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The Mark CompanyMonthly ReportsDowntown San Diego
July 2016
Contents
New ConstructionSold OutPipeline SummaryDisclaimer
Notes1) New Construction developments are either actively selling for the first time or a rental development that has been converted to for sale and is now actively selling. Most recent closings include the last 10 reported closings that have price and square footage included.
2) Sold Out developments have completed their original sales process and are now being tracked for resales. Most recent closings include the last 10 reported closings that have price and square footage included. The list may include both new and resale closings as noted.
3) This report covers new construction developments with 20+ market rate units and selected sold out developments with 50+ market rate units located in downtown San Diego.
4) Assume that developments in the New Construction section are actively selling units unless noted otherwise. In addition, list prices and number of units available are based on the month of the report and closings are based on what has been recorded to date. Please note that closings can take 30-60 days to be recorded.
5) Date On Market refers to the date the Sales Center opened. 6) Average Absorption is calculated from Date On Market through the date of the report. It accounts for units both in contract and closed.
7) Average Price/SF is calculated using only units where both square footage and price are known. Average Price/SF is defined as the average price divided by the average square footage. Averages are weighted averages.
8) Developments are considered Sold Out once the last Market Rate unit has closed OR there have been three months without a closing, all units are in contract and the Sales Center is closed (e.g. there is no active marketing).
9) Below Market Rate units are omitted from new construction and resale closings whenever possible.
Monthly Reports - Downtown San Diego - July 2016
New ConstructionThe following section contains sales information and updates for currently selling developments located in downtown San Diego.
Project ListPacific Gate
Monthly Reports - Downtown San Diego - July 2016
Pacific GateLocated in downtown San Diego’s Marina district, Pacific Gate is destined to be a landmark in San Diego’s evolution.The 41-story building will redefine the skyline and feature iconic waterfront and city views. The residences will feature custom cabinetry, Sub-Zero refrigerators and wine refrigerators, Wolf gas stoves and ovens, Miele dishwashers, Caesarstone countertops and Victoria + Albert freestanding tubs. Finishes are available in three color schemes. Designed in two-bedroom, two-bedroom plus, three-bedroom and three-bedroom plus configurations, the residences are generously-sized between 1,240 square feet and 2,608 square feet.
Amenities and services include an outdoor pool terrace with poolside cabanas, porter, private boat share, chef concierge, 24-hour attended lobby, private luxury car fleet, controlled access, resident lounge and valet.
Available homes are priced from $1,052,000 to over$4,000,000.
Monthly Reports - Downtown San Diego - July 2016
New Construction
Addresses899 West Broadway
Total Units216
Date on MarketFebruary 2016
Closings CommencedTBD
DeveloperBosa DevelopmentCorporation
Average HOA Fees$1,489 - $1,765/month
Average Absorption14 units/month
Projected Price/SF$1,000
Sales Status
0 closed 81 in contract 135 available
Sold OutThe following section contains selected sold out developments located in downtown San Diego.
Project List*AriaBayside at the EmbarcaderoElectraSapphire TowerSmart CornerThe LegendThe Mark
* Sorted in alphabetical order
Monthly Reports - Downtown San Diego - July 2016
AriaOffering panoramic views of Balboa Island and city lights, Aria sits high atop Cortez Hill in downtown San Diego. The one-, two- and three-bedroom homes offer floor-to-ceiling windows, expansive balconies and high-end finishes.
Community amenities include secured access, a generous fitness center with rooftop pool and spa, screening room, clubroom with catering kitchen and ample parking.
Monthly Reports - Downtown San Diego - July 2016
Sold Out
Address1441 9th Avenue
Total Units137
Date on MarketMay 2005
Closings CommencedFebruary 2008
DeveloperAnka Property Group
Average HOA Fees$500+/month
Sold Out2011
Last Six Months Price/SF$484 (9 units)
Most Recent Closed Sales
Unit Type SFClosing
Price$/SF
Closed Date
Sale Type
304 3/2 1,261 $580,000 $460 6/27/2016 Resale
203 3/2 1,206 $535,000 $444 6/21/2016 Resale
803 2/2 1,451 $749,900 $517 6/9/2016 Resale
805 2/2 1,253 $625,000 $499 6/7/2016 Resale
305 3/2 1,391 $615,000 $442 5/24/2016 Resale
502 2/2 1,004 $505,000 $503 5/13/2016 Resale
1001 2/2 1,235 $640,000 $518 4/19/2016 Resale
211 2/2 1,253 $605,000 $483 4/1/2016 Resale
902 2/2 1,251 $619,000 $495 2/8/2016 Resale
2003 2/2 1,355 $740,000 $546 12/28/2015 Resale
Averages: 1,266 $621,390 $491
Bayside at the EmbarcaderoOffering luxurious one- and two-bedroom homes along San Diego’s waterfront, Bayside is comprised of 232 spacious condominiums. Bayside combines the mystique and privacy of the City’s waterfront with the convenience and culture of its exciting downtown.
