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More Condos above $1M sold in Downtown San Diego in 2013

 

For the first time in nearly 7 years there has been an increase in sales for Downtown San Diego Condos over 1 million dollars.   In his recent Union Tribune Article entitled “$1M Home Sales At 6 Year High“, Jonathan Horn cites that 3519 properties with a value of $1M or more sold in San Diego county.  Horn reports that the La Jolla zip code 92037 recorded the most million dollar plus sales with 398.   This large number makes the La Jolla zip code rank third in California for million dollar sales.  In the 92101 zip code, there were only 70 Downtown San Diego Condos that broke the million dollar mark.   One of the biggest reasons for this is simple math…there is simply more million dollar real estate in La Jolla and other north county coastal communities.  In Downtown San Diego, there are currently 215 condos for sale.   Fewer than 40 are at least $1M or over.

In Downtown San Diego the biggest component that “caps” value is square footage.  In the high rise towers where you will find the most opportunity for condo values over $1M, there are not many units with the higher square footage.   Most units are valued on a per square foot basis and, with an average of only 1200 square feet per unit most values fall in the $600k to $900k price category. ')}