It’s been a few weeks now since Savina and Bosa began their VIP/Private sales for downtown San Diego’s newest condo high-rise. I was there with my own clients to witness the the first few days of condo sales and I have to say, it was pretty exciting. With about 60 condos sold during the private sales, I think Savina is positioned to sell out prior to being completed in early 2019 (certificate of occupancy is excepted for March of 2019). Sales open up to the public later this week on June 24th.
I think part of it’s success is that Savina is not Pacific Gate. I don’t mean this in a negative way, but Pacific Gate is being described as “iconic architecture, exquisite interiors and levels of service and amenities only seen in the most luxurious international hotels.” This is not something downtown San Diego is used to. As a result, I think there are fewer buyers for this type of product. Savina on the other hand, is more typical of what San Diego has seen (in fact, Savina was designed by the same architect that designed Bayside).
Here are a few reasons why I think Savina will sell out faster than Pacific Gate…
- Savina’s price point is much more “approachable.” Prices begin around $500K and go up to about $3.7M (but don’t wait – my guess is that prices will go up soon). Pacific Gate on the other hand started around $1M and went up as high as about $15M for the penthouse, which Nat Bosa kept for himself. Prior to Pacific Gate, Downtown San Diego’s high-end condos were selling around $3-6M, with only five condos selling for $5M or more (ever). Savina primarily caters to what San Diego is used to – condos in the $700-2.5M range.
- Building Amenities. Savina may end up having the best pool in downtown San Diego. Currently, I would argue that The Mark does, since it gets a lot of sun, gets no wind, has a huge hot tub and has a large grass lawn next to it. Harbor Club’s is also really nice, as is The Meridian’s pool area. In addition to the pool/spa area, Bosa Development decided not to have any of it’s 2-3 story town homes on this level. In fact, there are no townhomes at Savina – at least not like the ones in other previous Bosa projects. This gives way to much more space on the 4th floor amenities level – 24,000 sqft to be exact. Savina is not offering ultra luxury amenities like a private yacht, a feel a luxury cars, nor chef concierge service (not “chef” as in food, but as in someone who will plan out your entire vacation). I think more people (in San Diego) want amenities like Savina than those at Pacific Gate (for now at least).
- Views. Many of the vantage points at Savina are established/protected. Most of the surroundings are already built out and we know what is already there. Pacific Gate on the other hand has current/proposed construction in every direction, except to the east, where Electra is. And even though I believe the future development around Pacific Gate is going to greatly increase property values, it’s always hard to sell something that’s going to have changing views.
- Neighborhood. Similar to the views, the surroundings of the two condo towers are drastically different. Savina is block away from Little Italy and you don’t have to cross the train tracks (like you do at The Grande North/South) and Bayside. It’s only a minute or two closer to Little Italy than those other buildings, but I think it’s going to feel much closer. It’s going to take some time before Pacific Gate’s surroundings take shape.
Overall, these two high-rises are very different projects. I think both are going to be great buildings, but I think price will ultimately make sell Savina at a faster rate than Pacific Gate (the overall prices aren’t too different, but the $/sqft is). If you’re interested in either of these projects, or anything else in San Diego, please contact me at 858-243-2092 or [email protected]m.