Daily Business Report — July 14, 2010
Home Sales Rise in San Diego County
Home sales in San Diego County in June climbed to 3,885 — up by 187 over May and 5.2 percent above the 3,692 sales recorded in June of last year, according to MDA DataQuick of San Diego.
The median price paid for a home in the county was $335,500, down from May’s median of $340,000 but a 6.8 percent increase over the median of $314,250 in June 2009.
In the Southern California counties of San Diego, Los Angeles, Riverside, Ventura, San Bernardino and Orange, a total of 23,871 new and resale homes were sold in June — up 7.2 percent from 22,270 in May and up 2.6 percent from 23,262 for June 2009. June’s sales count was the highest since July last year when 24,104 homes were sold. It was the strongest month of June since 2006 when 31,602 homes sold. The average June since 1988 has had 28,086 sales
“The market was wildly out of kilter a year ago, now it’s just somewhat out of kilter,” said John Walsh, president of MDA DataQuick. “We’re still seeing lots of bargain hunting, and we’re not seeing much discretionary buying. The single-biggest issue is still mortgage financing. Rates may be at record lows, but that doesn’t mean much if the lender won’t qualify you.”
The median price paid for a Southland home was $300,000 last month. That was down 1.6 percent from $305,000 in May, and up 13.2 percent from $265,000 for June 2009. The low point of the current cycle was $247,000 in April 2009, the high point was $505,000 in mid-2007. The median’s peak-to-trough drop was due to a decline in home values as well as a shift in sales toward low-cost homes, especially foreclosures.
Foreclosure resales accounted for 33.0 percent of the resale market last month, down from 33.9 percent in May, and down from 45.3 percent a year ago. The all-time high was February 2009 at 56.7 percent, DataQuick reported.
Government-insured FHA loans, a popular choice among first-time buyers, accounted for 39.0 percent of all mortgages used to purchase homes in June.
Mission Valley Office Complex Sold for $70.5 Million
Mission City Corporate Center, a complex of four Class A office buildings in Mission Valley, has been sold for $70.5 million to Kilroy Realty Corp. It was the biggest sale in San Diego since the DiamondView tower in Downtown was sold in September 2008 for $161 million. The buyer purchased Building D for $17,950,000 and Buildings A through C for $52,550,000. The buildings are at 2355, 2365, 2375 and 2385 Northside Drive. Mission City Corporate Center includes one six-story building and three three-story buildings with a total of 279,429 square feet. They were built between 1988-2008. The property was 78 percent occupied at the time of sale. The sales transactions were handled by Lynn LaChapelle, Bob Prendergast and Michael Zietsman of Jones Lang LaSalle.
San Diego History Center Names Director of Development
Christine D. Deardorff has been named the new director of development for the San Diego History Center, formerly the San Diego Historical Society. Deardorff, a former professional musician, was most recently the director of development for the San Diego Symphony from 2002-2010. She has more than 14 years of experience in fund raising and institutional advancement, and a bachelor of arts degree from Dickinson College and a master of music degree from Duquesne University. The San Diego History Center name was adopted earlier this year. The center includes a museum in Balboa Park presenting exhibitions and events that chronicle San Diego’s history, the Research Library – also located in Balboa Park – which has more than 45 million documents and 2.5 million images that document the people, places, and events of San Diego’s past. The History Center is also responsible for the management and operation of the Junípero Serra Museum in Presidio Park.
Grubb & Ellis Names Manager of its San Diego Office
Jim Munson, a commercial real estate veteran of more than 31, years, has joined Grubb & Ellis Co. as executive vice president and managing director of its San Diego office. Munson previously was president and founding principal of Lee & Associates’ San Diego office, a position he assumed in 2009. Earlier, he spent six years as regional director of brokerage for Burnham Real Estate Services, during which time he opened the company’s Carlsbad, Temecula and Las Vegas offices. He also has held management positions at Grubb & Ellis, Trammell Crow and CB Richard Ellis. He began his real estate career with CBRE in 1979. Munson holds a bachelor’s degree from St. Mary’s College. He is a member of NAIOP, International Council of Shopping Centers and University of San Diego’s Real Estate Advisory Committee.
