Where to buy a condo in the current San Diego real estate market???

I work with a lot of either out-of-town buyers, buyers that are new to San Diego and first-time homebuyers.  All are really fabulous to work with because they have an incredible excitement about buying a vacaton property, their first San Diego home or their FIRST home.  They are fun to work with because that excitement is contagious!  Those that are in the market to buy a condo ask….  “In what areas are condos a good investment right now?”    Now, where I suggest will rest largely upon the price range and obviously the whereabouts of work places for the new occupants.  Here are few areas where I think the localized San Diego Condo Real Estate market is strong:

1. Downtown – YES we overbuilt.  But downtown San Diego will always be popular because of the metropolitan city vibe, the restaurants, the nightlife, parks, the Embarcadero and the FUN of it.  Its a beautiful city and a fantastic place to own an investment, vacation or retirement home as well as to live full time.

2. Pacific Beach – Let’s face it, PB isn’t going anywhere.  Even if you buy to live there and you get sick of the inherent young party atmosphere the property will always be rentable!!  The best locale in PB is most definitely Crown Point.  This is where the slightly more mature residents find refuge from the rest of the PB craziness (that means slightly higher pricing of course).

3. La Jolla – Need this be explained?  Property is not bountiful here and its because of its desireability.  No one wants to move! The closer you get to the cove / village the better.  Again, any purchase can easily be rented on down the road or immediately if you’re looking at investing.

4. Rancho Bernardo – The jewel of inland North County San Diego. Compared to its neighboring communities, Rancho Bernardo has a clear leg up.  It is home to several well planned-out multi-dimensional condo communities that integrate detached homes, townhomes and condos with beautiful grounds, spectacular ammenities and a resort feel.  In addition, the town has a vibe that is likened to a tucked away sleepy vacation city. 

5. Del Mar / Solana Beach – Similarly to La Jolla…. there’s no mystery here.  With a unique coastal city vibe and highly desireable ocean-close and ocean front property, both Del  Mar and Solana Beach are havens for those that live there.  And amongst such a high price point in detached homes, you have an inherent value in the few lower priced condominium zoned options in the localized market.

Of course, this doesn’t mean that if certain areas aren’t on the list they are “worse investments” and your value is in jeapordy.  Not at all.  There are plenty of other San Diego real estate markets that provide for a sound investment in condos.  For example, Chula Vista /East Lake is great for the lower priced condo buyer….  2 bedrooms units are starting in the mid-$100s in newly constructed complexes!  Carmel Valley is another notable condo market…. just inland from Del Mar, many of the younger buyers are scooping up these lower priced purchase options amongst one of the hottest areas for families looking for detached homes, safe neighborhoods and great schools (of which had some of the best value retention through the recent downturn). 

Happy Hunting!!

-Tara

2 Responses to “Where to buy a condo in the current San Diego real estate market???”

1. San Diego Vacation Rentals says:

   June 25, 2009 at 12:08 pm

   Thanks for the tip, the real estate market in San Diego can be hard to understand, and making an appropriate choice is even harder. This is great advice for those looking, and I hear that now is definitely the time to look!
2. San Diego Vacation Rental says:

   June 26, 2009 at 1:49 pm

   This was a very helpful article! I liked all of the details about the different parts of San Diego. Thanks for the post!