In 2007,Park Place only had a total of 8 sales, out of its 178 units. This 4.5% of sales at Park Place was way below The Grandes 24.4% of sales in 2007. This goes back to my statement that Park Place is one of the most desirable buildings in Downtown San Diego and that people dont want to leave it.
The average sales price at Park Place in 2007 was $866,438, with units selling 5% below the asking price. The average sales price per square foot was $633, which is essentially the same as The Grandes $638, 2007 average.
Looking at the first quarter of 2008, Park Place is well ahead of last years pace, having already had 5 sales. The average sales price of $838,400 and average sales price per square foot of $607, are 3.3% and 4.1% lower than 2007s averages, respectively, but can be accounted for by the pricer, three 03 sales in 2007. These 03 units are rarely on the market and have incredible, unobstructed bay views. And since they account for nearly 40% of 2007s sales and only 20% of 2008 Q1 sales, this sways the averages considerably.
And while were looking at a limited number of units that have sold, what we do see is that prices are pretty stable and if anything, more buyers are out there and theyre getting the deals. If you wait six months, or a year to buy, you might be stuck shopping for leftovers. But then again, who knows
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