In 2010, there were 904 sales in downtown San Diego(this is only based on MLS activity…there more that sold off the MLS, but I don’t have that number). The average list price for all these condos was $423,425. The average sales price for 2010 was $404,385…97% of the asking price.
At The Grande condos in downtown San Diego, there were a total of 31 sales(31 sales equals 7% of the total 442 condos between the Grande North and Grande South). The highest sales price was $1.65M for condo #3901, which was an E plan in the Grande North. This penthouse was a short sale and the buyer paid cash. This same condo was purchased from Bosa Development in 2005 for $2.23M! That’s a $580K price reduction, or a 26% decline in 5 years…not bad considering many homes have gone down 40-50%.
Looking at all of downtown San Diego’s sales in 2010, the average $/SqFt was$369.04. At The Grande condos, the average price per square foot was $499.50 – over 35% higher than the 92101 average.
Days on Market – the average market time for downtown San Diego was 86 days. Not bad considering about one third of the transactions in San Diego County were short sales, or foreclosures. At The Grande, the average market time was 62 days, again, considerably better than the 92101 average.
I’m not sure it The Grande is my favorite building, but it’s certainly one of the best, which is why I write about it so much(not to mention that I know it inside and out). However, for those who want to be closer to the action, I’d suggest looking at The Pinnacle, The Legend, The Mark or maybe the Harbor Club. Each of these buildings is different(in style and location) and they all have their own pros and cons. I was recently in one of my clients condos at The Legend and I was reminded how incredible the views are. The south west corner, the K plan, has one of my favorite downtown views.
What I like most about the Legend’s K floor plan(at least from the south west corner on higher floors) is that there’s a lot to see. You can see into Petco Park looking south east, you get all of Coronado and the the bay to the south, you get more of the bay to the west and then you get all of the city skyline to the west and north west – there’s so much going on and so much diversity, I love it. Now if you’re looking primarily for a water view, there are better options – the E plan at The Grande, an ’01 or ’08 at The Pinnacle, a bubble unit at The Harbor Club, or an ’03 or ’04 at Park Place. With that said, if you want a view that will keep you entertained(especially at night when the water is just darkness), you’ll want some variety.
YTD, there have been 189 sales on the MLS for downtown San Diego. With most of the new developer inventory sold, resales will start to rise. This will continue for at least 2-3 years, as there’s no new construction under way. I also think we’ll see more resales because a lot of the downtown condo litigation will be over and done with(hopefully). Finally, I think as interest rates start to creep up, we’ll see people try and get into the market before rates get too high.
2010 showed plenty of signs that San Diego real estate is coming back. I’m excited about this year and hope you give me a chance to help you out. Please contact me if you have any questions. Thanks.
Denny Oh 858-243-2092 [email protected]
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