The East Village of San Diego is becoming one of the hottest neighborhoods in Southern California to live. The East Village has seen a tremendous amount of private and public improvements in the past eight years. The biggest public improvement has been the addition of the Padres baseball stadium, know as Petco Park. The next big public improvement project planned is the new library.
On the private sector side, most of the new projects have been high rise condos, plus some new office buildings and lots of retail spaces. There were too many new condo projects built to list here and many more are planned. However, at this point (Spring 2008) all of the proposed condo projects have been put on hold for various financing and marketability reasons.
Let me share some of my thoughts on what I think are the best condo buildings in the East Village neighborhood of Downtown San Diego. In alphabetical order, there are lots of residential choices for condo buyers; 777 Lofts, Alta condos, Diamond Terrace condos, Element condos, Fahrenheit lofts, ICON condos & lofts, Legend condos, M2i lofts, Mark condos, Metrome condos, Metropolitan condos, Nexus condos, Park Boulevard East & West condos, Parkloft lofts, Row Homes on F Street, and Union Square condos.
I have my opinions but first let me share with you the opinions of the residents living in these condos, based on my survey results. According to the residents living in the above condos, The Metropolitan condos are the clear winner, with a rating of 4.5 stars. In fact, the Metropolitan condominium is downtown highest rated condo building, all neighborhoods included. The Metropolitan is unique in several ways, its 40 condos atop the Omni hotel. Residents of the Metropolitan condos can have room service and maid service from the hotel staff if desired. No other building offers that luxury. Also every unit in the Metropolitan condominium building is a corner unit, all have great views.
The next highest rated residential building in the East Village of San Diego is Parkloft. Parkloft is just that a building of lofts across the street from Petco Park. Of all the true loft buildings in downtown Parkloft is the best, from the construction to the amenities its a step above the rest.
Three recently completed condo buildings in downtown East Village Neighborhood are Alta condos, Legend condos, and The Mark condos. Each of these are top quality building with a slightly different appeal. Alta is the most modern design inside and out, plus it has a low HOA fee for a highrise. The Legend condos are very contemporary with a mass appeal interior design. Its developer BOSA has built more condos than anyone else in San Diego and have a great reputation. The Legend condos were built right inside Petco Park. The only condo built inside a baseball park anywhere. It has a great 7th floor common area deck for watching the ball games or just relaxing in a chase lounge by one of the fire pits. Finally the Mark condos is a stunning masterpiece of glass and stainless steel, designed from the outside in. Its a full service (amenity) building with great views and a phenomenal penthouse that is currently available for sale for I believe $10,000,000.
If you have any questions about your condo choices in the East Village or any of the other neighborhoods in downtown San Diego please send me an email, call me, I love my job working for the global leader in real estate RE/MAX. Mark Mills – Downtown Condo Expert, RE/MAX Realtor.
The The Metropolitan condos
Downtown San Diego condo expert and RE/MAX Realtor. No active Realtor has lived in the Gaslamp district longer than Mark Mills. Visit me at San Diego condos East Village
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While the national housing market continues to attempt to stabilize itself, Appraisal Research Ltd., a real estate appraisal, research and consulting firm in Chicago, believe that the economic drag will sharply pull the price of Chicago Loop condos down in the early part of 2010.
A Rehabilitating Economy
A couple of different aspects of the current economic condition are figured to play a major role in the downturn pricing of Chicago Loop condos, according to The Chicago Journal and Frank Nothaft, vice president and chief economist for Freddie Mac.
- Projected heavy foreclosure activity in 2010
- Slower recovery of any recession over the last 50 years
- High rate of mortgage defaults
- Growing inventory of loans in foreclosure
- Weakened bank balance sheets
- Banks’ reluctance to lend
- Depressed household net worth
Nothaft compares the aftermath of the recession in the United States right now — some will argue that we are still in a recession — to the aftermath following the recessions of 1974-75 and the early 1980′s. In both of those cases, economic growth was sustained at 7 percent or more. In 2010, economic growth is expected to be less than half of that.
Pricing Instances For Some Chicago Loop Condos
The economy’s impact on real estate is expected to continue so much so that The Chicago Journal refers to Chicago’s downtown market as becoming “Bargainville” for prospective buyers. And it doesn’t appear as if they’re joking. Here are a couple of downtown condominiums they list as bargain examples, with the result of re-pricing noted:
- A high-rise at State and 9th street in the South Loop has dropped one-bedroom units to $159,800, down from $199,800.
- Penthouse units at that same State and 9th street condominium are down 27 percent: now $549,800, previously $699,800.
- A condominium conversion at 10 East Ontario in River North sells units between $219,000 and $245,000, down upwards of $150,000.
- In some cases, some buyers at the 10 East Ontario condo conversion can be bestowed with free parking, previously valued at $40,000.
- At a West Loop condo at 565 Quincy, a junior one-bedroom and one-bath unit’s price was cut from $201,000 to $164,000.
- At that same complex, two-bedroom, two-bath units can be now purchased for $331,000, down from $441,900.
- Like with the 10 East Ontario units, parking at 565 Quincy (valued at $35,000) is included in one and two-bedroom units.
Although it’s a sign of an economy still in trouble, the backsliding prices of Chicago Loop condos should be seen as welcome news to downtown condo-seekers everywhere. Prices in “Bargainville,” the federal government says, are projected to continually decrease through 2010.
Chicago North Shore homes for sale are the specialty of real estate agent Bonnie Kenney. Search North Shore listings and find information on the Shore’s neighborhoods on her website and blog.
Full story here.
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