Condo sales flatline, local buyers consider other options
Monday, July 24, 2006
Alan Gin is an economics Professor at the University of San Diego. He says when the median price for a house in San Diego went through the roof, developers set their sights on condos as starter homes.
Gin: "And so the last few years there was a big rush to convert apartments to condos and that might have been over done."
Gin says with the housing market slowing down, condos may end up sitting on the market .
Gin: "I think a lot of people right now are holding off on condo purchases with the idea that they might be able to get a single family detached home at a lower price."
As far as rentals go Gin sees a steady increase because around 20,000 jobs are being added to the local economy this year and many of those people be looking for a place to rent. For KPBS News, I'm Jane Morton.
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