92101 Urban Living are geeks for the analytic as we keep track of all Downtown San Diego Condos and Downtown San Diego Lofts sold each month. We wanted to share some interesting facts with you to give a broad overview of the Downtown San Diego Real Estate market for the year of 2012.
To start with, the low amount of inventory on the market changed drastically from former years as we ran out of developer sales leaving us with a pure resale market. From 2005 until beginning of 2012…the developer sales has always been something of an everyday item to show our potential buyers but as The Legend, Park Terrace, M2i, Icon, The Mark, Breeza, Bayside and some other complexes sold out there has not been any of these properties available.
We used to be spoiled and have about 400 homes for sale all around the Downtown area to show home buyers but as of today a total of 153 homes are available in the 92101 zip code that incudes short sales, foreclosures, resales etc. With this low amount of homes for sale it can be tricky finding homes to show that could be of interest to a potential home buyer. Many choose to wait for the market to come back but many also want to take advantage of the low mortgage rates and the low prices that we still see here in Downtown San Diego.
Investors with cash have also increased this year where regular home buyers needing a loan had to compete with cash offers and quick close of escrow. We have in many cases seen multiple offers starting a bidding war where the outcome has been offers excepted with amounts above listing price and possibly less than a 10 day close. It has been hard for someone with a loan to offer these terms and pretty much impossible to fight with the cash investor.
To read more about the 2012 real estate market click on the following links for some additional information Downtown San Diego Condos Sold – Financing Breakdown – 3rd Quarter 2012 and Downtown San Diego Condos Sold – Cash vs. Financing – 3rd Quarter 2012. ')}