San Diego Condo drops from $690K to $290K (down 58% since 8/2006)

Unit #405 is one of many units in the El Cortez condo tower in downtown San Diego’s posh mostly-residential Cortez Hill neighborhood (named after this historic building). HOA dues are obscenely high by San Diego standards, and prices have fallen, as you can see with this listing, by more than 50%. What has made this building suffer the most of the dozens of condo towers in downtown San Diego is that a developer is trying to build a second building right where the El Cortez swimming pool sits.

If the average unit in this 85-unit tower was worth $650,000 at the peak of the bubble, and is now worth $300,000, that is $30 million in lost real estate equity in just a single building.

Here are a few El Cortez links:

El Cortez HOA

ElCortez.info, which is trying to block the new building
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Greg Weston is an experienced business litigator licensed to practice law in California and Florida, and is a graduate of Harvard Law School. Mr. Weston’s frequently represents individuals and small businesses against large corporations, including cases involving condominium purchase agreements and other real estate investments. He can be reached at (619) 255-7098 or greg@thewestonfirm.com.