City of Carlsbad

City of Carlsbad is in Southern California.

Developments defy economic worries in Oceanside

 Reported by Lola Sherman of the Union Tribune

Major projects dot downtown Oceanside

 Some might consider Hamid Nikkho an optimist. With the possibility of a serious downturn in the economy, Nikkho is building landmark projects in downtown Oceanside.

He’s not alone.

Nikkho and his partners are working on two multimillion-dollar developments downtown. The developments would add more than 420 residences, 330 hotel rooms and 270 time-share units in an area stretching from the historic pier to Interstate 5.   The most expensive condominiums – top-floor units with stunning ocean views – are priced just shy of $2 million, an unheard-of price for the area.

If those projects and a handful of others come to fruition and prosper, they will realize a vision dating to 1975, when the city established a redevelopment district designed to change downtown Oceanside from a Marine Corps playground to a Mecca for well-heeled residents and tourists.
So far, sales show mixed results.  Sales of luxury time-share units have been brisk. At the condominium complexes, the penthouses aren’t moving and interest in the lower-priced units is sluggish.  Still, the scene is changing.  Projects besides Nikkho’s OceanLofts and The Belvedere are Wyndham time shares, Oceanside Terraces, Ocean Village, a Westin hotel and a five-block complex proposed by CityMark developers.
OceanLofts is finished, the Wyndham nearly so and the Terraces and Ocean Village not far behind. The hotel, CityMark and The Belvedere are winding through the approval process at City Hall.   Two years ago, most of the projects were nothing but poured concrete or architectural drawings.

A challenging market

Buyers this year quickly snapped up five lofts in Nikkho’s 32-unit OceanLofts, a renovated five-story telephone-switching office on Seagaze Drive. The five units are on lower floors, with price tags from $400,000 to $600,000.

Nikkho doesn’t have a buyer for the $2 million penthouse, but said philosophically, “I believe someone should fall in love with it to spend that much money.” He is sure “things will turn around after the first of the year.”

Nikkho’s optimism is not shared by economists and real estate professionals.  A recent study by Chapman University in Orange County predicted an 8.2 percent drop in real estate prices by the end of 2008.

“Good luck” was real estate broker Paula Barksdale’s word to owners of developments entering the slow market.  Buyers are watching for prices to drop, and owners are hoping for an upturn, said Barksdale, who handles downtown Oceanside properties.

John Kocmur, president of Janez Corp., developer of Oceanside Terraces at Mission Avenue and Cleveland Street, agreed that would-be buyers are hesitating. Construction is wrapping up at his complex.  Kocmur said his mix of commercial and condominium space has two strengths: close proximity to the beach and an opening that coincides with a buzz about downtown.  Kocmur said marketing began midyear for the six-story complex that has retail and office space on the first two floors. Condo prices range from $700,000 to $1.8 million.

Three condos – on the third and fourth floors – are in escrow, Kocmur said.  “Traffic-wise, it’s doing OK,” Kocmur said. “We’re getting 40 to 50 people looking per week.”

The surprise, he added, has been the interest in the retail and office space.  All of the retail space and seven of 10 offices are in the process of being sold. Escrow is due to close after the city issues a certificate of occupancy in January, Janez representative JoClaire Sullivan said.  Retail space is priced at $340 to $350 per square foot, and office space is $400 to $450, Sullivan said.

Last year, area retail space was selling for about $200 per square foot, Barksdale said.

A single investor is buying the retail space, of which half of its leases have been signed, Kocmur said. A sushi restaurant, juice bar and a women’s clothing shop will move in.

Another project nearing completion is Ocean Village, a multicolored set of 28 two-story townhomes and five penthouses with 10,000 square feet of retail on the ground floor at Coast Highway and Pier View Way.  Ayoub Sesar, the project’s Irvine-based architect, said he hopes restaurants, shops and a gallery will fill the retail space.  Marketing will start after construction is done in January, said Sesar’s assistant, Pei Lin. Condos will be offered for between $700,000 and $1 million, she said.

