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Q1 Wrap Up – Columbia

Columbia Condos There is no doubt that Downtown San Diego real estate is in a class of its own when compared to other urban areas across the country. Beautiful views of the Pacific Ocean, the Downtown Skyline and a central location to San Diego’s most exciting night life makes Downtown San Diego’s Columbia neighborhood an ideal location for young professionals and young couples alike.

Located along the waterfront between the Marina and Little Italy, Columbia has been dubbed “Millionaires Row” by many locals because of the expensive real estate and amazing views. Recent high-rise condo developments have transformed the Columbia neighborhood from vacant land and corporate offices into some of the most sought after residential real estate in Southern California. Easy access to the Sante Fe train station and the Downtown airport makes Columbia the ideal place for commuters to Orange County and Los Angeles as well.

We wrapped up a fantastic Q1 here in Downtown San Diego in regards to Real Estate Sales, and the Columbia condos played a helpful role in the market rebound that we started to experience. While small in size (only 6 condo buildings), the Columbia condos are dense with inventory. Downtown San Diego’s tallest residential tower, Electra, led the way in Q1 with 9 closed transactions. The Electra building also just entered into meditation with and may be headed towards a litigation situation, which could hamper sales heading into Q2 and Q3. In fact, three of the six Columbia condo buildings are in litigation disputes (Electra, Grande North, Sapphire) which could impact financing on those units until resolved.

The North Embarcadero Visionary Project is also getting started along the waterfront, with the first phase in full effect. Just below Bayside, on the corner of Ash and Pacific Hwy, is the new Waterfront Park construction project. With an estimated completion date not scheduled until the end of 2013, Columbia condo residents will have to bear the noise burden a little bit longer. The closure of Broadway form Pacific Hwy to Harbor Dr will also affect residents for a few more months.

If you’re interested in taking a look at some of the beautiful real estate that the Columbia neighborhood has to offer, contact us. We’d love to hear from you.

Q1 Wrap Up – Little Italy

We here at 92101 Urban Living have been doing a lot of work in Little Italy lately. I don’t want to necessarily admit that Little Italy is my favorite neighborhood in Downtown San Diego… Ok, yes I do. Everything about Little Italy is charming. World class Italian dining on every street, Influx Coffee Shop on India and Fir, and the Little Italy Mercato all earned my stamp of approval and make Little Italy condos one of the most desirable real estate investments in Downtown San Diego.

As far as real estate goes (this is a real estate blog after all), Little Italy condos have done a fantastic job of keeping the culture that the neighborhood was built with, while incorporating modern and contemporary architecture in the new developments. Famed architect Jonathan Segal has seemed to take a special liking to Little Italy. Segal’s recently completed residential condo building, Q Lofts, is now his 4^th completed Little Italy condo project.

Q1 2013 can definitely be considered a success for the Real Estate market in Little Italy. 47 closed transactions occurred throughout the neighborhood, with the high-rise complex La Vita leading the way with 8 units sold. Just like many Downtown San Diego neighborhoods, litigation and low inventory continued to prevent Little Italy condos from reaching their full sales potential. Complexes such as 350 W Ash, Acqua Vista, La Vita, Aperture, and Porto Siena are all in the midst of builder defect litigation, which can making financing very difficult. Although, for an all cash investor or conventional buyer, the litigation might be the perfect opportunity to buy into these buildings at below market prices.

The North Embarcadero Visionary Plan will continue to affect Little Italy real estate residents going forward into Q2 and the construction will be something for new buyers to consider if looking into buildings near the construction (i.e. Breeza).

If you are interested in purchasing a home in the Little Italy neighborhood of Downtown San Diego, or for any information regarding the Little Italy condo market in general, please contact 92101 Urban Living. We would love the chance to show you around.

