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How to lock in the lowest mortgage rate in today’s tough market
The days of scoring a great loan despite having a modest amount of equity and so-so credit are over as lenders tighten their standards. That’s why it’s a good idea to shop around for offers.
Refinancing today is not the same game it was a few years ago, when homeowners with even a modest amount of equity and just so-so credit could score a great loan.
You now need good credit, lots of equity and very little outside debt.
“These are very traditional lending standards, but they’re going to come as a shock to anybody who has only been in the market for the past 10 years,” said Keith Gumbinger, vice president of HSH Associates, a Pompton Plains, N.J., publisher of loan information.
Homeowners who don’t meet those standards might be able to take advantage of a relief program by the Obama administration that allows people with decent credit to refinance even if they have little or no home equity.
But that program is only for those who owe more than 80% of what their homes are worth — and whose loans are small enough to be backed by the government’s guarantors, Fannie Mae and Freddie Mac.
How can everyone else get the best mortgage in today’s market?
Good credit score
Two years ago, you could get a good loan with a credit score of 680, said Jeff Lazerson, president of Mortgage Grader, an online brokerage. Today, you’d better have a score of 700 — and if you want the best rates, a 740 and above.
The most widely used credit score is called the FICO, based on a model devised by Fair Isaac Corp., which assesses your risk to lenders on a scale of 300 to 850. The higher the score, the lower your loan rate.
Not sure of your credit score? Then it’s time to check, said Greg McBride, senior financial analyst for BankRate.com.
Fair Isaac is currently running a promotion for its Score Watch service that allows consumers to get their credit score for free at www.myFICO.com for 30 days. Beware: If you don’t cancel before the trial period ends, you will be billed at the annual subscription rate. That costs roughly $90.
If your score is too low to get the best loan rates, consider cleaning up your credit before applying, McBride said. The FICO website and credit scoring services provide how-to suggestions.
Financial ratios
Two other numbers are going to have a significant effect on how much you pay for a mortgage: your loan-to-value ratio and your debt-to-income ratio.
Loan-to-value ratio indicates what your house is worth versus the amount you’re borrowing. Generally, low rates are reserved for those borrowing less than 80% of their home’s value. Those borrowing less than 60% get the best rate, Lazerson said.
Debt-to-income ratio reflects your financial life and is used to estimate how much you can afford to borrow by comparing your monthly debt payments — house, car, credit cards, student loans, etc. — to your gross, or before-tax, income. In years gone by, lenders would allow you to borrow up to 55% of your income, Gumbinger said. Today, they’re going to want to see you borrowing 43% or less, he said.
Watch your loan balance: The lowest rates are reserved for “conforming” loans, which are for $417,000 or less. For those with good credit borrowing no more than that amount, 30-year fixed-rate mortgages cost 4.78% on average last week, according to Freddie Mac.
Need more? You’ll pay more. But the rate for an “extended conforming” loan of as much as $729,750 isn’t substantially higher — it’s roughly 4.875% to 5%.
If you need a “jumbo” loan, rates are considerably higher, Lazerson said. People in high-cost counties such as Los Angeles and Orange who borrow more than $729,750 are likely to pay 6% to 8% — even if their credit is perfect.
Guesstimate your time frame: If you’re going to be in your home for decades, it’s smart to lock in a 30-year fixed-rate mortgage at today’s historically low prices, experts agree. But if you’ve got a short time horizon, rates on adjustable loans can be highly attractive.
One loan, which is fixed for five years and then adjusts once annually thereafter, was priced at 3.99% last week, Lazerson said. And those who have existing adjustable loans that are re-pricing this year are likely to see their rates drop to about 3%, Gumbinger said.
If your time horizon is short, these adjustable loans are a deal, both experts say. If you only need a $400,000 loan for five years, for example, the 3.99% adjustable rate would save you $240 a month, or $14,364, over the 30-year fixed-rate option.
But if you plan to stay in the home for a while, you’ll need to watch rates closely to jump into a fixed mortgage before rates climb.
Shop rates and fees
It’s pretty easy to shop rates at websites HSH.com or BankRate.com, which list current mortgage rates offered by dozens of lenders. But make sure you also shop for fees. Each lender you consider should provide a “good-faith estimate” of the total fees, including the cost of appraisals, title insurance, processing and “points.”
