The Marina neighborhood in Downtown San Diego offers, arguably, some of the best real estate in the world. Many of the Marina condos for sale include stunning views of San Diego Bay, the Coronado Bridge, or the Downtown City Lights, and the buildings themselves are pure luxury. The Marina neighborhood’s close proximity to the Gaslamp, Convention Center, and the Petco Park make it an ideal living situation for almost any buyer.
Marina Condos for sale had a strong showing in Q1 2013 with 61 closed transactions. The mid-rise CityFront Terrace condo complex led the way with 11 closed transactions, the most of any Downtown San Diego condo complex. Renaissance Luxury condos came in at a close second, with 8 sales during Q1.
Like many other Downtown San Diego Condo buildings, litigation continued to prove a factor for many Marina condos for sale. Park Place, Pinnacle, and Renaissance all battled litigation in Q1 2013 and only Park Place shows signs of a closure soon. Hopefully, these issues get settles quickly, which would allow some of the Marina neighborhood’s biggest complexes to become fully available again.
Q1 proved to be a quiet one in terms of new construction in the Marina. The vacant lot on 1st Ave between J and Island still sits empty, as San Diego Developer BOSA Developments holds onto the land. What will be another luxury condo high-rise in the future, BOSA is waiting until economic conditions improve to a level where re-sale comps validate the construction.
During this downtime in inventory all across Downtown San Diego, we’re starting to see the market mold into more of a “sellers market.” While it is definitely still a great time for buyers, considering the record low interest rates, and affordable down payment loan options. The lack of inventory is creating multiple offer situations, which drives up prices. If you’re a Downtown San Diego condo owner, and are on the fence about listing your place or holding on, please feel free to contact us for a complimentary consultation. We look forward to the opportunity to provide you with market data, and guide you through the home sales process.