Purchasing a condo in downtown San Diego will give you easy access to some of the best restaurants and microbreweries in the city, Petco Park, great shopping, and incredible views. However, before shopping around, each buyer should carefully consider his or her spending abilities. Given the extraordinary demand for downtown condos, the top units won’t come cheap. Following are a few considerations to make when creating your budget for this big purchase.
The Base Price of a Condo in Downtown San Diego
The average price for a waterfront condo in Downtown San Diego was between $400 and $500 per square foot in 2014. Newly developed, high-end luxury condos are expected to sell for as much as $1,000 per square foot in 2015. However, there are a number of desirable, low-rise options that lack ocean views and many of the over-the-top amenities that are found in multi-million dollar condos. These units typically range between $275 and $350 per square foot.
Buyers will additionally have to account for Homeowners’ Association (HOA) fees, which are an unavoidable part of the purchaser’s overhead. In low-rise buildings lacking full-time, on-site staff (apart from maintenance crews), HOA costs typically average between $400 and $500 per month for 2-bedroom, 2-bath units. In high-rise luxury units, HOA costs can skyrocket upwards of $800-$1000 per month.
Downtown San Diego condo owners will also pay approximately 1.2% of their condo purchase price in taxes every year. This number is reflective of the 1% California base rate for state property taxes. It also includes all local taxes that are charged for the “clean and safe” program for the downtown area, schools, and general infrastructure.
While some units might appear far less costly than other similar options, it is always important for buyers to determine what the parking arrangements will be. A unit that has in-building parking will invariably have a higher cost per square foot than a unit that does not. However, paying these additional monies for guaranteed, on-site parking is often cheaper and easier. The cost of parking on an independent lot can range between $140 and $275 per month.
When shopping for condos in Downtown San Diego, be sure to speak with your real estate agent about all included, and possibly additional, fees associated with the unit to ensure the condo you purchase won’t leave you house poor and unable to enjoy all that downtown has to offer. Happy searching! ')}