Another Downtown San Diego Condo Deal

Posted on April 6, 2009 | by Denny Oh

Bayside San Diego “ the next Bosa condo highrise.  Scheduled to open up this June, downtown San Diego will soon have yet another, waterfront, Bosa condo building.  With Electra and The Legend nearly sold out, Bosas entire focus will soon shift to Bayside at the Embarcadero and while the market is far from booming, I dont see Nat Bosa slashing prices.

Bosa is downtown San Diegos largest condo developer “ and while they are cutting prices at The Legend and Electra, they arent hurting.  My guess is that Bayside will hold its prices(maybe some small reductions) for quite some time.  This will make buildings like The Grande even more appealing, as Baysides price per square foot is way higher than most resales, which brings us to the reason for this post

I know of a condo at Bayside that will be put on the market for WAY less than what it was purchased for.  This 23rd floor, A plan is on the north west corner of Bayside and has, well should have(I havent been in it yet), great views.  From this level and position, this condo will have an unobstructed bay view, as well as some great views of the airport and city.

Purchased(it hasnt closed yet, but its in contract) for $1.7 million, this 1,474 square foot 2br/2ba + den condo will soon be available at a huge discount.  The seller no longer wants to purchase it and is going to sell it for about $1.2 million. Thats a 30% discount!  With a balcony to the west and another to the north, youll get to make the most of the incredible San Diego views.

This deal isnt in the MLS yet, but if youre interested, let me know.  Im pretty sure this will move fast as soon as it starts getting advertised.  If youre looking to be a part of Bayside, this might be your chance.  For more information, please contact me at 858“243“2092 or denny@sandiegoh.com.

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4 Comments

  1. Paul Herstein says:

    Denny,
    Hats off to you for a consistently entertaining and informative seminar in San Diego downtown real estate.
    I’m somewhat familiar with the available high rise condominiums after visiting the city several times over the past few years, and walking through units offered by several devlopers; now I’m considering purchase of a 2 bdr/2bath/2 parking space 1750 – 2000 sq foot unit above the 20th floor with reasonably protected water views. I have no specific time frame, but I know I need to learn more about current market conditions.
    May I ask your opinion about the going price per square foot in units matching this description in the Columbia and Marina neighborhoods? Is there a reliable rule of thumb about the price increase per floor? I’m not a broker, just an individual looking for a place to hang his proverbial hat.

    Thanks for your enthusiasm and your help.
    PH

  2. Denny Oh says:

    Hi Paul,

    Thanks for the comment! In a down market like this, there really isn’t a premium per floor – at least nothing considerable. As for $/sq.ft., each building differs.
    In general, larger water view condos are going to be anywhere from about $600-900/sq.ft. Obviously you can go higher or lower, but that’s the general range(and yes, I know it’s a huge range).

    Let me know if you have specific questions and I can send you answers. Thanks.

  3. David Ramsey says:

    Dear Denny

    I wonder if it would be possible to give me some idea of how much one would expect to pay, in the current market, for a 2 bedroom, 2 bathroom, 10032 sq ft condominium without a water view in the Alta complex? An indication of how much per square foot one should use to calculate a price would be equally useful.

    Would it also be possible to suggest by what percentage it would be realistic to discount the asking price in making an offer?

    Any guidance would be very much appreciated.

    Best regards.

    David Ramsey

  4. Denny Oh says:

    Hi David,

    Alta is closing out it’s final inventory and there are only 3 units left there. The prices range from the $500Ks to the mid/low $600Ks. Please let me know if you’d like to see any of them. Thanks.