The market is bad, homes are over priced, inventory is too high and interest rates are terrible.sound familiar? Well is that really the case? Having been in the business for three years, Ill admit, this is still somewhat new to me. Its true, Im not as experienced, or as old, as some of my colleagues. However, I have been in the business long enough to know that bad news sells better than good news and that older isnt always better.
1) July of 2007 had 492 active resale listings Downtown “ July of 2006 had 613. Thats almost a 20% reduction in active listings.
2) In early 2006, there were about 100 condos for sale at The Grande at Santa Fe “ today there are only 38 for sale(out of 440).
3) The average waterfront condo in Downtown San Diego is priced around $750/square foot, but is closer to $1,000/square foot in other West Coast cities like Seattle, Vancouver and San Francisco.
4) Fortune magazine recently stated that Downtown San Diego will be flooded by 6,000 newly constructed condos.but heres what they neglected to discuss
5) Many of the 2007 high end buildings have already paid off their construction loans.
6) Currently there are approximately 30,000 Downtown residents. By the year 2030, this number is predicted to be closer to 90,000.
Is all of this new to you? Does it seem to contradict what the Union Tribune says? There is no bubble and in my opinion, Downtown is not over built. Yes theres a lot of inventory coming onto the market, but its spread out over time. In addition to this, there are very few high quality products coming on.
Once San Diego gets its corporate side going, which it slowly is, Downtown San Diego will be one of the nicest, most sought after metropolitans in the nation. Were young, but were going to be great and you should take advantage of it while you can afford to.
In my opinion, buyers will have the best deals from now, through 2008. If you have any questions, or comments, Id love to hear them. And if you need someone who knows and works the Downtown market, Id love to get in touch with you.
To get a FREE list of some great deals, call me at 858-243-2092, or email me at firstname.lastname@example.org
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