Sharyn & Victoria Crown

Here is what we are finding downtown...lower priced properties are definitely selling. We are closing a one bedroom unit in Union Square within the next couple of days for $355,000, and currently have 3 offers on one of our Porta d'Italia listings priced at $250,000. Since you are in East Village, the Union Square sale may help you in your prcing. We also manage rental units downtown and find that if the rent is competitive, the units rent.

What we would suggest is for you to decide if you have a good use for your money should you sell your unit right now. Assuming this is your personal residence, you shouldn't have any tax issues. If you hold the unit for 3 to 5 years your tax status may change and the unit may become an investment unit. A CPA can tell you the requirements and tax treatments Taxwise investments and personal residences are treated differently.

If you rent the unit, you will either have to manage the unit yourself or hire property managers. If you hire a property manager, plug in around 10% management fee just to be conservative. Some owners want hands on managing and others don't want tenant involvement whatsoever.

There was an interesting article featuring Nat Bosa in this week's San Diego Union. You might want to read his take on the Downtown San Diego market since Bosa has so heavily invested in Downtown. This link will take you to the article http://www3.signonsandiego.com/stories/2009/oct/12/solid-fou… - Wed Oct 14 2009, 21:47