We here at 92101 Urban Living have been doing a lot of work in Little Italy lately. I don’t want to necessarily admit that Little Italy is my favorite neighborhood in Downtown San Diego… Ok, yes I do. Everything about Little Italy is charming. World class Italian dining on every street, Influx Coffee Shop on India and Fir, and the Little Italy Mercato all earned my stamp of approval and make Little Italy condos one of the most desirable real estate investments in Downtown San Diego.
As far as real estate goes (this is a real estate blog after all), Little Italy condos have done a fantastic job of keeping the culture that the neighborhood was built with, while incorporating modern and contemporary architecture in the new developments. Famed architect Jonathan Segal has seemed to take a special liking to Little Italy. Segal’s recently completed residential condo building, Q Lofts, is now his 4th completed Little Italy condo project.
Q1 2013 can definitely be considered a success for the Real Estate market in Little Italy. 47 closed transactions occurred throughout the neighborhood, with the high-rise complex La Vita leading the way with 8 units sold. Just like many Downtown San Diego neighborhoods, litigation and low inventory continued to prevent Little Italy condos from reaching their full sales potential. Complexes such as 350 W Ash, Acqua Vista, La Vita, Aperture, and Porto Siena are all in the midst of builder defect litigation, which can making financing very difficult. Although, for an all cash investor or conventional buyer, the litigation might be the perfect opportunity to buy into these buildings at below market prices.
The North Embarcadero Visionary Plan will continue to affect Little Italy real estate residents going forward into Q2 and the construction will be something for new buyers to consider if looking into buildings near the construction (i.e. Breeza).
If you are interested in purchasing a home in the Little Italy neighborhood of Downtown San Diego, or for any information regarding the Little Italy condo market in general, please contact 92101 Urban Living. We would love the chance to show you around.