Welcome to San Diego Blog | February 19, 2010
Downtown San Diego Condo Sales by Neighborhood
Looking back at 2009 condo sales by Downtown San Diego neighborhoods gives us good insight into what we can expect for 2010. In 2009 We saw Downtown San Diego Condo sales led by the East Village and primarily new condo sales. This group was led by The Mark Condos and closely followed by Park Terrace Condos and The Legend Condos.
For 2010, we will see the number of new home sales in the East Village drop dramatically. The Legend Condos and Park Terrace Condos are almost completely sold out. We will still see strong sales from The Mark in 2010, but we will see the number of East Village bank owned properties surge over the next 10 months.
New Condo Sales San Diego
In 2010, we will see a steady flow of New home sales downtown San Diego in the Columbia District. These new condo sales Downtown San Diego will be led by Bayside Condos and closely followed by Sapphire Tower Condos. At the same time, we will see buildings like The Grande Condos see a rise in both short-sales and bank owned properties. We attribute this rise of distressed properties to the fact that many of these properties sold at the peak of the market and both the north and south towers are currently in litigation so financing is an issue for almost all banks.
Downtown San Diego Short Sales
In the Marina Distict, we will see some new sales at Atria Condos, however this building is really not new. We will definitely see a rise in short-sales and Foreclosures in buildings like Electra Condos San Diego as well as Renaissance condos and Cityfront Terrace.
In Little Italy, we expect to see a steady flow of short sales and bank owned properties in buildings like Aqua Vista and La Vita Condos. Aqcuavista condos saw a drastic drop in sales prices due to foreclosures and short-sales, but investors have been absorbing the majority of these opportunities. Buildings like La Vita Condos San Diego will hold better value because of the lower HOA dues and superior quality of construction, but will still see a slight drop in sales prices for 2010.
Cortez Hill will see very few new condo sales in 2010 as Aria Condos are almost sold out and Aloft on Cortez Hill is slowly making sales. Solara Lofts will continue to make steady sales as they offer a unique produce and good value.
In the Gaslamp Quarter, we expect to see no new sales in 2010, however we do expect to see a steady flow of short-sales and foreclosures in buildings like Gaslamp City Square. Investors are on deck ready to absorb these opportunities so we project that the prices will stabilize in this segment of the market.