New Condos Downtown San Diego-Electra Inventory

5 Reasons Why Electra has 14%+ of the building for sale

or Where Is My Equity?

1. Downtown new and resale market has slowed

2. Slowing market translates to higher inventory

3. Bosa, the developer of Electra, built their sales on the “move-up” Bosa owner. Buyers purchased a Bosa high-rise unit and then would sell their unit to purchase and move-up to the next Bosa upscale project. Electra is currently at the end of the line for Bosa for the next several years. Bayside by Bosa is still preselling and will not be complete for a few years. This time the move-up formula has not worked because buyers are having difficulty in selling their present unit ( see #1 and #2), and therefore cannot complete the Electra sale.

4. Although Electra was sold out prior to completion, a number of additional conditions changed for buyers and the found they could not obtain financing to complete their purchase. In addition, resale buyers are competing with Bosa and a developer usually has greater incentives to offer a prospective buyer.

5. Single buyers who put money down a couple of years ago during the presale period have had life changes that make living downtown not as practical as once thought. When you are single or childless, it is easy to live in a highly urban area. However, once your goals change and you get married or have children, your interests tend to develop toward the suburbs. Not everyone feels this way, but enough people had life changes to impact the Electra marketplace.

By Sharyn & Victoria Crown, Downtown San Diego real estate agents

This is part of a series of articles entitled, New Condos, Downtown San Diego Style