The sign that a housing market is doing well is when its prices hold firm. This is true of condos in San Diego Despite a general slump in the housing market and a high number of foreclosures, San Diego condos continue to hold firm on their prices.
In fact, market analysis reveal that the price of San Diego condos has gone up by two per cent from the previous year. In fact, the median price for San Diego condos now stands at $495,500. The price of condos in downtown San Diego has gone up by more than 4 per cent.
There are several indicators to show that the market for San Diego condos is doing well. One of the indices that real estate analysts resort to often is the number of days that San Diego condos for sale stay on the market. Analysis of the data for the year has shown that San Diego new condos stay on the market for less than 60 days.
There are several reasons for the phenomenal growth in the market for San Diego condos. One of the prime reasons for the growth of this market is that a lot of people want to invest in San Diego and come and settled down here once they retire.
Another reason for the popularity of new condos in San Diego is that condos are much more affordable than single homes. Because of the collective strength of condos, individuals have to pay much less per square feet for their condo. In addition, buyers are able to afford better locations and better amenities with these condos. For instance, individual homes by the beach front of La Jolla run into several million dollars. However, condos in the region are much more affordable.
Another factor in favor of San Diego new condos is that condo owners do not really have to worry about maintenance of the units and the common areas. An owner of a condo unit only owns the space within the inner walls of the condo. The home owners association is responsible for management of all the areas.
Individuals who are interested in buying condos in San Diego should request the home owners association for a break up of ownership of condo units. Most mortgage companies prefer to deal with condo units that are sold to individuals other than the property managers.
