My name is Michael Long and I’m with ARG Realty in Downtown San Diego. I’ve been working in real estate for the past 10 years and I’ve seen the market change in many ways over the years and it’s been exciting to watch and be a part of.
As I mentioned, I started my downtown San Diego real estate carrier in 2004 and at that time, the market was in an upswing and prices were increasing by the day. Since the market was increasing so rapidly, sellers were increasing their home prices and buyers were paying it. The top of the market here in Downtown San Diego was in 2005 early 2006. In 2007, that’s when we started to see the downturn and homes were starting to go into foreclosure/short sales. This downtown continued for a few years. Property values were going down into 2002 pricing; which is insane!
The beginning of 2011 is when we started to see the market stabilize and many buyers were now purchasing these great deals. Cap rates were at their highest in years and investors were cash flowing on their investment properties they rented. The buyer frenzy started again and in 2012 is when we started to see these property values increase again as they were in 2004. Those that purchased from 2010-2012 really made out and equity was growing rapidly. Finally in mid 2013 is when we started to see these prices stabilize. The prices are now a little higher than investors would like and that’s put them out of purchasing and stopped the rapid price increase.
Over the years, I have helped many buyers and sellers benefit from the crazy market changes; at times, over $100k just by signing a purchase agreement. Contact me if you are looking to purchase or sell your Downtown San Diego Condo. I'll provide you, through Sandicor, all updated active properties and comps for you to see. Michael Long 619.846.0892
