Over the past several months this blog has noted that with the conclusion of developer sales at Bayside San Diego Condos that a reaction in the resale market would occur.

With 6 months of sales and listing history since the sales office closed, we can begin to draw on data regarding the value of Bayside Condos and other properties in the San Diego Columbia District condos.

Starting with a quick snapshot of Bayside By Bosa activity over the past 6 months.  There are seven current listings, however only 5 are resales.  The Bayside Penthouses at #3302 and 3403 are still offered by Bosa.

There have been 11 sales over the past 6 months at Bayside; 5 new and 6 resale.  A breakdown of listings and sales follows:

The average cost per square foot among listings at Bayside is currently $872/sf.  This is greatly skewed by the two penthouses, which are among the most expensive and valuable properties in Downtown San Diego.  Removing these the average cost per square foot among listings is $793.

Sold Bayside San Diego Condos have averaged $523/sf.  This is 66% of the average of list prices.  Clearly, there is a variety of floorplans and views available at Bayside, and “averages” don’t accurately address the gap between current listings and their comps among condos sold over the past 12 months.

Some comps among Bayside Condos

Bayside #3005 is a “penthouse level” floorplan of almost 1,900 square feet.  On the buildings northwest corner, its view is among the best in town. At $1,525,000 ($808/sf), a buyer and seller came together after the property was listed for 57 days.

#2901 was the last Bayside Condo sold by Bosa.  It is an 1,860 sf apartment, with 2 master suites.  Its view is directly west facing.  The sale price was $1,235,000 ($663/sf).   And the 9th floor resale, #904, was sold at $442/sf.

These are particularly relevant when looking at a property like #901, which is currently listed at $1,150,000 ($635/sf). It is exactly the same footprint–although 50 feet smaller–20 stories below the sale at #2901.  But the asking price is only $85,000 less!  And the cost per square foot is 50% higher than the recent 9th floor sale.

Let’s look at alternatives.

Downtown San Diego Grande Condo

The Grande Condo preceded Bayside in the San Diego Columbia District by 4-5 years, and is located 1 block south.  The Grande’s two towers are anchors of the San Diego Skyline.

Bosa built The Grande in 2004 and 2005 as the benchmark of high end condo living in San Diego–however, they clearly went to a higher level at Bayside.  Every two bedroom condo at The Grande has a west facing view to The Embarcadero and beyond!  The larger floorplans have progressively better views.

Following is listings and recent sales at The Grande:

At The Grande, current listings average $602/sf, while sold properties over the past 6 months have averaged $497.  Prices of current listings seem far more in line with recent sales than at Bayside.

It is noteworthy in all of this statistical analysis that the Downtown San Diego real estate market is seeing greater activity and a slow rise in prices.

Buying Columbia District San Diego Condos

There has been a real shift in the value proposition in these two condos.  And recent resales in The Grande seem to indicate a new perception of value.

Current listings in Bayside are listed at prices that don’t approximate past sales–and are certainly much higher than prices at The Grande.  Certainly arranging showings in both buildings and making your own comparisons is time well spent.

The Bayside Penthouses

The exception to this blog’s perception of Bayside being overpriced is Bosa’s 2 remaining unsold penthouses.  Penthouse #3403 and #3302 are both listed in excess of $1,000/sf ($3.3 to $3.4 mil).  However, past sales indicate that a price reduction in excess of $150/sf can be negotitated.

The market for Downtown San Diego penthouses has been surprisingly weak.  These properties are simply exceptional and should be swept up!

It’s time for another look at Columbia District resales.  Come down and have a look!

Let’s have a conversation about San Diego Real Estate…David Manes

david.manes@welcometosandiego.com or phone 858.432.3203

Downtown San Diego

The East Village:  A neighborhood with vast diversity in culture, lifestyle, entertainment, and dining choices. In the latter category;  The Village @ 631 has come into it’s own as a local hot-spot for farm-to-fork cuisine, organically grown coffee and teas, and now craft beer and wines.

The space was previously operated as Java Jones Coffee House, but was unable to survive among the larger big name coffee chains. The space did have a loyal following, but unfortunately not enough to keep the doors open.  Since then, new owners have moved in, along with an incredibly expanded menu that is starting to draw much deserved attention to a great new neighborhood eatery and coffee house.

The Village @ 631- Fresh food and ideas, as diverse as the neighborhood in which it resides.

The Village @ 631 has a personality all of it’s own, which has evolved dramatically over the past 12 months.  Cynthia Hillman, the owner and visionary behind the Village @ 631, recruited a renown chef from the Lodge at Torrey Pines, breathing new life into the little neighborhood coffee shop.  When entering, you immediately are drawn to its open and inviting atmosphere.  The space is tastefully decorated, complimenting the industrial brick walls and exposed beam character of the building.

