Downtown San Diego Real Estate

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Downtown San Diego Real Estate

Contact Us Today At (619) 825-1974
claudette@buysellrentsandiego.com

465 10th Ave San Diego, CA 92101

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Should I Buy or Rent in Downtown San Diego

Buying a house is better than renting, right? Growing up, our parents raised us to believe that renting is a waste of money. And that buying a home is one of those markers of success in life. But as the economy and lifestyles change, this quandary is more debatable than ever.  Buying a house is an expensive investment buying, and not always the better option. The Buy, Sell, Rent San Diego team is always happy to help our customers determine what options best fit their needs. This week, we will discuss how to weigh the decision carefully. To rent or to buy: that is the question.
Today, the costs of renting are often much more expensive than buying a house, but renting comes with considerable benefits.

Renting

  • If your job or family require you to be always on the move, then renting may a better option for you. Flexible leasing options allow you to sign contracts for as little as 6-month obligations, and some property managers are even willing to go month-to-month, so you do not have to worry about packing up when work calls.
  • In addition, renting comes with the benefit of included service. Sometimes they include daily amenities like utilities and laundry or parking. You’ll never have to worry about the high costs of home maintenance. Rentals are always move-in ready.
  • Less-than-perfect credit? Property managers tend to care more about your income and references than that bankruptcy five years ago. Sure, they’ll check your credit, but it’s a minor consideration in the grand scheme of your application.
  • As mentioned above, timing is everything. Buy a condo is just as subject to the rises and falls of the market as any other investment. If you are not willing to take the risk, renting is a better option.

Buying

  • If you want to settle down, make a diversified investment portfolio and gain tax benefits; buying a house in Downtown San Diego (or any other preferred location) appears to be a good choice. No more miscommunications with your landlord. No more house hunting every year. Enjoy the solitude of your house. But Also,
  • Buying a condo allows you to build your equity and credit. Every dollar you put on your home loan is a dollar in equity you may use later for low-risk investments. Making improvements to the property will boost that equity at an even lower cost.
  • Maybe you think of your condo as your home and never plan to move. However, if you buy, your property does not have to be a burden. Turn it into a rental home and, you have an asset with monthly recurring revenue.
  • If you want to decorate, redesign, reimagine your home and make it a truly custom space, you want to buy. Rental agreements usually come with a “no painting” clause which does not allow you to make alterations. Buying gives you all the creativity you can imagine.

Timing is everything!

Timing is the critical factor in deciding to buy or not to buy.
Imagine buying a downtown condo in 2007. The market was great, and prices were rising with no signs of the real estate costs decreasing in the near future. While it seemed like the perfect time to buy, buying while the market is high has significant risks. Customers who bought during 2007 suffered in 2008 when the great recession struck. Unfortunately, the price of apartments lost has value. On the contrary, if you purchased a condo during the recession period, your property has increased in value every year since.
In both the above scenarios, it is not just the timing and mentality, but various other factors play a part in a particular decision: cash flow, urgency, and desired condo availability. Therefore, the question of buying vs. renting is a difficult decision.

Planning

Whether you are looking to buy or rent, never do so impulsively. Long before you start your hunt, you need to have a solid plan. Make sure you are prepared to give your time, effort and money throughout the entire process. We always help our clients establish a that includes budget, timeline, needs, wants, and location. If you plan on making the hunt solo, ensure to make firm commitments to cost and timeframe finding your new place.

In the end

It is important to break our stereotype that it is a waste of money to rent, and buying a house is the only way you can secure your shelter. The circumstance differs for each, and each of those circumstances demands a different action.
Whether you are buying or renting in downtown San Diego, we are here for you.  For all inquiries, reach out to Claudette Cooper at 619-458- 3196 today for a free consultation!
 

Posted in: Blog, The Word in Downtown, Uncategorized

Our Favorite Rooftop Bars in San Diego

When crave to soak in the sun, but don’t feel like heading to the beach. Maybe you want the adult beverage, but you are in no mood to rub your shoulders with strangers at a party. If you want to be on top of the world, or at least the top of America’s most beautiful city, head straight any of San Diego’s rooftop bars and satisfy your cravings with a breath-taking city lights view.
We at Buy, Sell, Rent San Diego don’t just believe in providing top-notch homes but a fantastic lifestyle too.
This week, we want to feature the most amazing rooftop bars in San Diego.
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Cannonball

Want to soak in the sunset and feel the beach breeze without getting your feet sandy? At Cannonball, the oceanfront sushi restaurant, there is no bad view. It doesn’t matter which seating you choose, the view from every angle is beautiful. Although a bit pricey, the cost of food is worth the large portions and stiff drinks. Cannonball offers you excellent food, excellent service, and excellent vibes.

