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.

Yesterday, a 1 bedroom 1 bath was listed on the 14th floor that inspired me to write this blog.

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
1904 671 $289,000.00 $265,000.00 2/17/2012
1205 603 $299,900.00 $285,000.00 2/6/2012
418 656 $254,900.00 $254,900.00 3/26/2012
1103 621 $279,000.00 $275,000.00 4/3/2012
2003 621 $309,900.00 $302,000.00 5/11/2012
505 603 $250,000.00 $250,000.00 9/21/2012
1204 671 $295,000.00 $290,000.00 8/20/2012
526 674 $255,000.00 $265,000.00 12/18/2012
318 700 $300,000.00 $293,500.00 8/30/2012
705 603 $280,000.00 $275,000.00 12/13/2012
505 605 $284,800.00 $285,000.00 1/11/2013
404 671 $329,900.00 TBD STATUS PENDING
1404 671 $369,900.00 TBD STATUS ACTIVE

 

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…

Considering Selling a Condo In Downtown San Diego?

Give us a call today at (858) 531-8785 for a professional evaluation of your property.

Let the Welcome To San Diego Team help you achieve MAXIMUM VALUE for your home in today’s changing market.

To learn more about what we do to position your home for success, click the following link:  Listing with the Welcome To San Diego Team


Written by: admin

Categories: Downtown San Diego, East Village, East Village Real Estate, Real Estate Investment, San Diego Real Estate, Sellers

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