The Menu at the Village @ 631 focuses on Breakfast and Lunch.  All breakfast entrees include seasonal fresh fruit, and range from creative omlettes and scrambles, to quiches and health conscious dishes.  The breakfast menu is ever-changing, and will often include chef’s specials, served daily from 7:00am- 1:00pm.

The lunch menu offers a variety of salads and hot & cold sandwiches, and is moderately priced, for the quality ingredients being offered.  I like the fact that you can add delicious options to your salads like marinated flank steak, or roasted garden vegetables.

The desserts and pastries are to die for…

Everything is from scratch, and it shows.  I have a personal weakness for cookies, and as a self proclaimed cookie connoisseur, I can tell you that The Village @ 631 has some of the most interesting and delicious cookies I have ever tasted!  Among my favorites are the salty/ sweet sensation of sea salt-white chocolate chip cookies.  I also loved the hand dipped macaroons that are not only massive, but they taste amazing.  Both are a perfect compliment to a delicious cup of slow brewed organic coffee.

Reggae Brunch at The Village @ 631

Looking for “Positive Vibrations” on your Sunday morning?  The Village @ 631 now has Live Reggae music to add to their fantastic Sunday Brunch!

Unlike any other breakfast venue in Downtown, you can enjoy the sounds from the Caribbean.  A relaxing kick start to a Sunday morning with $2.00 mimosa glasses, or if you are feeling really festive, purchase a pitcher for $10.00.

There are also craft beer specials, like $4.00 Maui Coconut Porter cans.  I think that this is going to be a big hit that will put this great little neighborhood eatery on the map.

The Welcome To San Diego Team often features The Village @ 631 as one of the stops on their Downtown Lifestyle & Real Estate Tours every Saturday.  Cynthia Hillman personally tells her story and offers delicious samplings for our guests.

Sound enticing?

Book a Lifestyle and Real Estate Tour Today To Learn More.

The Village @ 631

631 9th Ave
San Diego, CA 92101

I rely on Yelp and the reviews of other San Diegans for restaurants and other services, so it seemed like a good place to start. According to Yelp, the following are among the highest ranked swim lessons in San Diego.

Mission Valley YMCA is the highest rated and within a few minutes on their website it’s easy to see that the Youth Aquatics program has a lot to offer. Infant/Toddler classes for 3-48 months-old, preschool classes for 3-5 year olds, youth classes for 6-13 year olds, swim team and private lessons are available. You need not be a member, but members do get reduced pricing.

Aqua Pros Swim School, located in Clairemont, provides lessons at both their location, the Indoor Saline pool at the Boys and Girls Club on Clairemont Mesa Blvd, or at your home. They offer a free introductory class which allows the instructor to evaluate your child for placement and allows you to see the type of instruction they offer. Pricing is determined by the number of days per week you’d like your child to attend and discounted rates are given for the 3rd and 4th child in the family.

Jennifer Mills- Water Safety Instructor, located in Chula Vista, received high praise for both instructing children and adults. I did not find a website for her, but for further information she can be reached at (619) 436-8255.

Noonan Family Swim School offers swim lessons throughout San Diego and Riverside County, including Linda Vista, Rancho Bernardo/4S Ranch, Del Mar and Murrieta/Temecula. Their Splash Babies infant swim lessons program is specifically geared for infants and toddlers. Once your child has graduated Splash Babies they offer a color-coded program where your child progresses through the levels based on their age and skill level.

AquaSafe Swimming in Point Loma offers private and semi-private lessons at their location, Gold’s Gym on Sports Arena Blvd, or at your home. A session generally runs two weeks, Monday-Friday, for a total of 10 20-30 minute lessons.

There are also great options at the various city pools. Among those highly rated are the La Mesa Municipal Pool and the City of Coronado Aquatics Center.  Other options can be found at the City of San Diego Aquatics Program site.

With so many great options available you can pretty much find a class to fit your needs. There are group, private and semi-private classes available weekdays, evenings and weekends all over San Diego County. Water safety is a key element of summer fun in San Diego.

The Humphrey’s Concerts by the Bay concert season has begun and has a fabulous line-up running through October 5th! This year’s entertainment includes various genres ranging from country & folk to jazz, rock, international music, and more. Check out the 2012 schedule for a complete list of performers.

