In early May 2018, the San Diego Tourism Authority published its annual report, which highlights the solid growth of America’s Finest City as a vacation destination. Revenue derived from tourism activities during 2017 exceeded $10 billion, which reflects a year-over-year growth that has been gradually increasing since 2010. Tourism is an industry that San Diego city planners have been focusing on at a time when the local housing market is also enjoying record levels of expansion and economic growth.
The aforementioned report is just one of the reasons making downtown San Diego an attractive housing market for real estate buyers interested in vacation homes. Here are a few more reasons.
Higher Inventory in the Downtown Districts
When compared to Mission Bay, Encinitas, and Pacific Beach, the downtown districts of San Diego have a higher supply of available listings. A substantial portion of downtown San Diego real estate options are condos, lofts, and penthouses, which are often more appealing as vacation homes than single-family residences.
Reasonable Mortgage Interest Rates
Homebuyers looking for vacation properties in 2018 should keep in mind the United States Federal Reserve plans to increase the prime lending rate at least twice during the year, which means mortgage interest rates will likely rise in the near future. Something else to keep in mind is that the APR on vacation home mortgages tends to be higher.
Opportunity for Investment
Prospective real estate investors who wish to list their downtown San Diego vacation homes on Airbnb have two advantages: this city is listed as the 5th most visited by American tourists and the 11th most attractive for overseas visitors. The popularity of San Diego as a tourism destination guarantees vacation rentals will always be in demand.
Luxury and Amenities
As part of the effort to make downtown San Diego a world-class destination for visitors, condominium developers have been focusing on providing more luxury through enticing amenities such as rooftop swimming pools, state-of-the-art fitness centers, spas, and other indulgences. Homebuyers looking for luxurious vacation experiences will certainly find them in downtown San Diego.
Views of the Pacific Ocean
Many condos in downtown San Diego offer sweeping views of the harbor, and at lower prices than homes in communities such as Encinitas and Pacific Beach. Moreover, nearby beaches are a quick drive or ride on public transportation from the downtown districts.
Even though the beaches of San Diego are major tourism magnets, the downtown districts have plenty to offer in terms of entertainment, culture, arts, shopping, dining, and more. In other words, this city is perfect for anyone who wishes to either vacation or live a resort-like lifestyle. While most of Southern California is still dominated by car culture, San Diego has improved its pedestrian paths and public transportation options.
From East Village to Little Italy, San Diego condos, lofts, and penthouses are amazing choices for vacation properties. Get in touch with a trusted agent from 92101 Urban Living today to see the best listings on the market. Call 619-649-0368 to schedule an appointment.