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.

In 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 denny@sandiegoh.com.

Click here to Subscribe

Click here to see what’s for sale at Park Place.

Additionally, it depends on what, where and when they’re buying/selling. Some prices points are busier than others and some markets are hotter than others.  Generally speaking, entry level homes are selling quickly and the higher end markets are slower.  For downtown real estate, having the only “X” floor plan on the market(or the only one with a protected view) will definitely help bring a higher price.

Looking at the two newest downtown San Diego condo highrises, Bayside by Bosa and The Sapphire Tower, it looks like a lot of people have faith in the downtown market.  Bayside at the Embarcadero sold 34 condos in the first three quarters of 2011.  12 of these sales were above the $1M range and five of those 12 were for more than $2m.

On average, condos at Bayside sold for about 13% less than the asking price.  However, this is mainly because the developer kept it’s prices high to give the buyer a large discount – probably a strategy to make the buyer think he/she was getting a good deal. The average $/sq.ft. was about $565/sq.ft. and the average sales price was just under $1.1M - not bad for a “bad market.”

DOM, which stands for Days on Market, isn’t something I really look at in new homes sales.  This is because the figures are often skewed, since developers don’t put all their condos on the MLS/market at the same time.  In other words, the true DOM would be more like 2 years since the building was completed in 2009.  I also look at $/sq.ft. with a grain of salt since certain floor plans have much better views than others(which are reflected in their price), or being only a few floors higher(even in the same floor plan) can drastically improve/worsen a view.  Looking at comps without knowing the true details doesn’t always paint a clear picture(read: please let me be your agent and help you!).

Currently, there are 16 active listings at Bayside and only a couple Bosa units left.

Moving on to the other “new” highrise in San Diego, we have Sapphire Tower. Sapphire Tower is a much smaller building than Bayside.  With only 97 condos, versus the 232 at Bayside, Sapphire Tower has/had much less inventory to sell.  In the same first three quarters of 2011, there were 17 sales at Sapphire Tower. The average sales price was lower than Bayside’s at about $855,000, but was only 6% below the average asking price.  In terms of price per square foot, Sapphire Tower’s recent sales had an average of $519/sq.ft. – about 9% lower than Bayside.

Right now, there are  14 condos  for sale at Sapphire Tower(only 10 of which are on the MLS).  The average list price of those on the MLS is right around $1.3M.

Based on 92101′s YTD sales, I think we’re in a fairly healthy market.  With 821 downtown San Diego condo sales this year, we’re looking at approximately 80 sales a month.  And with only 264 active listings downtown, I’d say that’s not too bad of a picture.  Banks seem to be moving quicker with short sales(especially Chase)

If you’re looking to buy or sell real estate in San Diego, please contact Denny Oh for more information.   Just give me a call or shoot me an email.

Denny Oh 858-243-2092 denny@sandiegoh.com

So what are the new and improved prices?  Well, for the first time ever, you’re going to have to contact me for that info.  Call it an experiment, call it laziness, call it whatever you want…just call me(or email me).

For those of you who are interested in buying at Bosa’s Bayside, or anywhere else, I’d be happy to help.  Hope to hear from you soon.

Denny Oh 858-243-2092 denny@sandiegoh.com

And for being the loyal subscriber of my blog that you are, you get the inside scoop.  If you’ve been looking to buy a condo in downtown San Diego, Bayside might be right for you.  In my opinion, it’s a great building in an area that will see a tremendous amount of appreciation over the next 7-15 years.  Unlike the Marina District, Bayside’s Columbia District has several undeveloped lots that will someday host some of downtown San Diego’s most expensive highrises. Phase 1 of the North Embarcadero Visionary Project will be under way soon and hopefully the rest will follow close behind.

I personally like Bayside because of it’s protected bay/city views, it’s “front row” location, the amenities and because of its high end finishings.  Sure there are some flaws with the building, but overall, I think Bosa did a great job.

If you’re looking to buy downtown, contact me now to get more info on Bayside’s sale, as well as any other properties in San Diego. And FYI, I just got off the phone with Bayside and there are 10 condos left.  Talk to you soon.

Oh and one last thing – PLEASE have an agent represent you and do NOT use the listing agent(read: call Denny Oh at 858-243-2092 and do not walk into Bayside without me).  Do you think the seller’s agent is really going to try and save you money?

Denny Oh 858-243-2092 denny@sandiegoh.com

Click here to see what’s for sale at Bayside condos(*note – the condos on “sale” are not on the MLS).

Click here to see downtown San Diego condo sales statistics.

The front runner for the next new building has to be a Bosa Development building. Bosa Development still owns several parcels of land in downtown San Diego, but their next project will either be at their First and Island location, or at Kettner and Ash.

The First and Island location is the last undeveloped lot in San Diego’s Marina District.  Nestled between the Harbor Club condo towers and Bosa’s first local building, Horizons, the unnamed First and Island building is supposed to be a 38 story, 172 unit highrise.  The highrise was designed by James KM Cheng Architects, which is a Canadian based firm, which I don’t believe has designed anything else in San Diego.

