By Margaret Irving
If you’re looking to buy a two-bedroom condominium in downtown San Diego, be prepared to spend a minimum of $425,000. The market for low-to-moderately priced downtown condos is tight, with popular 2-bedroom plans few and far between.
In below $400,000 price range your choices will likely be limited to smaller floor plans (800 square feet) and properties that are further away from restaurants, shopping and trendy neighborhoods. If you’re able to pay more than $425,000 you’ll have significantly more choices among two-bedroom condominiums.
Reduced inventory and fierce competition for properties priced under $425,000 have created a “sellers” market downtown, with prices up an average of 9% since last year at this time. A quick search of 2-bedroom homes listed for sale with 1,200 square feet or more shows prices starting at approximately $425,000, with an even wider selection among neighborhoods and floor plans in the $450,000 to $500,000 list price range.
The heavy demand is also affecting values and sales of distressed properties. Foreclosures, short sales and bank-owned properties are now selling closer to market value.
A couple of examples illustrate the limited range of choices available in under-$425,000 market. The first is an attractive 2-bedroom unit for sale in Little Italy’s Acqua Vista development. While this is a recently-remodeled 14th floor unit with bay and city views listed at $299,000, it’s only 824 square feet in size.
Another example is a lovely 12th-floor condo in Smart Corner with 1,029 square feet, a move-in ready beauty listed for sale at $380,000, however, it has a loft-style “open” floor plan, and is located on the far east side of East Village neighborhood by San Diego City College.
Buyers who are willing to invest an additional $100,000, however, will find themselves with many more options, including slightly more upscale homes with spacious floor plans of varying square footage in buildings like Atria, Village Walk and Aria, and in neighborhoods where it’s just a short walk to an array of amenities and attractions, like the FESTA in Little Italy on October 14, 2012.
If you’re interested in a conversation about two-bedroom condos in downtown San Diego, please give me a call (619) 246-8400.