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560 First Ave,
San Diego, CA 92101
858-243-2092 Cell
619-481-5040 Fax

Downtown San Diego Market Recap

**Please note that I only have statistics going back to 2007.  

It seems like just yesterday, I was ringing in the new year with cheap champagne and good friends.  Now that January has already passed, I thought it’d be a good time to look back and see what the real estate market has been doing…

In many regards, 2009 was a significant year.  After the market peaked in 2006, there were some ups and downs, but it seems like 2009 was when things really started to improve.  From 2009 through 2013, there was a 98% decline in developer sales for downtown San Diego.  Bayside and Sapphire Tower were completed in 2009, so there was a fair amount of new inventory on the market then – not to mention buildings like The Legend, Smart Corner and Electra still had a fair amount to sell as well.  As the new inventory sold and the market improved, buyers had to look at distressed sales (REOs and short sales) and regular resales.

Screen Shot 2014-01-31 at 4.10.35 PM Read the rest of this entry »

Authored by Denny Oh | Join The Discussion

Completely Remodeled Horizons Condo

mls_horizon704_002I just put a condo on the market at Horizons.  It’s a 2br/2ba condo (it used to have a den, but has been removed) with 1,544 sqft.  It’s on the 7th floor and faces south west, towards the bay.  This condo has been completely remodeled.  There are new gray oak wood floors, new quartz countertops throughout and much more.  In the kitchen, there are dark gray silestone counters, a tile/aluminum mosaic backsplash, high-gloss white kitchen cabinets and soft closing drawers.  The island was extended to allow for more seating and has matching a countertop.

New light was added throughout the condo, including Lutron switches, a WeMo wifi switch for the gas fireplace (which allows you to control it with your iPhone) and two Nest thermostats were also installed.  The two bathrooms were completely redone using porcelain tile for the walls and floors and silestone countertops.  The master bathroom has a two person walk-in shower, with a rainshower head and two body sprays at one end and a massage shower head and wand at the other.  A custom bench was also installed to make shaving and bathing a bit easier.  The master has his and her sinks, “floating” mirrors and a “floating” vanity.  All the ceilings have been smoothed out to give it a more modern look and all new doors have been installed to match the cleaner look.

There are two balconies in this condo – one large one off the living room/den and a smaller one off the master bedroom.  The master bedroom has a large walk-in closet and there’s also a large laundry room (not closet) in the hallway.  Condo #704 has two side-by-side parking spaces, a large storage locker and the building comes with 18 guest parking spaces!

Horizons is a luxury highrise with a pool, gym, hot tub and much more.  Even though this condo is on the seventh floor, you do get a pretty nice bay view and it’s pretty well protected.  If you’d like to see this condo or any other, please contact Denny Oh at 858-243-2092 or [email protected]

Authored by Denny Oh | What Do You Have To Say?

Thank You for 2013

Well it’s been another great year and as usual, time has flown by.  The year started off with low inventory, which resulted in a flurry of multiple offers and happy sellers.  By July, prices had risen about 20% and inventory started to pick up.  The government shutdown pretty much brought real estate to a halt in September and carried on through October.  The market picked up again in November and the year finished strong.

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Authored by Denny Oh | What Do You Have To Say?

Rad Lab Dog Park

Dog owners in downtown San Diego are as common as yogis are in Encinitas, or as Range Rovers are in Del Mar, or as muffin-tops are in PB (don’t worry if you didn’t get that last one) – they’re everywhere, myself included.  Man’s best friend has been around for centuries and just because you don’t have a yard, it doesn’t mean you can’t have a dog.  However, it can be a little difficult, or perhaps inconvenient, not having a place you can walk to with your dog, taking him/her of the leash and letting them run around in a safe, clean, confined area with other pups.  Yes there are a few make shift dog parks downtown (the grass in front of the Gaslamp Marriott, Park at the Park, the school in Little Italy…), but there’s no real dog park.  Well, that may be changing…

A while back, some recent grads of the Newschool of Architecture successfully funded a Kickstarter project called Rad Lab.  Here’s a brief description from the Kickstarters…

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Authored by Denny Oh | What Do You Have To Say?

Anyone want a Good Deal?