As you can imagine, Bosa should be able to demand some hefty prices for these condos…just as long as they don’t completely blow it.  The First and Ash building will be a welcome addition to the Marina District, presumably, joining the Harbor Club and Pinnacle Museum Tower as some of the most expensive real estate in downtown San Diego.

First and Island will undoubtedly focus on having fewer, but larger, high-end condos(only 2 and 3 bedrooms condos).  I would expect to see top of the line appliances, larger bedrooms, walk-in closets, large bathtubs, wine coolers, laundry rooms and much more (keep in mind, this is solely based on what I think should/will be in the building – not what Bosa, or anyone has told me).  This condo building will have 22,400 sqft of commercial space as well – something Bosa has not done here in San Diego.  Another key feature of this building, appears to be ample parking space – the proposed specs call for 435 parking spaces for only 172 condos.  Either this means there will be at least 1 parking spot per bedroom, or there may be guest parking, or maybe they’re just providing parking for the commercial spaces…I guess we’ll have to wait and see.

The other next likely Bosa build, is the lot located on Kettner and Ash in the Columbia District.  I personally think this is what Bosa will build next, probably starting construction next year…maybe summer of 2012?  This location is far less developed than the Marina District, but I think we’re going to see a lot of appreciation here over the next 10-15 years.  Downtown San Diego prices are still low(relative to other downtown cities) because we don’t have a large business sector down here.  And with all the proposed commercial space that will be built in that Columbia District, I think we’ll begin to see more and more people move downtown.  Eventually, morning traffic will flow south into the city in the and less towards the Golden Triangle.

Bosa Development’s Kettner and Ash building is just north of Sapphire Tower and east of the Bayside at the Embarcadero building.  This will be a 35 story, 287 unit highrise, also with some commercial space on the ground floor.  However, unlike the First and Island building, Kettner and Ash will have a mix of studios, one, two and three bedroom condos.

Kettner and Ash will be designed by Hossein Amanat, ARC Design Group.  Based on their website, ARC seems to focus on non-residential design, so it will be interesting to see how the adapt to highrise condo development.  I was very impressed by their past residential projects though, even though they only showcased a few…none of which were highrises.

Regardless of what is built next, we do know that we don’t have any new inventory for a few years.  And with Bayside, Sapphire Tower, The Mark and many other buildings almost completely sold out, we may slowly begin to see prices rise.  We’ll have to wait and see how interest rates and lending change as well.

If you’re thinking about buying or selling real estate in San Diego, I’d love to help.  Denny Oh 858-243-2092 denny@sandiegoh.com

Click here to see great San Diego Real Estate Deals

Click here to search the San Diego MLS

nicest standard finishes of any highrises in the 92101 areaSnaidero Italian Designed Cabinetry, Miele & Viking Stainless Steel Appliances, California Closets, Kohler and more.

Condo number 3602 is an S floorplan and offers a 2 bedroom, 2.5 bathroom condo, with a library/family room, living room and master retreat.  This Bayside condo takes up the entire southern side of the building and has views to the east and west.  Surprisingly, this penthouse has very low HOAs for something of this quality and size.  At only $903/mo, this is less than youd pay for something half the size at the Meridian.

Another great thing about this condo, is that it has 10 high ceilings! This is new for Bosa and Im sure it will be well received.  Bosa has advertised that theyre now over 70% sold at Bayside, which means over 162 condos have been sold there.  Not bad considering the higher price points and the slow market.  I think this speaks to the quality of Bosas products and the location, view and overall quality of Bayside.  Again, I dont work for Bosa, but certainly am a fan of Bayside.  Please contact me if you have any questions about Bayside, or any other buildings.

Make sure you have an agent represent you on your purchase and do NOT let the seller’s agent represent you…unless you don’t care about having someone looking out for you.  Call me to schedule a viewing today.  Denny Oh 858-243-2092.

Denny Oh 858“243“2092 denny@sandiegoh.com

Click here to see whats for sale at Bayside

Take Bosa’s Bayside condos for example.  Current list prices at the Bayside condos are about 30% below what Bosa originally offered them at and in some cases, Bosa even took off up to an additional 13%!  A few months ago,  I was able to get my clients an additional 13% off the list price.  However, now that Bosa has sold about 100 of the 232 condos at Bayside.  And now that Nat Bosa has all, or close to all, of his money out of the development, he’s tightening the belts and isn’t willing to give money away.  The 10-13% decreases we were seeing is now closer to 5-10%.

Bosa is also reducing how much they’ll negotiate with buyers on specific floor plans, which are more popular.  For example, there are very few A and C floor plans left and well, it’s demand versus supply(unfortunately for you).  These NW and SW facing 2+Den condos offer great water views at relatively low price and people were quick to pick them up.

Countywide, San Diego’s median home prices have also gone up by 6.9% and up 14% for Southern California, compared to last year.  Clearly it still heavily depends on where in So Cal, or San Diego, you’re looking to buy though.  If you’re looking to buy, or sell, please let me know. And unless you’re a cash buyer, you should seriously start looking at when you can buy.  Don’t wait for interest rates to go up any higher!

