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 10th 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.