Hi folks, I'm really interested with seeing how many new developments are being built in Downtown, what strategies work there? How strict are HOA rules of those apartments, does anyone have real experience(positive or negative) investing there?
HOA's have different rules and will vary from association to association. Are you wondering whether or not it can be used as a STR? Investing in downtown is just like anywhere else. The numbers need to make sense and make sure you have multiple exit strategies. Is this going to be your first investment property? Let me know if there is anything I can do for you.
@Dmytro K. That depends on what your strategy is. Like @Mark Frattini mentioned, Investing in downtown is the same as investing anywhere in the respect that the numbers have to make sense for your exit strategy and goals short and long term.
For San Diego Market, I'm seeing more and more people use the short term rental strategy to get cash flow because long term is nearly impossible to cash flow on with the current margins.
Hope that helps. Let me know if you have any questions.
Best of luck!
Contrary to popular belief the downtown market is performing very well right now. Especially when you look at year over year #s for actives, pendings, solds, DOM, median sales price, etc..
I foresee the downtown scene exploding over the next 5-10 years w/ all the various slated projects. The most recent: Manchester PG announced 2/3rds of their project is going to Biotech and creating a new district along the harbor. RADD: Research and development District. Downtown is going to get very expensive.
Regarding HOA amounts, they will vary greatly across all of 92101 and within the 6 districts. This is something that will obviously effect your bottom line. There are over 100 different condo/townhomes within 92101 alone.
I should have been more specific in clarifying "performing well." When you look at the year over year numbers for 92101 it's an improvement. I'm not necessarily saying downtown is a better place to invest then outside of DT.