condo conversions: Renter Rumbles and Bubble Stats
- 03/21/07 03:32 PM
This morning's San Diego Union Tribune reports that our San Diego County apartment vacancy rate is the highest it has been since 1995. Are we surprised? Not exactly. The reasons cited for this increased vacancy rate include: 1. Face-lifted condo conversions (that have no chance of selling in this market) are being returned to the rental market. The tenants who had been kicked out earlier moved on and found new homes. These projects are now starting from Ground Zero in finging new tenants. 2. Unsuccessful flippers have no choice but to put their properties on the market as rentals--and this creates direct competition for apartment complexes. 3. … (0 comments)
condo conversions: Condo Conversions Grind to a Halt
- 09/24/06 05:00 AM
--at least in the San Diego market. This morning's front page of the San Diego Union Tribune discussed the condo conversion craze, which San Diego once embraced. In that hot market a year or so ago, condo converters were snatching up any project they could find, ignoring size and condition. It seemed to be the perfect product for first time buyers and a ka-ching machine for apartment sellers, investors and converters. The problem? Many investors overpaid for these apartment buildings and are now sitting on unsold inventory. Many of these investors will become unwitting landlords as they try to rent out fully … (4 comments)
This morning's San Diego Union Tribune reports that our San Diego County apartment vacancy rate is the highest it has been since 1995. 
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