiled.
https://www.sandiegouniontribune.com/business/growth-development/story/2022-03-01/mega-project-replacing-seaport-village-central-embarcadero-has-swelled-in-size-and-price
Today on the Southern California Real Estate Report we look at the new development located at 525 Olive in Bankers Hills.
The development project is one of the tallest towers now located in the Balboa Park area and faced a lot of community opposition.
Its a luxury project consisting of studios, 1 bedrooms, 2 bedrooms and one penthouse suite, with prices starting at $3,358.00.
There is also 18 subsidized units in the building that are no different than the other units.
Today on the Southern California Real Estate Report we talk about why owning a home is becoming more and more a dream for most Americans.
Throughout the Nation there isn't enough homes for sale to keep up with demand.
This is especially true in San Diego where the average home price is getting closer to a million.
Today we speculate on why this is the case and where we think the market is heading.
Today on the Southern California Real Estate Report we talk about an accusation against a large home leaser that claims they never pulled required permits for renovation projects.
There has been a whistleblower lawsuit filed against the company Invitation Homes by none other than Neil Senturia the husband of former City Council member Barbara Bry.
He used machine learning technology to find properties that were renovated without permits.
Today on the Southern California Real Estate Report we talk about the recently approved housing incentive package by Mayor Todd Gloria called "Home for All of Us".
The new package focuses of ADUs or "granny flats" as people often call them. It makes adding ADUs more accessible for homeowners and the hope is that additional ADUs will allow for more multi-generational housing.
So far the package has gathered major support.
Learn about our thoughts on the packet by listen in to this new episode.
Today on the Southern California Real Estate Report we have some good news for owners of vacation rentals.
There is a delayed start to the short-term rental regulations.
The Coastal Commission will have to approve the already voted on new regulations.
This might not happen until the end of the year.
The issue is that the Coastal Commission has the responsibility of ensuring that California beaches remain accessible for all and the new regulations might hinder access for some.
Today on the Southern California Real Estate Report we talk about the rise in home building that has happened over the last year.
Zoning laws, NIMBYism and the slow City processes have all contributed to a lack of housing.
For the first time in many years home building is gaining traction.
Nearly half of the permits pulled were to build apartments.
While the number of pulled permits is a step in the right direction, it still isn't enough to get us out of the housing crisis we find ourselves in.
Today on the Southern California Real Estate Report we are talking about a plan to restore marshland in Mission Bay.
The area of Mission Bay Todd Gloria wants to improve the marshland area of, is on the Northeast. It is where the golf course and camping area are located.
The article referenced is from the Union Tribune titled "New Mission Bay proposal would add marshland"
Today on the Southern California Real Estate Report we talk about what will happen to San Diego home prices if or when, mortgage rates start to climb.
Hint, we are not heading for another 2008 housing crash.
Molner, P. (2022, January 10). higher mortgage rates may not scare off buyers in S.D. San Diego Union Tribune.
Today on the Southern California Real Estate Report we talk candidly about the year its been for Real Estate and we talk about what we think top stories will be for next year.
Bob and Danielle would like to thank all our listers and hope everyone a happy and health holiday season.
We will get back to giving you the latest and greatest of Real Estate news starting in January 2022.
Today on the Southern California Real Estate Report we talk about two top Multifamily Real Estate deals.
The $97 million dollar acquisition of Latitude33 in Escondido by Ascenda Capital and the California Municipal Finance Authority
&
The $71.55 million dollar acquisition of 4th & J apartment complex in downtown San Diego by Vesity Investments.
Latitude has a total of 198 units the price about $490,000 per unit and will be converted to middle-income housing.
4th & J has a total of 168 units plus nearly 1,200 feet of retail space and is on a ground lease.
Hirsh. (2021, December 1). Apartments repositioned for middle-income renters following big deal in northern San Diego suburb. CoStar News. Published.
Hirsh. (2021b, November 11). Downtown San Diego Apartment property trades amid rising regional demand. CoStar News.
Today on the Southern California Real Estate Report we talk about a new micro apartment building set to open soon in San Diego.
The neighborhood these apartments are located is Birdland off the 163 freeway.
The building will have 90 units ranging from 300 to 450 square feet.
They will be priced between $1,600 and $2,000.
We talk about the logistics of turning a office building into apartments and if this area is a good place to have these small units.
Today on the Southern California Real Estate Report we talk about the new trolley line that will connect Mission Valley to the UTC and Sorrento Valley.
The new line is said to be more integrated into the surrounding development and because of that and because of transit oriented development, the hope is the community access and usability will help San Diego's car reliant population feel more open to using public transportation.
Garrick, D. (2021, November 16). New trolley line set up for success. Union Tribune .
Today on the Southern California Real Estate Report we familiarize ourselves with affordable lodging.
A newly approved hotel on Harbor Island by Sunroad Enterprises has an affordable lodging issue.
But what is affordable lodging?
We look at this project as a jumping off point to be understand a very complex, and might we say, confusing component of hotel development.
The article linked below does a better job of explaining what affordable lodging is and now it came about:
https://www.sandiegouniontribune.com/business/tourism/sdut-low-cost-lodging-mandated-california-coast-2015aug08-story.html
The gist is that everyone has the right to beach access and lodging near the coast and California Coastal Commission is trying to make sure that happens with affordable lodging.
