As local real estate markets show signs of recovery, realtors from San Diego’s downtown area are taking the initiative to maximize interest in the San Diego Association of Realtors Downtown Caravan. After years of running the caravan, a weekly information-sharing session for real estate professionals, members have initiated a series of changes, including the election of board members and a change of venue. “We needed new ideas and new blood pumped into the caravan. We had seen other caravans successfully adopt this type of management, so we decided to choose board members with a formal vote,” said Eric E. Jones of Urban Real Estate. Existing members who had an interest in overseeing the growth of the caravan nominated and elected four realtors and one non-realtor using a formal ballot. One of the first changes made by the new board was the relocation from an overcrowded room at the Horton Plaza Information Center to the Panda Inn, which offers brunch with each meeting. When asked about the main benefits of the caravan, Jones said, “There is the obvious advantage of having agents actually seeing the properties themselves. There is no replacement for that process, but we are also allowing agents to better network and making educational opportunities available.” The educational component is key in keeping real estate professionals aware of political issues, Jones said. The caravan regularly invites guest speakers to address issues impacting real estate, and members gain valuable insight into their markets and the industry as a whole. Members can also pitch their properties to the group at the meeting. Newly-elected committee member Debbie Neuman of Neuman Realty stressed the importance of making the caravan more welcoming. “We wanted to get to a place that was networking-friendly,” she said. “People want to do business with people they know and like.” The impact of the changes to the caravan is clearly visible. The former meeting area at the Horton Plaza Information Center was a standing-room-only affair with little room for socializing. Since its relocation to the Panda Inn in January, attendance has steadily increased from less than 50 attendees at the old venue to more than 150 attendees at the Feb. 10 meeting. Neuman said agents aren’t the only ones who benefit from the caravan. Affiliate title and lending professionals also find valuable information and contacts at the weekly event. Additionally, Neuman said the increased attendance at the caravan has resulted in an increase in the number of showings her listings are receiving, and she said the market is getting stronger as new properties disappear. “All experts predict we are going to have a shortage with no new properties being developed,” she said. Jones said he has seen a similar strengthening in the price of existing inventory. “Based on what I see in new housing, the change is significant,” he said. “Quality high rises had upwards of 12 percent of their inventory on the market. Now that figure is down to a range of 1 percent to 3 percent.” He added that it will be another 16 to 18 months before ground is broken on any new high rise in the downtown area, so the shortage of new property will have a distinct impact on prices across the board. The buzz created by the Downtown Caravan promises to help invigorate the downtown real estate market, as it becomes an increasingly useful stop for professionals trying to participate in the development boom of downtown San Diego.