I'm looking for an investment/second home condo in San Diego. What are the neighborhoods I should be looking at? My price range is $200-280k for

Asked by Jasmyne, San Diego, CA Tue Mar 6, 2012

1br I'm also interested in foreclosure and short sales. I tend to like newer properties with newer appliances/finishes...

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22
Vic Yamauchi, Agent, El Cajon, CA
Tue Mar 6, 2012
BEST ANSWER
Hi Jasmyne!

I suggest you getting with your friendly local lender on buying as a second home. If you live within 50 miles or so from your second home, it may not count as a second home unless it is in a resorty beachy area dissimilar to where you live now. Down payment, how much out of your pocket, interest rate and how the loan is underwritten is dependent on it being a second home or an investment.

If you are truly buying as an investment then get with your friendly local Realtor as you should be concerned with getting the highest ROI you can i.e. where the best rents are for what you wish to buy. That comes from elbow dirty hard work in analyzing the highest rents in what area.

What kind of tenant are you thinking of? Seasonal renters or more long term? Seasonal think in terms of college areas, stable but hard to re-locate tenants, think Section 8 renters. I suggest doing some homework on craigslist in the for rent section to get a feel for what areas are getting what rents.

Again, partnering with a good Realtor who specializes in small investments would be very wise. Of course, everyone will raise their hands so do take care and do your due diligence before deciding on one.

Vic
0 votes
So, how do you suggest "getting with your friendly local lender"? It seems easier said than done.
Flag Thu Mar 22, 2012
Cindy Davis, Agent, San Diego, CA
Sat Mar 24, 2012
I actually like the North Park/Hillcrest/Normal Heights area. These are all areas where there is a lot of renting, and there is always a demand from people to live in these walk-able neighborhoods.

Let me know if I can help you an any way.

Cindy Davis, Broker
(619) 379-8616
1 vote
Michele Sald…, Agent, Del Mar, CA
Fri Feb 20, 2015
Dear Jasmyne,

The neighborhoods you should be looking at are the neighborhoods which will accommodate your desired lifestyle and or your rental unit/property. The matter of price is a reference point as to how much square feet, number of bedrooms, garage, backyard etc - details of the property which will come into play based on the area.

What is most important is that you choose an area which you desire, one where you will be comfortable with living/renting out and "coming home to", safe and one you would not mind going to for maintenance etc. These factors are most important when choosing your home.

My job as a Realtor is to find and help you acquire the home is your desired area and educate you on the various details/price per square foot depending on the areas of San Diego CA.

I specialize in - Finding and Acquiring Residential Investment Property, Foreclosures, Short Sales and property which is not Listed in the MLS. I work with all cash investors and any and all home owners who are interested in purchasing property Below Market Value.

Call Me - I would love to work with you and as a Native of San Diego CA - I am very familiar with any and all the areas of San Diego CA and the unique characteristics of each. Thank you for your question- I hope I have helped answer it for you.

Very Respectfully,
Michele Saldana
Realtor - Investment Property
(858) 922-5653
0 votes
A Finished H…, , Santee, CA
Tue Apr 17, 2012
Hello Realtors/ Prospective Buyers,

I just wanted to introduce my company to all of you. We are a general contractor in San Diego called A Finished Home. We have two branches of our company, one is a custom home remodeling company and the other is an investment/ flip house remodeling company. Last year in San diego we completed over 25 investment homes and 15 home remodels. If you have investment clients or new home owners that are looking for quality workmanship with competitive pricing, please do not hesitate to give us a call or email. Thanks is advance for your consideration!

A Finished Home
9640-B Mission Gorge Rd. #337
Santee, Ca 92071
Lic# B24252
afinishedhome@cox.net
Phone - 619-519-2252
0 votes
Rene' De Bla…, , San Diego, CA
Thu Mar 22, 2012
Have you considered a HOMEPATH property? http://www.homepath.com The best part of a HOMEPATH home is you can put as little as 10% down, AND there is NO mortgage insurance.

Kinecta Federal Credit Union (a not-for-profit direct lender) is one of few HOMEPATH lenders in the country, with a presence in San Diego County.

I've been looking myself, and I am drawn to the North Park area. Quite a few condo conversions in that area that are priced rather low. Hope this helps!