Although those prices might seem high in a down economy, Barksdale said she sold a downtown row house recently for $1.3 million. New row houses in the mid-1990s sold for $300,000, Barksdale said.

At the Wyndham Vacation Ownership time share, sales reportedly have been brisk.  Although the City Council was told at a VIP tour last month that all 128 units were sold between March and October, Wyndham officials say units at the beachfront property are available.

Time-share flexibility

Wyndham uses a time-share points system in which customers buy points to use at any company property.  “You use them like currency,” said Lisa Burby, vice president for corporate communications at the Florida-based company.

Translating the points into prices, $25,000 to $35,000 will buy a prime-time week at a two-bedroom unit. About $60,000 will buy a week in the Presidential Suite.  Wyndham is the largest time-share company in the world, with resorts in North America, the Caribbean and the South Pacific. Three are in California, including the Wyndham Harbour in San Diego.  The company also owns 15 WorldMark time shares in California, including one at the Oceanside Harbor.

Until the Westin hotel is built, the Wyndham will offer 32 hotel rooms at prices ranging from $149 to $399 per night. The first guests are scheduled to arrive Friday, with a grand opening early next year.

Three in early stages

The three big downtown projects still on the drawing boards are CityMark, the Westin hotel and The Belvedere.

The biggest project is proposed by San Diego-based CityMark on five blocks near the beach, between Seagaze and Civic Center drives. The project proposes 231 condominiums and 48,500 feet of retail space in two four-story and three seven-story structures.

The 289-room Westin hotel, being built by S.D. Malkin Properties Inc. of San Diego, is part of a $187 million development planned for two city-owned blocks next to the CityMark project. In addition to the Westin, there will be a 47-room hotel, 48 time shares, restaurants and shops.  The city is contributing $27 million to the project.  Malkin Vice President Jeremy Cohen said a goal to open by spring 2010 is not firm.

The Belvedere is a seven-story complex of lofts, condominiums and retail space at Mission Avenue and Horne Street. Nikkho said he expects to break ground in May but has scaled back the retail space from 24,000 to 8,000 square feet. There was not a market for that much retail space, he said.

Despite the uncertain real estate climate, developers say they are banking on the inevitable lure of living just steps from the beach.

On a recent visit from Wyndham’s Orlando headquarters, Chief Executive Franz Hanning stood on the balcony of a time-share unit and gazed at the dazzling Pacific surf.

“There’s nothing like this left in California,” he said.

Jill Heers reports that Oceanside is still much lower priced than its coastal neighbors in Orange County and in Carlsbad or Encinitas with an entry level condo starting at $300,000 on average  and a 4 bedroom home starting at $500,000

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Real Estate Dictinary

Real Estate Dictionary

To help buyers understand the catchy phrases agents and sellers often use while describing their real estate for sale.

Quaint= uninhabitable

Cozy= very very small

Expandable floor plan= smaller than cozy

Needs TLC= very quaint

New Kitchen Cupboards= please don’t look at the floor

Light and airy = broken windows

View= nice look at neighbor’s yard

Panoramic Ocean view= may mean you have to stand on the toilet and look out the window with a mirror.

Priced for quick sale= $20K over the last neighborhood sale

Wonderful neighbors= lots of children ready to sell you cookies and raffle tickets

Dry Ocean roar= built close to the freeway

Best schools= means they give out those bumper stickers that say my boy is an award student at ABC school

Needs a buyer with vision= better yet one without

A Seattle agent has been collecting a few from his neighborhood – and yes definitions will vary with geography

Here is a link to his very fun interpretations

http://blog.seattlepi.nwsource.com/thebigblog/archives/122436.asp

As far as being geographic specific. Say your house for sale is on Mt Baker and is 10 miles from the closest road. You would want to advertise that it is a cross country skier’s dream house. Although among agents I have met from everywhere and every country they all know that Charming means it needs remodeling and that it is quaint.

