Summer is just about here, and so is PCS season. This list should help any VA eligible buyers that are interested in Downtown San Diego’s communities. Active listings are available to view: all Downtown San Diego condos for sale. To receive updates of new listings: on the search page click on the “Alerts” icon  and login with your preferred email address. Personal information is kept confidential and is not shared.

Little Italy

Acqua Vista:

VA Approved - Aqcua Vista - Little Italy

382 units – 18 floors

From the high $100k’s to $500k

Amenities include valet parking, 24 hour community attendant, exercise facilities, pool, spa and recreation area.

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Aperture:

VA Approved - Aperture - Little Italy

86 units – 11 floors

From the $300k’s to $800k

Amenities include secured access and underground parking

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Portico:

VA Approved - Portico - Little Italy

84 units – 5 floors

From the $100k’s to the high $200k’s

Amenities include secured access and underground parking

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La Vita:

VA Approved - La Vita - Little Italy

304 units – 24 floors

From the high $200k’s to $900k

Amenities include landscaped courtyard with water feature and barbeque area, pool, spa, fitness center, on-site management

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Marina District

Atria:

VA Approved - Atria - Marina District

149 units – 4 floors

From the $200k’s to the $500k’s

Amenities include a community room, barbeque area, conference/media room, fitness center and roof deck.

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East Village | Ballpark District

Park Boulevard East:

VA Approved - Park Boulevard East - East Village

107 units – 6 floors

From the $200k’s to the $400k’s

Amenities include spa and deck area, bike storage, underground parking and convenient trolley access

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Park Boulevard West:

VA Approved - Park Boulevard West - East Village

120 units – 6 floors

From the $200k’s to the $400k’s

Amenities include spa and deck area, fitness center, bike storage, underground parking and convenient trolley access

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Park Terrace:

VA Approved - Park Terrace - East Village

224 units – 14 floors

From the high $100k’s to the $700k’s

Amenities include underground parking, fitness center, fifth floor club room and second floor outdoor terrace, dining area and lounge.

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Gaslamp District

The Lofts at 777 6th Avenue:

VA Approved - The Lofts at 777 6th Avenue - Gaslamp District

103 units – 4 floors

From the $100k’s to the $200k’s

Amenities include business center, central courtyard, secured access and underground parking for some units

Produce at Market 32

When Mondo’s taco shop closed a few months ago, we were admittedly bummed. However, now that Market 32 Farmer’s Market (1000 Island Ave.) has moved in to the 10th and Island location in the M2i building (and with the excellent Lolita’s a few blocks south to serve our taco needs), we feel everything has worked out in our favor! Market 32 is a family-owned business which got its start at a fresh fruit stand in Yuma before moving to Downtown San Diego and opening the new East Village location. As a Yuma native living in East Village, this feels near and dear to my heart and I can attest that the owners have had over 50 years’ experience in farming and definitely know the ins and outs of the business. Thus, Market 32 can stock an impressive variety of local produce at excellent prices–much lower than even Costco–and I have a feeling downtown residents and restaurants alike will be frequent customers.

In addition to Market 32’s produce offerings, there is a wide array of nuts and dry goods to choose from. Baked goods are organic from Bread on Market a couple blocks away. There are even some grab-and-go sandwiches and salads. And at the counter, you can have a made-to order smoothie or acai bowl. You can also purchase fresh flower bouquets to spruce up your downtown condo!

Market 32 is open 8 am-7 pm on weekdays and 9 am-6 pm weekends. Seriously, check out the prices–you’ll be amazed. Also, there is something to be said for the pleasant evening stroll down to the corner market to pick up fresh, non-processed items–it’s part of the reason we moved downtown. And, should you bring your dog with you, there is always a water dish and treat jar out front!

Market 32

We’ve been getting a lot of interest in “the blue building next to the freeway”. Vantage Point, which has had a seemingly disastrous time getting to completion, is now seeing the light at the end of the tunnel. During construction starts and stops, it seemed the project may be doomed. But in the last few months as the siding has been finished, windows installed, and a few decorative touches have been added, a lot of people (including myself) have been turning their heads and taking notice. There is a lot of intrigue surrounding the building that is more than twice the size (by number of units) as 98% of Downtown buildings.  Consider me a fan (so far).

May is the target for move-in, and it looks as if they are on track. There are still quite a few units available starting from $358,000 and going up to $1061,000.  Two floor plans are sold out – the two bedroom/two bath plan plan V and the two bedroom plus den/two bath plan U. All other plans have at least one unit available. Units are available on floors two through forty, as well as the garden level.

It will be interesting to see how this projects turns out in the end. Only time will tell…

note: this building is not blue – the film on the new windows has yet to be removed making the building appear as though it’s primary color is blue.

