Tuesday, September 26, 2006
In just the past couple of years hundreds of condo conversion projects have been completed in San Diego county. And now that the housing market has cooled, there are nearly seven thousand vacant condo units in the county.
Building owners are cutting prices to the bone. And many homeowners are left with properties that they can only sell at a loss. The business of converting apartments to owner-occupied condos was a big business that appears to have gone bust. Why did the condo conversion market fly so high, and fall so fast?
The San Diego Union Tribune has issued a two-part series on condo conversions in this week’s newspaper. Lori Weisberg was one of the reporters on that series and discusses her findings.
- Lori Weisberg, reporter for the San Diego Union-Tribune.