The Grande

The Grande at Santa Fe Place is one of Downtown San Diego’s most undervalued communities. There is a North (1205 Pacific Hwy) and a South (1199 Pacific Hwy) tower, both of which are 39 stories high and each has its own amenities. The buildings are located in Downtown’s Columbia District, on Pacific Hwy between Ash St and Broadway. The highrises were built in 2004 and 2005 (the South being slightly older) by BOSA Development. This location is the closest you can live to the bay on the West side of Downtown.

The Grande South Downtown San Diego – Condo #2805

Will someone please buy this?! It’s now priced at $875K. I’m not going to say any more. If you want more info, please click below…

2 Br Condo Deal at the Grande North

If you’ve been waiting for prices to drop so you can buy into a great building, here you go. A 1,325 square foot, 2 bedroom, 2 bath condo is now available for $699,000. This is a short sale and the price has been approved by the bank.

This Grande condo is on the 21st floor, with west, south and easterly views. This unit was sold in January of this year for $980,000! That’s almost a 30% decrease in one year! Granted, the guy who bought it overpaid by about $100K, but who cares…this unit is about 20% below today’s market value.

The most recent comparable sale was last month, for the same exact unit, only on the 13th floor, for $654,900. Unit 2105 is 8 floors higher and is only $40K more! Plus, I’m sure you can buy 2105 for less than the $699,000 asking price.

Unit 2305, the same unit but two floors higher, sold in March of this year for $870K. I’m telling you this is an incredible investment.

I Told You So!!!! Again?

A while back I wrote about a deal what was too good to be true. A day later, I wrote an “I told you so” post, letting you know that some lucky person had already bought it. Today, I’m telling you…LISTEN TO ME.

At the risk of sounding cocky, I’m going to tell you this – if you’ve been waiting for a deal, call me now(858-243-2092) or feel stupid tomorrow. What was once sold for $1,985,000 can now be yours for about $1.3 million.

The Grande South – Buy NOW!

One of our listings has recently gone to short sale status. Unit 3902 in the Grande South(119 Pacific Hwy) is now priced at $1,525,000. This is an unbelievable price. The owner purchased this top floor penthouse for $1,985,000 back in August of 2005. That’s a 25% price reduction! Even better, at 1,844 square feet, this penthouse is priced at a mere $827 per square foot. This is way less than most top floor penthouses.

To give you an idea of what a great deal this is, think about this – unit 3902 in the Grande North, sold earlier this year for $1,875,000. On top of that, that unit is smaller and faces directly into the Grande South! With the smaller square footage and higher price and worse view, they still paid $1,052 per square foot – that’s more than a 27% premium, for a less desirable unit!

How much more do you really think prices are going to come down? The market is picking up and once we get a new President, things will only get better. With both candidates supporting Warren Buffett, I can’t wait for to get a new President. I’ve said it many times before and I still think this is true – the best deals will be made this year. With a new President, lower loan limits and more buyers coming out, I think next year will see much more activity. Slowly but surely, the buyers’ confidence is coming back and with that, the deals will quickly go away.

I think San Diego has too much potential for Downtown not to go up in value. With the Convention Center expanding, names like Hard Rock and everything else that’s going on, Downtown San Diego is going to be one of the best places to live and work. The only question is, will you be able to afford it then?

Grande South Penthouse – Short Sale

Here is a great deal that I have for you. The condo is located in the Grande South tower, which is 1199 Pacific Hwy. This is on the top floor and has incredible views. I’ve said it before and I’ll say it again – this may be the best condo I’ve been in in Downtown San Diego.

Originally listed at $1,985,000, unit 3902 is now a short sale and is priced at $1,675,000! For those of you who are mathematically

challenged, that’s a $310,000 price reduction! A similar, but smaller unit(1,783 square feet) sold in February of ‘07 for $1,875,000 – and this was in the North tower, facing south ( which in my opinion, is a much less desired view).

Unit 3902 is a true 3 bedroom penthouse. It has views from the east, to the south and of course to the west. This is truly an amazing condo. For more info, please contact Denny Oh at 858–243–2092 or denny@sandiegoh.com.

Short Sale at the Grande – Update and Showings

A while back, I wrote about a short sale that I have listed in the Grande South. To give you a quick update, the tenant has moved out and the banks are looking for a buyer. This is a 1,625 square foot, 2 bedroom + den condo on the 28^th floor. It faces south, west and east.

To make things easier, we’ll be showing the unit tomorrow, October 1^st and again on Saturday October 4^th from 1–4pm. For more information, please contact Denny Oh at 858–243–2092 or denny@sandiegoh.com.

You’re Too Late

Two days ago, a condo came on the market at The Grande, which was way under priced. Yesterday I spent about an hour and half calling several of my clients, to tell them about the incredible deal Downtown. Last night, I posted a blog about it. Today, it’s in escrow.

Who’s buying it? I have no idea…but I do know they just madeabout $350K. I’m only bringing this up because I want you to understand that when I tell you there’s a good deal that won’t last, I’m not just saying it as a scare tactic. I mean it.

