downtown san diego may 10

Downtown San Diego’s Hot Real Estate Listings

Love Your Ride? There’s An Auto Club Just For You!

Rates? Down Payments? Qualifications?

What’s New in Mortgage Lending

Delicious Decadence Cucina Urbana’s Strawberry Fregolotta

FEATURED PROPERTY

May 2010

All information is deemed reliable but not guaranteed. The properties on this list have been listed/sold by various participants in the MLS.

If your home is currently listed, this is not a solicitation for that listing. Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.com

800.588.7382 • www.DowntownSanDiegoProperties.com

The Pinnacle | Unit 10042 Bed | 2 Bath | 1,297 SF$779,000Located in the heart of the Marina District, this is a fabulous 2/2 unit at The Pinnacle. Amazing panoramic views of the city and bay from all rooms! Plus there are two

spectacular view balconies. This elegant and spacious unit features a gourmet kitchen, European cabinets, stainless Bosch appliances and SubZero refrigerator, granite counters, wine refrigerator, floor-to-ceiling glass walls throughout, 10-foot ceilings and marble floors. Two parking spaces included. Welcome home!

HORIZONS CURRENTLY AVAILABLEBed / Bath Est. SF Floor List Price 1 / 2 1,249 2nd $462,8001 / 2 1,036 17th $510,0002 / 2 1,245 9th $609,9002 / 2 1,245 10th $635,0002 / 2 1,245 14th $639,0002 / 2 1,245 12th $640,0002 / 2 1,263 20th $649,0002 / 2 1,245 11th $649,000 2 / 2 1,301 15th $679,0002 / 2 1,544 16th $995,0003 / 2 2,918 22nd $2,900,000

SALE PENDING3 / 3 2,260 22nd $1,395,000

SOLD UNIT SOLD PRICE1 / 2 1,036 #1701 $460,0002 / 2 1,230 #203 $572,0002 / 2 1,770 #201 $660,0002 / 2 2,007 #2501 $1,120,000

PARK PLACE CURRENTLY AVAILABLEBed / Bath Est. SF Floor List Price 2 / 2 1,375 TH7 $545,0001 / 2 1,113 4th $550,0002 / 2 1,374 5th $625,0001 / 2 1,268 25th $640,0002 / 2 1,338 5th $695,0002 / 2 1,545 9th $719,0002 / 2 1,353 4th $739,0002 / 2 1,545 5th $739,000

SALE PENDING2 / 2 1,353 7th $625,0002 / 2 1,374 17th $639,000

SOLD UNIT SOLD PRICE1 / 2 1,113 #707 $429,0001 / 2 1,113 #1806 $500,8002 / 2 1,455 #206 $615,0002 / 2 1,575 #504 $640,0002 / 2 1,545 #1301 $715,0001 / 2 1,545 #2104 $1,070,0002 / 2 2,000 #2402 $1,700,000

CURRENT REAL ESTATE ACTIVITY IN HORIZONS & PARK PLACE

ARG-Abbott Realty Group435 4th Ave. • San Diego, CA 92101

SANDRA MELVILLERealtor, CRS, GRISandra@ MelvilleAndAssociates.com

619.454.5464

AUSTIN HEALEY CLUB OF SAN DIEGODedicated to maintaining, preserving, and enjoying Healey automobiles, this club assists other Healey owners and enthusiasts. The club is open to owners of Austin Healeys, Jensen Healeys, or any other Healey vehicles. Visit www.sdhealey.org for more details.

CORVETTE OWNERS CLUB OF SAN DIEGO Founded in 1956, this club hosts autocrosses, fun runs, drag races, and car shows in and around San Diego. It is also the longest continuously active Corvette Owners Club in the US. For more information, go to www.cocsd.com.

EARLY FORD V-8 CLUB OF SAN DIEGOFormed in 1969, this club boasts more than 150 members and more than 300 Ford Motor Company vehicles from the years 1932-1953. Early Ford lovers are encouraged to learn more at www.sandiegoearlyfordv8club.org.

FERRARI OWNERS CLUB – SAN DIEGO REGIONWith a mission to assist their members in extracting the maximum enjoyment of their sports car, this club meets monthly and holds a variety of member events such as a drive and dine, driving rallies, viewing parties and tech sessions. Check out www.focsandiego.com to join.

