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) (https://www.pacificcoastcommercial.com/post/navy-puts-70-acre-navwar-property-in-san-diego-s-midway-district-on-the-market)

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