Update On Downtown San Diego’s Bayside Condos

Posted on July 8, 2009 | by Denny Oh

According to my sources(a combination of Bayside’s sales team, my coworkers and Bayside’s preferred lenders), it sounds like about 35% of Bayside is under contract.  This means that about 80 of the 232 condos are currently under contract.  This doesn’t all 80 will be sold to these individuals, it just means that Bosa was able to get 80 or so people to put down a deposit, with the intent to close on them.  But since the economy has changed and a variety of other factors, not all of the 80 people may move forward and actually close escrow on their new condos.

Some of the people who are in contract may try and assign their condos to another buyer, convince Bayside to lower their price, switch to another unit or simply walk away from their deposit.  I still haven’t been able to see too much of Bayside, but I can’t wait to get a full tour.  With the protected views(for the most part), highend appliances and functional amenities, I think people are going to love Bayside.

Bosa’s addition of Bayside to the Columbia District is yet another reason why I think buildings like The Grande and Sapphire Tower will only increase in value.  As more and more land gets developed along the waterfront, homes prices are going to rise.  Here’s a quick list of things to come…

  • Lane Field – 2 high end hotel towers
  • Irvine Company – 36 story commercial highrise(where do you think all those employees will want to live/rent?)
  • Navy Broadway Complex – 4 highrises with hotel, commercial, retail and green space
  • Broadway Pier – the pier will be redesigned and expanded, creating a more inviting place to visit
  • North Embarcadero Visionary Plan – from the airport to Seaport Village, the Embarcadero will get a face lift, revitalizing downtown’s waterfront.
  • Kettner and Ash – Bosa’s next(maybe not next, but probably) highrise condo building…which will be a 287 unit, 35 stories and I can promise you will not be cheaper than Bayside.

With all these factors coming into play, along with the influx of buyers we’re now seeing, I think today’s buyers are going to be very happy with their purchases in the near future.  Yes, prices may still come down a bit and I’d even argue that they will come down some more.  BUT…we’re not going to see decreases like we’ve already seen and another 5–10% in 5–10 years won’t even matter.  What will matter is when you look back 5 years from now, wishing you had purchased a home and taken advantage of this incredible market.

Why wait?  Why not look for that great deal now?  Why not have me tell you about the best deals out there?

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Denny Oh 858–243–2092 [email protected]

 

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2 Comments

  1. Sounds like there’s some movement on the San Diego waterfront! I spent a few years there, and loved visiting homes near the water. Seattle waterfront homes are really holding their value well this year, how’s the overall market there?

  2. Denny Oh says:

    I’ve only been to Seattle once(last July), but it was beautiful. The market here is stabilizing and buyers are getting some unbelievable deals. Prices are down and the potential for future values are HUGE. We’re seeing a lot of activity at lower price points, as well as in the midrange, with more families making the move during the summer months. I think we’re going to start seeing a lot more investors coming into the market and pretty soon, people will be saying, “Man, I should have bought last….”.