Welcome to San Diego Blog | August 28, 2010
Union Square Investment Condos San Diego
Union Square San Diego condos is a great building for investment opportunities. The features that make Union Square a great investment building include large 2 bedroom condos at low cost per square foot, well designed floor plans, low monthly HOA dues, good amenities, and a location that will see some major future development.
Located on the block bound by 14th and 15th streets and Broadway and C Streets, Union Square is going to see a facelift on the neighbohood surrounding it. San Diego City College to the north is seeing some major improvements to their campus which include a number of new buildings that are all LEED certified.
The block to the South will see the development of Downtown San Diego’s largest park known as East Village Green. This park will combine open green space with drought resistant plants and trees that will be the entry gateway into East Village from the 94 Freeway. There is also plans for a leash free dog park to be constructed at the corner of Market and Park Blvd for all of our pet owners.
East Village Developments around Union Square
With all of the exciting changes coming to the areas that surround Union Square, the condo project is going to become much more popular than it was regarded when it was first completed. Union Square is made up of three different buildings and includes a total 7 stories and 262 condos which are made up of lofts, one and two bedrooms. Amenities include a fantastic recreation room with billiards, full kitchen and lounge area with large screen TV. Highlights also include an indoor jacuzzi, a fully equiped fitness center and onsite property management.
The most desireable condos in Union Square at the top floor loft units. These top floor units are 2 story units with a loft above and today a 2 bedroom, 2 bath plus loft unit can be purchased for as little as $400,000. These top floor units offer a great opportunity for an investor or for somebody who wants to have a vacation home that is just minutes away from Petco Park, The Gaslamp Quarter, Horton Plaza, the San Diego Bay and all of the dining and entertainment that Downtown San Diego is known for.
At 1250 square feet, this top floor condo is only $320 per square foot and boasts dramatic 18′ ceiling heights. This particular residence offers 2 parking spaces that are not traditional tandem spaces. An added bonus that is extremely hard to come by in Downtown San Diego is the 10’x6′ storage room. You start adding all of this up and the opportunity just gets better and better.
Investing at Union Square Condos
For an investor with 25% down, the carry on the property is $52 per month, but this excludes any tax write-off the investor may take on the property. At the end of the day, you could take $100k and tie it up in real property with write-offs in an area that is looking to be very promising.
Once we exit this recession, we are going to see some solid gains on real estate values in downtown San Diego because builders won’t be able to price their top floor units at $320 per square foot and make a profit. If there is no profit to be made, then the developers won’t take the risk. If developers don’t build, then we have a stead demand and limited supply of properties so again, we see appreciation. It may be a ways off, but it is innevitable…Downtown San Diego property values will go up!
|Down Payment 25%||$97,500|
|Estimated Mortgage Payment||$1,570|
|Home Owner Association||$415|
|Total Monthly Obligation||$2,352|
|Total Monthly Cost||$52|