Welcome to San Diego Blog | March 15, 2012
Hot Properties – Downtown San Diego Condos
Currently, the downtown San Diego condo market is “hot” for properties priced at $450,000 and below. Recent sales statistics, in fact, tell us that 75% of all downtown sales in the last few months have been under $450,000. Supply and affordability of homes available for sale have created a high demand for properties in this price range.
When comparing and searching for hot properties, I look for certain characteristics: competitive pricing, move-in ready, a great location, and amenities available to owners. Of course, a hot property can be defined in many different ways by buyers. Not everyone agrees on what is most desirable.
One hot property, in particular, caught my attention recently. A two-bedroom condo came on the market in La Vita, a high rise in Little Italy. It was priced under $450,000 and was located in a popular building. La Vita is a full-amenity building that includes a large pool, spa, game room, gym, BBQs, and security, and is just a few blocks from India Street, the urban center of Little Italy where residents enjoy shopping, dining, and waterfront activities.
2-Bedroom Condo Sold in 5 Days
This 7th floor unit was bright and cheery with afternoon sunlight, had ample square footage of 1231, custom paint in neutral tones, hardwood floors, city views, “split” bedroom floor plan, and an open, great room that extended to the kitchen, living room, and a generous balcony. It was “turnkey,” move-in ready for its new owners. This hot property stood out among its competition, and was IN ESCROW after just 5 days!
Being prepared in a competitive market
If you are a buyer looking for a condo in this price range, be prepared to act quickly if you see a property you like. Hot properties do not last long on the market and often attract multiple offers. Be prepared with a pre-approval letter from a lender and have recent bank statements, or other proof of sufficient funds for a down payment. The buyer who can support an offer with documentation looks better in the eyes of a seller, and may win the property because of their preparation. For more information, questions or comments, please call (619) 246-8400.