Welcome to San Diego Blog | May 16, 2012

San Diego Bayside Condo Resales

Over the past several months this blog has noted that with the conclusion of developer sales at Bayside San Diego Condos that a reaction in the resale market would occur.

With 6 months of sales and listing history since the sales office closed, we can begin to draw on data regarding the value of Bayside Condos and other properties in the San Diego Columbia District condos.

Starting with a quick snapshot of Bayside By Bosa activity over the past 6 months.  There are seven current listings, however only 5 are resales.  The Bayside Penthouses at #3302 and 3403 are still offered by Bosa.

There have been 11 sales over the past 6 months at Bayside; 5 new and 6 resale.  A breakdown of listings and sales follows:

Listings
Unit # Sq. Ft. Price Cost/SF Resale/New
802 1,404 849,000 $604 Resale
901 1,811 1,150,000 $635 Resale
2102 1,404 1,197,000 $852 Resale
2602 1,404 1,299,000 $926 Resale
2507 1,474 1,399,000 $949 Resale
3302 3,226 3,353,000 1,039 New
3403 3,151 3,478,000 1,103 New
Solds
404 1,196 460,000 $384 Resale
2904 1,183 550,000 $464 New
403 1,462 580,000 $397 Resale
1505 1,196 620,000 $518 Resale
904 1,462 647,000 $442 Resale
1204 1,462 675,000 $461 Resale
107 1,834 725,000 $395 New
1307 1,474 890,000 $603 Resale
2603 1,460 900,000 $616 Resale
2901 1,860 1,235,000 $663 New
3005 1,886 1,525,000 $808 Resale

The average cost per square foot among listings at Bayside is currently $872/sf.  This is greatly skewed by the two penthouses, which are among the most expensive and valuable properties in Downtown San Diego.  Removing these the average cost per square foot among listings is $793.

Sold Bayside San Diego Condos have averaged $523/sf.  This is 66% of the average of list prices.  Clearly, there is a variety of floorplans and views available at Bayside, and “averages” don’t accurately address the gap between current listings and their comps among condos sold over the past 12 months.

Some comps among Bayside Condos

Bayside #3005 is a “penthouse level” floorplan of almost 1,900 square feet.  On the buildings northwest corner, its view is among the best in town. At $1,525,000 ($808/sf), a buyer and seller came together after the property was listed for 57 days.

#2901 was the last Bayside Condo sold by Bosa.  It is an 1,860 sf apartment, with 2 master suites.  Its view is directly west facing.  The sale price was $1,235,000 ($663/sf).   And the 9th floor resale, #904, was sold at $442/sf.

These are particularly relevant when looking at a property like #901, which is currently listed at $1,150,000 ($635/sf). It is exactly the same footprint–although 50 feet smaller–20 stories below the sale at #2901.  But the asking price is only $85,000 less!  And the cost per square foot is 50% higher than the recent 9th floor sale.

Let’s look at alternatives.

Downtown San Diego Grande Condo

The Grande Condo preceded Bayside in the San Diego Columbia District by 4-5 years, and is located 1 block south.  The Grande’s two towers are anchors of the San Diego Skyline.

Bosa built The Grande in 2004 and 2005 as the benchmark of high end condo living in San Diego–however, they clearly went to a higher level at Bayside.  Every two bedroom condo at The Grande has a west facing view to The Embarcadero and beyond!  The larger floorplans have progressively better views.

Following is listings and recent sales at The Grande:

Listings
Unit # Sq. Ft. Price Cost/SF
2205 1,325 695,000 $547
2802 1,336 785,000 $587
1901 1,684 865,000 $513
2006 1,684 895,000 $531
1506 1,944 1,269,000 $652
3602 1,783 1,360,000 $785
Solds
903 1,336 530,000 $396
1103 1,336 565,000 $422
1903 1,336 610,000 $456
2402 1,625 760,200 $467
1005 1,625 770,000 $473
3101 1,684 860,000 $510
1106 1,944 868,000 $446
3201 1,684 910,000 $540
3902 1,783 1,150,000 $644
3502 1,783 1,360,000 $762

At The Grande, current listings average $602/sf, while sold properties over the past 6 months have averaged $497.  Prices of current listings seem far more in line with recent sales than at Bayside.

It is noteworthy in all of this statistical analysis that the Downtown San Diego real estate market is seeing greater activity and a slow rise in prices.

Buying Columbia District San Diego Condos

There has been a real shift in the value proposition in these two condos.  And recent resales in The Grande seem to indicate a new perception of value.

Current listings in Bayside are listed at prices that don’t approximate past sales–and are certainly much higher than prices at The Grande.  Certainly arranging showings in both buildings and making your own comparisons is time well spent.

The Bayside Penthouses

The exception to this blog’s perception of Bayside being overpriced is Bosa’s 2 remaining unsold penthouses.  Penthouse #3403 and #3302 are both listed in excess of $1,000/sf ($3.3 to $3.4 mil).  However, past sales indicate that a price reduction in excess of $150/sf can be negotitated.

The market for Downtown San Diego penthouses has been surprisingly weak.  These properties are simply exceptional and should be swept up!

It’s time for another look at Columbia District resales.  Come down and have a look!

Let’s have a conversation about San Diego Real Estate…David Manes

david.manes@welcometosandiego.com or phone 858.432.3203

 

 

 


Written by: dmanes

Categories: Columbia District, Columbia District Real Estate, Luxury San Diego Condos, San Diego Penthouses

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