Hi Pravar,
We can all tell you what area's we like and where you should buy.
Bottom line, grab your Realtor hop in the car and go look at homes.
You will get a great feel for the area and should be able to narrow down your search in a matter of an afternoon.
If your budget affords I would recommend La Jolla. But again I am not making the house payment, you are!
Builders and sellers in general, have already set aside the Realtors commission and working with one or not - for the most part does not affect your purchase price. There are always exceptions to that rule.
If you get a competent Realtor - they should be able to get you a good deal, if not a great deal, help guide you through the home buying process and help keep the deal together - that last one has never been more prevalent then in this type of market.

all the best!

Pravar,

There are 72 2 bed 2 bath condos in La Jolla for sale right now. They range in price form $299,000 to $2.3 Million. There were 53 2bed 2 bath sold in the last 6 months with a median price of $460,000. The lowest was $350,000 and the highest was $1,750,000. I would hire me or someone in my team to help you. There is a $10,000 tax credit for new home or condo purchase in California and if you are a first time home buyer there is a $8,000 tax credit. I would not go to the developer without a Realtor in your corner.

http://www.dawnsellssandiego.com/blog/2009/california-10000-…

http://www.dawnsellssandiego.com/blog/2009/8000-first-time-h…

Dawn

Pravar; Are you only looking to buy downtown. I have a website where you can take a look at properties in every possible zip code. Nowadays, you can find very good deals all over San Diego. If you want to search please be my guest. My website is http://www.besthomesinlajolla.com. If you find something that interest you, I will be happy to answer any questions you might have, including financing questions. P.S. Going directly with a developer will not make any difference. Nowadays, in this Buyer's market, many developers are working with Real Estate Agents.

I just ran a quick search of our multiple listing system (MLS) for you and there are 238 2 bedroom, 2 bathroom units in the 92101 zip code. The overall average price for those is $795,777. The lowest priced active unit is at $274,010 and the highest is $899,000 to $1,100,000.

Prices have come down a great deal in the downtown area particularly in the lower priced units. Many short sales and REO or Bank Owned Properties are selling very quickly and offer an excellent value for those buyers clever enough to recognize the opportunity in this market. Currently there are 58 units for sale under $500,000.

Your best value may be in a Bank Owned Property or motivated Seller, but there are also some excellent opportunities in new buildings where the developer just wants to sell. As stated in several other answers to your questions, I think that working with a Realtor, who is your advocate, can bring you the best opportunity of finding the best deal for your needs. That agent should be experienced in the downtown market which is very different than most.

It is extremely important to work with someone that you feel comfortable with and will take the time and effort to educate you on all of your options. During that relationship you can build trust in that person to look after your best interests and to represent you in obtaining the best possible price and terms. One of your most important decisions is picking that Realtor to represent you.

The downtown market is very complex with all different types of buildings and amenities available. Location, stories, amenities, and how solvent the HOA are important questions. The lowest priced units may not be your best value.

For me the airport bus stops very near my building, which is a very easy way to get to and from the airport.

I hope this information helps and good luck on your hunt, you certainly have a great deal of inventory to look at. I invite you to visit my website where you can search all active properties in downtown by a dynamic map which is really cool. I have also posted other useful information including sales comparables, downtown information, and lots of pictures.

Have fun!

Hi Pravar, as a Downtown San Diego Realtor I'd be happy to help you locate a great deal downtown. There are alot of great buyer incentives with the new developments, if absolute new is what you looking for, but there are also alot of GREAT resale deals. As a downtown REO (Bank owned) Specialist I am seeing 2 bedroom/1 bath condos as low as $222k. If you would like some assistance in locating a downtown condo please feel free to call on me.

Katrina Hamilton
Cell: 858-405-4407

Hi Pravar,
I cannot answwer the first part of your question as we are not familar with the La Jolla market. But the answer to your other question depends on a few things. First of all is the developer cooperating with agents? (It would probably be hard to find one that didn't in this market but they are out there.) Often if you have already registered with the developer they will not pay a commission to an agent and the cost would be born by you. However, if the developer is cooperating with agents and you have not registerd than I agree using an agent is probably the best way to go.
I also agree that you should have your financing options in place. It is not unusual for the developer to require you to get pre-qualified with their lender. I have often seen developers offer greater incentives by using their lenders, but the trick is making sure you understand what options are available through other lenders, hence a good real estate agent will come in handy. Good luck and let us know if you have further questions.

If you are looking for Downtown San Diego, learn about the buildings. Each building is unique. Homeowner fees are also unique. Some fees are low, some high. The developers downtown work with real estate brokers, so it won't cost you anything extra to use a professional, and you will have someone to help guide you thru the process.

Definitely use a Realtor. Builders / developers are looking out for their own interests, not yours. A good Realtor helps protect your interests. And as a first time buyer, it's especially important to have a professional on your side. You're not in a good position to be aware of potential pitfalls and negotiate the most effectively directly with a seller - especially a builder.

Another important asset to have on your side is an experienced, savvy mortgage professional. Get the financing squared away up front, and let your mortgage pro help you and your Realtor throughout the process. If you'd like to discuss your situation, feel free to give me a ring: James Wheeler, 813-600-3428. We're government-approved and offer a full range of financing solutions.