Seating for each concert is reserved and tickets can be purchased individually or from one of the three Humphrey’s Lexus packages. Lexus Premium packages are sold in pairs (2) and include dinner in Humphrey’s restaurant, premium seating, and a suite, junior suite or room at Humphrey’s Half Moon Inn. The Premium Suite package includes seats in row 1, center section. The Premium Jr Suite package includes seats in row 2 center section. The Premium Room package includes seats in rows 3 or 4 center section.

The Humphrey’s Concerts by the Bay venue is located between Humphrey’s Restaurant and Humphrey’s Half Moon Inn with a 1400-seat outdoor theater on the beautiful San Diego Bay at Shelter Island. They have been holding various types of events here since 1982. It’s sure to be a great time- with fantastic performers, amazing San Diego summer weather and gorgeous evening/sunset views.

A few notables from this year’s lineup include Alison Krauss, Ringo Starr & his All Star Band, Yanni, Sheryl Crow, Earth, Wind & Fire, Los Lonely Boys, Seal, Joan Rivers, Air Supply, Steve Martin, Chicago, Bill Maher, Crosby, Stills & Nash and more!  Enjoy!

Parking is available at Humphrey’s for $10. Free public parking lots are located nearby on Shelter Island. Valet parking is available for the restaurant only.

Downtown San Diego

An extremely rare and unique property has just hit the Downtown San Diego Condo market that is unlike anything else I have ever seen….

The 350 West Ash community is on the modest side compared to other luxury towers; however, it hosts a incredibly unique penthouse that I would consider being the Ultimate Downtown San Diego Bachelor Pad!

The 350 West Ash Building is the physical address of the property as well as the name of the community complex.  The complex is one of 2 developments in all of Downtown San Diego that falls into the category of  ”Adaptive-Reuse.”  Adaptive Reuse is the process of reusing the existing frame, and completing a “gut-rehab” of the entire structure.  This is heavy duty commercial grade type 1 construction, now “reused” or reconstructed as a residential tower…

In other words; 350 West Ash could be considered a “GREEN” building.

350 West Ash Penthouse #1205

The Penthouse Residence #1205 at 350 West Ash St. is the prime South/ West corner on the top of this high-rise condominium community.  The interior layout is on the smallish side, but it does have very interesting architectural detail and spectacular bay & city views.  This urban loft style condo features high ceilings and is flooded with natural light due to it’s orientation.  Beautiful  wood floors accentuate its contemporary design, and the open loft floor plan highlights the architectural crown of the building.

When entering into this Penthouse Suite, you immediately get an impression of the character of this urban loft by the vintage Wurlitzer jukebox located in the corner of the unit.  The jukebox is located on the first floor (downstairs), which hosts the living room and kitchen area.  The kitchen features quality stainless steel appliances and beautiful Caesarstone counter tops that compliment the tasteful interior.  Walls of windows then draw your eye to the outdoors where a fantastic private patio off the living area extending to the outdoors, where your views look out on to the Big Bay and the beautiful downtown cityscape.

Upstairs is the loft area, which is open to the living area below, giving the space a voluminous appeal for its size.  The current owner has configured the upstairs area with a den/ office that is separated with a decorative partition wall that separates the master bedroom area.  Residence 1205 has 2 full bathrooms, both upstairs near the master bedroom & den, as well as downstairs, conveniently located for the guests.  The overall square footage of the condo is just under 1,200 sq ft, but its not necessarily the condo that makes this the Ultimate Downtown Party Pad…

Downtown San Diego’s Best Private Party Deck

Residence 1205 at 350 West Ash includes the exclusive use rights to the entire 700 sq ft rooftop party deck with 360 degree panoramic views from La Jolla to Mexico and beyond!

If you like to impress and entertain, look no further!

I could only imagine the type of entertaining possibilities that one would have in such a exclusive amenity.  The patio is accessible by a rather narrow stairwell that can be locked when not in use.  Once atop the rooftop, one can entertain with a wonderful outdoor built in barbecue and large fire pit.  It truly is an amazing space that is conveniently located footsteps from the Penthouse residence 1205.

The rooftop originally was intended for common use to all of the residents of the building during the construction of the building. Building code and ADA compliance regulations ultimately prevented the space from being a common space because there was not a possibility to add a wheel chair lift.  Because the deck could not be accessed, nor pass compliance codes, B & H Development was forced to assign exclusive use of the deck patio, and Penthouse Residence #1205 was the lucky recipient.  The same story goes for what was intended to be a common use fitness center and sauna in the building.

Located on the first parking level is a hidden door that is only accessible for the private use to Penthouse #1205.  The door opens up to a surprisingly large fitness room with quality equipment.  There is also men and women’s changing rooms, showers and a dry sauna.

