Welcome to San Diego Blog | August 26, 2013

Gaslamp Condos

The Historic Gaslamp Quarter in Downtown San Diego has grown in popularity over the past decade.  With an expanding convention center, the Padres Petco Park and a myriad of great hotels, restaurants, bars and entertainment, the Gaslamp Quarter is the place to be.  But what makes the Gaslamp different than any other big city convention center zone?

First of all, the weather is probably the number one benefit!  You can generally count on 73-80 degrees as a high in the summer months and 58 – 70 degrees in the winter months.  Add the sun, some bay, beautiful parks, recreation and a relatively new city and viola, you’ve got paradise!   So once you dicover this wonderful place, you’ve got to ask yourself, how much does a vacation home in downtown San Diego cost?

Gaslamp Properties under $500,000

If you have interest in purchasing a property in downtown San Diego or the Gaslamp Quarter, there are a few things you should know as a general rule:

  • Property Taxes in San Diego run 1% plus any bonds or special assessments -for downtown it runs about 1.2% of the purchase price per year.  Example:  $400,000 would cost approximately $4800 per year or $400 per month.
  • All condo properties have monthly home owners dues that cover water, sewer, trash, gas, building insurance, building maintenance, security, exterior window cleaning and other items.
  • Most Gaslamp Condos will allow monthly rentals so one can use their vacation property for 1-2 weeks and then rent it out for 30 days or more.  Gaslamp rentals are hot so vacancies are generally very low!
  • Owners will generally need to get an insurance policy for liability and their personal property often referred to as a “walls in policy”.  This can cost from $300 – $650 per year depending on how valuable the contents of the property.

Gaslamp Quarter is San Diego’s historic neighborhood

Best Gaslamp Condo Buildings

Gaslamp City Square – Location, location, location!  These Gaslamp Condos are both affordable and great property for an investment or vacation rental property to use part time.  Highlights include pool, spa, sun deck with BBQ’s and low HOA dues ranging from $380 month on a studio to $425 on the largest 2 bedroom 2.5 bath properties.  Prices in the last 6 months have been indicative of sales in the: 

    • low to mid $200’s for studios
    • low to high 300’s for one bedroom properties
    • low to mid 400’s for 2 bedroom two bath properties

Trellis Condos – Trellis is located right in the middle of the action near the Hardrock Hotel and just one block from Petco Park.  Trellis is a high-rise building with 2 towers  (11 floors & 8 floors)  including upper level condos having views towards the city and bay.  Amenities at Trellis include sun deck with BBQ’s and outdoor seating, modern lobby and fitness center.  Monthly HOA dues range from $360 to $475 per month.  Sales in the past 12 months have been:

    • low 300’s for one bedroom properties
    • mid to high 300’s for one bedroom plus den
    • high 300’s to mid 400’s for 2 bed, 2 bath properties

Alta condos  – although Alta is not officialy in the gaslamp, it is only a stone throw away and is considered by many to be a Gaslamp Condo building.  Alta is by far the most elegant of the 3 buildings mentioned here and is very modern in design.  It’s a higher quality building and therefore demands higher prices.  Amenities at Alta include pool, spa, recreation room with billiards and large screen TV plus a fitness center and very modern and chic lobby.   HOA dues at Alta range from $425 – $525 per month.  Sales at Alta in the past 6 months can be summarized as follows:

  • low 300’s for studios
  • mid to high 300’s for one bedrooms
  • mid 500’s to 800’s for two bedroom condos

For more information about Gaslamp Condos, give us a call 619-356-3099 or send a request for info

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Written by: chad

Categories: Buyers, Downtown San Diego, Gaslamp, Gaslamp Real Estate, San Diego Real Estate

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