San Diego, CA (PRWEB) April 13, 2011
In 2011, Downtown San Diego Condo Expert and RE/MAX agent Mark Mills sold the second largest condo ever in downtown. Mark Mills represented the buyer of this condo which is the highest priced resale condo sold downtown in over two years. This was one of the largest San Diego condos at 4,528 square feet, located in the Renaissance Condominiums, sold for just over $2.5 million.
RE/MAX success can be attributed to experience and education of its agents, which rank highest in the nation for productivity versus all other national brands. The average RE/MAX agent averages 13.5 transactions per year vs. its closest competitor at only 7.3 transactions per agent. RE/MAX has the most productive sales force in real estate. The downtown San Diego office of RE/MAX Real Estate Consultants has been open for over 10 years and has consistently been one of the top producing offices in San Diego.
The downtown San Diego condo market has been very dynamic in the past decade due to the large number of new condos built as well as the new retail shops and restaurants that have opened to serve the new residents. All this new construction combined with the condos built in the 80’s and 90’s has resulted in over 10,000 individual condo units in downtown San Diego. RE/MAX Real Estate Consultants has played a major role in the past decade representing developers in new condos sales and individual buyers and sellers of resale condos.
Three years ago when a San Diego condo shopper would walk into the downtown RE/MAX office they would find a selection of over 600 resale condos and a few hundred brand new condos to choose from. Having almost 1,000 sellers at a time when there were only about 600 buyers (sold condos) for the year meant too much supply and a resulting drop in prices. The last brand new condo to come on line was the Bayside Condos in 2009. As of early 2011, there are only about 50 brand new condo units in all of downtown for sale and are quickly selling out. The next brand new condo to be built will be available for occupancy in 2014 at the earliest, as it has not even broke ground yet. Soon for the first time in over a decade a condo shopper will not be able to purchase a brand new condo.
The number of available Downtown San Diego condos for sale now stands at just over 300 that’s a drop from 400 at the beginning of 2011. About 90 condos per month are sold, resulting in less than a four month supply. Now that most of the brand new condos have been sold, resale units that sat on the market for a couple years as buyers passed them over for brand new units are starting to sell. The market is trending away from a buyers market to a sellers market with available inventory at only 3% and trending down.
Now it is more important than ever to use a downtown condo expert when navigating the market: There are over 100 condo buildings to choose from in eight different neighborhoods. RE/MAX agents have the experience to get the job done in today’s market. Stop by the downtown San Diego office of RE/MAX Real Estate Consultants and let them help you choose the right condo.