When a buyer first gets started in the buying process, one of the most important choices to make is who will represent them in the deal. Not many buyers consider this, but the best aspect of “Buyer Agency” in California is that there are no out of pocket expenses for the buyer. In San Diego, typically the seller pays the commission expenses for both the selling (buyer) and listing (seller) agents. There two main approaches that most buyers take to make their decision about who they should use to represent them in their San Diego Real estate purchase. The first approach involves using a buyer agent who they know and trust. This can be a friend, a referral, or if they have purchased before…a past agent. A positive aspect of this approach is that there is already a solid relationship that the buyer can rely on. A potential negative of this approach is that Realtors are not experts in every niche community in San Diego. The second approach in finding a good real estate agent is to do some research in order to find a specialist and expert in the area that you are searching in. Of course, the best case scenario would be to find a hybrid of both of these approaches by finding a niche specialist who comes highly recommended by friends, family, or past clients.
For buyers looking to purchase a Downtown San Diego condo, there are several points of knowledge that will separate an expert from the average buyers agent. Some of these may not seem too important when first starting to search. However…a combination of the little things will add to the overall value of a particular unit. These unit characteristics can determine both the personal enjoyment of the homeowner, and sometimes equally as important…the equity growth and value growth of the unit over time. At 92101 Urban Living we pride ourselves on knowing the little things, so that we can make sure that our buyer clients are always well informed and prepared. Before purchasing a Downtown San Diego condo, a buyer should make sure that their buyer agent cover: Construction type, Orientation, View impact of future development, square footage vs. wow factor, and finally the culture of the complex.
1. Construction Type can determine quality, aging, and style. A Downtown San Diego Condo can be either cement, wood, or brick construction. Typically, cement construction is found in highrises, and wood construction in mid-rise building. In most cases cement buildings will age better than wood. Additionally, cement construction will have more “sound attenuation” qualities ensuring that there is not much residual noise from neighbors.
2. Orientation: The Orientation of both the complex and the unit are very important considerations for a buyer. Does the unit face east and get morning sun, or does the unit face west and get afternoon sun. A Downtown San Diego Specialist will know that south facing exposure will provide great direct sunlight in the winter months when the sun is lower on the horizon. Buyer who purchase west facing units should also consider exposure. Hours and hours of afternoon sun in San Diego during the summertime can make a unit very hot.
3. Impact of Future Development. A Downtown San Diego specialist must know how the impact of future development will change the view. This concept is especially true in the Columbia district where there is potential of several new highrise development in the coming years.
4. Square Footage vs. “Wow” factor: Ultimately, all Downtown San Diego condos are going to be valued at a certain price per square foot. As a result, when doing a value analysis of a Downtown San Diego Condo, it is always important to discover whether view and wow factor are more important to the buyer than square footage. Basically…unless a buyer can afford both at the same time, would they rather buy a smaller unit higher in the building with a better view or a larger unit lower in the building? Buyers who will live full time in in a Downtown condo prefer to buy square footage because it is actual value. Wow factor and view can sometimes be considered relative value…one person may say it is a million dollar view, while another may value it at only $500K.
5. Culture of the complex is a very important consideration for a buyer when they are looking for the right unit. Even though a unit may have the right personal and financial criteria it has to be a good fit for the buyers home. Are the other homeowners in the complex going to be good neighbors. Is it a younger population who may be more interested in the social and nightlife, or is there a more mature homeownership who prefer a quieter more conservative lifestyle. These factors will contribute to the personal enjoyment of the buyer, and determine the market pool for the new buyers when they eventually decide to sell in the future. ')}