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Protected Grande Condo Views
August 24th, 2011 categories: San Diego Real Estate Deals, The Grande
Unit 2801 at the Grande South(www.1199PacificHwy.com) is currently on the market, with a list price of $779,900. It’s a bank owned condo(aka REO, foreclosure) and should be sold pretty quickly now. It was originally purchased from Bosa Development for $885K in 2004 and the comps suggest it’s worth about $850-900K. The best part about this, is the views from this north west facing condo at the Grande South are very well protected!
As you can see in the CMA above, there have been 4 recent sales(in the last 6 months) of the same floor plan. The prices range from $680K for an 8th floor condo, to $910K for a 32nd floor unit. A 19th floor unit sold for $835K and one on the 29th sold for $850K.
Additionally, an 18th floor condo is currently in escrow, set to close for about $800K next month and a 20th floor unit that will probably close in a few months for about $900K(both according to the listing agents).
Aside from that, you have the choice of two other similar condos on the 31st and 30th floors of The Grande at $934K and $947K respectively. And I can tell you from 7 years of experience, 2-3 floors is not going to make much of a difference at these levels(and in my opinion, certainly not $150-160K difference).
So to recap, here’s what we have:
- A protected water view
- About a 15% below market list price
- One of the best downtown San Diego developers
- Triple pane windows
- Guest Parking
- An in-house Guest Suite
- And it’s NOT A SHORT SALE!
For all you people looking for a deal…hear you go. Click here to see what’s currently for sale at The Grande condos.
Or, if you’re looking to take advantage our downtown’s incredibly low inventory and sell now, call me today. Denny Oh 858-243-2092 or [email protected].
I am The Grande Expert. www.1199PacificHwy.com or www.1205PacificHwy.com
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Denny:
Thanks for your astute comments on SD residential real estate. I may have missed something on the Grande South story on #2801. You mentioned an 18th floor unit is going to close next month at about $800K. On the table that you provided, #1805 is listed at $550K as “pending” – are you talking about 2 different units or did #1805 get bid up $250K over its list price? That would be quite a bidding war in today’s climate!!!
Hi Bob – thank you for the feedback. Yes, I’m talking about #1805. From what I’ve been told, it’s supposed to close at the end of this month(September) for $800K. My guess is that there was a foreclosure date set, so they priced it low to get an offer into the bank to try and postpone the sale date.
Believe it or not, multiple offers are pretty common these days. And sometimes you see agents price properties WAY under market value to try and get offers.
Please keep an eye on it and let us know what price 1805 eventually fetches. If it really is over $800K, then your analysis should ring true and 2801 should sell for somewhere in the mid $700′s. Do you think that it will have a chilling effect on other sales in The Grande if 1805 closes for $550K? Would that justify 2801 (and 2802) to sell in the $600′s?
Bob – I highly doubt 1805 will sell for anything close to $550K. I’ll keep you posted.
Thanks Denny. My bet is that it sells closer to $550K than $800K, but the smart money will probably go with your hunch. I’m hoping it’s the lower number – if so, then I’m planning to hire you and we’ll use that comp for negotiating a good deal in the Grande.
Sounds good Bob. Let me know if you have any questions in the meantime. I’d be happy to show you a few places as well, if you’d like.