In today’s Union Tribune the article states that three years ago, San Diego was one of the most overvalued markets by 39%. Three years later, with the distressed property market on the rise, San Diego is now considered one of these most undervalued markets in the nation. A market is deemed undervalued when it falls 15% below what is considered fair value. If this isn’t a buyer’s market I don’t know what is.
It occurred to me recently that while showing a number of properties in my Downtown San Diego Neighborhood that the listing agents of these properties were not from the Downtown San Diego Neighborhood. So, when asked specific questions regarding the properties there wasn’t a direct answer but a hesitation, and “I don’t know but I’ll get back to you” responses. Honestly, I hope everything works out for them. For anyone who has not yet listed their home but is considering it, I suggest to do the following.
Interview as many teams as possible. Find true Downtown San Diego Real Estate specialists. Find out what they know about the home itself, the building, the HOA stability, and the future of the neighborhood. What tools would they use to market your home for maximum exposure? What technological advances are they going to bring to the table to set your home apart from the others out there that are described as the following: Newly built hip urban condo close to the ballpark and horton plaza. Includes granite countertops, city views etc. Are you being told you can get a certain amount for your home, and is that amount being backed up with numbers? Do they live in the Downtown San Diego Complex where you live? If not, do they live in the Downtown neighborhood? If not, do they ever spend any time in the neighborhood besides Gaslamp bars and baseball games at Petco Park? Do they have knowledge of the developer that built the community, and finally…are they familiar with the different floorplans in your building?
Please take the time to actually ask these questions. Find the Downtown San Diego Real estate Broker that can answer any question regarding your home without hesitation or confusion. Find the team that lives in the building, or lived in the building at one time… OR has possibly sat on the HOA board for that building. Does your choice have knowledge of the team of people who sold the building originally for the developer or had some connection with that developer as it pertained to the sales and marketing of that building i.e. Sales Manager, Preferred Lender etc?
We, look forward to sitting with you, as a 92101 Urban Living Team, in your living room while you ask us these questions.
There are quite a few things on the table for the City of San Diego’s Downtown when it comes to redevelopment. In today’s Union Tribune article there is a rendering for the proposed new City Hall.
Gerding Edlen (Top Photo) of Portland, Oregon, known as a cutting edge developer because of being “green”, may have the winning, low cost bid for the project. It is a beautiful sail shaped building that in my opinion is very attractive and fitting for our waterfront Downtown. Any time you gaze out to the Harbor you see sail boats so I think it wil be a nice compliment to that.
The other competing firm is Texas based Hines (Photo Below), the company that built Petco Park. they have a bid in of $784 Million for their vision of the City Hall building.
The price tag for the lower bid is $628 Million over a fifty year period. The article says that either of these will save the city and taxpayers money. It is projected to cost us over $1 Billion to maintain the old building and lease out its ofice space. Check out the article and the statistics for the development and decide for yourself.