According to a recent survey taken among San Diego members of the National Association of Realtors, condominium units are the preferred type of dwelling among 12 percent of prospective homebuyers. In 2018, construction of single-family homes in San Diego County will not be as active as during previous years. However, condominium towers are expected to increase the housing supply by more than 2,200 units this year. In downtown San Diego, the condo market is expected to remain strong. Median prices dipped slightly in late 2017, but they seem to be on the rise once again in the first quarter of 2018. Market conditions have clearly favored investors and sellers in recent years, and this can be attributed to the continuous improvement in quality of life. Profiting from flipping a condo in downtown San Diego is a realistic proposal. The key is to pay attention to the following recommendations.
1. Work with a Seasoned Real Estate Agent
Condo markets in affluent metropolitan areas such as San Diego tend to be complex. Even property investors who have completed a few transactions will always prefer to work with 92101 real estate agents who specialize in condos, lofts, and penthouses. Investors should not hesitate to talk with their agents about their financial goals, resources, and risk tolerance. In fact, this kind of communication is essential in a condo flip transaction. Real estate professionals are very goal-oriented, and they are generally more ambitious than their clients.
2. Check the Appliances
Investors who are looking to flip a condo with high-end appliances should make sure they are in good condition before acquiring the property. State-of-the-art refrigerators, stoves, dishwashers, and wine chillers can be expensive to replace and may eat into potential profits.
3. Read the Market
An investor who looks at a list of all downtown San Diego condos for sale with their respective sales and pricing history will realize this is a very dynamic market, which means it should be approached beyond the “buy low, sell high” mantra. Reading a market means considering all the aspects conducive to making a profit. For example, units located near the North Embarcadero district are bound to greatly appreciate in value once the Navy Broadway Complex has been completed, which creates a short-term rental opportunity to generate cash flow before listing the property.
4. Stage with Style
Staging is when retaining the right real estate agent pays off. Some real estate agents recommend lightly furnishing and decorating the unit with designer touches for the purpose of charming move-in ready buyers with deeper pockets. Condo units located within boutique or luxury towers need to be staged the right way so buyers can see themselves living there.
5. Perform Smart Improvements
When it comes to remodeling and improving condo units, kitchens and bathrooms always come first. However, investors should also think about the types of prospective buyers they wish to attract. Modern condo buyers tend to be into design and décor. Even installing a home theater system or smart home automation can go a long way toward attracting the right buyers.
From Gaslamp to Cortez Hill, San Diego condos are a hot commodity. If you’re looking for condominium properties to flip or to use as your primary residence, make sure to work with a trusted local agent who knows the downtown San Diego real estate market. Call 92101 Urban Living today at 619-649-0368 to speak with one of our qualified agents.