Deal closes on most expensive property purchase in San Diego

Deal closes on most expensive property purchase in San Diego

San Diego’s most expensive land sale of the year so far just closed for a whopping $48,638,200. According to information from the San Diego County MLS and Pacific Sotheby’s International Realty, the 22-acre site in Mission Valley is slated for construction in 2020.
The four-parcel property, located at 6910 Mission Gorge Road, is entitled for the development of 996 new residential units, commercial office space, retail stores and parks. Digital Journal reports that the land was purchased by G.H. Palmer Associates, a Los Angeles based housing development.
Land development is scheduled to begin in May 2020, with the completion of apartments slated in the summer of 2023.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.