The last downtown San Diego real estate deal I mentioned was a 2300 sqft, 2 story loft at Parkloft that was priced at $700K. Well, that condo is in escrow and it probably sold for a bit over $700K – I’ll guess $765K. Luckily there’s a new REO that came on the market a few days ago.
This new deal is on the 4th floor and faces east, over 9th Ave. It’s 1631 sqft and has two full bathrooms(there are no “bedrooms” at Parkloft – it’s just one big open loft). It’s currently listed for
$434,900(only $266/sqft), but was listed for $1,024,000 back in 2007(it originally sold for $603K in 2003 from the developer). As you probably know, most real estate in San Diego is selling at prices similar to what they sold for back in 2003, so going $168,100(28%) lower than the 2003 purchase price is a pretty good deal.
Aside from the incredibly low price, I love that this unit is very practical. It has a great layout that makes sense. The condo comes with two side by side parking spaces and it has a balcony(**Correction – there is no balcony on this unit. There are two sets of double doors that open up, but there’s nothing to step out onto, aka, Juliet balconies). What I also really like is that if someone like myself (a single guy) bought this, I could easily continue to live in it for several years even if I ended up falling in love, getting married and had a baby tomorrow(well 9 months from tomorrow). And once it was too small, or too whatever, I could easily rent it out and cover my costs.
At $435K, with 20% down, my total monthly payments would be around $2800(based on an 80% loan at 4.5%, including the HOA dues and property taxes). This does not take into account that I’d be able to write off a portion of my payments either, which would lower them by a few hundred.
I’ve learned to be much more conservative with my money, so I’m always thinking about back up plans and exit strategies. With properties like this, it makes it much easier to buy and not have to worry about what if I get have to move for work, or what if I get married, etc. Especially since my goal is to buy and hold properties forever.
The only negative I see with Parkloft is that it doesn’t have a pool or hot tub. Aside from that, I really love this building. Please let me know if you’re interested in this condo, or any others in San Diego. This will not be on the market for much longer.
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