So we all know that the low end of the San Diego condo market is moving, but what’s going on with the penthouses and higher end condos? Is anything selling? Well the short answer is…not really. The multiple offers and 100% list-price-to-sales-price action that we’re seeing in the lower end of the condo market is completely different from the high end condo market.
So far in 2009, there have been a total of 9 condos priced over $1.5 million that have sold in downtown San Diego(at least that’s what the MLS shows). As you can see below, these 9 sales had an average sales price of $2,277,443 and sold for an average of 94.2% of the asking price. These numbers are somewhat skewed though, because four of the condominiums were sold prior to being entered in the MLS and were only inputted for comps. These four condos were also all in the new Sapphire Tower highrise.
All of these sales were in a few buildings – Sapphire Tower, The Grande, Electra and The Pinnacle…some of the San Diego’s best highrises. Looking at the same time period, only a year earlier, 16 condos sold in the downtown San Diego market and had an average sales price of $1,975,525. This equates to a 15% increase in price for 2009, but a 44% decrease in activity. The sales were also more spread out in 2008, with sales in buildings like the Meridian, Cityfront Terrace, the Metropolitan, Harbor Club, Renaissance and Horizions(The Grande, Pinnacle and Electra were also represented).
In 2008, there were a total of 25 sales in downtown San Diego, all of which sold for $1.5 million or more. I don’t see that happening this year, but who knows…maybe some of you will figure out how many great deals are out there and want to take advantage of the market. Let me know if there’s anything I can do for you…
Denny Oh 858-243-2092 [email protected]