Rustic Root

Situated right in the heart of Gaslamp Quarter, Rustic Root offers an expansive deck with the street light view. The rooftop patio with a glass roof, so it is perfect for every season. Head here for rustic American cuisine and playful adult drinks. Mingle with strangers or just chill out with friends. Their modern décor accompanied with luxurious couches is sure to light up your mood in no time.  

Bertrand at Mister A’s

Visit Bertrand at Mister A’s primarily for the panoramic view of Hillcrest, Midtown, and Downtown. Sip your drink and become one with the city of San Diego. They serve lip-smacking American cuisine with French and Mediterranean influence. However, consider their strict dress code before an impromptu drop-in. Bertrand at Mister A’s desire to create a unique, upscale atmosphere in San Diego by restricting all their customers to follow their semi-formal dress code.

The Rooftop by STK

The twinkling stars, cool breeze, live music, city view and you. What more could you ask for? The rooftop by STK serves innovative Americano dishes with a touch of Southern California flavors. It is one of the liveliest places in Downtown San Diego. Go for their pool-side lounge, the couches with fire pits, or simply to enjoy their signature drinks. The rooftop by STK is always a good choice for entertaining out-of-town guests.
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Fairweather

This hidden gem is tucked away by Petco Park next to Stone Brewing. To get to the bar, you have to make some crucial decisions. As you walk in you will find two doors: One door is labeled “No”. The other door is labeled “Yes”. You must make the right decision! The bar has a tropical, tiki theme perfect for relaxing and watching in a Padre game. We recommend going during happy hour from 4pm – 6pm.
 

The Nolen

The Nolen boasts its architecture prominence with pride. This high-rise bar has amazing interiors with a skyline view to offer. It has consistently ranked among the best bars in San Diego. The partial roof and partial open deck allow you to enjoy this place all day and 365 days a year. Their happy hour (4-6 daily) makes your pocket smile, with some crazy-good appetizers for only $6.
downtown san diego realtor

Altitude Sky Lounge

If you are a baseball fanatic who missed on grabbing the last ticket to the Petco Park stadium, worry not. Altitude Sky Lounge will grant your wish to watch the game live from their rooftop bar. Opening daily at 5 pm, the bar opens at 1:40 pm on Sundays and 12:40 pm on Thursdays especially, for the Padre home games. That’s not all. Altitude Sky Lounge lets you overlook the San Diego Bay and 13 other interesting sites including the Point Loma, Coronado Bridge, Coronado Island and more. This elite rooftop bar allows enjoying a night of dance and drinks.
Photo source: Nan Palmero
If it’s not just the rooftop bars but the city of San Diego that you crave, your hunt for a shelter in this beautiful county is easy. Just contact Claudette Cooper at (619) 825-1974, today.

Posted in: Blog, The Word in Downtown, Uncategorized

East Village San Diego is a Brewery Heaven

“I only drink beer on the days that end in y.”
With approximately 132 breweries under its roof, San Diego is a Heaven for all beer lovers–in particular, we have the best selection of craft beers.
East Village in Downtown is also packed with bars, clubs, and restaurants. Indulge in shopping, and then let your body relax as you enjoy your beer at the brewery. Either take a tour of a brewery, or just let your taste buds have fun sampling the enormous variety of beers. Whichever way you choose, it is important to experience the East Village brewery in Downtown San Diego.
With a whopping 132 breweries, it can be overwhelming to decide which one is the best to visit. As experts in the San Diego area, Buy Sell Rent San Diego created this guide to the best breweries in East village.

Knotty Brewing Co.

It is barely a year old but serves some of the best beers in town. It has a five-barrel brewhouse and a small tasting room. Unlike many breweries in town, they brew the beer in classic styles. Donovan Lane, a member of their brewery team, takes a studied approach to brew using distinct grains and yeasts. This gives the beer a traditional flavor, which is quite uncommon these days.    

