San Diego Real EstateMarket Trends

Downtown San Diego NeighborhoodsSpotlight On: Horton Plaza

Tantalizing To Your Taste budsAcqua Al 2’s Blueberry Filet Mignon

Downtown San Diego’s Real Estate Report

FEATURED PROPERTY

September 2010

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

HORIZONS CURRENTLY AVAILABLEBed / Bath Est. SF Floor List Price 1 / 1 897 2nd $399,0001 / 2 1,036 16th $527,0002 /2 1,245 9th $564,9002 / 2 1,245 12th $610,0002 / 3 1,640 TH $779,0002 / 2 1,497 19th $892,0004 / 4 2,516 TH $1,395,0003 / 4 2,752 22nd $1,949,0003 / 3 2,918 22nd $2,500,000

SALE PENDING1 / 2 1,249 2nd $369,9002 / 2 1,263 20th $625,0002 / 2 1,544 16th $959,000

SOLD UNIT SOLD PRICE2 / 2 1,245 1005 $610,0002 / 2 1,301 1502 $640,0002 / 2 1,770 201 $660,0002 / 2 1,530 1803 $975,0002 / 2 2,007 2501 $1,120,0003 / 3 2,260 2204 $1,300,000

PARK PLACE CURRENTLY AVAILABLEBed / Bath Est. SF Floor List Price 1 / 2 1,113 4th $400,0001 / 2 1,113 11th $499,0001 / 2 1,113 TH $520,0001 / 2 1,268 25th $576,0002 / 2 1,575 4th $599,0002 / 2 1,338 5th $650,0002 / 2 1,545 3rd $670,9002 / 2 1,545 5th $695,2502 / 2 1,374 13th $1,045,000

SALE PENDING2 / 2 1,375 TH $485,000

SOLD UNIT SOLD PRICE2 / 2 1,353 706 $560,0002 / 2 1,374 1702 $594,0002 / 2 1,455 206 $615,000

CURRENT REAL ESTATE ACTIVITY IN HORIZONS & PARK PLACE

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

All information is deemed reliable but not guaranteed.

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

Realtor, CRS, GRISandra@ MelvilleAndAssociates.com

619.454.5464

Renaissance Residence 20083 Beds | 4 Baths2 Parking | 4,528 SF$2,895,000

This magnificent two-story penthouse, located in the prestigious Marina District, boasts over 4,500 sq. ft. of luxurious living space. Soaring ceilings, walls of glass with spectacular panoramic views of the skyline, ocean, bay and mountains are yours from every room. Highlights of this home include sumptuous master suite, distressed maple floors, designer wall coverings and window treatments, tech lighting, plus media room complete with surround sound and custom entertainment niche. Just blocks to Seaport Village, Horton Plaza, the Gaslamp Quarter, Petco Park and San Diego’s exciting nightlife. Renaissance is an urban residential masterpiece composed of two high-rise towers, offering concierge services, 24-hour security, lap pool and spa, outdoor patio, state-of-the-art fitness center, conference room and library.

The fervor of the 2009 market has been cooling off during 2010. The San Diego real estate market is experiencing a softening of the demand, and the months supply growing. The strong price increases are beginning to slow and there is an increase in the amount of properties for sale. Typically, demand slows in fall, but it appears to be happening even earlier than usual this year. The second quarter of 2010 is marginally ahead of the second quarter of 2009, but the third quarter is already showing declining sales versus last year. Part of this may be caused by the expiration of the tax credit on April 30th which bolstered sales at the beginning of the year. Also, the price increases we experienced in 2009 may have had the effect of pushing the first-time buyers out of the market. Since January of this year, the inventory of homes coming onto the market has been on a steady increase. Prices are always affected by supply and demand. 2009 was a “buyer’s market” in Downtown San Diego. We saw strong demand which helped drive up prices. Now we are at about a 4.5 month supply. This more neutral market will begin to bring price pressure on active listings. While prices are for the most part still increasing, the month-over-month increases are beginning to taper off. The San Diego market is also experiencing a trend of reduced amount of foreclosures. It seems that lenders are finding alternatives to foreclosure such as

loan modifications and short sales. In fact, while inventory of foreclosures has been decreasing, short sales have increased their market share. One more interesting note: The price differential between homes that are listed and homes that are selling is substantial. The average list price for Downtown San Diego real estate has been approximately $728,000 while the average list price for homes that are actually selling is less than $400,000. However, we’re seeing this gap reducing as new listings coming onto the market have lower list prices than the expired and cancelled listings.

