Daily Business Report/Dec. 8, 2016
New emission-reducing buses purchased by the San Diego Metropolitan Transit System.
Metropolitan Transit System Rolls Out
New Fleet of Emission-Reducing Buses
The San Diego Metropolitan Transit System on Wednesday rolled out its new fleet of buses fueled by emissions-reducing, economical propane autogas.
Officials said the alternatively fueled buses help the agency reduce its operating costs, and will reduce emissions by 2 million pounds per year.
MTS purchased 31 minibuses and 46 paratransit buses fueled by propane. All propane-fueled buses will be stationed at the agency’s Copley Park Division in Kearny Mesa where MTS operates 178 paratransit vehicles and 37 minibuses. In addition to paratransit services, the division covers 30 bus routes and serves about 1.3 million passengers annually. With the switch to propane, 35 percent of the Copley Park fleet is now operating on clean, alternative fuel.
The minibuses are built on the Ford F-550 chassis and the paratransit buses are built on the Ford E-450 chassis. Each model features a Ford 6.8L V10 engine with a ROUSH CleanTech propane autogas fuel system.
Historically, propane autogas costs 40 percent less than gasoline and up to 50 percent less than diesel. The current gasoline price MTS pays is $1.99 per gallon and the propane prices is $1.39 per gallon. The paratransit vehicles travel 40,000 miles annually and the minibuses travel 45,000 miles annually.
Over the lifetime of the fleet, more than 7.8 million pounds of carbon dioxide will be eliminated from MTS’s total carbon footprint — the equivalent of taking 747 passenger vehicles off the road for a year according to the Environmental Protection Agency’s equivalencies calculator, officials said.
“This is a great example of how MTS is realizing cost-savings and helping communities reduce emissions,” said MTS Chief Executive Officer Paul Jablonski. “MTS will save about $5.8 million over the five to seven year lifecycle of the vehicles and reduce the carbon intensity by 71 percent.”
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Solar Milestone: 100,000 Private
Rooftop Arrays Installed in San Diego
Solar energy in San Diego reached a milestone as San Diego Gas & Electric announced it has connected more than 100,000 private, rooftop arrays to the power grid.
The utility said Tuesday the milestone was reached at the end of November.
“Connecting 100,000 private solar rooftops is a clean energy milestone worth celebrating and signifies this community’s commitment to increasing energy from sources that help reduce our environmental impact for the benefit of future generations,” said Caroline Winn, SDG&E’s chief energy delivery officer.
Winn said SDG&E is the leading investor-owned utility in America in terms of renewavle energy deployment, which includes solar installations and electric vehicle charging.
The utility said more than 75 percent of new private solar customers are taking advantage of a “fast track” application process that allows customers to connect their private solar panels the same day a city or county inspector approves the work.
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San Diego County Home Sales
Record Seasonal Low in November
Resale home transactions experienced a seasonal low in November, but were dramatically higher than the same month last year, according to housing statistics from the Greater San Diego Association of Realtors.
Single-family home sales last month were down month-over-month by 10 percent, but were up 19 percent from November of 2015. Condominium and townhome sales were down 13 percent from October, but posted an increase of 16 percent from a year ago. For the year-to-date 2016, resale homes are closing escrow at a pace similar to 2015.
Median home prices — single-family, condos, and townhomes — dipped 3 percent in November, compared to October. But compared to November of last year, single-family homes are 6 percent higher, and condo and townhomes are 9 percent higher.
The supply of resale homes on the market slipped to just under two months, while five to six months is considered a healthy level. The region’s homes were on the market an average of 33 days before close of escrow last month, compared to 39 days in November 2015.
“Mortgage rates are on an upward trend, while the inventory of homes for sale has dipped dramatically in the San Diego region,” said SDAR’s President Cory Shepard. “Along with affordability, those are factors that keep our housing market from shaking loose.”
In November, the ZIP codes in San Diego County with the most single-family home sales were:
- 92026 (Escondido North) and Fallbrook (92028), both with 50
- 92057 (Oceanside North) with 47
- 91977 (Spring Valley) with 46
- 92024 (Encinitas) and 92078 (San Marcos), both with 45
- 92021 (El Cajon) with 43
The most expensive property sold in the county last month was a 3,950-square-foot, five-bedroom, seven-bath beachfront residence in Del Mar, built in 1958, with a price of $15.2 million.
MEDIAN SALES PRICE Comparing November 2016 to October 2016 (month over month)
- Single-Family: 3 percent DECREASE November 2016 = $561,250 October 2016 = $579,000
- Condos/Townhomes: 3 percent DECREASE November 2016 = $370,000 October 2016 = $383,000 MEDIAN SALES PRICE Comparing November 2016 to November 2015 (year over year)
- Single-Family: 6 percent INCREASE November 2016 = $561,250 November 2015 = $531,500
- Condos/Townhomes: 9 percent INCREASE November 2016 = $370,000 November 2015 = $340,000 TOTAL SOLD LISTINGS Comparing November 2016 to October 2016 (month over month)
- Single-Family: 10 percent DECREASE November 2016 = 1,812 October 2016 = 2,015
- Condos/Townhomes: 13 percent DECREASE November 2016 = 929 October 2016 = 1,062 TOTAL SOLD LISTINGS Comparing November 2016 to November 2015 (year over year)
- Single-Family: 19 percent INCREASE November 2016 = 1,812 November 2015 = 1,522
- Condos/Townhomes: 16 percent INCREASE November 2016 = 929 November 2015 = 803
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Mission Valley’s Crown Plaza Hanalei Sold
The 419-room Crown Plaza Hanalei in Mission Valley has been sold for an undisclosed price to a private client of Brighton Management, according to CBRE Hotels. The seller was Hanalei Associates LLC.
Situated on nearly 10 acres, the hotel at 2270 Hotel Circle North will continue under the Crowne Plaza flag. Renovations and upgrades are planned for the property.
CBRE Hotels is a specialized advisory group within CBRE.
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House of Representatives Passes
Chicano Park Preservation Act
The Chicano Park Preservation Act (H.R. 3711), sponsored by Congressman Juan Vargas, won U.S. House of Representatives appproval on Wednesday — a step forward in an effort to making the park a historic landmark.
“Chicano Park is a landmark in the San Diego community of Barrio Logan and it should be preserved for future generations to enjoy,” said Vargas. “The passage of my bill in the House is very exciting because this means that we are closer to ensuring that the beautiful murals, the rich history, and the cultural heritage that makes up Chicano Park will be safeguarded for years to come.”
The Chicano Park Preservation Act instructs the Secretary of the Interior to conduct a thorough study of Chicano Park in order to evaluate its national significance and determine the feasibility of the park becoming a National Historic Landmark.
Chicano Park, located in Barrio Logan, is home to the largest collection of outdoor murals in the country, in addition to the various sculptures, earthworks and an architectural piece dedicated to the cultural heritage of the community.