Half Door Brewing

This Irish style pub serves tempting freshly brewed beer. The historic house is right in the middle of high-rise condos, providing a spectacular view of Petco Park. What excites pet lovers, and some of our favorite residents, is their dog-friendly patios. Interestingly, their beers are unfiltered. Thus, they have a murky nature that may not be for everyone. They’re old for those of us who prefer to chew our beers!

10 Barrel Brewing Co.

The founders of 10 Barre and l share a mutual interest brew beer–drinking beer and have fun doing it. They’re famous for their adventurous events and wacky flavors. You should definitely try their cucumber crush and raspberry crush, most recommended by their customers.
10 Barrel Brewing also displays beautiful views of the setting sun from their roof-top patio.

Ballast Point

Challenging their own taste, they have a collection of crafted beers to enhance your taste buds. Their Trademarked IPAs combined with a list of inquisitively experimental brews are sure to win your hearts. Not sure about your mood? Sampling a flight is the best way to find it out. You could also head here after a heavy lunch to try out the ice-cream beer float dessert.   

Resident Brewing Company

If you are in a mood to try the exotic rotating flavors available go for their samplers at a great price, Resident offers filtered IPAs, quality classics and unique blends making it a set apart from other breweries. To surprise your palate, make sure to try their Coffee Blend.
Next time you are in Downtown San Diego, do not forget to visit the East Village breweries. Hop into any of the mentioned breweries and enjoy the beer of San Diego. If you fall in love with the area and want to own a condo near any of these amazing breweries, contact Claudette Cooper at (619) 825-1974

Posted in: Blog, The Word in Downtown, Uncategorized

The Essential Guide to a Great Padres Game at Petco Park

If you are a baseball fan, we do not need to introduce you to the Petco Park in San Diego. However, if you are not, here is something you need to know. Inaugurated by the San Diego Padres on 9th
April 2004, Petco Park is the best ballpark in Downtown San Diego. It has lip-smacking food, the best sight-lines, and generally great weather for watching the games. Enjoying the Padres game at Petco Park is no less than an adventure. You can feel the adrenaline rush well before the first inning, and the excitement lasts long after the game is over. We at Buy, Sell, rent San Diego have curated a perfect guide for you to enjoy the game at its best.

Petco Park Seating

Petco Park offers a broad range of seats for you to choose from. Below are a few guidelines to help you decide the best one for you:
Best view: The Western Metal Building, Field Box, Dugout Club, and Premier Club sections provide some of the best views. Make sure you get the lower row number to feel the action closely.
Birdseye view: The roof-top seating area helps you enjoy a good view of the game and San Diego city. It also helps you save those extra bucks!
Sunny view: The right field sections get sunny. Therefore, be prepared to enjoy the game with light, breezy clothes.
Shady view: The left field sections offers shade. However, the scoreboard is right above it. Checking out the score can be a bit of a pain (in the heck).
Relaxing view: Toyota terrace provides the most beautiful and relaxed view, provided you are ready to shell out the money from your pockets.

Petco Park Tickets:

The price of the tickets varies on the days and season. If you are lucky enough, you could grab a ticket for $5. If you select the best view during the baseball season, you may have to shell out $70.
You can buy the tickets via phone, online through their official site, or physically at the box office.

Commute to the Park:

Any mode of transport can get you here; that’s the beauty of downtown! Depending on how far you are coming from Downtown, taxi, train, bus, ferry, water taxi and cars are all favorable ways to get there. If you are anywhere in Downtown San Diego, getting to Petco Park is even easy on-foot. The Padres’ website lists a detailed description of transportation options.

Chow time near Petco:

Petco Park has numerous options to satisfy your taste buds. Hog out at any of the following places in Petco Park: Wonderland Ocean Pub, Hodad’s, Carnitas Snack Shack, Pizza Port and Phil’s BBQ. Whether you are in the mood for Pizza, Hotdogs, Popcorn, or Mexican, you’ll find affordable options to delight your senses. You could also enjoy a chilled beer at any of the brewery options viz. Ballast Point, Alesmith Brewing Co., and Ironfist Brewing Co.

