Insane Price…

Posted on December 2, 2010 | by Denny Oh

Someone has just listed a $1,725,000 penthouse in downtown San Diego.  It’s the top two floors of a highrise and it has 2,204 sqft and is a 3br/2.5ba two story condo.  At $783/sqft, it’s not a bad price for a penthouse, but wait…it’s in ACQUA VISTA!  Now I’ve grown to appreciate Acqua Vista, but that’s because people can buy condos(often times with a great view) for very little money.  Since values have dropped there, I think you can find great deals there.  However, spending $1,725,000 on anything in this building is just crazy.

To give you an idea of what the prices are at Acqua Vista, the average $/sqft for all the sold condos in 2010, YTD, is $287/sqft.  The highest $/sqft was $378/sqft.  Additionally, a similar penthouse sold in May of 2010 for $946,817($346/sqft).  Granted, this was a bank owned unit and was not in as good shape, but come on!  Condo #3901 in The Grande North just sold(a short sale) for $1,650,000 about a week ago.  The listing states that the AV penthouse was completely renovated in 2008 and the pictures do look great, but it’s Acqua Vista. 

Again, I’m not trying to bash AV, because I do like it.  However, you’d have to be crazy to spend that kind of money on anything in that building.  It’d be like paying $500 for a shirt at Target – it might be a nice shirt, but it’s still a Target shirt.  What’s even crazier, is that condo #1701 at Acqua Vista was originally purchased in 2005 from K Hovnanian(the developer) for $1,500,000.  If for some reason you are interested in buying this penthouse, give me a call…I’ve got plenty of stuff I can sell you.

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