Condos are definitely a niche market. In a down market, the only real demand for condos are from 20 somethings and retirees who are downsizing. Look at condo prices in San Diego in 1996, they couldn’t give them away, even in the beach areas and they were dirt cheap.
Bottom line, in a down market you don’t want to own a condo. And especially not in downtown where there is a condo glut to a magnitude never before seen in San Diego. Check back in 3-5 years and let’s see how many people really want to live downtown.
Sorry, but in the long run I don’t see a very big market downtown at any price. Like everything else, sheeple got caught up in the “trendy” marketing of downtown but most of the market was artificially propped up via speculators.
