For a city that has $100 million-plus in the bank and paid $16 million in 2001 for the Farmers Insurance building that still sits vacant, spending $3 million on this must be seen as pennies?
CARLSBAD — Questions about safety, costs and the possibility of flooding appear to have stalled plans to dig a pedestrian tunnel beneath Carlsbad Boulevard to connect the Tamarack State Beach parking lot with trails along Agua Hedionda Lagoon.
The Carlsbad City Council agreed last week to proceed to the next stage of work on a proposal to build two access ramps to the beach, but they decided to hold off on the $3 million tunnel portion of the project until they have more information about other options.
Councilwoman Cori Schumacher said she was “uncomfortable” with the tunnel. Over the years, it could be affected by storms and sea-level rise, she said, and she asked whether a road-level pedestrian crossing would require less long-term maintenance.
Other council members also had questions about including the tunnel in the beach access project.
“My main concern is the maintenance,” said Councilman Keith Blackburn, who asked about lighting, public safety, graffiti and trash in the passageway.
To address potential reduction of operable indoor space due to social distancing requirements, the City of Carlsbad is processing requests to allow for temporary use of public sidewalks and private parking lots – which sounds better than closing State St. altogether. Win-win?
This potential bond issue (and resulting property-tax payments) is for the City of San Diego only. From the U-T:
Supporters of a $900 million housing bond say they will continue pursuing the measure for the November ballot, despite the sharp economic downturn reducing incomes for many San Diego property owners who would be paying the tax increase.
The decision was based primarily on a new telephone poll of 850 likely voters that showed 69 percent support the measure, just above the 66.7 percent needed for approval and a drop in support of only 2 percent since last November.
“Until we saw the poll results, it was totally up in the air,” said Stephen Russell, who is spearheading the effort for the San Diego Housing Federation. “When we went to poll, we thought we were going to see cratering in the numbers. It was compelling that we are only two points lower than our polling in November.”
Some critics say that an economic downturn is the wrong time to burden property owners with higher property taxes. Russell said the people most affected by the downturn are low-wage workers who pay rent and are most vulnerable to becoming homeless.
The proposal would raise taxes on San Diego property owners to pay for roughly 7,500 subsidized apartments, 2,800 units for the formerly homeless and 4,700 units for veterans, senior citizens, the disabled and low-income families. In addition to the local money it would raise, the measure would help San Diego secure a greater share of state and federal money devoted to homelessness and affordable housing, by providing local matching funds.
The bond measure would cost property owners $19 per year for every $100,000 of assessed value. The average homeowner with a $600,000 property would pay $115 per year, he said.
But owners of large amounts of commercial, industrial or residential property would pay significantly more.
There aren’t many (if any) of the larger parcels left for big developments, but if the government was an easier and cheaper component, then new infill projects and the repurposing of commercial/industrial properties into residential could benefit – an excerpt from a CalMatters commentary:
If we want to begin to climb our way out of this housing crisis, where do we start? We can begin by fixing zoning, curbing the worst abuses of legacy environmental laws and lowering the mandatory fees that stifle homebuilding at the permit counter.
We (Klinge Realty Group) have been fortunate to stay in full operation and be very productive this year, so we haven’t had layoffs or cutbacks. In fact, our team has grown – daughter Natalie is now on board!
But for those businesses that need assistance, the City of Carlsbad might be able to help:
The City Council approved $4.4 million for business loans as a part of the Economic Recovery and Revitalization Initiative focused on recovery from the COVID-19 health emergency.
Microloans will be made available for businesses with gross revenue of $2 million or less and 15 employees or fewer with loan amounts ranging from $5,000 to $10,000. Repayment rates are outlined below:
0% interest if paid back within 6 months
1% interest if paid back within 12 months
2% interest if paid back within 18 months
Small business recovery loans will be made available for businesses with gross revenue of $3 million or less and 50 or fewer employees with loan amounts ranging from $10,000 to $25,000. Repayment rates are outlined below:
2% interest if paid back within 12 months
3% interest if paid back within 30 months
All applicants must hold a valid business license with the City of Carlsbad as of March 1, 2020 and be in good standing with the city.
To begin the first step in the application process, please go to http://carlsbadca.gov/loan. We will review your information and respond within five business days with a determination on whether you can proceed with the application process.
In preparation for the next step in the application process you may want to gather documentation regarding the length of time your business has been in operation, the financial impact that the COVID-19 health emergency has had on your business, at least six-months of bank statements, and your plan for using the funds if awarded
The city will hold a webinar on June 3 at 3:00pm to answer questions regarding the loan program. Please click here to register.
The City of San Diego has closed their loan window already, but they have the list of federal, state, and local financial resources available for businesses here:
Federal: Congress is working through several fiscal policy proposals. It is very likely that whatever relief is passed will include tax incentives that will need to be carefully planned for.
