In 2009, there were 808 condo sales in downtown San Diego – almost 19% more than the amount sold in 2008.  In my opinion this was due to two factors: A) Prices were lower than the year before and B) People were more confident that the “bottom” had been reach, or at least it was close. As you can see in the chart below, month-to-month, 2009’s condo prices were on average, 17% below 2008’s sales prices(and yes, I know you can’t take an average of an average, but you get the idea).

At the peak of the market in 2005, there were 846 condo sales in 92101.  The average sales price then was $686,991 versus 2009’s $462,710 – almost 33% below 2005’s average downtown San Diego sales price.  However, due to the low prices, there were 808 condos sold in 2009, which was almost 19% more sales than in 2008.  The entry level market for downtown San Diego was extremely competitive.  Anything below about $300K was going quickly, while the $1.5M plus range was still pretty quiet.  Still, buyers at all price points were looking for deals and may had the cash to do it.  Once again, the summer months were the busiest with 97 sales in the month of July.  Surprisingly, we saw 97 more condos sold in the month of October – perhaps driven by people’s desire to get into something before the holidays.

With most downtown San Diego condos selling in about two months, even with all the short sales and foreclosures, 2009 turned out to be a pretty decent year – unless you were selling.  Many people discovered that they could actually afford downtown living since prices and interest rates were low – something that to my knowledge hasn’t ever happened in San Diego.  Downtown San Diego even saw a condo sell for $6,160,000! Now if this person spent that much money on a condo in downtown San Diego, maybe people should reconsider whether or not buying real estate in San Diego right now is a bad idea – I’m guessing this person might know a little bit about investing.

No one knows exactly what will happen to the real estate market this year, or the next, but what we do know is that interest rates must go up.  And when they do, I hope you can be happy you already bought and not complaining that the $500K home you could have afforded is now actually a $425K home (based on 20% down and a rate increase from 5.25% to 6.75%).  So with that said, good luck!  If you would like to talk about purchasing a home in the San Diego area, please contact Denny Oh at 858–243–2092 or denny@sandiegoh.com.  And if you are thinking about selling, it might be better to do it now and take advantage of the buy side than waiting.

*All statistics are based on Sandicor’s MLS.  Many of the “new construction” statistics are not listed in the MLS, therefore not in these numbers.

At 1,036 sqft, the Harbor Club one bedroom condos are some of the largest one bedrooms in all of downtown San Diego(the Meridian has some that are around 1300 sqft!).  The thing that I like about the Harbor Club condos is that they’re in a great, convenient location and the building is truly one of a kind.  With only three or fewer condos per floor, you don’t have the long apartment-like hallway feel.  The Harbor Club staff are some of the best in town and the pool area is also great.

The one bedroom condos at the Harbor Club face inwards – the 100 and 200 Harbor Drive towers are mirror images with the one bedrooms facing each other.  The one bedrooms in the 100 Harbor Drive(the west tower) high rise face east and have some very nice city and partial bay views.  These condos end in ‘06, the prefix indicating the floor number.  In the eastern 200 Harbor Drive tower, the one bedrooms end in ‘03 and face west.  The ‘03 one bedrooms have incredible bay views(from about the 10th floor and up) which are very protected.  I personally prefer the one bedrooms in the east tower because they are less obstructed by the west tower.  The way the 100 and 200 towers are positioned, the 100 tower is slightly further north and the one bedrooms face slightly south.  The 200 tower one bedrooms face south as well(and west), but since the tower is further south than the 100 tower, you’re seeing more water than building.  Have I lost you yet?

What I’m trying to say is that in addition to having a south west view, the one bedrooms in the east tower of the Harbor Club are less obstructed by nearby buildings.  And while these one bedrooms only come with one bathroom, they make up for in living space.  These condos, especially from about the 10th floor and up, offer some great, protected bay views.  If you’re looking for a one bedroom, definitely check out the Harbor Club.

Click here to see condos for sale at the Harbor Club

I know I’ve been lagging in providing new posts lately and promise that will change.  In the meantime, thank you all for reading and giving me the opportunity to help you.  If you have any questions, suggestions, complaints or anything, please don’t hesitate to contact me.

Thank you again and I look forward to hearing from you.

On average, www.sandiegoh.com has about 80–100 different visitors a day(these are different people coming to my site – not one person going to my site over an over again).  Most of these people do not

“follow” my blog, rather they are searching for things like “bayside condos by bosa,” or “best san diego real estate deals,” or “san diego electra rent.”  In fact, most of my new clients come from my website and the typical call/email goes something like this…”Hi Denny.  My name is _______ and I’m looking to purchase a home and I keep coming across your name.  Can you help me find a good deal?”  I’m sharing this with you not because I want a pat on the back, but because I want to show you how valuable it is to advertise your home online and most importantly, with me! 

Placing ads in the newspaper, holding open houses and other “traditional” methods are not necessarily the best way to sell real estate in today’s market.  In my opinion, having a strong online presence is by far the best way to advertise.  San Diego home buyers come from all over the place – Arizona, the Midwest, Seattle….all the places that don’t have the beautiful weather that San Diego does(so pretty much everywhere else).  I can guarantee these buyers are doing a lot of research before they come out here and my goal is to get my site in front of them. 

