How to Make an Advisable Investment in San Diego Downtown Property?

06/18/2011 11:43

downtown-san-diegoIf you are one of the investors in San Diego Downtown Property, there is a list of things to know before making your investing decision. Whether you purchase condos to live in or to resell, you need first get to know the general information of condos in downtown San Diego before making a truly advisable investment.

Condo buildings like Bayside, Electra, Metropolitan, Park Laurel and Pinnacle are the five best condos in this area. Best here means of the highest quality. Several neighborhoods are highly recommended for the stunning waterfront views, among which are Columbia and Marina. If you want to reside in a quiet neighborhood, you can take Cortez and Bankers Hill into consideration. Some other neighborhoods are popular for being within walking distance to shopping places and some are renowned for the local attractions.

To make a wise investment decision, you also need to know the average price of downtown condos and other related fees. Data of 2010 suggested that the average price of condos in downtown area was $547 per square feet and investors would be given a favorable discount of 4.5%-5% off the last asking prices, on average. As to HOA fees, a low rise building will charge less since there is no on site staff, while the high rise buildings will have to pay more for the existence of on site staff. Generally speaking, it will cost $400-$800 per month.

Investing in foreclosure condos is sometimes more lucrative since these condos are always sold at much cheaper prices after the previous owners gave up ransoming the houses. It is said that as many as 20% of downtown San Diego saleable properties are foreclosure houses. To buy a downtown condo, you can gather as much information as possible. Consulting a professional agent will always help you make a more advisable decision.