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$4M Penthouse Sold in 10 Days!
February 14th, 2013 Categories: Real Estate News, San Diego Sales Statistics
For those of you who don’t want to spend time reading the entire post, here are the key points:
- $4M condo sells in 10 days
- 57% of all home sales in California had multiple offers.
- 41% of all California homes sales sold at the asking price or higher
- Rents = Mortgage Payments
- Short Sales Down 53% and Foreclosures Down 48%
- 2.1 Months Supply of Inventory
A few weeks ago a 4,000+ sqft, 26th floor condo at the Metropolitan (top 10 floors of the Omni Hotel) came on the market for $3,995,000. A short 10 days later, the condo went pending.* And while this price point is not typical, it’s not unusual for listings to get multiple offers and sell within a few weeks. Prices are the highest they’ve been since the market crashed and buyer’s are in a hurry to get into the market before it’s too late.
M2i #407 – Great Corner Loft
January 31st, 2013 Categories: Featured Listings, San Diego Real Estate Deals
M2i is one of my favorite condo buildings in downtown San Diego. Located at 527 10th Ave (and 1050 Island), M2i is in a great East Village location. It’s not in the high traffic Gaslamp District, but it’s close enough so that you can walk the four blocks and people watch, or go to your favorite restaurant. M2i is also only a few blocks away from Petco Park, 15-20 minutes to Little Italy and only about a 1 minute drive to the freeway (both the 163 and 5). As East Village continues to grow, I think more and more people will see M2i as the perfect location to live downtown (here are some great new/old/future places: Cafe Chloe, Public Library, Blind Burro, Basic, Cowboy Star, Fit, Thomas Jefferson School of Law, etc).
Unit 407 at 527 10th Ave (there’s a #407 at 1050 Island, which is also M2i) is a fourth floor, north east facing corner unit. The 11 ft high ceilings and 1619 square feet, makes this one of the largest floor plans at M2i. There are two bedrooms (that are on opposite sides of the condo and do not share walls) and two full bathrooms. The kitchen opens up to a LARGE living/dining area, with expansive city views.
Smart Corner #910
January 31st, 2013 Categories: Featured Listings, San Diego Real Estate Deals
Smart Corner was the fastest selling building in downtown San Diego last year, with 158 sales in 2012. With dozens of floor plans, Smart Corner’s lofts/1brs/2brs offer pretty much any layout you could want. Located at 1080 Park Blvd, Smart Corner is next to the San Diego City College, making it a great income property. The building is also near Balboa Park, which has several museums, the world famous San Diego Zoo and acres of parks and other entertainment.
San Diego – Cougars, Craft Beer Hipsters, The 1% and Hot Douches…
January 17th, 2013 Categories: Real Estate News
If Carmen Sandiego could live in San Diego, what part of San Diego would Carmen Sandiego live in? Well for now, she’s only going to live in Sandiegoh. However, if I asked you the same question, what would you say? Del Mar? Downtown? North Park? Well, don’t answer quite yet. Recently a local graphic designer, Raanan Jonboi Rosenfeld, drew his own map of San Diego and offered his “slightly offensive, but pretty fair” map of the County and how he sees it.
California Is the Worst State in the Country
January 14th, 2013 Categories: Real Estate News, San Diego Sales Statistics
According to The San Diego Daily Transcript (SDDT), California is the worst State in the Country – well, at least in terms of real estate that’s available to purchase. In San Diego County, December of 2012 had 56.7% fewer homes for sale than the year before. And while the inventory was down, the number of homes sold actually increased 12.5% (Dec. ’12 vs Dec. ’11) – think about that….people had less than half the number of homes to choose from, but they still bought 12.5% more homes. The median price per square foot for single family detached homes in San Diego County also rose by 13.6%, further confirming that we’ve passed the bottom.
We’re Six Months Past the Bottom!
December 27th, 2012 Categories: Real Estate News
Yesterday, the San Diego Daily Transcript (SDDT) published an article with the following headline – Housing demand is up, inventory is low, and prices are increasing in San Diego. According to the article, “the housing market took a turn six months ago with increased demand leading to higher prices.” For reasons that seem to be unknown, buyers have shown a drastic increase in activity and are snatching up inventory as quickly as they can.
Smart Corner Pocket Listing
December 19th, 2012 Categories: San Diego Real Estate Deals
We all know that the market is tight and there’s nothing for sale - especially in the sub $300K range. I have a client who owns a 9th floor, 748 sqft loft at Smart Corner. The condo has an extra large balcony (compared to similar units) and faces east. My guess is that you could rent out the unit for about $1600/mo fairly easily. It’d be great to rent out to people at the City College, Cal Western Law, or anyone else who wants to be downtown.
The condo is an open loft, allowing you to design the space however you want. Or, you could build out a bedroom with drywall, screens, sliding panels, bookshelves, etc. Smart Corner is located on Park Blvd, between Broadway and C Street. The trolley station runs right next to it and you get some incredible views from the roof top deck (which is where the hot tub is).
This condo is brand new and will probably hit the MLS in January or February (but it can be sold now). If you’re interested in seeing this condo before it hits the market, let me know and I can set it up. Thanks
Click here to see what’s for sale at Smart Corner
New Hard Rock Listings
December 17th, 2012 Categories: Hard Rock Hotel, San Diego Short Sales
I have two new listings at the Hard Rock Hotel. The first is a 10th floor king 1 bedroom that faces north. This unit is considerably larger and has a great living room and bar area. It also has a Juliet balcony (sliding french doors that open, but there’s no where to step out onto) which not all units have. This is NOT a short sale and the seller can close quickly. Recent sales are as high as $219,900 for this type of unit, but prices are on the rise.
The second is a 6th floor king studio that faces south, towards the Convention Center. This is a short sale and is listed at $180K. Recent comps are around $176K, but limited inventory seems to be driving the prices up. While I don’t have revenue figures for this unit, I would guess that it earns around $23K a year (based on other units I’ve seen in the past years).
Prices have gone up as much as 30% in the past year at the Hard Rock and demand has never been higher. If you’re interested in either of these units, or any other real estate in San Diego, please let me know. Denny Oh 858-243-2092 [email protected]
Where Can You Buy a Parking Card?
December 11th, 2012 Categories: Miscellaneous
***Updated Information Below***
Are you wondering what that little white and blue card is, that all those people are putting into the parking meters? Are you tired of carrying coins around when youre going Downtown? Well if you havent figured it out already, you can buy parking meter cards.
The New CAC Park
November 26th, 2012 Categories: Real Estate News
An idea that began over 80 years ago, is finally underway. The San Diego county’s waterfront park is now moving forward. Plans for the park were originally prepared when the County admin building was built in the 30′s, but lack of funding and other issues had put things on hold…until now. Located between Pacific Hwy/Harbor Drive and Beech/Date Streets, a total of 8 acres of park space will be built. The County Administration Center Waterfront Park will take over the existing parking lots on the south and north side of the County Administration Center (CAC).
