Welcome to San Diego Blog | August 24, 2011

Downtown San Diego Condos for $1,000,000

Thinking about a Downtown San Diego Condo?

Wonder what $1 mil buys?

As a San Diego Downtown Condo specialist, with an office in The Marina District, it’s one of the common questions clients ask.  There are some general answers that start the conversation. 

The residence is likely going to be in the middle floors of a newer Downtown San Diego highrise.   You’ll enjoy 4 star amenities, in a beautiful setting.  The level of service and support will be top notch, from building management to concierge and security.

You can expect to enjoy a great view San Diego Downtown condos for a Million Dollars are likely going to be high enough and located close enough to the bay to offer at least one unimpeded water view–either south or west.  Imagine your amazing sunsets!

Most Downtown San Diego condos in this price range are located in either the Marina or Columbia Districts.  There are a few buildings outside of these neighborhoods–adjacent to Petco Park in Downtown San Diego’s East Village neighborhood that also fit into the price range.

$1,000,000 Downtown San Diego Condos

There are currently 18 Downtown San Diego condos listed in the range of $900,000 to $1,100,000.   36 have been sold in the past 12 months.  This shows a market absorption of 3 properties per month.  A 6 month supply, as represented here is very balanced, and indicates a strong perception of value in this price range.

Nine of Downtown’s residential buildings have listings in this category.  Included among these, and most noteworthy:

  • The Grande’s 2 Bedroom plus den floorplan of over 1,600 square feet shows up repeatedly at just under $1,000,000.  At this price you can live above the 25th floor in The Grande.  It’s a great floorplan as a primary residence or a second home.
  • Bayside, also in the Columbia District had more sales around $1 mil than any other downtown building in the past 12 months (it was also the hottest selling building overall, as Bosa completed sales of all of the new construction).  There are some great view properties between the 15th and 20th floors, or large townhouses on the first floor or 3rd floor amenity level.
  • There has been a real price adjustment at Harbor Club.  The “Bubble Unit” had always sold at prices over $1,000,000.  Currently there are 2 on high floors that are listed significantly under this price point.  A 26th floor residence at this price is quite a paradigm change.
  • Downtown San Diego’s tallest condo building, Electra is offering several opportunities.  These include fabulous view properties from the 25th to the 38th floor.  Prices have dropped by 30% in some cases from when these were sold new 3 years ago to create these property values.

Where the $1 mil Downtown San Diego Condos are

The following table shows the locations of San Diego Condos listed and sold within the past 12 months priced between $900,000 and $1,100,000    

Building Name Current Listings Sold (12 Months)
Bayside 3 9
Electra 3 4
Renaissance 3 3
Grande 2 3
Harbor Club 2 2
Metropolitan 2 3
Sapphire 0 5
Pinnacle 0 2
Mark 0 2
Watermark 2 0

Sapphire Tower and Bayside were engaged in new home sales over the past 12 months.  Moving forward this price point will be in the resale market.   Premium view and floorplans at Pinnacle have generally been at $1.25 mil and higher.  There aren’t currently any condos priced in this range.  Metropolitan is the exclusive enclave located on the top floors of the Omni Hotel.  These condos at this price are nearly half off of their original sales price. 

Ready to live in America’s Finest City?  Let’s have a conversation about San Diego real estate.

Written by: Dannecker & Associates

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

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