Typically, these fees would amount to anywhere from $0 to $6,500 for a $400,000 loan. (In some cases, lenders offer no-cost/no-fee loans, but charge a higher interest rate for the privilege.)
To make apples-to-apples comparisons when you’re getting apples-to-oranges offers, use the monthly payment calculator at MortgageGrader.com, adding the fees (if any) to your loan balance.
For instance, Lender A offers a no-cost loan at 5.25%. Lender B offers a 5% rate, but will charge $6,000 in fees. Which is the better deal?
You’d plug in the loan balance of $400,000 at 5.25% at the Mortgage Grader site to find that your monthly payment would be $2,208.81 with Lender A’s offer.
To compare the offer from Lender B, you’d plug in a loan balance of $406,000 (the loan amount plus fees) at 5% to find that your monthly payment would be $2,179.50. Lender B’s deal would save you nearly $30 a month, or $10,500 over the 360-month life of the loan.
It’s also worth mentioning that some fees are negotiable. The most significant among those is for title insurance. How much of a difference can shopping for title insurance make? A recent good-faith estimate from Wells Fargo Bank quoted $930 for a title insurance policy for a $380,000 loan and estimated additional fees of $650. The borrower found EasyTitleQuote.com through a Google search and filled out a short form. The resulting bid: $357 for insurance, plus $500 for other fees.
The borrower saved $723.
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Originally appeared in http://www.latimes.com/business/la-fi-perfin5-2009apr05,0,7531036,print.column
By JEN LEBRON KUHNEY, The Daily Transcript
Tuesday, March 31, 2009
Federal and state governments have pumped nearly a trillion dollars into the economy with billions flowing into the housing market.
When seven local real estate experts gathered at The Daily Transcript offices last week, they discussed how this money will affect the local market.
Norm Miller, director of real estate academic programs at the University of San Diego, said inflation is inevitable based on principles of macroeconomics.
“Eventually we’re going to have inflation. Eventually we’re going to have higher interest rates and that’s going to lead to real estate being a good thing to own again,” he said.
However, Alan Gin, professor of economics at the University of San Diego, said the state of the current economy may be able to absorb the cash flowing in without showing signs of dramatic growth or inflation.
But San Diego State University real estate professor Mark Goldman said growth is not necessarily needed to sustain a vibrant real estate market.
Guy Asaro, president of McMillin Homes, said tax credits from federal and state governments has encouraged some buyers to purchase new homes. His company has sold six new homes at his price in the past two moths at one of his developments in South County.
“It’s certainly increased traffic, especially from the first-time buyers,” he said.
The problem is, though, that some interested buyers cannot get financing due to underwriting standards, Asaro added.
Dave McDonald, president of the California Association of Mortgage Brokers San Diego chapter, said one way to loosen underwriting guidelines is remove credit scores from the equation.
“To open up the market you have to get rid of credit scores,” he said. “They’ve never been a great predictor of whether someone can pay.”
No one at the roundtable voiced any agreement with McDonald except to say credit scores are not a “great” predictor but can still statistically predict whether someone can pay.
Additionally, McDonald said underwriting standards need to be loosened for the self-employed and for those who are owe more on their mortgages than their homes are currently worth.
It was generally agreed that, socially, “we have destigmatized people who have the ability to pay their mortgages but don’t because they feel they’re upside down,” Goldman said.
Additionally, Alan Nevin, director of economic research for MarketPointe Realty Advisors, said those who are late on payments have an easier time refinancing.
Goldman said while the first reaction to those who are delinquent on payments is that they are skirting their moral obligations, he said those obligations go far beyond the home purchaser.
“I think the loan universe as we know it today is an inverted pyramid and at the bottom of it, holding the whole thing up, we have the consumer,” he said.
Following the consumer is a myriad of people like the loan originators, the mortgage bankers, securitizers, credit rating agencies and then the investors who bought into bad loans.
“There was so much hunger for this crap paper and nobody cared,” Goldman said.
Now, like the companies the homebuyer is holding up, Goldman said the average consumer is waiting for a “handout from Uncle Sam” that is not coming.
HOPE Now was a program instituted to help troubled homeowners avoid foreclosure. But according to a report from CNNMoney.com, the program has only helped one homeowner avoid foreclosure so far.
Goldman said all the money Congress has put into these various programs has not been effective.
