In preparation for the upcoming trolley terminus that will link to the property, the owner of the Costa Verde shopping center opposite Westfield UTC plans to demolish its 31-year-old strip mall and replace it with something more suitable. The revitalization effort, which has been in the works since 2015, hopes to merge community retail with a modern, 400,000 square-foot life science campus and a 200-room business hotel.
On Thursday, the San Diego Planning Commission gave its approval to Regency Centers, located in Jacksonville. Commissioners agreed unanimously to suggest approval of a general plan amendment, a community plan amendment and certification of the project’s environmental analysis.
The Costa Verde center, located at 8560 Genesee Ave., between La Jolla Village Drive and Nobel Drive, was constructed in 1989 and now features 178,000 square feet of retail space on a 13.9-acre tract, most notably including McDonald’s, Chevron, and Bristol Farms. With the redo, Regency and its partner Alexandria, a San Diego-based life science real estate developer, are retaining the quick food joint and the gas station, and sustaining the same square footage of retail. But it’s all getting a makeover to look more like a modern urban employment hub, replete with a plaza for events, more restaurants, and more greenery.
Co-Chief Investment Officer Dan Ryan of Alexandria reaffirmed the ambitious objective, telling commissioners that the project is unlike any other on the West Coast due to its accessibility to both talent and transportation. Ryan’s company will construct and manage the research and development portion, which he estimates will attract out-of-town companies already interested in the college town’s biotech cluster with its potential workforce of up to 2,000 scientists.
Regent and Alexandria are both contributing their own money to the venture, making them equal partners. The amount spent on the endeavor was kept secret. The current iteration of the project will cost significantly more to construct than the earlier iteration, which was estimated at $230 million before Alexandria became involved.
Location at the end of the future Mid-Coast Trolley line, which will link downtown to University City, and proximity to housing are two of the project’s biggest selling points, according to both developers and commissioners. There are supposedly around 18,000 homes within a mile of the location. A station platform between the two Alexandria office buildings on Genesee will provide access to the center for commuters (likely students, employees, and shoppers). The same station provides access to the eastbound Westfield UTC.
All six commissioners agreed that the new building would be an upgrade over the old one. The majority of speakers at the public hearing were in favor of the project, but attorney Christina Caro, speaking on behalf of the San Diegans for Sustainable Economic and Equitable Development (SD SEED) coalition of labor organizations, voiced opposition to the project due to its potential negative effects on noise, air quality, and transportation. According to her, the environmental impact report exaggerates the number of trips to new stores while underestimating the number of trips to established ones.
According to the city’s estimates in the final environmental study, the project will increase the average number of daily vehicle trips at several intersections by 4,981. Next month, the City Council will vote on the issue after it has been approved by the Planning Commission. Regency Centers plans to begin demolition in June, with the goal of having the majority of the work done by the 2023 Christmas season.
(NEXSTAR) – With inventory at all-time lows, houses are selling for astronomical prices across the nation. For buyers, it’s not so good news, but it’s good for sellers.
The demand for accessible real estate is “unprecedented in 99% of all MSAs (metropolitan statistical areas),” according to Dr. Jessica Lautz, vice president of demography and behavioral insights at the National Association of Realtors (NAR). “It’s really everywhere now; it’s not just your top tech cities anymore.”
Intense competition is also a result of low inventories. Homes frequently receive many bids that are more than the listed price and quickly enter into a contract.
What then should a buyer do? In particular, experts advise patience. Before a buyer has an offer accepted and a contract, Lautz warns that “it may take a number of offers.”
Nevertheless, there are three crucial actions a buyer can take to give themselves a competitive advantage, and it all begins before their ideal home even enters the market.
You must to have prior approval.
Do you already have a real estate agent on your team? Have you received a loan pre-approval? Do you have a clear idea of the amenities you want in a new home? If so, have you checked the prices of similar properties (in the neighborhood of your choice)? If not, you can be putting yourself in a losing situation.
“It’s not always going to come down to who has the most money when you’re competing with other people for scarce commodities like a house. According to John Manning, owner and managing broker of Re/Max On Market in Seattle, “it’s who presents the highest risk of failure.”
Manning suggests that purchasers obtain pre-approval from a bank that specializes in house mortgages, preferably with a loan officer who will go over all available alternatives prior to placing an offer, in order to reduce risk. “A great lender will make sure the file is complete, they’ll run worst-case scenarios, or if the interest rate goes up by a quarter of a percentage point,” adds Manning.
