Mission Beach, San Diego Ocean Front Condo Sets Record For Highest Sale Price Since 2008
Pacific Beach Real Estate Brokerage Empey Realty Defies Lackluster Market to Reach Successful Record-Setting Sale
San Diego, California - March 26, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Empey Realty proudly announces the record-setting closing of a luxury condo on Ocean Front Walk in South Mission Beach, San Diego. Located at 2985 Ocean Front Walk Unit B, this 3-bedroom; 3-bath; 1,586 square foot Penthouse Condo sold for $2,625,000; financing was all cash. Per Multiple Listing Service ("MLS") records, this is the highest sale price of a condo of this size on Ocean Front Walk since 2008. Empey Realty represented the seller in the sale.
Market conditions were challenging because this remarkable property is so different than anything else that has sold on Ocean Front Walk in Mission Beach for several years. It was taken down to the studs in 2015, with all major systems replaced, including plumbing, electrical, and roof. It boasts impeccable contemporary design, with incredible functionality like a large 2-car side by side garage (complete with electric vehicle charging), and every other imaginable upgrade.
Only two other condos of this size have sold on Ocean Front Walk in the last year, eight total in the past two years, and the average sale price was $1,874,236. Despite record gains in housing values across San Diego County in recent years, the average price per square foot for condos sold on Ocean Front Walk has actually gone down by 5% in the past 2 years, which is again due to the lack of inventory. In short, the market data did not provide an applicable sample to help buyers understand the true value of this oceanfront luxury condo.
"At one point we were the highest priced condo for sale on Ocean Front Walk in Mission Beach by almost a million dollars," said Lauren Empey, broker and owner of Empey Realty, and the Pacific Beach Realtor who represented the seller in the sale. "But I was up for the challenge."
Empey's marketing strategy included print, digital, and local campaigns. The listing reached 99+ international audiences and had over 72,000 views and engagements across YouTube, Facebook, other social media sites (Instagram, LinkedIn, Twitter, Google+), the property's "for sale" website (http://pacificdreampenthouse.com), and syndication across the web. Multiple broker's open houses brought top real estate agents from La Jolla, Pacific Beach, and Mission Beach to preview the oceanfront Mission Beach home for their clients.
In the end, the buyer was found in Chicago, an appraiser himself by trade. He was able to understand the market dynamics and how this remarkable oceanfront luxury home stood apart from any other oceanfront condos for sale in Mission Beach in several years.
"You have to get creative to sell a one-of-a-kind luxury property, and there's definitely an element of matchmaking to find the right buyer. I hit the marketing hard, and in the end, I think we found the right connection," said Empey.
The condo had built a name for itself as a luxury vacation rental, one of two units known as the Pacific Dream House (http://pacificdreamhouse.com). The buyer was looking for Mission Beach income property and appreciated how turn-key this investment was. He will continue to offer the South Mission Beach condo as a high-end vacation rental.
"We were in serious negotiations with another buyer at a higher sale price, but there were timing issues, and then our successful buyer came along and he was qualified and motivated, so we got it done. His timing helped score him a great deal," said Empey.
It was a successful outcome for all parties, and a boon for anyone who owns property on Ocean Front Walk in Mission Beach, San Diego. Your property values just got the boost they needed after a few years of lackluster sales.
About Empey Realty:
Founded by real estate attorney and broker, Lauren Empey, Empey Realty specializes in real estate sales and investments in the San Diego coastal areas, from La Jolla to Point Loma. Clients enjoy exceptional representation in complex real estate transactions including 1031 exchanges, multi-unit investment property purchases and sales, flip/rehab properties, Prop 60/90 tax basis transfers, probate sales, and more. Lauren's background practicing real estate law gives Empey Realty clients a huge advantage in their contract negotiations, personalized success strategies, and all the other details needed to keep escrow on track from contract negotiations to closing day. At Empey Realty, the client's best interests are always the bottom line. For more information, visit: http://sandiegobeachareahomes.com
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