If you had to pick an axiom of real estate investing virtually everyone is familiar with, your choice would most likely be “location is everything.” It is generally accepted that location is what ultimately decides the market value of real estate, but prospective homebuyers should consider more than just purchase price when evaluating locations.
Real estate investors and flippers evaluate location in terms of market conditions. Since they normally do not intend to move into the properties they acquire, they tend to pay little attention to certain aspects of neighborhoods that are important for homebuyers. Assuming you are searching for lofts, penthouses, or condos for sale in 92101, here are the most important reasons you should research the districts and neighborhoods before you sign a contract.
Look into Nearby Schools
Researching schools is a must for families with school-age children. However, the same can be said about budding property investors. Proximity to highly rated schools is a major driver of real estate demand, a crucial factor in price determination. You can find ratings for public schools on websites such as Niche.com and GreatSchools.org. Not all private schools release data such as academic ratios, demographics, and test scores, but 92101 real estate agents may have anecdotal information.
Check Vehicular Traffic Density
If you plan on driving to work, you should learn about traffic patterns and congestion rates on the streets surrounding the listings you are interested in. Whenever possible, visit the neighborhood during rush hours and drive around. Even better, evaluate the route of your commute and follow it at least once to get the feel of how it might be if you moved. Very busy streets may generate a lot of noise for condo units located on lower levels that face the road.
Observe Neighborhood Ambiance and Convenience
You can get an overall feel of the neighborhood by walking around and spending a few hours there at different times of the day so you can learn about the shops, restaurants, cafés, pubs, and parks nearby. The ambiance, amenities, and suburban comforts of a neighborhood must speak to your lifestyle and personal goals. For example, if you enjoy nightlife, a good idea would be to visit the Gaslamp and Little Italy districts and decide which feels better. If your goal is to one day find a high-paying job in an office within walking distance of your condo, you may feel more comfortable with the Core district.
Upon request, your real estate agent should be able to provide crime statistics and reports for the districts you are interested in. You will find that downtown San Diego is generally safe when compared to other urban centers in Southern California. You can also evaluate these statistics on your own by visiting San Diego’s Automated Regional Justice Information System.
If you’re interested in condos, penthouses, and lofts for sale in 92101, there are many great neighborhoods to choose from, though some might be more suited to your lifestyle than others. Connect with a trusted agent at 92101 Urban Living who can help you find what you’re looking for. Call us today at 619-649-0368.