Metropolitan Condo Deal

Posted on January 13, 2011 | by Denny Oh

First of all, Happy New Year!  Secondly, here’s a great deal to start the year off.  Condo #2702 at the Metropolitan condos just came on the market as an REO(real estate owned, aka foreclosures, aka bank owned) and is priced very well – $1,162,800.  This 1,991 sqft 2 bedroom plus den, 3 bathroom condo is on the south east corner of the Omni Hotel and has some great views.

There have been very few sales at the Metropolitan condos, but condo #2702 last sold for $1,650,000 in January of 2006.  It recently went back to the bank and is ready to be purchased.  A similar condo is also currently for sale, #2302 for $1.2M(same floor plan but 4 floors lower), but aside from being more expensive, #2302 has a lesser view because it sits right above the Met’s pool area.

What I like about the Metropolitan is that it’s very unique.  There are only 32 condos in the building and owners have their own private pool/common area and they can also use the hotel’s main pool area if they want.  Owners of the Metropolitan condos also get full access to all the hotel’s services – room service, concierge, valet parking, etc.  Currently, there are seven condos for sale at the Metropolitan, ranging in price from just about $1.1M to just under $2.3M.  The last sale was condo #2601 for $995K last month.  It was a short sale and now the owner is trying to flip it for $1,295,000 – pretty ambitious if you ask me, but good luck.

Prior to that, the last Metropolitan condo sale was in 2008, when condo #2902 sold for $1.9M.  As you can see, values have come down a bit and deals are to be made.  Please let me know if you’re interested in this San Diego condo deal, or others.

Click here to see what’s currently for sale at the Metropolitan condos in San Diego.

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