Page 12 wwwsdbjcom SAN DIEGO BUSINESS JOURNAL July 28 2014

For this columnmy goal was to geta true picture ofthe current marketfor high-end realestate downtownand to 1047297nd outwhat itrsquos like tolive in a thrivingmetropolis Thebest way to do thisis to talk to a real

estate agent who has lived and workedin downtown for some time That agentwas Pat Edmondson with Willis AllenReal Estate

As I walked a few blocks from theparking garage to the Willis Allenof1047297ce on Fifth Avenue I was struckby what had to be one of the mostgorgeous mornings I have experiencedin a long time mdash a classic San Diegosummer morning clear skies a coolbreeze utterly glorious It was twodays before the Comic-Con rush was tobegin and oddly the town was quietAs I made my way up Fifth Avenue therestaurant people were setting up theirsidewalk tables trucks were pulling upwith deliveries and apron-clad chefswere chatting with the vendors Thearomas billowing out of each eaterywas intoxicating There wasnrsquot a ldquogeekrdquoin sight just people walking dogs or jogging and business men and womenwalking with purpose toward of1047297ces Ittruly lived up to its name as AmericarsquosFinest City that day

Edmondson has been with WillisAllen for the much of the last decadeShe has lived and worked downtownsince May 2003 and has ldquoloved everyminute of itrdquo She and her husband wereamong the 1047297rst people to move into thePark Place high-rise tower at 700 WHarbor Drive in the Marina Districtdownsizing from life in Solana Beach

Park Place mdash a Bosa DevelopmentCorp project mdash is a 30-1047298oor buildingwith 178 townhomes and condos thatwas completed in 2003 Edmondsonsaid that for years right across thestreet from Park Place was the oldabandoned police headquarters thatwas ldquoa bit of a wreckrdquo

The station built in 1939 and listedon The National Register of HistoricPlaces was redone by Terramar RetailCenters and 1047297nished in November2013

ldquoItrsquos been a godsend to usrdquo she saidldquoI think itrsquos helped the values of ParkPlace to have that right across the streetand have that beautiful view instead ofthe mess that was there beforerdquo

When the Edmondsons moveddowntown the 43-story Electracondominium high-rise on thecorner of Kettner and Broadway wasnot there while the Grande in theColumbia District soon to be calledthe Waterfront was just beginningThe Pinnacle on Front Street hadnrsquotbroken ground

The two-tower 41-story HarborClub project completed in 1992 wasone of the 1047297rst high-rise developmentsin downtown The towers are onHarbor Boulevard in the heart of theGaslamp Quarter They have stoodwatch during the rollercoaster ride thatwas the downtown economy for 22years Urban legend has it that in the1047297rst tower there was one young manwho lived in the entire building aloneEdmondson said she had read about

Find the Perfect View for Watching Downtown Luxury Develop

LUXURYREAL ESTATE

Stephanie R Glidden

this alsoldquoIt was a time in San Diegorsquos history

when things just werenrsquot movingrdquo shesaid ldquoIt must have been an eerie feelingenjoyable in some ways but eerie inothersrdquo

Josie Vara Edmondsonrsquos assistantcreated a large package of dataregarding properties for sale in variousbuildings and at various price pointsIt is a cornucopia of data and thereis a lot going on Fourteen propertieshave sold in the 92101 ZIP code duringthe last six months ranging in pricefrom $15 million to $6 million From$900000 to $15 million there were 29properties sold during the same timeperiod In the $550000 to $900000range 85 properties sold and 215 weresold for $500000 or lower

Yup a whole lot is going onEdmondson said she doesnrsquot drive

at all When shersquos showing propertyshersquoll take a pedicab because it reallygives you a feel of the city It is a trulywalkable livable city She said itrsquos likeliving in a small town because everyoneknows everyone else

ldquoI have 1047297nally learned to leave about20 minutes early for an appointmentbecause Irsquom going to see three or fourpeople I knowrdquo she said

From the data Vara had providedThe Meridian luxury residential buildingat 700 Front St had the highest-pricedapartment sold in recent months by farThe 5160-square-foot unit No 2405sold in March for $41 million Thelisting agent was Cher Battoe of ColdwellBanker Residential who also representedthe buyer

Edmondson said the Meridian getsthe highest prices and ldquois the trueluxury lifestylerdquo Meridian has 40

people on staff and valet parking whilethe units are quite spacious And aswith any building the views depend oneach unitrsquos location

The lowest-priced unit in theMeridian sold for $11 million alsoin March It is a 2250-square-footapartment with two bedrooms and twobaths and homeowner association duesof $1406 a month

Edmondson believes that downtownis just coming into its own with all thefuture plans underway

ldquoWith all the structures planned theconvention center being enlarged theembarcadero going in all these thingsthat are coming into fruition it really is just the beginningrdquo

And no one can beat us on theweather anywhere else is my opinion

Send luxury real estate items tosgliddensdbjcom

Photo courtesy of Paci1047297c Sothebyrsquos International Realty

The Bayside is a 36 -story condominium building at 1325 Paci1047297c Highway Unit No 3204 was sold recently for just under $ 25 million byFrancine Finn of Paci1047297c Sothebyrsquos International Realty

Photo courtesy of Paci1047297c Sothebyrsquos International Realty

The Bayside on Paci1047297c Highway has gated 24 -hour securityPhoto courtesy of Pablo Mason

Trudy Stambook of Centre City Properties has the listing on No2004 at the Renaissance at 645 Front St The price is $37 million

Photo courtesy of Robert Zaballos

The view from apartment 2004 in theRenaissance Tower

Photo courtesy of Pablo Mason

The dining room of apartment 2004Photo courtesy of Pablo Mason

The master bedroom view from No 2004