Real Estate Supergirlhome
Specializing in Downtown San Diego Condos.
Downtown Condo Deals Category
This week has been a good one to me and other lovers of the 800 Mark lane building in East Village! After waiting for a while on some new inventory, we finally got three new diverse listings and what’s even more important – in three really distinct different price ranges for every buyer out there.
First to come on the market was a corner unit 2001 in the Mark, 2br 2ba with 1321 sq ft, this one is definitely a great condo with 180 degrees city and perfect ball park views that most have been waiting for. The Mark is located 1 block from Petco Park and 2 blocks from the GasLamp District. Units on the 20th floor and above have 10? ceilings with floor to ceiling windows! Unit is upgraded with GEMonogram appliances, granite kitchen counter tops, remote controlled custom window shades, soft close cabinetry, travertine and marble counter tops in the bathrooms and a custom in the master. This gem has been priced at $764,000 and has been on the market barely 10 days.
Second unit 2801 at 800 mark lane, is definitely a rare opportunity to own one of the highly coveted PENTHOUSE units at The Mark! Located on the 28th floor, occupying the entire SOUTH, WEST and NORTH wing of the building, this penthouse boasts 10 foot ceilings with floor to ceiling windows perfect for watching a baseball game at Petco Park, savoring a gorgeous sunset or enjoying the San Diego Bay view. Includes 2 spacious bedrooms with large customized walk in closets, 2 1/2 baths, an elegant den and 2 large balc
onies perfect for entertaining! The sq footage on this is condo is roughly 2011. The HOA fees for this beat
y are $845 per month.
And third, but not least, here comes the awesome entry level walk up unit 102 at the Mark for $399,000! It’s a 1br 1ba, 803 sq ft and features the largest private patio (250 sq ft) off the pool and spa. 12.5 ceilings, hardwood floors, granite counters, stainless steel appliances, travertine bath (shower), walk-in closet, entry hall, fitness center, 24 hour concierge, Spacious common grounds. This particular unit is also available for lease @ $2600/month.
So we have three completely different listings at the Mark this month for 3 unique buyers! Who is going to get them?.. Can’t wait!
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!
So here they go, several brand new penthouses of the Bayside by Bosa in Downtown San Diego! With the inventory in 92101 zip code being as tight as it is, (currently 192 units available for sale , including, REO’s, short sales and regular sales ) this is one of your last chances in years to come to get your piece of the brand new gorgeous construction by the famous Mr. Bosa situated Downtown San Diego…
So what’s available, what’s left?.
- unit 3302, 1325 pacific highway, 2br 2ba with the family room plus den ( or retreat as they call it ) totalling approximately 3226 sq ft and situated on 33rd floor, we have plan S penthouse listed at $3.3 m.
- unit 3403, 1325 pacific highway, 2br 2ba with family room plus den, approximately 3150 sq ft, floor plan R on 34th floor listed at $3.4.
- for the mid price range buyer, unit 2904, 1325 pacific highway, there is a 2br 2 ba, plan M, 1183 sq ft, on the 28th floor, listed at $679,000.
There are also 6 resale units currently listed in Bayside, ranging from $495,000 for 1br to $1.6 mi for 2br on the 30th floor.
There have been deals that were made in the building in the last year, so there is definitely room for negotiation on those prices, from my experience. Examples of the comps would be the penthouses on the 33rd, 34th and 35th floors, all listed in the mid $3′s m and selling in the high $2′s
ADDITIONALY!!! , there is an amazing incentive that the developer has decided to offer to buyers and that is 3 full years of paid HOA fees! That by itself is worth ten’s of thousands of dollars.. As an example if the monthly fees are $890, (they vary depending on the sq footage, etc ), then 3 years would equal to around $32,000!.. Significant savings, if you ask me!
Real Estate Supergirl
Why you ask? They are cheap, and let’s be honest, it’s not like I make that much money on them! But I love helping my investors and clients find the deals that produce them returns both now and in the future.
Downtown San Diego real estate market is a great option for future appreciation, but when it comes to monthly cash flow, there is no way it could compete with other areas, like north park, mission valley, college, el cajon, etc.. Higher prices, but most importantly really high HOA’s is what doesn’t allow investors to even break even in most cases. That is why when I find a gem like the studio in the 777 Lofts, that is listed under $200,000, I get really excited!. I sold couple units in the building last year, and my clients are really happy about them, both sold to investors. I also had clients ask me about that building from time to time, but there was a dry out of inventory there and nothing available for months.
So I’m checking the hot sheets this morning, and imagine my excitement, when I see “oh so familiar” address - 777 6th ave, unit 208 just listed, first day on the market today, as a bank owned foreclosure! It is a 656 sq ft unit, called loft, but it’s pretty much a divided studio, and listed for $169,900! The only negative is that this unit doesn’t come with parking. Now before you discount it, please know that there is now way you will find a 1br or studio WITH a parking space for that price Downtown, plus in such a prime location, one block away from the Gaslamp Quarter! Plus there are a bunch of people Downtown that either don’t have cars and don’t care about parking, or can easily rent out a parking space in the myriad of different parking structure options all around starting form $100 to $180 a month. Either way, bottom line is that the last unit I sold did not have parking either and my client still had rented out and pockets $1500 for it each month.
So let’s get to the nitty and gritty of all the numbers. So the unit is listed for $169,900. I would assume it sells for something very close to the listed price. Let’s say same. So 170,000. 20% down, tha’ts $34,000. So the loan you would need to get ( that’s of course IF you will be getting a loan! ), would be $136,000. That is a payment of $655. You add tax to that around $175, plus HOA fees $280 ( which is simply AMAZING! ), totalling in $1100. These units are now renting out, MIND YOU, WITHOUT parking from $1495 and UP depending on the timing, and interior of the unt, etc. So your positive cash flow on the Downtown San Diego condo, believe it or not, is around $400. And we are not even counting future appreciation here!
So let’s make a conclusion as to why you should buy a unit in the 777 Lofts:
1. Location. It is located on the 6th ave, in the prime location Downtown San Diego.
2. Price. There is nothing currently listed with these parameters that can even compare Downtown..
3. HOA’s. This your chance to not have to complain about high fees, and get a place, with extremely reasonable HOA’s..
4. Rental desirability. It is easy to rent, because of price, and location. ( regular 1 br Downtown SD starts around $1700-1800 a month and go up from there )
I hope this covers it. Here is the link to the property details and report
Let me know if you know anybody who is interested in making money on this, and I’d love to help them,
Real Estate Supergirl
Allison James Estates and Homes