Well, Vantage Pointe, you’re not actually going anywhere.  (You never were.)  You’re just not for sale anymore. And in my professional opinion, you never should have been in the first place. Vantage Pointe condos in the East Village of downtown San Diego announced this past week that they would be returning all deposits to prospective buyers. Consider yourselves lucky. Wrong project, wrong time, wrong location. But I do like their 10th floor pool level units and their architectural “shark fins” on top. So they’ve got that going for them. Which is nice.

All Vantage Pointe listings in the Multiple Listing Service are either Expired, Withdrawn, or Cancelled.  At least now when people ask me about the downtown San Diego 92101 inventory numbers, I don’t need to hedge my answer with an asterisk.  I would venture to say that these units were never truly for sale considering the list prices were out of whack with current fair market value and the majority of them are less than 1,000 estimated square feet.  I do know a few people who rent there and they seem to be satisfied with the building as a rental.  The proof is in the pudding.  Problem solved.  Check out www.leasevantagepointe.com.

As you can see from the charts below, sales of downtown San Diego condos (zip code 92101) chugged along for the first half of 2010.  Inventory has remained fairly constant around the 500 mark and condos continue to go pending and close escrow.

With regard to months of supply inventory (“MSI”) for downtown San Diego condos, the second graph below indicates a balanced market (i.e., MSI between 5 and 7 months). The MSI calculation is pretty simple – number of 92101 condos for sale divided by number of condos sold.  But the numbers don’t tell the whole story.  For downtown San Diego condos, it really depends on which building, the price range, and the type of sale (equity, bank-owned, or short sale).  So who’s in the driver’s seat in the current 92101 condo market?  It depends.  Ask a downtown San Diego Realtor!

You really don’t need a ticket to Comic-Con to have fun in downtown San Diego this weekend.  Here’s a link to a great NBC San Diego article for Comic-Con events taking place outside the Convention Center.  And if you ask me, the free people-watching is the most fun of all.  Just grab a window seat or sit outside at Mary Jane’s Coffee Shop, Lou & Mickey’s, or Acqua al 2, order some food and drinks, and enjoy the show.  Heck, I saw actor Jerry O’Connell of Stand By Me, Sliders, Jerry Maguire, and Crossing Jordan fame when I was just walking down the street minding my own business.

Whether you’re a young professional looking to enjoy the nightlife or an empty-nester looking to get rid of your car, buying a condo in downtown San Diego can mean racking up some serious miles on your pedometer.  And that’s a good thing.  When gas hit $5 a gallon just a little while ago, I didn’t even know it.  If I “lose” something it just means it’s in my dusty car in the garage that I haven’t touched for days.

Walk to the grocery store (Ralphs or Alberstons), walk to Petco Park to see the Padres play, walk to Little Italy to dine at fabulous Bencotto, walk around the Embarcadero and watch the sailboats cruise buy, walk to Horton Plaza to do some shopping, walk . . . .  Are you getting the picture?  The walkability of downtown San Diego is amazing.  When I’m walking around, I usually feel sorry for those individuals trying to find a place to park their metal coffins.

The website WalkScore.com (“”Find a Walkable Place to Live”) consistently gives downtown San Diego addresses scores in the 90s on a scale from zero to 100.  Definitely a “walkers paradise” as opposed to their “car dependent” rating”.  Give downtown San Diego living a try.  You’ll be hooked.  And on foot.

No need to get all legally mumbo jumbo about a recent appellate court decision but the ruling does mean that redevelopment along downtown’s waterfront is closer to becoming a reality.  Despite opposition efforts by the Navy Broadway Complex Coalition, the court ruled that preparation of another environmental impact review (“EIR”) by the City of San Diego is not necessary for the Navy Broadway Complex to move forward.  Manchester, the developer spearheading the redevelopments efforts, is represented by the local law firm of Cooley LLP.


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An EIR was completed in 1992 when city officials entered into an agreement with the Navy.  The Navy then signed a long-term lease to develop the parcel in 2006.  Legal challenges have continued to delay the project.  Opponents to the redevelopment alleged that there have been changes to the project and/or area that merit a new report.  The court disagreed.

Redevelopment will ultimately mean a cleaner, better, revitalized waterfront.  Although neighboring high-rises will have some concerns about views being impacted (for example, Electra, Park Place, Grande North & South), overall the Navy Broadway Complex should add value in terms of neighborhood improvement – ugly buildings will go away and in their place will be hotels, retail, and restaurants in a very convenient location.

According to the sales staff at Park Terrace in downtown San Diego’s East Village, there are only 7 condos left for sale from the developer.  The seller would like to close out Park Terrace by the end of July 2010 and so there are some great deals on these remaining units.  Price reductions and buyer incentives abound not to mention that Park Terrace is FHA and VA loan approved.

