Sunday, July 23, 2006

Downtown Projects Completing in 2006

I dropped by a downtown condo open house recently. The listing agent that was hosting the open house was talking about the market and how prices haven't gone down very much and since there are "no more new condos coming this year so the resale market will be steady."

I knew right away that there was at least once project completing so I did a little research. Below is a table of projects that should be completed in 2006.


In terms of sales activities at these projects I have heard that Aloft at Cortez Hill has about 50 units out of 168 under contract. There are units for sale at Sky and Samuel Fox Lofts and at Nexus.

If you know of any other projects completing in 2006 reply to this post and I'll update the post.

10 comments:

Anonymous said...

Mr. Brightside,
What are your thoughts on Aloft? I have a friend who went to their hard hat tour recently. He thought the units were just "so so".

Mr. Brightside said...

Overall I actually like the project. It's going to have a pool and hot tub which helps drive a nice community atmopshere. Cortez Hill is a nice neighborhood. Note there isn't much going on their from a retail perspective which is too bad.

I do think the prices are too high and that the units are pretty small. Even worse there are a lot of units in the building that do not have balconys which seems downright crazy to me. I think a design more like Union Square and Park Boulevard West would have been a lot better.

As far as I can tell this is downtowns first project with a "lift parking" solution which means that some parking spots have a lift that let's two cars park stacked up. It'll be interesting to see how well it goes...

I do think it's dangerous to buy into a condo at these prices, especially since they aren't even half sold out given the building should be done this fall.

Anonymous said...

Aperture is another condo under construction right now.

Mr. Brightside said...

They are still pouring the foundation so it won't be done in 2006.

I am working on another post that is a comprehensive analysis of what buildings are hitting the market in 2007. Needless to say there are a lot of projects coming.

Anonymous said...

Here's another one under water for you.

Purchase 8/10/2004 $165,000
Listed $165,000 - 195,000

http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=066063409&mls=mls_sandiego&cKey=26tlkpwb&source=SANDICOR&home_id=21864649&cKey=7376jnpk

http://www.zillow.com/HomeDetails.htm?city=SAN+DIEGO+&o=North&state=CA&zprop=17005870

MrManFitz said...

I believe Icon, near Petco Park, is scheduled for a 2006 release. "Construction began in September 2004, with completion targeted for fall 2006." (Link)

Mr. Brightside said...

anon 9:47,

Thanks for the read. If you look at the prior sales history it is amazing to see how cheap that place was in 2001.

I'll be watching that unit to see where it sells for and will post if it sells for less than cost.

Mr. Brightside said...

MrManFitz,

I have a feeling ICON is behind schedule and won't complete in 2006, although it will probably be the first tower to be ready in 2007.

Joe Fiorelli said...

The SD condo market is dropping faster than most people realize. According to my PPSF data (92101 condos under 1M)

http://www.joefiorelli.com/SD%20Condo%20Pricing%20Power%20Index.htm

26-Jul 2-Aug 9-Aug 16-Aug
571.75 570.161 568.13 567.45

EG thats -4.30 per sq foot x 1000 sq ft= -$4,300 in less than a month!!!

Zillow.com agrees with ZESTIMATE™ of my unit at 645 Front St. San Diego, CA 92101 Last updated: 08/07/2006
1 week change: -$1,574

Mr. Brightside said...

I believe that it's going down that fast, it's common for markets to go down faster than they go up.