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November 23, 2010

There are BIG Condo Bargains now, but how do you pick the right one? Part II
Downtown San Diego condos are at bargain prices. It appears they have started, over the last few months, to recover slowly with prices showing a gradual recovery. Prices in the high and medium rise buildings in the downtown communities like "Little Italy", "The Marina" and "East Village" districts are down about 30% from the high prices of a few years ago. The inventory remains just OK right now, because of the holidays, we should see it increase again in the early part of 2011. There has been about a 90 day supply on the market for the last year in "Little Italy". The Condo market in most of the county is similar except some areas of inland North County and South County where the market has been slower to recover.

For the investor interested in rentals the UTC / University City and La Jolla area especially those condos on the UCSD shuttle and the MTS Supper Shuttle routes. Again think location, students don't want to have to try to find parking on Campus where it is expensive and most of the time not available. The over 60,000, student staff and Faculty population on the UCSD campus provides a constant demand for rentals.

Caution needs to be taken when purchasing in any condo situation to be sure that the home owner association is financially solid and that restrictions on renting are in alignment with your investment interests. Financing is not as easy for investment property as it is for a primary residence. Often when parents purchase a condo for a child/student the condo can be considered a primary residence (check this with your CPA and your lender). Rates typically are higher for an investment property or a second home than for a primary residence as well. You should also check with your accountant on tax implications. These are few of the factors concerning condo investment, call us at the Mills Team and it will be our pleasure to assist you in finding the condo that fits your needs and interests.



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