Welcome to San Diego Blog | April 16, 2015

The Electra has a rich history and future in Downtown San Diego

Columbia District, Downtown San Diego

For those looking for future real estate opportunities in Downtown San Diego, it may be time to focus on The Electra.

The Electra is Downtown’s tallest residential tower, and arguably one of the most stunning and luxurious high-rise buildings.  Built by Bosa Development in 2008, the Electra resides on the corner of Broadway and Kettner Blvd.  The Electra has had a rich history in Downtown as it was once the San Diego Gas & Electric Station B Powerplant.

In 2008 Bose Development transformed the old SDG&E Powerplant into a beautiful residential high-rise tower; hence the name:  The Electra.

Electra San Diego HD Video

Electra’s location in the Columbia District has been a little bit isolated from nearby restaurants and shopping, but recent new developments and public improvements are quickly changing this location into one of Downtown’s premier hot spots.

One of the new developments that will have a direct impact on property values at Electra is the new Bosa tower currently under construction on what is known as Parcel 9.  In past months, there has been a of “fear of the unknown” attitude with buyers considering purchasing property at Electra, because of potential view obstruction from the new tower.  The new tower will undoubtedly impact views to Westerly facing properties in Electra, but Bosa’s architectural renderings and elevations of the project indicate that the tower will be set on a diagonal, with the narrow edge of the tower facing the waterfront, which will likely have the least amount of negative impact as possible.  What is certain, is the Parcel 9 project will be a dynamic and beautiful building on a landmark corner of downtown, that will enhance its surroundings.

Because of the stratospheric prices that the new project will command, it should set the bar for pricing Downtown which should increase value of properties that surround it, including the Electra.

Electra Condo Sales Snapshot

A market snapshot of Electra has been extremely active over the past 30 days.

The following details the past 30 days of sales at Electra in Downtown San Diego:

  • 8 PENDING SALES (in Escrow)
  • 9 SOLD

There has been a tremendous amount of turnover at Electra in recent months.  In fact, there has been 12 sales in Electra in the past 6 moths, and it looks as if the overall trend is on the rise.  The selling prices of course vary based on views, size, and finishes, but we have seen a per foot selling price range from as low as $344 SP/Sq Ft all the way up to $927 SP/Sq Ft, with an Average of $601 SP/ Sq Ft.   * (SP/Sq Ft= Selling Price per Square Foot)

With all the public improvements happening, such as the Lane Field Project, The North Embarcadero Phase I, The New Waterfront Park, The Headquarters at Seaport District, and now the New Bosa Project that is underway, the whole area is becoming Downtown’s biggest buzz, and the Electra very well may be the best consumer opportunity in 2015.

For more information about condos for sale or to schedule a tour of the property, contact me today!


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Categories: Uncategorized

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