I did a little research and I think SDR confirmed, downtown condos were just about the worst performers in SD real estate.
I don’t think it has much to do with the issues you mention, and is almost entirely about a rapid increase in supply.
Homelessness does degrade DT’s quality of life, but in many other ways downtown has gained amenities, and it has always been an issue there. In fact the Smart Corner condo complex was derided as Soup Corner 10 years ago because it was next to a soup kitchen and similar amenities.
From 2005-2015, price per sq foot was just really high downtown, encouraging rapid supply growth. The supply growth meant the premium downtown condos had over other neighborhoods gradually vanished by weak appreciation.
