In the last 12 months, downtown San Diego had 27 sales at The Grande condos. Of those 27 sales, the lowest sales price was an incredibly low $310K for a fifth floor 899 sqft 1 bedroom REO. The highest sales price was $1.5 million, which was for a 30th floor E plan, that is a 2br+den, 2 bath, 1,944 condo(which by the way, I just happened to have sold). The average sales price, at The Grande was $722,922.
Looking at what’s currently for sale at The Grande condos, list prices range from $399K up to $2.35 M…with a total of 33 active listings. Additionally, there are seven contingent properties(condos that are short sales and have accepted offers, contingent upon the lien holder(s) accepting the sale terms) and three that are in escrow.
When I looked at what was selling, I noticed that 18 of the 27 sales(67%) had sold in the last six months. Compared to the rest of the downtown San Diego condo market, the Grande seems to be busier than the rest of the market. In the last six months, there were 438 sales in the 92101 zip code(at least these were the sales listed in the MLS). In the six months prior to that, there were 455 sales downtown – about a 4% difference. Part of the reason why there were more sales in the prior six months, is because of the inventory. With more condos to sell, there was more to be purchased – buildings like Park Terrace, Bayside, Sapphire Tower, Eletcra and The Legend all had more developer inventory than they do now. Also, traditionally, the summer months are busier than the winter months.
In my opinion, I think we’re going to see a lot more activity this summer. People are tired of waiting for the market to bottom out(if it hasn’t already) and they’re tired of renting. I think we’re going to see a lot more activity at the higher end of the market, but not necessarily see prices going up. Keep in mind, selling and buying in a down market is much better than doing so in a hot market. In slower times, buyers have more leverage and more choices. Often times, in a rising market, buyers who recently sold their homes are faced with a swarm of buyers and increasing prices. Take advantage of today’s prices and today’s low interest rates(which by the way, just dipped).
Please let me know if you have any questions. Denny Oh 858-243-2092 [email protected]