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Unflattering audit of San Diego real estate deals prompts push-back from city attorney

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A July report by the San Diego auditor investigating the city’s Ash Street lease and other real estate transactions appears to have driven a wedge between the elected city attorney and the appointed auditor.

A new memo from auditor Andy Hanau states that prosecutor Mara Elliott rejected several invitations to participate in the month-long review of real estate transactions and then criticized Hanau for not interviewing her before his report was published.

“We met at least seven times with representatives of the public prosecutor’s office during the examination,” Hanau wrote in the message last Thursday. “No one in the prosecution stated that we had a reason to question the city attorney, or that the city attorney wanted an interview.”

The auditor’s memo was in response to Elliott’s official rebuttal of the audit published two months ago, which harshly criticized the way city officials have handled a number of real estate transactions in recent years.

In her refutation of the August 31st audit, Elliott reiterated her criticism of the July 22nd audit as an incomplete review. She said the legal conclusions were wrong and the assessment was based on speculation rather than fact.

“I spent nearly two decades of my legal career advising state auditors and audit boards on their roles and responsibilities in the San Diego County and City of San Diego,” Elliott wrote. “This failure to obtain complete information resulted in inaccuracies in the audit report.”

The prosecution issued a similar response to the exam when it was first published.

The city council’s audit committee is due to look into Elliott’s rebuttal along with a subsequent response from Mayor Todd Gloria at its Wednesday meeting on the audit.

Gloria’s rebuttal suggested that the mayor’s office would implement any recommendations made by the auditor under his control, although implementation will take several months or even until 2023.

“The department intends to create a robust and enduring policy that will regulate real estate transactions of many types,” wrote Chief Operating Officer Jay Goldstone to Hanau on September 7th. “The revised guideline will serve as a guideline and instrument for the city council and city administration to comply with, even if no concrete transactions are envisaged today.”

Hanau’s July 22 report found that former Mayor Kevin Faulconer and his staff withheld information and misrepresented some facts when they approved the council for the 20-year lease for the former Sempra Energy headquarters at 101 Ash in 2016 St.

“The former city administration has limited the supervisory capacity of the city council in large property purchases by not providing complete and accurate information,” the audit said.

The auditors also criticized other real estate investments made under the Faulconer administration, including a failed indoor skydiving facility that the city bought for $ 7 million without a valuation and a repair yard that was $ 8 million more than expected had improved.

Elliott, who is now trying to suspend the Ash Street lease and an earlier contract for the nearby Civic Center Plaza, said the Court of Auditors’ office mistakenly blamed her for the prosecutor’s legal work prior to her 2016 election.

Her rebuttal also criticized the audit for saying it was her office’s failure to spot “red flags” on the Ash Street transaction that cost the city at least $ 60 million for a 19-story skyscraper. that cannot be safely occupied due to asbestos and other topics.

“We have to rely on experts. And those with expertise report to a different branch of government – the executive, ”wrote Elliott. “The lawyers have to rely on facts presented by the city officials.”

The dispute over the auditor’s audit is not the first dispute between the audit office and the city’s public prosecutor’s office.

Last year, then-acting city auditor Kyle Elser applied for permission to hire an independent attorney for his office. Sometimes there are conflicts of interest between city auditors and city attorneys, he said at the time.

Elliott has resisted the request, which relies on both the prosecutor’s office and the mayor’s human resources department to move forward.

The proposal is expected to be reintroduced by the city’s audit office later this year.

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Jim Valentine: Real Estate’s confused sea

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Jim Valentine on real estate