Post-Game:

Step out of Petco Park and explore the cityscape. Downtown has something to offer for every mood. You easily find various restaurants, pubs, clubs, and bars within half a mile distance from the Petco Park. Searching for some farm fresh, healthy food? Harvest by the Patio is to your rescue. Looking for a Mexican affair? Lolita’s can help you with that. Tacos on your mind? The Blind Burro have some darn good fish tacos. Feeling cheesy? Head over to Basic. There are mind-boggling options available. You don’t have to worry about the venue if you have the dish on your mind.
It doesn’t matter if you are an avid fan or just looking to have fun, a Padres game is an excellent way to spend your day in San Diego. Channel all of your energy in watching the game and cheering for the team. It is definitely an experience you won’t forget.
If you are planning to visit Downtown San Diego during the baseball season, you may consider renting an apartment for your stay. To know more about rental apartments in Downtown contact Claudette Cooper at (619) 825-1974

Posted in: Blog, The Word in Downtown, Uncategorized

Our Favorite Condo Complexes in Downtown San Diego

 
We understand the ups and downs of the emotions you face while hunting for a Condo in this beautiful city of San Diego. While it is exciting, it can also be very stressful.  To reduce your stress and make this process simple, we created this list of the best condo complexes in Downtown San Diego.

HARD ROCK HOTEL

The Hard Rock Hotel, San Diego a perfect condo complex to enjoy all the happenings in the heart of the city. It’s located near Gaslamp street, and comes with great prices! The apartment has a Woodstock terrace and a pool. This 5+ stories high rise was built in the year 2008. For energy efficient, downtown living, check out the 311 square feet comfortable studio apartment. Check out more details and get a virtual tour by clicking here.

ACQUA VISTA

The one-bedroom apartment in this complex offers a view of both the city and the bay. Get the best of both worlds from the beautiful outdoor patio. Sip wine and enjoy the beautiful sunset without leaving home. It is also walking distance from Little Italy. Check out more details and a virtual tour here.

METROME

With a breathtaking view of Coronado Bridge and walking distance from Petco Park, this complex is definitely one of our favorites. The complex that offers a community meeting room with a full kitchen and lounge area to entertain both you and your guests. It also hosts an underground parking facility to keep your car safe and cool during the hot summer days. Built in 2005, the 571 square feet studios are situated in East Village and are nothing less than grandeur. Check out more details and a virtual tour by clicking here.

EL CORTEZ

The timeless building built in 1929 is synonymous with elegance. The location offers easy access to freeways, and they provide optional valet parking. Amenities include a heated pool, a jacuzzi spa, and gym facilities. Another great feature is the soundproof walls and floors in all apartments–You’ll never have to listen to your neighbor’s music again. The studio is massive with  677 square feet huge. Check out more details and a virtual tour by clicking here.

PARK TERRACE

Built in 2006, this condo complex is a complete package in itself. With shops, restaurants, clubs, the library, and convention center nearby, everything is easily accessible around the vicinity. The  Secure building has all the amenities you need to entertain guests including a full gym, a terrace with ballpark views, and a recreational room with a pool table and plasma TV. The outdoor courtyard is complete with top-notch BBQ grills. Check out more details and a virtual tour by clicking here.

ALTA

This 21-story high-rise is nothing less than awe-inspiring. Sliding frosted glass doors separate the bedrooms opening up the modern-Euro space and letting in a lot of natural light. With walk-in closets and massive bathrooms, each and every quality of the studio in this complex speaks of its sophistications and elegance. Check out more details and a virtual tour by clicking here.

GASLAMP CITY SQUARE

The complex name speaks volume. The condos overlook the pool, spa, and barbecue, and the well-furnished apartments, have everything you desire and everything you didn’t know you wanted. Their biggest asset is location: living in the Gaslamp Quarter means never having to leave your neighborhood for the best bars, restaurants, and venues in the city. As the historic heart of the city, the Gaslamp Quarter is a walking playground.  Check out more details and a virtual tour by clicking here.

ATRIA

A few blocks from Gaslamp District, close to the Bay and across the supermarket is this beautiful complex of Atria. This building built in 2002 attracts attention because it is pet-friendly. The 695 square feet big studio overlooks the stunning Marina District. Check out more details and a virtual tour by clicking here.

MOTO VILLAS

Petco Park, Midway Aircraft Carrier, Financial District, Horton Plaza, Museums, Waterfront, Embarcadero and our favorite Gaslamp Quarter call Moto Villas their neighbor. Impeccable facilities with urban architecture designed by award-winning Jonathan Segal await to please you. Check out more details and a virtual tour by clicking here.

