With 420 condos in the downtown San Diego Hard Rock Hotel, having 24 on the market isn’t bad. Of these 24, two are in “contingent” status, meaning that they are short sales with accepted offers, but are waiting for lender approval. However, on October 16th, 2009, condo #633 sold, becoming the first (to my knowledge) resale unit in the building.
The Hard Rock Hotel’s condo #633 is a standard studio room, which faces over the courtyard area. This condo was originally purchased in 2007 for $429,000 and recently closed for $238,000 – a 45% discount! I’ve spoken to several condo-hotel owners and many want to sell, but can’t(or they don’t want to lose so much money). In my opinion, now is a great time to take advantage of these condo-hotel deals. Buy now at a severely discounted rate and then sit back and wait for the economy and tourism to recover. The Hard Rock Hotel is in a great location and has one of the most recognizable names.
You won’t be able to flip it, but long term, I think it’s a great deal. Contact me for all the best deals, on and off the MLS.
Denny Oh [email protected] 858-243-2092