Today’s blog is written for the discerning shopper in the spirit of the season.   It’s the very special San Diego Penthouse sale!

Downtown San Diego Condos are as diverse as the Christmas shopping options in Mission Valley.  The “Big Box” retailers are on every street corner, with Old Navy and Best Buy running radio ads and banner headlines shouting 40% off. 

Even a few blocks away at Fashion Valley Mall, Nordstroms, Macy’s, Prada and Gucci are all offering huge markdowns.  This comparable high end segment of the San Diego condo market is offering historical savings.  Wanted to make sure you heard about the savings before they’re gone!

The Grande #3902

Let’s start literally at the top of a premier San Diego Condo.   The Grande is the twin 39 story towers that are a North Embarcadero landmark.  Built by Bosa Development in 2005-6, many would opine that it is among the few best condo projects in the city. 

The Grande’s penthouse level on floors 35-39 have only 3 condos per floor.  #3902 has 270 degree panoramic views, which remain largely unchanged by future development.

In 2008, when it was previously purchased, its sale price was $1,875,000.  The holiday price for this Grande Penthouse is $1,175,000–and hanging with the seasonal analogy, it was listed on “Black Friday”–so it is brand new to the market.  This price is 38% off from last time.

And in all seriousness, I believe that there will likely be further markdowns post-Christmas.  This is a fabulous opportunity that should not be missed!

Aperture #1005

This is a little, boutique-ish San Diego Condo building that doesn’t get a lot of hoopla.  Aperture has only 86 units–and since its opening in 2007 simply hasn’t had many resales.   It is dwarfed in the shadows of the 2 Little Italy highrises of La Vita and Acqua Vista–but deserves much more recognition.

The design of Aperture is quite distinctively urban loftish, with exposed duct work, concrete walls and high ceilings.  Throughout the first nine floors of Aperture, the common floorplans are 7-800 sf 1 BRs and 1,000-1,200 sf 2 BRs.  However, #1005 is anything but common.

A large 2 story loft, with over 1,750 sf of living space, it is one of the neighborhood’s largest condos. It also has 2 large ensuite master bedrooms, and a potential 3rd bedroom or office accompanied by another full bath. 

This condo previously sold for $1,125,000 as new construction.  It was listed 90 days ago (beautifully furnished) for $925,000.  The owner has since moved, and it now sits vacant with a short sale asking price of $799,000.  There are no comps–this one really needs to be seen.

More San Diego Penthouses

Recent blogs have focused on 3 continuing trends in the San Diego Condo market.

1. Very limited total inventory of condos
2. An extremely competitive, high velocity market in condos under $450,000 (see recent market absorption rates)
3. No new condo construction projects

It is hard for me to believe that the Bayside Penthouses are still unsold.  Bayside#3302  is south facing and approximately 100 sf larger than north facing Bayside #3403.

Based on the pricing of Bayside Penthouse sales in 2011, they will likely be available under $2.7 mil.  Based on their original asking price of $4.5 mil, we’re looking at a 40% off sale. 

Recent client feedback regarding these 3,000+ square foot palaces is that in San Francisco or Chicago (no NYC comparisons), that this square footage might be double or triple the San Diego price.

Good luck to you with all of your shopping.  If you’d like to learn more about the holiday sales in Downtown San Diego, give me a call at 858.432.3203 or e-mail David.Manes@welcometosandiego.com

Merry Christmas and best wishes for the New Year!