Rincon Hill Towers

Foreclosures are the hot topic these days, they are everywhere and it’s now clear that no areas are immune.  Recently, several have come and gone in San Francisco at first class buildings such as the Watermark, the Metropolitan, the Beacon and Bridgeview just to name a few.  Downtown San Diego is swimming in bank owned properties including high end buildings such as Parkloft, Horizon, Renaissance, Discovery and several others.  More are on the way including a few one and a 2 bedroom units at the Metropolitan, a luxury high-rise in a prime area of San Francisco.  Properties that cash flow with 20% down are now available in many areas.

These properties are the best deals and they are the ones the savy investors are asking about.  They are also the best ones to buy given the current uncertainty in the market.  The banks price them to sell and they usually do sell fast. To search foreclosure properties anywhere in California, click here.  I will be adding new foreclosure data soon and can track the price trends in each stage of foreclosure for any California property.

The Downtown San Francisco real estate market has remained robust despite the slowdown in many other markets in California and nationwide.  A market I have been following in addition to San Fran is the downtown San Diego highrise condo market.  With a supply surplus due to overbuilding, and a lack of qualified buyers, many properties have been discounted heavily to get buyers attention. 

Many REO’s (Bank owned properties) are available at good prices - some below prices as far back as 2002.  One condo that sold less than two years ago for 770k was just sold for 450k.  Another awesome deal was a 3000 sq ft highly upgraded condo with a direct view overlooking centerfield at Petco Park - home of the Padres and occaisional large venue concerts such as the Rolling Stones.  The new owner can sit on any of the three large balconies and watch the ballgame or show, the same as Wrigley field in Chicago.  The original owner paid 1.95MM for this home as a “shell” in 2003 and put an estimated 300k into the build out.  It was marketed for over 3.4MM at the peak of the market.  It just sold for 1,525,000 - a fantastic buy for a unique trophy property that will do well when the market rebounds.

One condo that just fell out of escrow and is currently available is a 1059 sq ft 2 bedroom at the El Cortez priced at 279,800 - a prime location in San Diego for well under $300 psf!

 If you’re interested in taking a closer look at some hot deals in San Diego, call Scott Osborne at 415-7334-8005.