Compared to the first quarter of 2008, Q2 at Park Place has been incredible. The second quarter sales consisted of five sales and a median sales price of $1,100,000. That’s a 42% increase over the first quarter, which also sold 5 condos. In addition to this, the second quarter was 35% higher in price, versus all of 2007 sales at Park Place.
The attraction to Park Place is partially due to it’s incredible views, especially from the ‘03 and ‘04 units. Q2 had two of these units sell, which obviously kept the prices high.
With only 7 active listings, only 1 being a short sale, Park Place once again proves to retain it’s owners more so than many other buildings. Park Place’s Q2 median sales price is also much higher than the Grande’s, which was a respectable $817,500.
I still think Downtown San Diego is some of the most undervalued real estate in the country. Once we get some more companies to move their offices Downtown, prices are going to skyrocket. And no, there’s not too much inventory being built.
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