Welcome to San Diego Blog | March 23, 2010
Foreclosure Property Downtown San Diego
Bank owned foreclosure sales for condos downtown San Diego are up for the month of Febrauary. Foreclosed properties represented 21% of all sales for downtown San Diego properties. Throughout December and January, the inventory of foreclosure properties shrank in Downtown San Diego, but a number of new foreclosure condos have come on the market in February and March.
Downtown San Diego Foreclosures by Neighborhood
The East Village leads the pack with a total of 6 foreclosure condo sales for the month of February. The eastern section of East Village seems to experience the most foreclosure activity because the concentration of redevelopment took place near Petco Park and there are some residential condo projects that were built in the “spottier” part of the neighborhood to the far east. These condo projects include Union Square San Diego, Element Condos San Diego , Park Boulevard East & Park Boulevard West.
Cortez Hill and Little Italy both follow East Village with 3 foreclosure sales. Cortez Hill is starting to see a high concentration of foreclosures in condo projects like Cortez Blu San Diego and The Mills San Diego condos.
Little Italy is experiencing a lot of foreclosures listings in great buildings like La Vita Condos San Diego and 350 West Ash condos. These foreclosures represent great opportunities for buyers and investors. They also pose problems for sellers attempting to do a “traditional sale” because the list prices on these foreclosure condos are well below market value.
Foreclosure Opportunities for San Diego Condo Buyer’s
The two best foreclosure opportunities we have come accross in the past week are:
- Crown Bay Condos San Diego | 2 bed | 2 bath | 1023 sq/ft | Great Marina District location | $328,950
- La Vita Condos San Diego | 2 bed | 2 bath | 1109 sq/ft | Southwest corner, 18th floor, amazing views to the bay | $489,900
These condos represent great value for downtown San Diego. For more information about these or other bank owned condos, give us a call at 619-309-8011.