Welcome to San Diego Blog | October 29, 2013
Downtown San Diego Condo Inventory
The Downtown San Diego Condo market seems to be cooling off a little bit as we head into the Fourth Quarter.
There are several contributing factors, but one that stands out in my mind is that the condo inventory levels are up. Looking back at this time last year, we saw our overall inventory of properties for sale dip down below 150 total properties within the freeway boundaries of Downtown.
Fast forward to October of 2013- We now have 241 Properties For Sale within the freeway boundaries of Downtown San Diego.
Homeowners saw significant increases in their property value over the past year, which motivated many more Sellers to list their homes for sale.
The following chart gives you a snapshot of how the Overall Downtown San Diego Condominium inventory is distributed.
Downtown San Diego Condo Inventory Breakdown
Lofts and Studios: This is probably the most ambiguous of the categories, as the definition of loft and studio overlap. Often times lofts are open spaces on a single level, undefined by traditional walls, separating bedroom spaces. lofts sizes can vary and in Downtown San Diego, we see lofts marketed as small as 600 sq ft; which in reality, is a glorified studio.
With that said, the current studio & loft category is defined a zero bedroom floorplans. There are currently 25 Studio or Loft Properties for Sale in Downtown. These properties range in size from 441 sq ft. to a huge 3,740 sq ft Penthouse loft that is a unfinished shell that is awaiting a buyer who has a vision and resources to build it out. Prices range in this category from $220,000 for the 441 sq ft studio to $3,500,000 for the fabulous Penthouse Loft at the Mark. Of course the larger loft floorplans can be built out with walls, which would then bump them to one of the other categories to follow.
One Bedrooms: This is an interesting category right now as there seems to be an influx of 1 Bedroom Listings that have been hitting the market, particularly in the $350,000 and above category. There are currently 85 1 Bedroom Properties For Sale in Downtown San Diego, and 41% of these Active Listings are priced above $350,000. Sizes for 1 bedroom properties can vary from 546 sq ft all the way up to 1,548 sq ft. Of course the buildings, size, elevations, and finishes will all contribute to pricing which can vary in this category from $239,000 to $875,000.
Two Bedrooms: This is the largest of categories equating to 46% of the total inventory of Downtown San Diego Condos for sale. Sizes range from 877 sq ft to a grand 4,100 sq ft property. Prices in the 2 Bedroom Category range from $335,000 to a whopping $3,8000,000. Of course the Absorption Rates for the lower priced properties is much quicker than the properties priced in the $1 Million and above price category.
Three Bedrooms: There are very few 3 Bedroom condos for sale in Downtown San Diego. Currently, there are 15 3 Bedroom condos on the market in Downtown, and they have a range in size from 1,232 sq ft to a massive 4,400 two-floor penthouse at The Harbor Club that is currently priced at $9,975,000.
Four Bedrooms: A extremely rare breed in Downtown San Diego. These properties are generally for the elite class as they are currently priced at $2M and above. These properties are typically top floor and often times combined units that consume an entire floor. Sizes range from 3,300 to the largest property currently on the market at 5,000 sq ft.
Interested in keeping up with the San Diego Condo Market?
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