New York vs. San Diego

Posted on October 8, 2012 | by Denny Oh

CIM Group is about to make history and build New York’s tallest building.

The plans call for a 1,397 foot tall, 147 “apartment” building that will be worth $2.43 BILLION!!!  The most expensive listing at 432 Park Avenue will be a $10,000/sq.ft. condo that will be listed at $82.55 MILLION (and 8255 sq.ft. for those who can’t do math).  432 Park Ave is currently under construction and will be completed around 2015/2016.  This new building is going to have an average asking price of about $4,500/sq.ft., but won’t even be the most expensive address in NYC!

Looking at downtown San Diego condos, our prices seem like bargains with the vast majority of our “premiere” condos selling for less than $1,000 sq.ft.  In recent times, only one property has sold for more than $1,000 sq.ft. and nothing has ever sold for more than $2,000/sq.ft. in downtown San Diego.  The most expensive sale 92101 has ever seen was a $7.25M penthouse at Harbor Club, which penciled out to $1,952/sq.ft.

Obviously San Diego is no New York, but it’s not a bad place to be either.  Right now, you have a choice of a few penthouses at Bayside, for about $900/sq.ft., a 27th floor, 2,800 sq.ft. Sapphire Tower penthouse for about $610/sq.ft., or your choice of great condos at the Harbor Club, The Mark, or a few other great buildings.

If you have any questions about San Diego real estate, please call me at 858-243-2092 or email me at [email protected]

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