Symphony for FreedomUSS Midway, September 2nd619.237.1960 | sandiegosymphony.comAll aboard for an evening of cocktails, hors d’oeuvres, dinner and the San Diego Symphony on the revered USS Midway. Accompanying the symphony are special guests Frank Sinatra Jr. and Miss America, scheduled to perform the national anthem. The event’s honoree, Lee Iacocca, will be presented the Midway American Patriot Award for his incredible work including the restoration of the Statue of Liberty.

16th Annual Festival of BeersColumbia and B streets, September 10th858.672.3972 | sdbeerfest.orgA fun-filled evening of beer tasting with over 120 craft beers from 65 breweries is in store, all for a great cause. Imbibe in the great food and relish the live music while sipping your brews. A selection of fine wines is also available for non-beer drinkers. Proceeds will benefit local cancer organizations, joining the more than $350,000 raised since the inception of the festival.

San Diego Restaurant WeekLocal Restaurants, September 19th – 24thsandiegorestaurantweek.comAlways wanted to try that new local restaurant or anxious to revisit an old favorite? Foodies unite! During this week-long event, 180 restaurants will offer a three-course meal of signature dishes for $20, $30, and $40 per person. Some fabulous restaurants participating this year include Bice Restaurant, Soleil@K and Cucina Urbana.

Trolley DancesDowntown Locations, September 25th – 26th619.225.1803 | sandiegodancetheater.orgLooking for a new way to enjoy an afternoon in downtown San Diego? Jump aboard the MTS trolley at such locations as Horton Plaza, New Children’s Museum or the new Hilton Bayfront to see some exciting dance performances as you hop on and off the trolley at scheduled stops around the city.

THREAD Fashion ShowHorton Event Space, September 26th619.795.4505 | threadshow.comTraveling all around the west coast, the THREAD show has made its way to San Diego. Each show features independent and up-and-coming fashion designers, eco-friendly designs, fashion shows and great live bands. Whether it’s fashion for the body or for the home, be the first to see what’s in store for fall.

San Diego Film FestivalGaslamp Theater, September 29th – October 3rd619.582.2368 | sdff.orgCalling all movie buffs! Don’t miss out on this five-day festival extravaganza. Each day features an exciting event such as the Opening Night Premiere Party, Filmmaker’s Social and the Refresh Pool Party where awards will be given out to “best of the fest.” What a great way to rub elbows with industry types and get an inside look into movie magic.

SEPTEMBER 2010

FILETTO AL MIRTILLOHand-Carved Filet Mignon Topped with a Blueberry Sauce

Featuring Acqua Al 2322 5th Ave.

619.230.0382 | acquaal2.com

INGREDIENTS:8 oz. filet mignon1 oz. blueberry marmalade 6-8 oz. cherry wine1 tsp. of creamolive oil1 tsp. buttersalt & pepper to tasteflour

INSTRUCTIONS: In a small frying pan, heat the olive oil and butter over medium-high heat. Coat the filet mignon in some flour and place it in the pan to seal the steak, cooking until the meat is light brown in color (or at the desired temperature). Heat another frying pan over medium-high heat. Transfer the filet to the pan and add the cherry wine until the alcohol evaporates (approximately 2 – 3 minutes). Then add the blueberry marmalade, salt and pepper to taste. When the sauce starts to reduce, add the cream, mix well and wait for the sauce to thicken to a desired consistency (approximately 30 seconds – 1 minute). Plate the filet and cover with the blueberry sauce. Serve warm.

