Now that the prices on San Diego Condo are at their lowest point in a decade it’s time to write about the mysteries regarding such terms as common area, HOA fees and CC&R’s
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What do HOA fees pay For? Well if You’re thinking Downtown San Diego condos the HOA fees could include a Concierge, 24 hour Guard and Valet and maybe even an on site Manager. Usually you can expect the HOA fees to cover the basics such as common area maintenance, trash pick up, hot water and limited insurance, though every Condo complex or building will cover different items, you can expect the fees to cover at least the basics. [click to continue…]
Hi everyone, over the next couple of weeks I am going to write about how the San Diego real estate market performed in 2010. Today I will give you the statistics for the UTC Condo Market.
UTC Condos For Sale By Price Range
With two weeks left in the year 242 UTC condos have sold with an average price of $309,514 and an average square footage of 983.
Let’s break it down by Bedroom
5 Studios sold for and average price of $158,880
Average Square Footage 420
Average Days on Market 72
85 One bedrooms sold for and average price of $194,050
Average Square footage 657
Average Days on Market 76
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One of the key factors to Mortgage Brokers processing a loan for a San Diego Condo is the owner occupancy level. The simple fact is if you’re applying for a convention loan with less then 20 % down payment you will need mortgage insurance. Now days most Mortgage Insurance companies are now requiring a 70% owner occupancy level in the condo complex or building.
My guess is that there are maybe 15% of all San Diego condo projects that have over 70% owner occupancy levels
VA and FHA loans require a minimum of 51% owner occupancy rate
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What is Owner Occupancy Level? It’s the number of condos actually occupied by the owners themselves vs. the condos that are investment properties which have been rented out. The Lenders and MI companies view having a high owner occupancy level as advantages because it’s their belief that owners will take better care of the complex than a Renter would thus maintaining the condo project at optimum levels . [click to continue…]
Lenders are making it tough on San Diego Condo Buyers, the top two reasons in which a lender may decline to finance a condominium are litigation and low owner occupancy levels (Below 50%). This applies to conventional loans as well as government back loans such as FHA
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Condo Litigation usually means the HOA (Home Owners Association) of the building or condo complex has filed a “Defect Lawsuit”. The lawsuit is generally brought against the developer usually within the first 10 year span of construction. This litigation could pertain to defects in particular units, phases of the development and/or the common areas. It is during the time spam of the litigation process that Lenders will refuse to lend on the property. [click to continue…]
UTC is a trendy and popular community just east of La Jolla in San Diego California, UTC gets its name form the huge mall, University Towne Center (which is now named Westfield Mall), located at the east end of the community. The University Of California San Diego in La Jolla is less then one mile away.
There are two basic areas to UTC, one, UTC made up of mostly Condos and Town Homes and two, UC (University City) where the majority of homes are single detached with just a few condo complexes in the mix. UTC is centrally located and you can be on the beach at La Jolla shores in minutes, 20 minutes from Downtown San Diego and the airport. I love how close everything is, I actually go mountain biking 4 times a week in Rose Canyon and Marion Bear, a 11 mile loop.
Also, the City of San Diego is planning a Mid-Coast extension of the San Diego Trolley from the Old Town Transit Center 11 miles to the University City community serving major activity and employment centers such as the University of California San Diego campus and the University Towne Centre (UTC) shopping center. This is part of the Mid-Coast Corridor Transit Project. It is planned to be completed by 2015.
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