Monday, September 24, 2007

Former Condo Project Converts to Affordable Rentals



The condo project planned for the East Village to be built where the Burger King on 10th Avenue now resides is going to be built after all, this time as an affordable rental project with CCDC and tax free bond subsidies.

From the Union Tribune story today I find the following detail particularly interesting:

"The developer, San Diego-based Affirmed Housing, got the land at the bargain-basement price of $4.4 million, or $202 a square foot. The current per-square-foot average is $250; the average was $350 during the market heyday two years ago, said one real estate economist."

This means that developable "dirt" downtown has depreciated roughly 40%. While not surprising given predictions made on this blog and by many market watchers getting confirmation with actual transaction data is always notable.

6 comments:

Mark in San Diego said...

So true - I count over 20 parking lots from my window at LaVita. . .most had a "coming soon" sign . . .now all are faded memories, or glad to have a taco stand paying money!

Mr. Brightside said...

A lot of the condo projects are turning into hotels as well.

costa rica said...
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costa rica said...
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Anonymous said...

Awesome, a housing project for low income. Where can I get in line to pay more taxes for that.

Anonymous said...

Go work at taco bell and you can actually qualify to rent one, so someone else can pay taxes to subsidize your rent.