Clearview Hotel Capital LLC Receives Non-Recourse for Hotels

Jones Lang LaSalle Hotels’ financing team has obtained two non-recourse first mortgages for Clearview Hotel Capital LLC. Morgan Stanley gave a $20 million, fixed-rate loan for the 176-room Courtyard San Diego Old Town. Latitude Management Real Estate Investors Inc. gave close to $12.16 million, floating-rate loan for the 125-room Holiday Inn Express San Diego Old Town.

The financing team for Jones Lang LaSalle Hotels included Mathew Comfort executive vice president, Reid McGlamery senior vice president, and Chris Casey managing director.

Matthew Comfort expressed, “These properties were extremely appealing to lenders, as they are both located in the historic Old Town district of San Diego, which benefits from a strong regional economy buoyed by a diverse base of corporate demand drivers,” and went on to say, “both hotels have maintained a significant demand premium to achieve occupancy levels consistently higher than their competitive sets.”

Reid McGlamery added, “During the fourth quarter of 2010, the San Diego lodging market experienced a 7.2% RevPAR growth, driven largely by a 6.9% increase in occupancy, as it is one of the most popular tourist destinations in the United States,” and went on to say, “The continued growth in this high-barrier to entry market, coupled with exceptional sponsorship, made these prime financing opportunities for lenders.”

The Holiday Inn Express San Diego Old Town and the Courtyard San Diego Old Town are located close by famous attractions such as the San Diego Zoo, Sea World, and the beaches of Mission Beach. San Diego benefits from group demand that is generated by the San Diego Convention Center that sees close to 800,000 visitors every year.

July 4th Skiing at Alpine Meadows

For those wishing to enjoy a skiing adventure during the holiday weekend you are in luck. The officials at California’s Alpine Meadows announced recently that the resort on Lake Tahoe’s North Shore will re-open for a three-day event of skiing and riding over the Independence Day holiday weekend.

Both snowboarders and skiers can enjoy the slopes from 9 a.m. to 2 p.m. Saturday through Monday, July 2 through 4. Terrain will be available from the summit of the mountain to the sun deck on the lodge, which is a great top to bottom for all levels of adventurers.

Rental equipment will be available throughout the weekend. On each day from 9 to 11 am, a two-hour beginner ski and snowboard lessons will also be offered. No reservations with be required for the lessons with private instruction available every hour on the hour for all levels as well. Reservations are recommended for those seeking private lessons via the resort or by contacting the Alpine Meadows Snow Sports Center at (530) 581-8200.

Party mode will begin every day at noon until 4pm with a slope side BBQ with all the fun you can dream of including special games, live music, and activities every day throughout the holiday. Alpine Meadows 4th of July Commemorative T-shirts will also be available that wish to remember the day.

Pre-purchased lift tickets will be available online by June 30 for $40 ($25 down and the $15 balance due upon arrival at the mountain). Season passholders will be able to ski or ride without costs.

In addition, Alpine Meadows will host the “4th of July Fan Quest” challenge from May 13 through June 30 where guests will have the opportunity to reduce the daily rates to only $25. For every 1,000 fans Alpine Meadows receives on Facebook during May 13 and June 30, they will reduce the balance $3 for all those that pre-purchase. The offer is only good for the first new 5,000 fans or with a savings of $15.

Mortgage Defaults Drop Again in California

The last quarter saw fewer homeowners being pulled down the road of foreclosure. In California, homes sales were up 33 percent from what was seen in February. In the Bay area, the housing market is experiencing more sales with prices down.

There were a total of 68,239 Notices of Default in January to March from JP Morgan Chase & Co, JPM UPBank of America Corp, BAC DOWN Wells Fargo Company, and WFC UPA.

This figure is down 2.2 percent from what was seen in the previous quarter of 69,799 and is down 15.8 percent from what was seen in the first quarter of 2010 as reported by DataQuick. DataQuick is a San Diego firm follows trends nationally of the real estate market through public property records.