SMART CORNER

Smart comer complex has the most fabulous amenities in the community. The spa at roof-top sun deck, wet bar, fitness center with modern facilities and a barbecue area. The facilities are the epitome of “work, play, live,” with five stories of the building devoted to office space, an abundance of in-house retail shops, and a trolley directly below, ready to take you anywhere you want to go. Our favorite part? Each condo is as unique in shape and size as those who live there.  Check out more details and a virtual tour by clicking here.
If you are interested in learning more about these properties, or other condo in downtown San Diego Call us now!

Posted in: The Word in Downtown, Uncategorized

Celebrities Living in San Diego

Boasting picturesque views of the Pacific Ocean, a temperate climate, endless amounts of sun and sparkling water, San Diego is a paradise for many. The charismatic persona of this city even leaves celebs asking for more. Celebrities from various fields call San Diego their home (if not home, at least second home). Who would not like to brag about their residential area when the neighborhood is so lavish? Here is a list of all the celebrities living in San Diego.
Bill Gates
Microsoft co-founder, Bill Gates closed a $18 million deal in 2014, purchasing Jenny Craig’s ritzy horse facility in Rancho Santa Fe. In addition to this, he also owns a home in the Del Mar Country Club.
Deepak Chopra
Indian-born physician, public speaker and author Deepak Chopra, one of the wealthiest figures in holistic medicine resides in La Jolla, San Diego.
Pauly Shore
American actor, director, producer, writer and comedian, Pauly Shore spent his childhood and grew up in Beverly Hills, California. However, he is now rumored to have moved to La Jolla.  
John McCain
The senior United States Senator from Arizona, John McCain’s family owns eight properties. San Diego accounts for 3 of those. John McCain’s condos are nothing less than lavish. 2 of those condos are in Coronado and 1 in La Jolla.
Phil Mickelson
American professional golfer and winner of five major golf championships Phil Mickelson was born in San Diego, California. In 2012, he sold a home at Windansea and another home in Rancho Santa Fe in 2015. However, rumors suggest that he still lives near North County, San Diego.
Zandra Rhodes
English fashion designer Zandra Rhodes spent the majority of her life in London. Her partner’s wish made her move to San Diego. Her beach home in Del Mar is filled with bold and bright colors, much like her personality. She enjoys the dual housing one in London and other in San Diego.
Drew Brees
American football quarterback Drew Brees of the National Football League sold his penthouse in Hawaii a few years ago. His thirst for an idyllic seaside village was quenched when he came to Del Mar. It goes without saying that, he now resides with his family in his beach house at Del Mar, San Diego.
Tony Hawk
The legendary icon and most influential pioneer of vertical skateboarding Tony Hawk was born in Carlsbad, California. Thankfully, he never found a reason good enough to leave the beautiful city of San Diego. Currently, he resides with his family in Encinitas, California.
Jason Mraz
The American singer-songwriter, Jason Mraz is a fan of San Diego city. Mraz is a health-freak who enjoys having raw vegan food. He owns a five-and-a-half-acre farm land in Bonsall, California; where he and his family grow avocados. The Grammy winning singer-songwriter lives in a house built on his avocado farm.
Shaun White
Two times Olympic gold medallist, professional snowboarder and skateboarder Shaun White grew up in San Diego. He recently sold his $8 million ocean-front home in Encinitas, California. According to rumors, he is great at flipping homes.
Have you bumped into any of them yet? Do you know of any other celebrity residents in your neighborhood? If you are still not in the league of San Diegan residents and wish to join it soon, contact Claudette Cooper at 619-458-3196 today.

Posted in: The Word in Downtown

15 Things You Didn’t Know About San Diego!

San Diego is an enchanting place. We have beaches, the marina, and Balboa Park, but perhaps the most captivating parts of San Diego are the pieces reserved for the locals: the rich history, the culture and the evening breeze. Today, allow us to walk through some amazing facts about San Diego you probably didn’t know if you if you do not already live here.

1. The Name San Diego

In 1542, Juan Cabrillo, a Portuguese navigator claimed the bay for Spain, naming it San Miguel. On November 12th, 1602, Don Sebastian de Viscaino celebrated mass ashore in honor of St. Didacus (San Diego in Spanish), renaming it to San Diego.

2. The La Jolla Caves

La Jolla houses seven famous sea caves. Sunny Jim Cave being the only land-access sea cave. The La Jolla Underwater Park, built in 1970 was first of its kind on the West Coast.

