560 First Ave,
San Diego, CA 92101
March 3rd, 2014 Categories: San Diego Real Estate Deals
There’s a condo for sale at The Grande North right now, that I think is a pretty good deal. This third floor condo is advertised a 1,550 sqft, 2br/2ba condo on the MLS, when in realty it’s a 1,684 sqft, 2br+den/2ba condo. I have no idea why it’s being advertised this way, but I know this unit/floorplan well and can all but guarantee it’s 1,684 sqft.
I sold this condo years ago to a client and have sold others just like it. It faces south over the building/garage entrance and is the larger of the two “A” floorplans (this is the A2, vs the 1,625 sqft A1 plan) – the extra square footage is in mostly in the closet. The unit is HUD owned and can be purchased by anyone – owner occupied, investors, second homes, etc. The property has been on the market since Nov 2013 and has been in and out of escrow four times. From what I’ve learned, there’s nothing wrong with the property though and the price has dropped from about $743K to about $668K.
It turns out, I’m actually pretty decent at my job. According to February’s San Diego Downtown News, I was ranked #4 for “total sales (including all buyer sales and listings sold)” in the downtown San Diego market (for 2013). This list is based on the 92101 sales that are on the MLS – not downtown agents that sell outside of 92101. They also broke it down by closed listings and closed buyer sales. For closed listings, I was ranked #6 with 13 sales and for closed buyer sales, I was ranked #3 with 15 sales (again, only for 92101 properties).
To all you downtown San Diego condo owners, you can relax just a bit longer. It turns out the Bosa Development won’t be breaking ground on the new Santa Fe Depot Parcel #9 building quite yet. From what I’ve learned, Parcel #9 is too high-end of a building to build right now – in other words, no one will pay what Bosa wants/needs to sell the condos for when they’re done. Rumor has it that Bosa plans on selling the new tower for an average of $1000/sqft, which is the very top end of our market right now.
So what now? The way I see it, there are few options…
February 3rd, 2014 Categories: San Diego Sales Statistics
**Please note that I only have statistics going back to 2007.
It seems like just yesterday, I was ringing in the new year with cheap champagne and good friends. Now that January has already passed, I thought it’d be a good time to look back and see what the real estate market has been doing…
In many regards, 2009 was a significant year. After the market peaked in 2006, there were some ups and downs, but it seems like 2009 was when things really started to improve. From 2009 through 2013, there was a 98% decline in developer sales for downtown San Diego. Bayside and Sapphire Tower were completed in 2009, so there was a fair amount of new inventory on the market then – not to mention buildings like The Legend, Smart Corner and Electra still had a fair amount to sell as well. As the new inventory sold and the market improved, buyers had to look at distressed sales (REOs and short sales) and regular resales.
I just put a condo on the market at Horizons. It’s a 2br/2ba condo (it used to have a den, but has been removed) with 1,544 sqft. It’s on the 7th floor and faces south west, towards the bay. This condo has been completely remodeled. There are new gray oak wood floors, new quartz countertops throughout and much more. In the kitchen, there are dark gray silestone counters, a tile/aluminum mosaic backsplash, high-gloss white kitchen cabinets and soft closing drawers. The island was extended to allow for more seating and has matching a countertop.
New light was added throughout the condo, including Lutron switches, a WeMo wifi switch for the gas fireplace (which allows you to control it with your iPhone) and two Nest thermostats were also installed. The two bathrooms were completely redone using porcelain tile for the walls and floors and silestone countertops. The master bathroom has a two person walk-in shower, with a rainshower head and two body sprays at one end and a massage shower head and wand at the other. A custom bench was also installed to make shaving and bathing a bit easier. The master has his and her sinks, “floating” mirrors and a “floating” vanity. All the ceilings have been smoothed out to give it a more modern look and all new doors have been installed to match the cleaner look.
There are two balconies in this condo – one large one off the living room/den and a smaller one off the master bedroom. The master bedroom has a large walk-in closet and there’s also a large laundry room (not closet) in the hallway. Condo #704 has two side-by-side parking spaces, a large storage locker and the building comes with 18 guest parking spaces!
Horizons is a luxury highrise with a pool, gym, hot tub and much more. Even though this condo is on the seventh floor, you do get a pretty nice bay view and it’s pretty well protected. If you’d like to see this condo or any other, please contact Denny Oh at 858-243-2092 or [email protected]
December 31st, 2013 Categories: Denny Oh
Well it’s been another great year and as usual, time has flown by. The year started off with low inventory, which resulted in a flurry of multiple offers and happy sellers. By July, prices had risen about 20% and inventory started to pick up. The government shutdown pretty much brought real estate to a halt in September and carried on through October. The market picked up again in November and the year finished strong.
December 24th, 2013 Categories: Real Estate News
Dog owners in downtown San Diego are as common as yogis are in Encinitas, or as Range Rovers are in Del Mar, or as muffin-tops are in PB (don’t worry if you didn’t get that last one) – they’re everywhere, myself included. Man’s best friend has been around for centuries and just because you don’t have a yard, it doesn’t mean you can’t have a dog. However, it can be a little difficult, or perhaps inconvenient, not having a place you can walk to with your dog, taking him/her of the leash and letting them run around in a safe, clean, confined area with other pups. Yes there are a few make shift dog parks downtown (the grass in front of the Gaslamp Marriott, Park at the Park, the school in Little Italy…), but there’s no real dog park. Well, that may be changing…
December 17th, 2013 Categories: San Diego Real Estate Deals
There’s a pretty good deal on a 1br condo at Icon currently. The seller needs out and I’m confident I can get it at about 10-20% below the market comps. Icon is a four building community located right next to Petco Park and the new library. I’m guessing you can purchase the condo for under $300K and it would rent for about $1700-1900/mo. Paying cash at $300K achieves an ROI of 3% (assuming you get $1750/mo in rent, pay 5% in management fees and it’s vacant one month/year). Three percent isn’t great, but I think you’ll see more on the appreciation as East Village grows.
Icon is in construction defect litigation right now, which has lowered prices there – that coupled with the unusually high number of 1brs on the market there (6 currently) and the holidays, market times have grown. You won’t get rich buying this condo, but I’m pretty sure you’ll do well if you sit on it for 3-5 years.
If you have any questions about this downtown San Diego condo deal, or others, please let me know. Denny Oh 858-243-2092 d[email protected]
It’s been several years since downtown San Diego has seen any condos being built. The last residential construction (not including hotel’s or apartments) was completed around 2009 with Bayside and Sapphire Tower. Now that the economy has picked up and the housing market has more than recovered, developers are going back to their old plans and are getting ready to build. Most notably, Bosa Development is rumored to break ground early next year (probably February) on their Santa Fe Depot Parcel #9. The building, name to still be determined, should be finished around the end of 2016.
Unofficially labeled “San Diego’s Sydney Opera House,” this new luxury highrise will be our most expensive building to date. I’m anticipating prices to average around
November 27th, 2013 Categories: Miscellaneous
I rarely complain (in public) about other agents, but I recently witnessed something so incredibly frustrating, that I have to share it. I’m so tired of the lack of knowledge, professionalism and morals in real estate and it kills me to see agents “represent” their clients so poorly. I don’t claim to be the best agent, but I do know what I’m good at and I won’t represent a client if I think I won’t be able to properly assist them.
(858) 243-2092 [email protected] Cal DRE #01420194