Taking Inventory, Downtown San Diego
Filed Under categories: Buying, Columbia District, Core, Cortez Hill, Downtown, East Village, Gaslamp Quarter/ Horton, Little Italy, Marina District, News You Can Use, Real Estate News, Selling
posted by Raye on September 18th, 2007
If I’ve heard it once, I’ve heard it a thousand times: “There’s too much inventory downtown. It’s a bubble! It’s going to burst! Prices will fall like a stone!” Well, hysterics aside, let’s take a look at the real picture which means, the big picture which means, taking the long term view as well as the current view and combining it with some important economic factors. Then, I believe the hysteria will melt away and in the foreseeable future, San Diego downtown will rise again with a vengeance. The following article by Alan Nevin of Marketpointe Realty Advisors, featured in the September 2007 Metropolitan Magazine, is a great, well researched article and helps outline and clarify the facts. I invite your feedback and look forward to your responses. Excerpt:
Downtown’s Shrinking New Condo Inventory As builders stop building, the supply of homes no longer is bottomless It has been almost a year since we broached the topic of the Downtown condominium market in this column. Yes, things have changed, and despite the glut of negative press, the glut of condominiums some predicted has not materialized, and business isn’t so bad. The resale market is holding up rather nicely. The inventory of active resale listings at the end of July was 492 compared to 613 one year ago. Days on market remain at about 90. That is a lot longer than ordinary (60 days), but condominiums are selling.
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This entry was posted on Tuesday, September 18th, 2007 at 3:06 pm and is filed under Buying, Columbia District, Core, Cortez Hill, Downtown, East Village, Gaslamp Quarter/ Horton, Little Italy, Marina District, News You Can Use, Real Estate News, Selling. You can follow any responses to this entry through the RSS 2.0 feed.