Los Angeles-Based Developers Begin
Downtown Projects
The next in the line of Web sites offering a means for listing “for sale by owner” homes on the Multiple Listing Service is San Diego-based EfreeMLS.com.
The MLS is a listing of homes for sale in any given region, which is updated by and accessible to realtors.
The EfreeMLS name is somewhat of a misnomer, as sellers must pay $299 to use the Web site’s services, which is refunded if their home is purchased through the site. When the site originally launched in April, the fee was $499.
Along with having their home listed on the MLS, sellers using EfreeMLS.com receive “for sale” signs for their yard, assistance with pricing based on competitive market analysis, and help with pre-qualifying buyers. Full service seller representation is available for 4.5 percent of the purchase price of the home.
Buyers can look for homes on the MLS through the Web site.
Addresses for the homes are listed on the Web site. Buyers who purchase homes through the Web site can earn a rebate of up to 1.5 percent of the cost of their new home, if they purchase it through the Web site.
Other San Diego regional information and moving services are listed on the site.
Over the last three or four years, Rick Hoffman, president of the San Diego Association of Realtors, said he has seen several similar Web sites come and go. Hoffman is chief operating officer of Coldwell Banker Associates Realty in Scripps Ranch. “I don’t see this as anything new or unique at all , just a new wrapping,” he said.
Because of the complex process of finding a house and signing a purchase agreement, he added, “People always end up calling a broker.”
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More Downtown Revitalization:
Redevelopment at Fifth Avenue and Broadway in Downtown San Diego’s core is under way. Over the next three years, $60 million worth of public and private development is planned.
Peter Hall, president and chief operations officer of the Centre City Development Corp., the city’ redevelopment arm, said in a release, “Though it’s taken a long time to get going, we’re delighted to see these projects begin that will once again bring this important area of Downtown’s core back to life.”
All four projects are by Los Angeles-area developers.
They are:
– On Broadway, by developer CIM Group, a rehabilitation of the historical Walker Scott and Owl Drug buildings on Broadway, is under way between Fourth and Fifth avenues. The renovated buildings will hold 21 residential lofts, retail and restaurant space and 275 public parking spaces in a new structure next to the Walker Scott building. The project is expected to be completed in the fall of 2002.
– Watt Commercial Properties will rehabilitate the 12-story First National Bank building, built in 1909 and considered to be the city’s first high-rise. It will be renovated with features geared toward technology-based tenants. Construction is expected to begin in the spring of 2002 and be completed early in 2003.
– Hanson Enterprises plans to convert several old buildings, including the former Woolworth building along the east side of Fifth Avenue between Broadway and C Street. The mixed-use project, named Music Village, will have a House of Blues restaurant and nightclub, and retail and office space. Construction began in January and is expected to end in June 2002.
– Diegan LLC began site preparation this summer for its 19-story, 180-room Diegan Hotel. The historical fa & #231;ade of the Jessop’s building will be maintained as part of the hotel. An adjacent store has been demolished to provide for new retail space. The project is expected to be completed early in 2003.
Winner Times Six:
The San Diego chapter of the American Society of Professional Estimators won six awards at the National ASPE Convention in Atlanta in July, the most regional and national awards of any of the society’s 85 chapters.
The awards were: National Superior Chapter, National Best Newsletter, Western Region Best Newsletter, Western Region Best Education Program, National Vice President Outstanding Achievement, and National Education Chairman Outstanding Achievement.
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TOBY Awards:
The Office Building of the Year awards, also known as the TOBYs, will be presented at the September meeting of the San Diego chapter of the Building Owners and Managers Association on Sept. 11.
The nominees are the Pacifica Tower, La Jolla Executive Office Tower, Torrey Reserve, Chamber Building, One America Plaza, 550 Corporate Center and First National Bank Center.
The event will begin at 11:30 a.m. with registration, followed by lunch at noon. The cost is $34 for BOMA members and $45 for nonmembers or $50 at the door. To register, call (619) 243-1817.
Send residential and commercial real estate news to Jackson via fax at (858) 571-3628 or via e-mail at mjackson @sdbj.com.
Investors Join for Condo Project
CLB Partners Ltd. of Dallas has joined with San Diego-based RS Lawrence Development Inc. to form Park Laurel Investors. The joint venture will develop Park Laurel on the Prado.
Park Laurel, a $120 million, 94-unit luxury condominium development, will be built on Bankers Hill at Sixth Avenue and Laurel Street across from Balboa Park.
Seven units will be multistory townhomes. Eighty-seven condominiums with two to five bedrooms will be built in two 14-story towers.
Construction is scheduled to begin in the fall. More than 70 percent of the 46 units in the first phase have been reserved.
