The Grande (2)

You’re Too Late

August 14th, 2008 Categories: San Diego Real Estate Deals, The Grande

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.

Denny Oh - 858-243-2092 - [email protected]

Authored by Denny Oh | 2 Comments

Incredible Deal at The Grande South – E Plan

August 13th, 2008 Categories: San Diego Real Estate Deals, The Grande

Bestinvestment1 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 wont bore you about the views anymore, but if you havent seen the view, youre missing out.

Grande E Plan What makes unit 2506 at the Grande South such an incredible deal, is the fact that its priced, in my opinion, about $350,000 below market value. Since only two of these E plans have sold in the last 12 months, its 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 its 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 knowyoure 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 dont seem to be super motivated), this 25^th floor unit looks like a steal. C) This is a great unit.

Heres whats going to happen. Everyone whos been looking to buy an E plan, but wasnt 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 “ theyll then quickly realize that its 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, youll read this, think about it for a few weeks and then youll call me. The problem is, like the other deals, youll be too late. By then there will be a handful of offers and the price will be well over the asking price and youll be out of luck.

Think Im wrong? Check in with me in a few weeks and see if its still on the market. Want to really prove me wrong? Pick up the phone and dial 858“243“2092. Ill meet you anywhere you want and well 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 “ Im 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.

Authored by Denny Oh | What Do You Have To Say?

Grande South 2805 Deal Update

July 16th, 2008 Categories: San Diego Real Estate Deals, The Grande

Grandebalcony 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 youre 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. Nowboth lenders are close to giving us their bottom lines, so we can move forward and sell this place.

Heres a quick rundown as to why this is an incredible deal

The unit directly above it with the same exact floor plan, sold for $1,299,000 last September.
A unit on the 13th floor(15 floors lower!) thats slight larger, sold for $990,000 last December.
Unit 1805, the same unit 10 floor lower, sold for $1,100,000 last November.
This is The Grande.

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 dont believe me, believe Donald Bren.

Call me when youre ready to put an offer in.

Click here to see other deals.

Click here to see all condos for sale at The Grande

Authored by Denny Oh | 2 Comments

2008 Second Quarter Sales Statistics – The Grande San Diego

July 3rd, 2008 Categories: San Diego Sales Statistics, The Grande

So whats 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 whats 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.

Grande q2 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 dont 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% thats a lot of distressed listings in a quality, high end building.

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

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

Other Must Reads:

Downtown San Diegos Condo Inventory

Downtown San Diego Condo Watch

Authored by Denny Oh | What Do You Have To Say?

2008 First Quarter Sales Statistics – The Grande, Downtown San Diego

April 20th, 2008 Categories: San Diego Sales Statistics, The Grande

Last year, 2007, there were 54 sales between the two Grande towers. The average sales price per square foot was $638, putting the average sales price per unit at $954,332. In the first quarter of 2008, The Grande towers have had 15 sales, showing that the market is on par(even slightly higher) with 2007s pace.

The average sales price of The Grandes first quarter comes to $884,066, which is 8.4% lower than 2007s average. Are prices still falling? Not really. This lower average reflects the smaller units that have sold, as well as the lower floor sales. Q1 of 2008 had an average sales price per square foot of $626, which is less than 2% below last years average.

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Comparing the average list price versus sales price of the two time periods, Q1 of 2008 is slightly closer, with a 4.5% difference, versus a 5% gap in 2007. Granted these statistics are based on a limited time period and a very specific market, but they do seem to contradict what many people say and definitely what the media preaches “ that prices are falling and that the bottom is still far away.

I believe that the bottom is between now and the end of 2008. Were already seeing more activity in the market, with more buyers and less buyer incentives. With taxes being over, I think well see more buyers taking advantage of the low rates and increased conforming loan limit. Yes, some cities and some buildings might dip a little further, but I highly doubt any buyer will care about the small amount of money they may have saved by waiting another 6 months, when it comes time to sell in 5 years.