Finishes include Snaidero cabinetry, Viking and Miele stainless steel appliances, Caesarstone countertops and premium Kohler fixtures. The resort-style community features a beautiful third floor pool, lushly landscaped grounds, a fitness center, game room and private wine storage.
Monthly Reports - Downtown San Diego - July 2016
Sold Out
Address1325 Pacific Highway
Total Units232
Date on MarketFebruary 2007
Closings CommencedJune 2009
DeveloperBosa Development Corporation
Average HOA Fees$710 - $930/month
Sold Out2013
Last Six Months Price/SF$721 (3 units)
Most Recent Closed Sales
Unit Type SFClosing
Price$/SF
Closed Date
Sale Type
705 2/2 1,196 $746,000 $624 4/15/2016 Resale
1504 2/2 1,462 $975,000 $667 3/25/2016 Resale
2001 2/2 1,811 $1,500,000 $828 2/23/2016 Resale
2302 2/2 1,404 $1,335,000 $951 12/15/2015 Resale
1004 2/2 1,462 $905,000 $619 10/16/2015 Resale
402 2/2 1,460 $800,000 $548 8/11/2015 Resale
2104 2/2 1,462 $1,090,000 $746 7/8/2016 Resale
2203 2/2 1,460 $1,050,000 $719 6/12/2015 Resale
311 3/3 2,042 $1,050,000 $514 5/22/2015 Resale
3501 2/3 1,860 $1,860,000 $1,000 5/12/2015 Resale
Averages: 1,562 $1,131,100 $724
ElectraAt 43-stories, Electra is downtown San Diego’stallest residential tower and offers luxury condominiums in a luxury bayside setting. Ranging from 1,000 to 8,370 square feet in size, the spacious two- and three-bedroom floor plans feature stylish and sophisticated finishes tocomplement their awe-inspiring views.
Homes feature hardwood and carpet flooring, European-style cabinetry, Kohler fixtures and stainless steelappliances. Residents enjoy a host of generousamenities including gated parking, concierge services, arooftop pool area with spa and fireplace lounge, outdoorgrilling area, fitness center and social lounge.
Monthly Reports - Downtown San Diego - July 2016
Sold Out
Address700 West E Street
Total Units248
Date on MarketMarch 2005
Closings CommencedFebruary 2008
DeveloperBosa Development Corporation
Average HOA Fees$500+/month
Sold Out2010
Last Six Months Price/SF$581 (9 units)
Most Recent Closed Sales
Unit Type SFClosing
Price$/SF
Closed Date
Sale Type
405 2/2 978 $545,000 $557 6/30/2016 Resale
516 2/1.5 1,505 $630,000 $419 6/15/2016 Resale
1205 2/2 1,161 $664,900 $573 6/2/2016 Resale
302 1/1 963 $479,000 $497 5/25/2016 Resale
806 2/2 1,548 $930,000 $601 4/28/2016 Resale
1605 2/2 1,161 $667,500 $575 4/25/2016 Resale
903 2/2 1,370 $710,000 $518 4/13/2016 Resale
2304 2/2 1,488 $890,000 $598 4/7/2016 Resale
3302 2/2 1,456 $1,240,000 $852 1/20/2016 Resale
2503 2/2 1,370 $925,000 $675 11/12/2015 Resale
Averages: 1,300 $768,140 $591
Sapphire TowerAt 32 stories tall, Sapphire Tower offers luxury high-rise living by the San Diego Bay waterfront. Featuring one-, two- and three-bedroom homes, along with exclusive penthouses, Sapphire Tower is an elegant retreat in downtown San Diego.
Homes feature private balconies, European cabinetry, granite countertops and Dacor appliances. The 19 penthouses feature private elevators, Wolf and Sub-Zero appliances and wine storage. Community amenities include a sundeck with pool and spa, fitness center with steam rooms, a clubroom, underground parking and attended lobby.
