Real Estate Supergirlhome
Specializing in Downtown San Diego Condos.
Wow.. This is pretty crazy, I was just working for the last 3 hours on this blog and after almost finishing and even editing the text, I accidentally pressed escape and Everything got deleted.. Wow.
I’m pretty bumped out since I wrote a very detailed long blog, but what can I do? It is what it is, I don’t want to give up on this article so I will just try to give you a quick recap of what I was trying to deliver.
So here we come, it’s 2011. Actually one month in already. Probably getting ready for the hype of February’s Love Holiday! Hopefully people will buy condos for their loved ones as gifts!
But jokes aside, let’s see what was going in the downtown market trends in 2010.
There are 69 total projects Downtown San Diego, among which, 53 are Sold Out.
11 projects are actively selling totaling 1895 units among which 1559 are already sold too. We have only 336 condos available. Considering that this data is couple months old and the current rate of selling 150 condos per month, with no new construction coming on the market, I can safely assume that we have around 100 new condo units left Downtown San Diego.
Let’s see a little comparison between resale and new condo sales Downtown.
In 2010 new home sales went down 22% from 2009, from 487 to 378 units. But resale units experienced a 20% increase from 586 to 707 units.
Top 5 projects Downtown San Diego captured 78% of the market in 2010 – Bayside with 112 units sold, The Mark with 58, Smart Corner with 46, Atria with 40 and Breeza with 39. January 2011 was a strong month too deducting even more from the remaining new condo inventory..
After a couple months after all new inventory would be gone, and with no new projects coming on the market in the next couple years, we will have only resale condos left for sale Downtown San Diego.
It’s simple economic principle of supply and demand from here. The inventory (supply) is shrinking and buyers force (demand) remains steady. What does that do to the price?…
Yes I am not blind to our unemployment rates, stock market instability and generally a still shaky economy, but as a San Diego Real Estate Specialist, I choose to focus on OUR city, and not the whole country. Everybody knows that real estate market trends vary from country to country, state to state, city to city and EVEN neighborhood to neighborhood. Specializing in San Diego Country real estate with Downtown Condos being my niche, I can draw a conclusion even if it’s a little bit bold, that we will experience a SHORTAGE of inventory here in just couple years.
San Diego’s perfect weather conditions, great job opportunities, perfect geographic position, diverse culture, military base, 64 colleges and a combination of city action and suburban tranquility will always sell. West Coast, especially California, was a first one IN and will be the first one OUT of this recession.
We already are considered by SignOn San Diego magazine, the city that leads the nation by real estate recovery, together with San Francisco and NYC. Pretty significant if you ask me..
If you have any question or would like to see the charts and graphs I studied to write this article, please feel free to contact me.
Real Estate Supergirl