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Article: Agents take notice of turnaround in resale inventory: challenges still exist in downtown's new residential market.(REAL ESTATE)
- Article from:
- San Diego Business Journal
- Article date:
- June 8, 2009
- Author:
CopyrightCOPYRIGHT 2009 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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If anyone says downtown condo sales are stagnant and hopeless, there may be another side to the story.
True, it looked bleak when sales plunged during the economic downturn.
And, no new condo projects are going up in the near future, after a boom that saw more than a hundred downtown condo and apartment projects completed in the last eight years.
"Getting the money to build a new project continues to be extremely challenging. If financing is available, it could be 2011 or 2012 before a building is complete," said Russ Valone, president and CEO of MarketPointe Realty Advisors, a consulting firm.
However, according to the San Diego ...