The problem with timing the market perfectly and waiting until the market has absolutely hit bottom, is that it cant be predicted. If it were as simple as listening to the newspapers, then wouldnt every journalist would be a wealthy real estate mogul? The trick is finding a good property, at a good price, at a good time. If you try and get everything perfect, youll always be waiting on the sideline. Oh yeah, you also want to make sure you have a good Realtor too.

Click here to search all the condos for sale at The Grande.

Click here to search all foreclosures, short sales and auctions in California.

Other Related Reads:

2007 Sales Statistics at The Grande, San Diego
2006 vs 2007 Downtown San Diego Condo Sales Statistics
Great Condo Deals

Authored by Denny Oh | 2 Comments

How to get Over $60K in Instant Equity

March 26th, 2008 Categories: San Diego Real Estate Deals, The Grande

The Grande South #2202 2Br/2Ba 1,325 square feet $725K-775K SHORT SALE *SOLD – $750,000

As a Downtown buyer’s specialist, I look for the best deals for my clients. I look for distressed sellers, under priced units, preserved views and anything else that makes a listing a DEAL. If you haven’t seen the others, here are some other deals that I’ve found.

This particular deal is in the South tower of The Grande. Situated in one of the best buildings that Downtown San Diego has to offer, unit 2202 in The Grande South is a deal. What makes this unit different from the others? Here’s a quick rundown:

1. Price – ranged from $725K-775K, this short sale is priced at what the exact same unit on the 14th floor(8 floors below) recently sold for(unit 1402 sold for $731K on 3/14/08). The 28th floor counterpart sold for $820,000 in January of this year.

Based on these comps, there’s a premium of $6,846 per floor. This would put unit 2202 at a sales price of $785,768 – well above what this unit will end up selling for.

2. Views – part of investing Downtown, means you want views. To be more specific, you want a view that will be preserved forever, regardless of what buildings may, or may not, be built around you. If the view happens to be a water view, even better.

The Grande South #2202 offers both a great city view and a protected bay view. Even though the Holiday Inn isn’t the best looking set of buildings, they do protect your views. And with floor to ceiling triple pane windows, you get to take full advantage of the views.

3. Location- in the heart of the Columbia district, The Grande towers will see the highest amount of appreciation over the next 5-7 years(of course, there are no guarantees and this is just my opinion, but I’m pretty confident in this claim). The prices at The Grande are currently undervalued because A) the market is slow B) people don’t want to buy when they don’t know exactly what will be built around them C) the Columbia district isn’t built out like the Marina district.

Take into account that you’re steps away from the train station, the trolley, cruise ship terminal and the airport, and this makes urban living that much more convenient.

4. Quality- the developer of The Grande towers is Bosa. Bosa is the best developer in Downtown San Diego – ask anyone. From their vision, to their construction, to their commitment to San Diego, no ones does it better. With Bosa, you can always count on quality construction.

And like I tell my clients, if you can’t get this property at the price you’re happy with, then don’t buy it. But why not try?

If those reasons aren’t enough for you to call this a deal, then give me a call and tell me what you will call a deal and I’ll find it for you (assuming you’re not looking to buy waterfront property at at $400/square foot). If you have anything to say, request, or even complain about, I’d love to hear from you.

*Click here to search for all the condos for sale at The Grande.

Authored by Denny Oh | What Do You Have To Say?

Downtown San Diego Deal – The Grande North #803

March 4th, 2008 Categories: San Diego Real Estate Deals, The Grande

Deal “ 1205 Pacific Hwy #803 The Grande “ 2BR/2BA 1,336 square feet “ $640,000“690,000

Here is another great deal in Downtown San Diego. Priced in a range from $640,000“690,000, unit 803 at The Grande North is a great deal. This is the 2 bedroom, 2 bath, 1,336 square foot floor plan that is situated on the North side of the North tower. This layout gives you great city and water views. My favorite part about this floor plan is how you can see all the sail boats at the marina and also watch the planes land.

