One of our listings has recently gone to short sale status. Unit 3902 in the Grande South(119 Pacific Hwy) is now priced at $1,525,000. This is an unbelievable price. The owner purchased this top floor penthouse for $1,985,000 back in August of 2005. Thats a 25% price reduction! Even better, at 1,844 square feet, this penthouse is priced at a mere $827 per square foot. This is way less than most top floor penthouses.
To give you an idea of what a great deal this is, think about this “ unit 3902 in the Grande North, sold earlier this year for $1,875,000. On top of that, that unit is smaller and faces directly into the Grande South! With the smaller square footage and higher price and worse view, they still paid $1,052 per square foot “ thats more than a 27% premium, for a less desirable unit!
How much more do you really think prices are going to come down? The market is picking up and once we get a new President, things will only get better. With both candidates supporting Warren Buffett, I cant wait for to get a new President. Ive said it many times before and I still think this is true “ the best deals will be made this year. With a new President, lower loan limits and more buyers coming out, I think next year will see much more activity. Slowly but surely, the buyers confidence is coming back and with that, the deals will quickly go away.
I think San Diego has too much potential for Downtown not to go up in value. With the Convention Center expanding, names like Hard Rock and everything else thats going on, Downtown San Diego is going to be one of the best places to live and work. The only question is, will you be able to afford it then?
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