San Diego housing is expensive, isn’t it? Surely this is the prevailing view. But perhaps it is more affordable than you think. I thought I would take a look at what $400,000 can buy in today’s San Diego housing market. A $400,000 property with a 20 percent down payment, or $80,000, would require a $320,000 mortgage. At current favorable rates of 4 percent on a 30 year payout, the monthly payment would be in the neighborhood of $1,525, plus taxes and insurance.
Here is a synopsis of five properties in San Diego, all sold recently at $400,000, including condos and detached family houses. In all five cases the final sale price of $400,000 sold within 10 percent of the original asking price. Pricing properties fairly is usually the best determinant of days on the market.
Property No. 1 is a condominium in a fairly new building (The Atlas) in trendy Hillcrest. It is a one bedroom, one bath at a fairly generous 864 square feet. Sellers achieved their asking price of $400,000. The building boasts many modern amenities including a swimming pool and fitness center and is located in the heart of the walking neighborhoods of San Diego. Convenience and top notch finishes were the selling points here. Monthly HOA fees are $434 per month.
Property No. 2 was a Mediterranean-style condominium townhome in San Elijo Hills, part of the San Marcos community. This particular unit was at the end of a cul de sac and provided privacy and views. At 1,454 square feet, with two bedrooms and two baths plus two garage spaces, this townhome provided elegant upgrades and finishes like granite countertops and plantation shutters. With relatively low homeowner monthly fees of $297, it sold at just $19,000 off the asking price of $419,000.
Property No. 3 was a first floor end unit condo in desirable La Jolla. A short walk to Windansea Beach, this two bedroom, two bath unit, just under 1,000 square feet, asking $439,000, sold for $400,000. Proximity to the water and a remodeled kitchen and bath in this older complex, Villa La Jolla, set the price. Homeowner fees are a reasonable $353 per month.
Properties No. 4 and No. 5 are single family homes, which both sold for $400,000. The first is one of the largest of the subject properties, located in El Cajon, and offers three bedrooms, two baths and sits on a full acre lot. Zoned for horses, this country home offered a new roof and remodeled kitchen and master bath. Rooms are large and a bonus room was not counted in square footage.
The final property is a family home located near the border of Mexico in Imperial Beach. At 2,105 square feet, this three bedroom, three bath detached home features a second floor master suite and many upgrades provided by its owner/contractor. Built in 1990, this custom home sold at only $25,000 off its asking price.
This preview gives an idea of the range of excellent properties available at the $400,000 level. The most desirable locations or waterfront property is available, but the tradeoff is space and modernity. More highly upgraded properties are available a bit further out from hub neighborhoods. With a little flexibility, the homeowner can make an excellent home choice at this price. The good news: a little San Diego can be yours for a reasonable sum!
