Buy Of The Week – Southeast Corner in The Mark
The Mark is one of the most sought after buildings in Downtown San Diego’s East Village. The community features one of the best pools in Downtown, as it is on the south side of the building and receives great sun exposure. There is also a very large spa, fully equipped fitness facility, 24 hour lobby attendants, and a conference room. Given the quality of the amenities, the building has reasonable HOA dues.
The Mark Condo For Sale:
- 2 Bedroom
- 2 Bathrooms
- 1,126 Square Feet
- 15th Floor
- City and Bay Views
- Southeast Orientation
- 2 Parking Spaces
- Storage Unit
- Private Balcony
- Offered at $800,000-$849,900
- Homeowners Dues: $785/mo
Text “BOTW” to (619) 430-4212 for the latest “Buy of the Week”
Why is this a great deal?
The building has been in a bit of a slump. About 4 years ago, the prices shot up, but since then hasn’t done much. It went through its construction defect litigation, which suppressed values for some time. The litigation is finally over and they are working on the final stages of clearing it. In 2018, I think we will see the building rebound strongly.
The Mark ranked #5 out of the 9 high rise buildings in East Village on an average price per square foot basis of $605.67, but out of the 18 sales in 2017, 66.7% of the sales were 1 bedroom residences. Majority of the 1 bedrooms are situated on the north side of the building, which doesn’t command the same view premium as the south side 2 bedroom residences.
In 2015, the average price per square foot was $651.97, then it fell to $644.50 in 2016. As the building remained in litigation, the values slowly declined, but this doesn’t reflect the overall condition of the community, market trends over the last 3 years, or desirability of The Mark. I think the average price per square foot has been gradually declining due to the lend-ability and the average product that has been offered. In my opinion, The Mark is currently one of the best value options if you are looking for quality.
East village is growing rapidly and it is a great time to get into this awesome building. Rumor has it that The Ritz Carlton project will be breaking ground soon and the UCSD Expansion is already underway.