So while I don’t expect you to read this and simply give me a listing, I do hope to plant a seed and ask that if and when the time comes for you to sell a home, please give me a shot.  All I’m asking for is a chance to talk to you and show you why you want me as your realtor.  In the meantime, why don’t you subscribe to my blog? And just as a quick heads up, I’ll be posting some info on how you can get about 15–40% ROI(typically in 30–90 days) by working with me if you have some cash lying around.  If you’re interested, give me a call.  And if you know me know, you know this is not some sort of scam. 

Denny Oh denny@sandiegoh.com 858.243.2092

The Legend is located at 325 7^th Ave and literally sits on Petco Park’s property.  The 3200 sqft seventh floor deck is a great place to hang out during Padre games, or just for fun.  The Legend has a pool, steam and sauna room, gym and 24 hour security and onsite concierge. 

If you’re interested, let me know!

Denny Oh denny@sandiegoh.com 858–243–2092

Right now, there’s a great condo for sale on the 17thg floor of the south tower of the Renaissance condo development.  This floor plan is by far one of the most convenient and intelligently designed condos in all of downtown.  It’s a 2 bedroom, 2.5 bathroom condo that’s just under 1300 sqft.  Very few buildings offer 2.5 bathrooms and even few offer dual master bedrooms! Additionally, the two bedrooms are on opposite ends of the condo to maximize privacy and space.  Another great thing about this floor plan is that there is very little hallway space – so even though it’s less than 1300 sqft, it feels like a lot more.

This floor plan at the Renaissance condos is also a corner unit.  This particular condo faces south and west, with great bay and city views.  Another thing I love about this floor plan is that the kitchen is very open and it’s great for entertaining.  And here’s one more thing – the corner windows in this unit consist of four large panes that collapse as they slide open, creating a great open feeling.   This is very unique and it’s great for enjoying the great San Diego weather.

Here’s why this is such a great deal.  This 17th floor condo just went on the market yesterday for $615,000-675,876.  There is a very similar unit(same layout/orientation, but a few sqft larger) on the 12th floor that’s currently for sale and is listed at $788K.  The most recent comparable sale is unit 1406, which is a similar unit/layout, but on the 14th floor of north tower, which in my opinion doesn’t have as nice of a view(the south tower blocks its views).    This condo sold for $726,440 less than a week ago – that’s at least a $50K discount for a better view and a higher floor!

If that’s not enough convincing, here’s another comp.  Unit 1111 at Renaissance sold in February of 2009 for $745K.  This is condo is in the same tower/stack as the one you can buy right now on the 17th floor, for much less.  This is a great deal and it’s not a short sale nor an REO.  Let me know when you’re ready.

Click here for more downtown San Diego condo deals.

Click here to search all the condos for sale at 645 Front Street – The Renaissance.

These ‘05 units have bay views to the west and city views to the south(and a bit to the east).  They get plenty of sunlight and offer great views – which will eventually deteriorate as the lots around it get developed.  Right now, there’s an ‘05 unit on the 7^th floor that’s listed as a short sale at $625K.  The same exact floor plan sold this past October for $655K – which was also a short sale.

Unit 405 in The Grande South(same exact unit but 3 floors lower) also sold in October, but for $675K!  If you’re looking for some square footage and can’t pay a million bucks, this might be the condo for you.  Let me know if you have any questions.  Also, I may have a similar unit coming onto the MLS, but with a better view!

Click here to see more downtown San Diego condo deals.

Click here to search all the condos for sale at The Grande North and South.

Real estate prices in downtown San Diego are back to what they were in 2001 and 2002!  With an average sales price of $461,752 in 2009, downtown San Diego condos are 35% less expensive as they were in 2004.  Downtown San Diego condos have not been this “cheap” since 2001!  Keep in mind however, that these numbers a bit skewed, as not all developer sales are represented in these charts(I didn’t have that info). Inventory is low and there’s nothing currently under construction.  What we have now is what we’ll have for at least the next two years(which is about how long it’d take to finish a building if they broke ground today).  Bosa is starting their third tower in San Francisco and I think Bayside will keep their hands full for a while.  My guess is that we won’t see any new condos being started for about 18 months.

I’ve noticed a huge upswing in buyers’ confidence levels and we’re seeing a lot of investors taking advantage of the market.  Yesterday, I was at a Trustee sale on the court house steps and even those(you have to pay cash here – no loans) are busier now(in terms of how many people attend).  In 2009, there were 788 condos that sold in the MLS in downtown San Diego alone.  This does not show all of the developer sales, although there weren’t a ton.  Only 2005 had more condo sales, which was the peak of the market and had 846 sales – only 58 more sales. 

I think most people will tell you that there seeing a lot more activity in the real estate market.  Despite the longer market times that banks are creating(short sales typically take 4–8 months), a lot of homes are selling in the 92101 area.  As you can see below, market times are about 9–16% shorter than they were in recent years and with the new “stream lined” short sale process, hopefully we’ll see even faster transactions.

If you’re thinking about buying, or selling, a home in the San Diego area, please let me know.  I may not have any bus stop ads, but I think that I’m pretty good at what I do.

Click here to see great San Diego real estate deals

Click here to see more downtown San Diego sales statistics.