Real Estate Supergirlhome
Specializing in Downtown San Diego Condos.
There are two types of opinions about HOA’s Downtown that buyers/sellers/investors have:
1. High HOA’s are Deal Breakers!
And 2. If you can pay $4000 a month in mortgage, you should be able to pay $700 in HOA’s.
But where is line of reasonable and unreasonable?…
Home Owner Association Fees in Downtown San Diego Condos vary anywhere from $200 to $1800 a month. Yes you saw it right, some building Downtown have HOA’s that go far beyond $1000…
What do you get for this price?.. Well, The Meridian, for example, which is a prestigious urban residence located in Marina District, offers luxurious amenities including Concierge, Valet parking for residents and guests, 40+ member Meridian staff, Porter service, 24-hour staffed security, door attendants, dry cleaning, meeting room and fully-equipped exercise facility which includes separate Men’s and Women’s health clubs, sauna and steam room and lockers. The Meridian also offers five guest suites for your out-of-town guests! So basically we are talking about resort living.. This is not a regular condo anymore. Residents here do not usually complain about high HOA’s. They knew what they were getting themselves into and they obviously still made a choice to move forward with their purchase.
On the other hand we have places like 777 Lofts On 6th avenue, located in the historic Gaslamp District Downtown. The HOA fees on those are around $200. What do you get there? Pretty much nothing, obviously no concierge service, pool, and fancy amenities you’d get in upscale high rises. But, it gives you an opportunity to live Downtown San Diego without spending an arm and a leg.
Then in the middle we have our most high rises which home owner association fees are around $600-$800. Those buildings include The Legend in the Ball Park, The Mark in East Village, La Vita in Little Italy, Horizons, Renaissance, Pinnacle, Harbor Club, Park Place in Marina District. They all run very close to each other and offer similar amenities, like gym, pool, security, common areas, business center, BBQ decks, sometimes movie theaters and more.
A lot of times it makes sense in terms of primary residence, since you get stuff for your money.
In terms of investment though, it is definitely hard to pencil out any kind of positive cash flow or even breaking even taking property taxes and HOA’s into consideration with mortgage payments. In this case, the only high rise condo development I would recommend is Icon, that’s located in the heart of the East Village encompassing an entire city block bound by 10th, 11th, J Street and K Street. ICON’s amenities include: 26 story skybox with views into Petco Park and the bay beyond, a fully equipped community room, large and spacious fitness center, a theater room, and 24 hour Community attendants and security. The HOA’s are around $500 which makes it very reasonable and affordable to buy there.
The bottom line is, if you are reasonable and realistic about what market has to offer currently, there is condo out there for every buyer, whether it’s a $150K studio in Element with $250 HOA’s or $ 4 mil penthouse in the Pinnacle with $1200.
As my mom says in Ukraine, there is a lid for every pot…
For more info on San Diego Downtown Condos, or HOA’s Downtown, please don’t hesitate to contact me,
Real Estate Supergirl
Every Thursday morning at 9 am, all the realtors ( at least the worthwhile ones ? ) gather up in the Center City Development Corporation Downtown San Diego to pinch in their new listings in 92101 zip code as well as network and share what’s about to come on the market in the near future.
They always eat free breakfast burritos on the lucky days or muffins, on not so lucky and drink coffee. Even though from the outside it seems like a very nonchalant thing to do, but there are couple reasons on WHY it is important to choose a realtor that actually SPECIALIZES in the area where you want to buy and regularly attend those silly looking caravans.
The reasons are:
1. You have to stay in the loop. Staying in the loop means not only knowing your inventory and the area you are working in. It also means being aware of Existing and Current product that’s on the market right NOW. It means knowing of a condo that was just listed this morning 2 blocks away from your office. It means knowing that the reason this listing is priced $200,000 less than the one right above it, is because it has a horrible chopped floor plan or no parking, OR that owner died on the property.
2. Possible knowledge of a place that’s just about to come on the market next week, and haven’t hit the MLS yet, it’s about showing it to your client as soon as possible and have a chance to submit the offer on it before other potential buyers have even seen it!
3. It’s about knowing other realtors. There always 2 agents to a transaction. Not always but mostly. There should be 2, especially if you are a buyer! Understand please that the listing agent first and foremost has an established relationship with a seller! He has an agreement in writing saying that he acts on the behalf of the seller FIRST. How do you expect him to seriously negotiate the best price for you OR terms?.. After all this time in real estate, I still don’t understand why people do it. Buyers agents are free for you, their service is paid by the seller, or more clearly listing agent, so why would you not use a professional loyal and FREE representation if you could?.. But anyway this is a topic for the whole other blog… So, knowing realtors is very beneficial. Believe it or not people like to do business with people they LIKE. If I’m a listing agent and I have 2 offers from 2 different agents, exact same terms and price, and I know one agent, since I see her all the time on the caravans and we have our little chit chat conversations and we’ve done business together, of course I will go with that offer! You want your realtor to be known in the area you are working and likable. It just wouldn’t hurt in the future, trust me.
