Originally I thought I had a client for this deal, but since that didn’t workout, here you go! Last week, a condo at the Trellis condo building in downtown San Diego came on the market at an incredible price. It’s a 910 sqft, 2br/2ba condo on the 8th floor. It faces east primarily, but has views to the north and south as well.
It’s priced at $315K and similar units on the 3rd and 4th floors sold earlier this year for $307K and $325K respectively. Another great thing is that the 3rd and 4th floor comps were short sales(which typically sell for less than the comps and are better “deals”), making this price that much more appealing. AND…this isn’t a short sale. It’s an REO! A foreclosure! Bank owned! (yes, all of those terms mean the same thing…that was part for your benefit and part for my SEO’s benefit!)
This condo has a split floor plan, so the two bedrooms don’t share walls. There’s a high counter/bar area and a decent sized balcony. The building also comes with a gym, outdoor and indoor lounge areas and community bbq areas.
Similar units have rented between about $2200-2500/mo and the HOA dues are only $485/mo(yes I said only). So with 20% down and a 4.5% interest rate, you’re looking at about a $2000-2100/mo payment – that INCLUDES your HOA and property taxes. The only other fees you’d have are utilities(some of which are covered by your HOA dues) and condo insurance (maybe about $400/year).
Once you factor in the additional tax savings you get for having a mortgage, you’re actually paying less than you would on rent AND you’d be a homeowner. Who would have thought you could own a condo in the heart of downtown San Diego for so cheap?
Trellis is located at 530 K Street, on the corner of 5th and K St, a block away from Petco Park. This is a great location if you want to experience downtown and enjoy all the excitement. Please call Denny Oh today if you’re interested in this condo. [email protected] 858-243-2092