Rene Joseph De Blanco
http://www.kinecta.org/jdeblanco
jdeblanco@kinecta.org
619-301-3185
Web Reference:  http://www.homepath.com
0 votes
Janet McCart…, Agent, San Diego, CA
Fri Mar 16, 2012
Mission Valley! It's a great area - close to all the best parts of the city and you should have no problem renting it. Mission Valley has tons of shopping, dining and entertainment options and it is freeway close to everything else in the city.
0 votes
John Arendsen, Agent, Leucadia, CA
Fri Mar 16, 2012
I've got a great lender I'd be happy to refer to you. Please feel free to call me at 760 815-6977. Or you can email me in private at onthelevel@cox.net
0 votes
Diane Kephar…, Agent, Bend, OR
Fri Mar 16, 2012
Hi Jasmyne-

I specialize in the condo market in Carmel Valley (Del Mar Heights area), which is where I live. These communities are not only safe, they are pet friendly, great walking areas and do tend to have more couples and professional singles. Since I walk my dog a few times a day, I have met so many others from adjacent condo communities that just love it here. Everyone is so friendly.
I have been selling around here since 2004. There are some great 1bedrooms with lofts and mainly 1-2 bedrooms both low rise and some on 3-4 levels. There are several parks in the area and walking distance to restaurants and grocery stores, theatres. The rental rates are pretty high. Also, another great area is UTC and of course, Carlsbad has some wonderful newer condo communites as well.

Please contact me and I can send you samples from each area. I am available today if you want to go over some areas over the phone.

Diane Kephart
Prudential California Realty
http://www.delmar-carmelvalleycondos.com
858-525-5402
0 votes
John Arendsen, Agent, Leucadia, CA
Thu Mar 15, 2012
Any forward movement on your venture at this time? We'd love to work with you.

http://www.chadofalltrades.com
http://www.intimatelivinginteriors.com
0 votes
Monica & Dav…, Agent, San Diego, CA
Thu Mar 15, 2012
Hi Jasmyne,

I might suggest you initiate a search on my website, http://www.SanDiegoHomeSearcher.com as you will be able to enter specific criteria for each neighborhood that you'd like to begin tracking.

It will alert you when specific properties hit the market, have price reductions, and much more. It's free to use, so enjoy.

David Stone
Greater Good Realty
Cell: 619-206-1551
CA DRE#01888818
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Mar 13, 2012
We would definitely love to speak with you. We specialize in distressed property acquisition, rehab, rebuild, remodel and new build. We're a one stop family owned real estate brokerage, general contractor, property management company, investor and develper. We've been dealing in San Diego real estate for thirty years. Please feel free to log onto our websites and call us any time at 760 815-6977.

http://www.intimatelivinginteriors.com
http://www.chadofalltrades.com
http://www.sandiegorealestatetoday.com
0 votes
Cindy Greenw…, Agent, Pawleys Island, SC
Wed Mar 7, 2012
Hi, My recommendation would be to purchase a condo in the UTC/ La Jolla area, close to UCSD. Every condo I've sold in the 92122 zip code has sold immediately because of the constant demand for housing from UCSD students. If you'd like a list of condos that are currently for sale in that market, please let me know. I can be reached at cindygreenwald@hotmail.com Good luck with your search! Cindy
0 votes
Jasmyne, Home Buyer, San Diego, CA
Tue Mar 6, 2012
Thank you so much for all your responses. To be a little more specific,

My husband and I currently live in downtown San Francisco. We would like to look into an investment property/second home that would be attractive to young professionals/professionals. We are interested in properties that are recently built (i.e. 2004+), good walking score, not too small (nothing under 700 square feet), allows rental units, HOA’s that are not too high (although if there are great amenities that is a factor as well).
0 votes
Patti Hall, Agent, San Diego, CA
Tue Mar 6, 2012
Hi Jasmyne,
Good for you!... there are so many options in the county, I guess I would want to know more about you and how you intend to use the property and your interests and hobbies! I sold a beautiful 3 story like new condo in the city of San Marcos last Sept. to my clients from WA state. They love the charm of the area they are in, the hiking and bike trails and the warm weather. They did not want coastal fog etc for their vacation home.
0 votes
Jared Wilson, Agent, San Diego, CA
Tue Mar 6, 2012
Hi Jasmyne,

My Clients just closed on a 2bed/1bth condo in Downtown San Diego. The purchase price was $215K and will rent for $1800 per month. With 20% down and a conventional loan at 4%, less taxes, insurance and HOA, the buyers will be able to immediately generate a positive cash flow of about $500 per month.