Saturday, October 16, 2021

Real estate markets are very similar to an ocean in that they are made up of an infinite number of variables that create many different “moods”. We had a very strong “current” real estate market for most of the year. This situation is easy to spot and many have participated in it to keep it going. While there is still strong “flow” in the market, other factors are starting to stir it up a little.
On the ocean there is a situation known as the “confused sea”, which is defined as a severely disturbed water surface without a single, well-defined direction of wave motion. In such situations the waves go in all directions and create confusion. There are times in the real estate industry when we have such tangled maritime circumstances and it seems like we are about to step into such a time. What could be causing such confusion in such a strong market, one might ask?
The change in the population is interesting. We are seeing an increase in listings in several market segments. One can only wonder why they waited, but it is very likely that these new sellers will see the market weaken and want to intervene before it’s too late. The market may no longer be what it was, but it is still very strong. Buyers may be able to find a home now, but there are other factors that are causing the swirling waves.
Interest rates are rising, which affects the purchasing power of buyers who are restricted in their borrowing. They are still very, very low, but if they increase it can affect the market. There was a time when the interest rates were 18% and 9 points (1 percent of the loan) and we agents said if they ever get back to 12% we could make a living. Buying money from 2.5% to 3.5% is more psychological than financial, but it can have an impact. Other factors at play may cause it to climb a little higher, but it’s still much lower than the dynamic market from 2005 when we had 5 and 6% money.
Inflation has worked its way back into our vocabulary and can cause most of the disruption. The cost of living has skyrocketed ie gasoline, fuel oil / gas, groceries, electronics, cars, appliances, etc. The real impact on daily life is only just beginning to be recognized by the masses, with many public statements reflecting the possibility of this being long term and get worse. Higher cost of living affects creditworthiness.
It is still a good time to buy so that you can own your home and not have to be subject to rent increases or vacate the property because the owner wants to take advantage of this still great market. You can secure a very good interest rate and have stability in your payment. Sellers are more cooperative and therefore allow more conventional approaches to your purchase than the frenzy we had earlier this year which caused many to compromise their emotional and financial comfort to shop in a competitive marketplace. There is still competition, but not as insane. Northern Nevada’s economy remains strong, which is a good thing.
Confused seas have a greater impact on smaller ships. As a tenant, you will feel the confusion in the real estate market more than as an owner. Don’t overwhelm yourself, invest wisely and enjoy the American Dream while everything else is fine. We know from our 40+ years of property sales in Northern Nevada that the market will be cyclical. It always does. Slat the hatches, secure the loose items, and drive off. It makes the ultimate smooth sailing that you are about to experience that much sweeter. Get a plan to sell or buy your home with your realtor and work your plan out.
If you are clear about your wants and needs, you can achieve them in this market. Your clarity will help clear the confusion around you. Work your plan and enjoy the results. Those are the good old days!
When it comes to selecting professionals to assist you with your real estate needs … experience is priceless! Jim Valentine, RE / MAX Realty Partner, 775-781-3704. dpwtigers@hotmail.com

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Kiawah’s record real estate transactions surge 36% for the year, averaging $1.3M per sale | Real Estate

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You are viewing The Post and Courier’s weekly real estate newsletter. Get the latest transactions and the latest news from the fields of development, construction, home ownership and business in your inbox every Saturday.

Kiawah reports record sales of $ 746 million in home sales for the first three quarters

Home sales continue to be strong across the Charleston area, and the upscale vacation island of Kiawah is no different.

Home sales totaled $ 746 million on 562 properties in the first nine months of 2021, which Kiawah Island Real Estate says is the best ever accomplishment for the closed coastal community on the Atlantic.

The numbers averaging nearly $ 1.33 million per sale reflect transactions handled by the agency that makes up the bulk of Kiawah’s sales, as well as sales handled by other companies.

From January to September 2020, total island sales were $ 506 million on 413 properties, a 36 percent increase in sales and a 47 percent increase in dollar volume.

Of all island sales, Kiawah Island Real Estate managed 372 properties for $ 545 million, compared with 258 for $ 345 million in the same period last year. That’s a 44 percent increase in transactions and a 58 percent increase in dollar volume.

The record-low inventory of the island continues with 84 active offers or 1.7 percent of all properties.



House sold

Home sales in Charleston declined for the second time this year in September, compared to the spending spree last year. Warren L. Wise / staff

Home sales are down for the second time this year; Prices do not

Home sales in the Charleston area are still healthy, but they’re not selling at the record rates they were a year ago, and prices continue to rise.

Get the most of real estate news from the Post and Courier, handpicked and delivered to your inbox every Saturday.

Longtime family run inn in Folly Beach sold for $ 3.35 million

According to the numbers

231: Number of units in a new apartment complex planned on the site of a former milk factory on the Charleston Peninsula.

2: Number of times in 4 years Palmetto Brewing Co., believed to be the oldest in Charleston and South Carolina, has changed hands.

