Real Estate Supergirlhome
Specializing in Downtown San Diego Condos.
Downtown SD Lifestyle Category
DOWNTOWN SAN DIEGO CONDOS FOR RENT IN 2012. WHAT’S AVAILABLE?…
Specializing in helping people buy and sell properties in San Diego, especially the Downtown market, I often get approached by folks asking for help with rentals. Now I have to be honest, it is not the most gratifying for agents job and definitely not the most lucrative one, but once you learn the trade and weed out through the looky loose, you can generate some life long clients who eventually either do buy or sell themselves or know somebody who do. So in order for me to expand my reach Downtown SD, I have since rolled up my sleeves and have been helping many realistic renters find their new homes in the chic 92101 zip code. That is my whole priority. I go out there, meet new people, talk, network, practice my knowledge of the buildings again and again, and help people, which after establishing a relationship with me, usually continue it once they’re ready for a purchase.
So the whole reason for this blog is for people who are contemplating a move Downtown San Diego! I get phone calls, emails and just simple questions at social events asked all the time about what what are the prices for downtown rentals. I also get a bunch of request to find a property, and I have to be honest with you around 75% of people who just approach me first time are not realistic about their expectations.. Now I have absolutely no problem with that, since it is not their job, but actually mine to know what you can get, what amount of sq ft, floor, and for what price Downtown and not theirs. But just to shine some light on the average rental prices I HAD to publish this blog!
So let’s talk some real statistics and numbers to give you couple examples. There are currently 85 listings for rent Downtown San Diego.
6 studios/lofts, 37 1bedrooms, 36 2bedrooms, 5 3 bedrooms!!! That’s all we have in 92101 zip code!
First of all it’s not much. Second of all, if you are looking for a 3br, 2000 sq ft AND furnished condo AND for just 3 months AND under $3000, AND that’s accepting pets, you can pretty much forget about that..
Let’s face the facts. An average two bedroom condo Downtown San Diego would be around 1200 sq ft, with the average price of $3500 a month. On the average one br condo price is currently $2200 a month, with the average sq ft being 790 sq ft. Most of them do not accept pets, or will lots of restrictions.
[youtube width="425" height="344"]http://www.youtube.com/watch?v=HfCA13Ac8dE&feature=autoplay&list=PL3B32DACCF0364AD8&index=21&playnext=2[/youtube]
For larger size condos, like 3 brs, we have only 5 units currently available in the whole Downtown San Diego 92101 zip code!. The prices start from $2900 and go up to $6900 a month.
Now, please don’t get disappointed right away. There are absolutely cases where you can get a Downtown San Diego condo that rents way under above price range, but you have to either compromise on the number of bedrooms, or the length of the lease or the min sq ft, etc.
Please let me know if I can help you or somebody you know rent or buy/sell a condo Downtown San Diego!. It is my neighborhood and my specialty so I would love to be your go to agent here!
Sorry this post is late, but if you around Downtown area today and want a free burger, stop by the Burger Lounge on 528 5th avenue, in Gaslamp!
All you have to do is “like” their facebook fan page and you get a free entry of your choice!ge
I’m on my way! See you there!
Real Estate Supergirl
So I’m pretty excited about this blog post. Instead of finding the real estate information about statistics, sales and market reports online , and sharing it on my blog, I actually did my own research this time and calculated my own data on Downtown San Diego Condo sales, based on the MLS statistics during 2011 and how it compares to the first month of 2012!
It’s super cool, since that way everybody can check and cross reference the real numbers that I can provide, and not just listen or read about the bias opinions of the real estate agents and/or media! So here we go.
Q. How many condos were sold last year in Downtown San Diego, the whole 92101 zip code?
That averages out approximates 79 sales every month. Now these numbers are not complete, since some of the new constructions sales are not all uploaded to MLS, but most of them are. This year buildings like Bayside, The Legend, Aria, etc all came really close to a complete sold out of their units. From what I know, there are only a couple left in each building that are still new sales, everything else are resale units. So I would consider this approximately 90% of the market, making a conclusion of 90 or so units selling Downtown San Diego on average ever month.
There were sales last year in 92101, starting from $95,000 studio in the Element building to $3 mil 4br penthouse in Renaissance! That is how diverse our Downtown market is, and that’s why I am a firm believer there is property here for everyone, whether it’s a first time home buyer making his first entry level purchase, or an investor that is trying to make some ROI and bank on future gain, or an affluent penthouse owner, that wants to live the good life on top of one of the gorgeous high rises, with possibly their own elevator access! ( love those!
Ok back to business:
Q. What is the average amount of days Downtown San Diego property was on the market before being sold? -
A. 90 days. 90 days is a full average of ALL the documented condos being sold.
Q. What is the the average price of the condo sold in Downtown San Diego?
Q. What is the average % of the sold vs listed price?
The last factor I believe is very important to us. Why? Because for example, when one of the condos Downtown listed at the market value, and you want to submit an offer on it, this information comes in very valuable. Of course there are many factors to consider before submitting an offer, like how long has this property been on the market, how does it compare with the comps, how many interested buyers are submitting offers, etc. But one of the factors is this % figure I showed you above. Let’s say a condo is listed at $500,000. The AVERAGE ( which obviously means it varies so don’t take it as a law ) percentage for Sold to Listed price is 95.5%, which means that you on average get a 4.5% discount in the current market. So 4.5 % of $500,000 would be $22,5000. So, let’s say you submit a slightly lower offer than that, since you don’t want to start with your highest and best ( unless it’s a competing situation of course, etc.. ), and then after counters back and forth eventually get it for $477,500.
