There is a lot of talk about the local San Diego real estate market rebounding and there is some truth to this. However, the luxury condo market in Downtown San Diego is the land of opportunity. While investors and first time home buyers are fighting over 2 bedroom, 2 bath condos in the $300 to mid $400 thousand range, the upper end of the market is still sliding down hill.

The old saying, “the rich keep getting richer” is so true. Buyers that have cash or that can qualify for the top end of the market have very little competition from other buyers. There is a heavy supply and a limited demand for million dollar plus condos downtown San Diego.

Stealing Downtown San Diego Condos

Just this past Friday, one of our clients closed escrow on an amazing deal for a penthouse residence at The Legend condos in the Ballpark District. This particular residence originally sold for $1,401,500 back in February of 2008. We just closed escrow at $830,000!

This amazing condo features 1587 sq/ft on the North East corner of the 21st floor including a 320 sq/ft balcony with amazing views of the San Diego Bay and city lights. The Legend San Diego has some of the best amenities of any building downtown including a great 7th floor deck that looks right into the San Diego Padres Petco Park.

Horizons San Diego Penthouse Give Away

Another great deal right now is the penthouse residence at Horizons Condos. This unique residence boasts more than 2000 sq/ft of penthouse living and is located in the heart of the Marina District. This fabulous residence offers views to the South, the east and to the North as it encompasses the entire east side of the South Tower at Horizons San Diego. This property was once valued at over $1.6 million, but today is listed as a bank owned property at $1,195,000.

We have identified another 10 amazing deals in downtown in the 1m-2m price range. There are even great deals at some of the new condo communities like Bayside San Diego and The Mark San Diego. If you are looking to buy a luxury condo, 2010 is going to be the year for you!