Gaslamp City Square Condo in Downtown San Diego

Posted on August 31, 2009 | by Denny Oh

Here’s a great real estate deal in downtown San Diego. The Gaslamp City Square condominium complex is one of the few condo buildings that is located right in the middle of downtown San Diego’s historic Gaslamp District.  It was built in 2006 by K. Hovnanian and is surprisingly nice inside.  The building has a pool, spa and fitness center.   This particular condo deal is great for a number of reasons:


1. Location – The Gaslamp City Square is located between 4th and 5th Avenues and Island Ave and J Street.  For those of you who want to be right in the thick of it, this is where you want to be.  Everything is at your doorstep and you’ll never get bored.

2. Patio – This condo is one of the few units in Gaslamp City Square that has a patio.  Only the condos on the ground floor(technically the 3rd floor, but this where where the residences begin) that face into the courtyard have outdoor spaces.  Most, if not all of the other condos have Juliet balconies and won’t accommodate BBQs or anything else.

3. Price – this condo is priced at $197,900 and is $140,100 below what the owners paid for it in 2006.  That’s a 41% savings you’d get if you bought this condo today.

4. The Market – inventory at this price point is low and market times are getting shorter.  The median sales price for condos listed at $350K or below is 100% of the asking price and market times are less than half of what they were a year ago.  If you want something, you better act fast before prices start rising.  Think about this – the peak of the market was November of 2005.  The popular 3/1 and 5/1 ARMs have adjusted, or will adjust by/around 2010.  What’s going to happen to home prices once there are no more short sales and REOs?

5. Financingspot approvals for FHA loans are going away and the new home buyer credit will expire soon.

Summary:

Great condo deal on a 623 sqft condo.  It is a bank owned deal.  You’re in the heart of downtown San Diego.  It’s CHEAP.  Best of all, I know where you need to come in at to be competitive.  The only catch is that you need to act fast – like by tomorrow.

Call me more more details.  Denny Oh 858-243-2092 [email protected]

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