Sunday, September 24, 2006

Condo conversion craze grinds to halt

The Union Tribune weighs in with this timely article on the end of the condo conversion craze.

I think that the likely thousands of apartments that are empty are a strong factor in the boost in the strength of the rental market.

4 comments:

Sven said...

Here's one to watch. There's a new development called "Avalon" in Pacific Beach. They are selling 24 condos about 4 blocks from the ocean (no view), 3 story woodframe, all 2bdrms for the a price in the "600's". This is a little strange because you can buy a 2bdrm condo in PB right now with everything you could want in the 300's. (more amenities too, I don't think this place will have a pool/jacuzzzi) It's going up on hornblend st right next to the 24-hr fitness. My guess is that "600's" will change to "500's" when the thing is finished and eventually "400's" when less than half of them have sold.

DANIEL said...

I love all of the funky names they give these places . There is one condo conversion in imperial beach like 3 miles from beach and the name is playa blanca. totally ridiculous
http://www.sr22shop.com

Sven said...

Question for anyone who has MLS access: There is a guy named Zareh Tahmassebian who was featured in a Forbes article last year. He was some eastern european mortgage broker who liked to dress like a pimp and brag about how rich he was from real estate. I guess he had recently bought 7 homes, and he was in the process of buying 15 more. (this was May of last year) He wasn't even bothering to rent them all out because it was "too much of a hassle". Could anyone look him up to see how he's doing today? I think most of the houses he purchased were in Arizona and Las Vegas.

rolarsen said...

from cnn money on 3/20/06: "And Zareh Tahmassebian, who owned 15 properties in Phoenix when we first reported his story, has purchased eight more in the Albuquerque area. One concession to a possible bust: He refinanced all his mortgages to a fixed rate and rented out his properties (the rents do not cover his costs). Why not take his profits? "It's still going to appreciate better than the stock market," he says. "I'm holding on.""