What if I told you that I could save you 10.8% off of a condo at Electra, without even having to negotiate? What if I could simultaneously make your condo 12% larger without doing a thing? Ok, well that might a bit misleading, but it’s kind of true. Right now, there’s a condo for sale at Electra (which happens to be the best floor plan in Electra) that is listed as a 1380 sqft condo. The tax records however list it as a 1548 sqft condo – which is what Bosa Development listed it as when it was built.
As you probably know, Bosa was involved in a lawsuit over how they measured the condo sizes. They ended up settling (but never agreeing to having done anything wrong), but there’s been some confusion since. This condo that’s listed is using the smaller square footage, which makes the $/sqft 10.8% higher than if they used the recorded size of 1548 sqft. Currently listed at over $1140/sqft, this is pretty high for the unit and building. If they used the official 1548 sqft size, the $/sqft would come down by 10.8% to $1017/sqft – still high, but much more in line with the downtown San Diego’s higher end market.
In a market where buyers have access to nearly every piece of data, it’s incredibly important to present and market a seller’s property as well as possible. Buyers know $/sqft better than most agents and having too high of a $/sqft (or list price) will discourage potential buyers from looking at a property. So what’s my point? Use a wider range when looking for property (to compensate for data errors), use a buyers agent who can point out these “errors” and use a listing agent who will market your home in the best way possible.
Please contact me for off market listings and any questions you might have about San Diego real estate.
Denny Oh 858-243-2092 [email protected]