Downtown San Diego condos priced at over $1 Million held on to their value steadily throughout 2007 showing no depreciation or appreciation. This is great news for owners of those highly desired properties but bad news for those looking for a deal on the best that downtown has to offer. Bargain hunters can find plenty of bottom feeding available at the low end of the quality and price points. Condos under $400,000 are extremely difficult to sale and that is the area discount shoppers will find the foreclosures and short sales.

Last years results are in, prices on average downtown dropped 7.5% in 2007 from 2006. Specifically I am referring to sold price per square foot, $547 vs. $592. The condos priced under a million dollars were responsible for this decrease as the condos above a million dollars held steady at $1,048/sf. Only three buildings saw an increase in their sales prices: Cityfront Terrace (as a result of reaching a settlement on their litigation), Harbor Club (people still demand premium bay views) and the Watermark (as a result of their recent common area remodel). What we are seeing in our market is quality buildings in prime locations selling well, while entry level condos in the less desirable areas are extremely difficult to sell and often are being given back to the banks. Downtown's high end is holding well as those buyers are not as sensitive to the recent credit tightening and are better able to handle any ARM resets they may be facing.

Currently there are 900 new and resale condos available, up from about 700 units two years ago. The main reason for the increase is the number of unsold units in newly completed buildings. The volume of resale inventory has been consistent over the past two years at about 500 units. In 2008, we will see the completion of three new condo buildings (Aria, Breeza and Sapphire tower) and in 2009 only two new buildings (Bayside and Vantage Pointe) will be completed. If you're looking to trade up or buy one of the better condos downtown, it's never been a better time to "buy low".

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