Q1 Wrap Up – The Marina

The Marina neighborhood in Downtown San Diego offers, arguably, some of the best real estate in the world. Many of the Marina condos for sale include stunning views of San Diego Bay, the Coronado Bridge, or the Downtown City Lights, and the buildings themselves are pure luxury. The Marina neighborhood’s close proximity to the Gaslamp, Convention Center, and the Petco Park make it an ideal living situation for almost any buyer.

Marina Condos for sale had a strong showing in Q1 2013 with 61 closed transactions. The mid-rise CityFront Terrace condo complex led the way with 11 closed transactions, the most of any Downtown San Diego condo complex. Renaissance Luxury condos came in at a close second, with 8 sales during Q1.

Like many other Downtown San Diego Condo buildings, litigation continued to prove a factor for many Marina condos for sale. Park Place, Pinnacle, and Renaissance all battled litigation in Q1 2013 and only Park Place shows signs of a closure soon. Hopefully, these issues get settles quickly, which would allow some of the Marina neighborhood’s biggest complexes to become fully available again.

Q1 proved to be a quiet one in terms of new construction in the Marina. The vacant lot on 1^st Ave between J and Island still sits empty, as San Diego Developer BOSA Developments holds onto the land. What will be another luxury condo high-rise in the future, BOSA is waiting until economic conditions improve to a level where re-sale comps validate the construction.

During this downtime in inventory all across Downtown San Diego, we’re starting to see the market mold into more of a “sellers market.” While it is definitely still a great time for buyers, considering the record low interest rates, and affordable down payment loan options. The lack of inventory is creating multiple offer situations, which drives up prices. If you’re a Downtown San Diego condo owner, and are on the fence about listing your place or holding on, please feel free to contact us for a complimentary consultation. We look forward to the opportunity to provide you with market data, and guide you through the home sales process.

Q1 Wrap Up – East Village / Ballpark

Last week, we broke down the Downtown San Diego condo sales from Q1 2013. Not surprisingly, the East Village neighborhood led the way with total transactions closed during Q1. East Village condos for sale accounted for 65 of the Downtown San Diego condos sold during Q1, or about 30%.

The luxury condo complex The Mark led the way with 9 closed transactions in Q1. The Mark features 1-2 bedroom homes and a few 3 bedrooms on the penthouse level. With 24 hour concierge, heated pool/spa, fitness center, and gated/underground parking, the amenities at The Mark set them apart from almost all of the other East Village condos for sale and they are proving it with their success in the resale market.

Tied with The Mark for the most closed transactions in the East Village was Smart Corner, downtown San Diego’s newest condo project. Smart Corner is located on C St and Park Ave, and despite a slow start, has seen recent success in the resale market. Smart Corner is held back by location problems, but offers nice units with very basic layouts which allow owner customization. A rooftop spa offers a great place to relax and enjoy a great view of Downtown San Diego.

As with many of the Downtown San Diego condo buildings, litigation still proved to be an issue for the East Village condos during Q1. Park Terrace, Union Square, Alta, and Icon all continued (or began in Icon’s case) their pending litigation issues. Because of the financing problems that those buildings are encountering, all cash buyers are sometimes able to offer less than asking and secure great deals.

The East Village has seen a sharp rise in equity throughout its available units, which has caused buyers that were previously on the fence about listing their homes, to put them on the market. The inventory in the East Village is still below where it should be though, which has driven the prices up due to the lack of supply. Many of our deals this year so far have received multiple offers well above asking price, due to the competitive marketplace. This is definitely what current East Village condo owners were hoping would happen.

For more information about the availability of East Village condos for sale in Downtown San Diego, please contact 92101 Urban Living. We would love the opportunity to speak with you, and help you find your next home.

Downtown San Diego Real Estate – Q1 2013 Wrap Up

Downtown San Diego Real Estate April is well underway here in Downtown San Diego and we just received the Quarter 1 sales numbers from our friends at First American Title. We’re excited to see the upward trend that has been happening across Downtown San Diego, with Q1 2013 finishing up 18% over Q1 2012. We’ve been noticing a steady increase in both the number of units sold, as well as the average sale price. This is definitely a good trend that we expect to continue throughout 2013 and into 2014. With the lack of new Downtown San Diego condo inventory, we expect the resale market to continue to thrive, as first time home-buyers continue to enter the market.

