Right now, there are a measly 195 active listings in downtown San Diego.  This is the lowest amount of downtown San Diego condos for sale I’ve ever seen.  Downtown, the busiest price point is $400K(or so) and below.  Right now, there are 65 active listings and 59 pending condos, priced at $400K or below.  In the last 90 days, there have been 98 sales(actual closings) with a list price of $400K or below.  Let me say that again – 98 sales in 90 days and there are only 65 active listings.  There were 22 more sales in the same time period, between $400k-500K.  Clearly, if you are thinking of selling your place and it’s around the $400K price or less, you need to list it now.  Don’t wait until next year when all the “first time” buyers and investors have already purchased what they needed.  Do it now, when there are multiple offers on short market times.

Going up in price point, there are 41 active listings between $500-750K.  There are only 9 pending condos and only 26 sold in this price range over the last 90 days.  This is a slower price point, but not bad (it just looks slow because the sub-$400K range is so active).  There are only 9 pending sales in this range.

Moving on up, there are 23 active listings for condos priced between $1-2M.  There are 7 pending sales and surprisingly, there were 23 sales in the last six months.  Above $2M, there are only 9 active listings, zero in escrow, but four have sold in the last six months.

Overall, the market seems to be doing pretty well.  Yes, prices may come down a bit more, but there are plenty of “experts” who will argue either side.  Alan Nevin seems to think that we’ve already passed the bottom.  I guess my point is that, if you plan on selling your place sometime in the next few years, you should think long and hard as to why you shouldn’t do it now.  If you have any questions, comments, jokes, etc…feel free to email me at denny@sandiegoh.com or call me at 858-243-2092.  Or you can post a comment below.

If you want me to give you a better idea of what your home might be worth, get in touch with me via one of the methods above.  And I promise, I won’t harass you to list with me, or spam you.  Thanks.

In the interview, Nevin is quick to admit that this is the first time he’s been optimistic about the San Diego housing market in about four years.  He points out that all seven of San Diego’s major economic driving forces were doing well(i.e. biotech, manufacturing, telecom, etc) and that the market has bottomed out and is moving forward.

Some interesting statistics mentioned were that San Diego’s unemployment rate has dropped from about 10.1%, to 8.9% in the last year and 23-25K jobs were created in 2011. Nevin also focused on the fact that vacancy rates are extremely low, at only about 3-4% and that foreclosures have significantly decreased.

No one can ever be 100% sure, but it seems like there are a lot of people out there buying San Diego real estate.  I know that I’ve been getting a lot of inquires lately and there’s a lot more demand than 12-18 months ago.  Hopefully we start to see more inventory come into the market, but they will predominantly be resales, as there’s very little new construction going on(zero condos are being built downtown right now).  Take advantage of current rates and find yourself a home!

Please click here to subscribe and stay posted on current San Diego real estate deals and news.  Thanks.

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

12 sales, out of a total of 186 condos in the building – I think this is a pretty typical amount of sales, “healthy” being around 7% on average(at least that seems to be about the average for downtown highrises over the years).  The average $/sq.ft. was just below $600/sq.ft. and the average sales price was about 9% below the list price.  In my opinion, this last statistic reflects some rather ambitious sellers, who clearly were hoping for more money, but eventually came to terms with reality(not to mention their the eager listing agents who gladly took overpriced listings, hoping to grind down the price over time).

The average market time was 96 days, which really isn’t too bad for a “high-end” building.  Downtown San Diego’s Pinnacle condos continue to be an obvious choice for many condo buyers.  The central location, high ceilings, incredible views and contemporary design seem to be the main attractions for the Pinnacle.  Other features, such as powder rooms(i.e. 2.5 Ba vs. 2Ba), additional parking (several owners have purchased more than the “normal” number of parking spaces) and even insta-hot water taps have played part in wooing other buyers.

At the end of the day, each building/location has its pros and cons.  Some buildings are too old.  Others are too stuffy.  Some are too cold.  They key to check out several different options and see what works best for you. If nothing else, looking at a building you think you won’t like, will just confirm what you already know and make you more confident in your decision. Look at the same properties on different days and times(weekends vs. weekdays, AM vs. PM, etc), walk around the area to get a better understanding of what’s nearby and figure out what suits you the most.  If you have any questions about the Pinncle, or any San Diego real estate, please contact me at 858-243-2092 or denny@sandiegoh.com.