Serves 1

When he arrived in 1867, Alonzo Erastus Horton was not the first to be attracted by San Diego’s natural beauty, but as the historical father of contemporary San Diego, he was certainly the most influential. Horton bought and sold or developed most of the land that is now downtown San Diego. Named after his namesake Horton Plaza Park, which houses the Horton Park Fountain and is near the bronze statue of the man himself, this neighborhood is where the redefining of Downtown began. The Horton Plaza Redevelopment Project was adopted in 1972 to spearhead the transformation of downtown from the center out. The first development was the six and one-half-block Horton Plaza retail/entertainment center, which ingenuously houses over 140 shops and restaurants in a colorful labyrinth connecting seven open-air split levels. This shopping center is now a local landmark and a tribute to the creativity and history of San Diego. High-rise luxury condominiums and mixed-use residential and retail developments followed. Today, the Horton Plaza neighborhood includes a Westin Hotel, the Meridian condominium tower, Horton Fourth Avenue apartments, the SBC and NBC office towers, the Federal Courthouse & Office building, and both Spreckels and Balboa theaters. The Spreckels Theatre has been in continuous operation since its opening in 1912. It was commissioned by sugar magnate John D. Spreckels and was inaugurated with rave reviews for its beauty, architecture, acoustics, and as a perfect setting for the shows that graced its stage. In 2004, Spreckels closed briefly for a renovation. A rare combination of old world charm and modern convenience, it retains grace, comfort, and location that can’t be beat! The historic Balboa Theatre, one of the oldest performing arts venues in San Diego, was completely restored and

reopened as a live performance and conference venue in 2008. Built in 1924, Balboa Theatre was an elegant vaudeville and movie palace in the heart of downtown San Diego. In 1959, the building was saved from potential demolition. Operating as an action movie house, it was purchased by the City of San Diego in 1986. Ten years later, the Balboa Theatre Foundation nominated the Theatre to the National Register of Historic Places.

Horton Plaza: The Center Of It All

This 15-block Horton Plaza neighborhood puts residents at the center of Downtown’s activity. The area includes luxury condominiums and apartments amidst high-rise office buildings, retail,

hotels, theaters and restaurants. Upcoming developments include the 362-room, 12-story Marriott Renaissance Hotel along the north side of J Street between Fifth and Sixth avenues.

Restored Balboa Theatre

The fervor of the 2009 market has been cooling off during 2010. The San Diego real estate market is experiencing a softening of the demand, and the months supply growing. The strong price increases are beginning to slow and there is an increase in the amount of properties for sale. Typically, demand slows in fall, but it appears to be happening even earlier than usual this year. The second quarter of 2010 is marginally ahead of the second quarter of 2009, but the third quarter is already showing declining sales versus last year. Part of this may be caused by the expiration of the tax credit on April 30th which bolstered sales at the beginning of the year. Also, the price increases we experienced in 2009 may have had the effect of pushing the first-time buyers out of the market. Since January of this year, the inventory of homes coming onto the market has been on a steady increase. Prices are always affected by supply and demand. 2009 was a “buyer’s market” in Downtown San Diego. We saw strong demand which helped drive up prices. Now we are at about a 4.5 month supply. This more neutral market will begin to bring price pressure on active listings. While prices are for the most part still increasing, the month-over-month increases are beginning to taper off. The San Diego market is also experiencing a trend of reduced amount of foreclosures. It seems that lenders are finding alternatives to foreclosure such as

loan modifications and short sales. In fact, while inventory of foreclosures has been decreasing, short sales have increased their market share. One more interesting note: The price differential between homes that are listed and homes that are selling is substantial. The average list price for Downtown San Diego real estate has been approximately $728,000 while the average list price for homes that are actually selling is less than $400,000. However, we’re seeing this gap reducing as new listings coming onto the market have lower list prices than the expired and cancelled listings.

Symphony for FreedomUSS Midway, September 2nd619.237.1960 | sandiegosymphony.comAll aboard for an evening of cocktails, hors d’oeuvres, dinner and the San Diego Symphony on the revered USS Midway. Accompanying the symphony are special guests Frank Sinatra Jr. and Miss America, scheduled to perform the national anthem. The event’s honoree, Lee Iacocca, will be presented the Midway American Patriot Award for his incredible work including the restoration of the Statue of Liberty.

