i just visited San Diego for the weekend and visited the info center downtown ... i was pretty amazed when the guy working there essentially tried to get me to buy a condo - i left there loaded with literature - in any case, it seems like there is a superflous amount of condos going up there - do they really expect to fill them all? the designs for most of them seemed pretty decent, anyone know how pricey they are? how cool the neighborhoods are?
not just there- EVERYWHERE!! I am continuously astonished by how many $60 mill+ condos are going up across the country.
I agree, is there really that much of a demand? I guess so, at least for now. A lot of developers will be going bankrupt when it slows (as it always does, and there are always a ton of them that get caught - race against the clock).
I just hope when it does slow there isn't so much supply that it takes another 10 years to move forward.
[url] http://www.voiceofsandiego.org/site/apps/nl/content2.asp?c=euLTJbMUKvH&b=486837&ct=1952411 [/url]
"Of the 59 residential projects currently underway in downtown, experts are predicting that many will never crawl off the plans and stand in the already saturated condo market. The Elle is the first development to succumb to the realities of that market, they said, and more are sure to follow."
UGH San Diego...I was there in the early 70's - Gosh, what a great laid-back place it was...Sleepy, sunny, relaxed..There was a great restaurant on the water called Anthony's, and a populuxe hotel with ghastly shag carpet, chandeliers, and a glass elevator. uiet little downtown, clean neighborhoods..Everything undiscovered...Lots of sun-tanned stoned people in a happy little town...living the good life...
Flash forward 30+ years...and the place is over-run. Downtown is now strangled by a ten lane highway, streets are clogged with buildings and traffic..It's impossible to find parking anywhere..The skyline now looks like Manhattan...
And Anthony's is still there, but now it's on steroids, with room after room after added room packed with tourists that wait in lines that snake through the entire tiled lobby and entry...A complete Zoo.
Does sound like condo market's gonna burst..Who wants to pay $1.5 mil for a shoebox?
I work on high rise residential projects mainly in San Diego. I honestly have no idea why they keep going up. I think alot of people are buying them here as speculation. The problem is I dont think there are enough people who are willing to pay 1,800 per month rent for a one bedroom.
So. California is ever so growing, and it's also one of the largest overvalued lands. The question is where the pricing of the property will go (up or down) and how people will react to such. It could be that the market becomes overflooded with condos that are just not appealing to Midwesterners looking to escape the cold or the suburban flux or Easterners looking for a more relaxing and temperate climate. This as a result could create a drop in prices due to a oversaturated condo market, and therefore draw more people in. I know I wouldn't mind moving out west, except I have no desire to pay 500k for a 500 sq.ft. pre-formulated condo. Perhaps if that were to change, so would my plans.
Much of the country is in the same condo fad, however the Midwest is keeping it's prices relatively low in comparison to places like NYC or LA or San Diego. Who wants to move to suburban Phoenix (now the 5th largest city and the fastest growing Metro)? NOT ME!
san diego condo craze?
i just visited San Diego for the weekend and visited the info center downtown ... i was pretty amazed when the guy working there essentially tried to get me to buy a condo - i left there loaded with literature - in any case, it seems like there is a superflous amount of condos going up there - do they really expect to fill them all? the designs for most of them seemed pretty decent, anyone know how pricey they are? how cool the neighborhoods are?
not just there- EVERYWHERE!! I am continuously astonished by how many $60 mill+ condos are going up across the country.
I agree, is there really that much of a demand? I guess so, at least for now. A lot of developers will be going bankrupt when it slows (as it always does, and there are always a ton of them that get caught - race against the clock).
I just hope when it does slow there isn't so much supply that it takes another 10 years to move forward.
[url] http://www.voiceofsandiego.org/site/apps/nl/content2.asp?c=euLTJbMUKvH&b=486837&ct=1952411 [/url]
"Of the 59 residential projects currently underway in downtown, experts are predicting that many will never crawl off the plans and stand in the already saturated condo market. The Elle is the first development to succumb to the realities of that market, they said, and more are sure to follow."
They can't put up and "fill" the things fast enough in Vancouver...
UGH San Diego...I was there in the early 70's - Gosh, what a great laid-back place it was...Sleepy, sunny, relaxed..There was a great restaurant on the water called Anthony's, and a populuxe hotel with ghastly shag carpet, chandeliers, and a glass elevator. uiet little downtown, clean neighborhoods..Everything undiscovered...Lots of sun-tanned stoned people in a happy little town...living the good life...
Flash forward 30+ years...and the place is over-run. Downtown is now strangled by a ten lane highway, streets are clogged with buildings and traffic..It's impossible to find parking anywhere..The skyline now looks like Manhattan...
And Anthony's is still there, but now it's on steroids, with room after room after added room packed with tourists that wait in lines that snake through the entire tiled lobby and entry...A complete Zoo.
Does sound like condo market's gonna burst..Who wants to pay $1.5 mil for a shoebox?
I work on high rise residential projects mainly in San Diego. I honestly have no idea why they keep going up. I think alot of people are buying them here as speculation. The problem is I dont think there are enough people who are willing to pay 1,800 per month rent for a one bedroom.
So. California is ever so growing, and it's also one of the largest overvalued lands. The question is where the pricing of the property will go (up or down) and how people will react to such. It could be that the market becomes overflooded with condos that are just not appealing to Midwesterners looking to escape the cold or the suburban flux or Easterners looking for a more relaxing and temperate climate. This as a result could create a drop in prices due to a oversaturated condo market, and therefore draw more people in. I know I wouldn't mind moving out west, except I have no desire to pay 500k for a 500 sq.ft. pre-formulated condo. Perhaps if that were to change, so would my plans.
Much of the country is in the same condo fad, however the Midwest is keeping it's prices relatively low in comparison to places like NYC or LA or San Diego. Who wants to move to suburban Phoenix (now the 5th largest city and the fastest growing Metro)? NOT ME!
KNOW OF AN ARCHITECT TURNED CONDO DEVELOPER IN SAN DIEGO WHO JUST DROPPED $600,000 FOR TWO NEW CARS THIS PAST WEEKEND..
Block this user
Are you sure you want to block this user and hide all related comments throughout the site?
Archinect
This is your first comment on Archinect. Your comment will be visible once approved.