MOPAR CLUB SAN DIEGO Chartered in 1993 by a group of car enthusiasts with a passion for Chrysler cars, this club’s car enthusiasts are dedicated to the preservation, restoration, and modification of Chryslers, Dodges, Plymouths, DeSotos, and AMCs (they race them, too!). Learn more about the group’s monthly meetings and related events—and check out photos of the Mopar of the month—at www.moparclubsandiego.net.

PORSCHE CLUB OF AMERICA – SAN DIEGO REGIONPorsche lovers unite! Join in on the many events hosted by the club all of which are chock full of educational value as well as entertainment and hospitable companionship. These fun-filled events are something the whole family can enjoy. Choose from social events, charitable gatherings,

driving instruction and track events. Visit www.pcasdr.org for more information.

SAN DIEGO MIATA CLUBHundreds of members make up this organization, founded in 1996. Monthly meetings, car shows, driving events, and plenty of fun make up this cool club. See www.sandiegomiataclub.org for more details.

SAN DIEGO CHAPTER OF THE PONTIAC OAKLAND CLUB INTERNATIONALFounded in 1989, this fun group is dedicated to the restoration and preservation of the Pontiac and Oakland Motorcar. The website (www.sdpoci.com) features club events, a monthly calendar, and cool pics of members’ hot rides. Be sure to check it out!

SAN DIEGO PROWLERSOne of the oldest hot rod clubs in the state. Established in 1947, this club is comprised of Ford cars and trucks only—and they must be 1948 or older. Rich in history, this club’s web site (www.prowlers.org) posts historic photos and stories any car enthusiast will enjoy. This exclusive club, however, has only 30 members at a time, so it’s not for the common fan. This is a lifestyle!

STUDEBAKER DRIVERS CLUB – SAN DIEGO CHAPTERThis chapter of the national group meets monthly to discuss and show off these classic automobiles. Car shows, parts exchanges, and Studebaker-related events round out the mix. For more information, visit www.studebakersandigo.com.

San Diego Padres vs. Colorado RockiesPETCO Park, May 5th 619.795.5000 or sandiegopadres.mlb.comCheer on our home team as they battle it out during this three-game series. While at the stadium, check out the many ways PETCO Park has made the facility “green,” in fact they were awarded the 2009 San Diego Recycler of the year award. Be ready to party as there will be a Grand Cinco de Mayo celebration at the stadium!

Chelsea HandlerCivic Theatre, May 8th619.570.1100 or sandiegotheatres.orgHost of the most popular show on E! and the only female late night host, Chelsea Handler wins over her crowds with her biting wit and shock value. Now is your chance to see Chelsea perform live giving her humorous take on the latest celebrity gossip and world news. Opening for Handler is comedian Chris Franjola, who not only appears on Chelsea Lately but is a writer for the show as well.

All That Glitters San Diego Natural Museum, opens May 15th619.232.3821 or sdnhm.org Head out to the museum to check out this “sparkling” display of earth’s creations. As one of the most famous gem-producing regions of the world, San Diego County is the perfect place to hold this exhibit. Gaze upon the many gems on display and learn about the history and process that made these beautiful creations. Liver Life WalkSan Diego Zoo, May 22nd 619.291.5483 or liverfoundation.org/sandiego/walkTake a private walk around the zoo before it even opens to the public, all for a great cause! Check in on your favorite wildlife during your 5K or 1.5K walk and afterwards join the party for refreshments and live entertainment. Proceeds benefit the American Liver Foundation.

Jazz FestivalGaslamp District, May 29th619.297.3698 or gaslamp.orgWhether you are a great lover of jazz or just looking for a good time, come out and enjoy yourself at this music festival. The party will continue all day starting at noon and going into the late hours of the night. Two stages will be set up on 5th Avenue and G Street showcasing top national acts and local performers.

Drink Yourself BlindBacchus Wine Market May 21st – 22nd619.236.0005 or bacchuswinemarket.comThink you have the knack for distinguishing wines with just your refined palate? As one of the market’s most popular tastings, each guest will sample from eight bottles cloaked in brown paper bags and attempt to identify the wines. Guess four or more correctly and go home with a prize! Bring your designated driver and your nose for fine wine!

