The following graph represents a breakdown of 2008 sales in the Downtown San Diego East Village Neighborhood separated out by specific complex. This blog is a series of analytical statistics that will sum up the Downtown San Diego Real Estate Market in 2008. As Downtown San Diego Specialists, we know how important this analysis can be to homeowners and future buyers of a Downtown San Diego condo or loft. Thru November, there have been 247 sales in the East Village neighborhood. 74 or roughly 30% Resale, 48 or 19% REO/Distressed, and 125 or 50% sold direct from the developer sales office. When developer sales go Head to Head with the true Resale Market, often times the developer can make the best financial deal. A developer is dealing with a bottom line, while a homeowner is dealing with a Break Even Point. Often times it is easier for a developer to sweeten up a deal by providing cash incentives (HOA buy down, upgrades, Closing Costs, ETC.)
It is very interesting that ICON and ALTA are the big winners. It could be just the timing of delivery to the market, but is most likely due to moderate price point and moderate HOA fees. Both complexes represent the link between full service luxury amenities and low amenity complexes. There were 0 Distressed or REO sales in the true luxury buildings of the East Village: The Mark, Metropolitan, and The Legend. In fact, most of the distressed sales occurred in Midrise buildings. High-Rise buildings accounted for less than 10% of all distressed sales.