In this manner, the buyer will be able to confidently offer themselves as a qualified candidate when the suitable house becomes available.
After doing this for years, Manning claims to be able to identify students who have been paying attention in class.
You must comprehend the market.
In high-demand markets, we advise buyers to begin their search earlier than they anticipate, according to Scott Oyler of Coldwell Banker Realty in Cincinnati. “You have to act quickly because the market is so competitive. It’s a good idea to view a few properties in advance to familiarize yourself with the market and to be prepared to act decisively and quickly when you locate “the one.”
According to a recent survey by the National Association of Realtors, buyers are using real estate brokers more often to help them understand the market (88% as of November 2020, compared to 69% in 2001). However, you can’t just pick any agent. Experts concur that it must be someone who has in-depth expertise of the target region.
“Collaborate with a qualified specialist. Someone who can negotiate a strong market and ensure that your interests are taken into account,” claims Lautz. They could also bring up opportunities for you to look in places you might have otherwise missed.
Some may even go above and above to ensure that clients don’t pass on a prospective dream house.
A Coldwell Banker Realty representative in Arlington Heights, Illinois, Diana Matichyn, says, “We have to come up with innovative solutions for our buyers.” “I search for chances off-market. You can find me knocking on doors, asking people if they want to sell, and writing to homeowners in an effort to identify the perfect house for a buyer.
Knowing when to back off is important.
A solid awareness of the market can also assist purchasers in determining the price at which they should and shouldn’t be purchasing their ideal home.
Many people are aware of their purchasing power, but they may not fully understand the value of the item they are going to buy, according to Manning.
For instance, in a bidding battle, a buyer might submit an offer above the asking price and even attempt to mitigate risk for the seller by skipping an inspection occasionally.
But according to Matichyn, “in situations where there are multiple offers, you don’t always have to pay more to win, you just need to find out what’s important to sellers, and meet those conditions.” Forgoing the home inspection contingency is one thing you really must not do!”
However, in some circumstances, it might be acceptable—or even in the buyer’s best interest—to consider making an offer that is higher than the asking price.
According to Lautz, “It depends very specifically on that house and on that neighborhood.” In other instances, the home may be priced so that it is really less than [similar properties] that have just sold.
Those who are prepared to submit an offer above the asking price should think about how they want to use the house. Is it a flip or an investment property? Or is it a permanent residence? In the latter case, the additional funds probably won’t make much of a difference over the duration of the mortgage, especially if interest rates stay low.
If this is your primary residence, Manning adds, “you could be pretty sure that in 20 years, it’s highly unlikely you’ll be losing money.”
However, placing a large bid is a “deeply personal choice,” according to Manning. Knowing when to stop bidding is crucial, in his opinion.
“Don’t get auction fever,” he advises. The objective is to win on your terms, not to win the home at all costs.
Families have a challenging task in finding the ideal location for their new home. Prospective homeowners could have some anxiety when trying to find a place with the greatest educational system, low crime rates, reputable medical care, and strong community ties.
San Marcos, a city in San Diego County, made the list of the 25 Best Places to Live for Families in a recent Fortune survey that combed the country.
Located in San Diego’s North County, San Marcos has a diversified population, an effective public transit system, and high-quality medical care, earning it a spot on the list at number 20. The parks, trails, stores, and climate of the city were all cited as important advantages it has to offer families.
The only other Californian city to appear on the list was Tustin. According to Fortune, the city in Orange County provides inhabitants with a wide range of good employment, educational, and entertainment prospects, as well as world-class food and retail options. The analysis found that the town had a balanced mix of both old buildings and new construction.
Tustin was placed 12th among the Top 25 greatest cities for families to reside in thanks to its proximity to Los Angeles, the coast, and the San Gabriel Mountains.
Over 215,000 data points from over 2,000 American cities and towns were studied for the study, which was divided into five categories:
- Education
- Aging resources
- General wellness
- Financial health
- Livability
Researchers notably focused on the demands of the “Sandwich Generation,” people who are burdened with “simultaneous responsibilities of raising their children while regularly caring for their own parents.”
According to Fortune, this generation makes up about 45% of the population in America right now.
Fortune eliminated localities with home sale prices that “were more than twice as high as the state median and/or more than 2.75 times higher than the national median” to make sure the winning cities were ones where citizens could afford to buy homes.
Priority was also given to diversity. The study disqualified any community where “more than 90% of the population is white, non-Hispanic.”