Monthly Reports - Downtown San Diego - July 2016
Sold Out
Address1262 Kettner Boulevard
Total Units97
Date on MarketAugust 2005
Closings CommencedNovember 2008
DevelopersCenturion Real Estate Partners; Avion Development
Average HOA FeesUnknown
Sold Out2013
Last Six Months Price/SF$754 (3 units)
Most Recent Closed Sales
Unit Type SFClosing
Price$/SF
Closed Date
Sale Type
2102 2/2 1,283 $860,000 $670 6/14/2016 Resale
2204 2/2 1,707 $1,430,000 $838 4/29/2016 Resale
1904 2/2 1,704 $1,250,000 $734 1/13/2016 Resale
1104 2/2 1,707 $1,190,000 $697 12/2/2015 Resale
605 1/1 1,100 $529,000 $481 12/1/2015 Resale
505 1/1 1,100 $505,000 $459 11/13/2015 Resale
2101 2/2 1,949 $1,515,000 $777 9/15/2015 Resale
904 2/2 1,707 $1,190,000 $697 9/11/2015 Resale
603 0/1 505 $305,000 $604 8/4/2015 Resale
1002 2/2 1,283 $708,000 $552 6/10/2015 Resale
Averages: 1,405 $948,200 $675
Smart CornerSmart Corner offers easy access to the best of downtown San Diego living. The 19-story mixed use development includes a five-story office building and ground-floor retail space. The building’s triangular design ensures panoramic views of the ocean and downtown.
Floor plans are available in studio, one- and two-bedroom configurations, as well as a “SmartLoft” concept, which allows buyers to customize their space with movable walls. Homes feature gourmet kitchens and outdoor balconies in select units.
Community amenities include a unique 20th floor rooftop terrace with a large spa and barbeques, fully-equipped fitness center, secured underground parking and dual-lobby entrances.
Monthly Reports - Downtown San Diego - July 2016
Sold Out
Address1080 Park Avenue
Total Units301
Date on MarketAugust 2004
Closings CommencedSeptember 2007
DeveloperLankford & Associates
Average HOA Fees$466+/month
Sold Out2013
Last Six Months Price/SF$504 (11 units)
Most Recent Closed Sales
Unit Type SFClosing
Price$/SF
Closed Date
Sale Type
1616 2/2 913 $451,000 $494 6/10/2016 Resale
1305 0/1 466 $267,000 $573 6/6/2016 Resale
1016 2/2 913 $432,500 $474 5/24/2016 Resale
1014 1/1 592 $345,000 $583 4/13/2016 Resale
1807 0/1 758 $350,000 $462 4/7/2016 Resale
212 1/1 592 $299,000 $505 3/22/2016 Resale
1804 0/1 462 $260,000 $563 3/21/2016 Resale
1401 2/2 1,328 $670,000 $505 2/17/2016 Resale
1306 0/1 462 $264,000 $571 2/10/2016 Resale
606 0/1 462 $205,000 $444 2/3/2016 Resale
Averages: 695 $354,000 $510
The LegendBuilt within Petco Park, The Legend offers a lifestyle like no other in downtown San Diego. The building consists of 170 condominiums and eight townhomes. Community amenities include an attended lobby, concierge, fitness center, social lounge and two rooftop decks, one of which overlooks the ball park. The building is within walking distance to the Gaslamp Quarter and Horton Plaza. Homes feature rich hardwood and carpet flooring, fireplaces, European-style veneer cabinetry, granite slab countertops, GE Monogram stainless steel appliances, breakfast bars, Kohler fixtures and roller shade window coverings. Select homes also include oversized balconies, dens, walk-in closets and extra storage space. Home sizes range between 800 and 2,500 square feet.
Monthly Reports - Downtown San Diego - July 2016
Sold Out
Address325 7th Avenue
Total Units178
Date on MarketOctober 2005
Closings CommencedSeptember 2007
DeveloperBosa DevelopmentCorporation
Average HOA Fees$700+/month
Sold Out2012
Last Six Months Price/SF$575 (6 units)
Most Recent Closed Sales
Unit Type SFClosing
Price$/SF
Closed Date
Sale Type
1407 2/2 973 $639,000 $657 6/14/2016 Resale
309 2/2 927 $474,500 $512 6/3/2016 Resale
1006 2/2 972 $587,000 $604 4/21/2016 Resale
704 2/2 1,180 $670,000 $568 3/9/2016 Resale
806 2/2 972 $557,000 $573 2/8/2016 Resale
901 2/2 1,234 $670,000 $543 1/5/2016 Resale
802 2/2 973 $617,000 $634 10/23/2015 Resale
507 1/1 849 $510,000 $601 10/23/2015 Resale
607 1/1 849 $510,000 $601 10/13/2015 Resale
1602 2/2 935 $735,000 $786 9/11/2015 Resale
Averages: 986 $596,950 $605
The MarkA high-rise located in downtown San Diego’s East Village, The Mark is a soaring 32 stories tall. Most of the condominiums feature incredible views across downtown, the Bay and Petco Park. Community amenities include The Park, which features an outdoor pool with cabanas, courtyard with Zen garden, fitness center, business center, storage and a 24-hour attended lobby.