The Treasury and IRS announced on March 17 that the tax deadline will be extended 90 days, to July 15, and the IRS will waive interest and penalties for certain taxpayers. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less.
California: The state has granted extensions to individual filers, partnerships and LLCs and quarterly estimated tax payments: Filingand payment is due June 15. The Employment Development Department and California Department of Tax and Fee Administration have also released guidelines.
It seems as though legalized marijuana is said to be good for almost everything. Now a new study from the National Association of Realtors (NAR) has added real estate to the list. The impact is clearer when it comes to commercial properties, but agents saw differences in the residential sector as well where medical and/or recreational use of the substance has been legalized.
The NAR study, Marijuana and Real Estate: A Budding Issue (yes, NAR went there) grew out of a survey conducted with over 150,000 of its members, equally divided between those who operate in the commercial area (including building owners and managers) and those who practice residential real estate.
The study looked at states where marijuana has been legalized for medical purposes, for recreation, and for both, examining how it is grown, harvested, stored, sold, and consumed within those states. NAR found more impacts from legalization over time so divided some of the findings according to whether it occurred after or prior to 2016 which accounts for the dual percentages reported.
“As more states legalize marijuana, the real estate market will progressively have to adjust,” said Dr. Jessica Lautz, vice president of demographics and behavioral insights for NAR. “From property owners, to manufacturers, to those who simply want to engage for leisure – it all touches real estate in some form.”
In states were marijuana is legal in some form, between 9 percent and 23 percent of members who responded to the survey said they believe the inventory of available homes is tight for multiple reasons, including all-cash purchases from within the marijuana industry. While most respondents hadn’t seen any changes in property values near dispensaries, between 7 percent and 12 percent said they had seen an increase in values while 8 percent to 27 percent said they had seen values decline.
“Residential practitioners are getting used to the new normal of having marijuana legally used within rental properties, while homeowner associations are tasked with setting new rules to address consumption and growth,” said Lautz.
The majority of respondents reported that homeowner associations have rules that place certain restrictions on smoking and growing marijuana in homes or common areas. Only around 3% answered that specific homeowner associations do allow growing or smoking in home or common areas.
Three-quarters of members had never tried selling a grow house but among residential practitioners who had, 29 percent said they had a difficult time doing so. Twenty-seven percent of those in more recently legalized states reported difficulty compared to 25 percent in states that legalized before 2016.
Because Federal banking laws prohibit use of checks or credit cards to purchase marijuana, it is usually an all-cash business. About one-fifth to a quarter of landlords said they were unwilling to accept cash for rent in any instance, while about 10 percent said they would only refuse cash from an illegal federal activity. Forty-two percent of those in states where only medical marijuana is legal would accept cash rent, as would two-fifth of those where both medical and recreation use is allowed.
Among commercial practitioners, NAR found an increased demand for land, warehouses and store fronts that are intended for marijuana. In states where both uses are legal, more than a third of those polled said they saw an uptick in requests for warehouses or properties used for storage. In those same states, up to one-quarter of members said the demand for storefronts grew, while one-fifth said there was a greater demand for land.
“When the business of marijuana is discussed, some have a tendency to focus on only the buyers and sellers of the product,” said Lautz. “However, these numbers show that marijuana has been a boon to commercial real estate.”
Marijuana as a business has prospered for more than a decade and that growth continues to evolve. In the states where medical and recreational marijuana have been legalized for three years or more, each saw increases in the demands for commercial properties. As in residential uses, the effect on commercial property values near dispensaries was mixed, but about 20 percent reported an increase. There were fewer reports of declines.
Many respondents said leases had been modified to accommodate the marijuana industry, especially where legalization occurred prior to 2016. About half of respondents in medical marijuana states reported no issues leasing a property previously used to grow marijuana as did 35 to 49 percent of those where both uses were legalized. The most common problem among these properties were lingering odors, followed by moisture issues. Both matters were more common in areas where recreational marijuana has been legal for a longer period of time.
It reminds me of this REO we saw on the way to Valley Center. It sold for $950,000 with 5% down in 2005, was foreclosed and sold for $276,500 in 2009 (when this video was taken), and just resold for $775,000 in September. What a country! This video has 27,500+ views too!
The California Association of Realtors were backing SB50, but it died in the State Senate today. Hat tip to SM for sending in this article – an excerpt:
California’s controversial housing bill, which would have required cities and counties to change local zoning laws to allow for new, denser housing near job centers and public transportation, died in the state Senate Thursday morning,fourvotes shy of the support needed to advance the legislation to the Assembly.
