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Mark Mills - Downtown Condo Expert - RE/MAX Consultants

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San Diego Condo Prices Continue Their Upward Trend - Up 8% 1st Qtr 2017

by Mark Mills - Downtown Condo Expert - RE/MAX Real E

Downtown San Diego Condo Pricing Data just in for the first quarter of 2017 showing prices up 8.0% from first quarter of 2016 to an average of $568/sf.  Luxury condos over 1,200 sf were up a similar 7.9% to $629/sf.  Sold prices for the quarter ranged from $372/sf at Union Square condos to $1,149/sf at Park Place condos.  San Diego Condo prices have been on this upward path since the market bottomed out in late 2011 rising 60.9% since the bottom and up 50.3% over the last five years. 

As we all know prices are driven by supply vs demand and the demand for the downtown lifestyle and the views you can get here continues to exceed the supply of for sale condos.  Finally after eight years since the last new condo tower was built in downtown one is expected to come on line in December (Pacific Gate).  Other factors to watch that could influence pricing in the years ahead are, mortgage interest rates, over all macro economy and Federal Government spending on the military.

Savina Condos - Brand New and Now Under Construction in Downtown San Diego

by Mark Mills - Downtown Condo Expert - RE/MAX Real E

Savina is the name of Bosa Developments newest high rise condo tower currently under construction in the Columbia neighborhood one block from Little Italy. 

While I do have copies of the floor plans and list of amenities I dont yet know the finish level the Savina Condos will have, therefore want a little more information before I think it will earn a spot on the coveted Top 10 Condos list.

Residents of downtown San Diego have been waiting eight years now to buy a new condo.  As vibrant as the city has been in recent years with lots of new construction of apartments and office buildings, no new condominiums have been built since 2009.  Bosa Development has just announced the name of their new condo project going up near Little Italy.  They chose the name Savina to give it a local neighborhood feeling. 

The Savina condos are located at the northern edge of the Columbia neighborhood of downtown, right across the street from Little Italy.  Savina will have 285 residences ranging in size from 915 - 1,949 square feet.   The single tower will rise 36 stories and in typical Bosa fashion will have townhomes surrounding the pool area.  Amenities in the Savina condos include amenity deck with pool, fitness center and meeting room.  The bulk of the building will include a total of eight units per floor, with even fewer on the uppers floors which contain the larger floor plans.  Completion is expected near the end of 2018. 

While Bosa development does have another condo tower also under construction, named Pacific Gate, the Savina project will not really be a direct competitor.  The Pacific Gate condos are a Super Prime building, meaning the best design and quality building in a world class city and also the most expensive.  The Savina condos will be similar in many ways to the more traditional quality and design San Diego has seen from Bosa in its prior eight condominium complexes. 

If you're a buyer considering a purchase in the Savina condominiums here are some pluses and minus to the complex.  First the pluses:

1. Its Brand New

2. Its is a great location two blocks from the San Diego Bay and one block from Little Italy

3. While pricing has not been released as of early 2017, the prices might be similar to those found in the resale market at some of better buildings now such as the Bayside and Pinnacle condominiums.

4. Bosa Quality, we have all come to respect and admire the buildings they built and helped transform downtown San Diego.

Now some of the minuses:

1. Its not on the "residential front row", located just one block behind (east) of the residential front row.

2. Its bay views are not unobstructed, see #1, its located almost directly behind the Bayside condos.

3. No floor plan is over 2,000, there is a big market for large 3 bedroom condos, this building will not meet that demand.  Update March 25 2017, they will have 4 penthouse units over 2,000sf.

4. Its two years out from completion, if your not in a rush to move in, you just might get two years of price appreciation while waiting for your move in date. 

Until I get more information, please learn more about it from the link below to my other website which has a page dedicated to the Savina Condominiums.

http://www.liveatthetop.com/SanDiegoCondos.php?pid=120&name=Savina+Condos

Year End 2016 Condo Results Are in For San Diego Condos

by Mark Mills - Downtown Condo Expert - RE/MAX Real E

Condos in downtown San Diego appreciated 6.4% in 2016.  Looking closer at the luxury condo market, prices appreciated at a slightly faster annual pace with a 7.6% appreciation rate.  Prices over the last five years have appreciated about 50%.

