The huge residential building boom downtown screeched to a halt in 2009 when the remaining handful of high rise towers completed.  Since then, the inventory of for sale properties dwindles with each passing month. For those who call downtown home, a few major infrastructure projects underway will enhance the daily experience of life by the bay. The biggest development is the North Embarcadero Visionary Plan (NEVP), Phase One, which is a $28.6 million dollar project on Harbor Drive. The entire 1.2 mile waterfront stretch, from Broadway to Laurel Street, will eventually be redeveloped. The NEVP is funded by the Port of San Diego generated through leasehold agreements and the City of San Diego’s Redevelopment Agency. The goal is to increase public access to the waterfront and create a destination to the water by moving vehicle parking away from the waters edge and replace it with parkland and pedestrian walkways. Lane Field, the location of the old San Diego Padres ballpark (pre-Jack Murphy Stadium/Qualcomm & pre-Petco), was to be developed with high rise hotels and help generate funds to the Port, but that project is on hold.  The waterfront makeover will enable all to take in the beauty and diversity of San Diego Bay.

Opening day at Petco Park for the San Diego Padres triggers many events in motion. Even with a loss yesterday against the Dodgers, the mood remains the same: Upbeat, Hopeful, Competitive, Youthful.  It is just now Spring, but with major league baseball back in town, it feels like summer already.   In 2004, when Petco first opened, downtown San Diego was experiencing a renaissance in the real estate market as thousands of brand new condos were being delivered. You had the feeling  that living downtown was the future, where everything about you was fun and new and it was all walkable and innovative.  Opening day 2012 signals a different kind of start than 2004, this time around it’s more cautious but upbeat still. Our real estate has changed – fewer units for sale & not a single new residential building under construction – it is likely this downtown market will be a seller’s market again, sooner than we think. Record low interest rates combined with the strong spring/summer sales will impact new inventory as it comes to market. If you are going to a Padres game this season, give me a call and I’ll set up a condo tour.