Welcome to San Diego Blog | November 28, 2012

San Diego Condo for $1 million

Over in the Columbia District last week looking at Downtown San Diego Condos with a client. The client’s budget was “up to $1 million.”

Certainly not everyone’s budget.  This buyer’s primary residence is on the upper west side of Manhattan and they were trying to benchmark values for a second home in a San Diego Condo.  In the Columbia District we’re  looking at highrise concrete and steel towers, built within the past 7 years.

Bosa Development Company built four of the residential towers in the neighborhood.  All are “concierge buildings” with a full amenities package.  This is cosmopolitan living in Downtown San Diego.

The primary variables for these Columbia District condos are square footage and view.

3 San Diego Condos for sale

  • The newest of the residences we visited is at BaysideBayside is the northernmost of the highrises on Pacific Highway.  Finished in 2009, it is viewed by many as the luxury standard among Downtown San Diego condos.  It was immediately noted that the Caesarstone countertops and Viking appliances at Bayside are a step up from the other condos we viewed.

We looked at #1602, the southwest corner on the 16th floor.  The home is a little over 1,400 sf and is listed for $939,000.  The client determined that the 16th floor is “high enough.”  With floor to ceiling windows and 2 outdoor patios, view is definitely one of the selling points here.  The cost per square foot for this condo is $652/sf.

Just south of our first visit is The Grande.  This complex of two 38 story towers (located at 1199 & 1205 Pacific Highway) was completed in 2006.  As development evolved in the Columbia District, and the market softened in 2008, The Grande seemed to have lost value (and appeal) more than some other buildings.

Many recent sales would indicate that buyers (AND sellers) are seeing much greater values here today.  The condo we visited is #3402.  Occupying 1,625 sf on the northwest corner of the 34th floor, this condo is priced in the range of $1,000-1,200,000 (range pricing is used to define a seller’s intent–may or may not represent selling price).

The 34th floor offers a commanding view.  This two bedrooms plus den floorplan provides great living space.  Assuming selling price in the middle of the range, the cost per square foot is $676.

What do you think about Electra?

One block east of The Grande and Bayside, Bosa built one of the most attractive San Diego Condos–Electra.  The 43 story condo building was built from the interior of the former SDG&E plant.  It’s award winning interior design and common areas are seen as the best in Downtown by many.

At Electra we looked at #2304, 1,488 square feet on the northeast corner.  Although oriented for city views, the large patio cleverly faces toward San Diego Bay and Point Loma.  At only $785,000, this condo is offered at $527/sf.  Electra is in a superb location, as the photo above shows.

There are currently 12 condos offered for sale at Electra–a building of 248.  By comparison, Grande has 7 active listings among 416 units and Bayside 8 of 232.

The developer of these fabulous residential communities recently announced their intention to build another 41 story condo project immediately to the west of Electra.  So much of the highrise development in Downtown San Diego Condos has been in “the front row” with unobstructed water views, that residents are now concerned about views at Electra.

A condo like Electra #2304 provides the same standard of living as the “$1,000,000 condos” at Bayside or The Grande.  Electra is in the heart of Columbia.  Should it be discounted by 25% based on the possibility that its views will change in the future?

It’s a conversation that I look forward to having with many clients in the future.

David Manes is a Realtor specializing in Downtown San Diego Condos.  Contact David at 858.432.3203 or email david.manes@welcometosandiego.com

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Written by: Dannecker & Associates

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

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