Added by David Manes on May 16 2:19PM
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
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