While we were out, the San Diego Daily Transcript ran a story (subscription required) pointing out that over 3,000 condo units are currently under construction downtown. Additionally, another 7,000 downtown units are either approved or proposed.
How many of those latter 7,000 will actually be built is open to question. But friends in the industry tell me that once a building is under construction, the odds are high that it will be finished, which implies that most of those 3,000 units in progress actually will be built to completion.
read more at voiceofsandiego.org
Condo values will drop at
Condo values will drop at least 50% before reaching bottom.
Great link, shows all LARGE
Great link, shows all LARGE downtown san diego construction projects
http://www.ccdc.com/index.cfm/fuseaction/projects.home
follow link for details
Columbia
Map Code Property Name Primary Use
CL19 445 West Ash Condominium (for sale)
CL1 Bayside at the Embarcadero Condominium (for sale)
CL2 Bosa Pacific Highway At E Condominium (for sale)
CL4 Broadway 655 Apartments Apartment (market-rate rental)
CL6 County Courthouse Other Facility/Public Project
CL3 Electra Condominium (for sale)
CL7 Lane Field & Cruise Ship Terminal Other Facility/Public Project
CL18 MetroWork Office
CL10 North Embarcadero Visionary Plan Other Facility/Public Project
CL16 Sapphire Tower Condominium (for sale)
CL12 State Office Building Office
CL17 The Elle Condominium (for sale)
CL14 U.S. Federal Courthouse Expansion Office
Core
Map Code Property Name Primary Use
C17 10th & B Condominium (for sale)
C15 11th & B Condominium (for sale)
C16 C Street Corridor Revitalization & Enhancement Other Facility/Public Project
C5 Diegan Hotel Hotel
C19 Monaco Condominiums Condominium (for sale)
C18 Mondrian Condominium (for sale)
C14 Pacific Pointe Condominium (for sale)
C9 Smart Corner Condominium (for sale)
C12 Vantage Pointe Condominium (for sale)
C11 YWCA Expansion Compact Living Unit (SRO)
Cortez Hill
Map Code Property Name Primary Use
CH3 “Tweet Street” Park Other Facility/Public Project
CH15 777 Beech Condominium (for sale)
CH4 Aloft on Cortez Hill Condominium (for sale)
CH10 Aria Condominium (for sale)
CH6 Atmosphere Condominium (for sale)
CH11 Current Apartment (market-rate rental)
CH13 Front & Ash Apartment (market-rate rental)
CH12 Grand Pacific Tower Condominium (for sale)
CH14 Riveria Condominiums Condominium (for sale)
CH16 Solara Tower Condominium (for sale)
East Village
Map Code Property Name Primary Use
E70 15th & Island Condominium (for sale)
E82 15th & Market Condominium (for sale)
E83 16th & G Gateway Condominium (for sale)
E74 16th & Island Condominium (for sale)
E79 16th & Market Apartment (price-restricted)
E81 16th and J Condominium (for sale)
E58 17th & G Condominium (for sale)
E75 17th & G (Intracorp) Condominium (for sale)
E46 ALTA Condominium (for sale)
E76 Ballpark Skylofts Condominium (for sale)
E4 Ballpark Village Condominium (for sale)
E57 Celagio Condominium (for sale)
E62 Cosmopolitan Square Condominium (for sale)
E51 DiamondView Tower at the Ballpark Office
E84 East Village Fire Station Other Facility/Public Project
E68 Echelon Condominium (for sale)
E67 Harbor Drive Pedestrian Bridge Other Facility/Public Project
E6 Hilton Convention Center Hotel Hotel
E42 ICON Condominium (for sale)
E55 Laundry Lofts Condominium (for sale)
E49 Library Tower Condominium (for sale)
E16 Lillian Place Apartment (price-restricted)
E64 Lofts 32 Condominium (for sale)
E17 Main Library Other Facility/Public Project
E71 Market Street Village II Condominium (for sale)
E50 Park Terrace Condominium (for sale)
E29 Park-to-Bay Link Other Facility/Public Project
E28 Seventh & Market Other Facility/Public Project
E35 Spinnaker Hotel Hotel
E69 Strata Condominium (for sale)
E77 Studio 15 Apartment (price-restricted)
E53 The Legend Condominium (for sale)
E34 The Lofts at 655 Sixth Avenue Apartment (market-rate rental)
E12 The Lofts at 677 Seventh Avenue Apartment (market-rate rental)
E72 The Lofts at 707 Tenth Avenue Apartment (market-rate rental)
E47 The Mark Condominium (for sale)
E56 Triangle Condominium (for sale)
Gaslamp Quarter
Map Code Property Name Primary Use
G7 Hard Rock Condo Hotel Condominium (for sale)
G4 Marriott Renaissance Hotel Hotel
G8 Residence Inn by Marriott – Gaslamp Hotel
Horton Plaza
Map Code Property Name Primary Use
HP1 Balboa Theatre Historic Restoration Other Facility/Public Project
HP2 Horton Plaza G Street Hotel Hotel
Little Italy
Map Code Property Name Primary Use
L31 1909 State Street Condominium (for sale)
L29 A-1 Self Storage Retail/Commercial
L25 Aperture Condominium (for sale)
L37 Bayside Fire Station Other Facility/Public Project
L22 Bayview Motel and Apartments Apartment (market-rate rental)
L24 Breeza Condominium (for sale)
L8 County Parking Garage Other Facility/Public Project
L9 County Waterfront Park Other Facility/Public Project
L21 Daniels Little Italy Condominium (for sale)
L33 Embassy 1414 Condominium (for sale)
L20 Finestra Lofts Condominium (for sale)
L34 India & Beech Condominium (for sale)
L36 Little Italy Streetlights Other Facility/Public Project
L35 Monarch School Other Facility/Public Project
L30 Pier Condominium (for sale)
L28 Resco Little Italy Self Storage Retail/Commercial
L26 Soluntos Retail/Commercial
L32 West Laurel Studios Office
Marina
Map Code Property Name Primary Use
M12 Atria Condominium (for sale)
M3 Children’s Museum Park Other Facility/Public Project
M14 Cracker Factory Apartment (market-rate rental)
M15 Downtown San Diego Quiet Zone Other Facility/Public Project
M12 Dynasty Lofts Condominium (for sale)
M13 Navy Broadway Complex Office
M1 Old Police Headquarters & Park Project Retail/Commercial
M2 San Diego Children’s Museum/Museo de los Niños Other Facility/Public Project
http://rvlife.mrwhipper.com/
How can they possibly be
How can they possibly be absorbed? They have 500 condos a quarter planned for the next five years and at current sales volume, they’re only selling 750 a quarter in all of central SD.
hopefully it’ll start the
hopefully it’ll start the downward slide for condos faster than expected
Most of these units will
Most of these units will become rentals and depress rents throughout San Diego.
1-bedroom condos should be
1-bedroom condos should be about $130k. That works out to a carrying cost of about $1000/mo — affordable to young buyers starting out.
Lower condo prices will create a thriving downtown thereby boosting the general economy of San Diego.
I don’t think many condos
I don’t think many condos are going to fall to $130,000, but they will fall a lot. I think we’re going to 12x rent, which is about where owning and renting are roughly equal (after taxes) for most condos. Right now we’re still between 16x-20x downtown, depending on the development.