A month or two ago, a London penthouse sold for $220 million, setting the new world record for the most expensive piece of residential real estate. The One Hyde Park residence is a six bedroom penthouse that neighbors the Mandarin Oriental hotel and overlooks the famous Serpentine lake. However, just a few days ago, a new world record was made when a $308M penthouse sold in Monaco.
The $308M penthouse only has three bedrooms, but covers 17,500 square feet. The two story penthouse has
features like a two story library, panic room, media room, game room and a huge outdoor terrace. Looking at San Diego’s penthouses, it almost seems comical that the prices are so low. I’m by no means comparing downtown San Diego to Monaco, but considering that aside from one sale in the last two years, we’ve barely broken the $3M mark is a little…surprising? On one hand, it makes perfect sense – 92101 is young and it doesn’t support the prices of other more established areas. On the other hand, maybe if developers believed in the “if you built it(well), they will come” philosophy, we’d attract more people and businesses.
The one sale that stands out over the last two years is a $6,160,000 top floor penthouse at Sapphire Tower. This roughly 5,200sqft penthouse sits on the 33rd floor of Sapphire Tower and has no neighbors – this is one of only a few buildings in downtown San Diego that offer entire floor penthouses(the Harbor Club, The Mark and Pinnacle are some of the others). Sapphire Tower also has some great water and city views, as well as higher ceiling heights and floor to ceiling windows.
Aside from this penthouse, there were 10 other sales in the last 24 months that were over $2M(which ranged from $2.1–3.1M) – five of which were in new buildings(four at Sapphire Tower and one at Bayside). Currently, there are 23 active listings priced over $2M; most of which are priced between $2–3M, with four condos listed between about $5–9M.
The most expensive listing downtown right now, is a $8,695,000 3 bedroom, 3.5 bathroom, top floor, two story penthouse at the Renaissance. With 4,455 square feet and approximately 2,500 square feet of outdoor space, this penthouse is not the largest condo, but it is pretty unique. This penthouse comes with four fireplaces, an outdoor jacuzzi and great water views. Renaissance is also very centrally located and has recently had some significant renovations made to the building, which are almost complete. With that said, this condo was purchased for $2,025,000 in 2003 and while I’m sure they’ve put plenty of money into it, I’m not sure they’ll get all of it back. In my opinion, at Renaissance, your primarily buying the condo and location and not for the building – many other buildings are nicer(in my opinion), but don’t have the larger units, preventing sellers from getting higher prices. Renaissance does however have some great floor plans, especially in the mid range condos. Relative to other buildings, condos at the Renaissance seem to have larger bedrooms and closets. The Renaissance also has one of my favorite two bedroom floor plans.
ps – possibly one of my favorite condos ever was in Renaissance.
For more info on downtown San Diego penthouses, or any homes in San Diego, please contact Denny Oh at 858–243–2092 or [email protected]
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