Some of the experts at the roundtable suggested it would have been better to let the housing industry work itself out.
Filed Under News · Tagged:
SD Prices Down 40.8 Percent from Peak
Local home prices were down 24.9 percent at the end of January compared to their level a year earlier, according to the most recent Standard & Poor’s home price index released this morning.
The county’s drop from the peak crossed the 40 percent line for the first time with this index. Prices in the January index were down 40.8 percent from the November 2005 market peak.
Even with that drop, San Diego prices remain about 48 percent higher than they were in January 2000, before the six-year bonanza when prices zoomed upward 150 percent.
Like in November, the highest of the index’s three tiers in January showed the sharpest monthly drop, according to a seasonally adjusted version of the numbers.
Prices in the highest tier (homes sold for more than $424,184) slipped 2.8 percent between December and January.
That beat the 1.2 percent decline for the middle tier (homes from $288,350 to $424,184) and the 2.6 percent decline for the lowest tier (homes under $288,350). The low tier has most frequently shown the steepest declines in the market downturn.
The tiers sustained the following declines:
- Low tier: down 49.6 percent from June 2006 peak and 29.3 percent year-over-year
- Middle tier: down 38.6 percent from the November 2005 peak and 20.1 percent year-over-year
- High tier: down 32.5 percent from June 2006 peak and 20.9 percent year-over-year
This morning’s New York Times report on the national index’s record year-over-year decline quotes local real estate broker Jim Klinge:
The monthly Case-Shiller numbers examine only one segment of the real estate market, which happens to be the places where the boom was most frenzied. And even in those communities, agents argue that the report does not give a full picture of a market that can vary by neighborhood.
“Sales are up dramatically,” said Jim Klinge, an agent in San Diego. “There’s a group of buyers that need housing more than they need to pay attention to the doom and gloom headlines we see every single day.”
Many of his buyers are young people who are backed financially by their parents. Mr. Klinge noted that all the sales were on the low end, which in San Diego means less than $500,000.
Still, he said, “We’re back off the ledge.”
The effect of that activity to which Klinge refers in that story and in his blog may be captured in a future Case-Shiller index. The index lags by two months.
Klinge will participate in an upcoming voiceofsandiego.org real estate and economics forum you won’t want to miss. Mark your calendars for April 23, 6 p.m. in Liberty Station at Building 176, Studio 106, 2445 Truxtun Rd.
A note on the Case-Shiller index: Local University of San Diego real estate professor Norm Miller said in a conference call yesterday that the Case-Shiller index, among others, overstates the extent of price drops in the real estate market and that a typical homeowner’s price change is probably about 50 to 60 percent of what’s shown in the index. Miller conducted the call with his co-principal of real estate analytics firm Collateral Intelligence.
David Blitzer, chairman of S&P’s index committee, defended the indexes and the inclusion of distressed and foreclosure sales in them in a Reuters story about the conference call. Here’s Blitzer:
If you only want to include cases where people hold out for the best price, you’ll get a much happier index but it would not be an accurate representation of the market.
– KELLY BENNETT
originally appeared at http://bit.ly/bqiMK
Check out the latest survey here from CNN and Money Magazine. The average home price in San Diego is forecasted to drop 10% in 2009.
Outdoor, Overhead, and Wall Sconce Lighting Set the Mood
Lighting is one of the most important ways to set the mood in a home, whether it is for sale or rent. Think about the last time you were in a bathroom that had too little light, or a bedroom with no reading light next to the bed, or dining room that had light so harsh it was impossible to enjoy dinner. Make sure that the level of light in each room is appropriate for the function of that room. As a rule of thumb, bathrooms, closets and kitchens should have even, bright light while bedrooms, dining rooms and dens should have softer, ambient lighting. Dimmers are always a great option to enhance the mood of a room. Also, if you have the space, floor lights that go behind indoor plants or under furniture with very low wattage bulbs can also help. If you really want to go the extra mile, consider converting your incandescent ceiling lights to halogen lighting. It might be mood lighting to you, but if you’re trying to sell your home, keep it bright! Dimly lit rooms tend to look small and dingy— especially during the day. If you have a particularly dark room, consider investing in a floor lamp that will bounce light off the ceiling.
