Welcome to San Diego Blog | April 7, 2010
Price per Square Foot on Condos Downtown San Diego
It’s funny because I always have intelligent buyers ask me what the average price per square foot is for a condo in downtown San Diego. This is a great question to get a very general idea of prices, but there are so many different segments of the market and they all have such drastically different statistics. Even if you narrow the average price per square foot down to different neighborhoods in downtown San Diego, it really gives you a distorted picture of what prices are.
The fact is that Downtown San Diego is so diverse these numbers can mean nothing. You have luxury high-rise condo complexes located adjacent to average or even sub average quality buildings and you really can’t compare the two. When we do something like use the average price per square foot, it really doesn’t paint a clear picture of the market unless you really focus in on similar quality buildings in similar locations.
For example, you can take a building like Parkloft San Diego condos in the East Village ball park neighborhood and see that over the past 12 months the average price per square foot is $270.12 versus a building like Fahrenheit San Diego condos which for the same period, the average price is $347.17 per square foot. Now most people would immediately come to the conclusion that Fahrenheit must be a nicer building.
This is just not the case. Not only is Parkloft in a superior location, but the overall quality of the construction is higher quality at Park Loft. The entire concept is different as well. Parkloft is a wharehouse style loft building and Fahrenheit is a traditional style condo with some loft floor plans mixed in. I could go on and on about the differences, but this is why it is very important to not just look at the averages or statistics.
In a suburban cookie cutter neighborhood where the homes are all relatively new and the finishes are all very similar in quality, the average price per square foot is a much better indicator of value. However, in Downtown San Diego’s diverse condo market, you really save money when you work with a professional that understands the complexities of the downtown market and knows how to compare one buiding and floor plan to another.
If you want a great deal on a condo or loft downtown San Diego, give us a call and we’ll not only help you identify some great properties, but we’ll negotiate a great deal. By the way, we represented the buyers that set the lowest 3 price per square foot sales at Palkloft condos!
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