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

Click here to see condos for sale at Bayside San Diego.

Currently there are only 21 active listings in downtown San Diego, for 2 bedroom condos between $400-500K.  Four of these listings are in buildings that have litigation, which means that you need at least 20% down.  The Legend however, is not in litigation and is even VA approved.  Condo #306 at The Legend has a split “dual master” layout and a view into Petco Park.  Listed for $475K, this 1,062 sqft 2bedroom, 2 bath condo is a great value.  The last few 2br/2ba condos that sold at The Legend sold for $500K and $515K(third and forth floors).  Unit #306 is also being offered fully furnished, which includes a 55″ and a 46″ Samsung LED TV, as well as very lightly used leather furniture.

The Legend is the only residential building that is literally on Petco Park’s land.  The Legend is probably most well known for the incredible 3,200 sqft outdoor lounge area on the 7th floor.  This common area is free to use and has multiple fire pits, an outdoor kitchen(including grills, sinks and a refrigerator/freezer) and a couple flatscreen TVs.  I have friends and clients who use this space to watch ball games, have meetings, or just to hang out and enjoy San Diego’s weather.  The Legend also have a gym, pool, spa, steam and sauna, as well as an indoor community room.

If you’re looking for a vacation home, rental property, or something to move into, The Legend #306 might just be what you’re looking for!  Contact me to schedule a showing, or with any questions.

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

I love Parkloft because it’s a true loft building – there are no interior bedroom walls, the lofts have exposed plumbing and ventilation ducts, high ceilings and lots of open space.  Some units also have exposed concrete walls, which I love, but can also be painted or textured over.  If you’re looking for an open space, Parkloft if it.

Professionally, I had one of my best years.  I was lucky enough to complete 29 transactions, totaling in over $8.5 million in volume($8.577M for those who are

counting) and I did a handful of rentals as well.  I was the #1 agent at Windermere Signature Properties, in terms of units sold(including all teams).  In the last two years, I’ve sold over $17M in real estate and hope to improve this year.

Thank you to everyone – friends, family, clients and coworkers – who made last year so memorable.  I appreciate your trust, support and loyalty.  Thank you.

If you know anyone who might need my help buying, selling or leasing real estate in San Diego, please let me know.  I would love your referrals. This year, I hope to spend more time on my blog, sharing my knowledge and opinions of San Diego real estate.  I may not always be right, but I’ll always give you my honest opinion.  Thank you to everyone who has gotten me this far and I look forward to working with those of you who I have yet to meet!  Happy New Year.

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

Click here to see San Diego Real Estate Statistics

Click here to see great San Diego Real Estate Deals

Click here to search the MLS

There are a lot of things to consider when you go to sell your home and some things are more important than others.  Here’s a list of things that I think are important…

1. Who do you list with? The simple answer is, me – Denny Oh(858-243-2092).  But…if that doesn’t give you a good enough idea of what you should be looking for, here are some thoughts…

• You want someone who is a professional. Too many times, I’ve been on the receiving end of working with an incompetent agent.  Since it’s pretty easy to become a realtor(you take a few classes, pay a couple hundred bucks and pass a few exams), a lot of people get into the industry.  True, many people have left since they ran out of relatives’ homes to sell, but there are still a lot idiots out there. I’m talking about people who leave voicemails without leaving a callback number, their name, or which property they’re calling about.  Realtors who email you from accounts that they self-admittedly don’t check(ever!), or agents who don’t know how to fill out a contract properly.
• You want someone personable. As basic as this sounds, it’s pretty important.  I’m not saying your realtor needs to be your best friend, or a Chatty Cathy, but they need to be able to communicate with you and to the agents who want to show your home.  I hate showing some properties because I can’t stand the other agent(especially if they’re meeting you at the home to show it).  Keep in mind, buyer’s agents have some control as to which properties they want to show their clients and if your agent isn’t very likeable(professional, courteous, responsive, etc), the buyers’ agents may just skip your home all together.
• Someone you trust. Selling your home is a big deal.  Look at it this way…if you sell your home for $450K, versus $435K is a $15K difference to your net proceeds.  However, to your agent, it’s only a difference of $450 in commissions.  You need to have someone who trust, that will fight for you and keep your best interest in mind.  Less honest agents may try and sway your decision, by doing something that makes their job easier.

