Selection of condos available for sale in Downtown San Diego is very low, as of February 2024 in downtown San Diego there are only 160 condos for sale. This is 1% of the total condo market of 10,850.
Predictions for 2024:
1. This election year, Washington politicians will want to stimulate the economy and pressure the Federal Reserve to cut interest rates.
2. Towards the end of the year, mortgage rates will drop to 5%.
3. As interest rates decline, more purchasers will reenter the market.
4. There won't be much inventory for sale because 3% mortgage rate holders will try to stay in their homes and wait for rates to continue dropping.
5. No brand-new condos will start construction in downtown, so the next new condo will not be ready for move in until 2027 or later.
7. Condo prices will rise 5% as demand will continue to exceed supply.
1. Prices rose 5.5% for the year and 33% over the last 3 years. Click here to see my price history chart.
2. No new condos started construction.
3. Construction on the campuses at Horton and Radd advanced to the point where the cranes were removed. All that's left to build are the interiors. For either location, no significant anchor tenants have been announced.
The best agents in downtown are finding off market opportunities for their clients, reach out to me if your looking for something specific your not seeing available online, I have resources and strategies to find condos that can be bought but are not listed for sale.
A lot of owners with low mortgages have opted to remodel rather than move. So its possible to buy a resale with a newer updated interior. All but two condo buildings in downtown are over 10 years old now, most are 15-20 years old and just a few over 20 years old.
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