Why Tri city area escapes most recessions

Tri City area is often referred to as Tri City area of San Diego County or North County in San Diego. Whatever you call it, it is undoubtedly the best place to be winter or summer.

In the summer it is cooler than the rest of Southern California and in the Winter it is warmer. You can check the weather Data history at http://www.wunderground.com/cgi-bin/findweather/getForecast?query=32.72999954,-117.19000244#History .

This alone makes it a favorite among locals and tourists. Our economy thrives like no other around it because we have so much industry. 5 major money makers keep us afloat when other markets falter all around us. These are ;.

1. Tourism

2. Military

3. biotech community

4. Dot com industry

5. Flower industry

Regardng tourism much has been said about Carlsbad http://www.maintour.com/socal/carlsbad.htm

 

And Vista is a very up and coming area where they are opening up Buena Vista Creek that has been buried for the most part. Creating meandering walking trails, a new “Old Town” out of a once neglected downtown. There are many tourist destinations such as

Antique Gas & Steam Engine

– www.agsem.com
2040 N Santa Fe Ave, Vista – (760) 941-1791

City of Vista: Wave Waterpark

– www.thewavewaterpark.com
101 Wave Dr, Vista – (760) 940-9283

http://www.cityofvista.com/

 

Regarding the impact of our Military economy is important to note

http://www.globalsecurity.org/military/facility/san_diego.htm

 

 

Here are just 10 of the new companies located and growing in Oceanside http://maps.google.com/maps?hl=en&um=1&ie=UTF-8&q=Biotech&near=Oceanside,+CA&fb=1&view=text&sa=X&oi=local_group&resnum=4&ct=more-results&cd=1

 

along with http://www.qualcomm.com/ some of the larger technology companies http://www.sdnedc.org/northcounty_tech.php

 

Flower industry and other great places to visit http://www.sdctp.com/carlsbad/

Or http://www.carlsbadca.gov/about/vi1.html

 

Watch this blog for more free and amazing things to do in North San Diego County

 

 

 

Oceanside Downtown projects taking off, What slowdown?