The measure has deeply divided stakeholders for more than a year, and lively debate on the Senate floor before an initial vote was taken on Wednesday stretched to two hours. The bill was narrowly defeated 18-15 on Wednesday afternoon, with six senators declining to vote, including Republican leader Shannon Grove, R-Bakersfield, who was in Washington, D.C. It was re-introduced Thursday morning in a final effort to get the bill through before the Jan. 31 deadline, but still failed.
Introduced in December 2018, the bill has failed to pass in the Senate in the past two legislative sessions despite lengthy discussion. It aimed to address California’s severe housing shortage that is driving increases in homelessness in the state, creating a financial crunch for many residents and contributing to urban sprawl that clogs freeways with commuters who live far from their workplaces, according to Sen. Scott Wiener, D-San Francisco, who authored the bill. He argues that local zoning laws are undermining the state’s efforts to address the issue.
The legislation took aim at restrictive zoning andwould have required counties with more than 600,000 residents to approve permits for more construction of multi-story housing and streamline the approval process for apartment buildings in neighborhoods near public transportation.
It would have required local governments to approve four-story buildings within half-mile of transit and five-story buildings within a quarter-mile. SB 50 also would give the state more power to curb local parking requirements in favor of more housing, and enable more building in high-income areas. Smaller cities, with less than 50,000 people, would have to add up to 15 extra feet of height to their permits, essentially adding an extra floor of housing,in areas within half-mile from transit.
The bill was endorsed by a diverse group of advocates, including pro-housing organization California YIMBY, the California Labor Federation, and the California Chamber of Commerce. The bill also garnered support from environmental organizations, including Natural Resources Defense Council and California PIRG, because of its potential to reduce the carbon pollution that comes from long driving commutes.
Senator Toni Atkins (who is the CA Senate President pro Tem, and represents District 39: San Diego, Coronado, Del Mar & Solana Beach) is committed to finding more solutions – this issue isn’t going away:
On Friday we closed escrow on another sale of a Lloyd Ruocco classic – two in a row! This one was 20 years older (1947) and in Mission Hills with a panoramic view of the city, ocean and bay.
MISSION HILLS MODERN! Architect Lloyd Ruocco’s Keller Residence is one of the first post-War modern homes in all of San Diego! Enjoy views of Downtown & Point Loma to the Coronado Islands and beyond. Contemporary finishes blend seamlessly with original, vintage design as the interior blurs with the exterior landscape. Retreat to this culdesac location and enjoy an incomparable setting of privacy amidst the urban landscape. Historically designated, incredible Mills Act tax savings conveys!
It’s rare to get a 15-page history on a house – this goes back to the beginning:
Gibson, Ford, Brock, Seaver, Kaline, Morgan, Niekro, Lasorda, Sutton and now Hammerin Hank. We’ve lost some of the greatest to ever do it this year. @TommyLasorda is gonna have a hell of a roster to manage up there. #RIPLegends
Comments on December Existing Home Sales https://www.calculatedriskblog.com/2021/01/comments-on-december-existing-home-sales.html The delay in the buying season has pushed the seasonally adjusted number to very high levels. For example, this number of sales, (NSA) in July, would have given a 5.3 million, as opposed to 6.76 million SAAR.
"Where do we begin..2020 has been a year for everyone. When COVID hit and shut down both my husband and my businesses, we were left with a mortgage and very little income coming in. We were stressed, scared and felt stuck. We made the hard decision to sell our home and move out of state. We contacted the Klinges' and spent a good hour going over what we hoped we could accomplish. Jim and Donna came over with comps in hand and suggestions on improvements to get our house ready for the market. It was overwhelming to think about, but Donna was there and one step ahead in every scenario. more "
"Jim and Donna Klinge made the sale of our condo extraordinarily easy. They know the market and gave us sound advice backed by details and very considerable experience, reflected both in the initial pricing and subsequent negotiations. They work together as a team and are always available to talk. more "
"I cannot believe there are no reviews of Donna yet, ugh!! She is the secret sauce of the Jim Klinge/Donna Klinge combo! I will touch on Jim here, but Donna is why I'm so totally loyal to these two (no offense to Jim :)).
I consider myself a rather savvy buyer/seller. I've bought/sold 7 times in more "
"Jim and Donna Klinge are by far the most professional, personable and responsive realtors I have ever worked with. They provide VIP concierge level service in every area of the process of selling your home. My home was marketed so successfully that we received an offer the day after our first and only open house. Thanks to Jim's pricing and negotiating, our house is now the highest sold in our community... more "
by Ann Romanello
"Jim educated us, helped us find the perfect house, and then negotiated us a great deal. I would hate to be sitting across the negotiating table from ... more "
"Jim is thorough and will be brutally honest about the homes he shows you. He provides great service and follows through until the very end and even ... more "
"I highly recommend Jim as a buyer’s agent. Working with Jim, we closed this week on a San Diego condo. Jim prepared a list of comparable sales to ... more "