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Zanzibar
Posts:2
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| 10/08/2008 3:12 PM |
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I recently moved to San Diego from New York. My wife and I both work downtown, and we've decided that we would like to buy a condo so we can walk to work. We're looking for a 2 bedroom, and we can probably afford up to about $600,000. I've heard rumors that some of the buildings downtown have shoddy construction, are involved in tenant lawsuits, and have various other problems.
Can anyone give me an unbiased breakdown of what buildings are "good" downtown, and which ones I should stay away from? I think we're mostly interested in the Marina District, Also, are there any other blogs or forums that might be helpful?
Thanks for your advice. |
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PolarBearKing
Posts:165
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| 10/08/2008 3:40 PM |
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| Why not rent for a while and see for yourself firsthand. Prices will not change much over the next year, so there isn't any hurry as in years past. Good luck and welcome to Sun Diego, you're gonna love the winter. |
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sd 2010
Posts:15
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| 10/08/2008 3:55 PM |
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| I would consider Horizons and Pinacle. Stay away from the Meridian, worst HOA downtown (and highest $) |
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Drew35
Posts:13
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| 10/08/2008 5:59 PM |
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Welcome to san diego!!! As a fellow new yorker I would love to live downtown but have to chill in the "burbs" for family reasons...Unless you absolutley hate moving again, .I would just rent then spend a year or two looking for a place to buy...Horizons is my favorite, rennaisance is also nice....
Just the yearly property tax and HOA fees would cover you in a rental for about 4 months..... |
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Goingup?
Posts:156
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| 10/08/2008 6:04 PM |
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For today I'd make an offer on #1006 at Pinnacle or 905 at Horizons. Both have limited view, but for the 600K range in the Marina district that's what you get.
If you want to play the waiting foreclosure game, go month to month. You never know what might show up (well, Brian does but no one else).
I like the Marina district more, but I'd be tempted to make a few low ball offers at Electra and the Grande, since they have more units available.
Stay away from "stick" buildings. |
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downtowner
Posts:26
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| 10/08/2008 10:48 PM |
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Marina: Pinnacle, Horizons, Meridian, Harbor Club
Embarcadero: Electra, The Grande
East Village: The Mark, Legend, Parkloft, Icon, Alta
Cortez Hill: Aria, Discovery
All (except Harbor Club and The Grande) have at least one 2+2 unit for $700K or less.
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lurknomore
Posts:271
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| 10/09/2008 7:22 AM |
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Za...bar--I don't know how long you have been reading postings on SDLookup, but in the event it has been a recent addition to your info-gathering, let me warn you: This place is infested with renters, renting-advocates, and rental property owners. With a few exceptions, the mantra seems to be rent-now, rent-forever, including elaborate "pencil-out" analyses of how owning costs too much relative to renting. You and your wife will make your own informed decision, of course, but just be warned.
BTW, I am also a refugee from the right coast, and I can confidently predict (no, not real estate trends) that January and February in SD will make you wonder why you waited so long. |
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rentingman
Posts:313
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| 10/09/2008 8:15 AM |
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| If you decide to buy just remember that you are buying in a market that has a lot of foreclosures, a declining job base, and is an economy based on real estate and tourism. I guess you feel different and compared to Hoboken or Manhattan prices are cheap in DT, but that does not mean they cannot go lower. The nicer Marina District buildings have just started to see their prices decline. |
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Zanzibar
Posts:2
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| 10/09/2008 12:58 PM |
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| Thanks for the advice everyone. What's a "stick" building? |
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Interested Observer
Posts:11
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| 10/09/2008 1:41 PM |
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I'm probably somewhat of a "contrarian" on this site. My wife and I studied the market for a year, before buying a unit in the Grande North in March of 2008. We are extremely happy that we bought, and are equally happy with the Grande (and San Diego in general). This is a 2nd home for us, and San Diego is a wonderful place to spend time.
I would encourage buying IF you are likely to be a long-time holder of the property (at least 5 years). I believe that the market will have recovered by then, and desirable property (such as what you're considering) will be on the rise. Whereas we very much like the Grande North, I also think the Electra is an exceptionally nice building. Good Luck! |
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artist
Posts:83
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| 10/09/2008 1:54 PM |
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| I have a getaway home in the Harbor Club and love it there. Probably out of your range but great location. And location is what living in Downtown is about. I can walk to everything and am up high so I do not hear the train and trolly and stay somewhat away from the stadium traffic. The Horizions, Pinnacle and Metropolitan are also located nearby. You might have better luck looking at a lowrise building. You do not have the views but they usually larger units. |
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wilson
Posts:569
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| 10/09/2008 6:59 PM |
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| A "stick" building is wood-framed construction. Building codes limit wood-framed construction to a lower number of stories, so buidings over about 10 stories are either fire-protected steel or concrete frames. Buildings of lower heiight could also be concrete or steel, but they cost more to build than wood. |
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HighRiser
Posts:45
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| 10/10/2008 12:02 PM |
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In my humble opinion, one of the main considerations in buying a condo downtown (after location) should be the stability, attitude, and performance of the HOA. You will be buying into a community and relying on the HOA to maintain the value of your investment, so you should do your homework on it. Remember that HOA fees are not tax deductable and usually go up. The HOA appoints the building management and has to make sure that repairs are done promptly and to at least original standard. The HOA must also review and select service contracts in a fair manner. Depending on your attitude, an HOA can be too controlling or too laissez faire, either making everyone's life a misery with petty rule enforcement, or allowing a few unruly residents to spoil the community for the rest.
I also agree that wood frame buildings should be avoided as they have inadequate noise insulation. I never hear my neighbors and I would hate to be at the mercy of a neighbor's persistent bass speakers, even though I am very tolerant of city noise. Although building public areas and amenities can seem attractive, in reality you'll probably find you hardly use them. The amenities are put in by developers, because they are much cheaper than offering more private living space and are good marketing tools.
Bosa buildings definitely have the best reputation for build quality.
We are very very happy living in the heart of downtown and I am sure you will be too. Good luck! |
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