When buying a penthouse, loft or condo in Downtown San Diego, one of the main topics of discussion among potential buyers is price…and rightly so. Investing in real estate in the downtown district is big commitment, and many buyers want to make sure they’re agreeing to a fair price. So what happens when a seller is at one end of the price spectrum and a buyer is on the other? We look at the factors that go into assessing the condo or property for sale, helping to determine a fair value.
Location and View
Location is one of the most important factors in assessing a condo’s value. Condos that are close to various types of public transportation, schools, restaurants and other commercial activities tend to be higher in price because they offer residents maximum convenience, and in essence, additional amenities.
The location of the condo you are interested in putting an offer on will also have an impact on what can be seen from the inside of the property. Condos with a view of a park, the skyline or water, as well as end and corner units have higher property values.
Developer and Timing
Choosing a condo by a developer known for constructing high-end properties typically means higher condo values. For some buyers, the construction and architectural highlights of a building will be very important. Yet for others, living in a condo from a specific developer may not be on the “must-have list” and can be sacrificed if the price of the unit does not fall within the budget.
Timing is another important factor affecting condo value. An over-abundance of condos for sale in Downtown San Diego and condominiums that have been on the market too long usually mean lower property values.
Amenities and History
Your condo’s value is usually higher if the amenities and features match the property style. Is there a pool or gym? Is there valet parking? What about housekeeping services? Does the landscaping include a well-kept garden?
Another value-increasing feature is the condominium’s homeowner history. If the unit, or even another unit in the building, was owned by a celebrity or well-known individual, condo values may rise.
Assessing Value with Confidence
No one wants to feel ripped off, making it of the utmost importance to know the value of the condo you want to put an offer on before investing in it. That’s where we come in. 92101 Urban Living is a trusted and experienced real estate agency that specializes in the selling, buying and renting of luxury condos, lofts and penthouses in San Diego, CA. Living in Downtown San Diego ourselves, we love and understand each neighborhood for its unique features and want to help you find the perfect luxury property to call home.
To learn more information about our current downtown properties for sale or to speak with one of our expert real estate agents, call us at 619-649-0368. ')}