CONNECT Opens Nominations for Product Awards
CONNECT has put out a call for nominations for its 23rd annual Most Innovative New Product Awards. The categories are action and sport technologies, aerospace and security technologies, clean technology, communications and IT, hardware and general technology, life science-diagnostics and research tools, life science-medical products and software. Sept. 2 is the deadline for submitting nominations. For eligibility criteria and online nomination form, visit connect.org. To be eligible for the 2010 MIP Awards, the product must be first introduced during the period of September 2009 to September 2010 and have generated revenue from sales.
Winners will be announced on Dec. 10 during a luncheon program at the Hilton La Jolla Torrey Pines. The event includes displays by many of the finalists. Previous winners have included Qualcomm, Entropic Communications, Pfizer, Senomyx, Biomatrica, Photometria, AIRSIS, Naviscan, Gen-Probe, SAIC, Awarepoint Corp., WD-40, General Atomics Aeronautical Systems, Firewire Surfboards and ecoATM.
Luxury Coronado Home to be Auctioned Aug. 12
A 2,700-square-foot family home in Coronado that has three bedrooms, three baths, a large kitchen and a detached, 900-square-foot guest home will go on the auction block on Aug. 12 in a live auction conducted by Concierge Auctions. The property has been listed for $2,899,000, but the property will sell to the highest bidder regardless of price, according to George Graham, CEO of Concierge. “This auction format creates an easy transaction for all parties,” said Graham. “The most motivated seller is identified, there are no drawn-out negotiations, and buyers know they are competing fairly and on the same terms as all other buyers.”
The auction starts at 2 p.m. It is being conducted in cooperation with Ashlee Nicolls of Park Life Real Estate. Nicolls said a 2.5 percent buyer’s broker commission is being offered.
The home, located in Coronado Village, also has a long bar and adjoining dining room, a living room with red brick and dark wood fireplace, a staircase with wrought-iron railings and textured red brick and hardwood stairs. It has a two-car garage.
The guest home or studio has a full bath and kitchenette. A custom, built-in outdoor oven and stove also are features of the exterior.
The auction of 755 F Ave. will be limited to registered bidders and their representatives. The buyer’s broker commission of 2.5 percent is offered on the high bid. The property is available for preview daily from 1 to 4 p.m. and by appointment. For more information visit CoronadoLuxuryAuction.com or call (866) 605-7286.
Small Business Workshops-July
Upcoming SCORE San Diego workshops for small business owners and those who want to launch small businesses:
• July 15 – How to Start a Nonprofit – 9 to 11:30 a.m. at San Diego Foundation – Liberty Station (2508 Historic Decatur Rd #200, San Diego 92106; pre-paid registration $39, $49 at the door).
• July 16 – Women’s Networking Breakfast and Exhibits – 8 to 11 a.m. at Morgan Run Resort & Club (5690 Cancha de Golf, Rancho Santa Fe 92091; pre-paid registration $35 by 7/13, $45 thereafter; exhibitor rate: $85 by 7/13, $95 thereafter).
• July 17 – Business Plan 101: How to Develop Your Best Competitive Advantage – 9 a.m. to 3 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $79, $89 at the door).
• July 20 – Marketing & Contracting with the Federal Government – 9 a.m. to 3 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $69, $79 at the door).
• July 21 – Legal Issues for Small Businesses: Contracts and Leases – 9 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $49, $59 at the door).
• July 22 – Internet Marketing 201: Build Your Business through Search Engine Optimization – 9 a.m. to 3 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $69, $79 at the door).
• July 23 – Insurance: What You Need to Know – 9 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $49, $59 at the door).
• July 24 – Professional Selling: Increase Your Business Sales Now – 9 a.m. to 4 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $69, $79 at the door).
• July 27 – How to Start and Manage Your Own Business – 9 a.m. to 4:15 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $69, $79 at the door).
• July 29 – Intellectual Property: Promise and Practicalities – 9:30 to 11:30 a.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• July 30 – Financial Statements: What They Mean, How to Use Them – Carlsbad – 9:30 to 11:30 a.m. at National University (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $29, $39 at the door).
• July 31 – Business Plan 201: How to Write a Winning Business Plan – 9 a.m. to 3:30 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $99, $109 at the door).
For more information, call (619) 557-7272 or visit score-sandiego.org.
The Daily Business Report is produced by REP Publishing Inc., publisher of San Diego Metropolitan Magazine, the North Park News, Kensington News and the West Coast Craftsman. (619) 906-4104.