Downtown San Diego has experienced its own ups and downs with pricing and sales.  La Vita is one of the downtown San Diego condo buildings located in Little Italy.  La Vita sold units since 2005 show a good example of how the market has changed.  The following graphs will give you an idea of how La Vita sold condos have moved with the rest of Downtown San Diego market changes.

As you can see from the above graphs, there have been sales in La Vita.  2005 was the best year with a total 55 units sold.  As you can see, 2 bedroom La Vita units have tended to be the most popular, other than the first 6 months of 2011.  The building has been working through short sales (where the owner owes more to the bank than the property is worth) and foreclosed units that have actually gone back to the bank.  2006 showed 25 sold La Vita condos; 2007′s total was up to 32; 2008 down to 24; 2009 further down to 19; 2010 showed an improvement up to 25; and so far in 2011 there have been 7 closed units.

One of the current drags on La Vita sold condos is the fact that La Vita has now entered the land of “litigation”.  Everyone condo complex seems to end up in litigation with the builder/developer no matter what.  Homeowner associations have justified and sometimes unjustified lawsuits.  However, when condo complexes go into litigation, lenders pull back on lending and fewer lenders, if any, create problems for buyers who need loans.

This is a series of article by Sharyn and Victoria Crown, Downtown San Diego real estate agents.

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