Time shares, mixed-use projects ready to open in Oceanside. They will set stage for downtown redevelopment MARGA KELLOGG – Staff Writer of the North County Times brings us this valuable insight on Oceanside changes OCEANSIDE — After years of delay, the Wyndham Timeshare Resort, described by city officials as a cornerstone of downtown redevelopment, will open some of its rooms for a test run next week and open fully toward the end of January, officials said Tuesday. Two other downtown projects that feature a mix of condominiums, retail shops and restaurants will also open in the next few months, city officials said. Oceanside Redevelopment Manager Kathy Baker said the long-awaited projects are pivotal because they’ll add to a growing mix of lodging and housing options near the city’s seaside core. “It will hopefully be a huge economic stimulation for downtown,” Baker said. “All those guests will be wandering, mingling, buying stuff.” The projects have faced little of the opposition that has plagued other key proposals downtown. In the late 1990s, a seaside resort planned by developer Doug Manchester created a huge outcry over its potential affect on public beach access. After a host of problems, the developer’s deal with the city eventually fell apart. Years later, change is apparently coming. Downtown businessman John Daley, a member of the city’s Historic Preservation Committee, said that although some people dislike change, he hasn’t met anyone who wants downtown to stay the way it is. “There’s no question this is definitely a turning point in downtown,” said Daley, and I believe most people in the community think it’s an excellent way to go.” Wyndham Timeshare Formerly known as the Fairfield Resorts, Wyndham’s 168 time-share units are sold out, Baker said. The seven-story project includes 32 hotel rooms and will have a restaurant run by the San Diego-based Cohn Restaurant Group on the ground floor. The resort sits on 1.5 acres just across the street from the Oceanside Municipal Pier at the corner of Civic Center Drive and Pacific Street and has a 180-degree view of the ocean. The resort also has two levels of underground parking and more than 7,000 square feet of commercial space. Company officials could not be reached for comment Tuesday. However, Baker said The resort opened officially toward the end of January, she said. Ocean Village A few blocks away from the Wyndham, the Ocean Village project is poised to open with a mix of 33 condominiums, shops and restaurants, said Ayoub Sesar, the architect, designer and builder project. The condominiums in the project, at the corner of Sportsfisher and Civic Center drives, should go up for sale in February, he said. The project also includes two individual row houses. Sesar, who works out of Orange County, said his project is unique because it was the first major mixed-use project to be approved in downtown Oceanside and because its architecture sets it apart. The asymmetrical walls, painted in blues, whites and “sun-washed” yellow, reflect the waves of the ocean and the shape of sails, Sesar said. He said his project, and the others coming through the pipeline, make him very optimistic about the future of downtown Oceanside. “I think in the next two or three years, you’re really going to see major changes,” he said. “I see tremendous potential in downtown Oceanside if everything comes together.” Oceanside Terraces To the south of Ocean Village, a $35.2 million mixed-use project dubbed Oceanside Terraces is also set to open now Baker said. “Right now, it’s almost like we have a big triangle between the three projects,” she said. Oceanside Terraces includes two levels of underground parking, restaurants and retail on the ground floor, 13 office suites on the second floor and 38 condominiums on the top four floors. The condos will be two and three bedrooms, with list prices that start at $700,000. Of the 38 residential units in the project, seven have been sold, Ron Douglas, managing member of San Diego-based Janez Development, said . Douglas said a little more than half the ground floor has been leased and will house business such as a women’s boutique called Ensemble, a coffeehouse called Maui Wowi, and a full-service restaurant called Harney Sushi. Douglas also said eight of the 13 office spaces are under contract. “People are starting to move in”.he said. Douglas said the three downtown projects will pave the way for a future beachfront Westin Hotel, which is expected to break ground in September, and a five-block condominium-retail behemoth known as the CityMark. “There will be a strong urban environment in the near future,” Douglas said. –

 

 

Oceanside, You come a long Way Baby

Gone are the tattoo parlors, dirty dancing joints and specialty businesses that lurk after the Marines. Oceanside is growing up. It used to be in recent history that Mission and Hill St. was off limits to the Marines as it was just too rowdy. Now it is the opposite and even had a name change from Hill St. to the Coast Highway. There more than seven new large projects going on downtown right now. Look for information coming about the other six. This article deals with the recent activities of a general planning workshop which is the first process for change.
Marga Kellogg of the North County Times reports on the city redesign workshop.
San Diego-based CityMark is planning to build condominiums, 48,000 square feet of commercial businesses and 904 parking spaces on blocks bound by Seagaze Drive, Myers Street, Civic Center Drive and Cleveland Street. The project could also include 124 hotel rooms and would have a restaurant and an al fresco dining area.

The CityMark project is a key component in the city’s downtown redevelopment plan, which includes a luxury Westin hotel and time-share project that would overlook the ocean.

The eight-story hotel, called the Oceanside Beach Resort, would be immediately west of the project and would include shops, a restaurant, and underground parking across the street from the Oceanside Municipal Pier.

Overall, the renderings presented showed redesigned buildings with dramatically terraced facades broken up into a village type of look. Dark sand-colored brick was added and the buildings included more setbacks, higher and lower rooflines, trellises, arcades and inset windows.

“We want to make sure we’re providing a very nice streetscape and pedestrian-oriented environment,” Gustafson said

Buyers are looking forward to Spring realty activity

  Often the sellers take their homes off the market during the winter and wait for the flurry of buyers that come typically in the Spring, summer and fall.

This year is buyers are full of hope that finally they can afford to buy a home. Serious sellers will be price conscious with the lowering of value and will have the home in top shape.

There will be lots of competition for both buyers and sellers. We will see more first time buyers on the market than we have in many years.