New Condos Downtown San Diego: What's Up?

What's up in Downtown San Diego real estate? I spent yesterday asking myself that very question. Sounds like I need a life doesn't it? We have three clients in town (from Texas, New Mexico, and Los Angeles) over the next several days. Two are Downtown San Diego buyers and one is a La Jolla buyer. Victoria is showing all three clients different properties today, so I spent yesterday scheduling the showings. This leads me to my question of what is going on in Downtown San Diego?

This is how I felt after calling two dozen agents. Media continues to tell all of us how bad the marketplace is and how it is getting worse.  We read and see that lenders who took TARP money are now going to beat down our doors to help us (still waiting to see this one happen). We see that more and more foreclosure notices have been filed.

However, after scheduling showings yesterday, I feel I am in an alternative universe. Several of the properties I attempted to schedule have up to 7 offers on them, and we are talking about half-a-million dollar condos. Several of the properties that are short sales have been waiting for months to hear a yes, a no, or a go jump in San Diego Bay from the lender. Several of the condos have prices that sellers are willing to sit on for months if needed. The Downtown world is not as bad as one may think at first glance.

No matter what, no matter the economy, no matter what the media says, San Diego is still a fantastic place situated on the Pacific Ocean. The doomsayers can be as dooming as they want (a new word I invented), but people still want to come live and visit in San Diego. We have concrete evidence in the fact that we have two out of state owners, here and ready, willing, and able to purchase a downtown San Diego condo. We still live in America's Finest City.

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

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