SOLD – Opportunity Knocks at Horizons in the Marina District!

SOLD – THREE DIFFERENT BROKERS FAILED TO SELL THIS CONDO BEFORE WESLEY GUEST!

  • The first broker had it for 90 days and failed to sell the condominium.
  • The second broker had it for 67 days and failed to sell the condominium.
  • The third broker had it for 163 days and failed to sell the condominium.
  • Wesley Guest at the Wesley Tyler Real Estate Group took it over and was successful in selling this beautiful condominium.

Beautiful move-in ready condo at the desired Horizon tower available now. This cozy 1 bedroom with a den/office features stunning wood laminate flooring throughout, granite counter tops, a fireplace, recessed lighting, 2 separate bathrooms (master has it’s own shower/tub and second has a shower), bay views, parking, and a storage unit. Horizons is located close to all the shopping, restaurants, nightlife, and entertainment Downtown San Diego has to offer.

Horizons was built and completed by Bosa Development in 2002. It consists of the full city block bordered by Island Avenue, Market Street, Front Street and First Avenue. Horizons offers 211 condominiums with floor plans ranging from 900 sq. ft. to 2,111 sq. ft. Horizon is considered the first luxury high-rise of the new age buildings in The Marina District and Downtown San Diego. Amenities included are entrance lobbies, 24 hour security, an outdoor swimming pool and spa surrounded by a large deck, an extensive fitness center with men’s and women’s change rooms and saunas, conference rooms, computer rooms, social lounge, outdoor barbecue area, bike storage, individual storage lockers and a video-monitored building entry system.

        

Listing CLICK HERE for more information on Blog
 

Smart Corner SOLD by Wesley Guest!

SOLD FOR FULL PRICE IN 5 DAYS. This loft condo is on the 18th floor with the inviting bay as your backdrop. It has 863 SF and has loft and industrial interior to add to its charm. Large bathroom with ceramic tiles. The living/bedroom area is fully carpeted and the kitchen and entry has hardwood laminate. Granite counter tops, stainless refrigerator, stove, oven & microwave appliance included. In home washer/dryer. Security is locked complex with guard on site. Underground garage has 1 parking space.

1080 Park 1812 Smart Corner for Social MediaSold
Condo$425,000

This loft condo is on the 18th floor

1080 Park Blvd. #1812
San Diego, CA 92101

  • 1Beds
  • 1Baths
  • 863Square Feet

Downtown San Diego Real Estate Market Report April 2014

 

We actually have a decent selection of real estate for sale in the Downtown San Diego for mid April 2014.  Based on the close of March 2014, Downtown is in a “normal real estate market” but we are starting to see signs of  shift back to a “seller’s real estate market” as inventory is declining and the number of sales continues to rise.

View All Downtown San Diego Real Estate for Sale

The most exciting news to report is the median sales price.  We have not seen a number as high as $523,750 since 2008!  Some statistics to note for the Downtown San Diego real estate market below:

  • Median Price:  $523,750… Haven’t had a median number that high since 2008!
  • Active Market Time to Sell a Downtown Condo:  20-30 days.
  • Total Sales March 2014: 64 Sales.
  • Currently 271 Active Listings for Sale.

Do you agree?  Disagree?  Please feel free to “speak your mind” using the form below:

Downtown San Diego Real Estate Market for December 2013:

Downtown San Diego Real Estate Market Report for December 2013:

The average price and median price for December 2013 are both still up in the double digits.  We are primarily interested in the median price as it eliminates any major outliers but it is interesting to compare it versus the average price which came in very strong as well.  Also, the 12 month median price trend depicted in the graph below is very promising.

  • Median Sales Price: $447,500 +15.1%
  • Average Sales Price:  $520,299 +13.6%

The median amount of days on market is relatively low at 36 days.  The average is 65 days but this figure is severely skewed by several short sales that have been hanging around for years. The median is much more applicable and realistic for this report.  Sellers can expect to be on market for around 36 days when selling their Downtown San Diego Real Estate / Condos (Even less time if you price your condo right and use a real estate video tour to market the property).

  • Median Days on Market: 36 Days +5.5%
  • Average Days on Market: 56 Days +13.6%

The market is a Normal Market.  There are currently 257 actively listed properties in the 92101 zip code.  If we divide that total by the number of total sales last month at 47 sales, we get 5.47 (5.47 month’s worth of real estate inventory).  This means it would take 5.5 months to sell the current inventory available for sale.  Anything between 3-6 months is generally accepted as a balanced or normal real estate market.

