November, 2011

Everyone who is considering purchasing a home wants a great deal. 

This is an obvious proposition; however, it seems as if  “great deals” on condos are harder to come by in Downtown San Diego.     Downtown San Diego Condo Absorption Rates are increasing as the condo market is experiencing a squeeze for quality properties for sale. 

Finding a perceived deal on a Downtown Condo is increasingly more challenging.

In scouring the inventory of Downtown Properties For Sale, I did find a few needles in the haystack, that I would consider “Good Deals.”

Click on the highlighted links for property details.

1. 875 G Street #209. 

This property is located at the Nexus Community. This is a mid-rise building in a great location, in the heart of Downtown’s East Village, within close proximity to Petco Park and the Gaslamp.  This is a short sale property that  is unusually large square footage (1033 sq ft) for the purchase price of $284,000. 

The property is in immaculate condition and I consider this highly desirable due to the location, “bang for the buck” price per square foot,  and the fact that the building HOA is very moderate at $485.00 per month.  What I believe makes this property particuarly interesting is that it includes two assigned parking spaces as well as a private storage room included at that price. 

There is a catch with this property in that it is a short sale, and the building itself is currently under a litigation lawsuit.  This isn’t always a bad thing for the buyer; however, the buyer must come into a transaction like this with the expectation that the process will likely take longer, and that a larger down payment will be required due to the litigation.

            2.  500 West Harbor Dr. #914

The second property on my list is located at Cityfront Terrace.  This is a timeless building in a prime Marina District location between Harbor Drive and Market Street. 

This is also a short sale property in a desirable 2 bedroom floorplan with great city views.  This is a considerable value in the fact that recent 2 bedrooms have sold between $465-$472 per sq ft and this property is bank approved at $471,000, which breaks down to about $404 per sq ft.  The appraised value of this property is at $535,000, so I consider this to be a great deal at this price. 

     3.  100 Harbor Dr # 2605

I consider this to be one of the best valued properties in all of Downtown in the $750k- $1M range.  Located at the prestigious Harbor Club high on the 26th floor is one of the highly sought after “bubble unit” floor plans. 

Known for their panoramic views, this property sits high above the signature San Diego cityscape, overlooking the Coronado Bridge to the South, the Coronado Islands, and the North Embarcadero.

The Harbor Club resides in the front row of the Marina District, directly on the Martin Luther King Jr. Promenade.  The Harbor Club offers “white glove” service to it’s residents, as well as top notch ammenities, making it one of Downtown’s premier luxury towers.

2605 is special not only because it is a desireable floorplan with fantastic views, its special because it has recently been reduced in price by $100k to $899,000.  To put this into perspective, the same floorplan is for sale 6 floors higher, listed for $1.3M.  Now there are significant improvements on the higher floor property; however, the 26th floor property is in good shape and to obtain such a property with the means to make improvements, looks to be a significant bargain. 

Rarely do you find these bubble units on high floors under $1M, so today just might be your lucky day…

 Interested in finding more Downtown San Diego Condo Deals?

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