16th Annual Festival of BeersColumbia and B streets, September 10th858.672.3972 | sdbeerfest.orgA fun-filled evening of beer tasting with over 120 craft beers from 65 breweries is in store, all for a great cause. Imbibe in the great food and relish the live music while sipping your brews. A selection of fine wines is also available for non-beer drinkers. Proceeds will benefit local cancer organizations, joining the more than $350,000 raised since the inception of the festival.

San Diego Restaurant WeekLocal Restaurants, September 19th – 24thsandiegorestaurantweek.comAlways wanted to try that new local restaurant or anxious to revisit an old favorite? Foodies unite! During this week-long event, 180 restaurants will offer a three-course meal of signature dishes for $20, $30, and $40 per person. Some fabulous restaurants participating this year include Bice Restaurant, Soleil@K and Cucina Urbana.

Trolley DancesDowntown Locations, September 25th – 26th619.225.1803 | sandiegodancetheater.orgLooking for a new way to enjoy an afternoon in downtown San Diego? Jump aboard the MTS trolley at such locations as Horton Plaza, New Children’s Museum or the new Hilton Bayfront to see some exciting dance performances as you hop on and off the trolley at scheduled stops around the city.

THREAD Fashion ShowHorton Event Space, September 26th619.795.4505 | threadshow.comTraveling all around the west coast, the THREAD show has made its way to San Diego. Each show features independent and up-and-coming fashion designers, eco-friendly designs, fashion shows and great live bands. Whether it’s fashion for the body or for the home, be the first to see what’s in store for fall.

San Diego Film FestivalGaslamp Theater, September 29th – October 3rd619.582.2368 | sdff.orgCalling all movie buffs! Don’t miss out on this five-day festival extravaganza. Each day features an exciting event such as the Opening Night Premiere Party, Filmmaker’s Social and the Refresh Pool Party where awards will be given out to “best of the fest.” What a great way to rub elbows with industry types and get an inside look into movie magic.

SEPTEMBER 2010

FILETTO AL MIRTILLOHand-Carved Filet Mignon Topped with a Blueberry Sauce

Featuring Acqua Al 2322 5th Ave.

619.230.0382 | acquaal2.com

INGREDIENTS:8 oz. filet mignon1 oz. blueberry marmalade 6-8 oz. cherry wine1 tsp. of creamolive oil1 tsp. buttersalt & pepper to tasteflour

INSTRUCTIONS: In a small frying pan, heat the olive oil and butter over medium-high heat. Coat the filet mignon in some flour and place it in the pan to seal the steak, cooking until the meat is light brown in color (or at the desired temperature). Heat another frying pan over medium-high heat. Transfer the filet to the pan and add the cherry wine until the alcohol evaporates (approximately 2 – 3 minutes). Then add the blueberry marmalade, salt and pepper to taste. When the sauce starts to reduce, add the cream, mix well and wait for the sauce to thicken to a desired consistency (approximately 30 seconds – 1 minute). Plate the filet and cover with the blueberry sauce. Serve warm.

Serves 1

When he arrived in 1867, Alonzo Erastus Horton was not the first to be attracted by San Diego’s natural beauty, but as the historical father of contemporary San Diego, he was certainly the most influential. Horton bought and sold or developed most of the land that is now downtown San Diego. Named after his namesake Horton Plaza Park, which houses the Horton Park Fountain and is near the bronze statue of the man himself, this neighborhood is where the redefining of Downtown began. The Horton Plaza Redevelopment Project was adopted in 1972 to spearhead the transformation of downtown from the center out. The first development was the six and one-half-block Horton Plaza retail/entertainment center, which ingenuously houses over 140 shops and restaurants in a colorful labyrinth connecting seven open-air split levels. This shopping center is now a local landmark and a tribute to the creativity and history of San Diego. High-rise luxury condominiums and mixed-use residential and retail developments followed. Today, the Horton Plaza neighborhood includes a Westin Hotel, the Meridian condominium tower, Horton Fourth Avenue apartments, the SBC and NBC office towers, the Federal Courthouse & Office building, and both Spreckels and Balboa theaters. The Spreckels Theatre has been in continuous operation since its opening in 1912. It was commissioned by sugar magnate John D. Spreckels and was inaugurated with rave reviews for its beauty, architecture, acoustics, and as a perfect setting for the shows that graced its stage. In 2004, Spreckels closed briefly for a renovation. A rare combination of old world charm and modern convenience, it retains grace, comfort, and location that can’t be beat! The historic Balboa Theatre, one of the oldest performing arts venues in San Diego, was completely restored and

