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4 Little-Known Benefits of Living in a Downtown San Diego Condo

By blog578 in Downtown San Diego Urban Lifestyle with 0 Comments

When you think about moving into a downtown San Diego condo, you’ll invariably hear about benefits such as great year-round weather, vibrant neighborhoods, very low crime rates, and high quality of life. These are all positive aspects many people take for granted, but the advantages of living in this part of Southern California don’t stop there. Here are four pieces of insider info even seasoned real estate agents sometimes forget to mention.

1. Instant Rebates from San Diego Gas & Electric

Unlike federal rebates for energy efficiency that require you to wait until after filing your tax return to get them, the local San Diego utility will allow you to take advantage of instant rebates right at the store. As of January 2020, SDG&E offers rebates on three items: smart thermostats, electric heat pump water heaters, and gas water heaters. Visit www.sdge.com/rebates to learn about the stores that offer these rebates. Some are local, and a few allow online purchases. Heat pumps must have a Uniform Energy Factor of at least 3.09, and gas heaters must hold 40 or 50 gallons and bear the certified ENERGY STAR sticker.

2. Reasonable Property Taxes

Similar to just about every jurisdiction across the United States, your downtown San Diego condo will be subject to annual property taxes. However, you’ll be pleased to know this housing market has a very low tax rate compared to other metropolitan areas. With a rate lower than 1.25 percent, San Diego is very reasonable in terms of property taxation, and you don’t have to worry about excessive increases, thanks to California’s Proposition 13. Another advantage is that an average condo unit in the downtown districts will be assessed at a lower value than the median single-family residence elsewhere in San Diego County.

3. An Emerging Market for Foreign Buyers

Foreign real estate investors from China, South Korea, Singapore, and other major Asian countries are gradually warming up to downtown San Diego because properties in Los Angeles and San Francisco have become grossly overpriced. Motivated buyers flush with cash are also coming from Mexico, and there’s also plenty of demand from wealthier renters who won’t flinch at short-term lease contracts with above-market monthly rates.

4. Planned Urban Redevelopment Projects

Purchasing a downtown San Diego condo in 2020 can be part of a solid financial strategy. Smart buyers in the Core-Columbia district will benefit from the redevelopment of the courthouse complex, which will include a mixed-use building complete with boutique penthouses. Seaport Village and the Embarcadero are expected to be transformed by a $1.6 billion investment that will include an oceanography school, a skyscraper hotel, and expansion of the marina facilities. An even more significant project is planned for the Navy Broadway Complex, which will become the West Coast headquarters for naval operations.

If you’re ready to invest in San Diego real estate, downtown offers a huge variety of choices, including condos of every size and type. The experienced agents from 92101 Urban Living can help you find the condo that fits your budget and lifestyle perfectly. To get started on the search for your new dream home, give us a call today at 619-649-0368.