How High Up in Pacific Gate Condos To Clear Proposed Pacific Gateway Buildings

by Mark Mills - Downtown Condo Expert - RE/MAX Real E

Buyers in Pacific Gate should strive to be above the 35th floor if they want to see over the proposed twin tower hotel planned for the Broadway Complex (Pacific Gateway) site.  The floor plan at Pacific Gate this would impact the most I think is the 02 floor plan on the SW portion of the building. 

http://www.top10sandiegocondos.com/Pacific-Gate-Condos

 

Downtown San Diego Condo Prices Spike Upward in 3rd Quarter 2016

by Mark Mills - Downtown Condo Expert - RE/MAX Real E

Prices for condos in downtown San Diego jumped 4.7% in one quarter and were up 9.2% from a year ago.  Prices in the luxury condo market (loosely defined as condos over 1,200 sf) jumped 6.6% from the second quarter and were up 8.8% from a year ago.  All measurements are on a dollars per square foot basis ($/sf).

Who Wants a 4,500+sf Condo in Heart of Downtown?

by Mark Mills - Downtown Condo Expert - RE/MAX Real E

I have a pocket listing 4 bedroom condo with Bay and City views, call me if this interest you.

RE/MAX Continues as Industry Leaders Helping More Families Buy and Sell Homes/Condos.

by Mark Mills - Downtown Condo Expert - RE/MAX Real E

 

Luxury Condo Prices Continue to Rise in Downtown San Diego

by Mark Mills - Downtown Condo Expert - RE/MAX Real E

Luxury market continues to appreciate faster than the overall market. Prices for luxury condos, rose 5.6% in Q1 2016 vs Q1 2015 and a 3.6% jump over year end 2015. The over all market was up only 2.1% from the prior 12 months, this lower appreciation was due to a lot of small and inexpensive condo conversion units being sold last quarter. I would like to exclude them but want to keep my chart consistent with whats reported in the MLS. Taking these condo conversions out shows an appreciation of 4% for the overall market.  Appreciation over the last five years is just over 40%.

Update on Sales Activity at Pacific Gate

by Mark Mills - Downtown Condo Expert - RE/MAX Real E

Buyers were hot on snatching up some of the lower priced residences as well as many of the three bedrooms on the upper seven floors (33-40).  On the three bedrooms units seems the South East corner is very popular with buyers as its offers both city skyline views  as well as the bay and Coronado Bridge.  See pic below from 35th floor 3 bedroom plan looking SE.  Over $90 million sold in Pacific Gate residences in first week of sales, I think that is about 1/3rd of the building.  Prices have been raised $100K on the most popular 3 bedroom floor plans which are selling like hot cakes.

The Brand New Pacific Gate Condo Sales Start March 17th

by Mark Mills - Downtown Condo Expert - RE/MAX Real E

We have been waiting for many months for Bosa Development to begin taking deposits and contracts on residences in their brand new Pacific Gate condominium project which will be completed near the end of 2017. 

The advertised starting prices of Pacific Gate residences has been $1,4XX,000.  Im please to announce that they have many units starting below that price, some large one bedrooms as low as $757,900 and some two bedrooms in the $800,000's. 

On March 17th sales will begin to the reservation holders that have previously purchased a Bosa condo directly from Bosa.  However, there is a way to get ahead of this group, I call it the Pacific Gate Fast Pass, if you want one call me to find out how to get one.  These are reserved for those interested in investing a few million dollars into the building.  

The sales event starting on the 17th and going through next weekend is only to those buyers that have made a reservation.  Reservations for the private sale end Wednesday March 16th at noon.  Prices might get raised after that.

If you have any questions on Pacific Gate please give me a call, 619-606-2596.

http://www.top10sandiegocondos.com/Pacific-Gate-Condos

Displaying blog entries 1-10 of 34

Contact Information

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RE/MAX Consultants
Mark Mills - Downtown Condo Expert CalBRE 01360992
437 J Street #211
San Diego CA 92101
(619) 606-2596
CA BRE #01360992
Fax: (760) 340-9615

The Best Luxury Condos in Downtown San Diego.