Welcome to San Diego Blog | September 28, 2011

Pinnacle San Diego Condos

Pinnacle Marina Tower…

…  is clearly one of the premier Downtown San Diego Condo buildings.  From arrival at the front door, to walking into The Pinnacle’s  rich marble and wood lobby, the feeling is elegant and welcoming.

From the service of the Pinnacle concierge staff, the luxurious common areas and the ideal Marina District location, the Pinnacle lifestyle sets a high standard.  Add to that architectural features like 10’6″ ceilings, 9 foot solid core doors and light spaces and views created by the Pinnacle’s floor to ceiling windows, and the distinctiveness of Pinnacle condos is evident.

 

Pinnacle San Diego Condo Prices

There is a tremendous amount of volatility right now at Pinnacle .   What has traditionally been among the highest demand and highest priced condos in San Diego is reently seeing  price reductions, short sales and acceptance of “low ball” offers.

A further lack of transparency regarding “days on the market” muddles an accurate point of view to buyers at Pinnacle.  A number of the condos currently listed have expired and been relisted, restarting the days on the market in MLS.

Let’s take a look at a couple of recent Pinnacle scenarios

Pinnacle #2505 is a southeast facing 1,900 square foot condo went on the market in February, 2011.  Listed at $1,895,000, it was in direct competition with a property one floor above.  Both languished on the market for the next two and a half months.  At the end of May, an all cash offer of $1.575 mil was accepted for a 10 day close.

The short sale of  premier residences at Pinnacle 1805 and 2904 also attest to the surprising volatility of sales prices at Pinnacle.  Although not prevalent, the occasional opportunity has presented itself to informed, urgent buyers.  Being prepared and able to act quickly in these scenarios is the imperative.

Buying a luxury condo in San Diego

Except for the remaining penthouses at The Mark Penthouse and Bayside, the developers of luxury condos are at a standstill.  With no developer condos in the market to create friction, sellers have asked for higher prices.

There is a significant gap between buyers and sellers expectations on many current resales.  The lessons of these recent Pinnacle sales is that patient, persistent buyers are often buying significantly below asking price. 

Whether looking at Pinnacle or other premier buildings like Park Place or Horizons, it’s imperative to be up to date on recent sales and trends.  Although asking prices are creaping higher in Downtown San Diego, many sales of luxury condos are still being made at prices significantly lower.

At Welcome To San Diego we focus our attention on Downtown Condos.  We’re here to support you with information and service to make the best possible decision for purchasing a home or Condo. 

Let’s start a conversation about San Diego Real Estate.  Call 858-432-3203 or e-mail me at david.manes@welcometosandiego.com

 


Written by: Dannecker & Associates

Categories: Buyers, Downtown San Diego, Luxury San Diego Condos, Marina District, Marina District Real Estate, Real Estate Investment, Relocation, San Diego Real Estate

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