They don’t come up very often, but when they do, they move quickly. If you’d like to be notified of great deals like this one, click here. If there’s something specific that you’re looking for, let me know. I’d be happy to help you.

Incredible Deal at The Grande South – E Plan

This is not a short sale. This is not a foreclosure. This is not an auction. This is not a dream. This is an INCREDIBLE DEAL. The coveted E plan at The Grande at Santa Fe Place is now actually affordable. If you want a deal, this is it.

The E plan is a 1,944 square foot, 2 bedroom plus den, 2 bath condo that will blow you away. The water views from this unit are unparalleled and in my opinion, only the ‘03 and ‘04 units at Park Place compete. The Grande is the closest you can live to the water in Downtown San Diego. I won’t bore you about the views anymore, but if you haven’t seen the view, you’re missing out.

What makes unit 2506 at the Grande South such an incredible deal, is the fact that it’s priced, in my opinion, about $350,000 below market value. Since only two of these E plans have sold in the last 12 months, it’s impossible to come up with an exact price, but I can tell you from experience, this unit is under priced.

Located in the south tower, 1199 Pacific Hwy, unit 2506 is priced at a truly unbelievable $1,250,000. This might sound like a lot of money, but then again, so does everything in San Diego. Of the five E plans currently on the market, #2506 is priced $225,000 and $239,000 below it’s nearest competitors, which are located on the 7th and 15^th floors respectively. Granted, the 7^th floor unit is way over priced and the owner is completely crazy(a 6^th floor E plan sold for $999,000 in September of 2007), the 110 day market time suggests that the owner is content with not getting it sold.

The other two E plans for sale are on the 28^th and 21^st floors, which are more reasonably priced at $1,755,000 and $1,795,000 respectively. The other E plan that sold in the last year is unit 2101, which closed last November for $1,495,000. Again, I think unit 2506 is worth about $1.6 million right now. I know…you’re thinking – If 2101 sold for $1,495,000 last year, why would the same unit only four floors higher sell for over $100K more, in a worse market?

The answer is because A) prices in the luxury buildings have not come down much. B) The way the other units are priced (especially since the other sellers don’t seem to be super motivated), this 25^th floor unit looks like a steal. C) This is a great unit.

Here’s what’s going to happen. Everyone who’s been looking to buy an E plan, but wasn’t willing to over pay for one, is now going to jump on this deal. The people who have been looking to buy a smaller condo and spend less money, are now going to look at this deal and review their budgets – they’ll then quickly realize that it’s worth only having Starbucks 3 times a week, opposed to 6 times a week, so they can afford this larger, better condo. And finally, like all my other deals, you’ll read this, think about it for a few weeks and then you’ll call me. The problem is, like the other deals, you’ll be too late. By then there will be a handful of offers and the price will be well over the asking price and you’ll be out of luck.

Think I’m wrong? Check in with me in a few weeks and see if it’s still on the market. Want to really prove me wrong? Pick up the phone and dial 858–243–2092. I’ll meet you anywhere you want and we’ll write an offer and get you this incredible deal. I promise this will move fast.

If you have any questions, just call. And like most of my deals, I am not the listing agent – I’m simply trying to help you, the buyer, save time, money and energy and help you get that deal that everyone seems to be looking for. Come and get it.

Grande South 2805 Deal Update

Back in February, I mentioned a deal in the Grande South tower, on the 28^th floor. This unit is a 2 bedroom plus den condo, that has 2 full baths and 1,625 square feet of space. This is a short sale and to make a long story short, I think the bank is finally getting close to approving a sales price.

* If you’re not intereted in the details, skip this paragraph. See, there is a first and a second loan and a few months ago, the first was sold to another bank. This caused the new bank to do a new appraisal and then by the time that was done, the second said that they needed to redo their appraisal because it was done several months ago. Now…both lenders are close to giving us their bottom lines, so we can move forward and sell this place.

In addition to these comps, keep in mind that you literally have hundreds of millions of dollars in development at your doorstep. The Columbia District is going to skyrocket in value as new buildings come up around it. If you don’t believe me, believe Donald Bren.

2008 Second Quarter Sales Statistics – The Grande San Diego

So what’s sold? Well at The Grande, apparently not much. Q2 of 2008 only produced 4 sales between the two Grande towers. With only 33 active listings, the inventory is down, but it seems like people are still waiting to see what’s going to be built around the buildings.

Based on the four second quarter sales, the median sales price at the Grande was $817,500. This is just 1% below the median sales price for the first quarter of 2008.

Of these condo sales, one was a townhouse(larger square footage, with no view brings price per square foot down), one was a second floor foreclosure(no view) and another was a short sale. The fourth was a 30th floor unit that sold for $1,249,000. Needless to say, these sales don’t reflect the typical sales here, but then again, 8 of the 33 condos that are currently for sale are listed as short sales, or foreclosures. At nearly 25% that’s a lot of distressed listings in a quality, high end building.

We’ll see where the market takes us, but for now, if you want to make some money, click here.

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