Welcome to San Diego Blog | May 31, 2011
Foreclosures Downtown San Diego
Downtown San Diego Condo Foreclosures…
…are at a 3 year low right now for new Notice of Defaults, according to ForeclosureRadar.com. Downtown San Diego premier zipcode 92101 was flooded with foreclosures in 2008 and 2009, but the leading indicator of property foreclosures, Notice of Defaults are down to their lowest levels in the last 4 years!
Condo Foreclosures Downtown San Diego
Downtown San Diego was hit so hard by foreclosures because the majority of condos were released between 2004- 2006 and sold at the peak of the market. Prices were inflated and have since declined 35-55% and there are some really great deals being bought up.
East Village, the ballpark district saw the most foreclosures in 2010 predominantly because it had the most new construction around the new Petco Park back in 2004. Cortez Hill and Little Italy followed up in second and third slots for most foreclosure condos. Cortez Hill is generally the least popular of the downtown neighborhoods with second home buyers because of the distance to the Gaslamp and Little Italy dining and entertainment areas.
With foreclosures hitting 4 year lows, we expect to see more short sale take their place. So far this year, invetory has been limited and we are seeing a rather competitive market. We see good deals come up, but they all seem to have a buyer or buyers waiting. The lower priced deals seem to go more quickly, but we are seeing condos in the $1M-$2M dollar range sell as well.
If you are looking for one of the best buys for condos in downtown San Diego, give us a call and we’ll introduce you to the right properties and will negotiate the right price. It’s what we love to do!!
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