It has been almost a year since we broached the topic of the Downtown condominium market in this column. Yes, things have changed, and despite the glut of negative press, the glut of condominiums some predicted has not materialized, and business isn't so bad.
The resale market is holding up rather nicely. The inventory of active resale listings at the end of July was 492 compared to 613 one year ago. Days on market remain at about 90. That is a lot longer than ordinary (60 days), but condominiums are selling.
At the end of July, Downtown sales had totaled 246 compared to 467 for the entirety of 2006. With any luck, 2007 will match 2006 and that wasn't such a bad year. The upper end of the market has fared better than the lower end. Two-thirds of all Downtown resales this year have been more than $500,000. In 2006, almost 200 units sold for more than $700,000. It looks like this total may be achieved again this year, too. The average price of a resale unit was $679,000 ($560 per square foot), the same as the average for 2005.
516 Fifth Avenue San Diego, CA 92101
1-800-221-2210
http://www.sellsandiego.com/
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