A total of 68 Downtown San Diego Condos and Downtown San Diego Lofts were sold in the month of February 2012.

Compared to the month before an increase of 17 units were sold. The average sale price rose to $388,745 for February and this is up 2% from January.  Over 70 percent of the transactions were under $500,000 and 63 percent of them were resales.  57 percent of all transactions were cash sales. That is the highest number of cash sales we have seen since we started tracking this data in Downtown San Diego in 2008.

To compare other Downtown San Diego real estate graphs read 92101 Urban Living’s former blogs by clicking on Downtown San Diego Condos & Lofts Sold by Price Range 2011 and Downtown San Diego Condos & Lofts Comparison Units Sold 2010 to 2011.

The most Downtown San Diego Condos and Downtown San Diego Lofts sold in the Cortez Hill District during the last 4 years happened in the year of 2009. One of the reasons for this year having more sales compared to the other ones would be the developer units released in Aria. As Downtown San Diego ran out of developer sales during 2011 we are now in a pure resale market.

For more information and to compare other 92101 Urban Living’s Real Estate graphs click on Year to Year Comparison – Downtown San Diego Condos Sold in the Little Italy District,  Year to Year Comparison – Downtown San Diego Condos Sold in the Marina District and Year to Year Comparison – Downtown San Diego Condos Sold in the East Village/Ballpark District.

It’s that time of year again when we hustle and bustle to find all our receipts, invoices and everything else that comes along with preparing for our tax returns…especially if you are a home owner.  It’s always interesting to know more about what you can deduct but sometimes it’s tricky finding the answers. Let us help you along the way on becoming more informed about what home ownership means in the tax saving world.

Did you know that there are a lot of different tax savings of being a Downtown San Diego Condo or Downtown San Diego Loft home owner? We call it “Effective Tax Benefits” when we speak in the language of a Downtown San Diego Real Estate specialist.

Well, to start with, the tax code provides us with a number of benefits for home owners. See the list on what you may be able to deduct;

• Property taxes and mortgage interest as well as other expenses from your federal income tax.
• Rental values of your home do not have to be counted for as taxable income.
• You may exclude, up to a specific limit, the capital gain from a sale of a home.
• You can deduct paid interest up to $1million in mortgage debt on your primary residence.
• You can deduct interest on a home equity loan up to $100,000.
• You can deduct itemized local property taxes.
• If you refinanced after 2011, you will be able to deduct points of fees related to refinance. The catch in this particularly situation is that you will have to deduct over the term of the loan. For example; one point is equal to 1 percent of the loan. Say that you paid 2 points on a $150,000, 30-year loan, or $3,000. You may in this situation claim $100 of that fee every year you own that home.
• If you made Energy Efficient Home Improvements such as installed energy efficient doors and windows, heat pumps, furnaces or insulation up to 10 percent of price up to $500 may be claimed.
• You can also make deduction on alternative energy equipment such as solar panels for electricity generation and solar water heaters. For these installations the deductions have no cap.
• If you replaced your old appliances with new energy efficient appliances a deduction may be allowed. Credit can vary from $25 to $225 based on what kind of appliances that was replaced.
• Did you have to renovate to keep the standards of a medical condition? You might be able to deduct the cost and claim as a medical expense.
• Natural Disaster Losses is also claimable but it would depend on date of the federal disaster declaration. The IRS typically requires the first $500 to be deducted from any claims.

We hope that these suggestions will help you get a clearer picture on what could be a taxable gain to you. Should you still have questions…visit the really informative website that the IRS has created called “Tax Tips for 2012” or the Mercury News article “Tax Benefits for Homeowners” for more information.

The Columbia District in Downtown San Diego showed a strong number of 285 Downtown San Diego Condos and Downtown San Diego Lofts sold in the year of 2008. The number has since then been on a steady downhill streak.

With a total of 171 homes sold in 2011 the Columbia District lays on a shared third place of all the neighborhoods in Downtown. On first place comes the East Village/Ballpark District with a total of 312 homes sold, on second place the Little Italy District with 209 homes sold and on the shared third place the Marina District with 171 homes sold and last the Cortez Hill District with a total of 102 homes sold in 2011.

If you are interested in comparing the other neighborhood graphs for Downtown San Diego Real Estate click on Year to Year Comparison – Downtown San Diego Condos Sold in the Little Italy District,  Year to Year Comparison – Downtown San Diego Condos Sold in the Marina District and Year to Year Comparison – Downtown San Diego Condos Sold in the East Village/Ballpark District.

The Little Italy District in Downtown San Diego had during the years from 2008 to 2011 most sold Downtown San Diego Condos and Downtown San Diego Lofts in the year of 2011. One of the reasons this might have happened could be the developer sales in Breeza located at the corners of Pacific Highway and W Ash Street just a block away from the Santa Fe train station.

To read and compare former 92101 Urban Living’s graphs about the Downtown San Diego real estate market click on Year to Year Comparison – Downtown San Diego Condos Sold in the Marina District and Year to Year Comparison – Downtown San Diego Condos Sold in the East Village/Ballpark District.

During the years of 2009 and 2010 the East Village/Ballpark District of Downtown San Diego showed a high number of Developer Sales. Complexes like The Legend, The Mark, Park Terrace and Alta were all the reason for a high number of sales during these two years. The year of 2008 indicates the lowest number of Downtown San Diego Condos and Downtown San Diego Lofts sold as we were all waiting for the complexes mentioned above to complete construction. Last year, 2011, still had some developer inventory but most of them have all been sold. The Downtown San Diego real estate market is now in a pure resale market and this is something we have never seen here before.

Interested in reading and comparing former 92101 Urban Living’s blogs about the real estate market? Click on Year to Year Comparison – Downtown San Diego Condos Sold in the Marina District, Median Sale Price for the Little Italy District in Downtown San Diego and Median Sale Price – Marina District in Downtown San Diego.

for more information.