[Mr_Brightside]

Lot’s of affordable housing on the horizon. If you want to blame someone blame the Federal Reserve as they have created all the cheap and easy credit that has warped the prices of real estate and commodities.

In my opinion we still have a long way to go down.

[Mr_Brightside]

I have posted another loser on my blog that just popped up today, this one is almost $100,000 in the red and has a price ~8.5% LOWER than what the current owner paid in 2004.

http://sandiegomarketmonitor.blogspot.com/

[Mr_Brightside]

Zip Realty shows 720 although a number of those are units that are under construction. 

There are also probably 300-400 units that are apartment conversions that aren't in the MLS but they are for sale.  These are located at the following former apartment rental complexes:

Porta D' Italia (Little Italy)

Atria (Marina)

777 6th Avenue Lofts (Gaslamp)

Metro Lofts (Four seperate loft buildings, East Village and Little Italy)

There are also about 300 units hitting the market this summer at three loft projects which are all in the same area on Broadway and 5th and 6th Avenue.  Aloft on Cortez Hill should be finished this summer.  Gaslamp Square II is also finishing up.  In all these cases there are unsold units hitting the market.

About half of the recently completed tower on Cortez Hill are for sale and not on the MLS as well.

All told of units that are for sale and ready for move in I'm very confident that there are now over 1,000.  Keep in mind no less than seven buildings should be delivered in 2007.  It's really stacking up to be a blood bath in my opinion.  If you're thinking about buying I'd get a feeling for what you like and wait until late 2007.

 

 

 

 

[Mr_Brightside]

Can you post the unit number? Also what are comparable one bedroom units going for?

[Author]

Posts