Good Luck with your purchase!

You can see a video of the condo here, http://www.sdhomeseeker.com/downtown-san-diego-condo-in-liti…
0 votes
Jason Richar…, Agent, Encinitas, CA
Tue Mar 6, 2012
The fundamentals of San Diego's real estate markets are in a great position right now. There is a lot of activity in the markets and a general level of frustration of not enough properties for sale. This is a signal that prices have stabilized and for the most part, real estate has become a very attractice investment vehicle. This will allow your focus of a second home purchase to be on what features and locations you like and as indicated by the other answers, there is something for everyone.

Focuse first on what excites you, location, beach communities, arts communities, urban communities, rural communities. List the top 5 things you would most like to have and we can make reccomendations from that.

Your budget will present many options, even those within walking distance to the ocean.

Best,

Jason
jason@noviproperty.com
619-417-1658
Web Reference:  http://www.noviproperty.com
0 votes
Cory La Scala, Agent, San Diego, CA
Tue Mar 6, 2012
Hi Jasmyne,

San Diego has some great newer properties, but don't discount the many wonderfully renovated older properties. What you'd want to look for are updated systems, like plumbing and electric, that won't have as many problems.

When buying a second home in the same city in which you live, it'll have to make sense to a lender. Living in San Diego, you'd need to buy a home on the beach or on a golf course, or something unique to be able to qualify it as a second home. There are a few condos at the beach well within your price range that you could possibly use as a second home and investment. The HOA fees vary, one is an REO.

So, look within walking distance to a beach, or somwhere it would make sense to buy a vacation home in the same city you live. Barring any rental restrictions, you can always rent it out.

Warm Regards,
Cory
0 votes
Jerry Heard, Agent, San Diego, CA
Tue Mar 6, 2012
Jasmyne
I just ran a search and there are 69 1+ bedroom condos built after 2005 in your price range. 8 are downtown which is a great area. There are 30 in Chula Vista.
I would like to help you find a place to use as an investment property. The first step would be for you to talk to a lender about financing, unless you are paying all cash. The lenders at this site are some that I work with and they are very experienced http://www.thesandiegopropertyshop.com/3/W0000019683/P000036…

I am never too busy for your referrals

Jerry Heard
Your Broker
The San Diego Property Shop
http://www.TheSanDiegoPropertyShop.com
jerry.sdps@cox.net
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes
Wolf Realty…, Agent, Del Mar, CA
Tue Mar 6, 2012
I would look in the UTC area (zip code 92122, along with North Park as these are two strong rental communities.

You can search my website at http://www.wolfrealestategroup.com or visit my website for additional search tools and information.

Thank you ,


Robert
0 votes
Ricky Silber, Agent, San Diego, CA
Tue Mar 6, 2012
As far as an investment property, I have had amazing success in finding properties in Spring Valley for my investor clients. The return on investment there is probably among the highest in the county and in your price range you could find a 2 or 3 bedroom unit that will far surpass a 1 bedroom in terms of return on investment. I can work up some numbers for you on some listings that may surprise you as far as what you can expect to net each month on an investment property in that part of the county.
Web Reference:  http://www.silberhomes.com
0 votes
Monica & Dav…, Agent, San Diego, CA
Tue Mar 6, 2012
Hi Jasmyne,

There are many condo opportunities throughout San Diego County. My office is located downtown in the Marina District and currently 11 condos on the market between $200-$280K.

The inventory changes every day and you are welcome to search for all condos on my website http://SanDiegoHomeSearcher.com

Feel free to contact me should you have any questions. Good luck, as San Diego is a great place to live!

David Stone
Greater Good Realty
619-206-1551
CA DRE# 01888818
0 votes
Sinead McAll…, Agent, Oceanside, CA
Tue Mar 6, 2012
Hi Jasmyne,
A one bedroom in that price range is definitely possible almost anywhere. It is really going to depend on where you would like to (sometimes) live. Feel free to contact me directly and I would be happy to send you a sample of what is out there so we can narrow your search down and find you the perfect home!

Thanks!
Sinead McAllister
McAllister Homes Real Estate
858-205-5215
brokermcallister@gmail.com
0 votes
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