Now mind you, those % do change in differnt price ranges. Please don’t expect to always get a discount, it just plain unrealistic! There are condos Downtown San Diego that sell for well above the list price, and it simply because they were listed for under market value from the beginning. You want examples?.. Here:
-Union Square San Diego, 2br 1b, short sale, listed for $180,000, sold in just 90 days for $190,000!
-Habror Club San Diego, 2br 2ba, regular sale, listed for $849,000, sold for $860,000!
-Park Blvd West San Diego, 1br 1b, short sale, listed for $190,000, sold for $195,000!
-ParkLoft San Diego, 2br, 2ba, foreclosure, listed for $700,000, sold for $770,000!!!!!!!!!!!!!!!
All these are sales just in the last 6 months! If you want, I could gladly provide you the detailed reports on them directly from MLS.
What’s important to note, is that under $400,000 price range, that percentage was 98.
From $400,000 to $1 m, it was 95%
And over $1 m, it was 89%.
This tells us that there are more discounts from the listing price being made in the higher end market Downtown San Diego now that in the lower end! So please adjust this information to the particular property and building you live in or looking to buy in.
Another thing is there are currently buildings Downtown San Diego that have absolutely 0 inventory!.Examples include Gaslamp City Square, both sides, the 450 J and 445 Island, currently as of today, January 30th, have nothing active that is listed on MLS! ( If you do know of a unit in that building coming up, please let me know i have ready buyers for it! ) Neither does Grande North, on 1205 Pacific Highway or 350 Ash in Little Italy!
Other buildings, like Crown Bay, La Vita and Trellis have just 1 unit for sale each. The scarcity of inventory could dictate the prices to go up, at least on those particular sales, since there is demand for them but no supply.
Coming to a conclusion, what market were we in Downtown San Diego in 2011?.. Let’s take a look at some definition of what a buyer’s and seller’s market means, let’s say by the Redfin glossary? “A buyer’s market is one in which there are more sellers and homes for sale than buyers. Since supply is greater than demand, homes will be lower priced, making them more attractive to buyers. In contrast, a seller’s market is one in which there are lots of buyers and relatively few homes for sale, which leads to multiple offer situations that drive up prices.”
Even though we did have buyer’s market couple years ago with all that extra inventory and low prices, at this point our market has shifted significantly and stabilized, creating a strong seller’s market in most price ranges except above $1 mil. It hasn’t reflected that significantly on prices yet, but what it did, is significantly reduced inventory (supply ) and with the steady flow of buyers that we experience Downtown San Diego, (demand), I believe we will see a slight increase in prices in the next couple years.
Hope this information was helpful, and I am glad to provide you any data I used to write this blog! Please feel free to comment!
Real Estate Supergirl
Allison James Estates and Homes
7 Horton Plaza,
San Diego, CA, 92101
So I am going through the usual routine of my morning today and checking the hot sheets ( I do this twice a day, in the beginning and the end of the work day, so I know what new properties exactly come on the market, or go pending, sold, etc, so that way I can call my clients right away and tell them about it before anybody else sees it ) and I notice this crazy expensive rental in Harbor Club, going for $12,500 a month! Let’s admit, we all love looking at those unit of rich and famous, so in the dream state I am going through the pictures and visualizing hanging out in the jacuzzi on the 40th floor overlooking San Diego..
I looked up the sale history and looks like the unit was sold for $1.4 m in 1996! Lucky buyers! After making almost 2.5 times on it, they are selling in for $3.1 m in 2004! It doesn’t obviously stay in the hands of owners for too long, since it was put on the market again the next year and sold in 2006, this time at $4 m!
Now this unit is listed for rent as well as for sale. With $15,000 deposit and $12,500 you can get yourself a 12 months lease of this urban paradise or you can also purchase it; it is listed at $4.295 m
As the MLS listing description states – “ A Feast For the Eyes in every direction..” The unit is very spacious, approx of 3660 sq ft, and has 3 br with 1 optional and 3.5 baths. No downgrading from the house here! Also comes with 3 parking spots, pretty awesome for Downtown, but I guess you’d expect that for the price!
Harbor Club Condominiums is a high-rise residential building in San Diego, CA, composed of two towers of equal height. The 41-story towers have a height of 424 feet (129 m) and are a prominent fixture in San Diego’s skyline Located in the Marina District, San Diego, California, Harbor Club was designed by architects BPA Architecture Planning Interiors. The condos are located near the San Diego Convention Center and the Petco Park. The towers are currently the 8th tallest buildings in San Diego.
There are currently 12 active listings for sale in both buildings, ranging from $379,000 to $5.5 m and 4 rentals, 2 in each tower. If you are interested finding out more about this particular listing or others in Harboc Club, feel free to contact me,
Real Estate Supergirl
Allison James Estates and Homes
7 Horton Plaza,
San Diego, CA, 92101