I’m well aware of the market. I looked (and almost bought) at the Meridian and Harbor club in the late 80s when they were built. Instead I opted to get an SFR in the suburbs. I now hate the suburbs (although I still love my house and my yard)
By old and tired, I’m not talking about properties such as Electra or the Grande. I’m talking about the studios and small unit in dark corners with no view but of the street. They are selling in the $300-400s right now. Imagine those units in a few years, stuffed to the gills with junk, with dirty kitchens and bathrooms and smelling of poor ventilation. All the glamour will be gone, they will not show well and they won’t command premium prices like they have been when they were brand new.
When you look at urban developments around the world, you always see junk next to the jewels. In Southern California, urban development is new and people just don’t understand it yet. Downtown San Diego is awfully big, and all of it will not be luxury apartments.