2. How much do you list your home for? Pricing your home correctly is very important.  Listing it too high discourages some potential buyers and pricing it too low, might end up with you leaving money on the table.  Depending on the market, it may or may not be clear as to where you should price your home.  It typically depends on relative inventory, the time of the year, recent comparable sales and how quickly you want/need to sell.  Having an agent who knows the market and can explain to you where your home should be priced is extremely important.

Your agent might not be right every time, which is why you want someone who will monitor the showings, feedback and keep up with what the market is doing.  Being able to react to the market is just as important as anything else.  Also, if you’re thinking that since there’s nothing else on the market that you should list your home high, think again.  More than likely, the buyers will think you’re not motivated to sell and will not look at it.  Then, undoubtedly, your neighbor will list their home for less and you’ll be in a price cutting war.  Don’t be too greedy.

3. Repairs and Improvements. You want to make your home look as nice as you can, without putting money into it that you you won’t get back.  If your carpets are trashed and you have no bathroom doors…you might want to spend some money.  On the other hand, you don’t want to over do it and get a Viking range if the property is worth $300K.  Bathrooms and kitchens tend to have the best return on your investment and paint and new flooring can go a long ways.  Try and keep things neutral and not too specific to your own taste – trust me, most people won’t like the crazy dragons you hung on the wall.  Check with your agent before you make any changes, or spend any money.

4. Do it now. Buyers(and their agents) are constantly complaining about how little inventory there is.  Right now, there are only 211 active listings downtown, which is really low.  If you’re waiting to sell, you may want to think again.  Waiting for the summer might not be the smartest thing, especially if everyone else is thinking the same thing.

If you have questions about your home’s value, or anything else related to real estate, feel free to give me a call.  Denny Oh 858-243-2092 or denny@sandiegoh.com.  Thanks and Happy New Year.

Most of these homes were located in Rancho Santa Fe, La Jolla and in Coronado – no surprise there – with a few others in Del Mar and other coastal neighborhoods. The biggest surprise to me was that only 5 of these were completed with a loan. In other words, over 81% of San Diego’s most expensive home purchases were done with cash. With a total sales volume of almost $181,000,000, this is a lot of cash that people are investing in real estate.

The most expensive sale in 2011, was a $12M home in the La Jolla Muirlands.  This 12,203 sqft “home” has 7 bedrooms, 11 full baths and 3 half baths.  It also has “2 offices, a theatre, game room, wine cellar, exercise room, 9 fireplaces, garages for up to 7 cars, expansive patios, and an infinity edge pool & spa,” according to the listing.  The most expensive sale in terms of price per square foot, was for a Del Mar home that sold for $3463/sqft. This home was a 2Br/3Ba, 1660 sqft home.

In 2010, there were a total of 32 sales in San Diego County, with a price of $5M or more.  The highest sales price in 2010 was $10,500,000, for a 4Br/4.5Ba, 6315 sqft oceanfront home in Coronado. However, at $4506/sqft, a 1731 sqft 3Br/2Ba home, also in Coronado, took the title for the most expensive home – location, location, location! The lowest $/sqft was for a 16,281 sqft, 8 bedroom, 9 full bath and 5 half bath home in Fairbanks Ranch, selling for $368/sqft.

Year over year, 2011 had 5 less sales(15%) than 2010, which amounted to more than $95M in home sales.  Does this mean that people are losing faith in San Diego’s real estate market?  Doubtful.  At the higher price points, people tend to buy upon desire and not so much as an investment.  Homes are worth what someone is willing to pay and this is most evident at these higher price points.  After all, how do you comp(find comparable sales) for a 12,000 sqft mansion in Fairbanks Ranch?

Land is scarce in San Diego and it’s clear that people are willing to pay for a view and/or location.  Markets will rise and fall, but in the end, there’s only one San Diego and clearly, people are willing to pay for it.  If you have any questions about SD real estate, please don’t hesitate to contact me.  Denny Oh 858-243-2092 denny@sandiegoh.com