Welcome to San Diego Blog | May 1, 2011

Downtown Condo Inventory

2 bedroom Condos Downtown San Diego…

…when it comes to inventory for 2 bedroom condos in downtown San Diego, the number of condos for sale are getting really sparse for the highly popular $350,000 to $450,000 price range.  If you require 2 parking spaces, views and bedrooms that aren’t 10×9 (like most sane people), this makes your condo buying  adventure even more of a journey.  We work with a lot buyers for condos downtown San Diego and this is by far the most highly traveled path.

Recently a client asked me, “what do you do when you can’t get what you want?”  I mean geez, he only wanted a 2 bed, 2 bath condo with approximately 1200 sq/ft, a bay view, 2 parking, and low monthly HOA dues for $425,000 or so.  First of all, I must come out and say this is not going to be easy because you’re not alone…the last 2 similar properties we made offers on in the last 4 weeks had 11 and 14 offers respectively. 

Downtown San Diego 2 bed Condos

When you can’t get exactly what you want, here are your best options:

  • You can wait and hope you don’t miss the good opportunities that are here now.  Ask yourself – where did the 10 other buyers go that didn’t get their offer accepted on the last property?
  • Increase your price range – would be amazed what an extra $50,000-$100,000 would do in today’s market.  Now you get the view, the 2 parking, the extra sq/ftg, a storage unit and a no bidding war.
  • Consider a one bedroom or a loft – you could always get a loft one large one bedroom with plenty of space and great views for a fraction of the cost and make a move to a 2 bed condo downtown San  Diego later.  Our research shows one bedrooms are equally as good investment a 2 bed condos.
  • Get aggressive and really make a strong offer – Cash will generally trump financing about 1-2% so don’t be timid when making your offer.  How much do you really want to own that Downtown San Diego property?  Then it’s time to show it!  The properties with multiple offers are usually under priced and are really great buys at $5k-$25k above asking price.  3-5 years from now you’ll swear it was the best move you could have made.
  • Consider short sales if you weren’t already.  Let’s face it, it’s no fun to get drug through the mud, but if you approach a short sale as a buyer understanding that you are going to have to be patient and there is on guarantee, then you may just be the winner of a downtown San Diego Condo that is grossly under priced (we see it all the time).

I really enjoy my job and I have a lot of fun working with my clients, but let’s be honest.  It’s never a good experience when you can’t get what you want.  We’re here to go above and beyond and make buying condos in downtown San Diego a great experience. 

The items above just scratch the surface, but give us a call and we’ll share some other options with you if you are serious about buying a piece of America’s finest city.  We cannot comment at this time on the rumors that we have weapons of mass destruction to scare other buyers away from the properties you want and yes, Guido works for us, but he does not have his real estate license yet so he is our office security at this time 🙂

Call Chad to get the property you want today: 619-309-8011

Written by: chad

Categories: Buyers, Downtown San Diego, East Village Real Estate, Gaslamp Real Estate, Little Italy Real Estate, Marina District Real Estate, Real Estate Investment, San Diego Real Estate

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