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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Ramsey Su who wrote (38069)8/7/2005 10:38:02 PM
From: russwinter  Read Replies (3) of 110194
 
Downtown San Diego recently opened three new buildings: Park Blvd. East, La Vita, and Trellis totalling 560 units, and MLS now has 64 listed from flippers for sale from those buildings. I counted 90 others that have been sold by flippers earlier, so nearly 28% of these new units go on the market.

Counted 1,198 new units that will open in downtown San Diego between now and year end, so using the same ratio, we might expect over 300 of those to be listed for sale? Market has only averaged 13 pending sales per week over last seven weeks after subtracting falls from escrow, so that bodes very poorly. Again, why would someone buy new construction when the game is pre-construction flipping using small deposits? Inventories will continue to pile up quickly in this canary in the mine shaft.
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