Are there that many lifestyle consumers? Yes, I realize everybody thinks they are, but how many people are we really talking about? C-level in good sized companies that are in SD for business but live elsewhere, retired wealthy, wealthy to the point that they value the panche of a doorman more than $700/month?
If investors can’t use them as rentals, all the units need real owners.
If buyers are buying for “lifestyle”, they’ll want the prime units with the west ocean views unobstructed. That leaves 3/4s of the units with undesireable (city tower) views.
If the price goes down, the prestige factor of the lifestyle goes away.