In Q1, we saw the East Village neighborhood lead the way with 65 total home sales. The Mark luxury condos and Smart Corner condos lead the way, with 9 transactions at each building. With 5 active listings and two already pending, The Mark looks like it will lead the way again in Q2. Many of our Downtown San Diego real estate residents have been asking us about the construction on 10^th Ave between Island and J. That big hole in the ground will be the new Urbana Apartments, hopefully completed at the end of 2013.

The Marina neighborhood was a close second to the East Village with 61 completed transactions in Q1. The Cityfront Terrace building on Market St was the leading sales building in all of Downtown San Diego with 11 closed transactions. Some news from the Marina during Q1: BOSA developments big project Park Place looks to be ending their litigation very soon, which should help homeowners there feel better about putting their homes on the market.

Little Italy saw one of the biggest year over year increases of any of the Downtown San Diego neighborhood. Little Italy finished Q1 with 47 sales, which is crazy considering the amount of condo complexes in litigation. La Vita, Acqua Vista, 350 W Ash, Aperture, and the DOMA Lofts are all going through builder defect litigation, which is making it hard for new homeowners to find financing. As these buildings resolve their issues, you can rest assured that Little Italy condos for sale will see a dramatic rise.

The Columbia neighborhood, which only includes six condo buildings (Electra, Grande North, Grande South, Bayside, Sapphire Tower, Treo), had a very strong Q1 with 36 sales. Electra led the way with 9 transactions. The Columbia neighborhood is dealing with a lot of roadwork and construction due to the North Embarcadero Visionary Plan project. Broadway from Pacific Hwy to the water’s edge has experienced on and off closings while the new parks are being built. Columbia neighborhood residents will be happy when all work is completed and they have a beautiful new waterfront to enjoy.

The tree-lined streets of Cortez Hill were hampered by builder defect litigation in almost every residential building. Aria, Cortez Blu, The Mills, Aloft, and the El Cortez all have pending issues that may make financing tough, leaving Discovery as the only litigation-free option in Cortez Hill. Still, 20 Sales were finished up in Q1 with Discovery and Aria leading the way with 5 each.

No surprise here. Bringing up the rear of our Downtown San Diego Q1 results is the Gaslamp district. With only a couple of buildings to choose from, Gaslamp saw 6 sales closed in Q1. 4 on which came from the litigation-bogged Gaslamp City Square. Good news from the Gaslamp, Trellis ended their litigation and as part of the agreement there are no HOA fees at Trellis until May 2015! A fantastic perk for current Trellis residents and prospective buyers.

Overall, we at 92101 Urban Living are very optimistic about the increase in inventory that we are beginning to see. The landscape has undoubtedly shifted from a buyer’s market to a seller’s market. Because of the still record low interest rates, it is still a great time to buy. If you would like any additional information on the current Downtown San Diego Condo landscape, or would like to make an appointment to discuss the inventory, please contact us today.

New Rental Listing: Luxury Condo for Rent at The Meridian

This Downtown San Diego, furnished condo for rent at the Meridian is true luxury living. The home itself has been completely re-modeled with beautiful hardwood flooring, premium recessed lighting, and new appliances. The southwest orientation of the home provides an amazing view of San Diego Bay, the Coronado Bridge, and the Downtown San Diego City Skyline. At over 1,300 square feet, this Meridian condo for rent offers plenty of space for entertaining, or relaxing in style.

The Meridian offers some of the finest amenities of any Downtown San Diego condo complex. A heated pool/spa, fitness center, valet parking, and a 24 hour concierge are some of the luxury amenities that are part of the lifestyle at Meridian.