West View
This gorgeous two bedroom, two bath apartment features top of the line berber carpet, a newly refurbished kitchen with all appliances and dishwasher, and incredible views of San Diego from every room! It is located in the exclusive El Cortez building atop Cortez hill. Conveniently located five minutes from the Gaslamp and ten minutes to the Convention Center and Hillcrest, this property also features an on-site pool, jacuzzi, gym, and valet parking.
Request a Showing Here
Location
This property is located atop Cortez Hill. The Gaslamp district, Little Italy, Hillcrest, and the Convention Center are all a five minute drive away. It is 5 minutes to the San Diego International airport 10 minutes to Coronado and Ocean Beach.
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Rates & Availability (rates don’t include taxes & fees)
Available for Feb 1 move-in.
1 Year Lease at $2,000 per month.
Property Features
- Unobstructed views of the downtown skyline and San Diego harbor.
- Refurbished kitchen with all appliances and dishwasher.
- Approximately 1,200 square feet.
- Spa, Pool & Gym included on the property.
- Washer and Dryer.
- Underground parking.
- Valet parking.
- Five minutes to Hillcrest, Gaslamp, and San Diego International Airport.
- Eight minutes to Petco Park and Convention Center.
Additional Photos
Skirting the Pitfalls of Private Rentals
By MICHELLE HIGGINS
To save some money on a summer vacation to Puerto Rico, Kim Gismervik decided to rent a house for her family instead of paying for multiple hotel rooms. After scouring the Web for the perfect place, she landed at Cyberrentals.com, where she found a three-bedroom villa on the north coast of the island with a grill, shared pool and backyard for $1,400 for the week.
But when the family arrived, they were sorely disappointed. The bed linens were stained and soiled, said Ms. Gismervik. The grill was old and rusted. There was mold in the refrigerator. And a loudly barking dog next door was not cleaned up after, causing the family to keep the first-floor windows shut tight to keep out the stench.
“We ended up leaving midweek the conditions were so bad,” said Ms. Gismervik, a marketing director from Albany. “We couldn’t take it anymore.” The owner, she said, later apologized for the condition of the home, but did not provide any compensation. Moreover, Ms. Gismervik ended up paying an additional $2,000 to stay at a Marriott for the rest of the trip, and the experience soured her on vacation rentals. “I would not choose ever to do that again,” she said. “I’d stay in a hotel where I knew how things are. I’d never rent from a private person again.”
The Internet has made it ever easier for travelers to search for vacation rentals across the globe, but at the same time it has also made it possible for just about anyone with a spare room to post a listing. Faced with the soft real estate market, many homeowners do just that. Houses that otherwise might be sold, or kept for private use, are going up for rent instead, and second-home owners with little or no experience with tenants are suddenly absentee landlords.
So how do you avoid the pitfalls? First, figure out whom you want to rent from. The vacation rental market is divided into two basic segments: homes that are rented out directly by the owner and those run by a property management company.
Professionally managed rentals, like most of the properties featured on Zonder.com, forGetaway.com and PickPackGo.com, promise a certain level of quality control since the homeowner pays the management company to inspect the home, clean it and handle any issues that arise —if a pipe bursts, for example, or the air-conditioner suddenly gives out. And most accept credit card payments, which affords an added layer of protection in case the transaction goes sour. But the extra security tends to come at a higher cost.
Property managers charge homeowners anywhere from 10 to 45 percent of the rental revenue for services and commission, according to Discover Vacation Homes, an association of property management companies. Some of that cost gets passed on to consumers. “There’s a middle man there, with property managers,” said Steve Hassett, who heads up forGetaway.com. “They have to make money off it. Some of that comes from the owner of the property and some from the renter, but both sides feel like it offers a lot of value.”
No such quality control exists with owner-rented properties, found on sites like Homeaway.com and Vrbo.com, but what you gain is cost savings. Both parties must work out the details of the rental agreement themselves, from the cost to where to pick up the keys.
And most homeowners take only checks or cash, though that is beginning to change. Homeaway.com will start to offer credit card payments on Oct. 15.
Regardless of whom you rent from, it’s a good idea to seek out recommendations from fellow renters. Vacation rental sites are increasingly offering customer reviews, making it easier to evaluate whether a property lives up to its description.
But how those reviews are handled varies widely. For example, Cyberrentals.com, which is owned by Homeaway, notifies owners of user reviews before they go up. This gives homeowners the opportunity to respond to unfair criticisms or to dispute false reviews posted by someone who did not stay there, the company said.
