Sapphire Tower condos Reduce their Prices

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Sapphire Tower condos Reduce their Prices

April 20th, 2009 categories: Real Estate News, San Diego Real Estate Deals

With summer around the corner, developers in downtown San Diego are doing what they can to promote condo sales. Some are offering to cover HOAs, some are paying for closing costs and some are lowering their prices. What buyers need to know though, is that developers don’t list all their inventory on the MLS. Most of their condos do not make it online and unless you go in, or talk to a realtor like me, you won’t ever hear about them.

Highrises like Sapphire Tower and Bayside are luxury condo towers and are both less than 50% sold. Many of the prime condos in these buildings have already been sold, but there are still some great condos with incredible bay views left.

Sapphire Tower just released their “Spring and Summer” prices and have come down by about 9–15% on many condos. Most of the price reductions however, are on the lower floors and smaller units – not on the larger condos that have a been doing well in sales. Sapphire Tower’s most recent closing, was condo #3300 – the top floor, 5,200 square foot, “La Jolla” penthouse – which sold for $6,160,000! This one of a kind penthouse has four balconies and views in every direction. Too bad I didn’t sell it(or buy it)!

Even though the latest price reductions weren’t massive, they are compared to what they were originally asking. For example, a fifth floor 1,772 sqft condo was listed at $1,010,000 and is now priced at $$675,000! Another condo on the 23^rd floor was listed at $1,869,000 and can now be yours for only $1,685,000. If these prices are too high, why not put in a low offer?

Bayside at the Embarcadero is also going to be lowering its condo prices. While no official announcement has been made, we do know that prices will be coming down…it’s just a matter of how much they’re drop them. With Electra and The Legend getting closer to selling out(sort of – Bosa is renting some of the condos out), Bayside will be the only development they’ll have for quite some time. Even though Bosa owns several other parcels of land downtown, I suspect that they’ll wait several years before they begin on their next highrise.

Other buildings like The Mark, Aria and Smart Corner have also lowered their prices, putting more pressure on the resale market. For those of you who have your home for sale, take a quick look at where you’re at, what the activity is and why you’re trying to sell. Then ask yourself why your home hasn’t sold yet. I can guarantee you it’s not because it’s underpriced.

If you want to get your home sold, give me a call. And if you’re looking to buy, check out these great condo deals. Also – if you want to be on HGTVs hit show, House Hunters, let me know. They’ve asked me to be on it and I’m looking for some clients who want to be TV stars!

This entry was posted on Monday, April 20th, 2009 at 2:33 pm and is filed under Real Estate News, San Diego Real Estate Deals. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.