1199 Pacific Hwy #2805 – The Grande South

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1199 Pacific Hwy #2805 – The Grande South

May 5th, 2009 categories: San Diego Real Estate Deals

It’s beginning to feel like a bad date that just keeps on going…however, in this case, the end result might be good news. The condo deal that I’ve written about, multiple times, just won’t go away. Maybe, just maybe, it’s not a deal. Condo #2805 in The Grande South is now priced at $970K. This short sale has been on the market forever!

I won’t repeat myself and go over the details, but if you’re interested in an A1 floorplan, call me! This 1,625 sqft, 2br, 2ba + den condo is going to sell way below market value. The only reason why it’s been on the market so long is because the banks have lost their minds. If you’re not in a rush and want a 28^th floor condo in one of the best downtown San Diego buildings, at a great price, give me a call.

There are no offers right now, but I’m sure that’ll change soon.

Click here to see all the condos for sale at The Grande.

Denny Oh 858–243–2092 denny@sandiegoh.com

This entry was posted on Tuesday, May 5th, 2009 at 11:25 am and is filed under 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.

Tom May 14th, 2009 at 9:12 pm
I don’t understand how a property properly advertised could possibly sell for below market value. Wouldn’t the market value be whatever it sells for?

I have to wonder if we won’t see the end of the real estate price fall until short sale prices are in line with comparable non short sale prices. Especially where the short sales are pre-approved by the bank.
Denny Oh May 14th, 2009 at 10:48 pm
Hey Tom,

Thanks for the insight. Sure – anything that sells, IS market value. Clearly there are homes/condos that sell below the price that recent sales history would suggest…hence, below market value. Perhaps I should use the term, “priced below what others homes like it recently sold for.” Then again, that’s not very catchy…any suggestions?

I agree with you that home values won’t rise until short sales and REOs are priced the same as non-distressed home, but I think we’re close. There are recent statistics that show increased home values and increased sales activity. Most importantly, as one of my investor clients said, “the market is turning but will take several months to evidence this.”