Please contact us for more information about this Meridian condo for rent or any other Downtown San Diego Rentals that you may be interested in.

Property Review: Little Italy Condo For Sale at Aperture

Little Italy Condo

Often times on our Downtown San Diego real estate caravan, we head into buildings that we’re very familiar with, only to find a home that has been re-done and gives us a pleasant surprise. That is exactly what happened when we toured #709 at Aperture, the newest Little Italy condo for sale on the market.

This home has been completely refinished and looks fantastic. Upgraded pecan hardwood flooring throughout gives the home a very modern look. The see-through glass cabinets and stainless steel appliances in the upgraded kitchen go along great with the granite counter tops. This homes master bedroom features a large, walk-in closet with specialty shelving and drawers. A big balcony offers great views of the Little Italy and Downtown San Diego skyline, as well as peek views of San Diego Bay. In-unit washer/dryer and assigned parking in the gated, underground parking garage are additional perks.

The Aperture condo building is a favorite of mine both for its great, Little Italy location, and the contemporary design of the building itself. The exposed concrete accents throughout the building and an exposed concrete décor on the outside walls are visually pleasing. Aperture HOA’s are a bit high considering the lack of amenities that the building offers. The gated/underground parking garage is a plus, but the lack of pool, spa, gym could be seen as a drawback to some buyers. The building is also in mediation with the developer, to resolve some of the building defects. Nothing serious, but could affect buyer financing.

Overall, this Little Italy condo for sale at Aperture is a fantastic find for any young professional or couple. The building location just cannot be beat. For the foodie among us, Aperture is built on top of a Kebab Shop, a local San Diego favorite, and also shares a block with Extraordinary Desserts. If you would like more information of this Aperture condo for sale, please contact us and we would be more than happy to set up an appointment.

7 Reasons to Consider a Downtown San Diego Condo over a Single Family Home

When any buyer gets started with their process to investigate the options for homes in the Downtown San Diego Real Estate market, one of the first choices that must be made is whether to purchase a Downtown San Diego Condo or Single Family Residence. There are many reasons that buyers of Downtown San Diego Real Estate choose to explore the options for Downtown San Diego condos over a typical sub-urban single family residence. Obviously, there are pros and cons to every real estate purchase and decision. This list of advantages represent some of the major advantages that a Downtown San Diego condo will represent.

Lifestyle: Usually, one of the deciding factors to purchase a Downtown San Diego Condo is the lifestyle. Downtown San Diego Condos seem to represent one end of the spectrum from a standard single family home purchase. In general condos tend to be smaller in size. As a result, we like to use the term of “right sizing” with our clients. As opposed to “Downsizing”…the term “Rightsizing” refers to getting rid of all the things we collect and do not need. Obviously a smaller living space forces owners to collect and accumulate less. From a lifestyle perspective…less stuff helps with organization and efficiency. Most clients that we work with want to scale down their lives and get down to living the lifestyle of owning only what they need.

Functionality of the Floor plan: Because most Downtown San Diego Condos tend to be smaller in square footage than a sub-urban home, the importance and functionality of the floor plan is very important. Most Downtown San Diego condos are valued on a “Price Per Square Foot” basis. As a result, it is important to make sure the the floor plan is well laid out and efficient. Paying for square footage that is odd and unusable is generally not the desired direction for any educated and savvy home buyer. It is important that the floor plan of any well designed Downtown San Diego condo have a feeling that the square footage is actually larger that it is represented on paper. Desirable criteria for a functional and desirable floor plan include: Large living space, Plenty of storage space, generous bedrooms, natural light, and privacy.

Security: One of the most under-rated criteria of owning a Downtown San Diego condo is security of the unit. In a traditional single family home that is ground level, there are many points of entry when considering all the windows and doors. In a typical Downtown San Diego condo, there is usually only one way in and one way out. When the condo is on an upper floor, entry from a patio or widow is unlikely. Additionally, most condo complexes tend to be located in security complexes. Most likely a FOB or security device is need for entry. As a result…the level of security in any Downtown San Diego condo tends to be something that an owner does not have to consider too often. Comfort level with security is usually a big reason that Downtown San Diego condos are considered more often for vacation or second home options.

