Downtown San Diego: How Do We Compare to Toronto?

One of the best things about working at Sothebys Realty is the worldwide view we have of luxury real estate.  One of the biggest builders in Downtown San Diego is the Canadian builder Bosa.  Many of our most luxurious Downtown San Diego condos have been built by Bosa.  I was looking at our Sothebys Realty You Tube Channel, and came across this video of a luxury Yorkville, Toronto condominium.  As you can see, luxury is consistent no matter where it is located, whether Bayside by Bosa in San Diego, or this stunning Toronto condomium.  Take a look and imagine living in this luxury.  I especially like the heated floors.  I don't know that I would ever use them in San Diego, but like heated car seats, it's fun to imagine having the luxury.

If luxury is your style, give us a call and we will be glad to show you the luxury offered by living in Downtown San Diego, minus the cold and snowy winters.  Luxury is a lifestyle people work to achieve.

This is a series of articles by Sharyn and Victoria Crown, Downtown San Diego real estate agents.

New Condos Downtown San Diego: Sales Picking up Pace

The most recent stats we have indicate the Downtown San Diego market is improving. Is that true or
not? Looking at the graphs it appears the median prices are increasing. Downtown San Diego 3 Month Sales AverageOnce we reach the end of July
and those stats post, we will start togivea better indication if this is just a blip or if there really is improvement.

From our perspective, it "feels" like a better market. We have several out-of- state buyers whovisitedDowntown San Diego at the end of May for the purpose of purchasinga downtowncondo. One of our buyers purchased a unitat The Legend, while the second buyer choseBreeza. The builders in both properties negotiated very favorable "deals" for our buyers and both escrows will be closed by the end of this week. Both sets of these buyers are using their Downtown San Diego condos for a second home and an easy place to visit. Living close to the airport is a real selling feature to Downtown owners because a cab ride is quick and very inexpensive.

We have noticed that the bottom prices in the market place are creeping upward. Selection under $250k continues to shrink while competing buyers continue to grow. Lenders are feeding the inventory, so far, in a steady manner. Foreclosures are a great buy if you do your homework, since the lender does nothing to a unit or for a unit if they can help it.

• Number of Downtown San Diego Condo SalesLook at the sales chart.Although 2005 had the most number of sales, you can see that sales in 92101 (which is Downtown San Diego) have already surpassed 2008 sales statistics.
  
  I believe there are several reasons for this increase.
  
  One reason is that lenders are actually settingrealistic pricing on many Downtown San Diego units, either as foreclosures or a short sales.
  
  A second reason is that several of the Downtown San Diego buildings have gone thru the approval process for FHA, VA or both types financing. This approval definitely makes it easier for a first-time buyer to find acceptable financing.
  
  Thirdly there is a much smaller amount of new inventory coming on the market. In fact, the new inventory faucet is shortly going to go to a trickle. This market has forced a number of investors to take a step backwards. Bosa is still banking on high end luxury purchasers, ala Bayside by Bosa, but even Bosa has slowed somewhat.
  
  And a fourth reason for the uptick in purchasing is the $8000 tax credit, plus a potential $10,000 (State of California) tax credit. One thing I have learned about these tax credits is that they are good until they aren't good anymore. Money runs out so buyers are seriously "getting" into the marketplace now.
  
  There are still additional reasons why the marketplace Downtown has picked up, but I figured four reasons is about the max anyone wants to read about at one sitting. Numbers are interesting until they become boring.
  
  Take a stroll downtown this week and see all the Comic Con visitors. You will see Downtown San Diego as the cosmopolitan city it has become. It's a long long way from when the Pussycat Theater used to be located in the Gaslamp. I know about the Pussycat because I made my husband take me there many many years ago. It was a one time experience. Trust me, once was enough.
  
  By Sharyn & Victoria Crown, Coronado and Downtown San Diego real estate brokers

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

New Condos Downtown San Diego: Developer Customer Service

One good thing about these blogs is that I can write about whatever strikes my fancy or is revelant to our business. Sometimes I like to write about neat San Diego places. Sometimes I write about the marketplace. And sometimes I write about something in our day to day business experience.

This leads me to customer service which is one of the most talked about and least practiced activities, or so it sometimes seems to me. We have a perfect example in our two recent experiences. We have two separate out of area clients who are purchasing downtown San Diego condos as second homes. Their customer service experiences have been as different as day and night.

One of the sellers is Bosa. Our buyers settled on a unit at The Legend. From the beginning, the Bosa sales reps went out of their way to accomodate our buyers. Service was first-class. We were kept in the loop and we were made to feel a part of the transaction. Normally developers take over from the realtor, but in the case of Bosa, they made us part of their team. There were ups and downs in the transaction. There always are ups and downs. However, Bosa efficiently handled all issues and everyone working at Bosa knows the customer/buyer is the most important part of the transaction. Our buyers have closed escrow on their unit, and Bosa customer service continues as good as the sales service was during the transaction.

I only mention Bosa because our second experience with another downtown San Diego developer was and continues to be a very frustrating experience. The sales staff does not coordinate well with the developer. The lender does not play well with the sales staff or the escrow company, while our buyer is left in the middle trying to figure out what's up and what's down. We find ourselves pushing the developer to complete their part of the transaction. We don't think the developer is bad.  We just think that customer service is not the priority it could be, especially in this marketplace. One would think that developers would go the extra mile. Quality service hasn't been our experience with the  second developer and we have been sadly disappointed.

What we have learned from the comparison of Bosa and the second unnamed developer is the concept of dedicated customer service that leads into future referral and repeat business.  Passion and excitement cause second home buyers to purchase. Second home buyers are affluent and are able to purchase a second or third home. These buyers are savvy enough to expect first-class treatment.  They want good value for their money, a smooth transaction and want to be appreciated.  Our goal after these comparative experiences is to make sure we continually offer superlative service. Second-best service is not sufficient.

We would love to hear about any of your developer customer service whether Downtown San Diego or not.  I will blog the worst story, if there is one.  Perhaps mine is the only "worse" story.  If I were United Airlines I wouldn't want this video United Breaks Guitars to be my swan song.


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


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