In the first quarter at The Grande condos here in downtown San Diego, there have been eight sales. The sales ranged from a unique 1,055 sqft one bedroom on the third floor, to a 1,944 sqft E plan on the 10th floor. The prices ranged from $390K to $940Kwith an average sales price of $686,875. The three REOs and one short sale definitely had a lot to do with this(and Im sure some owners just wanted out so they could take advantage and buy in a down market), but there just werent very many high end sales.
In Q1 of 2010, the average sales price per square foot at The Grande condos was $476.5420% lower than Q1 of 2009($595/sqft). The Grande had eight condos sales in Q1 of 2009 as well, but the average sales price was much higher, at $894,363 “ two were REOs and one was a short sale.
Going back to 2008, The Grande had 15 sales in the first quarter, with an average sales price of $884,066 “ which was 8.4% lower than 2007s Q1 average. Downtown San Diego condos prices have steadily come down over the last four years, despite increased activityprimarily a result of the growing number of short sales and foreclosures.
With 37 active listings, 6 contingent deals, 3 that are in escrow and 13 sales YTD, The Grande seems to be doing well. There arent as many deals anymore and higher end condos are being purchased. In 2008, The Grande had 19 sales in the second half of the year, a number that isnt far off from where were at today. Now that the home buyer tax credits are out of the way, it will be interesting to see if activity slows down.
If you have any questions about San Diego real estate, please contact me at 858“243“2092 or [email protected]. Thanks.
*Note that the “high” and “low” statistics in the charts above are not necessarily for the same units – they are the highs and lows for the sales in the building during that time period. Thanks Damon.