  • 257 Active Listings for Sale as of 12/2/2013.
  • 57 Total Sales last month.
  • 4.5 Month’s Inventory (257 Active Listings / 57 Sales) Normal Market

Breakdown by Neighborhood for December 2013:

Summary:  The holiday season is here and it is showing in the market data.  The 47 sales for the month is the lowest number of sales we have seen in the Downtown San Diego real estate market since 2008.  I wouldn’t read too much into it.  January 2014 could bring another real estate run, maybe similar to what we saw for 2013.  Real estate prices continue to climb as more inventory becomes available for sale.

See All Downtown San Diego Real Estate for Sale

Questions? Comments? Please send them my way!

Foreclosure Opportunity at Alta in Downtown San Diego

Foreclosure Opportunity at Alta in the East Village neighborhood of Downtown San Diego:

A bank owned condo just listed for sale at Alta in East Village.  We don’t see that many foreclosures properties anymore.  What really makes this especially interesting is the fact it is a Fannie Mae Homepath sale.

Fannie Mae Financing is Very Attractive, Features Are:

  • They only require a 3.5% down payment (10% for investment properties),
  • They do not require an appraisal,
  • They do not require a home owner’s association certification.

These unique characteristics eliminate many of the typical financing problems “would be” condo buyers face when purchasing property in the Downtown San Diego Real Estate market such as:

  • Low owner occupancy rates,
  • Delinquent home owners dues,
  • Construction litigation issues,
  • And other items that usually disable regular home loans and financing.

Due diligence is still highly recommended.

Quick Link To Unit #507 at ALTA (Log In is your Email Address)

A little bit about Alta:  Alta is located on the border of East Village and the Gaslamp Quarter.  A very convenient to all including Petco Park, the restaurants and nightlife on fifth avenue, shops, galleries, the convention center, and everything else Downtown San Diego has to offer.  Amenities at Alta include a full size fitness center, pool, spa, security, maintenance, a several large community areas to socialize and relax.

Please visit this link (Log in is your email address) for more information on this particular fifth floor condo for sale at Alta including price, square footage, and pictures.

Quick details:  It is a one bedroom with a balcony, marble counters in the kitchen and bathroom, and wood floors.

See Downtown San Diego Real Estate for Sale

Interested in more information or a viewing?  Contact me anytime at the phone number in the top right hand corner of this page or please send me email.

 

- Main Marker

 

Downtown San Diego Real Estate Market for October 2013

The Downtown San Diego Real Estate Market for October 2013:  Big changes for October 2013 in Downtown San Diego.  We have officially entered a “Normal” or “Balanced” Market.  If you take the current amount of Downtown San Diego condos for sale and divide it by the number of sales published on MLS (Multiple Listing Service) for September 2013, you come up with a figure of 4 or 4 months.  This means it would take 4 months to sell the current condo inventory available in Downtown San Diego.  Anything in the 4 – 6 month range is usually considered a balanced or normal market.  Anything less is considered a sellers market and anything more is considered a buyers market.  Please review the Downtown San Diego real estate market information below:

Downtown San Diego Real Estate Market Report for October 2013:

  • 253 Active Listings for Sale as of October 9th, 2013
  • Average Days on Market to Sell: 47 Days (October 2012 was 83 Days)
  • 65 Total Sales for October 2013 (October 2012 had 65 Total Sales)
  • Median Sales Price for October 2013: $502,500 (October 2012 was $380,000) ▲ 24%
  • 4 Month’s Inventory (253 Active Listings / 62 Sales) Normal Market
  • Highest sale Pics & Video: Bayside, 34th floor, 2 Bed for $2,875,000
  • Lowest sale Pics & Video: Element, 7th floor, Loft for $175,000
  • Most Expensive Current Listing, Pics & Video: Harbor Club, $9.975M
  • Least Expensive Current Listing, Pics & Video: Park Terrace, $220,000

Breakdown by Neighborhood for October 2013:

Summary:  It is absolutely wonderful to see the market enter its current state.  Downtown San Diego real estate has endured a wild-a-ride as any in the entire San Diego County real estate market.  We  have seen the foreclosure market come and go, the rush for short sales come and go, the exit and re-entry of financing for many of the Downtown San Diego buildings, and of course the return of positive equity for many real estate owners in Downtown San Diego.  All very welcome and healthy news for now and the future in the Downtown San Diego real estate market.

See All Downtown San Diego Real Estate for Sale

Been frustrated running into multiple offers and unable to procure yourself a piece of the Downtown San Diego real estate market?  Things have changed and let the negotiations begin!  Been thinking of selling your condo in Downtown San Diego?  It’s not too late as demand is still very strong and prices are steadily increasing.

