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The “Big Three” Value Components of Downtown San Diego Condos

By Mike in April 2013|Downtown San Diego Real Estate with 0 Comments

San Diego CondosDowntown San Diego condos come in all shapes and sizes. In lower price ranges, DowntownSan Diego condos are excellent investments for first time home buyers. In higher price ranges, the Penthouses in the Downtown San Diego high rises are some of the most spectacular real estate choices that San Diego has to offer. In every price range there are several things that all buyers interested in Downtown San Diego condos must take into consideration: Construction, HOA Fees, and “The Big Three” components of value. When interviewing clients for the first time, we try to assist in prioritizing these three criteria to determine what is going to be the most important for their home. Why value is determined by the “Big Three”, a client’s particular preference will always be the most important. Within a certain budget and financial comfort level, Will a client make the decision to buy a larger square footage and sacrifice views? Will a client consider sacrificing on a prime location to buy more upgrades, square footage or orientation? These are the personal preference criteria that determine both the value and the personal choice of deciding on one’s home.

What Are The Big Three components of Downtown San Diego Condo Value?

The value of a Downtown San Diego Condo is determined a little bit different from a traditional single family home. In order to help our clients generate a better understanding of the components of value, we have coined “The Big Three” criteria. These components of value are the most important aspects of any condo value, because they are criteria that cannot be changed. As a result, whether or not a condo can be upgraded or improved will take a secondary position to these three Downtown San Diego Condo Criteria.

Square Footage: The size of a Downtown San Diego condo is one of the most important components of value. Most good realtors and brokers will always refer to the price per square foot in determining the value of a Downtown San Diego condo. In many cases (views aside) the difference between a $100k Downtown San Diego Condo and a $1mm Downtown San Diego condo will be it’s size. The most important sub component of the price per square foot is obviously the floor plan layout. We always tell our clients that when considering a purchase based on size…the number of the actual square footage and the “feeling” of the condo layout is an important consideration. It is obviously going to be a better value to consider the 1000 square foot condo that feels like 1200 square feet…rather than the other way around. It is always important when viewing a condo for the first time to establish the overall floor plan layout of space. Try to take wasted space like irregular shapes, long hallways, extra sized entries, and ceiling height into consideration. While technically not considered in overall square footage size, ceiling heights and outside terrace/patio space can give the perception of lager size and more living space.

Location, Location, Location: In any real estate transaction, location is always one of the top components of value. As a result, the neighborhood and location of a particular complex and condo will support the price per square foot. A particular Downtown San Diego condo with a centralized location and proximity to amenities will always tend to have a higher value.

Upgrades, Orientation, and View: The final component of the “Big Three” is a combination of several things. As with any piece of Downtown San Diego Real Estate, the upgrades within a particular unit can always add to the value. With Downtown San Diego condos the upgrades of floors, window coverings, and storage organization will add significant and lasting value over personal preference design upgrades. The orientation of any Downtown San Diego Condo is also an important consideration. Does the unit get morning or afternoon sun? Does the unit have a street or interior courtyard orientation? The final component of value is the view. In most condo complexes the floor plan within a particular “stack” will always be the same. The view level and difference in value between floor levels will always add value to any Downtown San Diego condo. The only issue with views are that it is a “relative” value source. Some may say it is a “million dollar” view, while others may think differently. ')}