The Legend by Bosa Development is offering discounts and builder incentives on the remaining units. Completed in 2007, Legend is an luxury highrise offering the best Downtown has to offer – location, amenities and views. Legend is the only condominium complex located inside the perimeter of Petco Park.

Legend condos from Petco Park

In addition to three years of paid HOA dues, select units are receiving up to a 7% discount on already discounted prices. Two examples are unit #1407, a two bedroom unit, originally priced at $696,800, then reduced to $655,000, and now available at $635,300. Also, 2204, a wo bedroom + den, was originally priced at $1,249,000, reduced to $1,099,000 and now available at $1,022,000.

Ok. This is starting to get very attractive. 726 square feet of studio in Centex’s Element in East Village. Listed at $186,500 – the otherwise mediocre building that currently separates hip, young urban dwellers from crack-alley vagrants at 15th and Market has reached a sensible level of affordability.

Element is an average building that located about 5 blocks from Petco Park. It’s close enough to the Gaslamp for a 5-10 minute walk, but by no means offers the downtown vibe of an Icon or Alta.

Slowly, however, East Village is growing up around Element. Construction timelines that have been halted as inventory levels spiked and credit markets tightened will soon have projected completion dates once again. As projects like Metro Center move forward, other residential projects will soon follow. And Element, in a futuristic East Village where the vagrants pee on the sides of buildings another 4 blocks east, will have simply been ahead of it’s time.

And that is why my eyes grow and my jaw drops just slightly as I see 726 sq ft come on the market at $187,500.  A unit that will rent between $1200-$1300 whose principal and interest payment are likely going to be under $1200 (for most borrowers) makes me think that the world is starting to make sense again… Well, maybe the world will make sense when the HOA’s aren’t $450/ mo.

East Village entry level condos – those 699 square feet and under are off of their 2005 high by approximately 15%. Additionally, the price per square foot has dipped from $662 (2004) to $510 (2007) – the average unit size that has sold in this timeframe has gone from 588 (2005) to 641 (2007).

Market times are still higher than the 2005 levels. The average market time in 2005 was 45 days – but it rose 85 days in 2006 and has subsequently dipped in 2007 to 75 days. After a drop in 2006 to 95%, the list price to sold price percentage has returned to 2005 levels in 2007 at 97%.

As a broker, I am seeing a lot of folks that sat on the sidelines for the last year and half and watched the market starting to jump in. As distressed sellers and foreclosures push prices to a critical low, investors are seeing the bottom of the market – at least from their perspective. Other buyers are still holding out hope for additional price reductions – but it is safe to say with current market dynamics that anything under the $326,371.00 of at least 641 square feet can be considered a good value.

Merlone Geier Partners is proposing to build 475,000 square feet of retail space on 6.5 acres of an undeveloped site that lies close to the border of East Village and Barrio Logan. The plans call for two anchor tenants, possibly a Lowes and Target that cater to urban consumers.The land/ lots of the surrounding area is currently made up of vagrants, industrial lots, dirt, weeds and some gravel. Oh, I can’t forget the graffiti.

This is a huge victory for Downtown residents, most notably East Village residents in walking distance or easy trolley access. Currently, we are pretty starved for some of the essentials offered by a Target or some of the specialty items from a home improvement store like Lowes (hopefully Lowes, see: service). The opening of the second grocery store Downtown – the Albertson’s on 14th and Market – has made a positive impact on the community. The big box retailers would further establish Downtown as residential friendly and help it get closer to realizing the vision of becoming a true urban community where we can leave the cars in the garage in favor of walking and public transportation.

More to read here.

A potential deal awaits for a north facing 1 bedroom Diamond Terrace unit. It is currently listed for sale at $374,900. With a great location – across from Petco Park in the bourgeoning East Village, this 826 square foot 9th floor unit could still have some negotiating room below the list price. Tax records show the bank took the property back at $333,000 on 1/3/2008. Same unit three floors up sold at $400,000 in September. Nice as a potential rental unit or a great vacation home. I don’t like it so much for an owner occupied unit because of the odd floorplan…it would wear on me after a while. Upon entry you have to walk around the corner to get to the kitchen and living area, or to the right to go to the bedroom and bathroom. Not a big deal, but I prefer to walk into open space.

The list price has been reduced to $435,000 for 1,003 square feet of urban loft in m2i, the Citymark building located on Island and 10th Avenues. This particular unit is a courtyard facing 2 bedroom, 2 bath loft style condo featuring 11 foot ceilings and private patio. Currently it is the lowest priced unit in the area over 1,000 square feet.

m2i is great building for almost any use – investment property, primary residence or second home. The low HOA’s ($358/ mo.) add to the affordability factor of the unit.

Currently listed by Michael Ciampa, 92101 Urban Living.