Some of the available units:

Park Terrace #223 – 1 bedroom plus den over 1,000 square feet with large patio.

Park Terrace #826 – 2 BR/2 BA, south-facing with Coronado Bridge views.

Park Terrace #307 – Very popular one bedroom floorplan.

The condos at Park Terrace are in a perfect location to enjoy all downtown San Diego has to offer.  Lolita’s is just downstairs, Petco Park is across the street, and the Gaslamp Quarter is a mere 5 blocks away.  Two bedrooms are priced in the $400s and one bedrooms in the $300s.

These deals won’t last long.  Contact me today for more information on pricing, floorplans, and to go take a tour.  It doesn’t cost anything to hire me as your exclusive buyer’s agent!

This new construction downtown San Diego condo building in the East Village (Ballpark District) only has 30 units remaining to sell of the total 233.  According to the sales team at The Mark, most of the available condos for sale are one bedrooms on the north side of the building priced from $370,000 to $470,000.  These condos have floor-to-ceiling windows and great city views.  My favorite floorplan has an oversized-bathroom with access from both the bedroom and the living area.  And they all come with one parking space and storage!

The Mark sits in a perfect location to enjoy everything downtown San Diego has to offer.  Only 1 block from Petco Park where the Padres play baseball, 2 blocks to the world-famous Gaslamp Quarter, and a quick walk to the waterfront once they complete the new Harbor Drive pedestrian bridge later this year.

If you’re looking to buy a new construction condo in downtown San Diego, I personally and professionally think this is your best option.  Mortgage interest rates are at historic lows, this developer is offering incentives, and there won’t be more new construction in downtown San Diego for years to come.  Plus, it’s right across the street from Lotus Thai and The Kebab Shop.

Breeza condos in Little Italy just announced receipt of FHA approval.  This means that you can buy a condo there with as little as 3.5% down.  As a general guideline, you can ballpark the numbers with a “factor of 7″ to cover all closing costs including down payment.  That is, given today’s interest rates, you could buy a condo in Breeza with approximately just 7% of the purchase price.  So for a $300K one bedroom, you would need $21K to “do the deal”.  Not too shabby considering that a good Realtor could likely negotiate a credit from the seller to cover some of that expense and ensure that you don’t pay list price anyway.

There’s also the possibility of getting the $10K California tax credit.

And the best part?  If you buy a condo at Breeza that has bay/ocean and sunset views, you will likely always have those views.  That’s because the County Board of Supervisors plans to make the surface parking lot to the west of the building part of the County Waterfront Park.  That would mean protected views not to mention a new green, grassy park right across the street.

According to the sales team at Sapphire Tower in the Columbia District, as of May 19, 2010, this new construction condo building is 70% sold out.  Using my high level math skills, that means they have just 30 units left for sale of the total 97.  I’m not surprised that their inventory keeps dwindling considering their location, the limited number of units per floor, and their fantastic pool deck.  And views!  Oh, and did I mention that the building is FHA-approved which means you can put down as little as 3.5%?

In a related story, on June 22, 2010 (tentative), the San Diego City Council will meet as the Redevelopment Agency to approve the bids for construction of the Quiet Zone (www.quietzonesd.info).  Approval of a Quiet Zone so that trains are not required to blow their horns should no doubt serve to further increase the value of this building and really all of downtown San Diego.  I’ve lived in the Marina District downtown for 10 years and they’ve been promising this since the day I purchased my condo.  But now I think they are really close to making some actual progress.

Sure.  I know.  It’s a city.  I get that.  But why do people feel the need to litter?  Downtown San Diego is an urban but idyllic paradise with perfect weather where you can catch a rock show, see a ballgame, and eat at a world class restaurant.  (For the record, I’ve done all three in one night.)  Or better yet, you can just go for a stroll and people watch for free.  It’s not like you’re going to freeze or get wet.  Just don’t forget a light jacket after the sun goes down.

To combat the inevitable lawbreakers (Did somebody say smokers?  Or pedicab drivers?  Or cigarette smoking pedicab drivers?  Don’t get me started.), the city has its own troops at Clean & Safe.  Not only does this amazing group pick up trash and power wash sidewalks but they also serve as additional eyes and ears for the San Diego Police Department.  Clean & Safe works hard in all of 92101 with the exception of Little Italy (which has its own Association). Keeping litter off the street keeps litter out of the ocean, which is one of the main reasons many of us live here.

And one more thing.  If you’re tired of seeing trash on the train tracks, let BNSF Railway know!  There’s nothing the citizenry can do in this arena except to hold them responsible for maintenance of their property.  Contact Lena Kent at BNSF and let your voice be heard.