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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who wrote (30524)	4/20/2005 5:41:11 PM
From: Colin H	Read Replies (3) of 110194

While the listings on that page show close to 300 condos for sale, I believe that has to be a very conservative number or there's something amiss. I've worked in Little Italy, downtown San Diego, for close to four years now. I've been watching them throw these condos and apartment complexes up all around me. Just within my five block radius, four new large condo developments have completed within the last half year. Three of them have over 100 units and one has 76. They are, at best, half full. That would leave close to 200 vacant units. Then there are at least a half dozen smaller condo developments within the same radius that still have a number of empty units as well. I spoke with this one fellow at the new coffee shop in a new condo complex about his condo. Said the place was still close to half empty, if not more, two years after completion. It was about 60 units in size. Then you have to factor in all the new condos near the seaport, in the gaslamp area, and around the new ballpark in the east village. I just don't see how that vacant list is as small as it is. Just to give you a picture of this ccdc.com is a list of JUST the projects the CCDC has or had a hand in developing. There are numerous other developments that have been built or are being built without the CCDC. Around me a couple are Portico and Acqua Vista. The later one has around 200 units. So even those are not small projects. I just don't see how there could be so few listings. Although many of those projects say the units will be for sale/rent. So they're going to dump half of them for outrageous prices and then rent out the other half? How will they set their rents? Based on the mortgages of the people who own condos in the building? Otherwise they could really be screwing over the people who did buy. It just doesn't add up.

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