Icon in East Village, the Tilted Kilt
Downtown San Diego has posted a slight increase in median home prices for 2008. 92101 is up 7.4% from 2007 prices, despite having a higher than normal amount of unsold inventory. The median price for 2008 was $522,000 compared with $486,000 for 2007. Home sales were down from 1,331 to 1,061.
Looking closer at each building, you can find distinctly different stories. While some buildings were closing escrows from pre-sell days in 2005/ 2006, other buildings are struggling with high levels of defaults and HOA’s on the brink of being upside down – and are down from 2007 prices. Some of struggling HOA’s are actually compounding the downward price pressure by making it difficult for low down payment buyers to obtain financing. Other projects, like Icon (pictured) have been in a builder blow out phase slashing prices in some cases by $100,000.
All in all, however, Downtown San Diego condos have faired well relative to other parts of the County that have seen 40% + declines in value.
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