During the last quarter, the Notices of Default were at the lowest seen since the 2nd quarter of 2007, which were 53,493. It was also just a tad over the half of what was seen in the first quarter of 2009, which were 135,431.

John Walsh, DataQuick president stated, “Lenders and servicers have put various temporary holds on foreclosure filings while they work on procedural issues and respond to regulatory and legal challenges. It’s unclear how much of last quarter’s decline can be attributed to market factors and strategic decisions, and how much can be attributed to the formalities of the foreclosure process.”

The majority of the loans went into default during 2005 through 2007, which is the median origination quarter for defaulted loans and is still the 3rd quarter of 2006, which is used as weak underwriting standards peaked at that time, which has been seen the last two years. The majority of the loans established in 2006 are serviced or owned by companies that did not make the loans.

The majority of the active “beneficiaries” in the formal foreclosure process during the last quarter included JPMorgan Chase with 9,634, Wells Fargo with 8,329 and Bank of America with 7,158.

The services with the highest number of defaults during the last quarter included ReconTrust Co (mainly for Bank of America and MERS), Quality Loan Service Corp (Bank of America), California Reconveyance Co (JPMorgan Chase), NDEx West (Wells Fargo) and Cal-Western Reconveyance Corp (Wells Fargo).

The most costly zip codes in California noticed had more mortgage defaults with a slight rise quarter to quarter while their defaults decreased less on a year-over-year basis than in the overall market. California’s 80 zip codes with median sale prices of $800,000 or more last quarter reported a 5.8 percent quarter-to-quarter rise in default notices and a 4.7 percent year-over-year fall.

However, zip codes with medians prices below $200,000 reported first-quarter defaults dropped 5.5 percent from the prior quarter and drop of 17.7 percent from a year ago.

On primary mortgages, California homeowners were on average behind on their payments six when the lender filed the Notice of Default. The borrowers owed a median $15,818 on a median $323,667 mortgage.

On home equity loans and lines of credit in default, borrowers owed a median $4,076 on a median $67,222 credit line.

Even though 68,239 default notices were filed during the last quarter, the defaults only involved 66,251 homes due to some borrowers being in default on multiple loans

The least common area of California to see default home loans was in San Francisco, Marin and San Mateo counties. On the other end, the most common areas for default home loans were in Tulare, Madera and San Joaquin counties.

26 San Diego semifinalists for 2011 Entrepreneur of the Year announced by Ernst & Young

Entrepreneurs were selected by an independent panel of judges made up of prior winners of the award including chief executive officers, private capital investors, and other regional business leaders. Finalists will be broadcast in May while a national competition will be held in November.

Dan Kleeburg, San Diego program director for Ernst & Young Entrepreneur Of The Year stated, “For the past 25 years, Ernst & Young has honored the best entrepreneurs through our Entrepreneur Of The Year program,” and went on to say, “These entrepreneurs have a tremendous impact in San Diego. We are extraordinarily proud to honor innovative, market-leading entrepreneurs, like these semi-finalists.”

The semi-finalists announced for the Ernst & Young Entrepreneur Of The Year award in 2011 include:

Advanced Diabetes Supply: CEO Mark Howard
Alphatec Spine: President and CEO Dirk Kuyper
Bekaert Specialty Films: President and COO Christophe Fremont
Bluepoint Solutions: President and CEO Hal Tilbury
Cliniqa: Chairman Granger Haugh
D and K Engineering: CEO and President Scott Dennis and Alex Kunczynski
DexCom: President and CEO Terrance H. Gregg
Digitaria Interactive: CEO Daniel Khabie
Dos Gringos: President Jason Levin
E Band Communications: CEO Sam Smookler,
ecoATM: CEO Tom Tullie
Fyfe Co.: President Edward Fyfe
Goodsource Solutions: President and CEO Craig Shugert
Kineticom: CEO Simon Billsberry
Legend 3D: CEO Barry Sandrew
Life Technologies: Chairman and CEO Greg Lucier
Lumedyn Technologies: CEO Brad Chisum
Millenium Lab Holding: CEO James Slattery
On-Ramp Wireless: President and CEO Joaquin Fernandez Silva
Palomar Technologies: CEO Bruce Hueners
PCN Technology: President and CEO Venkat Shastri
Proximetry: CEO Tracy Trent
Safety Syringes: President and CEO Peter Nolan
Service-now.com: CEO Fred Luddy
SG BioFuels: President and CEO Kirk Haney
Stone Brewing: CEO Gregory Koch

