Welcome to San Diego Blog | March 7, 2011
Park Terrace East Village | 206 Park Blvd | 253 10th Ave
Park Terrace Downtown San Diego Condos…
… are located just to the North of the Main Gate of Petco Park in the East Village neighborhood. Park Terrace has two different buildings that include a 14 story high-rise with 143 condos and an 8 story mid-rise with 80 condos for a total of 223 Park Terrace Condos.
Condos at Park Terrace range from studios as small as 404 sq ft to one and two bedroom condos as large as 1257 sq/ft. Because the living spaces are not large, they work well as a primary home for the minimalist or serve wonderfuly as a vacation or seasonal home.
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Park Terrace Downtown San Diego Condos
Best Features-
- Outdoor living spaces – A lot of residences at Park Terrace have really large decks with plenty of space for entertaining, grilling and even an urban garden.
- Location – Park Terrace is literally steps away from Petco Park and only short stroll from the San Diego Bay and Seaport Village because of the new Harbor Drive Pedestrian Bridge.
- Price – A relatively low price considering the location and all that the building has to offer: 2nd floor and 5th floor decks with BBQ’s and plenty of seating for large gatherings, large recreation room with billiards, and a nice fitness center.
- Interesting Views – New Library, Petco Park, Park at the Park, San Diego Bay and great city views.
Park Terrace Condos for Sale – Recently Sold
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| Address | Beds | Baths | Est SqFt | Sales Price | Price Per Sq Ft | Close of Escrow |
| 253 10th Ave # 328 | 0 | 1 | 514 | $164,800 | $321 | 8/13/2010 |
| 206 Park Blvd # 411 | 0 | 1 | 404 | $187,000 | $463 | 6/8/2010 |
| 206 Park Blvd # 705 | 0 | 1 | 619 | $160,125 | $259 | 10/7/2010 |
| 253 10th Ave # 631 | 1 | 1 | 812 | $252,000 | $310 | 2/17/2011 |
| 253 10th Ave # 224 | 1 | 1 | 739 | $250,550 | $339 | 9/23/2010 |
| 206 Park Blvd # 602 | 1 | 1 | 696 | $255,000 | $366 | 10/29/2010 |
| 253 10th Ave # 524 | 1 | 1 | 739 | $255,000 | $345 | 8/26/2010 |
| 253 10th #324 Ave | 1 | 1 | 739 | $285,000 | $386 | 9/24/2010 |
| 253 10th Ave # 233 | 1 | 1 | 758 | $287,850 | $380 | 9/24/2010 |
| 253 10th Ave # 527 | 1 | 1 | 743 | $289,900 | $390 | 9/24/2010 |
| 206 Park Blvd # 307 | 1 | 1 | 767 | $310,800 | $405 | 7/20/2010 |
| 253 10th Ave # 433 | 1 | 1 | 758 | $305,000 | $402 | 7/14/2010 |
| 206 Park Blvd # 308 | 1 | 1 | 767 | $308,000 | $402 | 7/7/2010 |
| 253 10th Ave # 523 | 1 | 1 | 1,065 | $324,000 | $304 | 8/31/2010 |
| 253 10th Ave # 323 | 1 | 1 | 1,001 | $322,900 | $323 | 8/20/2010 |
| 253 10th Ave # 223 | 1 | 1 | 1,001 | $338,500 | $338 | 8/5/2010 |
| 253 10th Ave # 425 | 2 | 2 | 1,017 | $350,000 | $344 | 1/6/2011 |
| 253 10th Ave # 1107 | 2 | 2 | 1,062 | $395,000 | $372 | 8/9/2010 |
| 206 Park Blvd # 312 | 2 | 2 | 864 | $385,566 | $446 | 6/15/2010 |
| 253 10th Ave # 626 | 2 | 2 | 913 | $399,900 | $438 | 8/31/2010 |
| 253 10th Ave # 1208 | 2 | 2 | 1,074 | $409,000 | $381 | 9/29/2010 |
| 206 Park Blvd # 210 | 2 | 2 | 972 | $395,000 | $406 | 9/2/2010 |
| 253 10TH Ave # 1202 | 2 | 2 | 1,015 | $415,000 | $409 | 1/28/2011 |
| 253 10th Ave # 1404 | 1 | 1 | 1,052 | $460,000 | $437 | 1/21/2011 |
| 206 Park Blvd # 803 | 2 | 2 | 1,103 | $485,000 | $440 | 7/27/2010 |
| Averages | $848 | $319,636 | $377 |
Short Sales & Foreclosures at Park Terrace
- 2008 Park Terrace Sales | 0 Foreclosure | 2 Short Sale | 6 Developer & Traditional
- 2009 Park Terrace Sales | 4 Foreclosure | 5 Short Sale | 53 Developer & Traditional
- 2010 Park Terrace Sales | 10 Foreclosure | 5 Short Sale | 31 Developer & Traditional
Chad’s Take- Now that the developer has sold all of their Park Terrace Condos, I think we are going to see a lot of short sales and foreclosures at Park Terrace for 2011. The reason I say this because one of the components that made Park Terrace so successful with their sales is that the building is FHA and VA approved.
With many buyer’s having bought in 2009 at higher prices, with only 3.5% down payments, if these buyers want to move today, they would be facing having to bring money to the table to close escrow. Values at Park Terrace crept down slowly in 2009 and 2010 so the owner’s only equity, if any, would be their down payment.
If you figure the cost to sell at 6% in sales commissions against a down payment of 3.5%, then it is likely many of the future sales will be Park Terrace short-sales or even foreclosures if owners just decide to let their homes go.
Park Terrace is a great building, in a really exciting neighborhood and will have really good value. I expect some great buyer deals to be had in 2011. As the Downtown San Diego real estate market makes it’s rebound, expect prices at Park Terrace to go up.
Park Terrace does not contain any East Village Lofts. For ideas about investing in condos at Park Terrace, see how the numbers pencil here.
How many short sales do you think we will see in 2011 at Park Terrace?
Written by: chad
Categories: Downtown San Diego, East Village, East Village Real Estate