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Buyers Pay $7.25M for One Bedroom With a View

San Diego’s ultimate bachelor pad sold for a cool $7.25 million last week.

The sale of this one-bedroom penthouse downtown set the county record for the highest price paid for an attached residential unit and highest price paid per square foot at $1,960 when it closed on Aug. 27.

Gregg Neuman, the listing agent for the swank and coveted property, says more buyers are recognizing what downtown has to offer. Units in high-rise condo towers require little maintenance, are close to the airport and offer beautiful harbor views and easy access to a city lifestyle.

“San Diego is becoming a bit more cosmopolitan,” said Neuman, of Neuman & Neuman, a Prudential California Realty affiliate. “Downtown, you are really buying a lifestyle.”

The 3,700-square-foot, greenhouse-style penthouse spans the entire top two floors of the west tower in the Harbor Club on Harbor Drive near J Street and boasts 360-degree panoramic views. It consists of one bedroom, 1.5 baths, three terraces and a private spa.

Buying a residence with travertine floors, exotic wood finishes, hand-selected granite and marble architecture, automated lighting systems and windows everywhere, the new owners are moving up literally and figuratively.

The buyers also own a unit used as a second residence on a lower floor in the Harbor Club. Neuman could not disclose the buyers’ names.

Steve Springer, formerly of AirWatch Traffic fame, owned and lived in this residence since the Harbor Club was built in 1992, according to reports.


First Time In A Generation

“I am not surprised by the sale price because it is such a unique product and this is the first time in one generation that the unit has been offered for sale,” said Neuman.

The penthouse was listed for just 38 days.

In four of the past eight years, Neuman has ranked No. 1 in gross commission income among Prudential agents nationwide. And now with this record sale under his belt, he is moving on to bigger and more expensive listings.

He anticipated listing a $12.5 million high-rise condo at the top of the Renaissance this week. The two-story, four-bedroom, 4.5-bath penthouse unit with 4,400 square feet of residential space and 1,400 square feet of terrace space is on the 22nd and 23rd floors. The penthouse on Market and Front streets has rich d & #233;cor, remarkable views and custom everything.

“It is so extraordinarily unique that all I have to do is get it to the right buyer and it is gone instantly,” said Neuman. “It is a palace in the sky.”

The unit is owned by James and Gerilyn Shaw. James Shaw is the founder and head of a real estate investment services company.


Long-Term Value

Neuman says more and more luxury condos are coming onto the market and more and more are being sold for millions of dollars.

“The Centre City Development Corp. has done a spectacular job revitalizing downtown,” he said of the city’s planning and redevelopment agency that oversees downtown redevelopment projects. “There are some great neighborhoods where buyers are very comfortable spending that kind of money and know the value will be there in five years, 10 years and 15 years from now. And it just keeps improving by leaps and bounds every day.”

There is rapidly becoming a market in San Diego for this type of high-end investment property, which is often used as a second home.

San Diego Association of Realtors President David Cabot said the $7.25 million sale is good news for the downtown residential market.

“It is a big deal for San Diego because it is the first one,” Cabot said. “You have one, two and even three sales like that one in most other major cities a year. So, it is nice to know we have started down that path. That will help downtown a lot.”


Multiple Downtown Options

At last week’s press time, there were four units for sale for more than $5 million. They are:

– An 8,300-square-foot penthouse unit for $12.5 million in Canada-based Bosa’s Bayside at the Embarcadero on Pacific Highway at West Ash Street;

– A 4,800-square-foot unit for $5.7 million on the 21st floor of the Meridian on Front Street at F Street;

– A 4,600-square-foot unit for $6.5 million on the 37th floor in the Harbor Club;

– And a 3,200-square-foot unit for $5.68 million in Bayside.

While there are numerous opportunities to buy a downtown trophy property, there are hundreds of choices for affordable and median priced attached listings downtown.

The Multiple Listing Service, or MLS, had more than 600 attached listings downtown with a price of $1 million or under.

According to the San Diego Association of Realtors, 47 attached units sold in the 92101 ZIP code in July compared to 48 units in July 2006.

The median price for attached residential product downtown was $540,000 in July compared with $547,000 year to date through the end of July and $500,500 compared with July 2006 and $571,500 for the same year-to-date period a year ago.

In July, attached units sold quicker than for the same month last year. The average number of days on the market was 69 compared with 92 days for July 2006.

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