The majority of people living in Downtown San Diego condos are college graduates, white-collar workers, single, and with a median age of 36 according to aggregated data for the 92101 zip code. There are obvious reasons young professionals move downtown, like being closer to bars, restaurants, and other nightlife. However, the housing crash and slow economic recovery meant wages stagnated, fewer young adults could afford to purchase property, and more people decided to postpone marriage, leading to an influx of young professionals in downtown San Diego.
Between 2010 and 2013, just 1,200 new condos were built in downtown. However, there are currently more than 6,000 approved and in the pipeline. Although that might seem like a huge increase, the new developments are helping clean up and revitalize the once rundown area. Downtown San Diego property owners pay a fee that goes towards an area safety and beautification program called Clean and Safe. The program uses the fees collected to pay for things like security guards, tree planting, additional trash pick up, graffiti removal, sidewalk sweeping, and doggie bag stations. Other large-scale projects like Petco Park, which opened in 2004, and the Waterfront Park, a 12-acre bayfront park that opened last year, have also helped breathe new life into the area and attract a younger demographic.
Live, Work, Play
Moving downtown, which once was an economical decision, has become a cultural one for this generation. Millenials, people ranging from 25 to 34, want to participate within their communities and make their time count—and living in a mixed-use neighborhood is the best way to do that. A Nielsen report from 2014 discovered 62 percent of millennials want to live in an area where they can live, work, and play. And, although buying a condo in downtown San Diego might cost more than a house in East County, it can be a better value thanks to environmentally-friendly designs and appliances, a decreased reliance on cars, and proximity to, well, everything.
If you’re thinking about packing up and finding a loft in Little Italy, a penthouse in the Marina District, or anything in between—don’t wait—vacancy rates are at an all-time low. Give the Downtown real estate experts at 92101 Urban Living a call at (619) 649-0368 and get your condo search started today!