August 2015

There are 4 blog entries for August 2015.

Graphic of homes that reads "Silver Street Village Homes is one step closer to becoming a reality"

The Silver Street townhome project received some good news this month. La Jolla Light reported that the San Diego Planning Commission voted to deviate from the La Jolla Planned District Ordinance that requires retail space to occupy a percentage of the ground floor.

The area where Silver Street Village Homes would be constructed is in a zone designated for community serving offices and retail establishments with no residential uses within the front 50 percent of the lot. The La Jolla Planned District Ordinance intended for this space to provide a transition zone to the multi-family residential areas in the west.

The requirement to have 50 percent retail storefront space in the zone has been raising issues for businesses in the area as retail

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Image of a skyscraper that reads

New business centers in La Jolla are incorporating streamlined designs and leisure areas that aim to improve the experience of coming to work every day. In the process, developers are creating innovative workplace designs that help La Jolla businesses thrive and meet the needs of clientele before they even step inside.

Thoughtful and practical infrastructure is only going to become more common in future designs. Work center experience may have been on the back burner  before, but it’s getting executive attention in today’s business sector because it’s proving to be a viable method to boost productivity and revenues.

One La Jolla Center opened this month and is following suit. Distinctive marks of the innovative workspace trend infused with

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Image of a home with a sold sign and graphic that reads

Newspapers across the country published stories this week about the median age of first-time buyers rising. The New York Post and numerous other media outlets reported that the millennial generation, which includes adults ages 18-34, are renting for six years on average prior to purchasing their first homes. This is an increase of 2.6 years since the 1970’s. 

Many cite rising housing costs as the reason for this trend in delayed homeownership. San Diego home prices and median rental rates are rising, but according to The San Diego Union-Tribune , this is due in part to an increase in high wage job growth. Housing costs play a role, but they may not be the only factor at work.

Millennials are delaying not only homeownership, but also marriage

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Graphic of door with keys in it that reads "When the Fed Raises the Interest Rate: DeSouza Select Properties""

To date, the Federal Reserve hasn’t publicly announced plans to increase the interest rate in September.

Nevertheless, there will come a day when the interest rate is increased. The Federal Reserve hasn’t raised the rate in 9 years, which has resulted in historic lows. Mortgage rates on 30-year fixed loans have been under 4 percent for the better part of this year. They won’t remain there indefinitely.

An increase in the federal funds rate will lead to higher dividends on savings and higher interest rates on new mortgages. The former is good news for many, while the latter isn’t quite as well received. 

The San Diego Union-Tribune quoted local economists who believe the interest rate increases will be gradual and that low supply and high

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