3. The Fish

San Diego was rightly called, ‘The Tuna capital of the World’ as the American tuna canning industry and tuna fishing fleet were based here. It was the third largest industry after the Navy and Aviation.    

4. The Rabbit Ville

In early days, settlers tried to build a city by the bay of the now downtown San Diego area.  Unfortunately, they failed in doing so. However, their efforts helped in forming a great habitat for the local rabbits. Thus, nicknaming it ‘Rabbit Ville.’

5.The Military

Approximately 22% of jobs in America are defense related. San Diego is home to the largest naval task force in the world have a majority of the population serving the nation.

6. The Runway

San Diego International has been claimed to be ‘the busiest, most difficult single runway in the world.’ Overall it ranks the third-busiest single runway in the world, behind Mumbai and London Gatwick.

7. The Avocados

Fallbrook in San Diego holds the title of ‘Avocado Capital of the World.’ This is because of its extensive stretch of avocado groves.

8. The Lakes

All lakes in San Diego are man-made. Due to the cost involved in its treatment, swimming is prohibited in the lakes.

9. The Holiday

Frank Tony Hawk, the most successful and influential pioneers of modern vertical skateboarding, has a holiday named after him. May 29th is celebrated as ‘Tony Hawk Day’ in San Diego honoring his great achievement and philanthropic contributions.

10. The Star

Built in 1863, the world’s oldest active sailing ship that circumnavigated the world 21-times; surviving a number of environmental disasters and unsuccessful voyages, this rugged beauty, The Star of India, home ports in San Diego Bay.

11. The Fit

The American Fitness Index for 2015 declared San Diego as the third-fittest city in the States. The majority of the population here believes in healthy eating and staying fit.  

12. The Birthplace

San Diego was originally located in the now central San Diego, still known as the Old Town. Alonzo Horton, in 1867 purchased some hundred acres of waterfront property. He built the docks at the end of 5th Avenue, which bloomed into a city in no time. This area was then called ‘New Town.’

13. The Munchkins

An area in La Jolla is known as ‘The Munchkins House.’ This is because a majority of the actors (who played Munchkins in the movie Wizard of Oz) reside here.

14. The Dining

Not for the light-hearted! At the city’s Dick’s Last Resort Bar, you pay for food accompanied with sarcasm, attitude and obnoxious behavior of the staff. Although it served the locals for 25 long years, it was shut recently in 2016.

15. The Theatre

La Jolla Playhouse and Old Globe of San Diego have sent quite a number of shows to Broadway, NYC. Interestingly, the number exceeds any other theatre in the entire country.     
These are just a few of the many interesting things about San Diego. If any of these excite you, hurry up, pack your belongings and make a move to Downtown San Diego. Leave the hustle of searching your shelter to Buy, Sell, Rent San Diego by contacting Claudette Cooper at  (619) 825-1974, today.

Posted in: Blog, Uncategorized

The Most Important Mortgage Documents You Will Ever Sign

We have seen it happen before. Someone is so excited to finally close on a condo in downtown San Diego. They have just a few days of waiting before the keys will belong to them. Then, they miss signing one of the documents. The day of his or her dreams turned into a nightmare because of one legal error. That’s why knowing all of the necessary mortgage documents is essential. While at Buy, Sell, Rent San Diego, we work you through all of the paperwork step-by-step, this is not the case with all real estate companies. That’s why we created a list of all the most important documents one needs to sign during the closing of a condo in downtown San Diego.

TRID Compliant forms

Two main regulations were created to protect the consumer financing a home the U.S. from fee abuses, the Truth In Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). These two laws gave birth to the TILA-RESPA Integrated Disclosure Rule (TRID) which makes understanding mortgages easier for the buyers.

The two TRID compliant forms are:

The Loan Estimates

  • The loan estimates replaced the Truth in Lending disclosure and the Good Faith Estimates.
  • The seller must provide it to the buyer within three days of the loan application. The name aptly conveys what it holds within – the projected loan terms, predicted payments over the life of your mortgage, monthly mortgage payment amount and line item closing costs.
  • This aids the buyer to compare various loan options, eventually leading them to decide if the property is the best suited for him or her.

