A window of housing opportunity will be thrown wide open in Downtown San Diego during 2007. A boost in available inventory has led to generous incentives and price reductions aimed at enticing buyers. All this in an area where two years ago investors were making wild profits by selling units they had never lived in and purchased when they existed only on paper.
Realtors are feeling bullish and developers are predicting a quick ride to a shortage of inventory as the Downtown San Diego housing market begins to balance itself and buyers who have been holding back move into the market.
In 2006, 12 projects totaling 1,014 units were completed Downtown, compared to 17 projects and 2,145 units in 2005. This year another eight projects totaling 1,700 units are slated for completion.
Those who build and those who sell residential housing in 92101 concede 2006 was an office year. But they also agree a promising future awaits an area that is continuing to mature and define its community’s identities.
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