As I am sure you already know…the resale market is taking over in Downtown San Diego. Going from a total Developer sale market to the pure resale market is something we have never seen before. The graph above is showing us Condos & Lofts sold by the 7 different neighborhoods in Downtown during the 1st quarter of 2011. The East Village/Ballpark District is totally on first place with 73 homes sold where the biggest amount were resales. The Columbia District, the Little Italy District and the Marina District are not far apart with a total of 47 vs. 49 vs. 46 homes sold but still a long way behind the East Village.
So why is this? Well…I think because of the East Village being the newest neighborhood in Downtown where 1400 units came up for sale at pretty much the same time led the Developer to a point where they had to sell to low prices. With only so many Developer units left, we saw the prices decline and no one wanted to miss out on this deal. This happened during the last year in Park Terrace, The Legend, Alta and The Mark.
To read and to compare other Downtown San Diego Real Estate graphs click on Cash buyers are investing in Downtown San Diego Real Estate and Resales are coming back strong in Downtown San Diego. ')}