Maintenance Responsibilities: Most clients that we work with really value the fact that Downtown San Diego condos have little to no maintenance or “upkeep”. Criteria such as No yard, no garage, no landscaping, smaller square footage, and common area maintenance from an HOA help keep the maintenance low to non existent.

Size/Price: The price range and values for Downtown San Diego condos are very diverse. As a result of this diversity and choice in value…Downtown San Diego condos are often a good opportunity for just about every buyer need. Of course, a smaller Downtown San Diego condo can be appropriate for a first time home buyer. Additionally, there is no shortage of luxury high rise condos in the Downtown San Diego Real Estate Market for the second home or vacation purchase.

Location and Views: We often tell clients that a Downtown San Diego Condo is perfect for a home buyer who “wants to buy a smaller piece of the pie for access to more location and amenities”. A choice for a Downtown San Diego Condo tends to be the direct opposite of the decision for buyers looking for “quiet and private” traditional residential neighborhood. As a result… Most condo complexes in Downtown San Diego tend to be more centrally located, if not in the center of all the action. A valuable Downtown San Diego condo will have walking distance access to amenities like the beach, local restaurants, shopping, and public destinations/park space.

Amenities: From Low amenity to Luxury High rise, the amenities (or lack of) tend to add value to any Downtown San Diego condo. Those home buyers who are agreeable to high HOA Fees expect luxury amenities such as: pool, gym, recreational facilities, security, door attendants, concierge service, and sometimes valet. For those home buyers who do not like to pay high monthly HOA fees, the lack of amenities is very important to help keep cash flow and monthly costs at a minimum.

For more information about the Downtown San Diego Real Estate market, or Downtown San Diego Condos in general, please contact us. We look forward to helping you find you perfect home in Downtown San Diego.

The “Big Three” Value Components of Downtown San Diego Condos

Downtown San Diego condos come in all shapes and sizes. In lower price ranges, DowntownSan Diego condos are excellent investments for first time home buyers. In higher price ranges, the Penthouses in the Downtown San Diego high rises are some of the most spectacular real estate choices that San Diego has to offer. In every price range there are several things that all buyers interested in Downtown San Diego condos must take into consideration: Construction, HOA Fees, and “The Big Three” components of value. When interviewing clients for the first time, we try to assist in prioritizing these three criteria to determine what is going to be the most important for their home. Why value is determined by the “Big Three”, a client’s particular preference will always be the most important. Within a certain budget and financial comfort level, Will a client make the decision to buy a larger square footage and sacrifice views? Will a client consider sacrificing on a prime location to buy more upgrades, square footage or orientation? These are the personal preference criteria that determine both the value and the personal choice of deciding on one’s home.

What Are The Big Three components of Downtown San Diego Condo Value?

The value of a Downtown San Diego Condo is determined a little bit different from a traditional single family home. In order to help our clients generate a better understanding of the components of value, we have coined “The Big Three” criteria. These components of value are the most important aspects of any condo value, because they are criteria that cannot be changed. As a result, whether or not a condo can be upgraded or improved will take a secondary position to these three Downtown San Diego Condo Criteria.

Square Footage: The size of a Downtown San Diego condo is one of the most important components of value. Most good realtors and brokers will always refer to the price per square foot in determining the value of a Downtown San Diego condo. In many cases (views aside) the difference between a $100k Downtown San Diego Condo and a $1mm Downtown San Diego condo will be it’s size. The most important sub component of the price per square foot is obviously the floor plan layout. We always tell our clients that when considering a purchase based on size…the number of the actual square footage and the “feeling” of the condo layout is an important consideration. It is obviously going to be a better value to consider the 1000 square foot condo that feels like 1200 square feet…rather than the other way around. It is always important when viewing a condo for the first time to establish the overall floor plan layout of space. Try to take wasted space like irregular shapes, long hallways, extra sized entries, and ceiling height into consideration. While technically not considered in overall square footage size, ceiling heights and outside terrace/patio space can give the perception of lager size and more living space.

