Increase in San Diego Home Prices

As reported by Standard & Poor’s, through the last 12 years the value of homes in the San Diego area has appreciated around 50%.

In March, the price of a home increased by 0.4%, when compared to the month of February as reported by the Standard & Poor’s Case-Shiller Housing Price Indices released this week.

A 12-month period that ended in March of 2012 showed a decline in residential real estate prices in San Diego of 2.7% as reported by Standard & Poor, which compared the average price of a house in twenty large cities across America beginning in January of 2000 and tracking the rise and fall each year.

At this time, San Diego’s Index is at 149.68. This figure shows the value of homes in the area appreciated close to 50% in the last 12 years. This increase is in 4th position with Los Angeles, New York, and Washington DC in the upper positions.

In the 20 big markets when combined the value stayed the same from February to March but was still 2.6% lower than the levels seen in March of 2011.

David Blitzer, chairman of the Index Committee at S&P Indices stated, "While there has been improvement in some regions, housing prices have not turned." He went on to explain that the results seen in March are mixed with less markets reporting poor results, however, no signs of a large real estate recovery.

The largest annual gain in value was seen in Phoenix Arizona, which was 6.1% with the largest drop in Atlanta, Georgia with a 17.7% decline from March 201.

Rise in San Diego Home Buyers

The San Diego housing market is looking better with an increase of potential buyers, which means competition is getting tough as noted by real estate agents in the area.

Robyn Weingel stated, "It’s been a roller coaster ride. One minute, we see a house that we really like and we put an offer in, and the next thing we know we’ve got 10, 12 other people also interested in the same home, and suddenly it’s out of our reach."

Mitch and Robyn Weingel found a home in San Carlos. Robyn explained, "We feel safe here. It feels comfortable and warm; it’s pretty."

The home that wanted received 14 bids and sold for quite a bit over the asking price. The house was listed for sale at $439,000 and sold for $470,000.

Another home in Poway had over 40 offers on the table shortly after it went on the market for $255,000. The winning bid that bought the home was a little over $311,000.

Lead agent at real estate company Redfin, Sara Masey, stated, "It’s busy and competitive right now."

Masey explained to 10News that her company has under half of the inventory they had at the same last year which means buyers have fewer homes to look at which means more competition as well.

Masey stated, "It’s just a great time to buy with all the low rates, and so you have a lot of people out there trying to buy that can buy."

Mitch Weingel stated, "It is kind of a Catch-22. Interest rates are as low as they’ve ever been, but it seems like in San Diego it’s gone from a buyer’s market to a seller’s market overnight."

"It’s out there. I know that perfect house is out there for us," explained Robyn Weingel.

Silicon Valley Development

Kilroy Realty Corporation announced on May 9th, the purchase of 690 E. Middlefield Road in Mountain View, California. On the property the company will own, develop, and manage an office campus of 341,000 square-feet with a 15-year lease for Synopsys, Inc.

The office campus project in the San Francisco Bay area has a projected total investment of $200 million. The project will include 2 five story upscale office buildings with innovative infrastructure and amenities, will be pre-registered, and designed to meet LEED golf certification regulations.

The office project is close by other tech giants in Silicon Valley such as Symantec Corporation, Intuit, Inc. and Google, Inc. The property is adjacent to and has access to Caltrain and Light Rail as well as Highway 237.

John Kilroy, Jr. president and CEO of the company stated, "This build to suit opportunity with a top technology enterprise, located in the heart of Silicon Valley, highlights the success of KRC’s expanding organizational capabilities in high-value West Coast real estate markets from Seattle to San Diego,” and went on to say, "We’re now actively leveraging the market knowledge and resources of our enlarged management team and operating platform to extend KRC’s traditional development expertise into new West Coast submarkets. In doing so, we are expanding our opportunities to add properties to our portfolio at investment returns that can be significantly above those achievable solely through acquisition."

Kilroy Realty Corporation has been actively developing commercial real estate for the last 60 or so years and prefers the control over the amenities, design, and location with the potential for higher long-term returns, which will develop new properties that will provide during the right market conditions.

Throughout the years, Kilroy Realty Corporation’s main focus has been developing in submarkets with long-term demand, high barriers to enter, and limited supply. The main developments at this time are on the coastal San Diego area from Sorrento Mesa and Del Mar east to the I-15 Corridor.

When the Synopsys campus is completed in the beginning of 2015, Kilroy Realty Corporation portfolio will be around 3.0 million square feet from Silicon Valley to Marin County, which includes 2.1 million square feet centered in San Francisco’s vibrant South of Market district.

With new developments and new employment opportunities, the San Diego and Silicon Valley area is the perfect place to find your new home. Contact one of our professional Realtors today. Call Toll Free at (888) 865-5055.

New Appointee to the Otay Water District

Mitch Thompson, previous Chula Vista City Councilman was appointed to serve on the Otay Water District to replace Jaime Bonilla that recently resigned.

Mitch Thompson age 57 will be the representative for Division 2, which includes Otay Mesa, Sunbow, Rancho Del Ray and other Otay communities in the city of Chula Visa for the next eight months of the term for the seat.

Thompson stated, "I have an interest in serving the public and giving back what I can to this great community," and went on to say, "I want to contribute my public and private background toward quality decision-making to the South Bay’s most critical resource – water."

There were four candidates for the seat after the resignation of Bonilla, which included Mitch Thompson, Eduardo Reyes, David W. Krough, and Brian Lightbody.

Thompson has already stated he will seek the election in November 2012.

Bonilla age 61 resigned his post in March after he served tenure of 11 years at one of the largest utility agencies in the region with around 202,650 customers. He will be taking a new position in the congress of Mexico and will be aiding a presidential campaign in Mexico.

The Otay Water District trustees receive a stipend of $100 per board meeting or community meeting, in addition to every day they attend a conference. Trustees are not paid for attending community events.

Thompson is the owner of Thompson Consulting, for real estate and banking, and has served on the city’s planning commission and public safety subcommittee.