The Great Recession slammed the door on condominium construction in the 2.2-square-mile area. Projec

The Canadian developer, one of the neighborhood s most prolific builders, envisions a 41-story luxury tower rising american airlines fly away vacations near the waterfront. He s betting well-heeled buyers will cough up as much as million for one of the 221 units along Pacific Highway.
Bosa s confidence owes to a stunning recovery in the downtown condo market, which saw mass foreclosures and prices nearly cut in half after the housing market collapsed. Since hitting bottom two years ago, however, values have shot back up amid growing demand and contracting supply.
The Great Recession slammed the door on condominium construction in the 2.2-square-mile area. Projects were scrapped or converted to rentals. From 2001 through 2009, builders american airlines fly away vacations finished nearly 8,300 units, according to Civic San Diego, which oversees new construction planning downtown.
american airlines fly away vacations Bosa s ritzy project, which he plans to break ground on during american airlines fly away vacations the first half of next year, would change that. Prices for the units, which are expected to be completed in 2016, will start in the 0,000s. Bosa Development aims to begin another downtown condo project in 2015.
San Diego is definitely ripe, Bosa said, explaining that buyers have finally snatched up many of the empty condos that flooded the market several years ago. It s time to move forward to the next phase.
In the second quarter, buyers of resale condos paid a median of 8 a square foot, or 8,000 for a 1,000 square-foot home. That s 18.4% more than a year earlier, according to real estate firm DataQuick.
The median price peaked at 5 a square foot during the fourth quarter of 2005 before bottoming out at 6 during the third quarter of 2011. Prices fell by double-digit percentages year over year for eight straight quarters starting at the end of 2007.
Peter Katsionis is familiar with the rebound. He and his wife, who live in Canada, purchased a fourth-floor condo out of foreclosure american airlines fly away vacations in 2009 so their son had a place to live while attending law school. At the time, Katsionis saw the purchase as a gamble unsure whether prices would fall further.
This entry was posted in Canada Luxury Hotels , Canadian Hostel Association , Canadian Hostels , Canadian Hostels Travel , Canadian Hotel Chains , Canadian Hotel Jobs , Canadian american airlines fly away vacations Kayak , Canadian National Hotels , Canadian Travel , Hi Hostels , Hi Network News Hostel , Hi-canada , Hosteling International american airlines fly away vacations and tagged 'Long , condo , downtown , drought , ending' , fox5sandiego.com , Markets on September 27, 2013 by sadmin .