Welcome to San Diego Blog | March 15, 2012

San Diego Waterfront Condos

Downtown San Diego’s Columbia District has been the most focused area of condo development since the start of the 21st century.  The glass and concrete towers have largely shaped the San Diego skyline.

This blog is referring to 7 midrise and San Diego highrise  Condo buildings.  The “birdseye view” below includes six blocks from Broadway to Beech, and buildings on Harbor Drive, Kettner Boulevard and India Street.

Sales of San Diego Columbia District highrises began in 2003 when Lennar/Intergulf built the 25 story Treo Condominium.  However, in 2004 and 2005, when Bosa Development Company completed the iconic Grande at Santa Fe Depot (referred to as The Grande North and Grande South.) the development of the waterfront really began.

Bosa followed this by adding Electra, to the skyline in 2007.  2008 and 2009 saw the addition of Sapphire Tower and Breeza.  With the opening of Bosa’s most recent building, Bayside in 2009, the 7 year construction boom concluded.

Building Address Total Units Stories Year On Market
Bayside 1325 Pacific Hwy 232 Units 36 Stories 2009 5
Breeza 1431 Pacific Hwy. 132 Units 9 Stories 2008 7
Electra 700 West E. St. 243 Units 43 Stories 2007 10
Grande North 1205 Pacific Hwy. 221 Units 39 Stories 2005 3
Grande South 1199 Pacific Hwy. 221 Units 39 Stories 2004 3
Sapphire Tower 1262 Kettner Blvd. 97 Units 33 Stories 2009 4
Treo 1240 India St. 331 Units 24 Stories 2003 3

In total almost 1,500 new Waterfront Condos were absorbed into the San Diego Real Estate market.   Today only 35 are currently listed.  And there are no cranes on the horizon!


Buying San Diego Waterfront Condos

There are a few extremely relevant issues with regard to this very limited inventory.  Of the 35 total available for sale, approximately 12 are builder’s closeouts.  New homes that have not yet been purchased.

Breeza currently has 7 condos available.  Among these are 4 townhouses and 3 two bedroom apartments.  Prices range from the mid $400s to the $700s.  Breeza’s prices are the lowest in the area.

These prices are much lower than the other resales.  Excluding these, the median price in the remaining buildings is $1.2 million.  Homes over $1,000,000 have sold slowly, and should definitely be seen as opportunities.  From Q1 2011-Q1 2012, 3 $1,000,000 and higher condos sold monthly in downtown.  In the past 90 days, only 2 have sold.

Penthouses on the bay

This might be the real opportunity in this geographic area today.  Bayside and Sapphire Tower have a combined 5 condos unsold.  All are penthouses above the 27th floor.

Considering that the developers in each case has sold all of there other condos more than a year ago, it’s a marvelous time and place to negotiate with a willing seller.

Beginning at Sapphire Tower, there are three unsold and available.  These are full half floor residences, with private elevator entrance to your condo.  Finishes are elegant/extravagant.  List prices range from $2.1 to $2.495 mil–depending on view.

Bayside Penthouses are among the best views in San Diego (it might not be hyperbole to say “in the world!”).  See the link to Bayside Penthouse Blog for more details.  In October 2011, Bayside had sold all but two of their penthouses.  5 months later, the 2 remain.

List prices for Bayside penthouses are in the $3,300,000 range.  Having worked with the developer extensively, and negotiated penthouse sales, there is significant room for a buyer today to improve.

There are no  new San Diego Waterfront Condos planned.  Current inventory, while extremely limited, has some very desirable properties.  Come to San Diego and have a look.

Let’s start a conversation about living in Downtown San Diego.  Give me a call, 858.432.3203, or send an email david.manes@welcometosandiego.com.

Written by: Dannecker & Associates

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

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