Welcome to San Diego Blog | February 2, 2012
Electra Condos 2012
There has been a recent flurry of activity in Downtown San Diego Electra condos. Since opening in 2008, Electra has created a huge buzz in downtown San Diego Real Estate.
Following in the wake of several successful Downtown San Diego Condos, Electra was developed by Bosa Development. In consecutive years, Bosa opened Park Place (2003), The Grande South (2004) and The Grande North (2005). Each of these projects had been sold out prior to opening and had waiting lists of prospective buyers–literally from all over the world. Check out the skyline that Bosa largely created:
In 2006 Downtown San Diego Condo buyers stood in line, checks in hand to purchase Electra Condos preconstruction. After all, Bosa Development had demonstrated in their previous buildings, the quality of building and lifestyle they offered in San Diego and the investment opportunity that ownership in their buildings had demonstrated.
Ultimate San Diego Condos
Electra may well have set a new standard for WOW in Downtown San Diego Condos. At 43 stories, Electra San Diego is the city’s tallest residential building. In addition, the restoration and integration of the historic SDG&E building to create residences and an amazing amenities for Electra owners is completely remarkable.
The Electra “Conservatory” is five stories tall and is one of Downtown living’s most admired features.
Then the devleopment paradigm shifted. Customers who had reserved preconstruction at Electra began walking away from deposits. A first in the downtown San Diego condo real estate boom.
Electra prices began to decline by 2009
Electra finally sold its final condos in 2010. By then, the resale market had been robust. However property values were declining significantly.
Current Electra San Diego Condo Sales
The market conditions described in the paragraphs above have created inventory in Electra, in a market where inventory is extremely tight. Tracking the past 6 months, 26 Electra Condos are either in escrow or have closed. This represents over 10% of the building’s 243 condos!
The Welcome to San Diego Real Estate team has been involved in multiple transactions at Electra in the first month of 2012. We have represented buyers or sellers in three transactions.
In one of these, a buyer whom I represented purchase a 32nd floor home at 34% less than its previous sales price (of $1,150,000). These are the types of “forever view” condos that will look over future development in the Columbia District.
The point is, with no development on the horizon and with the anticipation of higher construction costs in the future, finding a great deal in a premier property like Electra is like striking gold! But the time to strike is now.
There are currently only 5 homes available in Electra. The opportunity that our clients enjoyed has already diminished.
Let’s start a conversation TODAY about the evolving downtown condo market.