Location, Location, Location: In any real estate transaction, location is always one of the top components of value. As a result, the neighborhood and location of a particular complex and condo will support the price per square foot. A particular Downtown San Diego condo with a centralized location and proximity to amenities will always tend to have a higher value.

Upgrades, Orientation, and View: The final component of the “Big Three” is a combination of several things. As with any piece of Downtown San Diego Real Estate, the upgrades within a particular unit can always add to the value. With Downtown San Diego condos the upgrades of floors, window coverings, and storage organization will add significant and lasting value over personal preference design upgrades. The orientation of any Downtown San Diego Condo is also an important consideration. Does the unit get morning or afternoon sun? Does the unit have a street or interior courtyard orientation? The final component of value is the view. In most condo complexes the floor plan within a particular “stack” will always be the same. The view level and difference in value between floor levels will always add value to any Downtown San Diego condo. The only issue with views are that it is a “relative” value source. Some may say it is a “million dollar” view, while others may think differently.

The Beginners Guide to Renting in Downtown San Diego

Apartments for rent in downtown San Diego 92101 (Downtown San Diego) is quickly becoming one of the most highly sought after zip codes to call home in the US. For many that are deciding on how to make that move possible, this blog post is for you.

When looking to rent in downtown, there are a few ways to go about it. The most common ways to rent would be to rent from an apartment complex, or rent directly from a condo owner. Both options provide pros and cons.

Renting from an apartment complex can be the easiest route. Apartment complexes can be found throughout all of Downtown San Diego and generally require a smaller upfront security deposit. Many apartments for rent in Downtown San Diego also offer residents referral bonuses for bringing in new tenants. If anything breaks within the apartment, they generally have an on-site maintenance manager for quick response times, or at least a 24/7 phone number to call. The downside to these rentals is that there is no price negotiation. The lease terms and rental price are usually pre determined and there are no negotiations available. Because of the lower price points, apartment complexes usually attract younger tenants, which can often lead to the community seeming more like a dorm instead of a home. In Downtown San Diego, there are some apartment complexes that definitely dominate the scene. Strata, Vantage Pointe, Allegro Towers, Current, and the Oliver McMillian Lofts (Lofts @ 707 10^th, Lofts @ 655 6^th, etc).

The other option for renters is to rent directly from a condo owner. Many homeowners buy condos as second homes, and decide to rent them out when not in use. These are a little bit tougher to find considering there are no sales offices or signs helping you out. Often times, condo rentals can be found listed on Craigslist or by visiting a local area realty site (like us here at 92101urbanliving.com/rentals). After the initial walk through is completed and you have decided to call the place your home, you must fill out a standard application and provide credit and income documents to the condo owner. They then decide on you as a tenant. The benefit for you as a renter is that you can negotiate the terms directly with the condo owner, including lease length, pets, and rental price. Downtown San Diego condo buildings are usually smaller and much nicer than apartment rentals. Generally, a security deposit equal to one full month’s rent is required before move in. Downtown San Diego Condo rentals can be found in every neighborhood of Downtown San Diego.

Either way that you decide to go, it’s always best to have someone that knows the local area and available rentals working on your side. Rental Agents (again, like us at 92101 Urban Living) can send you current listings in the area that you’d like to live, and schedule showings with the condo owners, sometimes even taking you themselves. There is no cost for you as the renter, the rental agents are paid by the condo owners and apartment complexes for bringing them tenants. If you would like any help finding a rental in Downtown San Diego, please contact us, and we will help you find the perfect place to call home.

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