But some users say that negative reviews have been censored. Ms. Gismervik, the marketing director from Albany, said she tried several times to post a review of her Puerto Rico villa (including the yard full of dog feces next door). But Cyberrentals wouldn’t accept it, she said, and asked her to remove her mention of the neighbor’s dog since it wasn’t part of the property.
Yet even after she modified the complaint, the site wouldn’t post it, she said, adding, “They just refused.”
Brian Sharples, chief executive of Homeaway, said removal of a review was “extremely rare” and occurred only after the company had tangible proof that the renter unfairly maligned the owner. “We are more than willing to lose property owners from our site if they aren’t treating our customers fairly or their advertisements are misleading,” Mr. Sharples said.
After being unable to post on Cyberrentals, Ms. Gismervik turned to Vacation Rentals WatchDog (www.vrwd.org), which lets customers complain about vacation rentals. The site was founded last year by John Romano, who runs several vacation rental Web sites and frequently hears about unreturned security deposits and misleading ads.
Mr. Romano said he tried to verify each complaint to make sure it was really from a renter — and not a competing rental company — by e-mailing the property owner for a response and checking Internet Protocol addresses, which can offer clues as to where the e-mail message was sent from. Still, he said, “it’s mostly based on trust.”
FlipKey.com, a new vacation rental site, restricts reviews to past customers. To access the feedback page, users must receive an e-mail invitation. “By having a closed system we avoid the pitfalls of competitors leaving fake negative reviews,” said FlipKey’s chief executive, TJ Mahony.
After narrowing your search, don’t be shy about asking for more photos. If the listing says the home has three bathrooms, but only pictures two, ask to see the third. Some sites like PickPackGo.com and Zonder.com show where each property is on a digital map, so users can see how far the property is from the ocean or other attractions. Once you have the address, you can also scope out the property on Google Earth, the satellite mapping service, or Zillow.com, which lists home valuations and amenities based on public records.
(This article appeared in the New York Times on October 8th, 2008 and can be found at http://www.nytimes.com/2008/10/05/travel/05pracrentals.html?partner=permalink&exprod=permalink)
(This article is courtesy of the National Association of Realtors and can be found at http://www.realtor.org/press_room/news_releases/2008/pending_home_sales_up)
WASHINGTON, October 08, 2008
Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. “It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”
The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.
Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”
He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun said.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said despite all the turmoil in world financial markets, home mortgages are available. “Mortgages have been harder to find, and availability and terms vary depending on credit score and location, but Realtors® can help buyers find reputable lenders while helping them navigate the transaction process,” he said. “The recently enacted economic stimulus package should help housing by gradually freeing the flow of credit.”
Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009, before expanding in latter part of 2009 as the housing market begins a steady improvement.
Looking at middle-ground assumptions, existing-home sales are forecast at 5.04 million this year and 5.41 million in 2009. Following national declines of 5 to 8 percent in 2008, home prices are projected to increase 2 to 3 percent next year.
New-home sales should total around 503,000 this year and 471,000 in 2009. Housing starts, including multifamily units, are likely to fall 28.2 percent to 973,000 units this year, and come in around 843,000 in 2009 as builders continue to clear the accumulation in inventory.
The 30-year fixed-rate mortgage will probably average 6.1 percent in the fourth quarter and rise gradually to 6.6 percent by the end of 2009. NAR’s housing affordability index is expected to average 18 percentage points higher this year than in 2007.
The unemployment rate is projected to average 6.4 percent in the fourth quarter and then average 6.6 percent in 2009. Inflation, as measured by the Consumer Price Index, is estimated at 4.0 percent for 2008 and 2.0 percent next year. Inflation-adjusted disposable personal income is forecast to grow 1.7 percent this year and 1.0 percent in 2009.
# # #
¹The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
²Market information is from unpublished snapshot data; please contact your local association of Realtors® for more information.
Existing-home sales for September will be released October 24; the next Pending Home Sales Index / Forecast will be released at 11:30 a.m. EST on November 7 at NAR’s annual convention in Orlando, Fla.
