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Wednesday, Jul 17, 2024

The Assessed Value of County Property Increased By $33.5B in ’06

The San Diego County Recorder’s Office reported that the assessed value of all taxable property in the county has increased $33.5 billion during the past year to $391.4 billion. The 9.4 percent increase includes the value of aircraft, boats, businesses, mobile homes and parcels.

County Assessor Gregory J. Smith reassured property owners that the increase does not apply to individual properties. Real property is reassessed only upon change in ownership or new construction, and Smith said he expects that in these two instances assessments cannot increase by more than 2 percent annually.

Last year, the assessor’s office appraised 74,500 properties due to change of ownership and 32,400 properties with new construction. In addition, 13,000 new parcels were added because of new subdivisions and condominiums.

“The residential real estate market changed from a seller’s to a buyer’s market in San Diego County in 2006,” said Smith in a news release. He said that the change resulted in lower sales prices in certain segments of the residential market. These declines were felt mostly in condo conversions, new condo projects and new subdivisions.

The assessor’s office reduced the value of 11,500 residential properties.

Smith reported that while new construction and resale of residential real estate was slow, commercial and industrial real estate activity was strong. The six largest properties valued this year due to a transfer or new construction activity were the Sheraton Harbor Island Hotel valued at $362.3 million, One America Plaza at $300 million, new construction on the Qualcomm Inc. campus at $252.7 million, the long-term lease of the Navy Support Center property at the Embarcadero at $230 million, Sorrento Towers office at $204.7 million and 701 B Street for $182.8 million.

Chula Vista experienced the largest increase in assessed value of all the cities in the county. The 14.2 percent increase was due primarily to the continued residential and commercial development in the eastern portions of the city, according to Smith. Chula Vista was the only city to experience a double-digit increase in assessed value. The cities of Carlsbad, Escondido, Imperial Beach, La Mesa, Oceanside and San Diego saw increases in the 9 percent range.

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High-Rise Sold And Renamed:

Wereldhave USA, an international real estate investor with U.S. headquarters in New York, purchased one of downtown’s most prominent office high-rises for $210 million.

Broadway 655, which was most recently renamed Advanced Equities Plaza after one of its major tenants in May, was bought by Wereldhave USA from Lankford & Associates Inc. Wereldhave USA is a division of Wereldhave NV, a Dutch real estate investment trust.

The property on West Broadway at Kettner Boulevard is a 23-story, 380,000-square-foot mixed-used development with parking for 750 cars. In addition, the property has 12 residential units and 16,000 square feet of restaurant and retail space. Major tenants include Best, Best & Krieger; Lerach Coughlin Stoia Geller Rudman & Robbins LLP; and Peterson & Price PC.

The office was 80 percent leased at the time of sale. Wereldhave anticipates leasing the remaining floor space by year-end.

The acquisition is Wereldhave’s first property investment on the West Coast. Wereldhave is the owner of numerous properties in Belgium, Finland, France, Netherlands, United Kingdom, nine properties in Texas and eight in the Washington, D.C., area, according to its Web site.

Michael Kane, Kraig Kristofferson, Sara Rollins, Karen Scholte and Bob Smith of CB Richard Ellis’ San Diego and Newport Beach offices represented the buyer in the sale.

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Web Site Kudos:

The San Diego Association of Realtors recently received an award from the National Association of Realtors in its annual Best of the Web contest for 2007. Only six Web sites received this national distinction. SDAR was honored in the category of Outstanding Education Feature.

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New Look For Land Institute:

The Urban Land Institute’s San Diego/Tijuana District Council recently redesigned its Web site at www.sandiego.uli.org. The new site features coverage of recent ULI events, roster of members and a streamlined process to register for programs.

The ULI San Diego/Tijuana District Council says it provides leadership in the responsible use of land to enhance the total environment. The local chapter was established in 1997 and has more than 850 members that represent academics, accountants, attorneys, architects, builders, developers, engineers, lenders, planners and students.

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SellSmart Sets Up Reno Office:

La Jolla-based SellSmart Real Estate opened another office in Nevada. The new office for SellSmart Rempfer & Associates is based in West Reno and is operated by Roger K. Rempfer,

who has franchises in two states. SellSmart Real Estate has 50 offices, including locations in Escondido, Fallbrook and La Jolla.

SellSmart Real Estate provides home sellers with expertise throughout the entire home-selling process without paying the standard industry commission.

Send real estate news to Michelle Mowad at mmowad@sdbj.com. She may also be reached at (858) 277-6359, ext. 3109.


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