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Downtown San Diego Deal - The Grande North #803
March 4th, 2008 categories: Deals
Deal – 1205 Pacific Hwy #803 The Grande – 2BR/2BA 1,336 square feet – $640,000–690,000
Here is another great deal in Downtown San Diego. Priced in a range from $640,000–690,000, unit 803 at The Grande North is a great deal. This is the 2 bedroom, 2 bath, 1,336 square foot floor plan that is situated on the North side of the North tower. This layout gives you great city and water views. My favorite part about this floor plan is how you can see all the sail boats at the marina and also watch the planes land.
Currently, this is the lowest priced 2 bedroom in either of the Grande towers. This means a lot more when the exact same floor plan on the 3rd, 4th and 5th floors are priced up to $100K more! Unit 803 is not a good buy, it’s a great buy Downtown. The same floor plan on the 13th floor just sold in May of 2007 for $742,000, just 30 days after it was listed. This is over a $100K increase and only 5 floors to show for it! Yes, the view from the 13th floor is much nicer then from the 8th, but rents are pretty similar.
To make the price even more appealing, or should I say convincing, unit 203(which has the same square footage) in the same tower sold last October for $630K. The Grande North #803 was rented last January for $2,700/month, which might even be a little low based on today’s market.
With the higher HOA’s at The Grande, this investment only works with 50% down.
The Grande #803
* Based on a 5yr I/O loan at 5.5%
| Purchase Price | Loan Amt. | Mortgage | HOA | Prop. Tax | Tot. Mo. Payment | Mo. Rent |
|---|---|---|---|---|---|---|
| $640,000 | $320,000 | $1,760 | $676 | $667 | $2,809 | $2,800 |
Even so, the equity alone makes this deal worth it. Based on a modest 3% annual appreciation, in 5 years, this home will be worth $741,935 – $101,935 more than what you purchased it for (read: $101,935 profit). Not bad in a “terrible” market.
To search all the homes for sale at The Grande, click here. If you have any questions, please call Denny Oh at 858.243.292 or email me at dennyoh@prusd.com.
Click here to search all foreclosures, short sales and auctions.
