Luxury Corner Downtown San Diego Condo at The Mark with Southwest facing views over the East Village/Ballpark neighborhood and the skyline of Downtown San Diego. The generous floor plan features a split bedroom layout and a west facing balcony. Features include: Gourmet Granite Kitchen, Stainless Steel Appliances, Upgraded Lighting, Auto Controlled Smith Shade Window Coverings, Ceiling Fans in all rooms and Tile Flooring.

One of the best features of The Mark is its “Ballpark District” location. The building encompasses the corners of Market Street and Island, 8th and 9th Avenues in the East Village/Ballpark neighborhood. The building has easy access to the trolley and just around the corner are Petco Park, Jefferson Law School and the new Downtown San Diego Library (currently under construction). A short stroll away is the vibrant Gaslamp District with exciting and new restaurants that are surrounded with countless options for a relaxing afternoon or evening. You will find luxury amenities that include: a landscaped inner courtyard with a pool, spa, sun deck area, BBQ areas, Green Grass area, underground parking, Full time Security and front desk services, and a gated and secure private driveway and entrance. The Mark Complex is approved for FHA and VA Financing. Non-Tandem parking spaces and storage unit are included in the sale.

For more information contact Sofia at 619-992-5144 or e-mail [email protected]

Downtown San Diego had a total of 91 units sold during the month of June 2012. Out of these Downtown San Diego Condos and Downtown San Diego Lofts sold, 36% were cash buyers. This is a dip down from May where cash buyers stood for 44% of the transactions.

To read and compare another Downtown San Diego Real Estate graph click on “Downtown San Diego Condos & Lofts Sold January to June 2012“.

Downtown San Diego Condo prices and home prices all around the San Diego area are starting to increase. One factor to the increase can be home owners who owe more money on their mortgages that what their homes are actually worth.

Realtor Magazine and their article “Underwater Home Owners Help Lift Home Prices?” informs that this could be the case in certain markets. Home owners who are underwater and who risk taking a loss on the sales price don’t want to sell. This is leading to a decrease of inventory and gives home buyers less to choose from. This is bringing up the prices on homes that are available for sale.

Downtown San Diego has experienced a shortage of inventory for some time now. There are currently 173 units for sale in Downtown San Diego and many of these are distressed properties such as short sales and bank owned.

91 Downtown San Diego Condos and Downtown San Diego Lofts were sold in the month of June 2012. 54% of the transactions were traditional resales.  There was a dip in cash buyers this month down to 36% from 44% in May 2012.  As expected, 68% of the transactions were under $500,000. However, the average sale price was up 5% to $475,254 from last month.

=
If you are looking to invest in Downtown San Diego Real Estate or if you are looking for refinance your Downtown San Diego Condo or Downtown San Diego Loft, now is the time to take advantage of low mortgage rates as they hit record low once again this last week. One important step to take while starting the process of contacting lenders would be to shop around. Don’t just settle with one quote, get out there and get more than one from different lenders to be able to compare and choose the best one.  If you are thinking about staying in house for your mortgage refi be prepared for longer waiting periods should your home loan servicer be a larger lending institution.

The New York Times and the article “Speeding Up Refinances” informs that large financial institutions show longer waiting periods as sizeable backlogs of applications and a shortage of personnel to handle the application process is of concern. Large financial institutions are being bombarded with applications due to the low interest rates and government programs such as HARP. About 80 percent of applications received are for refinancing.

One suggestion would be to contact mortgage brokers or smaller community banks to help with the process of shopping around. Make sure you are prepared and have your documentations (tax returns, paystubs, etc.) in order before your start the application process.

In the current Downtown San Diego Real Estate market, a large group of people are choosing to rent instead of buying a home. The Wall Street Journal reports in the article “Rents Increase as Vacancies Dry Up” that competition is raising which forces rent prices to increase.

Currently, vacancy rates are at their lowest levels in more than a decade. Average rent now tops over $1,000 a month. This puts San Diego in line with places such as Miami, Seattle, and Chicago. Vacancy rates themselves fell from 4.9 percent in the first quarter to 4.7 percent; the lowest level since 2001. So far, this is only the third quarter to have a vacancy rate below 5 percent in the past three decades. It is believed that many people are looking to have their own place. Because of more stringent lending standards and questions about job security, many are opting to rent rather than buy home.

As the overall economy recovers, new dynamics for both rental and homeownership will be discovered. If you are considering renting or buying a Downtown San Diego Condo or Downtown San Diego Loft, it is always important to know whether or not prices are shifting in your favor.