Questions? Comments? Please send them my way!

Downtown San Diego Real Estate: Bosa Development Set to Build Condos Again

Downtown San Diego Real Estate:  Bosa Development Set to Build Condos Again.

New Bosa Development Building in Downtown San Diego

Aerial View to the West

Bosa Development is getting set to break ground in the first half of next year on their latest luxury high rise project.  Current plans call for the location to be along the waterfront along Pacific Coast Highway near Electra and Park Place.  Details are still being released but the latest information indicates the building to be 41 stories high, 221 units, and price points starting in the low $700,000’s.  Completion date is set for 2016.  In addition, Bosa is also planning to break ground on yet another new luxury high rise in 2015.

Downtown San Diego Real Estate for Sale

The Downtown San Diego Real Estate market has not seen any new residential construction since 2009.  From 2001 through 2009, builders finished nearly 8,300 units.  Our generations “Great Recession” essentially “hit the skids” hard on condominium construction in the entire Downtown San Diego area.  Most projects were abandoned or converted to rentals. The only construction currently happening is mainly located in East Village and Little Italy(all large scale rental apartments and commercial units).  Oh how a couple years can change Downtown San Diego Real Estate market scene

Along with much of the country, Downtown San Diego real estate has been enjoying a massive recovery on demand and real estate prices.  Since hitting rock bottom 2 years ago, values have sky rocketed.  Long gone are the days of vacant condos and massive selection of foreclosure properties.  Simply put, there is no shortage of condo buyers seeking prime real estate in Downtown San Diego.

Downtown San Diego Real Estate Market Report

New Bosa Building Next to Electra

Incredible Skyline View

Judging by Bosa Development’s previous projects in Downtown San Diego and the projected starting points for price, these two new luxury high rises should be incredible additions to the Downtown San Diego real estate market.

Please check back soon as more details become available.  This will be one of the most luxurious and in demand projects Downtown San Diego has ever seen.

 

 

Questions?  Comments?  Please send my way anytime!

Downtown San Diego Real Estate Market Report for June 2013

The Downtown San Diego real estate market for June 2013 continues to steam ahead.  The number of sales increased to 83 monthly sales for June.  That is a 30% increase compared to June of 2012.  In addition, we saw the number of properties that listed for sale rise.  This is great news for buyers in Downtown San Diego as we are starting to move back to a balanced market, not the frenzied seller’s market we saw the first 6 months of 2013.

See All Condos for Sale in Downtown San Diego 92101

An important item to note is mortgage interest rates and the effect their rise is having.  The greatest effect is buyer affordability.  A buyer’s monthly payment just went up significantly with the rise in interest rates.

I.E. Buyer purchases a a condo in Downtown San Diego for $400,000.  If that buyer purchased the condominium a month ago, lets say their payment would have been around $1,879 (minus all taxes, fees, HOA payment, etc) with a 3.5% mortgage interest rate.  If that same buyer purchases the same Downtown San Diego condo today for $400,000 with a 4.5% mortgage interest rate, their payment will jump to $2,063.  That is a fairly drastic change in 30 days just by way of a change in mortgage rates.

I believe this will continue to bring balance to the market and will help buyers by reducing some of the fierce competition they have been facing the last half year in the Downtown San Diego real estate market.

An important trend that became apparent in June 2013 is the luxury condo market ($1,000,000 and above) started gaining momentum quickly in regards to total number of sales.  A 51% jump in activity in some neighborhoods and buildings!  The Downtown San Diego luxury condo market was one of the last remaining market segments to get going in the 2013.  Let me tell you, they have started the engines and they are off!  The million  dollar real estate market is gaining ground quickly.  This market is in overdrive. The statistics below speak for themselves:

Real Estate Market Facts for June 2013 in the 92101  (Published July 10th, 2013):

  • 203 Active Listings for Sale as of July 10th, 2013
  • Average Days on Market to Sell: 43 Days (June 2012 was 91 Days)
  • 83 Total Sales for June 2013 (June 2012 had 64 Total Sales)
  • Median Sales Price for June 2013: $424,900 (June 2012 was $436,500)
  • Highest sale Pics & Video: Bayside, 33rd floor, 2 Bed for $2,975,000
  • Lowest sale Pics & Video: Element, 3rd floor, Loft for $172,500
  • Most Expensive Current Listing, Pics & Video: Harbor Club, $9.975M
  • Least Expensive Current Listing, Pics & Video: The Mills, $199,000

Breakdown by Neighborhood for June 2013:

Summary: The Downtown San Diego real estate market is in hyper-drive like the rest of San Diego county.  To answer the question I think I receive on a daily basis right now is:  Yes, it is a great time to buy real estate right now.  Interest rates are still relatively low, prices are rising but they haven’t shown any signs of slowing down, and the US economy is continuing to strengthen!  In addition, buyers need to find an agent who is very familiar with the market and all the buildings.  It’s competitive but the best agents now what to do and how to help you achieve all your real estate goals.