Article referenced for this article:
https://www.sandiegouniontribune.com/business/story/2021-11-09/port-clears-way-for-construction-of-160m-hotel-on-harbor-island-but-will-it-have
Today on the Southern California Real Estate Report we talk about third quarter multi-family rents in San Diego.
Is rent growth slowing down? We talk about what we have seem in the market as multi-family property managers and how that compares to the newest Co-Star Report.
Today on the Southern California Real Estate Report we talk about the dinning structures on San Diego's streets.
So called streetside dinning was one of the only good things to come out of the pandemic . It allowed restaurants to survive by giving more or any outside dinning options to their patrons.
The new program known as Spaces as Places will give restaurants the choice to keep their outdoor spaces with a fee and with proper safety measures.
Learn more about this program and how we think the City of San Diego and restaurants patrons will benefit from keeping outdoor dinning alive on our San Diego streets.
Today on the Southern California Real Estate Report the battle continues for the title of Developers on the Sports Arena Center located in Point Loma.
Toll Brothers vs Brookfield, its anyone's guess who the City of San Diego will choose to take on this momentous project.
But wait! There is more... the doors are open for someone else to take the title. Will an underdog sweep in and present the winning bid?
Affordable Housing will be the make or break component to each developers projects. We will see who can add more affordable units and who's design wins over the City of San Diego.
Today on the Southern California Real Estate Report we get into some new proposed changes to the current ADU (accessory dwelling unit) code.
Councilmember Sean Elo-Rivera proposes changes that will make it harder for home owners and Real Estate investors to develop ADUs and rent them out.
ADU's have been praised for allowing residential home owners the ability to add an extra unit(s) to their properties in a simple and streamlined way.
The idea is to increase housing and help our housing crisis.
Today on the Southern California Real Estate Report we explore the melodrama which has become the City's purchase of 101 Ash Street.
Search warrants were executed at Cisterrra Development, Hughes Marino offices and the home of Jason Hughes, who was the broker on the deal of the Ash Street building.
Jason Hughes profited almost $10 million dollars from the deal that turned out to be one of the worst Real Estate deals San Diego has ever seen.
It has cost the City over $60 million on lease payments for a building that can not be occupied because of asbestos.
Asbestos should have been a major factor in the due diligence and purchase of the building in the first place.
Furthermore, the allegations are that Jason Hughes was not forthcoming on his involvement as a dual agent between the City of San Diego and Cisterra Development.
Today on the Southern California Real Estate Report we talk about the new City plan to build housing on public land.
The City of San Diego has determined that there is 300 acres total that could be used to build upward of 10,000 new housing units.
The City also plans to use pre-approved architectural plans.
The housing would be offered to people making between $15,000 and $120,000 a year, with the break down to be 45% middle-income and 55% low-income.
The article referenced for this podcast titled ""S.D. proposes new housing on public land" by David Garrick in the San Diego Union Tribune.
Today on the Southern California Real Estate Report we give you a break down the the two new housing bills signed but Governor Newsom.
Senate Bill 9 allows homeowners to split their lots to build up to four units on their single family property.
Senate Bill 10 streamlines the the rezoning process to allow for more housing units to be built.
On this episode we going into detail on what these bills mean and how we think they will impact the housing shortage.
Today on the Southern California Real Estate Report we talk about the the New Urban West's project call The Trails.
The Trails is a housing and commercial development located at the former Carmel Mountain Ranch County Club.
The project is overwhelming supported by the City, as it will offer much needed housing and affordable housing.
Some neighborhood groups oppose the project because of concerns regarding density and environmental impacts.
However, the old golf course is currently inaccessible to community members and the developer promises accessible open space along with housing and commercial use buildings.
Today on the Southern California Real Estate Report we give you the run down on how many new homes were added to San Diego's inventory.
We talk about the new housing developments that are adding multi-family unit in Mission Valley and Downtown San Diego.
While San Diego has experienced many new housing developments, both permitted and completed, many argue its not anywhere close to the amount of housing units needing to be built to keep up with demand.
Article from The San Diego Union Tribune, September 8, 2021 titled "Homebuilding increase may not be enough" by Phillip Molnar
Today on the Southern California Real Estate Report we talk about housing.
What is the best solution to the housing crisis? The politicians are weigh in, the housing advocates are taking a stand, the developers are hanging on tight to their check books and we are all wondering if there is still a light at the end of this tunnel.
Housing is expensive to build... no surprise there. Not everyone that says they understand Real Estate, even a small fraction of it, actually knows enough to make important decisions about it. Just look at the way the City of San Diego has handled the latest acquisition of two hotels as proof.
Lack of affordable housing impacts everyone.
Today, we talk about what we see as the hurtles to building more housing and offer insight to the process.
Today on the Southern California Real Estate Report we talk about home prices in San Diego.
For the first time in over a year home prices dropped.
We talk about how this dip in home prices doesn't signify a greater change in the market.
Home prices are up over 15% this year.
There is more movement in the market with interest rates very low, but what is also low is inventory.
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