The Closing Disclosure

  • The closing disclosure replaced the Final Settlement Statement, a.k.a. HUD or HUD-1.
  • The seller must provide it to the buyer at least three days before the closing date.
  • Although it contains the same information as the loan estimates, it digs a bit deeper. It displays a breakdown of costs borne by the buyer, seller, and third parties.
  • The closing disclosure aids the buyer to cross verify and digest the final terms in the same format as in the loan estimate.

Security forms

It is important to note that the Deed of Trust is a subset of the Promissory Note.

The Promissory Note

  • This is the actual loan contract, a.k.a. the note.
  • It specifies the contract term (ex. 5-year Arm or 30 years fixed), payment intervals, interest and penalty rates.
  • It also provides the authority to seize the residence in the event of loan default.
  • The note has a reference to a separate document i.e. the Deed of Trust.

 

The Deed of Trust

  • This pledges the property to a trustee who holds it as debt or loan.
  • According to the loan you choose, you would need to comply with one of the three terms of residence:
    • Owner-occupied: It can be used as a rental or second home only after you have lived in there for a year
    • Second home: You cannot rent this home. It can only be used as a second home.
    • Rental: You are free to convert this to owner-occupied or second home if you wish. However, this right comes with a price of higher loan rate.

The technical jargon can make document signing a little complicated. Luckily, we are here for you. As real estate experts, we walk all of our clients through the mortgage processes, explaining each signature line as we go. If you are planning to buy a condo in downtown San Diego but not sure where to start, contact Claudette Cooper at 619-825-1974  today for a free consultation!

Posted in: Blog, The Word in Downtown, Uncategorized Tagged: mortgage

The Essential Guide to Buying a Condo in Downtown San Diego

Investing in Downtown San Diego condo is like having a luxurious palace without worrying about its maintenance.
Forget about the tireless hours you spend cutting the lawn, or the evenings you missed out on your favorite series because you had to clean the pool or even those tiring weekends when you missed catching up with your friends’ due to the pending garden maintenance. Yes, because once you invest in a condo, all this is taken care of for you. Not to mention you’ll be close to endless shops and entertainment! We know downtown condos are an incredible lifestyle.
We are always trying to help our clients find the condo of their dreams. Although dealing with any real estate can be a daunting task, we have sought to make this process a little easy for our investors:

Prepare your Pre-Qualification

As you check your wallet before going out shopping, you need to review your financial status before you hunt for a condo. Calculate the cash you have in hand and the mortgage you may need, thus, defining your overall budget. Here is an easy calculator that simplifies this task. It is essential that a buyer gets qualified for loan application before anything else.
Search for a lender. Consult them about the type of mortgage you would need. You could also check your qualification for government-backed loan viz. Veteran’s Administration (VA) or Federal Housing Administration (FHA) loan.
After you have found the lender get your pre-approval letter. For this, you need to have a clear understanding about their formalities, documents needed and other terms and conditions. The letter helps you solve the credit score issues, if any, and can sometimes help in negotiations.  A buyer with pre-approval letter commands priority and attention from the agents and sellers

Beginning the Hunt

To begin the condo hunt, invest in an agent who would handle all the complications and tedious tasks in your hunting process. Managing it all on your own is not recommended because an FHA approved lender must submit condo approval. Therefore, it cannot be done by an individual.
List your requirements for your agent. Do you prefer city lights to enjoy nightlife or a serene view of the bay? Would you desire restaurants nearby, adjoining shopping plaza, or fitness park at a walking distance? Flexible with the number of bedrooms but no compromise on the garage, or 3 bedrooms with a swimming pool is a mandate? Analyze all the possibilities and inform your agent of both needs and wants. Have a look at the list of all downtown districts that provide you a summary of lifestyle at each of the area.
Once your agent provides you a list of condos that fit your lifestyle, take a virtual tour of the properties first (example). Next, go with your agent to visit the finalists. Do you really think this is what you dreamt of? If the answer is no, continue the hunt.

