A Pivotal Month

After months of speculation over the future of the Navy Broadway Complex, September promises to be a busy and pivotal month for the controversial proposed development, Pacific Gateway.

In the latest of several incarnations, the Manchester Development Group will present their plans publicly on Sept. 9 at the Embarcadero Planning Center, 585 Harbor Drive.

Then on Sept. 16, also at the Embarcadero Planning Center, the Broadway Complex Coalition, made up largely of Citizens Coordinate for Century 3 (C3) members, will host what they’re calling “a public planning forum for public land.” The Broadway Complex Coalition has been one of the main voices opposing the project.

District 2 Councilman Kevin Faulconer has dedicated the Sept. 19 City Council meeting on the future of the Navy Broadway Complex.

“It’s going to be one of the largest developments on the waterfront,” Faulconer said. “It’s really the front porch of our city. This project will be potentially such a big one that the council hasn’t reviewed it yet, and I felt it was important that we do so. And I think with decisions as large as this, you want to make sure you’re reviewing the options, all the information is there, and people can make informed decisions.”

Finally, on Sept. 27, CCDC, which has oversight authority on the project, will hold its consistency recommendation meeting for the project, in which CCDC will address technical and environmental aspects and determination of public benefits along with architectural design.

From sdnews.com

Home Price Analysis for San Diego

Executive Summary from the Research Division of the National Association of REALTORS regarding the current San Diego Real Estate Market. Dated July 2006.

• Home prices in the region have decelerated significantly in recent months. After posting five straight years of double-digit gains, including a whopping 30% annual appreciation in 2004, prices rose by only 4% in the first quarter of 2006 from a year ago.

• The slowdown in price growth is due primarily to higher mortgage rates, which have risen roughly one percentage point since last summer. Higher rates have dragged down sales in all of California by almost 20%.

• A recent cut-back in home building has reduced the risk of overbuilding in the region. Low new supply better helps support home prices.

• The share of adjustable-rate mortgages (ARMS) declined in the first quarter of 20006 to 59% from 70% just a quarter earlier. Though ARMs are the best financing choice for some homeowners, they also carry interest-rate risk.

• The percentage of homebuyers who utilized sub-prime mortgages was much lower than it was for the nation as a whole.

• Local job growth has been strong. The three-year job growth if 4.2% is nearly two times as fast as the national increase. The local unemployment rate of 4.3% in the first quarter implies full employment in the region.

• Job growth attracts additional potential homebuyers to the market and limits the number of “forced home sales” associated with job losses (as was the case in the early 80’s and 90’s).

• However, the biggest risk is the drastic slowdown in home sales activity that could result from even further measurable increases in interest rates. Should the 30-year average fixed rate approach 7.5% from its current 6.8% as a result of too much monetary tightening by the Federal Reserve, home prices in the region could well decline.

www.westofthefive.com

Art, Wine and La Jolla

Event Details

Date: September 28, 2006

Time: 5:00pm-9:00pm

Location: La Jolla Village

Phone: (619) 233-5008

Link: www.lajollabythesea.com

Adult Price: $25

Event Description

Enjoy a self-guided walking tour through La Jolla Village’s luxurious art galleries, while indulging in delicious samplings from La Jolla’s premier restaurants and an array of fine wines. The event includes over 20 different galleries showcasing fine art, local artists and animation, over 50 variations of wine, and hors d’oeuvres and sample dishes from La Jolla’s top restaurants. At the La Jolla Gallery and Wine Walk, guests will take in an evening of unrivaled elegance and world-class art in the Village’s breathtaking Mediterranean-like setting.

For more information or to purchase tickets, call (619) 233-5008.

Expired Listings

Dear Friends

Just a quick note to let you know how I can help the people you care about most who need the best strategic real estate or mortgage advice.

Perhaps you may have noticed more homes for sale in your area now then last year.

What you may not know is that many of these homes will not be sold because they simply are not positioned properly for today’s market.

When you have a friend, family member or neighbor that has attempted to sell their home and have not been able to achieve that goal with their current agent perhaps I could give them the advice they need.

So the next time you are in a conversation with a friend, neighbor or family member and they mention that their listing has expired please don’t keep me a secret, give them my name and number and ask then to call me.

My purpose is to make sure the people you care about get the strategic advice they must have in today’s market place.

Respectfully
Travis Houston

PS. Do you have a friend, family member or neighbor who’s listing has expired and they would like to have strategic advice on how to reposition their home to sell in this market? Please call me immediately858-232-2008