No Bull Agent

Live in the Heart of San Diego’s Gaslamp District at Gaslamp City Square

Gaslamp City Square is located in the center of San Diego’s Gaslamp District taking up an entire city block between Fourth and Fifth Avenue and Island and J Street.  It is one of our favorite buildings within the Gaslamp District due to its location, good construction and comparatively low association fees for the amenities included.  Expect to pay between $280 and $380 in association fees at this building.  Association fees typically vary within a building due to unit square footage.  Gaslamp City Square shares two addresses, 445 Island and 450 J Street, and has separate entrances at each.  Secure underground parking is available at the garage entrance along Fourth Avenue.  It is important to note this garage is shared with general public parking.  Units can come with zero to two garage parking spaces.  Strictly on a resale basis, we recommend trying to get a unit that comes with two spaces.  Typically, only the two bedroom units may come with two spaces.

Gaslamp City Square resides above commercial units and shares the block with restaurants such as the Red Pearl Kitchen and The Oceanaire Seafood Room along J Street.  Additionally, this block has retail stores such as Puma, Quicksilver and Skechers along Fifth Avenue.  This seven story building was built by K. Hovnanian Homes with phases completed between 2004 and 2006.  It has 223 units with floor plans that include studios, one-bedrooms and two-bedrooms.  In our opinion, Gaslamp City Square offers the best of both worlds with its unit layout.  Whether you want to be in the middle of the Gaslamp activity with a street facing unit or just close to the activity with a unit facing the interior courtyard and pool, both options are available. Read the rest of this entry »

Tags: 92101, california, condo, Downtown, gaslamp, gaslamp city square, home buyer, kaplan, nobullagent, prudential california realty, san diego

Homeowner in Distress? The HAMP and HAFA Programs May Be for You.

Homeowners in distress continue to dominate the headlines.  The recent article “Home Prices in San Diego County Take a Breather” posted on SignOnSanDiego.com states, “The proportion of the resale market made up of homes foreclosed on in the prior 12 months slid last month, down to 28.4 percent, compared to 38.6 percent a year earlier, making it the lowest since November of 2007, according to DataQuick.”  Though this statistic shows the number decreasing, 28.4% is still a large percentage and varies from market to market.  Homeowners are looking for options and as of April 5, another became available.

The Home Affordable Foreclosure Alternatives Program (HAFA) provides an option for homeowners who are in danger of losing their homes through foreclosure under the Home Affordable Modification Program (HAMP).  For reference, HAMP is a loan modification program put in place to reduce monthly mortgage payments for delinquent or at-risk homeowners.  This original program was put in place for loans originated on or before January 1, 2009 and for borrowers who are at least 31 days delinquent.  The program is scheduled to end December 31, 2012.  So, HAFA is for homeowners who have taken advantage of HAMP and are still at risk of foreclosure.

According to Realtor.org, HAFA provides incentives through a short sale or deed-in-lieu of foreclosure to avoid foreclosure on a loan eligible for modification under HAMP. Read the rest of this entry »

Tags: borrower, california, distressed, HAFA, HAMP, home owner, kaplan, nobullagent, san diego

Mortgage Rate Update for the Week of July 11, 2010

Information in this post is provided by Greg Wickstrand, Home Loan Consultant for HomeServices Lending.  He is a guest blogger who provides us information from a lender’s perspective.  For additional posts by Greg, please visit his BLOG.

What’s Ahead for Mortgage Rates this Week:  July 11, 2010
By:  Greg Wickstrand

Mortgage markets improved again last week — if only barely — throughout a holiday-shortened week devoid of “major” data and market conviction.

Up-and-down trading characterized the week which ended with mortgage rates slightly lower versus the week prior.

Mortgage rates have fallen in 4 consecutive weeks and are on an extended rally that dates back to mid-April.

This week, however, data returns and rates could reverse. Especially with inflation numbers are in play.

Inflation is the enemy of mortgage rates.

Inflation is bad for mortgage rates because mortgage rates based on the price of mortgage-backed bonds.  When inflation pressures mount, the demand for mortgage-backed bonds wanes and that pushes bond prices down which, in turn, pushed bond yields (i.e. rates) up.

There’s three pieces of inflation-related news this week.

The first inflation-related story is the Federal Reserve’s Wednesday release of the minutes from its last meeting. Now, when the Fed adjourned June 23, it said “underlying inflation has trended lower“. However, there was more to the conversation that what the FOMC released in its post-meeting statement.

Markets will be looking for clues.

Then, Thursday, the Producer Price Index is released. Read the rest of this entry »

Tags: greg wickstrand, july 11, kaplan, Lending, market, mortgage, nobullagent, rate, update