There’s a pretty good deal on a 1br condo at Icon currently.  The seller needs out and I’m confident I can get it at about 10-20% below the market comps.  Icon is a four building community located right next to Petco Park and the new library.  I’m guessing you can purchase the condo for under $300K and it would rent for about $1700-1900/mo.  Paying cash at $300K achieves an ROI of 3% (assuming you get $1750/mo in rent, pay 5% in management fees and it’s vacant one month/year).  Three percent isn’t great, but I think you’ll see more on the appreciation as East Village grows.

Icon is in construction defect litigation right now, which has  lowered prices there – that coupled with the unusually high number of 1brs on the market there (6 currently) and the holidays, market times have grown.  You won’t get rich buying this condo, but I’m pretty sure you’ll do well if you sit on it for 3-5 years.

If you have any questions about this downtown San Diego condo deal, or others, please let me know.  Denny Oh 858-243-2092 d[email protected]

Authored by Denny Oh | What Do You Have To Say?

Bosa’s New Building…

Screen Shot 2013-12-09 at 11.58.50 AMIt’s been several years since downtown San Diego has seen any condos being built.  The last residential construction (not including hotel’s or apartments) was completed around 2009 with Bayside and Sapphire Tower.  Now that the economy has picked up and the housing market has more than recovered, developers are going back to their old plans and are getting ready to build.  Most notably, Bosa Development is rumored to break ground early next year (probably February) on their Santa Fe Depot Parcel #9.  The building, name to still be determined, should be finished around the end of 2016.  

Unofficially labeled “San Diego’s Sydney Opera House,” this new luxury highrise will be our most expensive building to date.  I’m anticipating prices to average around

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Authored by Denny Oh | What Do You Have To Say?

How to Lose $300K in a Day

I rarely complain (in public) about other agents, but I recently witnessed something so incredibly frustrating, that I have to share it.  I’m so tired of the lack of knowledge, professionalism and morals in real estate and it kills me to see agents “represent” their clients so poorly.  I don’t claim to be the best agent, but I do know what I’m good at and I won’t represent a client if I think I won’t be able to properly assist them.

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Authored by Denny Oh | 2 Comments

Harbor Club 1BR Rental

HC CropHave you ever wondered what those tall black and brown towers were over by the Convention Center?  Well, they are the Harbor Club towers and they are some of San Diego’s most expensive, most desirable condos downtown, with arguably some of the best views.  I recently listed Harbor Club condo #1403 for rent.  This 1br/1ba condo is 1,036 sqft and is on the 14th floor of the east tower (100 Harbor Drive).

Without any exaggeration, the views from everywhere in this condo are incredible.  You can see the bay, Coronado, the Coronado Islands, the

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Authored by Denny Oh | What Do You Have To Say?

Price Reduction!

MLS_first113_06I just reduced the price on my 2br/2.5ba condo at The Lodge in Banker’s Hill to $499K, which is only $434/sqft.  The last three two bedroom sales at The Lodge were considerably higher, at $472, $508 and $541/sqft.  Here are a few reasons why I like this property:

Aside from that, the condo is in great shape and is just a good property in general.  If you haven’t noticed, San Diego is still growing (especially downtown) and as prices keep rising there, people will look to the more affordable areas like The Lodge.  I think this is a great investment and should do well in the future.  Having a dual master townhome with 2.5 bathrooms is a huge plus as well.  And yes, there are two gated parking spaces with this unit (and a gym).

Let me know if you’d like to take a look at this great condo! Denny Oh 858-243-2092 [email protected]

Authored by Denny Oh | What Do You Have To Say?

Are Home Prices Going Down?

Currently, there are 257 active listings in downtown San Diego.  This is up quite a bit from the beginning of 2013, when we had about 140 active listings…about an 84% increase.  So is it a good time to buy now, or are prices going to drop?  In the last month or two, the market has cooled off, but the ”good” properties are selling pretty quickly.  I haven’t noticed a drop in prices, but we’re definitely not seeing prices rise right now.  Listings are sitting longer and buyers are more critical of how much they want to spend – probably a result of the government shutdown, the volatility in the stock market and simply because we’re heading into the holiday season.

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Authored by Denny Oh | What Do You Have To Say?

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