If you have property to sell, align yourself with an experienced Downtown San Diego real estate agent, you will sell for top dollar and in a very short amount of time.  Although the best time to sell was most likely in the previous six months, there is still a tremendous amount of buyer demand and a Downtown San Diego condo seller can look forward to lots of interest from potential buyers if they position their condo correctly.

Interested in Selling? Contact me for a no hassle marketing proposal

Questions? Comments? Please send them my way!

Real Estate Market Report for Downtown San Diego Condos Published June 2013

 

The Downtown San Diego real estate market for condos for May 2013 continued to charge ahead with no immediate slow down in sight.   We are seeing an ever so slight uptick in condo listing inventory for sale but no were near what it will take to satiate current Downtown San Diego condo buyer demand.  Bottom line:  It’s still a seller’s market.

Downtown San Diego saw an overall median price increase yet again for May 2013.  The average time to sell a condo for sale dropped by 5 days to 43 days on market!  There was a monster sized sale at The Metropolitan (sits on top on the Omni hotel).  All 5 sub neighborhoods showed big median prices increases.

Search all Condos for Sale in Downtown San Diego 92101

This is all very good news for the Downtown San Diego Real Estate Market.  As always, I’ve compiled some vital and interesting statistics below on the market:

92101 May 2013 Real Estate Market Facts (Published June 5th, 2013):

  • 181 Active Listings for Sale as of June 5th, 2013
  • Average Days on Market to Sell:  43 Days (May 2013 was 48 Days)
  • 91 Total Sales for May 2013
  • May 2013 Median Sales Price:  $475,000 (May 2012 was $445,000)
  • Highest sale The Metropolitan, 26th floor, 4 Bed for $3.4M
  • Lowest sale Palermo, 6th floor, Loft for $210,000
  • Most Expensive Current Listing:  Harbor Club, $9.975M
  • Least Expensive Current Listing:  Hard Rock, $200,000

More interesting facts and figures:

  • Only 11 were short sales.
  • Again, there were no foreclosure sales.

Breakdown by Neighborhood for May 2013:

  • East Village – 21 Total Sales, median price was $441,000 (April 2013 was $332,500)
  • Columbia District – 9 Total Sales, median price was $700,000 (April 2013 was $650,000)
  • Little Italy – 7 Total Sales, May median price was $445,000 (April 2013 was $395,000)
  • Marina District – 23 Total Sales , median price was $629,900 (April 2013 was $549,000)
  • Cortez Hill – 9 Total Sales, median price was $382,500 (April 2013 was $319,000)
  • Gaslamp Quarter – 4 Total Sales, median price was $262,450 (April 2013 was $256,000)

Summary:  The real estate market for Downtown San Diego condos continues to accelerate faster than Vin Diesel in the latest fast and furious.  The latest talk on the town pertains to re-entering yet another real estate bubble.  The current climb in demand and prices is different this time around.  The sub prime loans and shady lending practices of old are gone.  This is an absolutely sustainable rise in prices.  Buyers are buying homes and condos they can actually afford.  We live in a capital market, cycles are assured but…  In this Downtown San Diego real estate broker’s opinion, anyone waiting for this current bubble to burst could be waiting for years.  Even when the eventual price decline does happen, you are most likely looking at a soft cyclical decline and likely no where near the low levels we experienced the past few years.  It’s the right time to sell or buy, don’t get left in the dust!

Interested in Selling?  Contact me for a no hassle marketing proposal

Questions? Comments? Please send them my way!

FHA Approved Downtown San Diego Condos – Benefits and Advantages

 

All FHA Approved Downtown San Diego Condos for Sale – CLICK HERE

Benefits and Advantages of Using an FHA Loan:

  • Low down payments as low as 3.5%, they make home ownership very affordable for many would be home buyers.
  • FHA loans are possible for borrowers with “less than perfect” credit.
  • Lower FICO scores than conventional loans are generally accepted.
  • An FHA loan is possible after only 2-3 years following a bankruptcy or foreclosure in some cases.
  • Interest rates are essentially the same as a conventional loan.  The monthly mortgage insurance premium is far less than you would pay on a conventional loan.
  • Debt ratios for borrowers may be higher than what is accepted on a conventional loan.

List of all FHA Approved Downtown San Diego Condos Here