[quote=flu]
Casa Mira View hasn’t really affected condo rent prices in the area, because that complex is pretty much high end. High end prices in mira mesa that is almost the same price as rent prices in apartments in carmel valley.

Not saying it’s not going to be successful. It’s just a different sub market.

In general, despite Qualcomm’s misfortunes, it doesn’t seem like there is a significantslowdown in the business activity in Sorrento Valley. Perhaps, as many have been saying San Diego has more diverse economy than most of us think.

Looking at rental availability for someone starting out, it’s pretty slim pickings… 1 bedrooms are close to $1400 now, more for large complexes.

Resale isn’t much better. Asking prices for 1/1’s are starting to get over $200k and over and 2/2 closer to $300k and over.[/quote]

I have no idea exactly what the effect will be. It’s just quite a bit of supply into a market that isn’t that big. If I include Sorrento, Carmel Valley, Mira Mesa, and Rancho Pensequitos there’s about 10K apartment units. So this adds almost 10% to the total supply. I suppose if you include the UTC area as well it’s only 5% in an increase of supply.

The one other thing about Mira Mesa is that past 3 quarters average rents are basically flat. So unless we get a big increase in Q2 2016 the YoY for Q2 2016 is going to be basically zero. Of course historically we have gotten big rent jump in Q2 for Mira Mesa so we’ll see.