4. And the last thing, Brokers Caravans are simply inspiring. The truth is, Real Estate is not a job, it’s my own business. I am my own motivator. I make myself get up every morning and make things happen. I am not judged by the hours, I am judged by performance. So every time I come to those Thursday Morning meetings, and see a new hot listing that just came up, it makes me want to go out there and call my buyers, investor friends or find leads and be the one to assist them to purchase that property.
So, this morning I came back from one of those Caravans. There were some amazing deals pinched by new developments as well as resale agents. Park Terrace, for example in East Village Downtown San Diego is selling out their last couple 1 bedrooms. They are going in $300’s. Great buy, since the building is one of a few that are FHA, and VA approved, as well as located right across the Padres Ballpark.
Also, that amazing condo listing at the Legend I blogged about yesterday, I’ve actually physically gone to see and it’s simply awesome! Just like on the pictures you are looking directly into the Ballpark! Wow…
Another one I really liked was on Columbia street, it’s more for people that don’t necessarily need high rise living but want to stay downtown. It’s a beautiful Jonathan Seagals 4br 4ba masterpiece… Definitely worth seeing… For those who don’t want to compromise the space and light for Urban Living…
You can always contact me for some additional info on those or other Downtown San Diego Condos
Real Estate Supergirl
OK, So I’m finally breaking the ice with this post!
I haven’t been blogging for a while! I have to admit spring time in San Diego can get you really distracted! So much stuff was going in the last couple months! I, at last, published my app on Itunes!. You can download it for free AND made a YouTube video on how to use it! So far it’s pretty basic, but I just wanted to get it out there and will update it soon with new features.
Ok we are back, and back to full speed. I am checking MLS twice a day to know what inventory is coming on the market and want to deliver that information to YOU! I want you to know exactly what is available so you get the feel for the market, develop a good value system and can spread the word on the hot buys Downtown San Diego to your friends and coworkers!
As you know I have a YouTube Channel, where I VLOG ( video blog ) about all the hot deals that weekly come on the market in Downtown San Diego, as well as make instructional videos on the questions my clients ask most often.
I can’t always physically go and videotape some of the listings that I want you to know about for various reasons, like them being tenant occupied, or not having a lock box access, the seller or listing agent not wanting me to do a video or simply lack of time. So those one if I really believe them being worthy I will cover in my blog.
Ok, so, let’s get to business! One of my favorites this week is:
1. Listing in the Legend, in East Village, Downtown San Diego! Wow, this 2 br 2 ba condo, boast 935 sq ft and DIRECTLY faces the ballpark! You can actually watch baseball games from your condo! Except amazing ballpark views, you get Coronado Bridge and Panoramic San Diego Downtown city views! It’s listed at $739,000. The Legend is made by Bosa Development, one of San Diego’s most popular class A high rise builders! This particular listing is not a short sale or a foreclosure so can close with no Hassle! What a breather, for a difference!
2. A 1 br short sale in the Icon… wow. Nothing can beat this price! It’s listed for $229,000! Are you kidding me? It’s the lowest priced condo in the whole building!!! And the price can compete with not as prestigious high rises and even older midrises, like Nexus, Metrome, and Element! And we are talking about the Icon here!!! Its Skybox is the only one of a kind in Downtown! San Diego seems to be in your hand when you sit on the roof deck and watch Padres win or just do BBQ with your friends. You’ll enjoy the unique, very ‘hip’ facilities at Icon, including the spectacular ‘skybox’ for viewing Padre games, courtyard level 5th Inning Lounge, theatre/viewing room, and fully-equipped fitness studio. Cash Buyer would be easiest and fastest to close, although building IS FHA and VA approved! In Short, Great Opportunity that will not last!
So these 2 for now, and I will keep you in the loop for other stuff that comes up. Hope you are having a fabulous week, San Diego!
Real Estate Supergirl
I’m so excited! At last a worthwhile listing came up again in Gaslamp City Square Building Downtown San Diego.
This 2 br 2 bath is perfect for investors!
LIsted for $425,000 is perfectly makes sense to buy and rent out with low low low HOA’s of $340 per month!
Amenities include gym, pool, jakuzzi, maintanence, etc.
Corner unit, Lots of light, faces 5th and J street. Desirable Split Floorplan for roomates and future resale, 2 parking spots!
Rent it out anywhere from $2000-$3000, depending on whether the place is furnished or unfurnished.
Real Estate Supergirl