If you’re thinking about buying a condo in downtown San Diego, but you’ve been waiting for prices to drop, you might want to keep reading. For the last 3-4 months, the mid-top end of our market has been painfully slow. Currently, there are ZERO condos in escrow that are priced over $1.5M (I’m not counting any new construction as most of those are not on the MLS). Let me repeat that….there are NO CONDOS IN ESCROW OVER $1.5M IN DOWNTOWN SAN DIEGO. There are however a total of 27 properties listed for sale between $1.5-6.2M.
To put things in perspective, there were 35 condos that sold last year in 92101 that had a list price of $1.5M or more (the highest sale was a penthouse at Harbor Club that another Sotheby’s agent sold for $4.8M. YTD, there have been only 2 sales in all of downtown San Diego with a list price of $1.5M or higher, neither one of which went into escrow in 2018.
I’ve seen a lot of these high-end listings get re-listed, often at the same price, but I’m beginning to see more and more price reductions. I’m also seeing many people re-list with a different agent, which to me is a clear indicator that sellers want to sell and they’re not just putting their home on the market to test the waters. And although not every seller is anxious to sell and many are not reducing their list price, I know many of them will take less. I’ve talked to many agents who say “Just bring us an offer and we’ll try and make it work,” or something like “My client is motivated but don’t want to drop the price just yet.” Right now is probably the best time to buy one of these luxury properties…before Pacific Gate starts closing escrows and they record those high $/sqft comps.
Here is a link to all the properties for sale (as of 2/5/18) with a list price over $1.5M right now (the prices and status may change as these are live links). Take a look and see if you like anything. Chances are, you’ll find a seller that’s been on the market for a while (keep in mind that many properties may show “X” days on the market, but that doesn’t include previous listings) and is getting more and more motivated to sell. If you’re wondering which of these properties is the best deal, click here to see my thoughts. Here’s a list of condos that sold in downtown San Diego last year that had a list price of $1.5M or more.
Denny Oh858-243-2092 [email protected]