West View
This one bedroom, 1.5 bath loft exudes the atmosphere of a classic New York loft. With stained hardwood floors throughout, the bright color palate accentuates the panoramic views of the Harbor and skyline. A two story space with stunning views from every angle, it features a spa bathroom with glass tiles, a jacuzzi tub, and steam shower for two. Furnished with high-end modern furniture from Design Within Reach and Ligne Roset, it occupies 1,300 square feet on the penthouse level. Flooded with light, the floor-plan features a huge master bedroom with king bed and an attached sitting area and office. Enjoy espresso and breakfast on one of the two rooftop balconies while basking in sunlight and watching the skyline and cruise ships. Click here to book online.
Location
This property is located in the heart of the Little Italy neighborhood in downtown San Diego, California. It is steps to the vibrant Gaslamp neighborhood. The Convention Center is a 15 minute walk and is also easily accessible by bus, taxi or the trolley. It is 5 minutes to the San Diego International airport 10 minutes to Coronado and Ocean Beach. Click here to view a map of the location.
Rates (rates don’t include taxes & fees)
October – March
from $200 per night, $1,250 per week, $4,500 per month
April – September (includes Thanksgiving, Christmas, New Year’s)
from $250 per night, $1,500 per week, $5,500 per month
Click here to book online.
Property Features
- Unobstructed views of the downtown skyline, the cruise terminal, and the harbor.
- Master bedroom with California king size bed.
- Gourmet kitchen with stainless steel appliances, coffee maker, microwave, and complete cooking equipment.
- High Definition flat screen TV and Bluray DVD player.
- AppleTV with 8,000 song library.
- Dining area for six.
- Approximately 1,250 square feet.
- Dual rooftop balconies.
- Spa, & Gym included on the property.
- Washer and Dryer.
- High Speed Wireless Internet network.
- Premium cable.
- Underground parking.
- Easily accessible to Gaslamp, Petco Park and Convention Center.
- Five minutes from San Diego International airport.
Virtual Tour
Additional Photos
East Balcony
Living Area & Views
Kitchen & Dining Area
Southern View
Downstairs of Loft
This one bedroom, one bath loft has recently been redecorated. Featuring dramatic lofted ceilings, rich hardwood floors, and a fully equipped gourmet kitchen, our Palermo loft is located in the heart of San Diego’s downtown neighborhood of Little Italy. A short walk to the trolley, the Gaslamp, and the Convention Center, this property is in the midst of cafes, restaurants, and shops.
The master bedroom has a queen size bed and there is also a convertible daybed that can be used as a full bed. There is a state-of-the-art gym on site with pool, spa and business center. At approximately 900 square feet, this is your perfect base in San Diego for work or vacationing. It is equipped with a washer/dryer, flat screen television, high speed internet, premium cable, and local phone service. Click here to book online
Location
This property is located in the heart of the Little Italy neighborhood in downtown San Diego, California. It is steps to the vibrant Gaslamp neighborhood. The Convention Center is a 15 minute walk and is also easily accessible by bus, taxi or the trolley. It is 5 minutes to the San Diego International airport 10 minutes to Coronado and Ocean Beach.
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Rates & Availability(rates don’t include taxes & fees)
October – March
from $150 per night, $950 per week, $3,500 per month
April – September (includes Thanksgiving, Christmas, New Year’s)
from $175 per night, $1,100 per week, $4,000 per month
Click here to book online.
Virtual Tour
Property Features
- Two stories with bedroom on lofted top floor.
- Master bedroom with queen size bed.
- Twin size daybed.
- Queen size Aero bed available upon request.
- Gourmet kitchen with stainless steel appliances, coffee maker, microwave, and complete cooking equipment.
- Flat screen TV and DVD player.
- Dining area for four.
- Approximately 900 square feet.
- Pool, Spa, & Gym included on the property.
- Washer and Dryer.
- High Speed Wireless Internet network.
- Premium cable.
- Underground parking.
- Easily accessible to Gaslamp, Petco Park and Convention Center.
- Five minutes from San Diego International airport.
Additional Photos
Downstairs
Bedroom Upstairs
Downstairs
Spa and Pool Area
Gym
Property Entrance
September 26, 2008 by atilbury · Comments Off
As a San Diego native with over 300 closed escrows and five years of property management experience, my agents and I are well-suited to handle all your real estate needs. I have a strong background in internet marketing and we produce all our sales and marketing materials in-house, from high definition photography to virtual tours, brochures, and single-property websites. Please contact me today for for any real estate need you might have.