The LA Times is running an article on the wave of condo/hotels, which appear to be bubble’s latest foray into absurdity. Why buy an overpriced condo, when you could buy an overpriced condo that you only get to live in for one month per year?
As an aside, lest you start to think that San Diego is overcome by doom and gloom, I give you a potential buyer at the Hard Rock Hotel:
"I’m buying a good investment and a lifestyle." He projects a 13% annual appreciation on his purchase and expects to break even from rental revenue.
"I view this as a long-term investment," he added. "I think I can’t go wrong in San Diego."
Hold on there, cowboy. 13% annual appreciation? Where could that number possibly have come from? This guy is a professional real estate consultant, by the way. There is still plenty of deluded optimism to be found out there…