Downtown San Diego condo inventory to the highest level ever. Since December 2007 there are 900 new and resale condos available, up from about 700 units two years ago. The main reason for the increase in the number of sold units in newly constructed buildings with almost 400 of the 900 downtown condominiums. The volume of downtown San Diego resale inventory has been consistent over the past two years to over 500 units. In 2008, we will see, theCompletion of three new condominium buildings (Aria, Breeza and Sapphire Tower will be completed) and in 2009 only two new buildings (Bayside and Vantage Pointe).
Stocks rated highly in the most expensive buildings in the downtown and an average of about 7%, while classified as less important and less expensive buildings current stocks are on average about 10%. The higher inventory levels in the lower prices through the financing of buildings is driven, leading to rising ARM foreclosures and the difficulty, firsttime buyers are having getting mortgages at those price points.
Dividing the available inventory into price ranges shows 300 units under $500K, 400 between $500K and a $1.0M and 200 units priced over $1.0M. Comparing these numbers to this year's sales volume concludes it will take nine months to sell the inventory priced under $500K, ten months for the $500K to $1.0M inventory and eleven months for the inventory priced over $1.0M to sell. A very interesting point to make is that on the High-end ($ 10K +) the resale inventory is only about one third of the total stock of high-end units. This is built on the new building and the number of new condominiums are falling dramatically, the condo buyers do not and will not be as many units to choose from ever again. Sure, there are more real estate boom cycle, but the best real estate in downtown San Diego is already built on. If you know where the prices of these high-end condos Headline want to thinkBack to Economics 101, will supply (and almost at the end) and demand.
I've heard that ARIA is almost sold out now with only a handful of condo units left - according to their website (http://aria-sandiego.com/) there are currently only two floor plans available. I wouldn’t be surprised if their inventory moves faster than the estimates in this post. I haven't heard much on Sapphire Tower in terms of sales but as it only has 96 units, I would expect it to sell out faster than other buildings. My knowledge about Breeza is that it is troubled and having difficulty selling units despite its reduced prices. Overall there is a lot of variation between developments, prices and sales figures in the Downtown San Diego market but high quality and great location seem to be the best indicators for sales.
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