Think about how cold it is out there in _________ and how warm it is here in beautiful San Diego. Think about how long you’ve been wanting to purchase that second home…somewhere warm and sunny like downtown San Diego. Think about how you missed out five years ago, because the San Diego condo prices were too high. Think about how nice it would be to walk into your own home in San Diego the next time you get off that plane and not another hotel room. Now think about this….WHAT ARE YOU WAITING FOR?!
Right now, there are two incredible real estate deals at The Grande North(1205 Pacific Hwy) condos by Bosa. If you’re not familiar with The Grande condos, you should get to know them. The two deals I’m talking about today are the B floor plans. These are the 1325-1336 sqft 2 bedroom, 2 bath condos that have both city and bay views. These condos face east, west and south(north facing units are also available, but there aren’t any at great prices like these right now).
Deal #1 – Condo 1805 in the Grande North.
This condo priced at $597,500, down from $635,350. This is a bank owned condo and it sold for $840,000 back in January of 2007! That’s a 29% decrease in less than 3 years! This REO needs to be sold and I’m sure the bank would love to get it off it’s books by before the end of the year.
Deal #2 – Condo 2105 in the Grande North.
This condo is the same exact floor plan as the one above, but it’s three floors higher. This condo is listed at $619,900, down from $649,900. This is “corporate owned” and not an REO according to the listing agent, but the tax records indicate that it is indeed “bank owned.” Regardless, this condo was purchased for $980,000 back in January of 2008…a 37% discount in less than 2 years! This condo was previously listed as a short sale for $969K and went all the way down to $699K in May of 2009 before it came it came off the market.
Both of these condos are great deals. The most recent sales suggest that these should be priced around $700K, based on a 31st floor sale at $759K and a similar 12 floor sale for $669K. Of the 13 active B floor plans in the two Grande towers, unit 1805 is the lowest priced condo out there. This includes third and seventh floor units that are both priced at $599K. Unit 2105 is a close fourth, with the next lowest priced B plan coming in at $620K for an 11th floor unit.
FYI – unit 2402 in the Grande South is in contingent status(meaning it’s a short sale and they’re trying to get bank approval), but has a list price of $749K. Condo #2805 in the Grande North is listed as pending and has a list price of $629,900, also an REO. And #2005 in the Grande North is listed at $729K. All of these units have similar floor plans and only vary in orientation, floor level and are either 1325, or 1336 sqft.
The Grande is a great developement and has 37 active listings between the two towers(442 units total). There are two contingent listings and three pending. There have been 19 sales in the two Grande towers over the last 12 months.
The market is picking up and I bet these condos do not last long. Yes, I do think prices at the higher end will still come down, but not so much in this range. The entry level has already hit bottom(in my opinion) and the mid-range stuff is close. If you’re looking for a deal, here you go.
And remember, you can still make it out here for the holidays and say good bye to those hotels.
Contact Denny Oh at 858-243-2092 or [email protected] for more info.