The Harbor Club condos are probably the most identifiable condo towers in all of downtown San Diego. And even with it’s “old” age, the Harbor Club is a very desirable place to live. Prices at the Harbor Club typically range anywhere from about $400,000 up to $8,000,000.
In 2009, there were 10 sales in the two Harbor Club condo towers. The sales prices ranged from $396,000 for a fifth floor one bedroom, to $1,320,000 for a 24th floor two bedroom. Between the 100 and 200 Harbor Drive towers, the 10 sales in 2009 represented $9,741,000 worth of sales. The median sales price was $1,075,000 and the median sales price per square foot was $658.34.
The median market time was 54 days, while the average market time was slightly higher at 71 days. Currently, there are 11 condos for sale between the two Harbor Club towers and the median asking price is $1,079,000. There were six sales in the western, 100 Harbor Drive tower and four in the eastern, 200 Harbor Drive tower. The Harbor club is two towers, but there are only about 100 units in each highrise (99 in the 100 tower and 102 in the 200), so it’s really the equivalent of something like The Grande, or Pinnacle, both of which only have about 200 units each (The Grande has two towers, so there are really 442 condos there).
With that said, the two Grande towers had 25 sales total in 2009. The average sales price at The Grande towers was $741,592, ranging from $310,000 for a 5th floor one bedroom, up to $1,595,000 for a 28th floor two bedroom plus den condo. The median sales price at The Grande was $655,000 with a median market time of 56 days(average market time was 76 days). So the Harbor Club saw just about 5% of its condos change hands, while The Grande had a 5.7% change of ownership.
I think we’ll continue to see higher end buildings do well and protected views are going to be that much more valuable. Most experts agree that a “healthy” market should have anywhere from 7-10% of its inventory on the market. With about 5% of their inventory sold in 2009, the Harbor Club seems to be doing just fine.