0710 August 2010.pdf - Pacific San Diego Magazine

Make Your Move
All over the county, the time is right for first-time home-buyers
By Michelle Mowad / Photos by Stacy Keck
We all know someone who’s a little on-the-fence when it comes to taking the plunge into home ownership. Can
you blame them? After hearing the horror stories of foreclosures and dirty loans, it’s a wonder we’re not all
hoarding our money under our mattresses.
Fortunately, the days of inflated values that led to the housing bubble, its subsequent burst and the historic
lows of 2008 and 2009 are behind us. Today, pricing has adjusted and finance rates are at record lows.
According to many experts, the time to buy is now.
Despite encouraging market indicators, however, looking for a house in a county as diverse as San Diego is rarely as simple
as checking crime rates and school district report cards. It’s about finding a good price as well as a neighborhood that fits your
personality. So, what can you expect to find in these burgs now and, more importantly, in the future? We poked around and asked
some local experts—here’s how things are looking.
DOWNTOWN
It has been
a long time
coming. Downtown has finally transformed
into a vibrant community to work and live.
“It is probably the best time since the early
‘90s to purchase a home,” says Gary London
of The London Group Realty Advisors, a
real estate consulting and feasibility firm that
focuses on southern California.
Prices dropped in the past few
years, as numerous condo
projects were completed
at the same time,
creating a
glut of inventory. They fell even further when
consumer confidence took a dive after the
economy tanked. That’s all about to change.
At current sales rates, inventory of first-timesale
condos will be sold out by spring 2010.
The median price downtown is $340,000,
with the most expensive neighborhood being
the waterfront Columbia District (by the
Broadway Pier), with its beautiful bay views
and luxury amenities. On the flipside, the
least expensive hood is East Village.
Over the past decade, Downtown has
grown into a solid dining and nightlife
destination. If you relocate there, you can
expect to see more boutiques, bars and
bistros popping up amongst the
statuesque office and condo
buildings. Because of
this, Downtown
38 pacificsandiego.com | AUGUST 2010