Park Place Condos – What’s Selling?

Posted on November 9, 2011 | by Denny Oh

If you’re familiar with downtown San Diego real estate, you probably know that there’s seldom much for sale in the Park Place condo highrise. Currently, there are only six active listings at Park Place, with an average asking price of about $825K and an average price per square foot of about $549/sq.ft.  There’s one more contingent (a short sale listing that has an offer accepted by the seller, but is contingent upon the lien holders’ approval) listing and four others that are in escrow.

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There have been nine sales in 2011 YTD at Park Place, which had an average sales price of just over $630K. What’s interesting about the recent activity at Park Place, is that there have been a lot of ’03 units come onto the market recently.  Condo 2503 sold for $730K a little over a month ago and now 1803 and 2103 are both in escrow.  Additionally, 1903 is an active listing at Park Place.  For those of you who didn’t click on the link above, ’03 units at Park Place have great, unobstructed bay views and are very popular.  FYI – some people have taken out the fireplace, making a more open floor plan.

parkplace2010salesIn the same time frame of 2010, there were five sales at Park Place – 44% less than this year(to date)! Also, the average sales price for this time period last year was only $570K, versus $630K this year. Does this mean that downtown San Diego’s real estate market is picking up?!  It’s tough to say.  Last year(again, during the same time frame – 1/1/11-11/8/11) there were 781 sales in the 92101 zip code and this year, there have been 822 sales – 5% more sales this year. The average price per square foot was also up in 2011, by over 14%.  However, as I mentioned in my post about the Bayside and Sapphire Tower condo sales, price per square foot and other statistics are not always as revealing as they seem.

If you’re interested in buying or selling at Park Place, or any other San Diego real estate, please contact Denny Oh at 858-243-2092 or [email protected]

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