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SignOnSanDiego.com > News > Business -- The market for condo hybrids is trending down, experts say
SignOnSanDiego.com > News > Business -- The market for condo hybrids is trending down, experts say
Yet some real estate experts say the market for condo-hotels has changed, tracking a similar downturn in the traditional condo market. In San Diego, sales in May of resale condos were down 16.6 percent from May 2006 and down 53.5 percent from their peak pace in April 2004, according to DataQuick Information Systems. The median condo price in San Diego was off almost 4 percent from May 2006 to May 2007.
“The condo-hotel investment market has cooled off, just like the residential market has cooled off,” said Gary London, president of San Diego's London Group Realty Advisors, a real estate consulting and feasibility firm. “I haven't seen the concept be successful except in the very best of locations.”
Yet some real estate experts say the market for condo-hotels has changed, tracking a similar downturn in the traditional condo market. In San Diego, sales in May of resale condos were down 16.6 percent from May 2006 and down 53.5 percent from their peak pace in April 2004, according to DataQuick Information Systems. The median condo price in San Diego was off almost 4 percent from May 2006 to May 2007.
“The condo-hotel investment market has cooled off, just like the residential market has cooled off,” said Gary London, president of San Diego's London Group Realty Advisors, a real estate consulting and feasibility firm. “I haven't seen the concept be successful except in the very best of locations.”
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