Incredible Deal at The Grande South – E Plan

Posted on August 13, 2008 | by Denny Oh

Bestinvestment1This is not a short sale.  This is not a foreclosure.  This is not an auction.  This is not a dream.  This is an INCREDIBLE DEAL.  The coveted E plan at The Grande at Santa Fe Place is now actually affordable.  If you want a deal, this is it.

The E plan is a 1,944 square foot, 2 bedroom plus den, 2 bath condo that will blow you away.  The water views from this unit are unparalleled and in my opinion, only the 03 and 04 units at Park Place compete.  The Grande is the closest you can live to the water in Downtown San Diego.  I wont bore you about the views anymore, but if you havent seen the view, youre missing out.

Grande E PlanWhat makes unit 2506 at the Grande South such an incredible deal, is the fact that its priced, in my opinion, about $350,000 below market value.  Since only two of these E plans have sold in the last 12 months, its impossible to come up with an exact price, but I can tell you from experience, this unit is under priced.

Located in the south tower, 1199 Pacific Hwy, unit 2506 is priced at a truly unbelievable $1,250,000.  This might sound like a lot of money, but then again, so does everything in San Diego.  Of the five E plans currently on the market, #2506 is priced $225,000 and $239,000 below its nearest competitors, which are located on the 7th and 15th floors respectively.  Granted, the 7th floor unit is way over priced and the owner is completely crazy(a 6th floor E plan sold for $999,000 in September of 2007), the 110 day market time suggests that the owner is content with not getting it sold.

The other two E plans for sale are on the 28th and 21st floors, which are more reasonably priced at $1,755,000 and $1,795,000 respectively.  The other E plan that sold in the last year is unit 2101, which closed last November for $1,495,000.  Again, I think unit 2506 is worth about $1.6 million right now.  I knowyoure thinking “ If 2101 sold for $1,495,000 last year, why would the same unit only four floors higher sell for over $100K more, in a worse market? 

The answer is because A) prices in the luxury buildings have not come down much. B) The way the other units are priced (especially since the other sellers dont seem to be super motivated), this 25th floor unit looks like a steal. C) This is a great unit.

Heres whats going to happen.  Everyone whos been looking to buy an E plan, but wasnt willing to over pay for one, is now going to jump on this deal.  The people who have been looking to buy a smaller condo and spend less money, are now going to look at this deal and review their budgets “ theyll then quickly realize that its worth only having Starbucks 3 times a week, opposed to 6 times a week, so they can afford this larger, better condo.  And finally, like all my other deals, youll read this, think about it for a few weeks and then youll call me.  The problem is, like the other deals, youll be too late.  By then there will be a handful of offers and the price will be well over the asking price and youll be out of luck.

Think Im wrong?  Check in with me in a few weeks and see if its still on the market.  Want to really prove me wrong?  Pick up the phone and dial 858“243“2092.  Ill meet you anywhere you want and well write an offer and get you this incredible deal.  I promise this will move fast.

If you have any questions, just call.  And like most of my deals, I am not the listing agent “ Im simply trying to help you, the buyer, save time, money and energy and help you get that deal that everyone seems to be looking for.  Come and get it.

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