It is incredible that such a rare space can be assigned to 1 unit!

I could just imagine a “man cave” with surround sound, movie theatre, along with the fitness equipment.  Like I said, there is nothing like it in San Diego!

Apparently, one of the Developers purchased residence 1205 after the construction of the building was completed.  It had obvious value with the conveyance of the exclusive use rook deck and fitness center and originally sold for well over 1 Million dollars..  The penthouse also conveys with 3 side-by-side parking spaces…

Perfect for the automobile collector!

Interesting enough, the property had been foreclosed on twice since it originally sold.  The price tag has since taken a dramatic drop and is now for sale for a pretty amazing price of $749,000.

I could see a professional athlete or entertainer getting the most out of this space.

Imagine having your own roof top party palace and private gym…

To schedule a private viewing of this incredible property give me a call  or email me today:

Brent Cole

(858) 531-8785

brent@welcometosandiego.com

Real Estate Downtown San Diego…

…is on fire right now.  We are at the first point in 6 years where we have less than a 6 months supply of inventory for all price categories below $1 Million.  Why is this significant?  A 6 month inventory is considered a balanced supply of homes as defined by economic models that are used in American Universities and Institutions.

For the past 6 months, it’s been the same story for buyers in the $150,000 to $449,499 range.  There’s not even a 2 months supply of these Downtown San Diego Properties and competition is fierce.

The majority of these properties go into contract within the first week and more often than not, they receive multiple offers.  To further make the buyer’s market more challenging, First American Title states that approximately 47% of these deals occur in cash!

In the $450,000 to $599,999 range, we find a 5.5 months supply of properties, but many of these properties are the remaining new sales left at Solara Lofts, Breeza and Aloft with are still demanding premium pricing in what has previously been a discounted market.  I say previously because we are really seeing a shift in property values..the shift is upwards!

The Shift is Upwards!

Six months ago, we stated that it was still to be seen what would happen in the $600,000 to $1Million range as this is where the market was completely flat.  Buyers were not buying except for the ultra distressed short sale or foreclosure properties, but now buyers are feeling the sense of urgency to purchase why some of the deals still exist.

The steals seem to be farther and fewer between these days, but the market still has some really great opportunities.   This is the new deal…great properties will have multiple offers in almost every price range and we are seeing a floor of resistance to price reductions right up to $1Million.

If you’re fortunate enough to have the ability to purchase a home for over $1 Million, then you will really appreciate the Downtown San Diego Real Estate market.  We still have a 12 month inventory of Downtown Condos in this category and there are some really beautiful luxury condos to chose from.

Downtown San Diego Real Estate

The good properties still go quickly, but buyers don’t have to frantically sprint to new listings to shoot offers from the hip as they hear rumors of other offers flooding into the listing agents office.  Time is limited for all buyers as people know the bottom is gone.

It’s time to turn the page to a new chapter in the book for Downtown San Diego Real Estate.  The distressed market Chapter was good, but I’m ready to see the next phase unfold.

Marina Park Condominiums, a landmark residential development in downtown San Diego is located in the prestigious Marina District.  It is one of downtown’s earliest condo projects, built in 1984.

Marina Park is a great bargain compared to higher-priced luxury high-rises that surround it. Prices start around $275,000 for a one-bedroom floor plan, up to $600,000 for three bedrooms. Long-time residents and new buyers love Marina Park because of its desirable location, lushly landscaped grounds, and wide array of amenities.

Marina Park’s Unique Location

One of the most delightful features of Marina Park is neighboring Pantoja Park, the oldest city park in downtown – even older than Balboa Park! This historic park dates back to California statehood in 1850 and is named after the Spanish explorer, Don Juan Pantoja y Arriaga, who first charted San Diego Bay in 1782. Marina Park residents can walk directly into the city park through a private, gated entrance.

Marina Park is centrally located, a short walk to the Gaslamp Quarter, Horton Plaza mall, Ralph’s grocery, Seaport Village, San Diego Convention Center, and the waterfront.

Marina Park has 224 units in two, four-story buildings that span the length of two city blocks. The attractive buildings are mirror images of each other and offer relatively spacious floor plans ranging in size from 1-bedroom units of 666 to 890 square feet, 2-bedroom units of 1264 to 1308 square feet, and 2-bedroom plus den and 3-bedroom units of 1500 to 1633 square feet. Many of the units have been individually updated, offering buyers a wide array of interior styles and spaces. Views from most of the units are cityscape, though some of the units capture peek bay views.

