| ||
|
Recent Posts On Other Blogs
Monthly Archives
March 2008
January 2008 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006 August 2006 July 2006 June 2006 May 2006 April 2006 March 2006 February 2006 January 2006 December 2005 November 2005 October 2005 September 2005 August 2005 July 2005 June 2005 May 2005 April 2005 March 2005 February 2005 January 2005 December 2004 October 2004 September 2004
Recent Entries
The Next Shoe to Drop: Commercial Real Estate
State's jobless rate tops 6 percent Mortgage Fraud Hits the Courts Federal agency grants San Diego vouchers for low-income housing San Diego gets OK to control public housing Getting a loan grows much more difficult Scary monsters looming above city Housing slump into '08 likely, study finds What Could Save the Housing Market Don't give up on housing market
Categories
General - 18 posts
Local Ramblings - 1 posts Mortgage News - 1 posts San Diego Condos - 6 posts San Diego Homes - 6 posts San Diego Real Estate News - 31 posts
Recent Comments
Search
|
March 30, 2007Settlement would limit number of condo conversionsAccord requires survey of tenants March 29, 2007 SAN DIEGO – Condo conversions in San Diego would be limited to no more than 1,000 units a year under a tentative settlement approved by the City Council on Tuesday. The settlement, considered in closed session, is intended to end litigation against the city over how it reviews proposals to transform rental units into for-sale condos. A coalition of environmental and affordable-housing advocates represented by attorney Cory Briggs argued that the city had failed to formally review each conversion project to assess what potential effects projects might have on the environment. Before the lawsuit can be dismissed, the City Council must put into law a yearly limit on condo conversions. In addition, an ordinance must be adopted that would not allow approval of conversions until after landlords have surveyed their tenants to learn what effects the conversions might have on renters. The city would then issue an annual report on the survey results. Under the agreement, the city will reimburse those bringing the suit $75,000 in legal fees and related costs. “Full implementation of the settlement will end the need for litigation over future condo-conversion waves by preventing future waves from ever rising in the first place,” said Briggs, who represents the Affordable Housing Coalition of San Diego County and Citizens for Responsible Equitable Environmental Development. Unaffected by the settlement are three other lawsuits filed by Briggs against condo converters dealing with the same issue of environmental analysis. The lawsuit naming the city was one of two suits tossed out by a Superior Court judge last year, although Briggs appealed the ruling. While San Diego and other cities in the county have been a magnet in recent years for developers seeking to convert rentals into for-sale housing, the overall real estate market slowdown has dampened interest in condo conversions. “In the heyday, we were getting 20 or 30 applications a month, and since July or August, it's in single digits,” said Mike Westlake of the city's Development Services Department. “So there's definitely been a slowdown. Instead of four or five or six a week, we maybe get one a week, and that number will probably go down even more.” Last year, applications for condo conversions accounted for about 1,800 units. So far this year, there have been six projects proposed, although two of those call for the conversion of more than 1,200 units in Mission Valley, according to city records. Jim Waring, who oversees land-use issues for Mayor Jerry Sanders, said he expects that the ordinances required under the settlement will come back to the council within 60 days. “This has been a great distraction and not a very productive use of our time,” Waring said. “We're settling the case so we can eliminate the distraction and focus on other things we think are more important.” Posted by bkleinhe at 12:11 PM
Hide Comments
| Add your comment| TrackBack (4)
|Find more in San Diego Real Estate News
Comments on Settlement would limit number of condo conversions
March 16, 2007S.D. economic indicators fall for 10th straight monthBy Dean Calbreath March 16, 2007 San Diego's leading economic indicators fell for the 10th month in a row in January, dragged down by a weakening employment outlook and the continuing decline in the housing market, according to a report yesterday by the University of San Diego's Burnham-Moores Center for Real Estate. Economist Alan Gin, who compiles the monthly index of indicators, attributed the decline to the downturn in local home sales, which is beginning to have a ripple effect through the rest of the economy. “The interesting thing is the impact of housing on the economy,” Gin said. “In employment, not only construction and real estate are down, but you're also seeing an effect in the retail sector. And help wanted advertising is down significantly in a lot of categories.” Three of the six categories in the index worsened in January: residential building permits, help-wanted advertising and unemployment filings. In contrast, there were improvements in consumer confidence, local stock prices and the outlook for the national economy. But the three latter categories have all declined in recent weeks. The stock market has turned choppy, especially for small or mid-sized technology companies – precisely the type of companies that are based in San Diego. The national economic growth rate for the fourth quarter of 2006 was recently revised downward to 2.2 percent, implying slow growth for the current quarter as well. The increasing pessimism on Wall Street and rising gasoline prices have already dampened consumer confidence. The San Diego Union-Tribune's monthly consumer confidence survey – a component of Gin's index – rose 5.8 percent in January but fell 2.1 percent in February. “January had relatively good stock prices and low gas prices, which helped consumer confidence,” Gin said. “It will be interesting to see what happens to consumer confidence with gas prices rising. There's usually about a 70 percent correlation between gas prices and consumer confidence. If the past is any sign, the prices will put a dent in confidence.” The 10-month decline in the economic indicators has paralleled a 10-month decline in residential building permits, a sign of the weakening housing market. “We're weak today, but I think we'll be through these problems in nine months,” said Marney Cox, economist at the San Diego Association of Governments. “Most of the declines are in construction and real estate, and I think we're beginning to see some stabilization there. By the end of this year, I'm expecting that we'll be through this.” But Peter Schiff, who runs Euro Pacific Capital in Newport Beach, said the real estate decline will be an impact on the economy for quite some time. “Think about all the mortgage debt that was assumed by San Diegans in the last few years,” he said. “All they're going to be doing is paying interest on that money. Instead of buying a new car or going shopping, they'll be paying down their interest on interest-only loans. And there are so many people who bought homes for zero down payment, they will just be going to be walking out of their homes, if they haven't already, since they have no financial incentive to stay. This is a real disaster.” Initial claims for unemployment insurance have also risen 10 months in a row, pushing the jobless rate from 4.1 percent in December to 4.3 percent in January. Job growth slowed to a gain of slightly more than 13,000 jobs, compared with an average of nearly 18,000 for 2006 as a whole. Posted by bkleinhe at 05:07 PM
Hide Comments
| Add your comment| TrackBack (3)
|Find more in San Diego Real Estate News
Comments on S.D. economic indicators fall for 10th straight month
|
Real Estate 
Neighborhoods
Resources
Credits
|