Welcome to San Diego Blog | February 12, 2011
Crown Bay | 350 K St
Crown Bay Condos Downtown San Diego…
…is a delightful low rise condo building located on the south east corner of the prestigious Marina District. Crown Bay sits at the entry to the King promenade linear park and one block from the Gaslamp Quarter, the San Diego Bayand the Children’s Park.
Crown Bay is a small scale building with less units than most Marina District condosand its amenities are limited to an outdoor sun deck with BBQ’s, a small gym, a cozy lobby and a small conference room. The retail space at Crown Bay includes a Fleming’s Steakhouse, an optometrist and a clothing boutique.
Crown Bay San Diego Condos – Best Features
- Location– Crown Bay Condos are situated in a fantastic location of the Marina District closest to the Gaslamp Quarter, but in a quiet and peaceful spot. The front of the Crown Bay building faces south and has great sun exposure year round. Owners enjoy the benefit of having MLK park, a linear promenade park just across the street.
- Investment – Condos at Crown Bay pencil out as the best investment for condos in the Marina District.
- Vacation Home – If you want to own a piece of downtown San Diego real estate in a premier location without paying a premium price, then Crown Bay is a great economical option with low HOA dues.
Crown Bay Condos for Sale & Recently Sold
Chad’s Take on condos at Crown Bay –
Crown Bay has had some of the lowest priced sales in the Marina District in the past 18 months. Look at unit 312 which was purchased for $300,000 and less than $300 per square foot. Units 411 and 516 also sold in the low $300’s at $325,000. It is unlikely we will see any future sales of 2 bed, 2 bath condos at Crown Bay below $350k. Will we see good deals? Yes, but the steals are unlikely!
For 2011, I would expect the values at Crown Bay to rise about 3-5%, however mortgage interest rates could be the biggest factor for determining the market dynamics. We already know the inventory of short sales and foreclosures in downtown San Diego is shrinking so the supply of great deals will be limited. There is a steady demand for condos downtown San Diego so as the inventory shrinks and the demand remains stable, we will be in a good position for a rebound.
What we don’t know is what will happen with interest rates for mortgages. If rates stay in the high 4% range to the low 5% range, then I see a solid year for Downtown San Diego real estate. If they approach 6% then I don’t know if people will flock to buy before they go any higher or if they will not buy and will wait with the expectation that rates will go back down to historic lows. People have become accustomed to rates that are ridiculously low.
How do you think people will react as rates go back up into the normal 6-10% range?