Thanks to Sign On San Diego for the story! http://www.signonsandiego.com/

Sambazon Acai Cafe to open in Cardiff-by-the-Sea

Sambozon announced the grand opening of a Sambazon Acai Café in Cardiff-by-the-Sea, California. Sambazon is the pioneer of organic Amazon superfoods and their new café will serve delicious items created from authentic acai bowls and smoothies, which are based on the company’s organic line of quality functional juices, smoothies, sorbets and smoothie packs.  The café opened on April 9 with a party started at 12pm and ended at 6pm with all kinds of fun including a capoeira performance, live music, and free samples.

The Sambazon Acai Cafe’s menu offers signature items such as the traditional Brazilian Rio bowl, the Rob Machado Bowl, created by local surf legend, along with the Bob Burnquist Bowl, created by the professional skateboarder. Along with these tasty treats, the café will offer dessert bowls and a kids menu, coffee, herbal teas, and Brazilian cheese bread known as Pao de Queijo.

Ryan Black, co-founder and chief executive officer of Sambazon stated, “Bringing the Sambazon acai bowl experience direct to people has been our dream since we started Sambazon and introduced acai to the U.S. market more than 10 years ago,” and went on to say, “The Sambazon Acai Cafe is a friendly, laid-back spot where people can meet to enjoy the tastiest and most nutritious breakfast, lunch, or afternoon snack in town.”

Sambazon worked along side local artist, eVocal to help design the seaside café using salvaged and reclaimed materials all with eco-friendly finishes which includes a hand carved door created from 100-year-old rescued wood.

The Sambazon Acai Cafe is home in Cardiff-by-the-Sea at 2031 San Elijo Avenue with hours being 7:00 a.m. to 6:00 p.m. daily.

14,000 Jobs Added in 2010 in Silicon Valley

Silicon Valley came out at the top being the area with the highest average salary in the IT industry at $99,028 per year. Twenty-nine percent of the private workforce in the area was employed in the tech industry in 2009 which was the highest found in the US.

Silicon Valley was the 2nd most lively area in California in terms of creating jobs in 2010. The San Jose-Sunnyvale-Santa Clara area alone created 14,600 jobs in 2010.

The data was found on the U.S. Bureau of Labor Statistics. San Diego, Carlsbad, and San Marcos region home in southern California created the highest number of jobs, which were 16,500.

There were only 19 metro areas across the US that was able to create more than 10,000 jobs since January of 2010. The main reason the San Jose metro area has done very well when compared to other areas around California is due to its tech industry.

Those earning the most were found in large companies or having highly specialized skills. The high earners when compared by skills were those with skills related to Oracle databases and Java programmers, which earned an average of $90,000.

The most in demand employees are graphic designers, project managers, and software engineers.

As stated by CEO A. Harrison Barnes of Information Technology Crossing this is the best time for computer professionals since the end of the dotcom boom, “IT workers need to have the latest in demand skills, that’s the key to getting these new jobs.”

Carlsbad Chamber of Commerce honors Eco-Savvy Community

Carlsbad Chamber of Commerce honored Brookfield Homes’ new home community Rockrose at The Foothills by naming them the 2011 recipient of the Environmental Spirit Award. The Chamber held its 43rd Annual Business Awards Dinner at the Park Hyatt Resort Aviara in Carlsbad.

Rockrose was unveiled on year ago featuring single-family detached residences that go beyond the State of California’s Title 24 standards for energy efficiency by at least 35%.

In naming Rockrose its 2011 Environmental Spirit Award winner, the Carlsbad Chamber highly praised Brookfield Homes by naming Rockrose the 2011 Environmental Spirit Award winner, “a commitment to more sustainable home building with its first eco-savvy neighborhood, Rockrose at The Foothills of Carlsbad.” Brookfield just happens to be the first homebuilder to receive this award.

