San Diego Condos, Homes and Real Estate News

Many San Diegans who have lived in the county for 10 years or longer might not have guessed that downtown would become one of the fastest growing and most desirable locations in the city.  In the 1950s, the downtown area was a sleepy Navy location whose big draw was the El Cortez Hotel, its glass elevator and "moving" sidewalk. Nothing dramatic changed until the introduction of Horton Plaza and subsequent development and flourishing of the Gaslamp District.

 

Those highlights, though, only suggested the dramatic growth of downtown San Diego living options that have occurred within the past few years.

The Downtown San Diego condo market did not truly become prime in the downtown community until the last number of years, said Gregg Neuman of Neuman & Neuman Prudential California Realty, who has sold San Diego real estate since 1981. People desiring condominium living fit snuggly into the realm of first-time buyers, seniors buying down and single people who have no need for a house in the suburbs. Downtown, though, was not a first option even five years ago.

 

"Much has been discussed recently about the promulgation of condos in downtown San Diego," Neuman said, "and this has created the appearance of a glut on the market. But short-term appearances don't reflect the market accurately."

As the market stabilizes, fears of a bursting real estate bubble are also subsiding. A recent Centre City Development Corp. survey found that remarkably few respondents -- less than 25 percent -- believed that the real estate market would suffer a significant and lingering downturn. More than half believed that downtown real estate was still a stable or good investment.  "Investment, though, is only a small portion of interest in living downtown," Neuman said. "The CCDC study confirmed that people of all ages live downtown and about 50 percent of them own their own homes. A majority prefers pet-friendly buildings, and about 10 percent of them have children." 

Neuman noted that these people come for the lifestyle of downtown living, and the design of the environments they choose reflects this.  "The contemporary condo, whether new or converted, reflects mobility and social needs," he said. Many have resort-like amenities such as pool and spa facilities and fitness centers. They offer social networking and a wide variety of special interest clubs for people interested in the arts, investing, boating and the coastal environment. The living design ranges from conventional layouts to innovative loft environments that allow for imaginative interior design.

There are a good number of homes with views that range from enjoyable to world-class spectacular.  "At the highest end," said Neuman, "We have a 4,391-square-foot high-rise in the Renaissance that just listed. The two-story palatial property has the potential of dramatically elevating an already desirable San Diego's down luxury market.  The architecture and design of downtown living demand immediate access to all the lifestyle benefits. People who live downtown cite its proximity to Balboa Park and the Gaslamp district, which has become a major destination for San Diego residents, downtown dwellers and tourists.

"Also, the introduction of Petco Park on the east end of downtown has had a dramatic impact on the growth and prestige of the downtown market," said Neuman. "Housing, from mid-range to high-end, now surrounds the ballpark and extends down Market and Imperial. The support structure of small businesses to support the population is emerging. In a matter of a few years, an entire community has changed from warehouse and industrial to thriving condominium culture. People are on the streets of downtown San Diego as never before."

This is all happening in market that has been deemed "slow" and "struggling," Neuman reiterated.

"Real Estate value, particularly in San Diego, is cyclical," he said. "We've seen the market flucuate before and we'll see it again. Over time, though, few investments pay off as well as residential real estate. And in the meantime, people live the American dream in one of the most desirable locations in the world."

Quoted from The Daily Transcript - San Diego Post