Currently, this is the lowest priced 2 bedroom in either of the Grande towers. This means a lot more when the exact same floor plan on the 3^rd, 4th and 5^th floors are priced up to $100K more! Unit 803 is not a good buy, its a great buy Downtown. The same floor plan on the 13th floor just sold in May of 2007 for $742,000, just 30 days after it was listed. This is over a $100K increase and only 5 floors to show for it! Yes, the view from the 13th floor is much nicer then from the 8^th, but rents are pretty similar.

To make the price even more appealing, or should I say convincing, unit 203(which has the same square footage) in the same tower sold last October for $630K. The Grande North #803 was rented last January for $2,700/month, which might even be a little low based on todays market.

With the higher HOAs at The Grande, this investment only works with 50% down.

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Even so, the equity alone makes this deal worth it. Based on a modest 3% annual appreciation, in 5 years, this home will be worth $741,935 “ $101,935 more than what you purchased it for (read: $101,935 profit). Not bad in a terrible market. This isn’t my listing, but I think it’s a great deal.

To search all the homes for sale at The Grande, click here. If you have any questions, please call Denny Oh at 858.243.292 or email me at [email protected].

Click here to search all foreclosures, short sales and auctions.

Authored by Denny Oh | What Do You Have To Say?

Electra vs. The Grande

February 22nd, 2008 Categories: BOSA Development, Buying, The Grande

Electragrass Okso heres another update. I am NOT a big fan of Electra. Its a cool idea, but somewhere between Vancouver and San Diego, BOSA blew it. I still like the amenities and the fact that they preserved the SDG&E building, but aside from the 06 floor plans, what is there to like? I know Im being harsh, but thats my job. Im supposed to help my clients get what they

want and keep them from investing in a bad deal.

Do I think Electra is a waste of money? No, not necessarily. Again, I love the F plan, which are the 06 units. These face south east and have the most protected and pretty views in my mind. The 04 is ok, but you get less square footage and a weird den area, thats not very functional. Now, if you are looking at an 06, make sure you look at one without the den. Taking out the den opens up the unit and makes it livable.

Im sorry to all of you who bought other floor plans, but if you like it, thats all that matters. Everyone has their own likes and dislikes and these are my personal opinions(I just happen to have a blog that some people read).

If you are thinking about buying here, go for it! I dont think the building is terrible by any means “ its more so that Im disappointed BOSA didnt do a better job. Also, there will be a lot more units coming onto the market. This will drop prices here and you can get good deals “ just not from the developer. See, BOSA does so well, that they dont have any loanswhich means they dont have to drop prices to get rid of their inventory. Private owners however, who bought on speculation, are making some hefty monthly payments and might be more willing to negotiate.

*Click here to see a list of all the homes currently for sale at Electra.

Grande3901 This brings us back to one of my favorite buildingsThe Grande. Yes, this is another BOSA community, but it happens to be a lot nicer. In my opinion(and yes I know Ive said it before), this is the most undervalued building Downtown “ period. Yes views will change and yes the train station is right at the bottom “ so what?!?! People love that its situated near public transportation. Just ask all the people from Arizona who are buying second homes out here. And if youre concerned about property values going down do to all the development there, why dont you ask Donald Bren what he thinks.

If you arent familiar with the name Donald Bren, how about the Irvine Company? According to Forbes magazine, Bren is the wealthiest real estate owner in America. Ill pause so you can try and comprehend that.

Whats he got to do with anything? Im glad you asked. See, the Irvine Company recently made history by purchasing the empty lot directly to the south of The Grande South(for $60 million!). Dont you think being neighbors with some of the most expensive real estate Downtown, might a good thing? What about the hundreds of millions of dollars going into the other lots around you? On top of this, BOSA owns several other lots along the Broadway corridor(read: BOSA has lots of money. They want to make more money. If I own in/around BOSA, I will make money. I should buy at The Grande).

And again, I am not in any way affiliated with BOSA. I dont get paid more if I sell you something that BOSA developed. I just want my clients to be happy with their investments, so they come back to me and thank me for getting them into such a great home.

