Welcome to San Diego Blog | January 17, 2013
ICON Condo Values Skyrocketing!
East Village, Downtown San Diego
An interesting trend is occurring with values on 1 bedroom floorplans at the ICON Condominium Complex. I have been noticing a steady uptick in property values over the past 12 months in this community, especially in recent weeks.
This is a 671 sq ft Westerly facing property with slight views of Petco Park and the Bay. Westerly facing properties command a higher value due to their views, but this property was listed at $369,900…
The same floorplan 5 floors higher (residence 1904), was listed September of 2011, and closed last February for $265,000. Granted, the SOLD property was a short sale and took 6 months to close, inventory is NOW very low, and ICON 1 bedroom condos are in high demand, but is a $105,000 increase justified in less than 1 year?
The answer is To Be Determined.
In reviewing Sales Statistics on Downtown San Diego Properties, overall we have seen a trend of about 1% increase in value per month over the past 12 months.
Have values for 1 bedroom Condos at ICON increased 40% in the past 12 months?
Statistics don’t always tell the whole story: time and time again, buyer’s are willing to pay above asking price for Downtown San Diego condos.
This is the case at ICON; for example, residence 404 was listed by Ryan Ponce in our Marina District Harcourts Office at an ambitious price of $329,900. Ryan had about a dozen showings on the first day of listing the property, and within 48 hours of the property going ACTIVE, it went off the market with multiple offers above asking price. Obviously, these 1 bedroom floorplans are a hot commodity right now, and who knows, if a buyer is willing to pay the premium price, then values for 1 Bedroom Condos at ICON San Diego have truly SKYROCKETED!
The next couple of months will tell a very interesting tale about Fair Market Value in Downtown San Diego.
Sales Statistics For 1 Bedroom Condos at ICON
|UNIT #||EST SQ. FT||LIST PRICE||SOLD PRICE||SOLD DATE|
It is evident that it is a seller’s market, and surely if you own a 1 bedroom condo in the East Village Neighborhood, it may be an EXCELLENT TIME to consider selling…
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