Welcome to San Diego Blog | July 5, 2010
Downtown San Diego Condos Sales for June 2010
Downtown San Diego Real estate sales are still moving along strong for the month end June 2010. Total sales numbers for June are 136 condos sold, which is 9.4% better than the same month over for the year 2009. The continued pattern for sales trends keeps new home developers in the lead for sales volume. The most successful new home condo building in downtown San Diego is Bayside by Bosa. A distant 2nd and 3rd in condos sold include The Mark condos in East Village and Sapphire Towerwhich sits directly to the East of Bayside.
Bank Owned Condos Downtown San Diego
The second largest segment of sales for Downtown San Diego condos include both traditional resale condos and short saleswhich combined make up 42% of the overall sales for June. Downtown San Diego continues to see a large number of short sales hit the market as buildings that sold in the peak of 2005 have owners that have suffered financial hardships and can no longer afford to make the high payments. We are starting to see a lot short sales in buildings like the Legend, Alta, Icon, Electra and The Grande. Short sales often take a long time for buyers and require patience, but they certainly represent some of the best deals in downtown.
Bank owned foreclosure properties represent a total of 19% of the overall sales for condos in Downtown San Diego. The buildings that are lead foreclosure sales include La Vita, The Grande and Treo. Bank owned properties are popular with many buyers because they are often listed under the market value and buyers don’t generally have to wait like they do with short sales.
The downfall of buying a bank owned condo downtown San Diego is that they often receive multiple offers and sell above the listed price. Many buyers feel that this is misleading, but the reality is that there is a lot of competition for condos for sale under $500,000. The other downfall of buying a bank owned condo is that many of them are missing the appliances. This often includes washer, dryer, dishwasher, stove and microwave. Although these items are easy to replace, it can cost an easy $5k-$12k to do so. If you are able to negotiate a great deal, then it is well worth the trouble.
Downtown San Diego Real Estate Market Shift
As we move through the summer and the inventory of new condos available in good locations are absorbed, we will see a shift from new condo sales to more short sales and traditional sales. The only new sales project coming up with substantial sales potential is Vantage Pointe. Vantage Pointe has a lot of inventory and they prices are on the low end where we are seeing a lot of sales activity so I predict they will be able to make fair to good progress on their sales.
If you are interested in purchasing a condo in downtown San Diego and want our advice to help you make a sound decision on the right neighborhood, building and floorplan, give us a call at 619-309-8011 or send us a message and we would be happy to help you find a great deal.