reopened as a live performance and conference venue in 2008. Built in 1924, Balboa Theatre was an elegant vaudeville and movie palace in the heart of downtown San Diego. In 1959, the building was saved from potential demolition. Operating as an action movie house, it was purchased by the City of San Diego in 1986. Ten years later, the Balboa Theatre Foundation nominated the Theatre to the National Register of Historic Places.

Horton Plaza: The Center Of It All

This 15-block Horton Plaza neighborhood puts residents at the center of Downtown’s activity. The area includes luxury condominiums and apartments amidst high-rise office buildings, retail,

hotels, theaters and restaurants. Upcoming developments include the 362-room, 12-story Marriott Renaissance Hotel along the north side of J Street between Fifth and Sixth avenues.

Restored Balboa Theatre

San Diego Real EstateMarket Trends

Downtown San Diego NeighborhoodsSpotlight On: Horton Plaza

Tantalizing To Your Taste budsAcqua Al 2’s Blueberry Filet Mignon

Downtown San Diego’s Real Estate Report

FEATURED PROPERTY

September 2010

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

HORIZONS CURRENTLY AVAILABLEBed / Bath Est. SF Floor List Price 1 / 1 897 2nd $399,0001 / 2 1,036 16th $527,0002 /2 1,245 9th $564,9002 / 2 1,245 12th $610,0002 / 3 1,640 TH $779,0002 / 2 1,497 19th $892,0004 / 4 2,516 TH $1,395,0003 / 4 2,752 22nd $1,949,0003 / 3 2,918 22nd $2,500,000

SALE PENDING1 / 2 1,249 2nd $369,9002 / 2 1,263 20th $625,0002 / 2 1,544 16th $959,000

SOLD UNIT SOLD PRICE2 / 2 1,245 1005 $610,0002 / 2 1,301 1502 $640,0002 / 2 1,770 201 $660,0002 / 2 1,530 1803 $975,0002 / 2 2,007 2501 $1,120,0003 / 3 2,260 2204 $1,300,000

PARK PLACE CURRENTLY AVAILABLEBed / Bath Est. SF Floor List Price 1 / 2 1,113 4th $400,0001 / 2 1,113 11th $499,0001 / 2 1,113 TH $520,0001 / 2 1,268 25th $576,0002 / 2 1,575 4th $599,0002 / 2 1,338 5th $650,0002 / 2 1,545 3rd $670,9002 / 2 1,545 5th $695,2502 / 2 1,374 13th $1,045,000

SALE PENDING2 / 2 1,375 TH $485,000

SOLD UNIT SOLD PRICE2 / 2 1,353 706 $560,0002 / 2 1,374 1702 $594,0002 / 2 1,455 206 $615,000

CURRENT REAL ESTATE ACTIVITY IN HORIZONS & PARK PLACE

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

All information is deemed reliable but not guaranteed.

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

Realtor, CRS, GRISandra@ MelvilleAndAssociates.com

619.454.5464

Renaissance Residence 20083 Beds | 4 Baths2 Parking | 4,528 SF$2,895,000

This magnificent two-story penthouse, located in the prestigious Marina District, boasts over 4,500 sq. ft. of luxurious living space. Soaring ceilings, walls of glass with spectacular panoramic views of the skyline, ocean, bay and mountains are yours from every room. Highlights of this home include sumptuous master suite, distressed maple floors, designer wall coverings and window treatments, tech lighting, plus media room complete with surround sound and custom entertainment niche. Just blocks to Seaport Village, Horton Plaza, the Gaslamp Quarter, Petco Park and San Diego’s exciting nightlife. Renaissance is an urban residential masterpiece composed of two high-rise towers, offering concierge services, 24-hour security, lap pool and spa, outdoor patio, state-of-the-art fitness center, conference room and library.