Everyone here at 92101 Urban Living remains optimistic about the Downtown San Diego market. We have had a surge in calls from investors and buyers ready to take advantage of this current state of the market. We are currently experiencing a HOT buyers market here in Downtown San Diego. The median resale condo price in downtown was $557,000 for the 30-day period ending January 20th, down $22,500 from last month and down $10,000 from the same period in January 2007 ($567,125). Inventory of condos for sale is up. The number of condos pending sale during the past 30 days was 32, compared to 24 in the same period last year!
I think Chad Cavanaugh, one of our real estate consultants, makes a good point, “Bottom line, San Diego isnt going anywhere but up. Literally, we are almost out of buildable land so all construction will have to go vertical. The communities of the future will be the loft and condo buildings, cities within cities.”…Check out his recent blog… It is the time to buy, and I firmly believe that Downtown San Diego is a smart investment. There is so much infrastructure being developed (see blogs on North Embarcedero Plan, Harbor Pedestrian Bridge, New Main Library, etc.) that will only raise the value of Downtown San Diego property in the future. We feel our job here at 92101 Urban Living is to spread these facts to buyers–and to popular media that feed on negative news. Please feel free to contact us with any questions…we’re here to provide facts and share our enthusiasm for this wonderful city!