According to my research with SDAR and Sandicor, the downtown condo market was booming with sales last year. My reports show there were 893 purchases in 2010. 2006 had only 559 purchases! That's also more purchases than 2005 (which had 780, and was apparently the height of the rush to buy downtown condos before the bubble burst). What is so interesting about the high sales numbers is that the median price for 2010 fell from its 2009 level (from $377,500 in 2009 to $340,000 in 2010). Overall, the median price for downtown San Diego condos has dropped 41% since 2005 (in 2005, the median price for downtown condos was $580,000)!
Downtown is its own marketplace, and it behaves differently than other areas in San Diego County. I've helped many clients buy great condos in downtown in the last few years, and it's one of my favorite parts of the county. The market is still seeing a lot of foreclosures and short sales, as well as its share of new condos and resales. There are a lot of factors that go into choosing the right condo building to purchase in, and I enjoy putting the puzzle pieces together for each new client.
Check out the chart I put together with sales data from 2005-2010 in downtown San Diego (see below).
*Most of the reports used for statistics in this article can be found at http://www.sandicor.com/resources/sales-statistics/ and at http://sdar.com/Neighborhood_and_Community.php. Some data was found using my REALTOR® access to the Sandicor database.
Justin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage. He also writes this blog, "For San Diego Home Buyers."
Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.
If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. Call Justin at (858) 437-2662 or E-mail.
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