Welcome to San Diego Blog | February 28, 2011

Gaslamp City Square in the Gaslamp | 445 Island & 450 J

Gaslamp City Square San Diego Condos…

…is located at “Ground Zero” in the middle of San Diego’s restaurant and entertainment district.  Occupying the entire block of Downtown’s Gaslamp District from 4th to 5th Avenue and from Island Street to J, there is no San Diego condo building closer to the action.

Apartments at Gaslamp City Square are particularly well suited to first time homeowners and investors.  They are in high demand for younger downtown residents who either purchase or rent.  There is a very strong market for students and people who work in the service industry in downtown.

In general Gaslamp City Square has smaller living spaces than other San Diego Condos, with one bedrooms starting at less than 500 sf and two bedrooms up to just over 1,000 sf.  However, they feature efficient floorplans, with great finishes including hardwood floors and stainless steel/granite kitchens.

Search Gaslamp City Square Condos for sale

Gaslamp City Square San Diego Condos–Best Features

  • “Bang for the Buck!”–Selling prices at Gaslamp City Square have averaged under $350/sf over the past year (many originally sold over $500/sf), and HOA fees are barely over $300/month for a 2 br/2 ba!
  • Complete amenity building–Swimming pool and spa in a center courtyard, with lots of seating and chaise lounges.  It’s a resort in your backyard.  Of course there is a gym and community room as well.
  • Location–It’s the heart of the Gaslamp.  That means that everything downtown revolves around you.  Need a taxi?  At your front door.  Public transportation?  The trolley’s a block away. Happy hour?  A month’s worth, every night on your block.  Also, great shops and boutiques surround the building.  Petco Park and East Village are adjacent as well.
  • Fun–I mean, why beat around the bush.  At the pool, on the patio, or down the hall you’ll hear music and people having a good time.  Everyone  joins in.

Gaslamp City Square Condos for sale & recently sold

Search Gaslamp City Square condos for sale

Dave’s take on Gaslamp City Square–First, if you’re investing in Downtown San Diego Real Estate, Gaslamp City Square is a must see!   Let’s discuss 450 J #307 from the chart above.  It sold on January 20, 2010 for $320,000.  If you’re buying this 50% down and have a $160,000 mortgage at 5% for 30 years, the payment is $858/month.  Property taxes are $320 (annualized $3,840), and a monthly HOA of $339.

In this scenario, the monthly cost of this investment is $1,518.  Downtown rentals for 2 br/2 ba begin at $2,000/month.  Gaslamp City Square is in great demand for all of the reasons mentioned above.  Seems like a no-brainer, doesn’t it?

An equally strong case can be made for Gaslamp City Square in a “Rental vs. Ownership” financial scenario.  Even if this home were available as a rental at $2,000, ownership provides a much more cost efficient outcome.  With the tax benefit of home ownership–deductions for interest and property taxes, the benefit for this homeowner is significant.  If the owner chooses to have a roommate, the cost of ownership can be further reduced. 

In our daily business, we see many parents assisting their son or daughter to own a San Diego Loft or Condo.  

As an investor or a first time homeowner, Gaslamp City Square  is a great opportunity.  May we assist you in finding a great place to live in Downtown San Diego?

Short Sales and Foreclosures at Gaslamp City Square

  • 2008 Gaslamp City Square Sales | 5 Foreclosures | 2 Traditional Sales | 3 Short Sales
  • 2009 Gaslamp City Square Sales | 17 Foreclosures | 3 Traditional Sales | 5 Short Sales
  • 2010 Gaslamp City Square Sales | 16 Foreclosures | 3 Traditional Sales | 11 Short Sales

Let’s start a conversation about San Diego Real Estate.
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Written by: Dannecker & Associates

Categories: Buyers, Downtown San Diego, Gaslamp, Gaslamp Real Estate, Relocation, Sellers, Uncategorized

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