8,920: Square footage of a new Dollar Tree discounter planned in Goose Creek.

The historic Middleburg Plantation, built in the 1690s, sells for nearly $ 4.5 million in Berkeley County

This week in real estate

+ Out with the old one: The owner of a long-vacant Bi-Lo supermarket in a shopping mall in Mount Pleasant plans to demolish the building and rebuild two floors of office space above the retail area.

+ Change of hands: A golf course in the Summerville area is now in new ownership after being sold for $ 2.8 million.

+ First phase opens: The first part of a sprawling retail center on the north side of the still developing Nexton is now open.

5 new restaurants in the Charleston area



South

Southbound is a new restaurant coming to 72 Cannon St. in downtown Charleston as part of Free Reign Restaurants, which includes Community Table and Kiki & Rye restaurants in Mount Pleasant. Warren L. Wise / staff

Southbound, a new Charleston-based dining room owned by Free Reign Restaurants, plans to open at 72 Cannon St. on the peninsula in February, while four more new dining outings are on the way in the area.

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Reach Warren L. Wise at 843-819-9269. Follow him on Twitter @warrenlancewise.

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5G LLC – Where Real Estate and Technology Converge

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ROCKWALL, Texas – (BUSINESS WIRE) – We are proud to announce that 5G LLC has become the largest aggregator of Class A and B institutional real estate in the country for the introduction of wireless rooftop rooftops. With over 26,000 commercial properties under multi-year exclusive agreements and an additional 65,000 properties recently added to the pipeline, 5G LLC has developed a technology marketplace serving property owners, renters, and wireless carriers. CRE owners have partnered with 5G LLC as next generation wireless deployments will be one of the largest incremental rental income allocators in the US over the next 5 years.

5G LLC, based in Rockwall, TX, is a communications infrastructure company that facilitates the integration of commercial real estate into cellular networks. Roofs represent a cost-effective solution for fast and capital-efficient 5G deployment, as network operators can use existing commercial properties in high-traffic areas. Our portfolio approach to location analysis shortens network deployment time and helps network operators to improve network quality and resource planning.

As the leading aggregator of strategic rooftops, 5G LLC focuses on transportation locations and size to meet the needs of technology deployments in the complex 5G environment. 5G LLC has a clear majority in the market for: multi-family, retail, office and industrial segments in the US, with the momentum of gaining a substantial remainder of the market for a proven, mutually beneficial solution.

Through exclusive, portfolio-wide agreements, 5G LLC represents the area of ​​institutional real estate with:

  • Housing – 3 of the top 5 and 50% of the top 20 owners

  • Commercial / Office – 3 of the top 5

  • Retail – 5G LLC is the largest rooftop retailer in the United States

  • Healthcare – 2 of the top 5 healthcare owners and the largest hospitals in the country

  • The largest portfolio of iconic and institutional buildings in NYC and the surrounding area

  • Significant assets and distribution in top 30 cities nationwide

Since starting our business in 2020, our approach has been validated by some of the most prestigious commercial property owners and operators in the United States, as well as established wireless carriers and next generation wireless carriers. 5G LLC brings both building owners and network operators to profit with a proven ability to get competitive rents for both. Our team is based on the knowledge of CRE and the carrier business, the experience building cellular networks, and the trust and credibility of both parties to carry out this plan. 5G LLC takes care of everything from start to finish, including maintenance and upgrade cycles with trained telecommunications expertise. With the use of 5G LLC, property owners are now equipped with the experts to grow and protect property assets while creating meaningful long-term value.

5G LLC’s real estate “rooftops” enable network operators to quickly provision the thousands of new 5g cell sites needed to densify their networks. In view of the reduced antenna heights associated with 5g technology, building roofs offer an ideal solution. In the past, these on-site rentals benefited tower operators, but now large institutional commercial property owners partnering with 5G LLC are better positioned to help carriers find a faster, more efficient solution to their wireless property needs. 5G LLC is the leading aggregator of wireless-friendly landlords who want and want to conduct transactions.

5G LLC is the largest US-based pure-play company in the rooftop cell site leasing business. In 2021, we increased the property size five times and the staff seven times. We will be relocating to our new headquarters in Rockwall, TX on November 1st due to our rapid expansion.

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