Homes are available in one-, two- and three-bedroom configurations, as well as a limited number of exclusivepenthouses. Sophisticated finishes include European cabinetry, granite countertops and sleek stainless steel appliances.
Monthly Reports - Downtown San Diego - July 2016
Sold Out
Address800 The Mark Lane
Total Units244
Date on MarketApril 2004
Closings CommencedAugust 2008
OwnerThe Radco Companies
Average HOA Fees$650+/month
Sold Out2012
Last Six Months Price/SF$643 (13 units)
Most Recent Closed Sales
Unit Type SFClosing
Price$/SF
Closed Date
Sale Type
2401 2/2 1,321 $900,000 $681 6/14/2016 Resale
502 1/1 902 $486,000 $539 6/8/2016 Resale
706 2/2 1,467 $860,000 $586 6/6/2016 Resale
1904 1/1 905 $564,000 $623 5/20/2016 Resale
803 1/1 878 $475,000 $542 4/29/2016 Resale
501 1/1 919 $495,000 $539 4/8/2016 Resale
1106 1/1 760 $495,000 $651 4/6/2016 Resale
1603 1/1 878 $515,000 $587 3/16/2016 Resale
1208 1/1 875 $537,500 $614 3/10/2016 Resale
1702 1/1 902 $535,000 $593 3/7/2016 Resale
Averages: 981 $586,300 $598
Pipeline SummaryUnder ConstructionApprovedUnder Review
Monthly Reports - Downtown San Diego - July 2016
Condominium & Townhome Pipeline Summary
AreaUnder
ConstructionApproved Under Review
Columbia 285 0 144
Cortez Hill 0 78 0
Little Italy 0 220 0
East Village 0 1,134 0
Marina 0 0 172
Totals 285 1,432 316
Rental Pipeline Summary
AreaUnder
ConstructionApproved Under Review
Columbia 0 0 0
Cortez Hill 205 403 282
Little Italy 251 265 507
East Village 2,471 2,130 396
Marina 0 0 170
Totals 2,927 2,798 1,355
The Mark Company maintains a detailed list of all upcoming developments in the pipeline. Contact Erin Kennelly at [email protected] for more information.
Pipeline Summary
Monthly Reports - Downtown San Diego - July 2016
The Mark Company (TMC)Disclaimer
1.
2.
Professional Opinion. With regard to the consulting services, reports, projections, and recommendations to be provided by TMC under the Agreement, whether delivered orally or in writing, the parties acknowledge that the matters on which TMC is consulted [e.g., assessing potential competition, market trends, demographic trends, financing availability, and the like] are not the subject of a predictive science, and are instead subject to unforeseen market variables and conditions. Client therefore understands and acknowledges that TMC’s projections and recommendations as contemplated by the agreement are solely the result of TMC’s considered opinion based on TMC’s assumptions and judgments predicated on past experience in light of the relevant data studied with respect to the market conditions and the proposed project. Consequently, Client specifically agrees (a) that TMC’s projections and recommendations constitute opinions only and do not constitute any representation or assurance of any future market conditions; (b) that any action taken by Client based on any such TMC projections or recommendations is made without any reliance thereon as a representation or assurance as to any future market conditions; and (c) that Client will not hold TMC liable or otherwise responsible for any losses occurring in the event that future market conditions deviate from TMC’s projections and/or recommendations.
Use of Product. All information, data, projections, and recommendations received by Client from TMC in connection with the Agreement, whether presented orally or in writing, shall be solely for use by Client, and is/are not to be used or relied upon by any third party[ies] without the prior written approval of TMC having been first had and obtained. TMC specifically disclaims any and all liability to any third party[ies] deriving from the use of, or reliance upon, any such material, and Client agrees to hold harmless, indemnify and defend TMC from any claims arising from any such use or reliance.
Monthly Reports - Downtown San Diego - July 2016