Nat Bosa, of Bosa Development, is highly responsible for much of Downtown San Diego’s residential growth. Based out of Vancouver Canada, Bosa first came to San Diego in 1998 and has been setting the standard ever since. Bosa was recently interviewed by Neal Matthews in the May edition of the San Diego Home/Garden Lifestyles magazine.
To date, Bosa has built 8 residential towers in Downtown San Diego and has another one, just a year away from being completed. This makes Bosa the biggest residential developer in Downtown San Diego. Bosa has built Horizons, Park Place, Discovery, The Grande, The Legend and Electra. Most other developers here have only built one, or two other buildings.
In his interview, Bosa talks about how San Diego is so undervalued compared to other West coast cities and that his company is still looking for more property to purchase. The article states that “the square-footage price of a unit near the water here is between $750–850.” This statement is even on the high side, as recent sales show some waterfront condos are in the $600s per square foot. Regardless, Bosa points out that one of his projects in Vancouver, Shaw Tower, has gone from $650 per square foot, to $1,600 per square foot in the last 3 years. That’s a 246% increase!
Obviously this level of appreciation is not normal, nor is it healthy, but the point is that “most big West Coast cities are over $1,100 a square foot,” according to the article. With that said, Nat Bosa concluded his interview saying that it does not make sense for him to begin another project in San Diego, unless he “can get over $1,000 a square foot.” With a project slated for Kettner and Ash, another at the Office Depot site and another at the KUSI site, where do you think Downtown San Diego’s condo prices are going?
I don’t see prices going up for another 8–18 months, but I also don’t see them going down. The best deals are being made now – before all the buyers come back.
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*photo courtest of www.signonsandiego.com