Welcome to San Diego Blog | January 13, 2015
New Condos vs Existing
To Buy a New or Existing Condo Downtown San Diego?
The purpose of this guide is to help you decide what’s best for you regarding purchasing a new condo versus an existing condo in downtown San Diego. I’ll discuss the benefits and downside of both so you can weigh in on what’s best for your needs.
As we’ve already discussed in our recent article on New Bosa Condos coming to San Diego, the next new luxury high-rise tower located at the corner of Broadway and Pacific will likely be completed around the summer of 2017. The sales office will be opening up in the spring of 2015 so stay tuned by joining our new condo interest list at the bottom of this article. The building will include 232 new condos for sale ranging in size from 956 sf to 2083 sf.
Positives of a New Condo
- Beautiful and Eloquent Architecture – let’s face it, this building is flat out sexy!
- You can chose your color scheme – Bosa usually offers 3 different finish packages
- You can add your upgrades right from the beginning without the hassle of remodeling.
- There’s something about a new property and knowing that you are the only one that’s occupied the place that just makes for peaceful thinking.
- Newest and latest in trends in appliances, cabinetry, textiles and materials…it’s fresh and trendy…(it’s like the new car smell, only its a condo)
- All of the common areas are new and in beautiful condition. This includes the work-out equipment, flatscreen TV’s, pool, BBQ’s, sauna, steam, everything is immaculate.
- This is going to be a tall building – 41 stories would be the 2nd tallest residential tower in Downtown San Diego.
Negatives of Purchasing a New Condo
- These new condos will come with a heavy premium on the price.
- The average price projected for one of these properties is $1.75m
- They are projecting an average of $1060 per square foot (ppf) which is much higher than what flats in most luxury towers are trading for today.
- There will be a restaurant in the commercial space at ground level. While we all like to eat at restaurants, they do make for funky smelling garages and lower floor units often smell food cooking from the kitchen vents.
- Some of the views of this new project will eventually be obstructed by the development of the Navy Broadway Complex to the West and South West and by Bosa’s future high-rise tower at the site of the Office Depot.
- The unknown of the culture and aura of the community, it’s owners, management, staff and its board members. Trust me, they are not all the same and some HOA’s are more friendly and well run than others!
Some of the most important items to consider in making your decision are:
|Condo Building||New Tower||Bayside||Electra||The Grande||Park Place||Pinnacle|
|Average Sales Price 2014||$1,183,273||$757,429||$771,516||$945,444||$1,222,615|
|Median Sales Price 2014||$1,037,500||$739,500||$745,000||$885,000||$1,125,000|
|Average ppf 2014||$682||$577||$561||$658||$813|
|Highest Sale ppf 2014||$1,020||$885||$822||$909||$1,178|
|Proj Avg Sales price 2015||$1,254,269||$802,875||$817,807||$1,002,171||$1,295,972|
|Proj Avg ppf 2015||$723||$611||$595||$697||$862|
|Proj Avg Sales price 2016||$1,329,526||$851,047||$866,875||$1,062,301||$1,373,730|
|Proj Avg ppf 2016||$766||$648||$630||$739||$914|
|Proj Avg ppf 2017||$1,060||$812||$687||$668||$783||$969|
Condos at the Grande today are 47% less per sq ft of projected sales price for Bosa’s new tower at Pacific & Broadway
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Join our New Condo Interest List