Last year, there were approximately 944 condos sales in downtown San Diego(this includes developer sales that were not on the MLS), with a total sales volume of almost $402,000,000! $402 Million in condos sales. An average of 78 sales each month, or 2.6 sales a day. Looking only at the Pinnacle Museum Tower condos, there were 12 sales in 2011, totaling in $10,999,250( about 2.7% of all downtown San Diego sales volume).
12 sales, out of a total of 186 condos in the building – I think this is a pretty typical amount of sales, “healthy” being around 7% on average(at least that seems to be about the average for downtown highrises over the years). The average $/sq.ft. was just below $600/sq.ft. and the average sales price was about 9% below the list price. In my opinion, this last statistic reflects some rather ambitious sellers, who clearly were hoping for more money, but eventually came to terms with reality(not to mention their the eager listing agents who gladly took overpriced listings, hoping to grind down the price over time).
The average market time was 96 days, which really isn’t too bad for a “high-end” building. Downtown San Diego’s Pinnacle condos continue to be an obvious choice for many condo buyers. The central location, high ceilings, incredible views and contemporary design seem to be the main attractions for the Pinnacle. Other features, such as powder rooms(i.e. 2.5 Ba vs. 2Ba), additional parking (several owners have purchased more than the “normal” number of parking spaces) and even insta-hot water taps have played part in wooing other buyers.
At the end of the day, each building/location has its pros and cons. Some buildings are too old. Others are too stuffy. Some are too cold. They key to check out several different options and see what works best for you. If nothing else, looking at a building you think you won’t like, will just confirm what you already know and make you more confident in your decision. Look at the same properties on different days and times(weekends vs. weekdays, AM vs. PM, etc), walk around the area to get a better understanding of what’s nearby and figure out what suits you the most. If you have any questions about the Pinncle, or any San Diego real estate, please contact me at 858-243-2092 or [email protected]