A Walk through the Park

Marina Park’s walkways are lined with lush, colorful flower gardens and tranquil water fountains. Each building offers its own pool and hot tub, and the community shares a fitness center, sauna, and recreation room. Residents also appreciate a recently remodeled, beautiful lobby with an attendant, 24-hour security, and 35 guest parking spaces (a rarity in downtown).

HOA dues range from $470 to $549 per month and include cable TV services, hot water, gas, trash pick-up, and common area maintenance.  For more information on Marina Park, or condos available for sale, please call (619) 246-8400.

5/3 – ValBeMar & Candelas by Martin San Roman Pairing Event | Downtown San Diego | 11:00 a.m. – 6:00 p.m. | $70 | Experience the best of both worlds at this one of a kind food & drink tastemaker event featuring 3 custom Mexican-French dishes paired with ValBeMar Indonesian Specialty Coffee.

5/4 – 5/6 – Scrapbook Expo | Del Mar Fairgrounds, O’Brien Hall, 2260 Jimmy Durante Blvd, Del Mar | Friday 10:00 a.m. – 6:00 p.m., Saturday 9:00 a.m. – 5:00 p.m. | $8 admission; workshop fees not included | Door prizes, workshops, make & takes, crops, exhibits and more

5/4 – 5/6 – Fiesta Old Town Cinco de Mayo | Old Town San Diego | Saturday 11:00 a.m. – 10:00 p.m., Sunday 11:00 a.m. – 5:00 p.m. | FREE | Live entertainment, kids area & stage, delicious food, beer garden and more

5/11 – 5/12 – Annual Allied Gardens SpringFest | Allied Gardens Community Park, 5155 Greenbrier Avenue | Friday 5:00 – 11:00 p.m. , Saturday 9:00 a.m. – 11:00 p.m. | Carnival, pony rides, inflatables, rock climbing wall, dunk tank, food, beer garden (5-11 pm), three stages featuring local musical talent

5/11 – 5/13 – Gator by the Bay Festival | Spanish Landing Park at Harbor Island, San Diego Bay | Refer to website for schedule | The event features 25 bands on five stages, dance lessons, Cajun cooking demonstrations and delicious crawfish

5/12 – Chocolate Festival San Diego Botanic Garden |  San Diego Botanic Garden, 230 Quail Gardens Drive, Encinitas |10:00 a.m. – 4:00 p.m. | Delectable chocolate tastings, demonstrations, chocolate fountain, children’s activities (ages 2-12), and a variety of Mother’s Day gifts

5/20 – 19th Annual Sicilian Festival | Little Italy, Downtown | 10:00 a.m. – 6:00 p.m. | FREE | Sicilian Cultural Pavilion, Sicilian Cuisine, Ethnic Entertainment on Four Stages, Free Children’s Rides & Entertainment, Peroni Beer & Wine Tent, Art, History, & Heritage of the Sicilian-American Families of Little Italy, Car Show and Grape Stomp

Click here for a Virtual Tour

Check it out!

Cinco de mayo is just around the corner and Old Town will be back at it with their 29th Annual Fiesta Old Town Cinco de Mayo presented by Corona & Corona Light. The 3 day FREE Event takes place on Friday, May 4th from 5:00 PM – 10:00 PM, Saturday, May 5th from 11:00 AM - 10:00 PM, and Sunday, May 6th from 11:00 AM - 5:00 PM.

This festival kicks off on Friday with a Motocross Exhiition produced by Red Bull where spectators can watch the riders do some amazing stunts! The Red Bull DJs will keep the fiesta going strong all day and through the evening. Also, you’ll want to head to the Old Town Historic State Park to experience a world-renowned multi-cultural choral concert by Misa Azteca from 7:00 PM until 8:45 PM.

Saturday events will include a carnival, petting zoo and educational activities for los niños. For the adults, the beer garden with ice cold Coronas and the high-end tequilla sampling area will help to get the party started. Music will be blasting all day on one of the 3 main stages where you can hear authentic mariachis, Latin rock n roll, DJs and more! There will also be the Red Bull “Fiesta de Futbol”, where professional soccer players go head to head in special exhibition games exclusive to the Fiesta Old Town Cinco de Mayo!

Sunday’s festivities will include more live entertainment, historical enactments played out, lots of vendor booths (where you can pick up some great bargains on jewelery to sombreros) and plenty of food to go around! Be sure to visit the museums and specialty stores, take a ride in a stagecoach and emerse yourself in the history and culture of Mexico!

Check out Fiesta Old Town‘s website for more information regarding the event!

There will be no time to siesta, as activities, great food, dancing, mariachis and other live entertainment will be rolling strong from late morning into late at night!