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 Condos – What’s Sold this Year?

In the first three quarters of 2011, there have been 27 sales between the Grande North and Grande South towers. There are 442 condos between the two Grande highrises, which means just over 6% of the homes have changed hands in the first 9 months of 2011. During the same time period in 2010, there were 23 sales at The Grande condos.

Last year’s sales at The Grande(Q1-Q3) were slightly less numerous, but 2010 saw larger, more expensive condos sales with an average of $503.50/sq.ft. Q1-Q3 sales at The Grande of 2011 showed an average of $442.62/sq.ft, primarily a result of smaller units being sold(which equates to lesser views and lower prices).

Currently, there are 13 active listings between the Grande North and South towers, ranging from a $334,900 1 bedroom, to a $1,519,000 2br+den (E plan) condo. There are four contingent listings and five more that are in escrow. Although we haven’t seen prices rise, it looks like people still have faith in quality San Diego real estate!

There are many great buildings in downtown San Diego, but I’ll always love The Grande. For more information about The Grande, or any other San Diego real estate, please contact Denny Oh(me) at 858-243-2092 or [email protected] Thanks.

Protected Grande Condo Views

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).

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].

The Grande Condos – Q1 2011

With the first quarter of 2011 already gone, it’s time to do some market analysis. People constantly ask me how the market is doing, where are pricing going and if they should buy or not. My crystal ball doesn’t work any better than theirs, but I’ve learned the people like to be told what to think. Too bad I have a conscience and don’t say whatever, just to make some money.

If you want to buy, you probably should. If you can’t afford to buy, you should probably wait. Aside from that, I’ll tell you what I think, but there are no guarantees! Yes prices are down and yes there’s more activity. Interest rates are incredibly low(not for much longer) and deals are being made. So in a nutshell, yes, you should probably be buying right now(if it makes sense to you).

The Grande at Santa Fe – in the first quarter of 2011, there were 10 condo sales between the Grande North(1205 Pacific Hwy) and South(1199 Pacific Hwy) towers. The average sales price was $600,480 and the average market time was 193 days. In 2010, there were 8 condo sales at The Grande, with an average of 28 days on the market. Q1 of 2010 at The Grande had an average sales price of $686,875.

Downtown San Diego as a whole, had 225 condo sales in the first quarter of 2011 – up about 14.8% from 2010′s Q1 sales figure of 196 condos. The average condo sales price for 2011′s Q1 in 92101 was $417,918, up about 2.2% from 2010′s $409,023 average condo sales price.

All of the statistics in this post are strictly from the MLS – they do not include all new condo sales. With that said, most of the new developer condos have been sold and as we all know, nothing is currently under construction. I think we’re going to see downtown San Diego condo prices start to slowly rise over the next several years as demand picks up.

I think we’ll also see a shift in where people live and work. As gas prices rise and the ability for companies to work in smaller spaces(we no longer needs tons of space for filing cabinets since we can use servers, etc), I think we’ll see more business relocate to downtown. This will ultimately(in addition to the lack of space) be the cause of increasing condo prices in downtown San Diego. If you’re interested in San Diego real estate or have any questions, please let me know.

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. Thats 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 “ thats 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 cant wait for to get a new President. Ive 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 thats 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. Ive said it before and Ill say it again “ this may be the best condo Ive 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, thats 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 [email protected].

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, well 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 [email protected].

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.

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