Today on the Southern California Real Estate Report we talk candidly about the year its been for Real Estate and we talk about what we think top stories will be for next year.Bob and Danielle would like to thank all our listers and hope everyone a happy and health holiday season.We will get back to giving you the latest and greatest of Real Estate news starting in January 2022.

Southern California Real Estate Report

Year of the year, on to the next

Today on the Southern California Real Estate Report we talk about two top Multifamily Real Estate deals.The $97 million dollar acquisition of Latitude33 in Escondido by Ascenda Capital and the California Municipal Finance Authority&The $71.55 million dollar acquisition of 4th & J apartment complex in downtown San Diego by Vesity Investments.Latitude has a total of 198 units the price about $490,000 per unit and will be converted to middle-income housing.4th & J has a total of 168 units plus nearly 1,200 feet of retail space and is on a ground lease.Hirsh. (2021, December 1). Apartments repositioned for middle-income renters following big deal in northern San Diego suburb. CoStar News. Published.Hirsh. (2021b, November 11). Downtown San Diego Apartment property trades amid rising regional demand. CoStar News.

Top deals to talk about

Today on the Southern California Real Estate Report we talk about a new micro apartment building set to open soon in San Diego. The neighborhood these apartments are located is Birdland off the 163 freeway. The building will have 90 units ranging from 300 to 450 square feet. They will be priced between $1,600 and $2,000. We talk about the logistics of turning a office building into apartments and if this area is a good place to have these small units. 

Micro Apartments in San Diego

Today on the Southern California Real Estate Report we talk about the new trolley line that will connect Mission Valley to the UTC and Sorrento Valley.The new line is said to be more integrated into the surrounding development and because of that and because of transit oriented development, the hope is the community access and usability will help San Diego's car reliant population feel more open to using public transportation.Garrick, D. (2021, November 16). New trolley line set up for success. Union Tribune . 

Public Transportation for San Diego

Today on the Southern California Real Estate Report we familiarize ourselves with affordable lodging.A newly approved hotel on Harbor Island by Sunroad Enterprises has an affordable lodging issue.But what is affordable lodging?We look at this project as a jumping off point to be understand a very complex, and might we say, confusing component of hotel development.The article linked below does a better job of explaining what affordable lodging is and now it came about:https://www.sandiegouniontribune.com/business/tourism/sdut-low-cost-lodging-mandated-california-coast-2015aug08-story.htmlThe gist is that everyone has the right to beach access and lodging near the coast and California Coastal Commission is trying to make sure that happens with affordable lodging. Article referenced for this article:https://www.sandiegouniontribune.com/business/story/2021-11-09/port-clears-way-for-construction-of-160m-hotel-on-harbor-island-but-will-it-have

New Harbor Island hotel

Today on the Southern California Real Estate Report we talk about third quarter multi-family rents in San Diego. Is rent growth slowing down? We talk about what we have seem in the market as multi-family property managers and how that compares to the newest Co-Star Report. 

Third quarter rents in San Diego

Today on the Southern California Real Estate Report we talk about the dinning structures on San Diego's streets.So called streetside dinning was one of the only good things to come out of the pandemic . It allowed restaurants to survive by giving more or any outside dinning options to their patrons.The new program known as Spaces as Places will give restaurants the choice to keep their outdoor spaces with a fee and with proper safety measures.Learn more about this program and how we think the City of San Diego and restaurants patrons will benefit from keeping outdoor dinning alive on our San Diego streets.

Streetside dining is here to stay

Today on the Southern California Real Estate Report the battle continues for the title of Developers on the Sports Arena Center located in Point Loma. Toll Brothers vs Brookfield, its anyone's guess who the City of San Diego will choose to take on this momentous project.But wait! There is more... the doors are open for someone else to take the title. Will an underdog sweep in and present the winning bid? Affordable Housing will be the make or break component to each developers projects. We will see who can add more affordable units and who's design wins over the City of San Diego. 

The battle to develop the Sports Arena

Today on the Southern California Real Estate Report we get into some new proposed changes to the current ADU (accessory dwelling unit) code. Councilmember Sean Elo-Rivera proposes changes that will make it harder for home owners and Real Estate investors to develop ADUs and rent them out. ADU's have been praised for allowing residential home owners the ability to add an extra unit(s) to their properties in a simple and streamlined way. The idea is to increase housing and help our housing crisis. 

A change to ADU's might be coming

Today on the Southern California Real Estate Report we explore the melodrama which has become the City's purchase of 101 Ash Street. Search warrants were executed at Cisterrra Development, Hughes Marino offices and the home of Jason Hughes, who was the broker on the deal of the Ash Street building.Jason Hughes profited almost $10 million dollars from the deal that turned out to be one of the worst Real Estate deals San Diego has ever seen.It has cost the City over $60 million on lease payments for a building that can not be occupied because of asbestos.Asbestos should have been a major factor in the due diligence and purchase of the building in the first place.Furthermore, the allegations are that Jason Hughes was not forthcoming on his involvement as a dual agent between the City of San Diego and Cisterra Development.

Update on the City's Purchase of 101 Ash Street.

Today on the Southern California Real Estate Report we talk about the new City plan to build housing on public land. The City of San Diego has determined that there is 300 acres total that could be used to build upward of 10,000 new housing units. The City also plans to use pre-approved architectural plans. The housing would be offered to people making between $15,000 and $120,000 a year, with the break down to be 45% middle-income and 55% low-income. The article referenced for this podcast titled ""S.D. proposes new housing on public land" by David Garrick in the San Diego Union Tribune. 

Housing on Public Land

Today on the Southern California Real Estate Report we give you a break down the the two new housing bills signed but Governor Newsom.Senate Bill 9 allows homeowners to split their lots to build up to four units on their single family property.Senate Bill 10 streamlines the the rezoning process to allow for more housing units to be built.On this episode we going into detail on what these bills mean and how we think they will impact the housing shortage.

Single-Family Zoning Eases with New Reform Bill

Today on the Southern California Real Estate Report we talk about the the New Urban West's project call The Trails.The Trails is a housing and commercial development located at the former Carmel Mountain Ranch County Club.The project is overwhelming supported by the City, as it will offer much needed housing and affordable housing.Some neighborhood groups oppose the project because of concerns regarding density and environmental impacts.However, the old golf course is currently inaccessible to community members and the developer promises accessible open space along with housing and commercial use buildings.

NIMBYism Holds up New Development Project in the Carmel Valley Neighborhood

Today on the Southern California Real Estate Report we give you the run down on how many new homes were added to San Diego's inventory.We talk about the new housing developments that are adding multi-family unit in Mission Valley and Downtown San Diego.While San Diego has experienced many new housing developments, both permitted and completed, many argue its not anywhere close to the amount of housing units needing to be built to keep up with demand.Article from The San Diego Union Tribune, September 8, 2021 titled "Homebuilding increase may not be enough" by Phillip Molnar

Housing by the numbers

Today on the Southern California Real Estate Report we talk about housing. What is the best solution to the housing crisis? The politicians are weigh in, the housing advocates are taking a stand, the developers are hanging on tight to their check books and we are all wondering if there is still a light at the end of this tunnel. Housing is expensive to build... no surprise there. Not everyone that says they understand Real Estate, even a small fraction of it, actually knows enough to make important decisions about it. Just look at the way the City of San Diego has handled the latest acquisition of two hotels as proof. Lack of affordable housing impacts everyone. Today, we talk about what we see as the hurtles to building more housing and offer insight to the process.

The Future of Housing

A report on what is happening in the Real Estate industry.

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Southern California Real Estate Report

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