I've lived in San Francisco for 12 years and seen my fair share of California. But up until last Thursday, I had never been to San Diego. Along with world famous weather, I wanted to see one of the first residential markets to experience a major downturn when the 'bubble' started to burst back in 2006. The hardest hit part of the San Diego market was Downtown residential condominium towers which you all know hold a special place in my heart.
So, it was off to Sapphire Tower. Touted as the finest residential high rise Downtown, I was anxious to take a look at what constitutes "luxury" in San Diego. To be honest, my expectations were low.
Divided into three "Series" not unlike Millennium Tower; Sapphire tops out at 33 stories with density decreasing from six to four to two units per floor as you reach the Sapphire Series penthouses.
Featuring 10.5 foot ceilings, floor-to-ceiling glass for all windows, unusually large square footage and spectacular water and city views, this development team has done almost everything right. The finishes are truly luxurious and make some San Francisco development kitchens and baths look positively spartan. My only quibble: The lobby and common hallways do not match the unit interiors in terms of quality and style.
Since the grand opening last January, the Sapphire team has sold 32 out of 97 units with prices per square foot ranging from $373 to $2000. Their best Penthouse sold for $6.16M a few months ago-- just about what "G" paid for his Infinity penthouse back in '06.
Not all San Diego developments are doing as well as Sapphire Tower. Their success does prove that the right product at the right time at the right price will almost always sell, even in San Diego during a recession.
I had a wonderful visit but plan on staying put in my favorite city in the world, San Francisco.
Tuesday, July 21, 2009
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