Make sure you have an agent represent you on your purchase and do NOT let the seller’s agent represent you…unless you don’t care about having someone looking out for you.  Call me to schedule a viewing today.  Denny Oh 858-243-2092.

The Legend

The 7^th floor deck looks right into Pecto Park and offers owners and guests a great place to relax, BBQ, watch the game, or just get some sun.  Condo number 901 at The Legend, is a 1,234 sqft 2 bedroom, 2 bath condo that has beautiful city and Petco Park views.  This condo is an H2 floorplan and various slightly from the picture provided.  The difference is that the fireplace on the left has been removed, creating a more open and functional living space.  The bedrooms are also larger, with pop-out windows that provide an extra 116 sqft.  Even though it’s only 116 sqft, it makes a HUGE difference, especially in the master bedroom. 

The H2 floorplan allows the master bedroom to triple its closet space.  The left side bedroom wall is pushed over to the right by about 5ft, creating two double door closets(instead of the one) and it also allows the northern most closet to become a true walk-in closet.  The pop-out windows also give you a great view into Petco Park’s outfield and of course, the Park at the Park.  If you’re looking at the H plans, definitely get the H2!

Condo #901 at The Legend is a great buy.  It’s listed at $589K, which is about $100K below the unit directly above it(same exact floorplan) and larger than 1301, which Bosa is selling.  If you want to experience the excitement of downtown living, but still get the luxury of a top quality highrise, give me a call and I’ll show you around.

Click here to see all the condos for sale at The Legend.

Click here to see more great condo deals in downtown San Diego

When I asked him why he liked The Grande, he immediately talked about the incredible E floorplan.  For those of you who are not familiar with The Grande, or the E plan, let me give you a quick rundown.  The Grande condos are twin towers that were built by Bosa Development in 2004 and 2005.  The E floorplan sits on the western corner of the two towers and has incredible, unobstructed(for the most part) water views.  Because of The Grande’s unique triangular shape, the 1,944 sqft E plan has views to the north, south and of course, to the west. 

As you walk into an E plan, you are immediately hit by gorgeous bay views(you need to be at about the 15^th floor to clear the adjacent Holiday Inn).  As you explore a bit more, you notice that this E plan doesn’t really feel like all of the other condos you’ve seen – it feels more like a home.  The Grande’s E plan has 2 bedrooms, a den and two full bathrooms.  This floorplan also offers two different balconies.  For those of you who are looking for a large condo in a great building with great views, I think you’d be crazy not to consider The Grande’s E plan. 

What’s even better, is that these condos are cheap!  Ok, maybe not cheap, but relatively speaking, yes they are cheap.  Moving about 50 yards to the north sits the brand new Bayside at the Embarcadero, which was also built by Bosa.  This new condo highrise has some great views, large penthouses and top of the line finishings.  However, unless you’re prepared to spend a pretty penny, you’re not going to get the panoramic views that The Grande’s E plan has(even then, you still won’t have the expansive views that The Grande does).  Bayside has three condos that share the west side of the highrise, where The Grande only has one – the E plan.

As a result, the west facing condos at Bayside, the B floorplan, only has one balcony and it loses a den and over 100 sqft.  Sure you can buy something larger, but as I’ve already mentioned, you’d better be prepared to spend some money.  I still think you have great views and great condos at Bayside, but they won’t be like those at The Grande.  I think that once Bosa releases their prices at Bayside, we’re going to see a lot more interest at Bosa’s Grande condos.  New is nice, but new also means growing pains – failed plumbing, elevators that need to be fixed, etc.  Every building goes through it and everyone who lives in a highrise has to deal with it. 

Again, I do like Bayside, a lot actually.  At the same time, I think it’s made me like The Grande even more.  I truly think The Grande’s E plan is one of the best layouts in all of downtown San Diego.  For the best views, you’ll probably want to be in The Grande North and at about the 25^th floor or higher.  In my opinion, The Grande is a sleeper…no one realizes how great a building this is and because they’re worried about the future development around it, The Grande is way undervalued.  And if you think it’s just too far away from everything, just wait.  Once that area gets built out, the values are going to go up faster than any other building in downtown San Diego.  If you’re thinking about buying and need to sell, get on it!  If you’d like a free customized market analysis and a real estimate of what you’re home is worth, give me a call.

 Denny Oh 858–243–2092 denny@sandiegoh.com

Click here to see all the condos for sale at The Grande in downtown San Diego.

Click here to see some great downtown San Diego condo deals.

If you’re looking for a great downtown San Diego condo deal, here you go!  Prices at The Legend, downtown San Diego’s only true ballpark highrise, are anywhere from about 20–40% below what they were in the original price release.  To make things even better, The Legend is also offering to pay for 3 years of HOA dues!  That’s about another $33K you’d be saving! 

The Legend is located on Petco Park’s land and the seventh floor lounge has an incredible view into the stadium.  And being a Bosa building, you know it’s a highend, quality highrise.  I don’t think these deals will last, so if you’re interested, give me a call and let me get an even better deal for you!

Denny Oh 858–243–2092 denny@sandiegoh.com