Live at Electra – 12 Downtown San Diego Condos for Sale!
Wow! I just looked at Electra and it is leading the pack as far as available inventory in Downtown San Diego. They currently have 12 listings which is rare right now in this scarce market. Prices for the available units in this gorgeous building range from $475,000 to $2,800,000 so there is a wide selection to choose from. Everything from 5th floor Two Bedrooms available to a 3 bedroom unit on 26th floor. If you are in the market for a Downtown San Diego Condo, we strongly advise buyers to look at this building. Electra has arguably the nicest common areas in all of Downtown San Diego. They converted the old San Diego Gas & Electric Building into a towering entertainment room fit for a black tie gathering or the most elegant bridal shower. Everything from the elevators to the interior reception area and chess room are awe inspiring. The fitness center and pool are top notch and the finishes inside the unit themselves are exquisite. So take advantage of this inventory and take a look at all of these units. If you’d like a private tour of Electra and it’s many resort-like amenities, call us at 619-259-5558.
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Q1 2012 Sales Statistics for 92101
The downtown San Diego home sales data for 1st quarter 2012 is in! We’ve hunkered down, crunched the numbers, compared it to the past years figures, and made some interesting findings! As it turns out, the market data can be very misleading to the untrained eye. But not to worry, we’ve made sense of it for you!
Here are some of the important numbers and what we think they mean:
1. 3/4 of all homes purchased were under $500,000.
Downtown Condo Units in this more affordable price range are having no problem selling as buyers and agents wait attentively for something new to pop up in their favorite buildings. Someone looking to sell in this price range can expect to be in a multiple offer situation as there is a huge shortage of properties right now in this price range.
2. 47% of all transactions were paid for in CASH
Most people would be surprised to know this but as we have mentioned before there is a lot of Cash Money out there. In our experience, it is flowing in from all over, not only domestically but also from places like Canada and Mexico City. Financed buyers don’t be discouraged as you are still in the majority. Keep in mind that a lot of sellers would prefer to have a full price financed offer rather than lowball cash.
3. 204 units were sold in 1st quarter 2012 vs. 256 units in 1st quarter 2011, that’s a 20% dip!
This is definitely something that real estate agents don’t like to see and usually it would be bad sign for sellers and buyers as well. However, when we remove developer sales its not as bad, only a 9 unit dip from 187 to 178 Units sold in Q1 2012 vs 2011, just a 5% decrease in number of sales. Keep in mind that most of the developers finished selling their remaining inventory last year so the number of units sold decreased because of lack of supply not demand. There are just not enough Downtown Condos For Sale right now to feed the hungry buyers.
4. Average sales price was $413,185 compared to $448,106, a $35,000 drop in values!
Once again, usually not a good sign, but in this case as well the developer sales are skewing the numbers. Back in the first quarter of 2011, there were 18 developer sales at Bayside, one of the Columbia district’s premier luxury high-rises. These new units sold at an average price of $1,055,444. Bayside and other Higher-end units like The Mark sold out last year so it didn’t figure at all into this year’s numbers. In Q1 2012, the developer leading the pack was Smart Corner with 16 developer sales in Q1 2012. Smart Corner, an entry-level building in the East Village with some desirability issues due to the Trolley stop located within the development, is averaging an astonishingly low sales price of $153,625. Now you see how this could impact the 1st quarter sales results so adversely. When you take out developer sales from the equation (which gives you a more accurate reading of the resale market), you find that average sales price of resale units actually went up. (Which brings us to point number 5).
5. Average price of Resale Homes in Downtown San Diego went up from $413,716 in Q1 2011 to $427,230 in Q1 2012. (+3.25%)
We wanted to point this last item out because we feel that this gives a better reading of what the resale market is doing. Which is pretty much increasing at the rate of inflation right now. And although this is not a huge increase, it can be taken as a sign that the Downtown San Diego market is in the beginning stages of recovery.
So if you are thinking about listing your property, and you would like some more information, including specific sales in your building, please give us a call for a free consultation.
*Data is from multiple sources including Sandicor MLS County Records, and Data Quick. Time frame is for Jan – Mar 2012 on single family attached units in 92101. Information deemed reliable but not guaranteed.
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Third Thursday at MCASD
The Museum of Contemporary Art San Diego (MCASD), which has locations in both Downtown San Diego and La Jolla, opens it’s doors free of charge on every third Thursday of the month from 5 to 7PM. Currently on display at the Downtown San Diego location is a stunning sensory installation by Doug Wheeler in which the visitor’s traditional perceptions of light and space are challenged.
Another fascinating exhibition currently on view is Iconic: Gifts from the Kondon-Giesberger Collection which showcases “reductive abstraction as expressed by artists from the late 1950s into the 1970s,” meaning a slew of striking geometric and minimalist pieces.
Enjoy these wonderful works of art at no charge this Thursday, May 17th from 5 to 7PM!
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We’re Number 2 in Downtown San Diego!!!
Publicly circulated information by Neuman & Neuman
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Coming Soon: 2-Bedroom in the Marina Distrcit!
This 2 bedroom condo measures 1063sq ft and is in a great location at the heart of the Marina District, a great jumping off point for all things downtown: Horton Plaza, Ralphs, the Gaslamp District and the Harbor are all just a short stroll away. The unit includes washer/dryer, two parking spaces underground, and a private balcony. 235 Market is a 2001-built mid-rise building with great amenities including a landscaped sun deck with bbq on the 6th floor, a lush courtyard, and a fitness room. Come have a look before it hits the market! To be listed at $389,900. Call Jorge at 858-259-5558 with any questions or to schedule a showing!
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- Q1 2012 Sales Stats in 92101
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