Every homeowner at Rockrose integrates six areas of eco-savvy design, including energy conservation, water conservation, waste reduction, improved indoor air quality, sustainable building materials/wood conservation, and renewable energy/solar power.

Steve Doyle, president of Brookfield Homes San Diego/Riverside division, stated that Rockrose represents the company’s commitment to combine forward-thinking green building features with quality architectural design and excellent construction.

“We appreciate the Carlsbad Chamber’s recognition and are proud and humbled to receive the 2011 Environmental Spirit Award,” stated Doyle. “We’re honored to be the first homebuilder to earn the Chamber’s award for environmental stewardship.”

Doyle explained to the crowd of 550 that Brookfield took advantage of the recent slow down in real estate slowdown reconsider their business model. The company spent two years examining sustainable products and building practices to deliver the eco-savvy model at Rockrose.

“Over the last few years, we took the opportunity to reinvent our product,” stated Doyle. “We wanted to become the sustainable builder for San Diego County.

For homeowners this is a money saving and eco-savvy features that get attention such as a recirculating hot water system, tankless water heaters, low VOC carpets and paints, Merv 8 air filters, formaldehyde free insulation, along with other options such as electrostatic air filters and photovoltaic solar panels.

Governor Arnold Schwarzenegger, former Governor, authenticated Brookfield’s efforts in a March 2010 proclamation:

“Rockrose not only generates jobs and homes for Californians, it also sets a new standard in creating sustainable communities,” Governor Arnold Schwarzenegger. “Whether in construction materials, energy sources, landscaping and more, every facet of this project aims to make California an even better – and greener – place to call home.”

Rockrose was recognized in January for design excellence by the National Association of Home Builders. The new home community was named a finalist in four separate categories at the Pacific Coast Builders Conference (PCBC) Gold Nugget Awards, as well as being named a finalist at the 2010 Building Industry Association (BIA) and Sales and Marketing Council (SMC) of Southern California’s joint annual awards, the SoCal Awards during the last year.

Rockrose has received praise not only by receiving the Environmental Spirit Award but also from a wide range of energy industry executives and regulatory officials.

Lee Schavrien, the senior vice president of finance, regulatory and legislative affairs for Sempra Energy Utilities, described Rockrose a “model for other home builders – even a challenge for other developers.” In addition, “We applaud Brookfield Homes as a leader in a new proactive approach to energy efficiency by building it in.”

Anthony Eggert of the California Energy Commission stated, “Projects like this demonstrate that it can be done.”

Jan Cortez, the executive director of the American Lung Association’s San Diego office, stated that Rockrose will serve as a model project for the Lung Association to educate the community.

“Indoor air quality is important to San Diegans. It’s great to see a model home that is energy efficient and progressive but also is a healthful home,” Cortez explained.

To learn more about the community, contact a San Diego Realtor.

Chula Vista Builder Offering Huge Incentives

Brookfield Homes is offering up to $56,000 in combined price reductions, upgrades, and incentives at its Windingwalk neighborhoods in Chula Vista, for new homes in the community beginning in high $200,000s.

With the combined price reductions, incentives, and upgrades it can add up to a possible $53,000 in savings for home buyers at Cordova, a luxury town home community with prices starting at $295,900. Home buyers will be able to save a combined total of up to $56,000 at Trellis, which is a detached new home neighborhood with prices starting at $423,900.

Lora Heramb, vice president of sales and marketing for Brookfield Homes stated, “Because we’d like to capitalize on the momentum built by low mortgage rates, we’re pricing homes to sell, including several move-in ready residences,” and went on to say, “With savings in the tens of thousands of dollars, this is an opportune time to buy.”

At this time in Cordova, Brookfield’s town home community, three move-in ready homes are available with prices beginning at $295,900. The homes offer two-stories with three or four bedrooms, 2 ½ or three baths and a new feature that is unique to most new attached homes, which is side-by-side two-car garages. The community offers six floor plans with prices ranging from 1,638 to 2,024 square feet and recently had the grand opening for their private recreation center.

