The Union-Tribune is running a story about the slowing Downtown condo market. They actually cite several examples of people losing money! Here’s one example…
Carol Cavanaugh, a lawyer who works downtown, bought a condo in The Grande south tower for $623,000 in late 2004. She thought she would like the convenience of being close to the office, but she doesn’t like high-rise living. She put the unit on the market for $570,000 to $599,000.
She has received two low-ball offers, both from real estate brokers. But Cavanaugh is going to stick it out until she gets what she wants – even if it is a loss.
I’m not so sure about that strategy… if current trends continue she may be waiting longer than she thinks.
Anyway, not to worry… the usual suspects are trotted out to assure us that everything is fine. Says Mr. Valone:
"The glut in inventory downtown is a misconception."
Wait, I’m confused… is it the 11 months worth of inventory currently for sale, or the further 12 months worth that is going to hit the market later in the year? Which is the misconception?
This whole concept of
This whole concept of verticality in San Diego and OC is an insult to our intelligence. Our whole lifestyle is oriented to the outdoors, yet the panacea is to go vertical and look at the outdoors from several stories up instead of enjoying it directly? Joe Isuzu is not off the air, he has just changed occupations to real estate sales!
I am having hard time
I am having hard time understanding how living in a high rise limits our ability to enjoy the outdoors. Whether you live in a single family home or high rise apartment, you still have to leave the premises to enjoy the beach, ride your bike or go hiking, etc. These high rises all have outdoor areas for sunbathing, etc. The only thing you don’t have to do is mow the lawn.
The other question, if not vertical, then where are we going to build the housing for our children to live. As long as people continue to have babies we need more housing built, unless they live with us until we die.
Or we control our population
Or we control our population growth so that its stable.
Josh