MAY 2010

STRAWBERRY FREGOLOTTA

Featuring Cucina Urbana 505 West Laurel Street

619.239.2222 or www.sdurbankitchen.com

Ingredients:3/4 lb. Butter1 c. Sugar1/2 tsp. Vanilla Extract1/4 tsp. Salt3 c. Flour1 1/2 c. Strawberry Jam (we make our own but you can easily substitute store bought)1/4 c. Pistachios, toasted

Method:In the bowl of your stand mixer, using the paddle attachment, cream together the butter, sugar, vanilla extract and salt until very fluffy and light in color. The mixture should almost triple in volume. Scrape into a bowl and then add the flour. Mix by hand until fully combined but be careful not to over mix the dough. Prepare your tart pan by spraying with vegetable spray and then coating the inside with flour; tap out the excess flour. Reserve one quarter of the dough, rolling between parchment into a rectangle about 1/2 inch thick. Chill for at least 45 minutes. Divide the remaining dough amongst your tart molds or use in one large tart. Press the dough to cover the bottom and sides in a thin, even layer. Brush the bottom with egg wash and then cover with a thin layer of the strawberry jam. Remove the chilled layer of dough from the refrigerator and cut into 1/2 inch cubes. Evenly place the cubes over the surface of your tart, leaving space in between so the filling will show. Bake at 350 degrees for approximately 18 minutes. The tart will be dark golden brown on top when finished. Let cool to room temperature and release from the tart mold. Serve with your favorite ice cream and toasted pistachios.

SAN DIEGO STYLE!

Excited to buy a home in today’s opportunistic market but wondering what the lending environment is like these days? There’s good news (how about historically low interest rates combined with amazing real estate deals), as well as some sensible news (the times when anybody could get a loan for any amount are long gone). In the end that’s good, albeit sobering news, for everyone; buyers, sellers, and lenders alike. This adds up to the perfect time for some people to make a great real estate investment. Although lending laws have gotten strict, many good loan programs exist and the real estate market is ripe for those who are ready. So what’s new in the lending world as opposed to five years ago? Five years ago people were able to obtain a mortgage regardless of their credit and financial stability. Back then the loans performed so well that there were mortgages given to people who couldn’t even evidence employment. Now lenders are back to the basics of making sure the borrower can actually afford the loan being applied for. And for these reasons obtaining a mortgage

may be more difficult than it has been in the past. However, the notion that it’s nearly impossible to qualify for a loan is simply untrue. You may be surprised at what’s available to you. What’s the latest in interest rates? 30-year fixed-rates hovering right around 5 percent on most loan programs continue to sit at historically low levels. Five-year ARMs are in the low 4-percent range. Once the housing market and economy begins to show a steady stabilization (predicted by many analysts to occur by the 4th quarter of this year), we can expect the Fed to begin raising interest rates again. While a conventional loan now requires a 5-10 percent down payment, other loans do still exist that require lower or even no down payment, appealing to those who simply don’t have the money saved up. The borrower- friendly FHA loan requires only 3.5 percent down, making it very popular right now (if you buy a home in foreclosure there is almost no down payment with this loan). VA loans for veterans require no money down, and there’s

a unique program called a USDA loan, available for properties in rural areas or near farms, which also require no money down. So be on the lookout for the loan that suits your needs best. For borrowers in need of a Jumbo loan (amounts exceeding $546,250), the lending landscape has been notably tight for the last couple of years. Lenders are generally requiring no less than 20-30 percent down and interest rates are higher. However, there have been some rumblings on Wall Street lately as investors are slowly beginning to purchase these Jumbo loans in the secondary market again. The sale of these portfolio loans to investors allows banks much-needed liquidity and in turn allows them more flexibility to lend. Already there are a small number of lenders easing up on their Jumbo requirements and rates. Programs currently exist for a 5-year ARM in the low 4 percents with a large down payment and excellent credit. The good news is threefold. 1. Interest rates are at fantastic levels. 2. Lending requirements are easing up and should continue to do so. 3. Real estate values have adjusted and there are some unheard of deals out there right now. All this adds up to once-in-a-generation opportunities for purchasers and investors. Happy home hunting!

AutomobileenthusiastsloveCaliforniabecausetheyknowtheGoldenStateistheperfectplacetocruisethecoastlineinstyle.AndSanDiegoishometosomeofthecoolestcarclubsaround.Whetheryou’reacarcollectororjustgettingintoadmiringvintageautos,checkouttheseclubsandorganizationsintheSanDiegoarea.FormorecomprehensiveSanDiegocarclublistings,visittheAssociationofCaliforniaCarClubs’websiteatwww.acccdefender.orgortheSanDiegoAutomotiveMuseum’swebsiteatwww.sdautomuseum.org.Thenhitthehighwayyourself!