I went through the archives on ‘condo downtown’ and found some gems from our friend, Rich Toscano:
Given the enormous amount of supply slated to come online over the next couple of years, downtown is absolutely a glut in the making and may be hardest hit when the bubble deflates in earnest.
One real estate agent is quoted as saying that the boom attracted a lot of inexperienced people to the downtown building game: “In the heyday, a monkey could be a developer in downtown.”
IMO downtown condos will be the hardest hit market before this correction completes (I’m thinking out loud: even harder than Temecula / Murrietta? Hmm…)
I believe there is almost no true demand for high rise condos in downtown San Diego – the taxpayers were sold a bill of goods by the Center City Development Corp which funnelled taxpayer money to local developers to build infrastructure for high rise condos that the city doesn’t need and nobody is going to buy (at the projected prices)
The worst (best?) example of the lack of demand for downtown condos is the city taking over a high rise luxury condo project during construction and converting it to a subsidized housing facility for the needy
Downtown condos may become the cheap rentals in San Diego’s future (even though there’s no front yard to park the 5th vehicle in) – caveat emptor
