Gaslamp City Square - 445 Island Avenue #506

Status: Sold

  • $312,000

    Price
  • 1

    Beds
  • 1

    Baths
  • 547

    Sq. Ft.

  • Favorite

    Tour
Property sold

This condo was sold on 09/14/2017 for $312,000.


  • MLS#: 170035399
  • Listing Date: 07/07/2017
  • HOA Fees: $403.08
  • Parking Spaces: 1
  • Neighborhood: Gaslamp
  • Complex: Gaslamp City Square
  • Unit #: 506
  • Units in complex: 223
  • Units in building: 223
  • Built: 2004
  • Office Information: SanDiego City Life Real Estate
  • Master: 9x13
  • Kitchen: 7x10
  • Living: 9x14
  • Bed2:
  • Bed3:
  • Bed4:
  • Bed5:
  • Family:
  • Breakfast:
  • Extra2:
  • Extra3:

Remarks

Be in the heart of it all in the Gaslamp! This 547 sf 1 bdrm condo (not a studio) is perfect for the home buyer looking for a low pricepoint and HOA fee. This 5th flr interior facing condo has good light & a view of the pool - quieter than those that are street facing. Kitchen floor is slate. Carpet in bdrm. Stackable washer/dryer, AC, walk-in closet & 1 parking. Community has old reserve study showing 13% funded (now close to 50%) and 26.52% commercial sq ft requiring FannieMae exception. See Supplement

Supplemental Remarks

SEE ATTACHED DOCUMENTS FOR MORE DETAIL. ***Gaslamp City Square (GCS) has a reserve study that was completed August 2016 showing the HOA is 13% funded. Almost one year later after new HOA management was hired, the reserve is almost 50% funded. The HOA management company has been effective in providing supplemental documentation to lenders and their underwriters who are seeking a Fannie Mae exception for Buyer loan approvals. ***Gaslamp City Square has 26.52% commercial space square footage. The 26.52% commercial space square footage in GCS is not all retail space. This sq ft % includes the commercial garage square footage. Fannie Mae guidelines that most lenders conform have a requirement of no more than 25% commercial square footage in a condo community. This requirement has also been overcome with a Fannie Mae exception. ***Many different GCS buyers have been approved for traditional conforming loan financing - with a Fannie Mae exception. SEE ATTACHED DOCUMENTS FOR MORE INFORMATION.

More unit details

  • Heat source: Electric
  • Heat equipment: Forced Air Unit
  • Cooling: Central Forced Air
  • Laundry utilities: Electric
  • Laundry location: Closet Stacked
  • Water: Available
  • Equipment: Dishwasher, Disposal, Dryer, Microwave, Refrigerator, Washer, Gas Oven, Gas Stove, Counter Top
  • Stories: 1 Story
  • Parking spaces: 1
  • Parking garage: Assigned, Gated, Underground
  • Building features: BBQ, Exercise Room, Gated Community, Pool, Spa/Hot Tub
  • Ownership: Condominium
  • Pets: Allowed w/Restrictions
  • Pool: Community/Common
  • Restrictions: CC&R's
  • Roof: Composition
  • Security: Gated Community
  • Spa: Community/Common
  • Exterior: Brick
  • Fencing: Full, Gate
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Michael Long

Michael Long

Selling Downtown San Diego since 2004
619-846-0892

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