*Click here to see a list of all the homes currently for sale at The Grande.

Id love to hear from those who own in these buildings, as well as those who are thinking about buying. My team and I currently have 5 listings at The Electra, with several more to come. We also have several listings at The Grande, including 3 penthouses.

Please feel free to contact me for more information on any of these listings, or any real estate related topics. [email protected] 858.243.2092

Other Must Reads:

The Grande South 3902
Electra “ BOSAs Newest High Rise
Whos Going to Block my Views?

Authored by Denny Oh | 2 Comments

The Grande South #3902

February 21st, 2008 Categories: BOSA Development, Buying, Featured Listings, The Grande

3 BR/2BA 1,844 square feet $1,995,000

Oknow this is probably my favorite Downtown condo Ive ever seen. Why do I like it so much? For starters, its at The Grande. Not only is The Grande the closest you can get to living on the water, its one of the classiest, well constructed buildings Downtown San Diego has to offer.

Secondly, unit 3902 is at the TOP! There is no one above you and if youre going to buy a penthouse, why settle for anything less? This penthouse has panoramic views “ stunning city views to the east, Coronado to the south and water and Point Loma to the westits incredible. Yes, there will be construction and changing views, but youre so high up, it wont really affect you.

Another reason why I like it so much, is because since it is a penthouse, the kitchen and bar area is larger. You can seat more people at the kitchen and the den, is actually a bedroom.

Here are some other upgrades:

Full granite backsplash, high gloss finish on cabinetry and GE Monogram refrigerator in kitchen.
Plasma screen TV in the living room.
Custom wiring for surround sound system.
UV protection on all windows.
Marble upgrade surrounding fireplace.
Bull nose corners and custom paint throughout.
Jacuzzi tub.

3902kit And while I could go on and on about this unit, the only way to do it justice, is to actually walk into this incredible home and see for yourself. If youd like to see this home, or any others in San Diego, please contact Denny Oh at 858.243.2092, or email me at [email protected].

*Click here to see all the homes currently available at The Grande.

Other Featured Listings and Related Reads:

The Grande North 3901
The Grande South 3701
The Electra “ BOSAs Newest High Rise

Authored by Denny Oh | What Do You Have To Say?

The Grande South # 3701

February 21st, 2008 Categories: BOSA Development, Featured Listings, The Grande

3702 view 3 BR/2BA 1,844 square feet $2.1 million

Situated on the north side of the South tower, unit 3701 has some incredible views. What I like most about this Grande penthouse, is that its views are very protected. Unlike many of the units Downtown, the north facing units in the South tower of The Grande are very safe.

Standing in the living room of this penthouse, you have views of the city to your right and water and city views to the left. You also get to watch airplanes land(which are surprisingly quiet). This 3 bedroom, 2 bath home has many upgrades, including:

Custom glasswork for countertops, bathroom and den doors.
A 48 bottle U-Line wine refrigerator.
Additional pendant lighting and custom spice cabinetry.
Redesigned gas fireplace utilizing contemporary glass tiles to highlight and accent.
Built-in entertainment center and track lighting with dimmer capabilities.
Both bathrooms have deep, mirrored medicine cabinets and Grohe hardware.
Extensive use of custom glass in master bath.
Unique and overhead faucet for the bathtub.
All closets have additional lighting and organizers by California Closets.

3702 kit At 1,844 square feet, this is plenty of room for all you second home owners. In addition to the closet and storage space, the penthouse comes with a large storage room right outside your door. With the train and trolley station, cruise depot and the airport right at your feet, you dont need a car, but you do have two side by side parking spaces.

And if this penthouse isnt nice enough, Ive got two more on the top floor for you. If youd like to see this condo, or any others Downtown, please call Denny Oh at 858.243.2092. You can also email me at [email protected].

*Click here to see all the homes currently available at The Grande.

Other Featured Homes and Related Reads:

Mission Beach Waterfront
The Grande North Penthouse
Electra “ Bosas Newest Highrise

Authored by Denny Oh | What Do You Have To Say?

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