NO LONGER AVAILABLE. Stainless steel appliances, granite counter tops, large bathroom, Brand new laminate wood flooring and new carpet, private balcony, and in unit laundry. This is your chance to live in one of the most sought after buildings in downtown. Steps away from Petco park with incredible rooftop views (like having your own season tickets), 4 blocks from Gaslamp, 24 hour security, a full size gym / fitness area in the complex, recreation room, theater (located in the building), plus so much more. Includes your own parking space. Located on 5th floor. Your chance to live in ICON in East Village.
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.
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 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:
- East Village – 14 Total Sales, median price was $415,500
- Columbia District – 7 Total Sales, median price was $479,000
- Little Italy – 6 Total Sales, median price was $460,000
- Marina District – 9 Total Sales , median price was $585,000
- Cortez Hill – 7 Total Sales, median price was $450,000
- Gaslamp Quarter – 2 Total Sales, median price was $289,560
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.
Questions? Comments? Please send them my way!
M2i in East Village is Approved for FHA Financing in Downtown San Diego!
If you have been searching for a condo in Downtown San Diego and have been planning to use FHA financing, you probably already know your choices can feel limited. Well I have some very welcome news to report: The incredibly popular M2i building in East Village is now fully approved for FHA financing. This is very good news. No, this is fantastic news!
M2i is squeaky clean for financing. Owner occupancy is well over 51%, there is no HOA construction litigation, and it is just one of the best options available near the ball park. Amenities include a fitness center, two independent entrances, a top floor community area including barbeque and sink, and security. The decor of the building is modern with a splash of contemporary. Very popular with East Village residents.
A little bit about FHA financing:
- FHA financing can be more forgiving on credit scores than conventional financing.
- FHA loans require low down payments (3.5% in many cases).
- FHA loans are assumable by future condo buyers.
- A attached (condominiums and town homes) real estate must be approved for FHA financing is FHA financing is used.
M2i makes a great complex to live in full time or works just as well as an investment property that cash flows even with financing. HOA monthly fees are reasonable. Considering purchasing a condo in Downtown San Diego? Add M2i to your list of candidates, you will not be disappointed.
Questions? Comments? Send them my way anytime.
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.
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.
Downtown San Diego Real Estate: ELECTRA in The Columbia District
Bosa Development completed construction on Electra in 2007 and is Downtown San Diego’s highest residential tower with 43 stories. Some of the best views in the entire city can be found in this incredibly desirable luxury high rise. An distinct feature to Electra is the bottom of the building has the historic San Diego Gas and Electric building incorporated.
Amenities include a fitness center, pool, spa, huge common grounds with green belt and barbeques, 24 hours security, a concierge, and the most elegant main lobby found when searching Downtown San Diego Real Estate
Click here to see a quick profile and all units for sale at Electra. Map and neighborhood information located below just below the profile picture.
Please contact me for a private showing at one of The Columbia District’s finest high rises in Electra.
Downtown San Diego Real Estate: Bosa Development Set to Build Condos Again.
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.
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.
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!
There is so much information regarding how to sell San Diego Real Estate available. It can be near impossible to know where to start. Quick video guide to assist you for planning your home or condo sale and knowing where the focus points should be when selling your home or condo.
Please see my dedicated guide to selling San Diego real estate for more details and tips on how to get the most money for your home or condo sale. It isn’t enough that the market is on the ups. I see it time and time again. Sellers taking the first offer, sellers taking a shaky offer, sellers taking an offer and leaving 5k, 10k, and up on the table. Don’t let that happen to you. Watch the video, then visit this link for more tips and tricks for selling your San Diego home or condo.
Questions? Comments? Please send them my way. Let’s talk San Diego real estate!
Holy smokes, March of 2013 was an incredibly HOT market for Downtown San Diego Condo sales! We ended up with 94 total sales (per Multiple Listing Service). That is a significant increase in total number of sales compared to last month’s 63 total sales for February 2013.
- 81 sales were regular sales (versus 50 for February). ⇑
- 11 were short sales (versus 11 for February).
- 5 were foreclosure sales (versus 2 for February). ⇑
Other Quick Facts:
- Highest sale Sapphire Tower, 27th floor, 3 Bed for $1.8M
- Lowest sale Element, 7th floor, 1 Bed for $154,000
- 94 total sales of Downtown Condos (67 for February), average sales price was $560,000 (February was $450,000)
- 155 Active Listings as of April 1, 2013
- Average Days on Market to Sell: 45 Days
Breakdown by Neighborhood:
- East Village – 21 Total Sales, average price was $410,000
- Columbia District – 22 Total Sales, average price was $748,000
- Little Italy – 13 Total Sales, average price was $364,000
- Marina District – 17 Total Sales , average price was $864,000
- Cortez Hill – 10 Total Sales, average price was $389,000
- Gaslamp Quarter – 0 Total Sales
Real Estate inventory levels continue to shrink as demand continues to climb. If you are thinking of selling your home or condo, this is a great time. Positioning your property correctly will result in multiple offers and a very fast and clean sale. If you are thinking of purchasing a home or condo, this is a very good time to take that first step. Prices are already on the rise, interest rates will be soon to follow. We may never again see affordability like it is today in our lifetime. Thinking about buying? The time is right, don’t let the market pass you by! Thinking about selling? It makes sense, especially if you are “moving up”.
Questions? Comments? Please send them my way!