News of apartment buildings being sold and converted to condominiums is becoming common in San Diego. In this section, we explore this continuing trend in support of the Commercial Realtors Association June 30 seminars titled "The untold story of condo conversions" and "The nuts and bolts of condo conversions."
Established in November 1993, the mission of the Commercial Realtors Association of San Diego (CRASD) is to mirror on a local level the purpose of the National Association of Realtors (NAR), which is to enhance the ability and opportunity of its members to conduct their business successfully and ethically and to promote the preservation of the right to own, use and transfer real property.
Home ownership provides enormous fiscal and social benefits to both the residents and the City of San Diego.
Linville Martin and Danny Fitzgerald of Grubb & Ellis|BRE Commercial represented the buyer in the Deal of the Week. The seller was represented by John Chu and Ed Rosen of Burnham Real Estate Services.
Prices for multifamily units have moderated a bit in the county, but this is expected to be just a pause before they start up once more.
Rita Lancaster-Hannah and William J. Creagan III of Melroy Investments represented the sellers of the Deal of the Week. Lou Bulte of Coldwell Banker Commercial represented the buyer.
Single-family permit volume is down for the year, multifamily permit activity is up, and commercial and industrial construction in San Diego County are holding their own.