When I first wrote about Bosa Development’s, Bayside at the Embarcadero, the building hadn’t been completed. Now, after three years of walking through the condos, showing them, hearing feedback from client and selling them, I can pretty much tell you anything you’d want to know about the building. I can tell you that the finishes are better than any other building I’ve been in (the standard finishes that is), the views are pretty incredible and that the amenities are great. I can also tell you that some of the views to the east will eventually go away when Bosa builds the Kettner and Ash site.
I recently sold a condo at Bayside in 25 days that had multiple offers, which ended up selling for 2% less than the asking price. Another unit just sold at Bayside for the full list price. I guess my point is, that people are buying and they like Bayside. Obviously this isn’t the only game in town, but I’d suggest you take a look if you’re in the market. Below are several pictures of various units, views and of the building.
Overall, I think Bayside is a great building. People who prefer the Marina District will say that Bayside and the other Colombia District highrises are too isolated and the surroundings are too barren. In some ways, I’d agree with them. Sure, there’s no grocery store near by (Ralph’s is about 10 blocks away), the Gaslamp District is about 15 blocks away and Petco Park is about a 25 minute walk – for San Diegans, this is far. However, what most people probably don’t realize, is that Little Italy is only a few blocks away and there’s plenty do to there. More importantly, I think the best part of owning in the Columbia District is all the proposed/approved development that’s going to take place.
Here’s quick look at some of the proposed and approved projects in and around the Columbia District:
As you can see, there’s a lot going on. Eventually, I see the Columbia District being one of the most desirable areas in downtown San Diego. It is/will be close to plenty of commercial space, the waterfront and plenty of amenities. I would strongly suggest you consider buying/investing in some of these buildings now if you’re in the market. Obviously there’s no guarantee that all of these projects will move forward, but I think it’s safe to say that development in the near future is guaranteed. Look at how much downtown San Diego has changed in the last 11 years…
The market has shifted. Inventory has picked up since earlier this year (194 active listings as of 9/24/12), but market times are down. First quarter sales in 2012 (194 sales) took an average of 83 days and sold for 96% of the list price. Looking at the last 90 days, the average market time was 66 days, at 98% of the list price – 20% less market time and only 2% off the asking price. I still wouldn’t call it a seller’s market, but if I had a home that needed to be sold in the next two-ish years, I’m pretty sure I’d have it on the market right now. Interest rates are incredibly low, demand is high and the economy is relatively stable. In a few years from now, there will be more sellers, higher interest rates and possibly, fewer buyers. Be ahead of the market and take advantage of the current situation.
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Denny Oh 858-243-2092 [email protected]
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