Striking a Deal

Bravo! You have zeroed down on one. But it isn’t done yet. Check the prices for similar condos in the neighborhood, analyze the market, the number of days the property has been on the market, etc. Consider all the possible factors and then finalize the buy price.
Submit an offer to the seller with the help of your agent and determine a closing date. This could be anywhere between 30 and 45 days from when the offer is accepted.
Once the offer is accepted, the escrow process starts. (Note: An escrow is a financial arrangement where a third party exchanges the money for the property between the buyer and seller). The California real estate law states the buyer should make a deposit of around $2,000 into an escrow account. A property inspection will have to be scheduled within 17 days. After this, you will need to remove the contingency. In the case of any discrepancy, you can get your deposit back and cancel the contract during the contingency period.
If everything works well, obtain the HO-6 policy (the form used for condo insurance policies). Most lenders call this a “wall policy” and require it to cover at least 20 percent of the condo’s appraised value.
Now the buyer needs to deposit the amount of the purchase price into the escrow. The escrow company transfers your funds to the seller and the keys to you.
If you are planning to buy a condo, and looking for a qualified agent, contact Claudette Cooper at (619) 344-8538 today for a free consultation!
Sources of laws and regulations:
http://www.dre.ca.gov/files/pdf/relaw/2017/relaw.pdf
http://www.sandiegocounty.gov/content/sdc/sdhcd/home-buyers-owners/payment-assistance.html
http://www.wikihow.com/Buy-a-Condo-in-San-Diego
 

Posted in: Blog, The Word in Downtown, Uncategorized

Top 10 Tips for Hiring a Property Manager in San Diego

Property Management demands a huge commitment of time and effort–talking to numerous tenants, dedicating hours per day to administrative tasks, attending to frequent phone calls, fact-checking each tenant. The daily to-dos of a property manager require full attention. You may choose to do it yourself if you are ready to commit that. However, if you cannot, you’ll want to hire any property manager.
A good property manager can guarantee a monthly cash-flow whereas a poor one may depreciate the value of your property, suck money from your pockets, and infuriate your tenants. Because it can be difficult to find an ideal property agent, we curated this list of top 10 tips for selecting  a property manager in San Diego.

The Numbers

How many properties do they manage? How many employees do they have? A well-trained employee, provided with all the right tools can manage approximately 40 units (properties). If the property manager you hire already has 45 units to look after, and you additional want her to handle five more of yours, she may become overloaded and not serve your properties as well.

The Property

Does your property manager have his/her own rental property? If the answer is yes, your answer to hire him/her might be no. A property manager with their own rental property is likely competition for you. Although they may not know they’re biased, it is pretty obvious they will want the best tenants for their properties and leave the rest for you. Is that fair?

The Reach

What is the area covered by the property manager? Does it cover multiple cities in and around California? If yes, it’s not good for you. It is better to hire a local area property manager that focuses not only on San Diego, but your area of the city. They know the most about property values, tends, laws, and regulations to help you and potential tenants.

The Inspection

A routine check of your property is one of the key responsibilities of your property manager. Some property managers consider inspections a formal routine check while others see it as an additional feature. Either way, make sure they are willing to help you get and understand the inspection before you commit.

The Tools

Your property manager needs to have some software tools for data maintenance and report generation. The tools used by property managers help create better reports and data management. Check the sample reports when you visit them the first time to make sure everything is well-organized and well-documented.

The Rent

Make sure that you ask about your property manager’s reporting and payment process. Ideally, you will obtain the report and the rent on a fixed date every month. Stay updated about your properties by asking for information about maintenance requests and any late payments.

The Rates

Most property managers charge between 7% and 10%. Some charge companies charge only if the property is collecting rent, while others charge every month regardless of vacancy status. Either method is fine as long as they can find quality tenants quickly and keep them. We charge a 8% flat rate with the first month free, so we can help advertise the property and collect applications before you start collecting rent.

The Maintenance

You are bound to face maintenance issues once in a while. Although property managers take care of organizing repairs, you need to clear the terms and conditions well in advance. There is a certain limit up to which you can allow the property manager to handle the maintenance before acquiring your permission. Talk to your manager to decide exactly with that limit is and what types of repairs require approval before continuing.

The Listener

Make sure your property manager is not just good at speaking but also good at listening. You’ll want a property manager that understands your concerns and values. Their listening skills will help them find the right tenants for your needs and make the right decisions to maintain your property.

The Responsibilities

An ideal property manager has inclusive services and transparent fees. It is important for you to check the list of property manager responsibilities included in the agreement. If you see a huge list of “extra charges,” it’s usually a red-flag.
Finding the right property manager is crucial. You’ll know you found the right one when you feel at-easy knowing your property is being taken care of, and you’ll get that monthly check and report. Are you still searching for a property manager and not sure where to head? Contact Claudette Cooper today at (619) 825-1974

Posted in: Blog, Uncategorized

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