Welcome to San Diego Blog | November 18, 2010

Downtown San Diego Foreclosures in Premier Locations

On Tuesday morning I was sipping coffee and checking out the new listings in Downtown San Diego Condominiums.  A moment later I was sputtering coffee all over my desk.  A Downtown San Diego Condo Foreclosure showed up in Aperture, the newest building in Little Italy.

This sixth floor 2 bedroom, 2 bath condo is almost 1,200 square feet, has 10 foot ceilings. GE Profile appliances, and a  huge deck.  Oh, I haven’t mentioned yet that the price of this Downtown San Diego Foreclosure is $369,000

To establish perspective, it sold new in 10/07  for $597,000.  The same home 1 floor above (Aperture 702) is currently listed in the range of $549,000-564,000.  

As you can see in the Analysis below,  the lowest previous price was $405/sf and average has been $440.  602 is offered at $315/sf!

Buying Downtown San Diego REO Properties 

This is not the first bank owned San Diego Condo we’ve seen this summer.  Last month Chad Dannecker on our Urban Real Estate Team helped a buyer secure a bank owned Harbor Club “Bubble Unit” on the 24th floor at a price several hundred thousand below any historical comps.

High quality foreclosed properties like this receive multiple offers.  In the case of 2402 Harbor Club, the accepted offer was not the highest offer.  However, the buyer committed to a ten day close.  

Buyers of bank owned properties have to be prepared to take action immediately.  Have a price or geographic target in mind.  Our website at WelcomeToSanDiego.com is updated daily with accurate information on new listings.  There is always a wealth of information on neighborhoods and buildings on our blog pages.   

When an opportunity to buy Foreclosed Downtown San Diego Condos like these comes available they are usually open for offers for less than a week.  Our team will provide pertinent information immediately.  You must have a pre-approval and proof of funds for a cash purchase to offer on these properties.  Contingency periods and rights of rescission exist in these sales contracts just as they do in all “standard sales” but are often 10 days rather than 17 days.

Back to the Downtown San Diego Bank Owned Condo at Aperture

As a resident of Little Italy, I must admit to a biased perspective for property in this area.  Little Italy is an authentic neighborhood of San Diego.  The restaurants and shops along India  Street are truly like a stroll in Europe.   Experiencing the Mercato every Saturday morning is unique–don’t let the age of the players allow you to be hustled in a Bocce Ball game (those guys are GOOD!). 

Aperture is located at the corner of Union and Beech.  It is the same block as Extraordinary Deserts–an amazing landmark and FABULOUS place to finish any evening downtown.  It’s around the corner  from the entrance to I5.  Easy access to the Coaster, the Trolley or The Coronado Ferry.

Would you like to be on my Downtown Condo Foreclosure Action List?

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Written by: Dannecker & Associates

Categories: Buyers, Downtown San Diego, East Village, East Village Real Estate, Gaslamp, Gaslamp Real Estate, Little Italy, Little Italy Real Estate, Luxury San Diego Condos, Marina District, Marina District Real Estate, Relocation, San Diego Real Estate, Uncategorized

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