Cordova homes offer maple cabinets, granite kitchen countertops, stainless steel appliances, and built-in security systems.

The Trellis community offers two-story, single-family detached homes with prices beginning at $423,900. Trellis at Windingwalk has four floor plans ranging from approximately 2,361 to 2,620 square feet offering four or five bedrooms and 2 ½ or three baths.

Trellis homes offer stainless steel appliances, granite kitchen countertops, maple cabinets, air conditioning and built-in security systems, along with front-yard landscaping. At this time, three homes are ready for move-in.

Residents at Trellis and Cordova have access to three community gathering places, which includes the resort-style $5 million Winding Oaks Recreation Center, the $3 million Winding Trails Recreation Center and the centrally located Windingwalk Park, offering basketball and tennis courts, a skate park, softball field, picnic areas and restrooms.

Close by both of these communities is the planned junior-senior combined high school. To the south of the community will be the planned Chula Vista University Park and Research Center, among other educational and business amenities. Under construction now is the High-Tech High Learning for students in K thru 12. The charter school is now in the second phase and is scheduled to open for this coming school year.

Contact a Chula Vista real estate agent today to take a tour of either community.

Imperial Beach Receiving Grant

Caltrans is providing Imperial Beach with a $100,000 grant to start planning for a safer, more walkable community.

The grant which was attained through a partnership with WalkSanDiego, will “promote safety around local schools while educating residents basic transportation concepts so they can identify needed improvements for safe routes to school,” as reported by city officials.

In the South Bay Union School District, six elementary schools along with one high school in the Sweetwater Union High School District will be involved. The school will create a Walkability Coalition comprised of school staff, PTA, and other parents.

“The city of Imperial Beach continues to strive toward improving the safety of the children of the community, and this generous grant will greatly benefit that effort,” stated Public Works Director Hank Levien.

To learn more about this program, please call (619) 544-WALK.

California Video Game Law Being Reviewed

The law never even made it out of the starting gate after being signed by Governor Arnold Schwarzenegger, which prohibited the sale or rental of violent video games to anyone under the age of 18. The Supreme Court is in the middle of the battle between the laws protecting children and the free speech rights to decide if the state of California can ban the sale or rental of violent games to minors.

Not only will the ban keep minors from purchasing violent video games, but also developers and game manufacturers will have to create strict labeling. If the law goes into affect, Retailers could face fines of $1,000 for every violation.

Governor Schwarzenegger stated, “We have a responsibility to our kids and our communities to protect against the effects of games that depict ultra-violent actions, just as we already do with movies,”

Opponents of this law state there are already ratings systems on video games and that parents should be the deciding factor on which video games their children should purchase and play. The Entertainment Software Association states the video games are an expression, which is protected by the First Amendment.

This case comes after a strike down to a federal law banning videos showing animal cruelty. This case is using some of the same free speech concerns even though the state is aiming to protect children instead of animals.

Michael D. Gallagher, president of the Entertainment Software Association stated, “we are hopeful that the court will reject California’s invitation to break from these settled principles by treating depictions of violence, especially those in creative works, as unprotected by the First Amendment.”

California state senator, Leland Yee, wrote the video game ban and explained that the Supreme Court “obviously does not think the animal cruelty ban and the violent game ban can be compared”. He also stated, “Clearly, the justices want to look specifically at our narrowly tailored law that simply limits sales of ultra-violent games to kids without prohibiting speech,” “Clearly, the justices want to look specifically at our narrowly tailored law that simply limits sales of ultra-violent games to kids without prohibiting speech.”

California lawmakers approved the law based on studies suggesting violent games can be linked to aggressions, desensitization to violence, anti-social behavior, and aggression in children. Judge Consuelo Callahan stated, “None of the research establishes or suggests a causal link between minors playing violent video games and actual psychological or neurological harm, and inferences to that effect would not be reasonable.”