Last week, we broke down the Downtown San Diego condo sales from Q1 2013. Not surprisingly, the East Village neighborhood led the way with total transactions closed during Q1. East Village condos for sale accounted for 65 of the Downtown San Diego condos sold during Q1, or about 30%.
The luxury condo complex The Mark led the way with 9 closed transactions in Q1. The Mark features 1-2 bedroom homes and a few 3 bedrooms on the penthouse level. With 24 hour concierge, heated pool/spa, fitness center, and gated/underground parking, the amenities at The Mark set them apart from almost all of the other East Village condos for sale and they are proving it with their success in the resale market.
Tied with The Mark for the most closed transactions in the East Village was Smart Corner, downtown San Diego’s newest condo project. Smart Corner is located on C St and Park Ave, and despite a slow start, has seen recent success in the resale market. Smart Corner is held back by location problems, but offers nice units with very basic layouts which allow owner customization. A rooftop spa offers a great place to relax and enjoy a great view of Downtown San Diego.
As with many of the Downtown San Diego condo buildings, litigation still proved to be an issue for the East Village condos during Q1. Park Terrace, Union Square, Alta, and Icon all continued (or began in Icon’s case) their pending litigation issues. Because of the financing problems that those buildings are encountering, all cash buyers are sometimes able to offer less than asking and secure great deals.
The East Village has seen a sharp rise in equity throughout its available units, which has caused buyers that were previously on the fence about listing their homes, to put them on the market. The inventory in the East Village is still below where it should be though, which has driven the prices up due to the lack of supply. Many of our deals this year so far have received multiple offers well above asking price, due to the competitive marketplace. This is definitely what current East Village condo owners were hoping would happen.
For more information about the availability of East Village condos for sale in Downtown San Diego, please contact 92101 Urban Living. We would love the opportunity to speak with you, and help you find your next home.